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long-term debt (Tables)

12 Months Ended

Dec. 31, 2024

long-term debt

Schedule of details of long-term debt


As at December 31 (millions)		Note		2024			2023
Senior unsecured
TELUS Corporation senior notes		(b)		$	22,077		$	20,301
TELUS Corporation commercial paper		(c)			1,404			1,021
TELUS Corporation credit facilities		(d)			—			1,144
TELUS Communications Inc. debentures		(e)			200			200
Secured
TELUS International (Cda) Inc. credit facility		(f)			1,703			1,781
Other		(g)			588			288
					25,972			24,735
Lease liabilities		(h)			2,882			2,614
Long-term debt				$	28,854		$	27,349
Current				$	3,246		$	3,994
Non-current					25,608			23,355
Long-term debt				$	28,854		$	27,349

Schedule of long-term debt maturities

Composite long-term debt denominated in

Canadian dollars

U.S. dollars

Other
currencies

Long-term

Long-term

debt,

debt,

Currency swap agreement

excluding

Leases

excluding

Leases

amounts to be exchanged

Leases

Years ending December 31 (millions)

leases

(Note 19)

Total

leases

(Note 19)

(Receive) ¹

Pay

Total

(Note 19)

Total

2025

$

1,047

$

579

$

1,626

$

1,485

$

36

$

(1,464)

$

1,426

$

1,483

$

57

$

3,166

2026

1,450

494

1,944

80

34

(32)

32

114

47

2,105

2027

52

394

446

1,663

30

(1,615)

1,491

1,569

35

2,050

2028

1,955

237

2,192

1,475

21

(492)

469

1,473

28

3,693

2029

1,408

158

1,566

—

25

—

—

25

20

1,611

2030-2034

6,902

301

7,203

1,295

28

(1,295)

1,148

1,176

33

8,412

Thereafter

5,541

304

5,845

1,799

—

(1,799)

1,646

1,646

6

7,497

Future cash outflows in respect of composite long-term debt principal repayments

18,355

2,467

20,822

7,797

174

(6,697)

6,212

7,486

226

28,534

Future cash outflows in respect of associated interest and like carrying costs ²

9,038

574

9,612

2,762

76

(2,501)

2,230

2,567

60

12,239

Undiscounted contractual maturities (Note 4(c))

$

27,393

$

3,041

$

30,434

$

10,559

$

250

$

(9,198)

$

8,442

$

10,053

$

286

$

40,773

1	Where applicable, cash flows reflect foreign exchange rates as at December 31, 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 December 31, 2024.

TELUS Corporation senior notes

long-term debt

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
4.65% Notes, Series CAQ		August 2024		August 2031		$	999.11		4.66	%	$	700	million	$	700	million	38.5		June 13, 2031
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 represents the yield the notes would provide 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 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 cessation date, or (ii) 100% of the principal amount thereof.

For U.S. dollar-denominated notes, the redemption price is 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 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 ending December 31, 2030, the sustainability-linked notes will incur increased interest rates from the trigger date through to their individual maturities. The interest rate on certain sustainability-linked notes may also increase (MFN step-up) if we fail to meet additional sustainability and/or environmental, social or governance targets specified in a sustainability-linked bond; the interest rate on these notes, however, in no event can exceed the initial rate by more than the combined MFN step-up and trigger event limit, regardless of 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 sustainability-linked notes without having obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the redemption date, any interest accrued will be determined using the following rates:


		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%.

TELUS Corporation credit facility

long-term debt

Schedule of details of long-term debt


As at December 31 (millions)		2024			2023
Net available		$	1,346		$	1,729
Backstop of commercial paper			1,404			1,021
Gross available revolving $2.75 billion bank credit facility		$	2,750		$	2,750

TELUS International (Cda) Inc. credit facility

long-term debt

Schedule of details of long-term debt


		Revolving			Term loan
As at December 31 (millions)		components			components ¹			Total
2024
Available		US$	611		US$	—		US$	611
Outstanding
Due to other			175			1,017			1,192
Due to TELUS Corporation			14			78			92
		US$	800		US$	1,095		US$	1,895

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$409 of 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 on the principal amount; the initial notional amount of these foreign exchange derivatives was US$448. These have been accounted for as a net investment hedge in a foreign operation (see Note 4).