LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

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
(In millions of dollars, except exchange rates)	(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 debentures¹	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

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.

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, 2019 and 2018.



December 31, 2019	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	2,238		2,238		2,238		—		—		—
Accounts payable and accrued liabilities	3,033		3,033		3,033		—		—		—
Long-term debt	15,967		16,130		—		2,050		2,353		11,727
Lease liabilities	1,725		2,220		230		413		326		1,251
Other long-term financial liabilities	26		26		—		12		7		7
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—		1,287		1,248		39		—		—
Cash inflow (Canadian dollar equivalent of US dollar)	—		(1,286	)	(1,247	)	(39	)	—		—
Equity derivative instruments	—		(55	)	(55	)	—		—		—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—		9,903		—		—		1,392		8,511
Cash inflow (Canadian dollar equivalent of US dollar) ¹	—		(10,780	)	—		—		(1,753	)	(9,027	)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—		1,622		1,622		—		—		—
Cash inflow (Canadian dollar equivalent of US dollar) ¹	—		(1,593	)	(1,593	)	—		—		—
Net carrying amount of derivatives (asset)	(1,439	)
	21,550		22,745		5,476		2,475		2,325		12,469


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, 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.

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, 2019.



(In millions of dollars)
2020	—
2021	1,450
2022	600
2023	1,753
2024	600
Thereafter	11,727
Total long-term debt	16,130

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2019.



	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total

Player contracts ¹	95	108	45	—	248
Purchase obligations ²	312	215	92	41	660
Program rights ³	620	1,111	1,052	830	3,613

Total commitments	1,027	1,434	1,189	871	4,521


¹	Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.


²	Contractual obligations under service, product, and wireless device contracts to which we have committed.

Agreements into which we have entered to acquire broadcasting rights for programs and films for periods in excess of one year at contract inception.