long-term debt (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| long-term debt |
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| Schedule of details of long-term debt |
| | | | | | | | | | | | | June 30, | | December 31, | As at (millions) | | Note | | 2024 | | 2023 | Senior unsecured | | | | | | | | | TELUS Corporation senior notes | | (b) | | $ | 21,145 | | $ | 20,301 | TELUS Corporation commercial paper | | (c) | | | 1,760 | | | 1,021 | TELUS Corporation credit facilities | | (d) | | | — | | | 1,144 | TELUS Communications Inc. debentures | | | | | 200 | | | 200 | Secured | | | | | | | | | TELUS International (Cda) Inc. credit facility | | (e) | | | 1,745 | | | 1,781 | Other | | (f) | | | 613 | | | 288 | | | | | | 25,463 | | | 24,735 | Lease liabilities | | (g) | | | 2,688 | | | 2,614 | Long-term debt | | | | $ | 28,151 | | $ | 27,349 | Current | | | | $ | 3,334 | | $ | 3,994 | Non-current | | | | | 24,817 | | | 23,355 | Long-term debt | | | | $ | 28,151 | | $ | 27,349 |
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| Schedule of long-term debt maturities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | | | | Composite long-term debt denominated in | | Canadian dollars | | U.S. dollars | | currencies | | | | | | Long-term | | | | | | | | Long-term | | | | | Currency swap agreement | | | | | | | | | | | | debt, | | | | | | | | debt, | | | | | amounts to be exchanged | | | | | | | | | | | | excluding | | Leases | | | | | excluding | | Leases | | | | | | | | | | | Leases | | | | Years ending December 31 (millions) | | leases | | (Note 19) | | Total | | leases | | (Note 19) | | (Receive) 1 | | Pay | | Total | | (Note 19) | | Total | 2024 (remainder of year) | | $ | 19 | | $ | 274 | | $ | 293 | | $ | 1,835 | | $ | 15 | | $ | (1,811) | | $ | 1,802 | | $ | 1,841 | | $ | 28 | | $ | 2,162 | 2025 | | | 1,048 | | | 490 | | | 1,538 | | | 76 | | | 30 | | | (32) | | | 32 | | | 106 | | | 50 | | | 1,694 | 2026 | | | 1,450 | | | 382 | | | 1,832 | | | 76 | | | 31 | | | (32) | | | 32 | | | 107 | | | 43 | | | 1,982 | 2027 | | | 52 | | | 300 | | | 352 | | | 1,582 | | | 27 | | | (1,537) | | | 1,491 | | | 1,563 | | | 35 | | | 1,950 | 2028 | | | 1,955 | | | 190 | | | 2,145 | | | 1,494 | | | 18 | | | (468) | | | 460 | | | 1,504 | | | 28 | | | 3,677 | 2029-2033 | | | 7,046 | | | 348 | | | 7,394 | | | 1,232 | | | 49 | | | (1,232) | | | 1,148 | | | 1,197 | | | 59 | | | 8,650 | Thereafter | | | 6,104 | | | 270 | | | 6,374 | | | 1,711 | | | — | | | (1,711) | | | 1,646 | | | 1,646 | | | — | | | 8,020 | Future cash outflows in respect of composite long-term debt principal repayments | | | 17,674 | | | 2,254 | | | 19,928 | | | 8,006 | | | 170 | | | (6,823) | | | 6,611 | | | 7,964 | | | 243 | | | 28,135 | Future cash outflows in respect of associated interest and like carrying costs 2 | | | 9,190 | | | 469 | | | 9,659 | | | 2,848 | | | 77 | | | (2,476) | | | 2,317 | | | 2,766 | | | 67 | | | 12,492 | Undiscounted contractual maturities (Note 4(b)) | | $ | 26,864 | | $ | 2,723 | | $ | 29,587 | | $ | 10,854 | | $ | 247 | | $ | (9,299) | | $ | 8,928 | | $ | 10,730 | | $ | 310 | | $ | 40,627 |
| 1 | Where applicable, cash flows reflect foreign exchange rates as at June 30, 2024. |
| 2 | Future cash outflows in respect of associated interest and like carrying costs for commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the rates in effect as at June 30, 2024. |
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| TELUS Corporation senior notes |
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| long-term debt |
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| Schedule of long-term debt maturities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Redemption present | | | | | | | | | | | | Principal face amount | | value spread | | | | | | | | | | Effective | | | | | Outstanding at | | | | | | | | | | | Issue | | interest | | Originally | | financial | | Basis | | Cessation | Series | | Issued | | Maturity | | price | | rate 1 | | issued | | statement date | | points 2 | | date | 3.35% Notes, Series CK | | April 2013 | | April 2024 | | $ | 994.35 | | 3.41 | % | $ | 1.1 | billion | | $ | NIL | | | 36 | | Jan. 2, 2024 | 3.75% Notes, Series CQ | | September 2014 | | January 2025 | | $ | 997.75 | | 3.78 | % | $ | 800 | million | | $ | 800 | million | | 38.5 | | Oct. 17, 2024 | 3.75% Notes, Series CV | | December 2015 | | March 2026 | | $ | 992.14 | | 3.84 | % | $ | 600 | million | | $ | 600 | million | | 53.5 | | Dec. 10, 2025 | 2.75% Notes, Series CZ | | July 2019 | | July 2026 | | $ | 998.73 | | 2.77 | % | $ | 800 | million | | $ | 800 | million | | 33 | | May 8, 2026 | 2.80% U.S. Dollar Notes 3 | | September 2016 | | February 2027 | | US$ | 991.89 | | 2.89 | % | US$ | 600 | million | | US$ | 600 | million | | 20 | | Nov. 16, 2026 | 3.70% U.S. Dollar Notes 3 | | March 2017 | | September 2027 | | US$ | 998.95 | | 3.71 | % | US$ | 500 | million | | US$ | 500 | million | | 20 | | June 15, 2027 | 2.35% Notes, Series CAC | | May 2020 | | January 2028 | | $ | 997.25 | | 2.39 | % | $ | 600 | million | | $ | 600 | million | | 48 | | Nov. 27, 2027 | 3.625% Notes, Series CX | | March 2018 | | March 2028 | | $ | 989.49 | | 3.75 | % | $ | 600 | million | | $ | 600 | million | | 37 | | Dec. 1, 2027 | 4.80% Notes, Series CAO | | February 2024 | | December 2028 | | $ | 998.95 | | 4.83 | % | $ | 700 | million | | $ | 700 | million | | 28 | | Nov. 15, 2028 | 3.30% Notes, Series CY | | April 2019 | | May 2029 | | $ | 991.75 | | 3.40 | % | $ | 1.0 | billion | | $ | 1.0 | billion | | 43.5 | | Feb. 2, 2029 | 5.00% Notes, Series CAI | | September 2022 | | September 2029 | | $ | 995.69 | | 5.07 | % | $ | 350 | million | | $ | 350 | million | | 46.5 | | July 13, 2029 | 3.15% Notes, Series CAA | | December 2019 | | February 2030 | | $ | 996.49 | | 3.19 | % | $ | 600 | million | | $ | 600 | million | | 39.5 | | Nov. 19, 2029 | 5.60% Notes, Series CAM | | September 2023 | | September 2030 | | $ | 998.85 | | 5.62 | % | $ | 500 | million | | $ | 500 | million | | 46 | | July 9, 2030 | 2.05% Notes, Series CAD | | October 2020 | | October 2030 | | $ | 997.93 | | 2.07 | % | $ | 500 | million | | $ | 500 | million | | 38 | | July 7, 2030 | 4.95% Notes, Series CAP | | February 2024 | | February 2031 | | $ | 997.07 | | 5.00 | % | $ | 600 | million | | $ | 600 | million | | 34.5 | | Dec. 18, 2030 | 2.85% Sustainability-Linked Notes, Series CAF | | June 2021 | | November 2031 | | $ | 997.52 | | 2.88 | % 4 | $ | 750 | million | | $ | 750 | million | | 34 | | Aug. 13, 2031 | 3.40% U.S. Dollar Sustainability-Linked Notes 3 | | February 2022 | | May 2032 | | US$ | 997.13 | | 3.43 | % 4 | US$ | 900 | million | | US$ | 900 | million | | 25 | | Feb. 13, 2032 | 5.25% Sustainability-Linked Notes, Series CAG | | September 2022 | | November 2032 | | $ | 996.73 | | 5.29 | % 4 | $ | 1.1 | billion | | $ | 1.1 | billion | | 51.5 | | Aug. 15, 2032 | 4.95% Sustainability-Linked Notes, Series CAJ | | March 2023 | | March 2033 | | $ | 998.28 | | 4.97 | % 4 | $ | 500 | million | | $ | 500 | million | | 54.5 | | Dec. 28, 2032 | 5.75% Sustainability-Linked Notes, Series CAK | | September 2023 | | September 2033 | | $ | 997.82 | | 5.78 | % 4 | $ | 850 | million | | $ | 850 | million | | 52 | | June 8, 2033 | 5.10% Sustainability-Linked Notes, Series CAN | | February 2024 | | February 2034 | | $ | 996.44 | | 5.15 | % 4 | $ | 500 | million | | $ | 500 | million | | 38.5 | | Nov. 15, 2033 | 4.40% Notes, Series CL | | April 2013 | | April 2043 | | $ | 997.68 | | 4.41 | % | $ | 600 | million | | $ | 600 | million | | 47 | | Oct. 1, 2042 | 5.15% Notes, Series CN | | November 2013 | | November 2043 | | $ | 995.00 | | 5.18 | % | $ | 400 | million | | $ | 400 | million | | 50 | | May 26, 2043 | 4.85% Notes, Series CP | | Multiple 5 | | April 2044 | | $ | 987.91 | 5 | 4.93 | % 5 | $ | 500 | million 5 | | $ | 900 | million 5 | | 46 | | Oct. 5, 2043 | 4.75% Notes, Series CR | | September 2014 | | January 2045 | | $ | 992.91 | | 4.80 | % | $ | 400 | million | | $ | 400 | million | | 51.5 | | July 17, 2044 | 4.40% Notes, Series CU | | March 2015 | | January 2046 | | $ | 999.72 | | 4.40 | % | $ | 500 | million | | $ | 500 | million | | 60.5 | | July 29, 2045 | 4.70% Notes, Series CW | | Multiple 6 | | March 2048 | | $ | 998.06 | 6 | 4.71 | % 6 | $ | 325 | million 6 | | $ | 475 | million 6 | | 58.5 | | Sept. 6, 2047 | 4.60% U.S. Dollar Notes 3 | | June 2018 | | November 2048 | | US$ | 987.60 | | 4.68 | % | US$ | 750 | million | | US$ | 750 | million | | 25 | | May 16, 2048 | 4.30% U.S. Dollar Notes 3 | | May 2019 | | June 2049 | | US$ | 990.48 | | 4.36 | % | US$ | 500 | million | | US$ | 500 | million | | 25 | | Dec. 15, 2048 | 3.95% Notes, Series CAB | | Multiple 7 | | February 2050 | | $ | 997.54 | 7 | 3.97 | % 7 | $ | 400 | million 7 | | $ | 800 | million 7 | | 57.5 | | Aug. 16, 2049 | 4.10% Notes, Series CAE | | April 2021 | | April 2051 | | $ | 994.70 | | 4.13 | % | $ | 500 | million | | $ | 500 | million | | 53 | | Oct. 5, 2050 | 5.65% Notes, Series CAH | | September 2022 | | September 2052 | | $ | 996.13 | | 5.68 | % | $ | 550 | million | | $ | 550 | million | | 61.5 | | Mar. 13, 2052 | 5.95% Notes, Series CAL | | September 2023 | | September 2053 | | $ | 992.67 | | 6.00 | % | $ | 400 | million | | $ | 400 | million | | 61.5 | | Mar. 8, 2053 |
| 1 | The effective interest rate is that which the notes would yield to an initial debt holder if held to maturity and, in respect of sustainability-linked notes, no trigger events or MFN step-ups occur. |
| 2 | For Canadian dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the Government of Canada yield plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. |
For U.S. dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the U.S. Adjusted Treasury Rate (at the U.S. Treasury Rate for the 3.40% U.S. Dollar Sustainability-Linked Notes) plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. | 3 | We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert the principal payments and interest obligations to Canadian dollar obligations as follows: |
| | | | | | | | | | | | | Canadian dollar | | | | | | Interest rate | | equivalent | | Exchange | Series | | fixed at | | principal | | rate | 2.80% U.S. Dollar Notes | | 2.95 | % | $ | 792 million | | $ | 1.3205 | 3.70% U.S. Dollar Notes | | 3.41 | % | $ | 667 million | | $ | 1.3348 | 3.40% U.S. Dollar Sustainability-Linked Notes | | 3.89 | % | $ | 1,148 million | | $ | 1.2753 | 4.60% U.S. Dollar Notes | | 4.41 | % | $ | 974 million | | $ | 1.2985 | 4.30% U.S. Dollar Notes | | 4.27 | % | $ | 672 million | | $ | 1.3435 |
| 4 | If we have not obtained a sustainability performance target verification assurance certificate for the fiscal year ended December 31, 2030, the sustainability-linked notes will bear interest at an increased rate from the trigger date through to their individual maturities. The interest rate on certain of the sustainability-linked notes may also increase (MFN step-up) in certain circumstances if we fail to meet additional sustainability and/or environmental, social or governance targets as may be provided for in a sustainability-linked bond; the interest rate on the sustainability-linked notes, however, in no event can exceed the initial rate by more than the aggregate MFN step-up and trigger event limit, whether as a result of not obtaining a sustainability performance target verification assurance certificate and/or any targets provided for in one or more future sustainability-linked bonds. Similarly, if we redeem any of the sustainability-linked notes and we have not obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the date fixed for redemption, the interest accrued (if any) will be determined using the rates set out in the following table: |
| | | | | | | | | | | | | | Sustainability performance target | | | | | | | | verification assurance certificate | | Aggregate | | Redemption | | | | | | | | Post-trigger | | MFN step-up | | interest accrual | | | | | | | | event | | and trigger | | rate if certificate | | Series | | Fiscal year | | Trigger date | | interest rate | | event limit | | not obtained | | 2.85% Sustainability-Linked Notes, Series CAF | | 2030 | | Nov. 14, 2030 | | 3.85 | % | N/A | | 3.85 | % | 3.40% U.S. Dollar Sustainability-Linked Notes | | 2030 | | Nov. 14, 2030 | | 4.40 | % | 1.50 | % | 4.40 | % | 5.25% Sustainability-Linked Notes, Series CAG | | 2030 | | Nov. 15, 2030 | | 6.00 | % | 1.50 | % | 6.00 | % | 4.95% Sustainability-Linked Notes, Series CAJ | | 2030 | | Mar. 28, 2031 | | 5.70 | % | 1.50 | % | 5.70 | % | 5.75% Sustainability-Linked Notes, Series CAK | | 2030 | | Apr. 30, 2031 | | 6.35 | % | 1.20 | % | 6.35 | % | 5.10% Sustainability-Linked Notes, Series CAN | | 2030 | | Feb. 15, 2031 | | 5.60 | % | 1.00 | % | 5.60 | % |
| 5 | $500 million of 4.85% Notes, Series CP were issued in April 2014 at an issue price of $998.74 and an effective interest rate of 4.86%. This series of notes was reopened in December 2015 and a further $400 million of notes were issued at an issue price of $974.38 and an effective interest rate of 5.02%. |
| 6 | $325 million of 4.70% Notes, Series CW were issued in March 2017 at an issue price of $990.65 and an effective interest rate of 4.76%. This series of notes was reopened in February 2018 and a further $150 million of notes were issued in March 2018 at an issue price of $1,014.11 and an effective interest rate of 4.61%. |
| 7 | $400 million of 3.95% Notes, Series CAB were issued in December 2019 at an issue price of $991.54 and an effective interest rate of 4.00%. This series of notes was reopened in May 2020 and a further $400 million of notes were issued at an issue price of $1,003.53 and an effective interest rate of 3.93%. |
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| TELUS Corporation credit facility |
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| long-term debt |
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| Schedule of details of long-term debt |
| | | | | | | | | June 30, | | December 31, | As at (millions) | | 2024 | | 2023 | Net available | | $ | 990 | | $ | 1,729 | Backstop of commercial paper | | | 1,760 | | | 1,021 | Gross available revolving $2.75 billion bank credit facility | | $ | 2,750 | | $ | 2,750 |
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| TELUS International (Cda) Inc. credit facility |
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| long-term debt |
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| Schedule of details of long-term debt |
| | | | | | | | | | | | Revolving | | Term loan | | | | As at (millions) | | components | | components 1 | | Total | June 30, 2024 | | | | | | | | | | Available | | US$ | 539 | | US$ | — | | US$ | 539 | Outstanding | | | | | | | | | | Due to other | | | 242 | | | 1,044 | | | 1,286 | Due to TELUS Corporation | | | 19 | | | 81 | | | 100 | | | US$ | 800 | | US$ | 1,125 | | US$ | 1,925 | December 31, 2023 | | | | | | | | | | Available | | US$ | 492 | | US$ | — | | US$ | 492 | Outstanding | | | | | | | | | | Due to other | | | 286 | | | 1,072 | | | 1,358 | Due to TELUS Corporation | | | 22 | | | 83 | | | 105 | | | US$ | 800 | | US$ | 1,155 | | US$ | 1,955 |
| 1 | Relative to amounts owed to the syndicate of financial institutions, excluding TELUS Corporation, we have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert an amortizing amount of US$419 of the principal payments, and associated interest obligations, to European euro obligations with an effective fixed interest rate of 2.6% and an effective fixed exchange rate of US$1.088:€1.00. These have been accounted for as a net investment hedge in a foreign operation (see Note 4). |
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