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LONG-TERM DEBT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings |
| As at December 31
(In millions of dollars) | 2023 | 2022
Receivables securitization program | 1,600 |  | 2,400 |
US commercial paper program (net of the discount on issuance) | 150 |  | 214 |
Non-revolving credit facility borrowings | — |  | 371 |
Total short-term borrowings | 1,750 |  | 2,985 |
Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2023 and 2022.
| Year ended December 31, 2023 |  | Year ended December 31, 2022
| 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 |
Repayment of receivables securitization |  |  | (1,000) |  |  |  |  | — |
Net (repayment of) proceeds received from receivables securitization |  |  | (1,000) |  |  |  |  | 1,600 |
Proceeds received from US commercial paper | 1,803 |  | 1.357 |  | 2,447 |  |  | 6,745 |  | 1.302 |  | 8,781 |
Repayment of US commercial paper | (1,858) |  | 1.345 |  | (2,499) |  |  | (7,303) |  | 1.306 |  | (9,537) |
Net repayment of US commercial paper |  |  | (52) |  |  |  |  | (756) |
Proceeds received from non-revolving credit facilities (Cdn$) |  |  | 375 |  |  |  |  | 865 |
Proceeds received from non-revolving credit facilities (US$) | 2,125 |  | 1.349 |  | 2,866 |  |  | — |  | — |  | — |
Total proceeds received from non-revolving credit facilities |  |  | 3,241 |  |  |  |  | 865 |
Repayment of non-revolving credit facilities (Cdn$) |  |  | (758) |  |  |  |  | (495) |
Repayment of non-revolving credit facilities (US$) | (2,125) |  | 1.351 |  | (2,870) |  |  | (400) |  | 1.268 |  | (507) |
Total repayment of non-revolving credit facilities |  |  | (3,628) |  |  |  |  | (1,002) |
Net repayment of non-revolving credit facilities |  |  | (387) |  |  |  |  | (137) |
Net (repayment of) proceeds received from short-term borrowings |  |  | (1,439) |  |  |  |  | 707 |
Below is a summary of the activity relating to our US CP program for the years ended December 31, 2023 and 2022.
| Year ended December 31, 2023 |  | Year ended December 31, 2022
| 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 | 158 |  | 1.354 |  | 214 |  |  | 704 |  | 1.268 |  | 893 |
Net repayment of US commercial paper | (55) |  | n/m | (52) |  |  | (558) |  | 1.355 |  | (756) |
Discounts on issuance 1 | 10 |  | 1.400 |  | 14 |  |  | 12 |  | 1.250 |  | 15 |
(Gain) loss on foreign exchange 1 |  |  | (26) |  |  |  |  | 62 |
US commercial paper, end of year | 113 |  | 1.327 |  | 150 |  |  | 158 |  | 1.354 |  | 214 |
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, 2023 and year ended December 31, 2022.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Non-revolving credit facility, beginning of year | 371 |  | 507 |
Net repayment of non-revolving credit facilities | (387) |  | (137) |
Discounts on issuance 1 | 12 |  | — |
Loss on foreign exchange 1 | 4 |  | 1 |
Non-revolving credit facility, end of year | — |  | 371 |
1 Included in "finance costs".
|  |  |  |  | As at December 31
(In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | 2023 | 2022
Term loan facility |  |  | 4,400 |  | Floating | 4,286 |  | — |
Senior notes | 2023 | US | 500 |  | 3.000 | % | — |  | 677 |
Senior notes | 2023 | US | 850 |  | 4.100 | % | — |  | 1,151 |
Senior notes | 2024 |  | 600 |  | 4.000 | % | 600 |  | 600 |
Senior notes 1 | 2024 |  | 500 |  | 4.350 | % | 500 |  | — |
Senior notes | 2025 | US | 1,000 |  | 2.950 | % | 1,323 |  | 1,354 |
Senior notes | 2025 |  | 1,250 |  | 3.100 | % | 1,250 |  | 1,250 |
Senior notes | 2025 | US | 700 |  | 3.625 | % | 926 |  | 948 |
Senior notes | 2026 |  | 500 |  | 5.650 | % | 500 |  | — |
Senior notes | 2026 | US | 500 |  | 2.900 | % | 661 |  | 677 |
Senior notes | 2027 |  | 1,500 |  | 3.650 | % | 1,500 |  | 1,500 |
Senior notes 1 | 2027 |  | 300 |  | 3.800 | % | 300 |  | — |
Senior notes | 2027 | US | 1,300 |  | 3.200 | % | 1,719 |  | 1,761 |
Senior notes | 2028 |  | 1,000 |  | 5.700 | % | 1,000 |  | — |
Senior notes 1 | 2028 |  | 500 |  | 4.400 | % | 500 |  | — |
Senior notes 1 | 2029 |  | 500 |  | 3.300 | % | 500 |  | — |
Senior notes | 2029 |  | 1,000 |  | 3.750 | % | 1,000 |  | 1,000 |
Senior notes | 2029 |  | 1,000 |  | 3.250 | % | 1,000 |  | 1,000 |
Senior notes | 2030 |  | 500 |  | 5.800 | % | 500 |  | — |
Senior notes 1 | 2030 |  | 500 |  | 2.900 | % | 500 |  | — |
Senior notes | 2032 | US | 2,000 |  | 3.800 | % | 2,645 |  | 2,709 |
Senior notes | 2032 |  | 1,000 |  | 4.250 | % | 1,000 |  | 1,000 |
Senior debentures 2 | 2032 | US | 200 |  | 8.750 | % | 265 |  | 271 |
Senior notes | 2033 |  | 1,000 |  | 5.900 | % | 1,000 |  | — |
Senior notes | 2038 | US | 350 |  | 7.500 | % | 463 |  | 474 |
Senior notes | 2039 |  | 500 |  | 6.680 | % | 500 |  | 500 |
Senior notes 1 | 2039 |  | 1,450 |  | 6.750 | % | 1,450 |  | — |
Senior notes | 2040 |  | 800 |  | 6.110 | % | 800 |  | 800 |
Senior notes | 2041 |  | 400 |  | 6.560 | % | 400 |  | 400 |
Senior notes | 2042 | US | 750 |  | 4.500 | % | 992 |  | 1,016 |
Senior notes | 2043 | US | 500 |  | 4.500 | % | 661 |  | 677 |
Senior notes | 2043 | US | 650 |  | 5.450 | % | 860 |  | 880 |
Senior notes | 2044 | US | 1,050 |  | 5.000 | % | 1,389 |  | 1,422 |
Senior notes | 2048 | US | 750 |  | 4.300 | % | 992 |  | 1,016 |
Senior notes 1 | 2049 |  | 300 |  | 4.250 | % | 300 |  | — |
Senior notes | 2049 | US | 1,250 |  | 4.350 | % | 1,653 |  | 1,693 |
Senior notes | 2049 | US | 1,000 |  | 3.700 | % | 1,323 |  | 1,354 |
Senior notes | 2052 | US | 2,000 |  | 4.550 | % | 2,645 |  | 2,709 |
Senior notes | 2052 |  | 1,000 |  | 5.250 | % | 1,000 |  | 1,000 |
Subordinated notes 3 | 2081 |  | 2,000 |  | 5.000 | % | 2,000 |  | 2,000 |
Subordinated notes 3 | 2082 | US | 750 |  | 5.250 | % | 992 |  | 1,016 |
|  |  |  |  | 41,895 |  | 32,855 |
Deferred transaction costs and discounts |  |  |  |  | (1,040) |  | (1,122) |
Less current portion |  |  |  |  | (1,100) |  | (1,828) |
Total long-term debt |  |  |  |  | 39,755 |  | 29,905 |
1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2023, see note 3. 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, 2023 and 2022. 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, 2023 and 2022.
| Year ended December 31, 2023 |  | Year ended December 31, 2022
(In millions of dollars, except exchange rates) | Notional | Exchange | Notional |  | Notional | Exchange | Notional
(US$) | rate | (Cdn$) |  | (US$) | rate | (Cdn$)
Credit facility borrowings (US$) | 220 |  | 1.368 |  | 301 |  |  | — |  | — |  | — |
Credit facility repayments (US$) | (220) |  | 1.336 |  | (294) |  |  | — |  | — |  | — |
Net borrowings under credit facilities |  |  | 7 |  |  |  |  | — |
Term loan facility net borrowings (US$) 1 | 4,506 |  | 1.350 |  | 6,082 |  |  | — |  | — |  | — |
Term loan facility net repayments (US$) | (1,265) |  | 1.340 |  | (1,695) |  |  | — |  | — |  | — |
Net borrowings under term loan facility |  |  | 4,387 |  |  |  |  | — |
Senior note issuances (Cdn$) |  |  | 3,000 |  |  |  |  | 4,250 |
Senior note issuances (US$) | — |  | — |  | — |  |  | 7,050 |  | 1.284 |  | 9,054 |
Total senior note issuances |  |  | 3,000 |  |  |  |  | 13,304 |
Senior note repayments (Cdn$) |  |  | (500) |  |  |  |  | (600) |
Senior note repayments (US$) | (1,350) |  | 1.373 |  | (1,854) |  |  | (750) |  | 1.259 |  | (944) |
Total senior note repayments |  |  | (2,354) |  |  |  |  | (1,544) |
Net issuance of senior notes |  |  | 646 |  |  |  |  | 11,760 |
Subordinated note issuances (US$) | — |  | — |  | — |  |  | 750 |  | 1.268 |  | 951 |
Net issuance of subordinated notes |  |  | — |  |  |  |  | 951 |
Net issuance of long-term debt |  |  | 5,040 |  |  |  |  | 12,711 |
1 Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.
|  | Years ended December 31
(In millions of dollars) | Note | 2023 | 2022
Long-term debt net of transaction costs, beginning of year |  | 31,733 |  | 18,688 |
Net issuance of long-term debt |  | 5,040 |  | 12,711 |
Long-term debt assumed | 3 | 4,526 |  | — |
(Gain) loss on foreign exchange |  | (549) |  | 1,271 |
Deferred transaction costs incurred |  | (31) |  | (988) |
Amortization of deferred transaction costs |  | 136 |  | 51 |
Long-term debt net of transaction costs, end of year |  | 40,855 |  | 31,733 |
Current |  | 1,100 |  | 1,828 |
Long-term |  | 39,755 |  | 29,905 |
Long-term debt net of transaction costs, end of year |  | 40,855 |  | 31,733 |
Below is a summary of the senior and subordinated notes we issued in 2023 and 2022.
(In millions of dollars, except interest rates and discounts) |  |  | Transaction costs and discounts 2 (Cdn$)
Date issued |  | Principal amount | Due date | Interest rate | Discount/ premium at issuance | Total gross proceeds 1 (Cdn$) | Upon issuance | Upon modification 3
2023 issuances |  |  |  |  |  |  |  |
September 21, 2023 (senior) |  | 500 |  | 2026 | 5.650 | % | 99.853 | % | 500 |  | 3 | n/a
September 21, 2023 (senior) |  | 1,000 |  | 2028 | 5.700 | % | 99.871 | % | 1,000 |  | 8 | n/a
September 21, 2023 (senior) |  | 500 |  | 2030 | 5.800 | % | 99.932 | % | 500 |  | 4 | n/a
September 21, 2023 (senior) |  | 1,000 |  | 2033 | 5.900 | % | 99.441 | % | 1,000 |  | 12 | n/a
2022 issuances |  |  |  |  |  |  |  |
February 11, 2022 (subordinated) 4 | US | 750 |  | 2082 | 5.250 | % | At par | 951 |  | 13 | n/a
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 | n/a
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 |
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. The subordinated notes due 2082 can be redeemed at par on March 15, 2027 or on any subsequent interest payment date. 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, 2023 and 2022.
December 31, 2023 | 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 | 1,750 |  |  | 1,750 |  | 1,750 |  | — |  | — |  | — |
Accounts payable and accrued liabilities | 4,221 |  |  | 4,221 |  | 4,221 |  | — |  | — |  | — |
Long-term debt 1 | 40,855 |  |  | 41,895 |  | 1,100 |  | 8,607 |  | 8,351 |  | 23,837 |
Lease liabilities | 2,593 |  |  | 3,283 |  | 504 |  | 1,002 |  | 405 |  | 1,372 |
Other long-term financial liabilities | 49 |  |  | 49 |  | 1 |  | 2 |  | 42 |  | 4 |
Expenditure derivative instruments: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 2,187 |  | 1,591 |  | 596 |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) | — |  |  | (2,182) |  | (1,587) |  | (595) |  | — |  | — |
Equity derivative instruments | — |  |  | (48) |  | (48) |  | — |  | — |  | — |
Debt derivative instruments accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 19,051 |  | 228 |  | 3,197 |  | 2,625 |  | 13,001 |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (19,980) |  | (228) |  | (3,154) |  | (2,711) |  | (13,887) |
Debt derivative instruments not accounted for as hedges: |  |  |  |  |  |  |
Cash outflow (Canadian dollar) | — |  |  | 4,538 |  | 4,538 |  | — |  | — |  | — |
Cash inflow (Canadian dollar equivalent of US dollar) 2 | — |  |  | (4,437) |  | (4,437) |  | — |  | — |  | — |
Net carrying amount of derivatives liability | 538 |  |  |  |  |  |  |
| 50,006 |  |  | 50,327 |  | 7,633 |  | 9,655 |  | 8,712 |  | 24,327 |
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, 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. 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, 2023.
(In millions of dollars) |  |
2024 | 1,100 |  |
2025 | 3,499 |  |
2026 1 | 5,108 |  |
2027 1 | 4,906 |  |
2028 | 3,445 |  |
Thereafter | 23,837 |  |
Total long-term debt | 41,895 |  |
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, 2023.
| Less than |  |  | After |
(In millions of dollars) | 1 Year | 1-3 Years | 4-5 Years | 5 Years | Total
Player contracts 1 | 181 |  | 241 |  | 64 |  | — |  | 486 |
Purchase obligations 2 | 559 |  | 448 |  | 187 |  | 265 |  | 1,459 |
Program rights 3 | 734 |  | 1,000 |  | 173 |  | 60 |  | 1,967 |
Total commitments | 1,474 |  | 1,689 |  | 424 |  | 325 |  | 3,912 |
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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