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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial Instruments [Abstract] |
Analysis of age of financial assets that are past due but not impaired | Below is summary of the aging of our customer accounts receivable.
|  | As at December 31 |
(In millions of dollars) |  | 2017 |  | 2016 |
Customer accounts receivables (net of allowance for doubtful accounts) |  |  |
Less than 30 days past billing date |  | 896 |  | 849 |
30-60 days past billing date |  | 303 |  | 298 |
61-90 days past billing date |  | 113 |  | 134 |
Greater than 90 days past billing date |  | 73 |  | 115 |
Total |  | 1,385 |  | 1,396 |
Below is a summary of the activity related to our allowance for doubtful accounts.
|  | Years ended December 31 |
(In millions of dollars) |  | 2017 |  | 2016 |
Balance, beginning of year |  | 59 |  | 86 |
Allowance for doubtful accounts expense |  | 88 |  | 54 |
Net use |  | (86 | ) | (81 | )
Balance, end of year |  | 61 |  | 59 |
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.
Disclosure of maturity analysis for 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.
Summary of net interest payments | Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2017 and 2016.
December 31, 2017 | Less than 1 year |  | 1 to 3 years |  | 4 to 5 years |  | More than 5 years |
(in millions of dollars)
Net interest payments | 712 |  | 1,160 |  | 908 |  | 5,409 |
December 31, 2016 | Less than 1 year |  | 1 to 3 years |  | 4 to 5 years |  | More than 5 years |
(in millions of dollars)
Net interest payments | 727 |  | 1,294 |  | 1,033 |  | 5,832 |
Sensitivity analysis for interest rate risk | Below is a sensitivity analysis for significant exposures with respect to our publicly-traded investments, expenditure derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2017 and 2016 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.
| Net income | Other comprehensive income
(Change in millions of dollars) | 2017 | 2016 | 2017 | 2016
Share price of publicly-traded investments |  |  |  |
$1 change | — |  | — |  | 14 |  | 14 |
Expenditure derivatives - change in foreign exchange rate |  |  |  |
$0.01 change in Cdn$ relative to US$ | — |  | — |  | 9 |  | 9 |
Short-term borrowings |  |  |  |
1% change in interest rates | 12 |  | 6 |  | — |  | — |
Senior notes (floating) |  |  |  |
1% change in interest rates | — |  | 2 |  | — |  | — |
Bank credit facilities (floating) |  |  |  |
1% change in interest rates | — |  | 2 |  | — |  | — |
Net asset (liability) position | Below is a summary of our net asset (liability) position for our various derivatives.
| As at December 31, 2017 |
(In millions of dollars, except exchange rates) | Notional amount (US$) |  | Exchange rate |  | Notional amount (Cdn$) |  | Fair value (Cdn$) |
Debt derivatives accounted for as cash flow hedges: |  |  |  |
As assets | 5,200 |  | 1.0401 |  | 5,409 |  | 1,301 |
As liabilities | 1,500 |  | 1.3388 |  | 2,008 |  | (149 | )
Short-term debt derivatives not accounted for as hedges: |  |  |  |
As liabilities | 746 |  | 1.2869 |  | 960 |  | (23 | )
Net mark-to-market debt derivative asset |  |  |  | 1,129 |
Bond forwards accounted for as cash flow hedges: |  |  |  |
As liabilities |  |  | 900 |  | (64 | )
Expenditure derivatives accounted for as cash flow hedges: |  |  |  |
As assets | 240 |  | 1.2239 |  | 294 |  | 5 |
As liabilities | 960 |  | 1.2953 |  | 1,243 |  | (44 | )
Net mark-to-market expenditure derivative liability |  |  |  | (39 | )
Equity derivatives not accounted for as hedges: |  |  |  |
As assets |  |  | 276 |  | 68 |
Net mark-to-market asset |  |  |  | 1,094 |
| As at December 31, 2016 |
(In millions of dollars, except exchange rates) | Notional amount (US$) |  | Exchange rate |  | Notional amount (Cdn$) |  | Fair value (Cdn$) |
Debt derivatives accounted for as cash flow hedges: |  |  |  |
As assets | 5,200 |  | 1.0401 |  | 5,409 |  | 1,751 |
As liabilities | 1,500 |  | 1.3388 |  | 2,008 |  | (68 | )
Short-term debt derivatives not accounted for as hedges: |  |  |  |
As liabilities | 150 |  | 1.3407 |  | 201 |  | — |
Net mark-to-market debt derivative asset |  |  |  | 1,683 |
Bond forwards accounted for as cash flow hedges: |  |  |  |
As liabilities | — |  | — |  | 900 |  | (51 | )
Expenditure derivatives accounted for as cash flow hedges: |  |  |  |
As assets | 990 |  | 1.2967 |  | 1,284 |  | 40 |
As liabilities | 300 |  | 1.4129 |  | 424 |  | (21 | )
Net mark-to-market expenditure derivative asset |  |  |  | 19 |
Equity derivatives not accounted for as hedges: |  |  |  |
As assets | — |  | — |  | 270 |  | 8 |
Net mark-to-market asset |  |  |  | 1,659 |
Below is a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.
|  | As at December 31 |
(In millions of dollars) |  | 2017 |  | 2016 |
Current asset |  | 421 |  | 91 |
Long-term asset |  | 953 |  | 1,708 |
|  | 1,374 |  | 1,799 |
Current liability |  | (133 | ) | (22 | )
Long-term liability |  | (147 | ) | (118 | )
|  | (280 | ) | (140 | )
Net mark-to-market asset |  | 1,094 |  | 1,659 |
Net cash payments on debt derivatives and forward contracts | Below is a summary of the net cash payments on debt derivatives and forward contracts.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Proceeds on debt derivatives related to US commercial paper | 9,692 |  | — |
Proceeds on debt derivatives related to credit facility borrowings | 2,310 |  | 11,167 |
Total proceeds on debt derivatives | 12,002 |  | 11,167 |
Payments on debt derivatives related to US commercial paper | (9,754 | ) | — |
Payments on debt derivatives related to credit facility borrowings | (2,327 | ) | (11,159 | )
Payments on termination of forward contracts | — |  | (53 | )
Total payments on debt derivatives and forward contracts | (12,081 | ) | (11,212 | )
Net payments on settlement of debt derivatives and forward contracts | (79 | ) | (45 | )
Changes in fair value of derivative instruments | Below is a summary of the changes in fair value of our derivative instruments for 2017 and 2016.
Year ended December 31, 2017 | Debt derivatives (hedged) |  | Debt derivatives (unhedged) |  | Bond forwards |  | Expenditure derivatives |  | Equity derivatives |  | Total instruments |
(In millions of dollars)
Derivative instruments, beginning of period | 1,683 |  | — |  | (51 | ) | 19 |  | 8 |  | 1,659 |
Proceeds received from settlement of derivatives | — |  | (12,002 | ) | — |  | (1,207 | ) | (6 | ) | (13,215 | )
Payment on derivatives entered | — |  | 12,081 |  | — |  | 1,240 |  | — |  | 13,321 |
(Decrease) increase in fair value of derivatives | (531 | ) | (102 | ) | (13 | ) | (91 | ) | 66 |  | (671 | )
Derivative instruments, end of period | 1,152 |  | (23 | ) | (64 | ) | (39 | ) | 68 |  | 1,094 |
Mark-to-market asset | 1,301 |  | — |  | — |  | 5 |  | 68 |  | 1,374 |
Mark-to-market liability | (149 | ) | (23 | ) | (64 | ) | (44 | ) | — |  | (280 | )
Mark-to-market asset (liability) | 1,152 |  | (23 | ) | (64 | ) | (39 | ) | 68 |  | 1,094 |
Year ended December 31, 2016 | Debt derivatives (hedged) |  | Debt derivatives (unhedged) |  | Bond forwards |  | Expenditure derivatives |  | Equity derivatives |  | Total instruments |
(In millions of dollars)
Derivative instruments, beginning of period | 2,028 |  | — |  | (91 | ) | 158 |  | (15 | ) | 2,080 |
Proceeds received from settlement of derivatives | — |  | (11,167 | ) | — |  | (1,116 | ) | (2 | ) | (12,285 | )
Payment on derivatives entered | — |  | 11,159 |  | 53 |  | 1,025 |  | — |  | 12,237 |
(Decrease) increase in fair value of derivatives | (345 | ) | 8 |  | (13 | ) | (48 | ) | 25 |  | (373 | )
Derivative instruments, end of period | 1,683 |  | — |  | (51 | ) | 19 |  | 8 |  | 1,659 |
Mark-to-market asset | 1,751 |  | — |  | — |  | 40 |  | 8 |  | 1,799 |
Mark-to-market liability | (68 | ) | — |  | (51 | ) | (21 | ) | — |  | (140 | )
Mark-to-market asset (liability) | 1,683 |  | — |  | (51 | ) | 19 |  | 8 |  | 1,659 |
Derivative instruments details | During 2017 and 2016, we entered into and settled debt derivatives related to our credit facility borrowings and US CP program as follows:
| Year ended December 31, 2017 |
(In millions of dollars, except exchange rates) | Notional (US$) |  | Exchange rate |  | Notional (Cdn$) |
Credit facilities |  |  |
Debt derivatives entered | 1,610 |  | 1.32 |  | 2,126 |
Debt derivatives settled | 1,760 |  | 1.32 |  | 2,327 |
Net cash paid |  |  | (17 | )
Commercial paper program |  |  |
Debt derivatives entered | 8,266 |  | 1.30 |  | 10,711 |
Debt derivatives settled | 7,521 |  | 1.29 |  | 9,692 |
Net cash paid |  |  | (62 | )
| Year ended December 31, 2016 |
(In millions of dollars, except exchange rates) | Notional (US$) |  | Exchange rate |  | Notional (Cdn$) |
Credit facilities |  |  |
Debt derivatives entered | 8,683 |  | 1.31 |  | 11,360 |
Debt derivatives settled | 8,533 |  | 1.31 |  | 11,159 |
Net cash received |  |  | 8 |
We did not enter into any debt derivatives related to senior notes in 2017. In 2016, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated senior notes issued on November 4, 2016 (see note 20). Below is a summary of the debt derivatives we entered into to hedge senior notes issued during 2016.
(In millions of dollars, except for coupon and interest rates) |  |
|  | US$ |  | Hedging effect
Effective date | Principal/Notional amount (US$) |  | Maturity date | Coupon rate |  |  | Fixed hedged (Cdn$) interest rate 1 |  | Equivalent (Cdn$) |
November 4, 2016 | 500 |  | 2026 | 2.900 | % |  | 2.834 | % | 671 |
1 | Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.
Below is a summary of the bond forwards into which we have entered to hedge the underlying Government of Canada (GoC) 10-year rate for anticipated future debt that were outstanding as at December 31, 2017 and 2016.
(In millions of dollars, except interest rates)
GoC term (years) | Effective date | Maturity date 1 | Notional amount |  | Hedged GoC interest rate as at December 31, 2017 |  | Hedged GoC interest rate as at December 31, 2016 1 |  | 2017 |  | 2016 |
10 | December 2014 | April 30, 2018 | 500 |  | 2.85 | % | 2.52 | % | 500 |  | 500 |
30 | December 2014 | December 31, 2018 | 400 |  | 2.65 | % | 2.62 | % | 400 |  | 400 |
Total |  |  | 900 |  |  |  | 900 |  | 900 |
1 | Bond forwards with maturity dates beyond December 31, 2017 are subject to GoC rate re-setting from time to time. The $400 million due in December 2018 was extended in December 2017 such that its rate will reset in April 2018.
Below is a summary of the expenditure derivatives into which we entered during 2017 and 2016 to manage foreign exchange risk related to certain forecasted expenditures.
| Years ended December 31 |
| 2017 |  | 2016 |
(In millions of dollars, except exchange rates) | Notional (US$) |  | Exchange rate |  | Notional (Cdn$) |  | Notional (US$) |  | Exchange rate |  | Notional (Cdn$) |
Expenditure derivatives entered | 840 |  | 1.27 |  | 1,070 |  | 990 |  | 1.33 |  | 1,318 |
Expenditure derivatives settled | 930 |  | 1.33 |  | 1,240 |  | 840 |  | 1.22 |  | 1,025 |
Fair value measurement of assets | Below is a summary of the financial instruments carried at fair value.
|  |  | As at December 31 |
| Carrying value |  | Fair value (Level 1) |  | Fair value (Level 2) |
(In millions of dollars) | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Financial assets |  |  |  |  |  |
Available-for-sale, measured at fair value: |  |  |  |  |  |
Investments in publicly-traded companies | 1,465 |  | 1,047 |  | 1,465 |  | 1,047 |  | — |  | — |
Held-for-trading: |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 1,301 |  | 1,751 |  | — |  | — |  | 1,301 |  | 1,751 |
Expenditure derivatives accounted for as cash flow hedges | 5 |  | 40 |  | — |  | — |  | 5 |  | 40 |
Equity derivatives not accounted for as cash flow hedges | 68 |  | 8 |  | — |  | — |  | 68 |  | 8 |
Total financial assets | 2,839 |  | 2,846 |  | 1,465 |  | 1,047 |  | 1,374 |  | 1,799 |
Financial liabilities |  |  |  |  |  |
Held-for-trading: |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 149 |  | 68 |  | — |  | — |  | 149 |  | 68 |
Debt derivatives not accounted for as hedges | 23 |  | — |  | — |  | — |  | 23 |  | — |
Bond forwards accounted for as cash flow hedges | 64 |  | 51 |  | — |  | — |  | 64 |  | 51 |
Expenditure derivatives accounted for as cash flow hedges | 44 |  | 21 |  | — |  | — |  | 44 |  | 21 |
Total financial liabilities | 280 |  | 140 |  | — |  | — |  | 280 |  | 140 |
Below is a summary of the fair value of our long-term debt.
|  | As at December 31 |
(In millions of dollars) |  | 2017 |  |  | 2016 |
| Carrying amount |  | Fair value 1 |  | Carrying amount |  | Fair value 1 |
Long-term debt (including current portion) | 14,448 |  | 16,134 |  | 16,080 |  | 17,628 |
1 | Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.
Fair value measurement of liabilities | Below is a summary of the financial instruments carried at fair value.
|  |  | As at December 31 |
| Carrying value |  | Fair value (Level 1) |  | Fair value (Level 2) |
(In millions of dollars) | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Financial assets |  |  |  |  |  |
Available-for-sale, measured at fair value: |  |  |  |  |  |
Investments in publicly-traded companies | 1,465 |  | 1,047 |  | 1,465 |  | 1,047 |  | — |  | — |
Held-for-trading: |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 1,301 |  | 1,751 |  | — |  | — |  | 1,301 |  | 1,751 |
Expenditure derivatives accounted for as cash flow hedges | 5 |  | 40 |  | — |  | — |  | 5 |  | 40 |
Equity derivatives not accounted for as cash flow hedges | 68 |  | 8 |  | — |  | — |  | 68 |  | 8 |
Total financial assets | 2,839 |  | 2,846 |  | 1,465 |  | 1,047 |  | 1,374 |  | 1,799 |
Financial liabilities |  |  |  |  |  |
Held-for-trading: |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 149 |  | 68 |  | — |  | — |  | 149 |  | 68 |
Debt derivatives not accounted for as hedges | 23 |  | — |  | — |  | — |  | 23 |  | — |
Bond forwards accounted for as cash flow hedges | 64 |  | 51 |  | — |  | — |  | 64 |  | 51 |
Expenditure derivatives accounted for as cash flow hedges | 44 |  | 21 |  | — |  | — |  | 44 |  | 21 |
Total financial liabilities | 280 |  | 140 |  | — |  | — |  | 280 |  | 140 |
Below is a summary of the fair value of our long-term debt.
|  | As at December 31 |
(In millions of dollars) |  | 2017 |  |  | 2016 |
| Carrying amount |  | Fair value 1 |  | Carrying amount |  | Fair value 1 |
Long-term debt (including current portion) | 14,448 |  | 16,134 |  | 16,080 |  | 17,628 |
1 | Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

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