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FINANCE COSTS | 12 Months Ended
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Dec. 31, 2021
Finance Costs [Abstract] |
FINANCE COSTS | FINANCE COSTS
|  | Years ended December 31
(In millions of dollars) | Note | 2021 | 2020
Interest on borrowings 1 |  | 745 |  | 780 |
Interest on lease liabilities | 8 |  | 74 |  | 70 |
Interest on post-employment benefits liability | 23 |  | 14 |  | 13 |
Loss on foreign exchange |  | 10 |  | 107 |
Change in fair value of derivative instruments |  | (6) |  | (97) |
Capitalized interest |  | (17) |  | (19) |
Other |  | 29 |  | 27 |
Total finance costs |  | 849 |  | 881 |
1 Interest on borrowings includes interest on short-term borrowings and on long-term debt. FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS We recognized $10 million in net foreign exchange losses in 2021 (2020 - $107 million in net losses). These losses were primarily attributed to our US CP program borrowings (see note 17). These foreign exchange losses were offset by the $6 million gain related to the change in fair value of derivatives (2020 - $97 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.

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