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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2018
Financial Instruments [Abstract]  
Disclosure of detailed information about borrowings
Below is a summary of our short-term borrowings as at December 31, 2018 and 2017.
 
As at December 31
 
(In millions of dollars)
2018
2017
 
 
 
Accounts receivable securitization program
650

650

US commercial paper program
1,605

935

 
 
 
Total short-term borrowings
2,255

1,585


Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2018 and 2017.
 
Year ended December 31, 2018
 
 
Year ended December 31, 2017
 
 
Notional

Exchange

Notional

 
Notional

Exchange

Notional

(In millions of dollars, except exchange rates)
(US$)

rate

(Cdn$)

 
(US$)

rate

(Cdn$)

 
 
 
 
 
 
 
 
Proceeds received from US commercial paper
15,262

1.29

19,752

 
8,267

1.30

10,712

Repayment of US commercial paper
(14,858
)
1.30

(19,244
)
 
(7,530
)
1.29

(9,704
)
Net proceeds received from US commercial paper




508

 




1,008

 
 
 
 
 
 
 
 
Proceeds received from accounts receivable securitization
 
 
225

 
 
 
530

Repayment of accounts receivable securitization
 
 
(225
)
 
 
 
(680
)
Net repayment of accounts receivable securitization
 
 
—

 
 
 
(150
)
 
 
 
 
 
 
 
 
Net proceeds received on short-term borrowings
 
 
508

 
 
 
858

Below is a summary of the senior notes that we issued in 2018. We did not issue any senior notes in 2017.
(In millions of dollars, except interest rates and discounts)
 
 
 
Date issued
 
Principal amount

Due date
Interest rate

Discount/ premium at issuance

Total gross proceeds 1 (Cdn$)

Transaction costs and discounts 2 (Cdn$)

 
 
 
 
 
 
 
 
2018 issuances
 
 
 
 
 
 
 
February 8, 2018
US
750

2048
4.300
%
99.398
%
938

16

1 
Gross proceeds before transaction costs and discounts.
2 
Transaction costs and discounts 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.
 
 
 
 
 
As at December 31
 
(In millions of dollars, except interest rates)
Due date
 
Principal amount

Interest rate

2018

2017

 
 
 
 
 
 
 
Senior notes
2018
US
1,400

6.800
%
—

1,756

Senior notes
2019
 
400

2.800
%
400

400

Senior notes
2019
 
500

5.380
%
500

500

Senior notes
2020
 
900

4.700
%
900

900

Senior notes
2021
 
1,450

5.340
%
1,450

1,450

Senior notes
2022
 
600

4.000
%
600

600

Senior notes
2023
US
500

3.000
%
682

627

Senior notes
2023
US
850

4.100
%
1,160

1,066

Senior notes
2024
 
600

4.000
%
600

600

Senior notes
2025
US
700

3.625
%
955

878

Senior notes
2026
US
500

2.900
%
682

627

Senior debentures 1
2032
US
200

8.750
%
273

251

Senior notes
2038
US
350

7.500
%
478

439

Senior notes
2039
 
500

6.680
%
500

500

Senior notes
2040
 
800

6.110
%
800

800

Senior notes
2041
 
400

6.560
%
400

400

Senior notes
2043
US
500

4.500
%
682

627

Senior notes
2043
US
650

5.450
%
887

816

Senior notes
2044
US
1,050

5.000
%
1,433

1,318

Senior notes
2048
US
750

4.300
%
1,022

—

 
 
 
 
 
14,404

14,555

Deferred transaction costs and discounts
 
 
 
 
(114
)
(107
)
Less current portion
 
 
 

 

(900
)
(1,756
)
 
 
 
 
 
 
 
Total long-term debt
 
 
 

 

13,390

12,692

1 
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, 2018 and 2017.
The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2018 and 2017.
 
Year ended December 31, 2018
 
 
Year ended December 31, 2017
 
(In millions of dollars, except exchange rates)
Notional

Exchange

Notional

 
Notional

Exchange

Notional

(US$)

rate

(Cdn$)

 
(US$)

rate

(Cdn$)

 
 
 
 
 
 
 
 
Credit facility borrowings (Cdn$)
 


—

 
 
 
1,730

Credit facility borrowings (US$)
125

1.26

157

 
960

1.32

1,269

Total credit facility borrowings
 
 
157

 
 
 
2,999

 
 
 


 
 
 
 
Credit facility repayments (Cdn$)
 
 
—

 
 
 
(1,830
)
Credit facility repayments (US$)
(125
)
1.26

(157
)
 
(1,110
)
1.31

(1,453
)
Total credit facility repayments
 
 
(157
)
 
 
 
(3,283
)
 
 
 
 
 
 
 
 
Net repayments under credit facilities
 
 
—

 
 
 
(284
)
 
 
 
 
 
 
 
 
Senior note issuances (US$)
750

1.25

938

 
—

—

—

 
 
 
 
 
 
 
 
Senior note repayments (Cdn$)
 
 
—

 
 
 
(750
)
Senior notes repayments (US$)
(1,400
)
1.26

(1,761
)
 
—

—

—

Total senior notes repayments
 
 
(1,761
)
 
 
 
(750
)
 
 
 
 
 
 
 
 
Net repayment of senior notes
 
 
(823
)
 
 
 
(750
)
 
 
 
 
 
 
 
 
Net repayment of long-term debt
 
 
(823
)
 
 
 
(1,034
)
 
 
Years ended December 31
 
(In millions of dollars)
 
2018

2017

 
 
 

Long-term debt net of transaction costs, beginning of year
 
14,448

16,080

Net repayment of long-term debt
 
(823
)
(1,034
)
Loss (gain) on foreign exchange
 
672

(608
)
Deferred transaction costs incurred
 
(18
)
(3
)
Amortization of deferred transaction costs
 
11

13

 
 
 
 
Long-term debt net of transaction costs, end of year
 
14,290

14,448
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, 2018 and 2017.
December 31, 2018
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
2,255

 
2,255

2,255

—

—

—

Accounts payable and accrued liabilities
3,052

 
3,052

3,052

—

—

—

Long-term debt
14,290

 
14,404

900

2,350

2,442

8,712

Other long-term financial liabilities
38

 
38

1

24

5

8

Expenditure derivative instruments:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
1,341

1,045

296

—

—

Cash inflow (Canadian dollar equivalent of US dollar)
—

 
(1,473
)
(1,146
)
(327
)
—

—

Equity derivative instruments
—

 
(92
)
(92
)
—

—

—

Debt derivative instruments accounted for as hedges:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
6,920

—

—

1,392

5,528

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(8,254
)
—

—

(1,842
)
(6,412
)
Debt derivative instruments not accounted for as hedges:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
1,560

1,560

—

—

—

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(1,601
)
(1,601
)
—

—

—

Bond forwards
—

 
87

87

—

—

—

Net carrying amount of derivatives (asset)
(1,500
)
 
 
 
 
 
 
 
18,135

 
18,237

6,061

2,343

1,997

7,836

1 
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, 2017
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

 
 

 
 
 
 
 
 
Bank advances
6

 
6

6

—

—

—

Short-term borrowings
1,585

 
1,585

1,585

—

—

—

Accounts payable and accrued liabilities
2,931

 
2,931

2,931

—

—

—

Long-term debt
14,448

 
14,555

1,756

1,800

2,050

8,949

Other long-term financial liabilities
9

 
9

2

3

2

2

Expenditure derivative instruments:
 

 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
1,538

1,093

445

—

—

Cash inflow (Canadian dollar equivalent of US dollar)
—

 
(1,506
)
(1,054
)
(452
)
—

—

Equity derivative instruments
—

 
(68
)
(68
)
—

—

—

Debt derivative instruments accounted for as hedges:
 

 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
7,417

1,435

—

—

5,982

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(8,405
)
(1,756
)
—

—

(6,649
)
Debt derivative instruments not accounted for as hedges:
 
 
 
 
 
 
 
Cash outflow (Canadian dollar)
—

 
956

956

—

—

—

Cash inflow (Canadian dollar equivalent of US dollar) 1
—

 
(934
)
(934
)
—

—

—

Bond forwards
—

 
64

64

—

—

—

Net carrying amount of derivatives (asset)
(1,094
)
 
 
 
 
 
 
 
17,885

 
18,148

6,016

1,796

2,052

8,284

1 
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 repayment of our senior notes during 2018 and 2017. The associated debt derivatives for the 2018 repayment were settled at maturity. There were no debt derivatives associated with the 2017 repayments.
(In millions of dollars)
Maturity date
Notional amount (US$)

Notional amount (Cdn$)

 
 
 
2018 repayments
 

April 2018
1,400

1,761

 
 
 
2017 repayments
 
 
March 2017
—

250

June 2017
—

500

Total for 2017
—

750


In April 2018, we repaid the entire outstanding principal amount of our US$1.4 billion ($1.8 billion) 6.8% senior notes otherwise due in August 2018. At the same time, the associated debt derivatives were settled for net proceeds received of $326 million. As a result, we repaid a net amount of $1.5 billion including settlement of the associated debt derivatives, which was separately funded through our US CP program and our bank credit facility. For the year ended December 31, 2018, we recognized a $28 million loss on repayment of long-term debt reflecting our obligation to pay redemption premiums upon repayment (see note 10).
PRINCIPAL REPAYMENTS
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, 2018.
(In millions of dollars)
 
2019
900

2020
900

2021
1,450

2022
600

2023
1,842

Thereafter
8,712

Total long-term debt
14,404

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2018.
 
Less than

 
 
After

 
(In millions of dollars)
1 Year

1-3 Years

4-5 Years

5 Years

Total

 
 
 
 
 
 
Operating leases
208

312

172

287

979

Player contracts 1
63

8

14

—

85

Purchase obligations 2
448

332

202

80

1,062

Program rights 3
667

1,048

1,079

1,346

4,140

 
 
 
 
 
 
Total commitments
1,386

1,700

1,467

1,713

6,266

1 
Player contracts are Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.
2 
Purchase obligations are the contractual obligations under service, product, and wireless device contracts to which we have committed.
3 
Program rights are the 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.