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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | Below is a summary of our short-term borrowings as at December 31, 2017 and 2016.
| As at December 31 |
(In millions of dollars) | 2017 | 2016
Accounts receivable securitization program | 650 |  | 800 |
US commercial paper program | 935 |  | — |
Total short-term borrowings | 1,585 |  | 800 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2017 and 2016.
| Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
| Notional |  | Exchange |  | Notional |  |  | Notional |  | Exchange |  | Notional |
(In millions of dollars, except exchange rates) | (US$) |  | rate |  | (Cdn$) |  |  | (US$) |  | rate |  | (Cdn$) |
Proceeds received from accounts receivable securitization |  |  | 530 |  |  |  |  | 295 |
Repayment of accounts receivable securitization |  |  | (680 | ) |  |  |  | (295 | )
Net repayment of accounts receivable securitization |  |  | (150 | ) |  |  |  | — |
Proceeds received from US commercial paper | 8,267 |  | 1.30 |  | 10,712 |  |  | — |  | — |  | — |
Repayment of US commercial paper | (7,530 | ) | 1.29 |  | (9,704 | ) |  | — |  | — |  | — |
Net proceeds received from US commercial paper | 737 |  | 1.37 |  | 1,008 |  |  |  |  | — |
Net proceeds received on short-term borrowings |  |  | 858 |  |  |  |  | — |
The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2017 and 2016.
| Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |
(In millions of dollars, except exchange rates) | Notional |  | Exchange |  | Notional |  |  | Notional |  | Exchange |  | Notional |
(US$) |  | rate |  | (Cdn$) |  |  | (US$) |  | rate |  | (Cdn$) |
Credit facility borrowings (Cdn$) |  |  |  | 1,730 |  |  |  |  | 1,140 |
Credit facility borrowings (US$) | 960 |  | 1.32 |  | 1,269 |  |  | 2,188 |  | 1.31 |  | 2,877 |
Total credit facility borrowings |  |  | 2,999 |  |  |  |  | 4,017 |
Credit facility repayments (Cdn$) |  |  | (1,830 | ) |  |  |  | (1,540 | )
Credit facility repayments (US$) | (1,110 | ) | 1.31 |  | (1,453 | ) |  | (2,038 | ) | 1.32 |  | (2,686 | )
Total credit facility repayments |  |  | (3,283 | ) |  |  |  | (4,226 | )
Net repayments under credit facilities |  |  | (284 | ) |  |  |  | (209 | )
Senior note issuances (US$) | — |  | — |  | — |  |  | 500 |  | 1.34 |  | 671 |
Senior note repayments (Cdn$) |  |  | (750 | ) |  |  |  | (1,000 | )
Net repayment of senior notes |  |  | (750 | ) |  |  |  | (329 | )
Net repayment of long-term debt |  |  | (1,034 | ) |  |  |  | (538 | )
|  | Years ended December 31 |
(In millions of dollars) |  | 2017 |  | 2016 |
Long-term debt net of transaction costs, beginning of period |  | 16,080 |  | 16,870 |
Net repayment of long-term debt |  | (1,034 | ) | (538 | )
Gain on foreign exchange |  | (608 | ) | (245 | )
Deferred transaction costs incurred |  | (3 | ) | (12 | )
Amortization of deferred transaction costs |  | 13 |  | 5 |
Long-term debt net of transaction costs, end of period |  | 14,448 |  | 16,080 |
|  |  |  |  | As at December 31 |
(In millions of dollars, except interest rates) | Due date |  | Principal amount |  | Interest rate |  | 2017 |  | 2016 |
Bank credit facilities (Cdn$ portion) |  |  |  | Floating |  | — |  | 100 |
Bank credit facilities (US$ portion) |  | US |  | Floating |  | — |  | 201 |
Senior notes | 2017 |  | 250 |  | Floating |  | — |  | 250 |
Senior notes | 2017 |  | 500 |  | 3.000 | % | — |  | 500 |
Senior notes | 2018 | US | 1,400 |  | 6.800 | % | 1,756 |  | 1,880 |
Senior notes | 2019 |  | 400 |  | 2.800 | % | 400 |  | 400 |
Senior notes | 2019 |  | 500 |  | 5.380 | % | 500 |  | 500 |
Senior notes | 2020 |  | 900 |  | 4.700 | % | 900 |  | 900 |
Senior notes | 2021 |  | 1,450 |  | 5.340 | % | 1,450 |  | 1,450 |
Senior notes | 2022 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2023 | US | 500 |  | 3.000 | % | 627 |  | 671 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | 1,066 |  | 1,141 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 878 |  | 940 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 627 |  | 671 |
Senior debentures 1 | 2032 | US | 200 |  | 8.750 | % | 251 |  | 269 |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 439 |  | 470 |
Senior notes | 2039 |  | 500 |  | 6.680 | % | 500 |  | 500 |
Senior notes | 2040 |  | 800 |  | 6.110 | % | 800 |  | 800 |
Senior notes | 2041 |  | 400 |  | 6.560 | % | 400 |  | 400 |
Senior notes | 2043 | US | 500 |  | 4.500 | % | 627 |  | 671 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 816 |  | 873 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,318 |  | 1,410 |
|  |  |  |  | 14,555 |  | 16,197 |
Deferred transaction costs and discounts |  |  |  |  | (107 | ) | (117 | )
Less current portion |  |  |  |  |  |  | (1,756 | ) | (750 | )
Total long-term debt |  |  |  |  |  |  | 12,692 |  | 15,330 |
1 | Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2017 and 2016.
Below is a summary of the senior notes that we issued in 2016. We did not issue any senior notes in 2017.
(In millions of dollars, except interest rates and discounts) |  |  |
Date Issued |  | Principal amount |  | Due date | Interest rate |  | Discount/ premium at issuance |  | Total gross proceeds 1 (Cdn$) |  | Transaction costs and discounts 2 (Cdn$) |
2016 issuances |  |  |  |  |  |  |
November 4, 2016 | US | 500 |  | 2026 | 2.900 | % | 98.354 | % | 671 |  | 17 |
1 | Gross proceeds before transaction costs and discounts.
2 | Transaction costs and discounts are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.
Disclosure of maturity analysis for non-derivative financial liabilities | Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2017 and 2016.
December 31, 2017 | Carrying |  |  | Contractual |  | Less than |  | 1 to 3 |  | 4 to 5 |  | More than |
(In millions of dollars) | amount |  |  | cash flows |  | 1 year |  | years |  | years |  | 5 years |
Bank advances | 6 |  |  | 6 |  | 6 |  | — |  | — |  | — |
Short-term borrowings | 1,585 |  |  | 1,585 |  | 1,585 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 2,931 |  |  | 2,931 |  | 2,931 |  | — |  | — |  | — |
Long-term debt | 14,448 |  |  | 14,555 |  | 1,756 |  | 1,800 |  | 2,050 |  | 8,949 |
Other long-term financial liabilities | 9 |  |  | 9 |  | 2 |  | 3 |  | 2 |  | 2 |
Expenditure derivative instruments: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 1,538 |  | 1,093 |  | 445 |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (1,506 | ) | (1,054 | ) | (452 | ) | — |  | — |
Equity derivative instruments | — |  |  | (68 | ) | (68 | ) | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 7,417 |  | 1,435 |  | — |  | — |  | 5,982 |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (8,405 | ) | (1,756 | ) | — |  | — |  | (6,649 | )
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 956 |  | 956 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (934 | ) | (934 | ) | — |  | — |  | — |
Bond forwards | — |  |  | 64 |  | 64 |  | — |  | — |  | — |
Net carrying amount of derivatives (asset) | (1,094 | ) |  |  |  |  |  |
| 17,885 |  |  | 18,148 |  | 6,016 |  | 1,796 |  | 2,052 |  | 8,284 |
1 | Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.
December 31, 2016 | Carrying |  |  | Contractual |  | Less than |  | 1 to 3 |  | 4 to 5 |  | More than |
(In millions of dollars) | amount |  |  | cash flows |  | 1 year |  | years |  | years |  | 5 years |
Bank advances | 71 |  |  | 71 |  | 71 |  | — |  | — |  | — |
Short-term borrowings | 800 |  |  | 800 |  | 800 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 2,783 |  |  | 2,783 |  | 2,783 |  | — |  | — |  | — |
Long-term debt | 16,080 |  |  | 16,197 |  | 750 |  | 3,081 |  | 2,350 |  | 10,016 |
Other long-term financial liabilities | 18 |  |  | 18 |  | — |  | 12 |  | 3 |  | 3 |
Expenditure derivative instruments: |  |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 1,708 |  | 1,240 |  | 468 |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (1,732 | ) | (1,249 | ) | (483 | ) | — |  | — |
Equity derivative instruments | — |  |  | (8 | ) | (8 | ) | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 7,417 |  | — |  | 1,435 |  | — |  | 5,982 |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (8,996 | ) | — |  | (1,880 | ) | — |  | (7,116 | )
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 201 |  | 201 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (201 | ) | (201 | ) | — |  | — |  | — |
Bond forwards | — |  |  | 51 |  | — |  | 51 |  | — |  | — |
Net carrying amount of derivatives (asset) | (1,659 | ) |  |  |  |  |  |
| 18,093 |  |  | 18,309 |  | 4,387 |  | 2,684 |  | 2,353 |  | 8,885 |
1 | Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.
Below is a summary of the repayment of our senior notes during 2017 and 2016. There were no debt derivatives associated with these repayments.
(In millions of dollars)
Maturity date | Notional amount (Cdn$) |
2017 repayments |
March 2017 | 250 |
June 2017 | 500 |
Total for 2017 | 750 |
2016 repayments |
May 2016 | 1,000 |
PRINCIPAL REPAYMENTS Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2017.
(In millions of dollars) |
2018 | 1,756 |
2019 | 900 |
2020 | 900 |
2021 | 1,450 |
2022 | 600 |
Thereafter | 8,949 |
Total long-term debt | 14,555 |
Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2017:
| Less than |  |  |  | After |  |
(In millions of dollars) | 1 Year |  | 1-3 Years |  | 4-5 Years |  | 5 Years |  | Total |
Operating leases | 202 |  | 308 |  | 167 |  | 294 |  | 971 |
Player contracts 1 | 111 |  | 88 |  | 10 |  | 7 |  | 216 |
Purchase obligations 2 | 368 |  | 346 |  | 167 |  | 121 |  | 1,002 |
Program rights 3 | 546 |  | 1,121 |  | 1,079 |  | 1,886 |  | 4,632 |
Total commitments | 1,227 |  | 1,863 |  | 1,423 |  | 2,308 |  | 6,821 |
1 | Player contracts are Toronto Blue Jays players’ salary contracts into which we have entered and are contractually obligated to pay.
2 | Purchase obligations are the contractual obligations under service, product, and wireless device contracts to which we have committed.
3 | Program rights are the agreements into which we have entered to acquire broadcasting rights for sports broadcasting programs and films for periods in excess of one year at contract inception.

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