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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2018
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]  
Disclosure of maturity analysis for commitments
Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2018 and 2017.
December 31, 2018
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

 
 

 
 
 
 
 
 
Short-term borrowings
2,255

 
2,255

2,255

—

—

—

Accounts payable and accrued liabilities
3,052

 
3,052

3,052

—

—

—

Long-term debt
14,290

 
14,404

900

2,350

2,442

8,712

Other long-term financial liabilities
38

 
38

1

24

5

8

Expenditure derivative instruments:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
1,341

1,045

296

—

—

Cash inflow (Canadian dollar equivalent of US dollar)
—

 
(1,473
)
(1,146
)
(327
)
—

—

Equity derivative instruments
—

 
(92
)
(92
)
—

—

—

Debt derivative instruments accounted for as hedges:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
6,920

—

—

1,392

5,528

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(8,254
)
—

—

(1,842
)
(6,412
)
Debt derivative instruments not accounted for as hedges:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
1,560

1,560

—

—

—

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(1,601
)
(1,601
)
—

—

—

Bond forwards
—

 
87

87

—

—

—

Net carrying amount of derivatives (asset)
(1,500
)
 
 
 
 
 
 
 
18,135

 
18,237

6,061

2,343

1,997

7,836

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, 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.

Below is a summary of the repayment of our senior notes during 2018 and 2017. The associated debt derivatives for the 2018 repayment were settled at maturity. There were no debt derivatives associated with the 2017 repayments.
(In millions of dollars)
Maturity date
Notional amount (US$)

Notional amount (Cdn$)

 
 
 
2018 repayments
 

April 2018
1,400

1,761

 
 
 
2017 repayments
 
 
March 2017
—

250

June 2017
—

500

Total for 2017
—

750


In April 2018, we repaid the entire outstanding principal amount of our US$1.4 billion ($1.8 billion) 6.8% senior notes otherwise due in August 2018. At the same time, the associated debt derivatives were settled for net proceeds received of $326 million. As a result, we repaid a net amount of $1.5 billion including settlement of the associated debt derivatives, which was separately funded through our US CP program and our bank credit facility. For the year ended December 31, 2018, we recognized a $28 million loss on repayment of long-term debt reflecting our obligation to pay redemption premiums upon repayment (see note 10).
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, 2018.
(In millions of dollars)
 
2019
900

2020
900

2021
1,450

2022
600

2023
1,842

Thereafter
8,712

Total long-term debt
14,404

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2018.
 
Less than

 
 
After

 
(In millions of dollars)
1 Year

1-3 Years

4-5 Years

5 Years

Total

 
 
 
 
 
 
Operating leases
208

312

172

287

979

Player contracts 1
63

8

14

—

85

Purchase obligations 2
448

332

202

80

1,062

Program rights 3
667

1,048

1,079

1,346

4,140

 
 
 
 
 
 
Total commitments
1,386

1,700

1,467

1,713

6,266

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 commitments
Below is a summary of our other contractual commitments that are not included in the table above.
  
 
As at December 31

(In millions of dollars)
 
2018

 
 
 
Acquisition of property, plant and equipment
 
244

Acquisition of intangible assets
 
183

Commitments related to associates and joint ventures
 
383

 
 
 
Total other commitments
 
810