IFRS 7 Disclosure (Tables)

12 Months Ended

Oct. 31, 2020

CIBC employs a

20-point

master internal obligor default rating scale that broadly maps to external agencies’ ratings as presented in the table below.

CIBC

S&P

Moody’s

Grade

rating

equivalent

Investment grade

00–47

AAA to BBB-

Aaa to Baa3

Non-investment

grade

51–67

BB+ to B-

Ba1 to B3

Watch list

70–80

CCC+ to C

Caa1 to Ca

Default

Summary of PD Bands to Various Risk Levels

The following table maps the PD bands to various risk levels:


Risk level	PD bands
Exceptionally low		0.01%–0.20%
Very low		0.21%–0.50%
Low		0.51%–2.00%
Medium		2.01%–10.00%
High		10.01%–99.99%
Default		100%

Summary of Exposure to Credit Risk


$ millions, as at October 31					2020						2019
	AIRB approach (1)		Standardized approach		Total		AIRB approach (1)		Standardized approach		Total
Business and government portfolios
Corporate
Drawn	$	102,342	$	36,603	$	138,945	$	96,444	$	32,292	$	128,736
Undrawn commitments		49,473		7,339		56,812		44,732		6,244		50,976
Repo-style transactions		139,677		–		139,677		122,776		1		122,777
Other off-balance sheet		14,085		1,016		15,101		14,540		981		15,521
OTC derivatives		10,858		786		11,644		14,125		596		14,721
		316,435		45,744		362,179		292,617		40,114		332,731
Sovereign
Drawn		133,077		22,664		155,741		73,036		13,301		86,337
Undrawn commitments		8,354		–		8,354		6,421		–		6,421
Repo-style transactions		38,904		–		38,904		21,404		–		21,404
Other off-balance sheet		1,553		–		1,553		1,624		–		1,624
OTC derivatives		2,187		2		2,189		3,094		2		3,096
		184,075		22,666		206,741		105,579		13,303		118,882
Banks
Drawn		12,846		1,241		14,087		12,689		1,862		14,551
Undrawn commitments		1,552		16		1,568		1,771		6		1,777
Repo-style transactions		24,228		–		24,228		25,472		–		25,472
Other off-balance sheet		59,761		–		59,761		61,532		–		61,532
OTC derivatives		5,805		21		5,826		9,355		18		9,373
		104,192		1,278		105,470		110,819		1,886		112,705
Gross business and government portfolios		604,702		69,688		674,390		509,015		55,303		564,318
Less: collateral held for repo-style transactions		187,832		–		187,832		157,415		–		157,415
Net business and government portfolios		416,870		69,688		486,558		351,600		55,303		406,903
Retail portfolios
Real estate secured personal lending
Drawn		231,527		4,799		236,326		222,933		4,177		227,110
Undrawn commitments (2)		31,390		–		31,390		20,777		1		20,778
		262,917		4,799		267,716		243,710		4,178		247,888
Qualifying revolving retail
Drawn		18,701		–		18,701		19,784		–		19,784
Undrawn commitments (2)		53,085		–		53,085		49,709		–		49,709
Other off-balance sheet		271		–		271		275		–		275
		72,057		–		72,057		69,768		–		69,768
Other retail
Drawn		14,869		1,326		16,195		13,478		1,268		14,746
Undrawn commitments (2)		2,819		28		2,847		2,584		26		2,610
Other off-balance sheet		35		–		35		36		–		36
		17,723		1,354		19,077		16,098		1,294		17,392
Total retail portfolios		352,697		6,153		358,850		329,576		5,472		335,048
Securitization exposures		12,276		3,509		15,785		10,688		3,511		14,199
Gross credit exposure		969,675		79,350		1,049,025		849,279		64,286		913,565
Less: collateral held for repo-style transactions		187,832		–		187,832		157,415		–		157,415
Net credit exposure (3)	$	781,843	$	79,350	$	861,193	$	691,864	$	64,286	$	756,150

(1)

Includes exposures subject to the supervisory slotting approach.

(2)

Increases in EAD in the current year include the impact of certain parameter updates in our regulatory models that were made in the first quarter of 2020 as part of our ongoing monitoring and review process.

(3)

Excludes exposures arising from derivative and repo-style transactions that are cleared through QCCPs as well as credit risk exposures arising from other assets that are subject to the credit risk framework but are not included in the standardized or IRB frameworks, including other balance sheet assets that are risk-weighted at 100%, significant investments in the capital of

non-financial

institutions that are risk-weighted at 1,250%, settlement risk, and amounts below the thresholds for deduction that are risk-weighted at 250%.

Summary of Breakdown of Our Standardized Credit Risk Exposures by Risk-weight Category

A detailed breakdown of our standardized credit risk exposures by risk-weight category, before considering the effect of credit risk mitigation strategies and before allowance for credit losses, is provided below.


$ millions, as at October 31	Risk-weight category														2020		2019
	0%		20%		35%		50%		75%		100%		150%		Total		Total
Corporate	$	–	$	–	$	–	$	–	$	–	$	45,592	$	152	$	45,744	$	40,114
Sovereign		17,648		3,442		–		138		–		906		532		22,666		13,303
Banks		–		1,189		–		1		–		78		10		1,278		1,886
Real estate secured personal lending		–		–		1,742		–		2,883		170		4		4,799		4,178
Other retail		–		–		–		–		1,289		59		6		1,354		1,294
	$	17,648	$	4,631	$	1,742	$	139	$	4,172	$	46,805	$	704	$	75,841	$	60,775

(1)

See “Securitization exposures” section for securitization exposures that are subject to the standardized approach.

Summary of Rating Profile of OTC Derivative Mark to Market (MTM) Receivables

Rating profile of OTC derivative

mark-to-market

(MTM) receivables


$ billions, as at October 31			2020					2019
	Exposure (1)
Investment grade	$	7.46		74.9	%	$	5.40		82.4	%
Non-investment grade		2.40		24.1			1.12		17.1
Watch list		0.07		0.7			0.02		0.3
Default		0.03		0.3			0.01		0.2
Unrated		–		–			–		–
	$	9.96		100.0	%	$	6.55		100.0	%

(1)

MTM of the OTC derivative contracts is after the impact of master netting agreements, but before any collateral.

Summary of Geographic Distribution of Business and Government Exposures Under the AIRB Approach

The following table provides a geographic distribution of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions.


$ millions, as at October 31, 2020	Canada		U.S.		Europe		Other		Total
Drawn	$	173,199	$	55,051	$	8,396	$	11,619	$	248,265
Undrawn commitments		45,684		9,717		2,402		1,576		59,379
Repo-style transactions		7,787		4,022		1,241		1,927		14,977
Other off-balance sheet		59,188		9,422		6,138		651		75,399
OTC derivatives		9,926		3,770		3,279		1,875		18,850
	$	295,784	$	81,982	$	21,456	$	17,648	$	416,870
October 31, 2019	$	237,234	$	73,900	$	23,150	$	17,316	$	351,600

(1)

Classification by country is primarily based on domicile of debtor or customer.

Summary of Industry-wide Breakdown of Business and Government Exposure

The following table provides an industry-wide breakdown of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions.


			Undrawn		Repo-style		Other off-		OTC		2020		2019
$ millions, as at October 31	Drawn		commitments		transactions		balance sheet		derivatives		Total		Total (1)
Commercial mortgages	$	8,373	$	47	$	–	$	–	$	–	$	8,420	$	7,544
Financial institutions		81,967		7,673		14,318		66,312		9,775		180,045		140,284
Retail and wholesale		5,167		3,652		–		225		239		9,283		9,142
Business services		7,047		3,264		18		595		215		11,139		11,000
Manufacturing – capital goods		2,791		2,036		–		365		205		5,397		5,898
Manufacturing – consumer goods		3,455		2,052		–		214		95		5,816		6,024
Real estate and construction		30,216		8,257		142		1,166		871		40,652		38,358
Agriculture		6,771		1,767		–		26		196		8,760		8,575
Oil and gas		9,649		8,532		–		1,039		2,305		21,525		21,813
Mining		1,363		2,931		–		723		114		5,131		5,326
Forest products		490		515		–		205		29		1,239		1,324
Hardware and software		1,227		890		–		45		27		2,189		1,751
Telecommunications and cable		335		1,126		–		408		326		2,195		2,234
Broadcasting, publishing and printing		457		154		–		2		52		665		801
Transportation		5,768		2,596		–		262		1,287		9,913		8,877
Utilities		9,189		7,066		–		2,707		1,177		20,139		15,747
Education, health, and social services		3,096		1,194		6		150		296		4,742		4,541
Governments		70,904		5,627		493		955		1,641		79,620		62,361
	$	248,265	$	59,379	$	14,977	$	75,399	$	18,850	$	416,870	$	351,600

(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. The presentation of commercial mortgages has been changed to include risk-rated commercial mortgages. Previously, commercial mortgages only included commercial mortgages under the slotting approach.

Summary of Credit Quality of Risk-rated Portfolios Exposure


$ millions, as at October 31							2020		2019
	EAD
Obligor grade	Corporate		Sovereign		Banks		Total		Total
Investment grade	$	106,633	$	147,438	$	82,029	$	336,100	$	276,817
Non-investment grade		74,600		781		1,264		76,645		72,613
Watch list		2,730		–		–		2,730		1,239
Default		1,039		–		–		1,039		579
Total risk-rated exposure	$	185,002	$	148,219	$	83,293	$	416,514	$	351,248

LGD estimate	Corporate		Sovereign		Banks		Total		Total
Less than 10%	$	9,704	$	136,968	$	60,057	$	206,729	$	142,666
10%–25%		56,615		7,881		5,090		69,586		68,790
26%–45%		84,108		3,010		17,251		104,369		110,596
46%–65%		33,301		289		893		34,483		27,733
66%–100%		1,274		71		2		1,347		1,463
	$	185,002	$	148,219	$	83,293	$	416,514	$	351,248
Strong							$	265	$	246
Good								71		85
Satisfactory								20		21
Weak								–		–
Default								–		–
Total slotted exposure							$	356	$	352
Total business and government portfolios							$	416,870	$	351,600

Summary of Credit Quality of Risk-rated Portfolios Exposure

The following table presents the credit quality of our retail portfolios under the AIRB approach.


$ millions, as at October 31							2020		2019
	EAD
Risk level	Real estate secured personal lending		Qualifying revolving retail		Other retail		Total		Total
Exceptionally low	$	201,050	$	49,755	$	3,816	$	254,621	$	239,875
Very low		31,927		4,469		4,335		40,731		34,018
Low		25,825		10,437		6,091		42,353		39,648
Medium		3,086		6,598		2,438		12,122		13,259
High		586		763		973		2,322		2,271
Default		443		35		70		548		505
	$	262,917	$	72,057	$	17,723	$	352,697	$	329,576

Summary of Securitization Exposures

The following table provides details on securitization exposures in our banking book, by credit rating:


$ millions, as at October 31	2020		2019
	EAD
Exposures under the AIRB approach
S&P rating equivalent
AAA to BBB-	$	12,276	$	10,688
BB+ to BB-		–		–
Below BB-		–		–
Unrated		–		–
		12,276		10,688
Exposures under the standardized approach		3,509		3,511
Total securitization exposures	$	15,785	$	14,199

Summary of Loans Past Due But Not Impaired

This comprises loans where repayment of principal or payment of interest is contractually in arrears. The following table provides an aging analysis of the contractually past due loans. Most risk rated business and government loans that were contractually past due at the time relief was provided pursuant to payment deferral programs have been presented in the aging category that applied at the time deferrals were granted. Other business and government loans, credit cards, personal loans and residential mortgages that were subject to a payment deferral program have generally been presented in the aging category that applied as at March 31, 2020, which approximated the time when the majority of the deferrals were granted, except that Canadian residential mortgages and certain secured personal loans that were less than 29 days past due at that time have been treated as current. Loans that have exited a deferral program generally continue to age based on the status that was applied at the beginning of the program to the extent a payment has not been made.


$ millions, as at October 31	Less than 31 days		31 to 90 days		Over 90 days		2020 Total		2019 Total (1)
Residential mortgages	$	3,358	$	1,152	$	–	$	4,510	$	3,840
Personal		608		222		–		830		1,027
Credit card		485		189		132		806		838
Business and government		1,854		281		–		2,135		1,081
	$	6,305	$	1,844	$	132	$	8,281	$	6,786

(1)

Certain prior year amounts related to loans contractually past due but not impaired in CIBC FirstCaribbean were restated.

Summary of Market Risks by Type of Risks

$ millions, as at or for the year ended October 31								2020										2019
	High		Low		As at			Average			High		Low		As at			Average
Interest rate risk	$	10.6	$	3.5	$	7.3		$	6.1		$	10.1	$	2.8	$	8.5		$	5.2
Credit spread risk		12.2		1.3		7.0			5.4			2.0		0.9		1.5			1.3
Equity risk		13.5		1.5		3.7			3.8			10.4		1.7		3.4			3.1
Foreign exchange risk		7.0		0.4		2.0			1.8			4.3		0.6		2.9			2.1
Commodity risk		7.9		1.1		2.4			3.1			5.0		1.1		3.9			2.4
Debt specific risk		3.9		1.5		3.0			2.5			2.4		1.3		1.9			1.7
Diversification effect (1)		n/m		n/m		(12.1	)		(14.2	)		n/m		n/m		(15.3	)		(10.1	)
Total VaR (one-day measure)	$	22.0	$	3.8	$	13.3		$	8.5		$	10.8	$	3.6	$	6.8		$	5.7

(1)

Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect.

n/m

Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Summary of Stressed Value at Risk by Trading Activities

Stressed VaR by risk type – trading portfolio


$ millions, as at or for the year ended October 31								2020										2019
	High		Low		As at			Average			High		Low		As at			Average
Interest rate risk	$	41.0	$	8.4	$	33.7		$	20.2		$	37.0	$	8.9	$	26.4		$	19.4
Credit spread risk		22.6		6.1		7.1			11.5			18.1		7.9		11.1			12.1
Equity risk		26.3		–		6.9			4.2			20.2		1.4		2.2			3.9
Foreign exchange risk		22.0		1.0		9.1			7.8			29.5		0.6		6.5			10.4
Commodity risk		10.9		1.0		3.0			4.5			11.9		1.3		11.9			4.8
Debt specific risk		6.5		1.6		6.1			4.6			7.3		4.1		4.9			5.5
Diversification effect (1)		n/m		n/m		(35.7	)		(33.9	)		n/m		n/m		(42.0	)		(40.9	)
Stressed total VaR (one-day measure)	$	34.1	$	7.4	$	30.2		$	18.9		$	47.1	$	3.5	$	21.0		$	15.2

(1)

Stressed total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect.

n/m

Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Summary of Incremental Risk Charge by Trading Activities

IRC – trading portfolio


$ millions, as at or for the year ended October 31							2020								2019
	High		Low		As at		Average		High		Low		As at		Average
Default risk	$	205.6	$	80.4	$	102.6	$	126.7	$	268.8	$	124.0	$	132.1	$	180.2
Migration risk		104.9		49.0		72.7		71.2		111.2		45.5		67.7		72.2
IRC (one-year measure) (1)	$	279.5	$	141.8	$	175.3	$	197.9	$	371.4	$	186.5	$	199.8	$	252.4

(1)

High and low IRC are not equal to the sum of the constituent parts, because the highs and lows of the constituent parts may occur on different days.

Summary of Structural Interest Rate Sensitivity - Measures


$ millions (pre-tax), as at October 31				2020						2019
	CAD (1)			USD			CAD (1)			USD
100 basis point increase in interest rates
Increase (decrease) in net interest income	$	317		$	92		$	192		$	24
Increase (decrease) in EVE		(556	)		(348	)		(511	)		(307	)
25 basis point decrease in interest rates
Increase (decrease) in net interest income		(119	)		(42	)		(47	)		(7	)
Increase (decrease) in EVE		57			49			104			50

(1)

Includes CAD and other currency exposures.

Summary of Amortized Cost and Fair Values of Non-trading Equities

The following table provides the amortized cost and fair values of our

non-trading

equities:


$ millions, as at October 31		Cost		Fair value
2020	Equity securities designated at FVOCI	$	576	$	585
	Equity-accounted investments in associates (1)		71		93
		$	647	$	678
2019	Equity securities designated at FVOCI	$	533	$	602
	Equity-accounted investments in associates (1)		57		85
		$	590	$	687

(1)

Excludes our equity-accounted joint ventures. See Note 26 to the consolidated financial statements for further details.

Summary of Encumbered and Unencumbered Assets from On- and Off-Balance Sheet Sources

Encumbered and unencumbered liquid assets from

on-

and

off-balance

sheet sources are summarized as follows:


$ millions, as at October 31		Bank owned liquid assets		Securities received as collateral		Total liquid assets		Encumbered liquid assets		Unencumbered liquid assets (1)
2020	Cash and deposits with banks	$	62,518	$	–	$	62,518	$	133	$	62,385
	Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks		112,403		92,202		204,605		108,425		96,180
	Other debt securities		4,798		4,288		9,086		2,603		6,483
	Equities		27,169		15,924		43,093		21,449		21,644
	Canadian government guaranteed National Housing Act mortgage-backed securities		40,592		895		41,487		13,084		28,403
	Other liquid assets (2)		10,909		2,109		13,018		5,441		7,577
		$	258,389	$	115,418	$	373,807	$	151,135	$	222,672
2019	Cash and deposits with banks	$	17,359	$	–	$	17,359	$	784	$	16,575
	Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks		85,881		86,205		172,086		100,203		71,883
	Other debt securities		4,928		3,139		8,067		1,838		6,229
	Equities		26,441		15,766		42,207		23,623		18,584
	Canadian government guaranteed National Housing Act mortgage-backed securities		41,378		876		42,254		11,627		30,627
	Other liquid assets (2)		11,196		463		11,659		6,864		4,795
		$	187,183	$	106,449	$	293,632	$	144,939	$	148,693

(1)

Unencumbered liquid assets are defined as

on-balance

sheet assets, assets borrowed or purchased under resale agreements, and other

off-balance

sheet collateral received less encumbered liquid assets.

(2)

Includes cash pledged as collateral for derivatives transactions, select ABS and precious metals.

Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values

The following table provides the contractual maturity profile of our

on-balance

sheet assets, liabilities and equity at their carrying values. Contractual analysis is not representative of CIBC’s liquidity risk exposure, however this information serves to inform CIBC’s management of liquidity risk, and provide input when modelling a behavioural balance sheet.


$ millions, as at October 31, 2020	Less than 1 month		1–3 months		3–6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		No specified maturity			Total
Assets
Cash and non-interest-bearing deposits with banks	$	43,531	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	43,531
Interest-bearing deposits with banks (1)		18,987		–		–		–		–		–		–		–		–			18,987
Securities		4,971		3,087		7,007		5,028		3,624		18,920		46,554		31,288		28,567			149,046
Cash collateral on securities borrowed		8,547		–		–		–		–		–		–		–		–			8,547
Securities purchased under resale agreements		35,089		13,080		12,751		2,666		2,009		–		–		–		–			65,595
Loans
Residential mortgages		1,606		3,336		8,242		12,057		11,511		47,032		128,430		8,302		649			221,165
Personal		955		646		1,171		1,223		1,148		450		3,183		3,219		30,227			42,222
Credit card		239		478		718		718		718		2,870		5,648		–		–			11,389
Business and government		15,539		5,463		6,908		7,116		6,806		25,055		43,212		16,687		8,760			135,546
Allowance for credit losses		–		–		–		–		–		–		–		–		(3,540	)		(3,540	)
Derivative instruments		2,052		4,700		2,436		1,807		1,267		3,651		6,292		10,525		–			32,730
Customers’ liability under acceptances		8,818		707		68		10		3		–		–		–		–			9,606
Other assets		–		–		–		–		–		–		–		–		34,727			34,727
	$	140,334	$	31,497	$	39,301	$	30,625	$	27,086	$	97,978	$	233,319	$	70,021	$	99,390		$	769,551
October 31, 2019	$	86,873	$	37,026	$	27,740	$	26,478	$	23,115	$	78,483	$	201,231	$	59,883	$	110,775		$	651,604
Liabilities
Deposits (2)	$	28,774	$	28,222	$	34,292	$	41,705	$	24,248	$	28,399	$	52,712	$	11,488	$	320,900		$	570,740
Obligations related to securities sold short		15,963		–		–		–		–		–		–		–		–			15,963
Cash collateral on securities lent		1,824		–		–		–		–		–		–		–		–			1,824
Obligations related to securities sold under repurchase agreements		41,136		6,904		21,607		81		425		1,500		–		–		–			71,653
Derivative instruments		1,969		4,645		2,792		2,049		1,800		3,079		5,542		8,632		–			30,508
Acceptances		8,861		707		68		10		3		–		–		–		–			9,649
Other liabilities		25		50		75		74		79		295		684		584		20,301			22,167
Subordinated indebtedness		–		–		–		–		–		–		–		5,712		–			5,712
Equity		–		–		–		–		–		–		–		–		41,335			41,335
	$	98,552	$	40,528	$	58,834	$	43,919	$	26,555	$	33,273	$	58,938	$	26,416	$	382,536		$	769,551
October 31, 2019	$	88,803	$	43,539	$	44,607	$	33,034	$	26,078	$	31,643	$	54,407	$	22,781	$	306,712		$	651,604

(1)

Cash includes interest-bearing demand deposits with the Bank of Canada.

(2)

Comprises $202.2 billion (2019: $178.1 billion) of personal deposits; $351.6 billion (2019: $296.4 billion) of business and government deposits and secured borrowings; and $17.0 billion (2019: $11.2 billion) of bank deposits.

Summary of Off-Balance Sheet Credit Related Commitments

The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity requirements.


$ millions, as at October 31, 2020	Less than 1 month		1–3 months		3– 6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		No specified maturity (1)		Total
Unutilized credit commitments	$	989	$	8,554	$	4,819	$	4,601	$	4,127	$	19,575	$	50,595	$	1,672	$	173,157	$	268,089
Securities lending (2)		33,483		2,779		2,924		–		–		–		–		–		–		39,186
Standby and performance letters of credit		2,769		2,567		2,070		3,567		2,140		785		625		42		–		14,565
Backstop liquidity facilities		3		10,480		1,361		627		145		278		13		–		–		12,907
Documentary and commercial letters of credit		81		71		14		3		15		–		12		–		–		196
Other		2,149		–		–		–		–		–		–		–		–		2,149
	$	39,474	$	24,451	$	11,188	$	8,798	$	6,427	$	20,638	$	51,245	$	1,714	$	173,157	$	337,092
October 31, 2019	$	42,113	$	21,669	$	9,059	$	8,063	$	5,825	$	14,784	$	50,210	$	2,979	$	158,076	$	312,778

(1)

Includes $131.3 billion (2019: $122.0 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.

(2)

Excludes securities lending of $1.8 billion (2019: $1.8 billion) for cash because it is reported on the consolidated balance sheet.

Summary of Contractual Maturities of Other Contractual Obligations Affecting Our Funding Needs

The following table provides the contractual maturities of other contractual obligations affecting our funding needs:


$ millions, as at October 31, 2020 (1)	Less than 1 month		1–3 months		3–6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		Total
Purchase obligations (2)	$	99	$	205	$	174	$	179	$	138	$	440	$	621	$	182	$	2,038
Future lease commitments		–		1		8		10		12		48		166		1,249		1,494
Investment commitments		1		4		–		1		4		–		8		194		212
Pension contributions (3)		17		33		49		49		50		–		–		–		198
Underwriting commitments		94		–		–		–		–		–		–		–		94
	$	211	$	243	$	231	$	239	$	204	$	488	$	795	$	1,625	$	4,036
October 31, 2019	$	222	$	335	$	399	$	365	$	344	$	981	$	1,882	$	3,582	$	8,110

(1)

Effective November 1, 2019, this table excludes operating lease obligations that are accounted for under IFRS 16, which resulted in on-balance recognition for most operating lease commitments. Lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset, continue to be recognized in this table. Following our adoption of IFRS 16, this table also excludes operating and tax expenses relating to lease commitments. For further details about our transition to IFRS 16, see Note 8 to our consolidated financial statements.

(2)

Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed, minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases of debt and equity instruments that settle within standard market time frames.

(3)

Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the next annual period as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability.