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FINANCE COSTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Finance Costs [Abstract] |
Schedule of finance cost |
|  | 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.

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