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Other Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract] |
Schedule of other liabilities | Other liabilities consist of the following:
As at December 31, | 2021 | 2020
Accounts payable(1) |  | $ | 1,866 |  |  | $ | 2,438 |
Bank overdrafts and cash pooling |  | 133 |  |  | 6 |
Repurchase agreements (Note 5) |  | 2,324 |  |  | 2,208 |
Accrued expenses and taxes |  | 4,265 |  |  | 3,723 |
Credit facilities(1) |  | 441 |  |  | 338 |
Borrowed funds(2) |  | 432 |  |  | 401 |
Accrued post-retirement benefit liability (Note 25) |  | 528 |  |  | 625 |
Secured borrowings from mortgage securitization (Note 5) |  | 2,007 |  |  | 1,912 |
Lease liabilities |  | 850 |  |  | 864 |
Other financial liabilities (Note 5)(3) |  | 1,810 |  |  | 1,136 |
Obligations for securities borrowing |  | 51 |  |  | — |
Collateralized loan obligation (Note 5) |  | 1,726 |  |  | — |
Deferred payments liability |  | 330 |  |  | 382 |
Other |  | 1,020 |  |  | 825 |
Total other liabilities |  | $ | 17,783 |  |  | $ | 14,858 |
(1) Reflects a change in presentation for our credit facility effective January 1, 2020. We have updated our prior period to reflect this change in presentation. (2) The change in Borrowed funds relates to net cash flow changes of $31 in 2021 ($81 in 2020) and foreign exchange rate movements of $nil in 2021 ($1 in 2020). (3) Comprises financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI.
Schedule of borrowings | Borrowed funds include the following:
As at December 31, | Currency of borrowing | Maturity | 2021 | 2020
Encumbrances on real estate | Cdn. dollars | Current - 2033 |  | $ | 323 |  |  | $ | 292 |
Encumbrances on real estate | U.S. dollars | Current - 2020 |  | 109 |  |  | 109 |
Total borrowed funds |  |  |  |  | $ | 432 |  |  | $ | 401 |
The following obligations are included in Senior debentures as at December 31:
| Interest rate | Earliest par call or redemption date | Maturity | 2021 | 2020
SLF Inc. senior debentures: |  |  |  |  |  |  |
Series E issued August 23, 2011(2) | 4.57 | % | n/a | 2021 |  | $ | — |  |  | $ | 300 |
Sun Life Assurance senior debentures:(3) |  |  |  |  |  |  |
Issued to Sun Life Capital Trust ("SLCT I") |  |  |  |  |  |  |
Series B issued June 25, 2002 | 7.09 | % | June 30, 2032(4) | 2052 |  | 200 |  |  | 200 |
Total senior debentures |  |  |  |  | $ | 200 |  |  | $ | 500 |
Fair value |  |  |  |  | $ | 271 |  |  | $ | 590 |
(1) All senior debentures are unsecured. (2) Redeemable in whole or in part at any time prior to maturity at a price equal to the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.53% for the Series E debentures. On August 23, 2021, SLF Inc. redeemed all of its outstanding $300 principal amount, including all accrued and outstanding interest, of Series E Senior Unsecured 4.57% Debentures. (3) Redemption is subject to regulatory approval. (4) Redeemable in whole or in part on any interest payment date or in whole upon the occurrence of a Regulatory Event or Tax Event, as described in the debenture. Prior to June 30, 2032, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.32%; from June 30, 2032, the redemption price is par. The following obligations are included in Subordinated debt as at December 31, and qualify as capital for Canadian regulatory purposes:
| Interest rate | Earliest par call date(1) |  | Maturity | 2021 | 2020
Sun Life Assurance: |  |  |  |  |  |  |  |
Issued May 15, 1998(2) | 6.30 | % | n/a |  | 2028 |  | $ | 150 |  |  | 150 |
Sun Life Financial Inc.: |  |  |  |  |  |  |  |
Issued May 29, 2007(3) | 5.40 | % | May 29, 2037 | (4) | 2042 |  | 398 |  |  | 398 |
Issued February 19, 2016(5) | 3.10 | % | February 19, 2021 |  | 2026 |  | — |  |  | 350 |
Issued September 19, 2016(6) | 3.05 | % | September 19, 2023 |  | 2028 |  | 998 |  |  | 997 |
Issued November 23, 2017(7) | 2.75 | % | November 23, 2022 |  | 2027 |  | 400 |  |  | 399 |
Issued August 13, 2019(8) | 2.38 | % | August 13, 2024 |  | 2029 |  | 748 |  |  | 747 |
Issued May 8, 2020(9) | 2.58 | % | May 10, 2027 |  | 2032 |  | 995 |  |  | 995 |
Issued October 1, 2020(10) | 2.06 | % | October 1, 2030 |  | 2035 |  | 746 |  |  | 745 |
Issued November 18, 2021(11) | 2.46 | % | November 18, 2026 |  | 2031 |  | 497 |  |  | — |
Issued November 18, 2021(12),(14) | 2.80 | % | November 21, 2028 |  | 2033 |  | 995 |  |  | — |
Issued November 18, 2021(13),(14) | 3.15 | % | November 18, 2031 |  | 2036 |  | 498 |  |  | — |
Total subordinated debt |  |  |  |  |  | $ | 6,425 |  |  | $ | 4,781 |
Fair value |  |  |  |  |  | $ | 6,675 |  |  | $ | 5,190 |
(1) Subject to regulatory approval all obligations are redeemable 5-years after issuance date. From the date noted, the redemption price is par and redemption may only occur on a scheduled interest payment date. (2) 6.30% Debentures, Series 2, due 2028, issued by The Mutual Life Assurance Company of Canada, which subsequently changed its name to Clarica Life Insurance Company ("Clarica") and was amalgamated with Sun Life Assurance. These debentures are redeemable at any time. Prior to May 15, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.16%. (3) Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating Debentures due 2042. From May 29, 2037, interest is payable at 1.00% over CDOR. (4) For redemption of the 2007 debentures prior to the date noted, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.25%. (5) Series 2016-1 Subordinated Unsecured 3.10% Fixed/Floating Debentures due 2026. From February 19, 2021, interest is payable at 2.20% over CDOR. On February 19, 2021, SLF Inc. redeemed all of the outstanding $350 principal amount of these debentures in accordance with the redemption terms attached to such debentures. (6) Series 2016-2 Subordinated Unsecured 3.05% Fixed/Floating Debentures due 2028. From September 19, 2023, interest is payable at 1.85% over CDOR. Between September 19, 2021 and September 19, 2023, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.52%. (7) Series 2017-1 Subordinated Unsecured 2.75% Fixed/Floating Debentures due 2027. From November 23, 2022, interest is payable at 0.74% over CDOR. (8) Series 2019-1 Subordinated Unsecured 2.38% Fixed/Floating Debentures due 2029. From August 13, 2024, interest is payable at 0.85% over CDOR. (9) Series 2020-1 Subordinated Unsecured 2.58% Fixed/Floating Debentures due 2032. From May 10, 2027, interest is payable at 1.66% over CDOR. Between May 10, 2025 and May 10, 2027, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.52%. (10) Series 2020-2 Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. From October 1, 2030, interest is payable at 1.03% over CDOR. Between October 1, 2025 and October 1, 2030, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.38%. (11) Series 2021-1 Subordinated Unsecured 2.46% Fixed/Floating Debentures due 2031. From November 18, 2026, interest is payable at 0.44% over CDOR. (12) Series 2021-2 Subordinated Unsecured 2.80% Fixed/Floating Debentures due 2033. From November 21, 2028, interest is payable at 0.69% over CDOR. Between November 21, 2026 and November 21, 2028, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.285%. (13) Series 2021-3 Subordinated Unsecured 3.15% Fixed/Floating Debentures due 2036. From November 18, 2031, interest is payable at 0.91% over CDOR. Between November 18, 2026 and November 18, 2031, the redemption price is the greater of par and a price based on the yield of a corresponding Government of Canada bond plus 0.335%. (14) Subject to contractual terms requiring us to redeem the underlying securities, in full, if the closing of the DentaQuest acquisition does not occur.

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