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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings |
| As at December 31
(In millions of dollars) | 2022 | 2021
Receivables securitization program | 2,400 |  | 800 |
US commercial paper program (net of the discount on issuance) | 214 |  | 893 |
Non-revolving credit facility borrowings | 371 |  | 507 |
Total short-term borrowings | 2,985 |  | 2,200 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2022 and 2021.
| Year ended December 31, 2022 |  | Year ended December 31, 2021
| Notional | Exchange | Notional |  | Notional | Exchange | Notional
(In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Proceeds received from receivables securitization |  |  | 1,600 |  |  |  |  | 150 |
Net proceeds received from receivables securitization |  |  | 1,600 |  |  |  |  | 150 |
Proceeds received from US commercial paper | 6,745 |  | 1.302 |  | 8,781 |  |  | 2,568 |  | 1.260 |  | 3,235 |
Repayment of US commercial paper | (7,303) |  | 1.306 |  | (9,537) |  |  | (2,314) |  | 1.259 |  | (2,914) |
Net (repayment of) proceeds received from US commercial paper |  |  | (756) |  |  |  |  | 321 |
Proceeds received from non-revolving credit facilities (Cdn$) |  |  | 865 |  |  |  |  | — |
Proceeds received from non-revolving credit facilities (US$) | — |  | — |  | — |  |  | 1,200 |  | 1.253 |  | 1,503 |
Total proceeds received from non-revolving credit facilities |  |  | 865 |  |  |  |  | 1,503 |
Repayment of non-revolving credit facilities (Cdn$) |  |  | (495) |  |  |  |  | — |
Repayment of non-revolving credit facilities (US$) | (400) |  | 1.268 |  | (507) |  |  | (800) |  | 1.254 |  | (1,003) |
Total repayment of non-revolving credit facilities |  |  | (1,002) |  |  |  |  | (1,003) |
Net (repayment of) proceeds received from non-revolving credit facilities |  |  | (137) |  |  |  |  | 500 |
Net proceeds received from short-term borrowings |  |  | 707 |  |  |  |  | 971 |
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2022 and 2021.
| Year ended December 31, 2022 |  | Year ended December 31, 2021
| 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 | 704 |  | 1.268 |  | 893 |  |  | 449 |  | 1.272 |  | 571 |
Net (repayment of) proceeds received from US commercial paper | (558) |  | 1.355 |  | (756) |  |  | 254 |  | 1.264 |  | 321 |
Discounts on issuance 1 | 12 |  | 1.250 |  | 15 |  |  | 1 |  | n/m | 2 |
Loss (gain) on foreign exchange 1 |  |  | 62 |  |  |  |  | (1) |
US commercial paper, end of year | 158 |  | 1.354 |  | 214 |  |  | 704 |  | 1.268 |  | 893 |
n/m - not meaningful 1 Included in "finance costs". Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2022 and year ended December 31, 2021.
| Years ended December 31
(In millions of dollars) | 2022 | 2021
Non-revolving credit facility, beginning of year | 507 |  | — |
Net (repayment of) proceeds received from non-revolving credit facilities | (137) |  | 500 |
Loss on foreign exchange 1 | 1 |  | 7 |
Non-revolving credit facility, end of year | 371 |  | 507 |
|  |  |  |  | As at December 31
(In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | 2022 | 2021
Senior notes | 2022 | US | 750 |  | Floating | — |  | 951 |
Senior notes | 2022 |  | 600 |  | 4.000 | % | — |  | 600 |
Senior notes | 2023 | US | 500 |  | 3.000 | % | 677 |  | 634 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | 1,151 |  | 1,078 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes 1 | 2025 | US | 1,000 |  | 2.950 | % | 1,354 |  | — |
Senior notes 1 | 2025 |  | 1,250 |  | 3.100 | % | 1,250 |  | — |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 948 |  | 886 |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 677 |  | 634 |
Senior notes | 2027 |  | 1,500 |  | 3.650 | % | 1,500 |  | 1,500 |
Senior notes 1 | 2027 | US | 1,300 |  | 3.200 | % | 1,761 |  | — |
Senior notes 1 | 2029 |  | 1,000 |  | 3.750 | % | 1,000 |  | — |
Senior notes | 2029 |  | 1,000 |  | 3.250 | % | 1,000 |  | 1,000 |
Senior notes 1 | 2032 | US | 2,000 |  | 3.800 | % | 2,709 |  | — |
Senior notes 1 | 2032 |  | 1,000 |  | 4.250 | % | 1,000 |  | — |
Senior debentures 2 | 2032 | US | 200 |  | 8.750 | % | 271 |  | 254 |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 474 |  | 444 |
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 1 | 2042 | US | 750 |  | 4.500 | % | 1,016 |  | — |
Senior notes | 2043 | US | 500 |  | 4.500 | % | 677 |  | 634 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 880 |  | 823 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,422 |  | 1,331 |
Senior notes | 2048 | US | 750 |  | 4.300 | % | 1,016 |  | 951 |
Senior notes | 2049 | US | 1,250 |  | 4.350 | % | 1,693 |  | 1,585 |
Senior notes | 2049 | US | 1,000 |  | 3.700 | % | 1,354 |  | 1,268 |
Senior notes 1 | 2052 | US | 2,000 |  | 4.550 | % | 2,709 |  | — |
Senior notes 1 | 2052 |  | 1,000 |  | 5.250 | % | 1,000 |  | — |
Subordinated notes 3 | 2081 |  | 2,000 |  | 5.000 | % | 2,000 |  | 2,000 |
Subordinated notes 3 | 2082 | US | 750 |  | 5.250 | % | 1,016 |  | — |
|  |  |  |  | 32,855 |  | 18,873 |
Deferred transaction costs and discounts |  |  |  |  | (1,122) |  | (185) |
Less current portion |  |  |  |  | (1,828) |  | (1,551) |
Total long-term debt |  |  |  |  | 29,905 |  | 17,137 |
1 Included in Shaw senior note financing. 2 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, 2022 and 2021. 3 The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date. The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2022 and 2021.
| Year ended December 31, 2022 |  | Year ended December 31, 2021
(In millions of dollars, except exchange rates) | Notional | Exchange | Notional |  | Notional | Exchange | Notional
(US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Senior note issuances (Cdn$) |  |  | 4,250 |  |  |  |  | — |
Senior note issuances (US$) | 7,050 |  | 1.284 |  | 9,054 |  |  | — |  | — |  | — |
Total senior note issuances |  |  | 13,304 |  |  |  |  | — |
Senior note repayments (Cdn$) |  |  | (600) |  |  |  |  | (1,450) |
Senior note repayments (US$) | (750) |  | 1.259 |  | (944) |  |  | — |  | — |  | — |
Total senior note repayments |  |  | (1,544) |  |  |  |  | (1,450) |
Net issuance (repayment) of senior notes |  |  | 11,760 |  |  |  |  | (1,450) |
Subordinated note issuances (Cdn$) |  |  | — |  |  |  |  | 2,000 |
Subordinated note issuances (US$) | 750 |  | 1.268 |  | 951 |  |  | — |  | — |  | — |
Total subordinated note issuances |  |  | 951 |  |  |  |  | 2,000 |
Net issuance of long-term debt |  |  | 12,711 |  |  |  |  | 550 |
|  | Years ended December 31
(In millions of dollars) |  | 2022 | 2021
Long-term debt net of transaction costs, beginning of year |  | 18,688 |  | 18,201 |
Net issuance of long-term debt |  | 12,711 |  | 550 |
Loss (gain) on foreign exchange |  | 1,271 |  | (50) |
Deferred transaction costs incurred |  | (988) |  | (31) |
Amortization of deferred transaction costs |  | 51 |  | 18 |
Long-term debt net of transaction costs, end of year |  | 31,733 |  | 18,688 |
Current |  | 1,828 |  | 1,551 |
Long-term |  | 29,905 |  | 17,137 |
Long-term debt net of transaction costs, end of year |  | 31,733 |  | 18,688 |
Below is a summary of the senior and subordinated notes we issued in 2022 and 2021.
(In millions of dollars, except interest rates and discounts) |  |  | Transaction costs and discounts 2 (Cdn$)
Date issued |  | Principal amount | Due date | Interest rate | Discount/ premium at issuance | Total gross proceeds 1 (Cdn$) | Upon issuance | Upon modification 3
2022 issuances |  |  |  |  |  |  |  |
February 11, 2022 (subordinated) 4 | US | 750 |  | 2082 | 5.250 | % | At par | 951 |  | 13 | — |
March 11, 2022 (senior) 5 | US | 1,000 |  | 2025 | 2.950 | % | 99.934 | % | 1,283 |  | 9 | 50
March 11, 2022 (senior) |  | 1,250 |  | 2025 | 3.100 | % | 99.924 | % | 1,250 |  | 7 | — |
March 11, 2022 (senior) | US | 1,300 |  | 2027 | 3.200 | % | 99.991 | % | 1,674 |  | 13 | 82
March 11, 2022 (senior) |  | 1,000 |  | 2029 | 3.750 | % | 99.891 | % | 1,000 |  | 7 | 57
March 11, 2022 (senior) | US | 2,000 |  | 2032 | 3.800 | % | 99.777 | % | 2,567 |  | 27 | 165
March 11, 2022 (senior) |  | 1,000 |  | 2032 | 4.250 | % | 99.987 | % | 1,000 |  | 6 | 58
March 11, 2022 (senior) | US | 750 |  | 2042 | 4.500 | % | 98.997 | % | 966 |  | 20 | 95
March 11, 2022 (senior) | US | 2,000 |  | 2052 | 4.550 | % | 98.917 | % | 2,564 |  | 55 | 250
March 11, 2022 (senior) |  | 1,000 |  | 2052 | 5.250 | % | 99.483 | % | 1,000 |  | 12 | 62
2021 issuance |  |  |  |  |  |  |  |
December 17, 2021 (subordinated) 4 |  | 2,000 |  | 2081 | 5.000 | % | At par | 2,000 |  | 20 |  | — |
1 Gross proceeds before transaction costs, discounts, and premiums. 2 Transaction costs, discounts, and premiums 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. 3 Accounted for as a modification of the respective financial liabilities. Reflects initial consent fee of $557 million incurred in September 2022 and additional consent fee of $262 million incurred in December 2022. 4 Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period. 5 The US$1 billion senior notes due 2025 can be redeemed at par on or after March 15, 2023.
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, 2022 and 2021.
December 31, 2022 | 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 | 2,985 |  |  | 2,985 |  | 2,985 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 3,722 |  |  | 3,722 |  | 3,722 |  | — |  | — |  | — |
Long-term debt 1 | 31,733 |  |  | 32,855 |  | 1,828 |  | 4,152 |  | 6,954 |  | 19,921 |
Lease liabilities | 2,028 |  |  | 2,616 |  | 362 |  | 716 |  | 320 |  | 1,218 |
Other long-term financial liabilities | 10 |  |  | 10 |  | — |  | 3 |  | 2 |  | 5 |
Expenditure derivative instruments: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 1,200 |  | 1,200 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (1,300) |  | (1,300) |  | — |  | — |  | — |
Equity derivative instruments | — |  |  | (54) |  | (54) |  | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 20,221 |  | 1,543 |  | 2,382 |  | 3,295 |  | 13,001 |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (22,131) |  | (1,986) |  | (2,470) |  | (3,454) |  | (14,221) |
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 215 |  | 215 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (215) |  | (215) |  | — |  | — |  | — |
Net carrying amount of derivatives (asset) | (1,136) |  |  |  |  |  |  |
| 39,342 |  |  | 40,124 |  | 8,300 |  | 4,783 |  | 7,117 |  | 19,924 |
1 Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on the five-year anniversary. 2 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, 2021 | 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 | 2,200 |  |  | 2,200 |  | 2,200 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 3,416 |  |  | 3,416 |  | 3,416 |  | — |  | — |  | — |
Long-term debt 1 | 18,688 |  |  | 18,873 |  | 1,551 |  | 2,312 |  | 3,520 |  | 11,490 |
Lease liabilities | 1,957 |  |  | 2,498 |  | 336 |  | 677 |  | 308 |  | 1,177 |
Other long-term financial liabilities | 14 |  |  | 14 |  | — |  | 7 |  | 2 |  | 5 |
Expenditure derivative instruments: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 1,374 |  | 1,240 |  | 134 |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (1,354) |  | (1,217) |  | (137) |  | — |  | — |
Equity derivative instruments | — |  |  | (36) |  | (36) |  | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 11,313 |  | 1,297 |  | 1,504 |  | 1,607 |  | 6,905 |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (11,717) |  | (1,084) |  | (1,822) |  | (1,521) |  | (7,290) |
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 1,390 |  | 1,390 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (1,401) |  | (1,401) |  | — |  | — |  | — |
Interest rate derivatives | — |  |  | 243 |  | 243 |  | — |  | — |  | — |
Net carrying amount of derivatives (asset) | (895) |  |  |  |  |  |  |
| 25,380 |  |  | 26,813 |  | 7,935 |  | 2,675 |  | 3,916 |  | 12,287 |
1 Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary. 2 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, 2022.
(In millions of dollars) |
2023 | 1,828 |
2024 | 600 |
2025 | 3,552 |
2026 | 3,693 |
2027 1 | 3,261 |
Thereafter | 19,921 |
Total long-term debt | 32,855 |
1 Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on the five-year anniversary. Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2022.
| Less than |  |  | After |
(In millions of dollars) | 1 Year | 1-3 Years | 4-5 Years | 5 Years | Total
Player contracts 1 | 170 |  | 183 |  | 119 |  | 33 |  | 505 |
Purchase obligations 2 | 333 |  | 299 |  | 130 |  | 156 |  | 918 |
Program rights 3 | 694 |  | 1,199 |  | 421 |  | 346 |  | 2,660 |
Total commitments | 1,197 |  | 1,681 |  | 670 |  | 535 |  | 4,083 |
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 sports broadcasting programs and films for periods in excess of one year at contract inception.

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