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FINANCE COSTS | 12 Months Ended
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Dec. 31, 2023
Finance Costs [Abstract] |
FINANCE COSTS | FINANCE COSTS
|  | Years ended December 31
(In millions of dollars) | Note | 2023 | 2022
Total interest on borrowings 1 | 23 |  | 1,981 |  | 1,354 |
Interest earned on restricted cash and cash equivalents |  | (149) |  | (235) |
Interest on borrowings, net |  | 1,832 |  | 1,119 |
Interest on lease liabilities | 9 |  | 111 |  | 80 |
Interest on post-employment benefits | 25 |  | (13) |  | (1) |
(Gain) loss on foreign exchange |  | (111) |  | 127 |
Change in fair value of derivative instruments |  | 108 |  | (126) |
Capitalized interest |  | (38) |  | (29) |
Deferred transaction costs and other |  | 158 |  | 63 |
Total finance costs |  | 2,047 |  | 1,233 |
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 $111 million in net foreign exchange gains in 2023 (2022 - $127 million in net losses). These gains were primarily attributed to our $6 billion term loan facility (see note 23) and our US CP program borrowings (see note 19). These foreign exchange gains were offset by the $108 million loss related to the change in fair value of derivatives (2022 - $126 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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