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FINANCE COSTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Finance Costs [Abstract] |
Schedule of finance cost |
|  | Years ended December 31
(In millions of dollars) | Note | 2022 | 2021
Interest on borrowings |  | 907 |  | 745 |
Interest on Shaw senior note financing |  | 447 |  | — |
Total interest on borrowings 1 | 21 |  | 1,354 |  | 745 |
Interest earned on restricted cash and cash equivalents |  | (235) |  | — |
Interest on borrowings, net |  | 1,119 |  | 745 |
Interest on lease liabilities | 8 |  | 80 |  | 74 |
Interest on post-employment benefits liability | 23 |  | (1) |  | 14 |
Loss on foreign exchange |  | 127 |  | 10 |
Change in fair value of derivative instruments |  | (126) |  | (6) |
Capitalized interest |  | (29) |  | (17) |
Deferred transaction costs and other |  | 63 |  | 29 |
Total finance costs |  | 1,233 |  | 849 |
1 Interest on borrowings includes interest on short-term borrowings and on long-term debt.

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