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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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
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 (liability) asset 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, 2023
(In millions of dollars, except exchange rates) | Notional amount (US$) | Exchange rate | Notional amount (Cdn$) | Fair value (Cdn$) | Current | Long-term
Debt derivatives accounted for as cash flow hedges: |  |  |  |  |  |
As assets | 4,557 |  | 1.1583 |  | 5,278 |  | 599 |  | 29 |  | 570 |
As liabilities | 10,550 |  | 1.3055 |  | 13,773 |  | (1,069) |  | (26) |  | (1,043) |
Short-term debt derivatives not accounted for as hedges: |  |  |  |  |  |
As liabilities | 3,354 |  | 1.3526 |  | 4,537 |  | (101) |  | (101) |  | — |
Net mark-to-market debt derivative liability |  |  |  | (571) |  | (98) |  | (473) |
Expenditure derivatives accounted for as cash flow hedges: |  |  |  |  |  |
As assets | 600 |  | 1.3147 |  | 789 |  | 4 |  | 3 |  | 1 |
As liabilities | 1,050 |  | 1.3315 |  | 1,398 |  | (19) |  | (7) |  | (12) |
Net mark-to-market expenditure derivative liability |  |  |  | (15) |  | (4) |  | (11) |
Equity derivatives not accounted for as hedges: |  |  |  |  |  |
As assets | — |  | — |  | 324 |  | 48 |  | 48 |  | — |
Net mark-to-market equity derivative asset |  |  |  | 48 |  | 48 |  | — |
Net mark-to-market liability |  |  |  | (538) |  | (54) |  | (484) |
| As at December 31, 2022
(In millions of dollars, except exchange rates) | Notional amount (US$) | 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 asset |  |  |  | 1,136 |  | 673 |  | 463 |
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) |  | 2023 | 2022
Customer accounts receivable |  |  |
Unbilled financing receivables |  | 3,212 |  | 2,808 |
Less than 30 days past billing date |  | 1,270 |  | 977 |
30-60 days past billing date |  | 324 |  | 236 |
61-90 days past billing date |  | 118 |  | 111 |
Greater than 90 days past billing date |  | 101 |  | 103 |
Total customer accounts receivable (net of allowances of $211 and $182, respectively) |  | 5,025 |  | 4,235 |
Total contract assets (net of allowances of $2 and $2, respectively) |  | 276 |  | 197 |
Total customer accounts receivable and contract assets |  | 5,301 |  | 4,432 |
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) | Note | 2023 | 2022
Balance, beginning of year |  | 184 |  | 243 |
Allowance for doubtful accounts expense 1 |  | 176 |  | 87 |
Acquired in business combination | 3 | 31 |  | — |
Net use |  | (178) |  | (146) |
Balance, end of year |  | 213 |  | 184 |
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, 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.
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, 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.
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, 2023 and 2022.
December 31, 2023 | Less than 1 year | 1 to 3 years | 4 to 5 years | More than 5 years
(In millions of dollars)
Net interest payments | 2,049 |  | 3,784 |  | 2,608 |  | 14,201 |
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 |
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, 2023 and 2022 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) | 2023 | 2022 | 2023 | 2022
Share price of publicly traded investments |  |  |  |
$1 change | — |  | — |  | — |  | 17 |
Expenditure derivatives - change in foreign exchange rate |  |  |  |
$0.01 change in Cdn$ relative to US$ | — |  | — |  | 9 |  | 7 |
Short-term borrowings |  |  |  |
1% change in interest rates | 13 |  | 22 |  | — |  | — |
Bank credit facilities (floating) |  |  |  |
1% change in interest rates | 32 |  | — |  | — |  | — |
Net cash proceeds (payments) on debt derivatives and forward contracts | Below is a summary of the net cash proceeds on debt derivatives and forward contracts.
| Years ended December 31
(In millions of dollars) | 2023 | 2022
Proceeds on debt derivatives related to US commercial paper | 2,486 |  | 9,522 |
Proceeds on debt derivatives related to credit facility borrowings | 47,126 |  | 507 |
Proceeds on debt derivatives related to senior notes | 3,232 |  | 987 |
Total proceeds on debt derivatives | 52,844 |  | 11,016 |
Payments on debt derivatives related to US commercial paper | (2,506) |  | (9,458) |
Payments on debt derivatives related to credit facility borrowings | (47,136) |  | (498) |
Payments on debt derivatives related to senior notes | (2,710) |  | (1,019) |
Total payments on debt derivatives | (52,352) |  | (10,975) |
Net proceeds on settlement of debt derivatives | 492 |  | 41 |
Proceeds on Canadian dollar-denominated interest rate derivatives | — |  | 113 |
Payments on US dollar-denominated Interest rate derivatives | — |  | (165) |
Net proceeds (payments) on settlement of debt derivatives and forward contracts | 492 |  | (11) |
Changes in fair value of derivative instruments | Below is a summary of the changes in fair value of our derivative instruments for 2023 and 2022.
Year ended December 31, 2023 | Debt derivatives (hedged) | Debt derivatives (unhedged) |  | Expenditure derivatives | Equity derivatives | Total instruments
(In millions of dollars)
Derivative instruments, beginning of year | 916 |  | 72 |  |  | 94 |  | 54 |  | 1,136 |
Proceeds received from settlement of derivatives | (3,232) |  | (49,612) |  |  | (1,297) |  | — |  | (54,141) |
Payment on derivatives settled | 2,710 |  | 49,642 |  |  | 1,479 |  | — |  | 53,831 |
Decrease in fair value of derivatives | (864) |  | (203) |  |  | (291) |  | (6) |  | (1,364) |
Derivative instruments, end of year | (470) |  | (101) |  |  | (15) |  | 48 |  | (538) |
Mark-to-market asset | 599 |  | — |  |  | 4 |  | 48 |  | 651 |
Mark-to-market liability | (1,069) |  | (101) |  |  | (19) |  | — |  | (1,189) |
Mark-to-market (liability) asset | (470) |  | (101) |  |  | (15) |  | 48 |  | (538) |
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 |
Derivative instruments details | During 2023 and 2022, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:
| Year ended December 31, 2023 |  | Year ended December 31, 2022
(In millions of dollars, except exchange rates) | Notional (US$) | Exchange rate | Notional (Cdn$) |  | Notional (US$) | Exchange rate | Notional (Cdn$)
Credit facilities |  |  |  |  |  |  |
Debt derivatives entered | 38,205 |  | 1.348 |  | 51,517 |  |  | — |  | — |  | — |
Debt derivatives settled | 34,964 |  | 1.348 |  | 47,126 |  |  | 400 |  | 1.268 |  | 507 |
Net cash (paid) received on settlement |  |  | (10) |  |  |  |  | 9 |
US commercial paper program |  |  |  |  |  |  |
Debt derivatives entered | 1,803 |  | 1.357 |  | 2,447 |  |  | 6,745 |  | 1.302 |  | 8,781 |
Debt derivatives settled | 1,848 |  | 1.345 |  | 2,486 |  |  | 7,292 |  | 1.306 |  | 9,522 |
Net cash (paid) received on settlement |  |  | (20) |  |  |  |  | 64 |
We did not enter into any debt derivatives related to senior notes issued in 2023. 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 23). Below is a summary of the debt derivatives we entered to hedge senior and subordinated notes issued during 2022.
(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$)
2022 issuances |  |  |  |  |  |
February 11, 2022 | 750 |  | 2082 | 5.250 | % |  | 5.635 | % | 951 |
March 11, 2022 2 | 1,000 |  | 2025 | 2.950 | % |  | 2.451 | % | 1,334 |
March 11, 2022 | 1,300 |  | 2027 | 3.200 | % |  | 3.413 | % | 1,674 |
March 11, 2022 | 2,000 |  | 2032 | 3.800 | % |  | 4.232 | % | 2,567 |
March 11, 2022 | 750 |  | 2042 | 4.500 | % |  | 5.178 | % | 966 |
March 11, 2022 | 2,000 |  | 2052 | 4.550 | % |  | 5.305 | % | 2,564 |
1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate. 2 The derivatives associated with our US$1 billion senior notes due 2025 have not been designated as hedges for accounting purposes. During 2023 and 2022, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:
| Year ended December 31, 2023 | Year ended December 31, 2022
(In millions of dollars, except exchange rates) | Notional (US$) | Exchange rate | Notional (Cdn$) | Notional (US$) | Exchange rate | Notional (Cdn$)
Debt derivatives entered | 274 |  | 1.336 |  | 366 |  | 156 |  | 1.321 |  | 206 |
Debt derivatives settled | 142 |  | 1.310 |  | 186 |  | 124 |  | 1.306 |  | 162 |
Below is a summary of the expenditure derivatives we entered and settled during 2023 and 2022 to manage foreign exchange risk related to certain forecast expenditures.
| Year ended December 31, 2023 | Year ended December 31, 2022
(In millions of dollars, except exchange rates) | Notional (US$) | Exchange rate | Notional (Cdn$) | Notional (US$) | Exchange rate | Notional (Cdn$)
Expenditure derivatives entered | 1,650 |  | 1.325 |  | 2,187 |  | 852 |  | 1.251 |  | 1,066 |
Expenditure derivatives acquired | 212 |  | 1.330 |  | 282 |  | — |  | — |  | — |
Expenditure derivatives settled | 1,172 |  | 1.262 |  | 1,479 |  | 960 |  | 1.291 |  | 1,239 |
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) | Fair value (Level 3)
(In millions of dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Financial assets |  |  |  |  |  |  |  |
Investments, measured at FVTOCI: |  |  |  |  |  |  |  |
Investments in publicly traded companies | — |  | 1,200 |  | — |  | 1,200 |  | — |  | — |  | — |  | — |
Investments in private companies | 118 |  | 53 |  | — |  | — |  | — |  | — |  | 118 |  | 53 |
Held-for-trading: |  |  |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 599 |  | 1,330 |  | — |  | — |  | 599 |  | 1,330 |  | — |  | — |
Debt derivatives not accounted for as hedges | — |  | 72 |  | — |  | — |  | — |  | 72 |  | — |  | — |
Expenditure derivatives accounted for as cash flow hedges | 4 |  | 94 |  | — |  | — |  | 4 |  | 94 |  | — |  | — |
Equity derivatives not accounted for as hedges | 48 |  | 54 |  | — |  | — |  | 48 |  | 54 |  | — |  | — |
Total financial assets | 769 |  | 2,803 |  | — |  | 1,200 |  | 651 |  | 1,550 |  | 118 |  | 53 |
Financial liabilities |  |  |  |  |  |  |  |
Long-term debt (including current portion) | 40,855 |  | 31,733 |  | — |  | — |  | 39,001 |  | 29,355 |  | — |  | — |
Held-for-trading: |  |  |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 1,069 |  | 414 |  | — |  | — |  | 1,069 |  | 414 |  | — |  | — |
Debt derivatives not accounted for as hedges | 101 |  | — |  | — |  | — |  | 101 |  | — |  | — |  | — |
Expenditure derivatives accounted for as cash flow hedges | 19 |  | — |  | — |  | — |  | 19 |  | — |  | — |  | — |
Total financial liabilities | 42,044 |  | 32,147 |  | — |  | — |  | 40,190 |  | 29,769 |  | — |  | — |
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) | Fair value (Level 3)
(In millions of dollars) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Financial assets |  |  |  |  |  |  |  |
Investments, measured at FVTOCI: |  |  |  |  |  |  |  |
Investments in publicly traded companies | — |  | 1,200 |  | — |  | 1,200 |  | — |  | — |  | — |  | — |
Investments in private companies | 118 |  | 53 |  | — |  | — |  | — |  | — |  | 118 |  | 53 |
Held-for-trading: |  |  |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 599 |  | 1,330 |  | — |  | — |  | 599 |  | 1,330 |  | — |  | — |
Debt derivatives not accounted for as hedges | — |  | 72 |  | — |  | — |  | — |  | 72 |  | — |  | — |
Expenditure derivatives accounted for as cash flow hedges | 4 |  | 94 |  | — |  | — |  | 4 |  | 94 |  | — |  | — |
Equity derivatives not accounted for as hedges | 48 |  | 54 |  | — |  | — |  | 48 |  | 54 |  | — |  | — |
Total financial assets | 769 |  | 2,803 |  | — |  | 1,200 |  | 651 |  | 1,550 |  | 118 |  | 53 |
Financial liabilities |  |  |  |  |  |  |  |
Long-term debt (including current portion) | 40,855 |  | 31,733 |  | — |  | — |  | 39,001 |  | 29,355 |  | — |  | — |
Held-for-trading: |  |  |  |  |  |  |  |
Debt derivatives accounted for as cash flow hedges | 1,069 |  | 414 |  | — |  | — |  | 1,069 |  | 414 |  | — |  | — |
Debt derivatives not accounted for as hedges | 101 |  | — |  | — |  | — |  | 101 |  | — |  | — |  | — |
Expenditure derivatives accounted for as cash flow hedges | 19 |  | — |  | — |  | — |  | 19 |  | — |  | — |  | — |
Total financial liabilities | 42,044 |  | 32,147 |  | — |  | — |  | 40,190 |  | 29,769 |  | — |  | — |

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