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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | Below is a summary of our short-term borrowings as at December 31, 2020 and 2019.
| As at December 31
(In millions of dollars) | 2020 | 2019
Receivables securitization program | 650 |  | 650 |
US commercial paper program | 571 |  | 1,588 |
Total short-term borrowings | 1,221 |  | 2,238 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2020 and 2019.
| Year ended December 31, 2020 |  | Year ended December 31, 2019
| 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 | 3,316 |  | 1.329 |  | 4,406 |  |  | 12,897 |  | 1.328 |  | 17,127 |
Repayment of US commercial paper | (4,098) |  | 1.355 |  | (5,552) |  |  | (12,876) |  | 1.328 |  | (17,094) |
Net (repayment of) proceeds received from US commercial paper |  |  | (1,146) |  |  |  |  | 33 |
Proceeds received from credit facilities | — |  | — |  | — |  |  | 420 |  | 1.336 |  | 561 |
Repayment of credit facilities | — |  | — |  | — |  |  | (420) |  | 1.343 |  | (564) |
Net repayment of credit facilities |  |  | — |  |  |  |  | (3) |
Net (repayment of) proceeds received from short-term borrowings |  |  | (1,146) |  |  |  |  | 30 |
|  |  |  |  | As at December 31
(In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | 2020 | 2019
Senior notes | 2021 |  | 1,450 |  | 5.340 | % | 1,450 |  | 1,450 |
Senior notes | 2022 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2022 | US | 750 |  | Floating | 955 |  | — |
Senior notes | 2023 | US | 500 |  | 3.000 | % | 637 |  | 649 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | 1,082 |  | 1,104 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 890 |  | 909 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 637 |  | 649 |
Senior notes | 2027 |  | 1,500 |  | 3.650 | % | 1,500 |  | — |
Senior notes | 2029 |  | 1,000 |  | 3.250 | % | 1,000 |  | 1,000 |
Senior debentures 1 | 2032 | US | 200 |  | 8.750 | % | 255 |  | 260 |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 446 |  | 455 |
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 | % | 637 |  | 649 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 827 |  | 844 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,337 |  | 1,365 |
Senior notes | 2048 | US | 750 |  | 4.300 | % | 955 |  | 973 |
Senior notes | 2049 | US | 1,250 |  | 4.350 | % | 1,592 |  | 1,624 |
Senior notes | 2049 | US | 1,000 |  | 3.700 | % | 1,273 |  | 1,299 |
|  |  |  |  | 18,373 |  | 16,130 |
Deferred transaction costs and discounts |  |  |  |  | (172) |  | (163) |
Less current portion |  |  |  |  | (1,450) |  | — |
Total long-term debt |  |  |  |  | 16,751 |  | 15,967 |
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, 2020 and 2019. The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2020 and 2019.
| Year ended December 31, 2020 |  | Year ended December 31, 2019
(In millions of dollars, except exchange rates) | Notional | Exchange | Notional |  | Notional | Exchange | Notional
(US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Credit facility borrowings (US$) | 970 |  | 1.428 |  | 1,385 |  |  | — |  | — |  | — |
Credit facility repayments (US$) | (970) |  | 1.406 |  | (1,364) |  |  | — |  | — |  | — |
Net borrowings under credit facilities |  |  | 21 |  |  |  |  | — |
Senior note issuances (Cdn$) |  |  | 1,500 |  |  |  |  | 1,000 |
Senior note issuances (US$) | 750 |  | 1.359 |  | 1,019 |  |  | 2,250 |  | 1.326 |  | 2,984 |
Total senior note issuances |  |  | 2,519 |  |  |  |  | 3,984 |
Senior note repayments (Cdn$) |  |  | — |  |  |  |  | (1,800) |
Net issuance of senior notes |  |  | 2,519 |  |  |  |  | 2,184 |
Net issuance of long-term debt |  |  | 2,540 |  |  |  |  | 2,184 |
|  | Years ended December 31
(In millions of dollars) |  | 2020 | 2019
Long-term debt net of transaction costs, beginning of year |  | 15,967 |  | 14,290 |
Net issuance of long-term debt |  | 2,540 |  | 2,184 |
Gain on foreign exchange |  | (297) |  | (458) |
Deferred transaction costs incurred |  | (23) |  | (61) |
Amortization of deferred transaction costs |  | 14 |  | 12 |
Long-term debt net of transaction costs, end of year |  | 18,201 |  | 15,967 |
Below is a summary of the senior notes that we issued in 2020 and 2019.
(In millions of dollars, except interest rates and discounts) |  |  |
Date issued |  | Principal amount | Due date | Interest rate | Discount/ premium at issuance | Total gross proceeds 1 (Cdn$) | Transaction costs and discounts 2 (Cdn$)
2020 issuances |  |  |  |  |  |  |
March 31, 2020 |  | 1,500 |  | 2027 | 3.650 | % | 99.511 | % | 1,500 |  | 16 |
June 22, 2020 | US | 750 |  | 2022 | USD LIBOR + 0.60% | 100 | % | 1,019 |  | 5 |
2019 issuances |  |  |  |  |  |  |
April 30, 2019 | US | 1,250 |  | 2049 | 4.350 | % | 99.667 | % | 1,676 |  | 20 |
November 12, 2019 | US | 1,000 |  | 2049 | 3.700 | % | 98.926 | % | 1,308 |  | 25 |
1 Gross proceeds before transaction costs and discounts. 2 Transaction costs and discounts are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method. Below is a summary of the repayment of our senior notes during 2019. There were no debt derivatives associated with the 2019 repayments.
(In millions of dollars)
Maturity date |  | Notional amount (Cdn$)
2019 repayments |  |
March 2019 |  | 400 |
November 2019 |  | 500 |
September 2020, repaid November 2019 |  | 900 |
Total 2019 repayments |  | 1,800 |
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, 2020 and 2019.
December 31, 2020 | 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 | 1,221 |  |  | 1,221 |  | 1,221 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 2,714 |  |  | 2,714 |  | 2,714 |  | — |  | — |  | — |
Long-term debt | 18,201 |  |  | 18,373 |  | 1,450 |  | 3,274 |  | 1,490 |  | 12,159 |
Lease liabilities | 1,835 |  |  | 2,353 |  | 278 |  | 647 |  | 300 |  | 1,128 |
Other long-term financial liabilities | 22 |  |  | 22 |  | — |  | 14 |  | 2 |  | 6 |
Expenditure derivative instruments: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 2,134 |  | 1,305 |  | 829 |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (2,024) |  | (1,222) |  | (802) |  | — |  | — |
Equity derivative instruments | — |  |  | (34) |  | (34) |  | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 11,114 |  | 86 |  | 2,516 |  | 937 |  | 7,575 |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (11,702) |  | (81) |  | (2,772) |  | (891) |  | (7,958) |
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 585 |  | 585 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 1 | — |  |  | (573) |  | (573) |  | — |  | — |  | — |
Net carrying amount of derivatives (asset) | (1,011) |  |  |  |  |  |  |
| 22,982 |  |  | 24,183 |  | 5,729 |  | 3,706 |  | 1,838 |  | 12,910 |
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, 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) |  | — |  | — |  | — |
Bond forwards | — |  |  | — |  | — |  | — |  | — |  | — |
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. 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, 2020.
(In millions of dollars) |
2021 | 1,450 |
2022 | 1,555 |
2023 | 1,719 |
2024 | 600 |
2025 | 890 |
Thereafter | 12,159 |
Total long-term debt | 18,373 |
Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2020.
| Less than |  |  | After |
(In millions of dollars) | 1 Year | 1-3 Years | 4-5 Years | 5 Years | Total
Player contracts 1 | 73 |  | 87 |  | — |  | — |  | 160 |
Purchase obligations 2 | 295 |  | 178 |  | 70 |  | 48 |  | 591 |
Program rights 3 | 626 |  | 1,198 |  | 1,078 |  | 316 |  | 3,218 |
Total commitments | 994 |  | 1,463 |  | 1,148 |  | 364 |  | 3,969 |
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. 3 Agreements into which we have entered to acquire broadcasting rights for programs and films for periods in excess of one year at contract inception.

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