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SHORT-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2019

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

Below is a summary of our short-term borrowings as at December 31, 2019 and 2018.

	As at December 31
(In millions of dollars)	2019		2018
Accounts receivable securitization program	650		650
US commercial paper program	1,588		1,605
Total short-term borrowings	2,238		2,255

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2019 and 2018.

	Year ended December 31, 2019							Year ended December 31, 2018
	Notional		Exchange		Notional			Notional		Exchange		Notional
(In millions of dollars, except exchange rates)	(US$)		rate		(Cdn$)			(US$)		rate		(Cdn$)
Proceeds received from US commercial paper	12,897		1.328		17,127			15,262		1.294		19,752
Repayment of US commercial paper	(12,876	)	1.328		(17,094	)		(14,858	)	1.295		(19,244	)
Net proceeds received from US commercial paper					33							508
Proceeds received from accounts receivable securitization					—							225
Repayment of accounts receivable securitization					—							(225	)
Net proceeds received from accounts receivable securitization					—							—
Proceeds received from credit facilities	420		1.336		561			—		—		—
Repayment of credit facilities	(420	)	1.343		(564	)		—		—		—
Net repayment of credit facilities					(3	)						—
Net proceeds received on short-term borrowings					30							508

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2019 and 2018.

	Year ended December 31, 2019							Year ended December 31, 2018
(In millions of dollars, except exchange rates)	Notional		Exchange		Notional			Notional		Exchange		Notional
	(US$)		rate		(Cdn$)			(US$)		rate		(Cdn$)
Credit facility borrowings (US$)	—		—		—			125		1.257		157
Credit facility repayments (US$)	—		—		—			(125	)	1.256		(157	)
Net borrowings under credit facilities					—							—
Senior note issuances (Cdn$)					1,000							—
Senior note issuances (US$)	2,250		1.326		2,984			750		1.251		938
Total senior note issuances					3,984							938
Senior note repayments (Cdn$)					(1,800	)						—
Senior note repayments (US$)	—		—		—			(1,400	)	1.258		(1,761	)
Total senior note repayments					(1,800	)						(1,761	)
Net issuance (repayment) of senior notes					2,184							(823	)
Net issuance (repayment) of long-term debt					2,184							(823	)

		Years ended December 31
(In millions of dollars)		2019		2018
Long-term debt net of transaction costs, beginning of year		14,290		14,448
Net issuance (repayment) of long-term debt		2,184		(823	)
(Gain) loss on foreign exchange		(458	)	672
Deferred transaction costs incurred		(61	)	(18	)
Amortization of deferred transaction costs		12		11
Long-term debt net of transaction costs, end of year		15,967		14,290

							As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount		Interest rate		2019		2018
Senior notes	2019		400		2.800	%	—		400
Senior notes	2019		500		5.380	%	—		500
Senior notes	2020		900		4.700	%	—		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	%	649		682
Senior notes	2023	US	850		4.100	%	1,104		1,160
Senior notes	2024		600		4.000	%	600		600
Senior notes	2025	US	700		3.625	%	909		955
Senior notes	2026	US	500		2.900	%	649		682
Senior notes	2029		1,000		3.250	%	1,000		—
Senior debentures 1	2032	US	200		8.750	%	260		273
Senior notes	2038	US	350		7.500	%	455		478
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	%	649		682
Senior notes	2043	US	650		5.450	%	844		887
Senior notes	2044	US	1,050		5.000	%	1,365		1,433
Senior notes	2048	US	750		4.300	%	973		1,022
Senior notes	2049	US	1,250		4.350	%	1,624		—
Senior notes	2049	US	1,000		3.700	%	1,299		—
							16,130		14,404
Deferred transaction costs and discounts							(163	)	(114	)
Less current portion							—		(900	)
Total long-term debt							15,967		13,390

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, 2019 and 2018.

Below is a summary of the repayment of our senior notes during 2019 and 2018. There were no debt derivatives associated with the 2019 repayments. The associated debt derivatives for the 2018 repayment were settled at time of repayment.

(In millions of dollars)
Maturity date	Notional amount (US$)		Notional amount (Cdn$)
2019 repayments
March 2019	—		400
November 2019	—		500
September 2020, repaid November 2019	—		900
Total 2019 repayments	—		1,800
2018 repayments
August 2018, repaid April 2018	1,400		1,761

Below is a summary of the senior notes that we issued in 2019 and 2018.

(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$)		Transaction costs and discounts 2 (Cdn$)
2019 issuances
April 30, 2019		1,000		2029	3.250	%	99.746	%	1,000		7
April 30, 2019	US	1,250		2049	4.350	%	99.667	%	1,676		20
November 12, 2019	US	1,000		2049	3.700	%	98.926	%	1,308		25
2018 issuances
February 8, 2018	US	750		2048	4.300	%	99.398	%	938		16

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 detailed information about accounts receivable securitization program

	As at December 31
(In millions of dollars)	2019		2018
Trade accounts receivable sold to buyer as security	1,359		1,391
Short-term borrowings from buyer	(650	)	(650	)
Overcollateralization	709		741

Disclosure of detailed information about commercial paper program

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2019 and 2018.

	Year ended December 31, 2019						Year ended December 31, 2018
	Notional		Exchange		Notional		Notional		Exchange		Notional
(In millions of dollars, except exchange rates)	(US$)		rate		(Cdn$)		(US$)		rate		(Cdn$)
US commercial paper, beginning of year	1,177		1.364		1,605		746		1.253		935
Net proceeds received from US commercial paper	21		1.571		33		404		1.257		508
Discounts on issuance 1	25		1.320		33		27		1.333		36
(Gain) loss on foreign exchange 1					(83	)					126
US commercial paper, end of year	1,223		1.298		1,588		1,177		1.364		1,605

¹ Included in finance costs.

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