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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Detailed information about financial instruments

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Financial instrument			Classification and measurement method
Financial assets
Cash and cash equivalents			Amortized cost
Restricted cash and cash equivalents			Amortized cost
Accounts receivable			Amortized cost
Financing receivables			Amortized cost
Investments, measured at FVTOCI			FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advances			Amortized cost
Short-term borrowings			Amortized cost
Accounts payable			Amortized cost
Accrued liabilities			Amortized cost
Long-term debt			Amortized cost
Lease liabilities			Amortized cost
Derivatives 2
Debt derivatives 3			FVTOCI and FVTPL
Interest rate derivatives			FVTOCI
Expenditure derivatives			FVTOCI
Equity derivatives			FVTPL 4

1    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

2    Derivatives can be in an asset or liability position at a point in time historically or in the future.

3    Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI, with the exception of the debt derivatives related to our US dollar-denominated notes due 2025, which are not designated as hedges for accounting purposes.

4    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

Derivatives			The risk they manage			Types of derivative instruments
Debt derivatives			Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities			Cross-currency interest rate exchange agreements Forward cross-currency interest rate exchange agreements Forward foreign exchange agreements
Interest rate derivatives			Impact of fluctuations in market interest rates on forecast interest payments for expected long-term debt			Forward interest rate agreements Interest rate swap agreements Bond forwards
Expenditure derivatives			Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures			Forward foreign exchange agreements and foreign exchange option agreements
Equity derivatives			Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense			Total return swap agreements

We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.

Financial instrument			Financial risks
Financial assets
Cash and cash equivalents			Credit and foreign exchange
Restricted cash and cash equivalents			Credit
Accounts receivable			Credit and foreign exchange
Financing receivables			Credit
Investments, measured at FVTOCI			Liquidity, market price, and foreign exchange
Financial liabilities
Bank advances			Liquidity
Short-term borrowings			Liquidity, foreign exchange, and interest rate
Accounts payable			Liquidity
Accrued liabilities			Liquidity
Long-term debt			Liquidity, foreign exchange, and interest rate
Lease liabilities			Liquidity and foreign exchange
Derivatives 1
Debt derivatives			Credit, liquidity, and foreign exchange
Interest rate derivatives			Credit, liquidity, and interest rate
Expenditure derivatives			Credit, liquidity, and foreign exchange
Equity derivatives			Credit, liquidity, and market price

1    Derivatives can be in an asset or liability position at a point in time historically or in the future.

Below is a summary of our net asset (liability) position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

			As at December 31, 2022
(In millions of dollars, except exchange rates)			Notional amount (US$)			Exchange rate			Notional amount (Cdn$)			Fair value  (Cdn$)			Current			Long-term
Debt derivatives accounted for as cash flow hedges:
As assets			7,834			1.1718			9,180			1,330			469			861
As liabilities			7,491			1.3000			9,738			(414)			(16)			(398)
Short-term debt derivatives not accounted for as hedges:
As assets			1,173			1.2930			1,517			72			72			—
Net mark-to-market debt derivative asset												988			525			463
Expenditure derivatives accounted for as cash flow hedges:
As assets			960			1.2500			1,200			94			94			—
Net mark-to-market expenditure derivative asset												94			94			—
Equity derivatives not accounted for as hedges:
As assets			—			—			295			54			54			—
Net mark-to-market equity derivative asset												54			54			—
Net mark-to-market asset												1,136			673			463

			As at December 31, 2021
(In millions of dollars, except exchange rates)			Notional amount (US$)			Exchange rate			Notional amount (Cdn$)			Fair value  (Cdn$)			Current			Long-term
Debt derivatives accounted for as cash flow hedges:
As assets			5,859			1.1369			6,661			1,453			26			1,427
As liabilities			5,383			1.3025			7,011			(343)			(154)			(189)
Short-term debt derivatives not accounted for as hedges:
As assets			1,104			1.2578			1,389			11			11			—
Net mark-to-market debt derivative asset (liability)												1,121			(117)			1,238
Interest rate derivatives accounted for as cash flow hedges:
As assets (Cdn$)			—			—			3,250			40			40			—
As liabilities (Cdn$)			—			—			500			(6)			(6)			—
As liabilities (US$)			2,000			—			—			(277)			(277)			—
Net mark-to-market interest rate derivative liability												(243)			(243)			—
Expenditure derivatives accounted for as cash flow hedges:
As assets			438			1.2453			545			11			7			4
As liabilities			630			1.3151			829			(30)			(30)			—
Net mark-to-market expenditure derivative (liability) asset												(19)			(23)			4
Equity derivatives not accounted for as hedges:
As assets			—			—			265			36			36			—
Net mark-to-market asset (liability)												895			(347)			1,242

Analysis of age of financial assets that are past due but not impaired

Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.

						As at December 31
(In millions of dollars)						2022			2021
Customer accounts receivable
Unbilled financing receivables						2,808			2,646
Less than 30 days past billing date						977			895
30-60 days past billing date						236			214
61-90 days past billing date						111			89
Greater than 90 days past billing date						103			66
Total customer accounts receivable (net of allowances of $182 and $240, respectively)						4,235			3,910
Total contract assets (net of allowances of $2 and $3, respectively)						197			204
Total customer accounts receivable and contract assets						4,432			4,114

Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.

						Years ended December 31
(In millions of dollars)						2022			2021
Balance, beginning of year						243			250
Allowance for doubtful accounts expense 1						87			155
Net use						(146)			(162)
Balance, end of year						184			243

1    Includes a $60 million reversal in 2022 of the remaining incremental $90 million COVID-19-related allowance for doubtful accounts recognized in 2020.

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.

Disclosure of maturity analysis for 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.

Summary of net interest payments

Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2022 and 2021.

December 31, 2022

Less than 1 year

1 to 3 years

4 to 5 years

More than 5 years

(In millions of dollars)

Net interest payments

1,503

2,639

2,163

13,345

December 31, 2021

Less than 1 year

1 to 3 years

4 to 5 years

More than 5 years

(In millions of dollars)

Net interest payments

804

1,444

1,321

7,789

Sensitivity analysis for interest rate risk

Below is a sensitivity analysis for significant exposures with respect to our publicly traded investments, expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2022 and 2021 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.

			Net income						Other comprehensive income
(Change in millions of dollars)			2022			2021			2022			2021
Share price of publicly traded investments
$1 change			—			—			17			17
Debt derivatives
0.1% change in interest rates			—			—			—			46
Interest rate derivatives
0.1% change in interest rates			—			—			—			76
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$			—			—			7			8
Floating interest rate senior notes
1% change in interest rates			—			7			—			—
Short-term borrowings
1% change in interest rates			22			16			—			—

Net cash proceeds (payments) on debt derivatives and forward contracts

Below is a summary of the net cash proceeds (payments) on debt derivatives and forward contracts.

			Years ended December 31
(In millions of dollars)			2022			2021
Proceeds on debt derivatives related to US commercial paper			9,522			2,911
Proceeds on debt derivatives related to credit facility borrowings			507			1,003
Proceeds on debt derivatives related to senior notes			987			—
Total proceeds on debt derivatives			11,016			3,914
Payments on debt derivatives related to US commercial paper			(9,458)			(2,926)
Payments on debt derivatives related to credit facility borrowings			(498)			(1,005)
Payments on debt derivatives related to senior notes			(1,019)			—
Total payments on debt derivatives			(10,975)			(3,931)
Net proceeds (payments) on settlement of debt derivatives			41			(17)
Proceeds on Canadian dollar-denominated interest rate derivatives			113			9
Payments on US dollar-denominated Interest rate derivatives			(165)			—
Net payments on settlement of debt derivatives and forward contracts			(11)			(8)

Changes in fair value of derivative instruments

Below is a summary of the changes in fair value of our derivative instruments for 2022 and 2021.

Year ended December 31, 2022			Debt derivatives (hedged)			Debt derivatives (unhedged)			Interest rate derivatives			Expenditure derivatives			Equity derivatives			Total instruments
(In millions of dollars)
Derivative instruments, beginning of year			1,110			11			(243)			(19)			36			895
Proceeds received from settlement of derivatives			(987)			(10,029)			(112)			(1,248)			—			(12,376)
Payment on derivatives settled			1,019			9,956			165			1,239			—			12,379
(Decrease) increase in fair value of derivatives			(226)			134			190			122			18			238
Derivative instruments, end of year			916			72			—			94			54			1,136
Mark-to-market asset			1,330			72			—			94			54			1,550
Mark-to-market liability			(414)			—			—			—			—			(414)
Mark-to-market asset			916			72			—			94			54			1,136

Year ended December 31, 2021			Debt derivatives (hedged)			Debt derivatives (unhedged)			Interest rate derivatives			Expenditure derivatives			Equity derivatives			Total instruments
(In millions of dollars)
Derivative instruments, beginning of year			1,098			(12)			—			(109)			34			1,011
Proceeds received from settlement of derivatives			—			(3,914)			(9)			(1,201)			(3)			(5,127)
Payment on derivatives settled			—			3,931			—			1,305			—			5,236
Increase (decrease) in fair value of derivatives			12			6			(234)			(14)			5			(225)
Derivative instruments, end of year			1,110			11			(243)			(19)			36			895
Mark-to-market asset			1,453			11			40			11			36			1,551
Mark-to-market liability			(343)			—			(283)			(30)			—			(656)
Mark-to-market asset (liability)			1,110			11			(243)			(19)			36			895

Derivative instruments details

During 2022 and 2021, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

			Year ended December 31, 2022												Year ended December 31, 2021
(In millions of dollars, except exchange rates)			Notional (US$)			Exchange rate			Notional (Cdn$)						Notional (US$)			Exchange rate			Notional (Cdn$)
Credit facilities
Debt derivatives entered			—			—			—						1,200			1.253			1,503
Debt derivatives settled			400			1.268			507						800			1.254			1,003
Net cash received (paid) on settlement									9												(2)
US commercial paper program
Debt derivatives entered			6,745			1.302			8,781						2,568			1.260			3,235
Debt derivatives settled			7,292			1.306			9,522						2,312			1.259			2,911
Net cash received (paid) on settlement									64												(15)

In 2022, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated senior notes issued (see note 21). Below is a summary of the debt derivatives we entered to hedge senior and subordinated notes issued during 2022. We did not enter into or settle any debt derivatives in 2021 on issued senior and subordinated notes.

(In millions of dollars, except for coupon and interest rates)
						US$									Hedging effect
Effective date			Principal/Notional amount (US$)			Maturity date			Coupon rate						Fixed hedged (Cdn$) interest rate 1			Equivalent (Cdn$)
2022 issuances
February 11, 2022			750			2082			5.250		%				5.635		%	951
March 11, 2022 2			1,000			2025			2.950		%				2.991		%	1,283
March 11, 2022			1,300			2027			3.200		%				3.413		%	1,674
March 11, 2022			2,000			2032			3.800		%				4.232		%	2,567
March 11, 2022			750			2042			4.500		%				5.178		%	966
March 11, 2022			2,000			2052			4.550		%				5.305		%	2,564

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

2    The derivatives associated with our US$1 billion senior notes due 2025 have not been designated as hedges for accounting purposes.

During 2022 and 2021, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

			Year ended December 31, 2022									Year ended December 31, 2021
(In millions of dollars, except exchange rates)			Notional (US$)			Exchange rate			Notional (Cdn$)			Notional (US$)			Exchange rate			Notional (Cdn$)
Debt derivatives entered			156			1.321			206			132			1.273			168
Debt derivatives settled			124			1.306			162			81			1.333			108

Below is a summary of the expenditure derivatives we entered and settled during 2022 and 2021 to manage foreign exchange risk related to certain forecast expenditures.

			Year ended December 31, 2022									Year ended December 31, 2021
(In millions of dollars, except exchange rates)			Notional (US$)			Exchange rate			Notional (Cdn$)			Notional (US$)			Exchange rate			Notional (Cdn$)
Expenditure derivatives entered			852			1.251			1,066			438			1.244			545
Expenditure derivatives settled			960			1.291			1,239			960			1.360			1,306

Fair value measurement of assets

Below is a summary of the financial instruments carried at fair value.

															As at December 31
			Carrying value						Fair value (Level 1)						Fair value (Level 2)
(In millions of dollars)			2022			2021			2022			2021			2022			2021
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies			1,200			1,581			1,200			1,581			—			—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges			1,330			1,453			—			—			1,330			1,453
Debt derivatives not accounted for as hedges			72			11			—			—			72			11
Interest rate derivatives accounted for as cash flow hedges			—			40			—			—			—			40
Expenditure derivatives accounted for as cash flow hedges			94			11			—			—			94			11
Equity derivatives not accounted for as hedges			54			36			—			—			54			36
Total financial assets			2,750			3,132			1,200			1,581			1,550			1,551
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges			414			343			—			—			414			343
Interest rate derivatives accounted for as cash flow hedges			—			283			—			—			—			283
Expenditure derivatives accounted for as cash flow hedges			—			30			—			—			—			30
Total financial liabilities			414			656			—			—			414			656

Below is a summary of the fair value of our long-term debt.

									As at December 31
(In millions of dollars)						2022						2021
			Carrying amount			Fair value 1			Carrying amount			Fair value 1
Long-term debt (including current portion)			31,733			29,355			18,688			20,790

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

Fair value measurement of liabilities

Below is a summary of the financial instruments carried at fair value.

															As at December 31
			Carrying value						Fair value (Level 1)						Fair value (Level 2)
(In millions of dollars)			2022			2021			2022			2021			2022			2021
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies			1,200			1,581			1,200			1,581			—			—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges			1,330			1,453			—			—			1,330			1,453
Debt derivatives not accounted for as hedges			72			11			—			—			72			11
Interest rate derivatives accounted for as cash flow hedges			—			40			—			—			—			40
Expenditure derivatives accounted for as cash flow hedges			94			11			—			—			94			11
Equity derivatives not accounted for as hedges			54			36			—			—			54			36
Total financial assets			2,750			3,132			1,200			1,581			1,550			1,551
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges			414			343			—			—			414			343
Interest rate derivatives accounted for as cash flow hedges			—			283			—			—			—			283
Expenditure derivatives accounted for as cash flow hedges			—			30			—			—			—			30
Total financial liabilities			414			656			—			—			414			656

Below is a summary of the fair value of our long-term debt.

									As at December 31
(In millions of dollars)						2022						2021
			Carrying amount			Fair value 1			Carrying amount			Fair value 1
Long-term debt (including current portion)			31,733			29,355			18,688			20,790

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

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