40-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 40-F

[Check one]

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

Commission File Number 001-10805

Rogers Communications Inc.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English (if applicable))

British Columbia

(Province or other jurisdiction of incorporation or organization)

4812, 4813, 4822, 4832, 4833, 4841

(Primary Standard Industrial Classification Code Number (if applicable))

Not Applicable

(I.R.S. Employer Identification Number (if applicable))

333 Bloor Street East, 10th Floor

Toronto, Ontario M4W 1G9

(416) 935-7777

(Address and telephone number of Registrant’s principal executive offices)

CT Corporation System

111 Eighth Avenue, 13th Floor

New York, New York 10011

(212) 894-8940

(Name, address (including zip code) and telephone number (including area code)

of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class	Trading symbol	Name of each exchange on which registered
Class B Non-Voting	RCI	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act.

Not Applicable

(Title of Class)

SEC 2285 (05-21)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Class B Non-Voting Shares

(Title of Class)

For annual reports, indicate by check mark the information filed with this Form:

☒  Annual information form               ☒  Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

111,153,411 Class A Voting shares; 393,771,907 Class B Non-Voting shares.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒  Yes               ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

☒  Yes               ☐  No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company   ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

DISCLOSURE CONTROLS AND PROCEDURES

The disclosure provided in Management’s Discussion and Analysis under the heading Disclosure Controls and Procedures on page 69 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided in Management’s Discussion and Analysis under the heading Management’s Report on Internal Control over Financial Reporting on page 69 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM

The Report of Independent Registered Public Accounting Firm on the Company’s internal control over financial reporting as of December 31, 2021 on page 4 of Exhibit 99.3: Annual Audited Consolidated Financial Statements is incorporated by reference herein.

2

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

The disclosure provided in Management’s Discussion and Analysis under the heading Changes in Internal Control over Financial Reporting and Disclosure Controls and Procedures on page 69 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Directors of Rogers Communications Inc. has determined that the Company has at least one “audit committee financial expert” (as defined in paragraph 8(b) of General Instruction B of Form 40-F) serving on its Audit and Risk Committee. The audit committee financial expert is Robert J. Gemmell.

Mr. Gemmell has been determined by the Board to be an independent director as such term is defined under the Canadian Securities Administrators’ National Instrument 52-110 (Audit Committees), which is the Canadian corporate governance rule that applies to the Company, and under the standards of the U.S. Securities and Exchange Commission and the New York Stock Exchange relating to the independence of audit committee members. The Board’s designation of Mr. Gemmell as an audit committee financial expert does not impose on him any duties, obligations or liability that are greater than the duties, obligations and liability imposed on him as a member of the Audit and Risk Committee and Board of Directors in the absence of such designation or identification. In addition, the designation of Mr. Gemmell as an “audit committee financial expert” does not affect the duties, obligations or liability of any other member of the Audit and Risk Committee or Board of Directors. See also Item 17 - Audit and Risk Committee on page 29 of the Company’s Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

CODE OF CONDUCT AND ETHICS AND BUSINESS CONDUCT POLICY

The Company has adopted a Directors Code of Conduct and Ethics that applies to all directors and Business Conduct Policy that apply to all directors, officers (including the principal executive officer, principal financial officer, and principal accounting officer), and employees (the Codes). The Codes have been posted on the Rogers website under the Corporate Governance section at investors.rogers.com. A copy of the Codes will also be provided upon request to Investor Relations, 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, Toronto, ON, Canada, Auditor Firm ID: 85. The following table presents fees for professional services rendered by KPMG LLP to the Company for the audit of the Company’s annual financial statements for 2021 and 2020, and fees billed for other services rendered by KPMG LLP, during the period from January 1, 2020 to December 31, 2021.

Auditors’ Fees	2021		2020
	($)	%	($)	%
Audit Fees(1)	6,353,314	86.1	6,046,150	86.7
Audit-Related Fees(2)	669,550	9.1	676,671	9.7
Tax Fees(3)	181,279	2.5	248,150	3.6
All Other Fees(4)	174,200	2.3	—	—
Total	7,378,343	100.0	6,970,971	100.0

NOTES:

(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audit procedures on new accounting standards not yet effective, audits and reviews of subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

(2)Consist primarily of pension plan audits, French translation of certain filings with regulatory authorities, other assurance engagements, and due diligence services in respect of potential acquisitions and divestitures.

(3)Consist of fees for tax consultation and compliance services, including indirect taxes.

(4)Consists of fees for advisory services related to the proposed acquisition of Shaw Communications Inc.

For the year ended December 31, 2021, none of the Company’s audit-related fees, tax fees or all other fees described in the table above made use of the de minimis exception to pre-approval provisions contained in Rule 2-01 (c)(7)(i)(C) of U.S. Securities and Exchange Commission Regulation S-X or Section 2.4 of the Canadian Securities Administrators’ National Instrument 52-110 (Audit Committees).

3

The following is the pre-approval process:

1.Annually, the Company will provide the Audit and Risk Committee with a list of the audit-related and non-audit services that are anticipated to be provided by the auditor during the year to the Company for pre-approval. The Audit and Risk Committee will review the services with the auditor and management, considering whether the provision of the service is compatible with maintaining the auditor’s independence.

2.Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

3.The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk Committee to approve requests for services not included in the pre-approved list of services or for services not previously pre-approved by the Audit and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

4.A listing of all audit and non-audit services and fees rendered to the Company and its subsidiaries by KPMG LLP will be reviewed each quarter by the Audit and Risk Committee.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements other than those described in Management’s Discussion and Analysis under the heading Off-Balance Sheet Arrangements on page 54 of Exhibit 99.2: Management’s Discussion and Analysis, which is incorporated by reference herein.

TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The information provided in Management’s Discussion and Analysis under the heading Commitments and Contractual Obligations on page 54 of Exhibit 99.2: Management’s Discussion and Analysis, is incorporated by reference herein.

IDENTIFICATION OF THE AUDIT AND RISK COMMITTEE

Our Board of Directors has established an Audit and Risk Committee. The Audit and Risk Committee consists of three directors: Messrs. Gemmell, Cockwell, and Fecan, who are appointed annually by our Board of Directors. Further disclosure is provided under Item 17.2 — Composition of the Audit and Risk Committee of the Company’s Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

DISCLOSURE PURSUANT TO REQUIREMENTS OF THE NEW YORK STOCK EXCHANGE

The disclosure provided under the headings “Composition of the Board”, “Controlled Company Exemption”, “Foreign Private Issuer Status”, “Corporate Governance Practices” and “Conflicts of Interest” beginning on page 25 of the Company’s Annual Information Form, attached as Exhibit 99.1, is incorporated by reference herein.

4

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

    Rogers Communications Inc. undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Rogers Communications Inc. has previously filed with the Commission a Form F-X in connection with its securities. Any change to the name or address of the Company’s agent for service of process shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Company.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Registrant: Rogers Communications Inc.

By:	"Tony Staffieri"	"Glenn Brandt"
	Tony Staffieri	Glenn Brandt
	President and Chief Executive Officer	Chief Financial Officer

Date: March 3, 2022

Subsidiary Guarantor/Co-Obligor: Rogers Communications Canada Inc.

By:	"Tony Staffieri"	"Glenn Brandt"
	Tony Staffieri	Glenn Brandt
	President and Chief Executive Officer	Chief Financial Officer

Date: March 3, 2022

5

EXHIBIT INDEX

Exhibit Number	Description
23.1	Consent of Independent Registered Public Accounting Firm
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †
99.1	Annual Information Form for the fiscal year ended December 31, 2021
99.2	Management’s Discussion and Analysis for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) under cover of a Form 6-K dated March 3, 2022
99.3	Annual Audited Consolidated Financial Statements, together with the reports of independent registered public accounting firm, for the fiscal year ended December 31, 2021

†  This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference on any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

6

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of Rogers Communications Inc.

We, KPMG LLP, consent to the use of:

•our report dated March 3, 2022 on the consolidated financial statements of Rogers Communications Inc. (the “Company”) which comprise the consolidated statements of financial position of the Company as of December 31, 2021 and December 31, 2020, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2021, and the related notes; and

•our report dated March 3, 2022 on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021,

each of which is included in this annual report on Form 40-F of the Company for the fiscal year ended December 31, 2021.

We, KPMG LLP, also consent to the incorporation by reference of such reports in Registration Statement No. 333-237921 on Form F-10 and Registration Statement No. 333-170234 on Form F-3D of the Company.

"KPMG LLP"

Chartered Professional Accountants, Licensed Public Accountants

March 3, 2022

Toronto, Canada

EX-31.1

Exhibit 31.1

Section 302 Certification

Rogers Communications Inc.

CERTIFICATIONS

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 3, 2022	"Tony Staffieri"
	Tony Staffieri
	President and Chief Executive Officer

Rogers Communications Canada Inc.

CERTIFICATIONS

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 3, 2022	"Tony Staffieri"
	Tony Staffieri
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Section 302 Certification

Rogers Communications Inc.

CERTIFICATIONS

I, Glenn Brandt, Chief Financial Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 3, 2022	"Glenn Brandt"
	Glenn Brandt
	Chief Financial Officer

Rogers Communications Canada Inc.

CERTIFICATIONS

I, Glenn Brandt, Chief Financial Officer, certify that:

1.I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5.The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit and risk committee of the issuer’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: March 3, 2022	"Glenn Brandt"
	Glenn Brandt
	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Rogers Communications Inc.

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the “Company”), for the period ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 3, 2022	"Tony Staffieri"
	Tony Staffieri
	President and Chief Executive Officer
Date: March 3, 2022	"Glenn Brandt"
	Glenn Brandt
	Chief Financial Officer

Certification Pursuant to

18 U.S.C. Section 1350

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Rogers Communications Canada Inc.

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the “Company”), for the period ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of Rogers Communications Canada Inc. certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 3, 2022	"Tony Staffieri"
	Tony Staffieri
	President and Chief Executive Officer
Date: March 3, 2022	"Glenn Brandt"
	Glenn Brandt
	Chief Financial Officer

EX-99.1

Exhibit 99.1

ROGERS COMMUNICATIONS INC.

ANNUAL INFORMATION FORM

(for the fiscal year ended December 31, 2021)

March 3, 2022

Rogers Communications Inc. 1 Fiscal 2021

Annual Information Form Index

The following is an index of the Annual Information Form (AIF) of Rogers Communications Inc. referencing the requirements of Form 51-102F2 and Form 52-110F1 of the Canadian Securities Administrators. Certain parts of this Annual Information Form are contained in Rogers Communications Inc.’s Management’s Discussion and Analysis (MD&A) for the fiscal year ended December 31, 2021 (2021 MD&A) and Rogers Communications Inc.’s 2021 Annual Audited Consolidated Financial Statements, each of which is filed on SEDAR at sedar.com and incorporated herein by reference as noted below. All dollar amounts are in Canadian dollars unless otherwise stated.

		Page reference / incorporated by reference from
		Annual Information Form (Page #)	2021 MD&A (Page #)
Item 1	Cover Page	1
Item 2	Index	2
Item 3	Corporate Structure
3.1	Name, Address and Incorporation	4
3.2	Intercorporate Relationships	4
Item 4	General Development of the Business
4.1	Three-Year History	8
4.2	Significant Acquisitions	16
Item 5	Narrative Description of the Business
5.1	About Rogers	17	13
	Understanding Our Business		17
	Products and Services		17
	Competition		18
	Industry Trends		20
	Our Strategy, Key Performance Drivers, and Strategic Highlights		22
	Capability to Deliver Results		26
	Employees		38
	Commitments and Contractual Obligations		54
	Properties, Trademarks, Environmental, and Other Matters	17
5.2	Risk Factors	18	60
Item 6	Dividends
6.1	Dividends	18	52
Item 7	Description of Capital Structure
7.1	General Description of Capital Structure	18
7.2	Constraints	18
7.3	Ratings	19
Item 8	Market for Securities
8.1	Trading Price and Volume	20
8.2	Prior Sales	20
Item 9	Escrowed Securities and Securities Subject to Contractual Restriction on Transfer	20
Item 10	Directors and Officers	21
10.1	Name, Occupation and Security Holding	21
10.2	Cease Trade Orders, Bankruptcies, Penalties, or Sanctions	26
10.3	Conflicts of Interest	27
Item 11	Promoters	27
Item 12	Legal Proceedings and Regulatory Actions
12.1	Legal Proceedings	27	68
12.2	Regulatory Actions	27
Item 13	Interest of Management and Others in Material Transactions	27
Item 14	Transfer Agents and Registrars	28
Item 15	Material Contracts	28

Rogers Communications Inc. 2 Fiscal 2021

		Page reference / incorporated by reference from
		Annual Information Form (Page #)	2021 MD&A (Page #)
Item 16	Interests of Experts
16.1	Name of Experts	28
16.2	Interests of Experts	28
Item 17	Audit and Risk Committee
17.1	Audit and Risk Committee Mandate	29
17.2	Composition of the Audit and Risk Committee	33
17.3	Relevant Education and Experience	33
17.4	Reliance on Certain Exemptions	33
17.5	Reliance on the Exemption in Subsection 3.3(2) or Section 3.6	33
17.6	Reliance on Section 3.8	33
17.7	Audit and Risk Committee Oversight	33
17.8	Pre-Approval Policies and Procedures	33
17.9	External Auditors’ Fees and Services	34
Item 18	Additional Information
18.1	Additional Information	34

Rogers Communications Inc. 3 Fiscal 2021

ITEM 3 – Corporate Structure

ITEM 3.1 – NAME, ADDRESS, AND INCORPORATION

Rogers Communications Inc. is a leading diversified Canadian technology and media company. RCI was amalgamated under the Business Corporations Act (British Columbia). The registered office is located at 2900-550 Burrard Street, Vancouver, British Columbia, V6C 0A3 and the head office is located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

™Rogers and related marks are trademarks of Rogers Communications Inc. or an affiliate, used under licence. All other brand names, logos, and marks are trademarks and/or copyright of their respective owners. ©2022 Rogers Communications

THREE REPORTABLE SEGMENTS

For the purposes of this AIF, we report our results of operations in three reportable segments:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

ITEM 3.2 – INTERCORPORATE RELATIONSHIPS

The following summary organization chart illustrates the structure of the principal subsidiaries of RCI and indicates the jurisdiction of organization of each entity shown as at January 1, 2022.

(1)    Ownership percentages are 100%

(2)    Blue Jays Holdco Inc., together with its subsidiaries, holds a 100% interest in the Toronto Blue Jays Baseball Club (Toronto Blue Jays) and Rogers Centre.

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OVERVIEW

Rogers is Canada’s Largest Provider of Wireless Communications Services

As at December 31, 2021, we had:

•approximately 11.3 million subscribers; and

•approximately 31% subscriber and revenue share of the Canadian wireless market.

One of Canada’s Leading Providers of High-Speed Internet, Cable Television, and Phone Services

As at December 31, 2021, we had:

•approximately 2.7 million high-speed Internet subscribers;

•approximately 0.8 million Ignite TV subscribers; and

•a network passing approximately 4.7 million homes in Ontario, New Brunswick, and on the island of Newfoundland.

Diversified Canadian Media Company

We have a broad portfolio of media properties, which most significantly includes:

•sports media and entertainment, such as Sportsnet™ and the Toronto Blue Jays™;

•our exclusive national 12-year National Hockey League (NHL) Agreement, which runs through the 2025-2026 season;

•category-leading television and radio broadcasting properties;

•multi-platform televised and online shopping; and

•digital media.

PRODUCTS AND SERVICES

Wireless

Rogers is a Canadian leader in delivering a range of innovative wireless network technologies and services. We were the first Canadian carrier to launch a 5G network and we have the largest 5G network in Canada, serving over 1,500 communities and 70% of the Canadian population as at December 31, 2021. Our postpaid and prepaid wireless services are offered under the Rogers™, Fido™, and chatr™ brands, and provide consumers and businesses with the latest wireless devices, services, and applications including:

•mobile high-speed Internet access, including our Rogers Infinite™ unlimited data plans;

•wireless voice and enhanced voice features;

•Rogers Pro On-the-Go™, a personalized service experience for device delivery and set up to a customer's location of choice within the service area;

•Express Pickup, a convenient service for purchasing devices online or through a customer care agent, with the ability to pick up in-store as soon as the same day;

•direct device shipping to the customer's location of choice;

•device and accessory financing;

•device protection;

•in-store expert device repair service;

•global voice and data roaming, including Roam Like Home™and Fido Roam™;

•wireless home phone;

•advanced wireless solutions for businesses, including wireless private network services;

•bridging landline phones with wireless phones through products like Rogers Unison™; and

•machine-to-machine solutions and Internet of Things (IoT) solutions.

Cable

We are one of the largest cable providers in Canada. Our cable network provides an innovative and leading selection of high-speed broadband Internet access, digital television and online viewing, phone, smart home monitoring, and advanced home WiFi services to consumers in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland. We also provide services to businesses across Canada that aim to meet the increasing needs of today's critical business applications.

In 2020, in response to COVID-19, we launched customer self-installation capabilities within Cable as a safe, easy, no-contact way for our customers to install our Ignite Internet™ and Ignite TV™ services. Since launching in late March 2020, over 86% of our Cable installations have been through the self-install program. We also launched Blitzz™, a remote visual assistance tool that enables customers to access support virtually and reduces the need to deploy field technicians for installation and service calls.

In 2021, we launched Ignite Internet Gigabit 1.5 in select areas, giving customers access to even faster Internet service. We also expanded the Ignite WiFi™ Hub app with enhanced Active Time Details and Advanced Security to give customers greater control over their home WiFi.

Internet services include:

•Internet access through broadband and fixed wireless access (including basic and unlimited usage packages), security solutions, and e-mail;

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•access speeds of up to one gigabit per second (Gbps), covering our entire Cable footprint, with some areas able to receive access speeds of up to 1.5 Gbps;

•Rogers Ignite™ and Fido Internet unlimited packages, combining fast and reliable speeds with the freedom of unlimited usage and options for self-installation;

•Rogers Ignite WiFi Hub, offering a personalized WiFi experience with a simple digital dashboard for customers to manage their home WiFi network, providing visibility and control over family usage; and

•Rogers™ Smart Home Monitoring, offering services such as monitoring, security, automation, energy efficiency, and smart control through a smartphone app.

Television services include:

•local and network TV, made available through traditional digital or IP-based Ignite TV, including starter and premium channel packages along with à la carte channels;

•on-demand television;

•cloud-based digital video recorders (DVRs) available with Ignite TV services;

•voice-activated remote controls, restart features, and integrated apps such as YouTube, Netflix, Sportsnet NOW™, and Amazon Prime Video, and Disney+ on Ignite TV;

•personal video recorders (PVRs), including Whole Home PVR and 4K PVR capabilities;

•an Ignite TV app, giving customers the ability to experience Ignite TV (including setting recordings) on their smartphone, tablet, laptop, or computer;

•IgniteTM SmartStreamTM, an entertainment add-on for Ignite Internet customers, giving customers access to their favourite streaming devices in one place;

•Download and Go, the ability to download recorded programs onto a customer's smartphone or tablet to watch at a later time using the Ignite TV app;

•linear and time-shifted programming;

•digital specialty channels; and

•4K television programming, including regular season Toronto Blue Jays™ home games and select marquee NHL and National Basketball Association (NBA) games.

Phone services include:

•residential and small business local telephony service; and

•calling features such as voicemail, call waiting, and long distance.

Enterprise services include:

•voice, data networking, Internet protocol (IP), and Ethernet services over multi-service customer access devices that allow customers to scale and add services, such as private networking, Internet, IP voice, and cloud solutions, which blend seamlessly to grow with their business requirements;

•optical wave, Internet, Ethernet, and multi-protocol label switching services, providing scalable and secure metro and wide area private networking that enables and interconnects critical business applications for businesses that have one or many offices, data centres, or points of presence (as well as cloud applications) across Canada;

•simplified information technology (IT) and network technology offerings with security-embedded, cloud-based, professionally managed solutions;

•extensive cable access network services for primary, bridging, and back-up (including through our wireless network, if applicable) connectivity; and

•specialized telecommunications technical consulting for Internet service providers (ISPs).

Media

Our portfolio of Media assets, with a focus on sports and regional TV and radio programming, reaches Canadians from coast to coast.

In Sports Media and Entertainment, we own the Toronto Blue Jays, Canada's only Major League Baseball (MLB) team, and the Rogers Centre™ event venue, which hosts the Toronto Blue Jays' home games, concerts, trade shows, and special events.

Our NHL Agreement, which runs through the 2025-2026 NHL season, allows us to deliver more than 1,300 regular season games during a typical season across television, smartphones, tablets, and personal computers, and streaming devices both through traditional streaming services as well as through NHL LIVE™. It also grants Rogers national rights on those platforms to the Stanley Cup Playoffs and Stanley Cup Final, all NHL-related special events and non-game events (such as the NHL All-Star Game and the NHL Draft), and rights to sublicense broadcasting rights.

In Television, we operate several conventional and specialty television networks, including:

•Sportsnet's four regional stations along with Sportsnet ONE™, Sportsnet 360™, and Sportsnet World™;

•Citytv™ network, which, together with affiliated stations, has broadcast distribution to approximately 76% of Canadian individuals;

•OMNI™ multicultural broadcast television stations, including OMNI Regional, which provide multilingual newscasts nationally to all digital basic television subscribers;

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•specialty channels that include FX™ (Canada), FXX™ (Canada), and OLN™ (formerly Outdoor Life Network); and

•Today's Shopping Choice™, Canada's only nationally televised shopping channel, which generates a significant and growing portion of its revenue from online sales.

In Radio, we operate 54 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI™, 680 NEWS™, Sportsnet The FAN™, KiSS™, JACK FM™, and SONiC™.

We also offer a range of digital services and products, including:

•our digital sports-related assets, including NHL LIVE and SN NOW™;

•other digital assets, including Citytv NOW™; and

•a range of other websites, apps, podcasts, and digital products associated with our various brands and businesses.

Other

We offer several credit cards, including the Rogers™ World Elite Mastercard, Rogers™ Platinum Mastercard, and the Fido™ Mastercard, which allow customers to earn cashback rewards points on credit card spending.

Other Investments

We hold interests in a number of associates and joint arrangements, some of which include:

•our 37.5% ownership interest in Maple Leaf Sports & Entertainment Ltd. (MLSE), which owns the Toronto Maple Leafs, the Toronto Raptors, Toronto FC, the Toronto Argonauts, and the Toronto Marlies, as well as various associated real estate holdings; and

•our 50% ownership interest in Glentel Inc. (Glentel), a large provider of multicarrier wireless and wireline products and services with several hundred Canadian retail distribution outlets.

We also hold a number of interests in marketable securities of publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc.

WIDESPREAD PRODUCT DISTRIBUTION

Wireless

We have an extensive national distribution network and offer our wireless products nationally through multiple channels, including:

•company-owned Rogers, Fido, and chatr retail stores;

•customer self-serve using rogers.com, fido.ca, chatrwireless.com, and e-commerce sites;

•an extensive independent dealer network;

•major retail chains and convenience stores;

•other distribution channels, such as WOW! mobile boutique™, as well as Wireless Wave and TBooth Wireless through our ownership interest in Glentel;

•our contact centres;

•outbound telemarketing; and

•Rogers Pro On-the-Go, a personalized retail service that delivers and sets up new wireless devices to the customer's location of choice within the service area.

Cable

We distribute our residential cable products using various channels, including:

•company-owned Rogers and Fido retail stores;

•customer self-serve using rogers.com and fido.ca;

•our contact centres, outbound telemarketing, and door-to-door agents; and

•major retail chains.

Our sales team and third-party retailers sell services to the business, public sector, and carrier wholesale markets. An extensive network of third-party channel distributors deals with IT integrators, consultants, local service providers, and other indirect sales relationships. This diverse approach gives greater breadth of coverage and allows for strong sales growth for next-generation services.

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ITEM 4 – General Development of the Business

ITEM 4.1 – THREE-YEAR HISTORY

RECENT DEVELOPMENTS

2022 Highlights to Date

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share in January 2022.

•Issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years in February. We received net proceeds of US$740 ($938) million from the issuance.

2021 Highlights

For revenue and other financial information on the two most recently completed financial years, see the section entitled "2021 Financial Results" in our 2021 MD&A.

On March 15, 2021, we announced an agreement with Shaw Communications Inc. (Shaw) to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares for a price of $40.50 per share (Transaction). The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt. See Item 4.2 for more information on the Transaction.

Create best-in-class customer experiences by putting our customers first in everything we do

•Improved Wireless postpaid churn by 5 basis points to 0.95%.

•Continued to accelerate our digital-first plan to make it easier for customers, with digital adoption at 86.1%, up from 84.0% in 2020.

•Rogers Pro On-the-Go™ service has continued expanding across the country, bringing our device delivery and set-up support program access to more than 16 million Canadians.

•Transformed 130 retail stores into dual-door locations that offer both Rogers™ and Fido™ brands, growing our distribution footprint nationally to a total of 140 dual-door locations, including our flagship store at Yonge and Dundas in Toronto.

•Launched Express Pickup through our customer care channels, a free service that allows customers to purchase a new device through a customer care agent and pick it up the same day in-store.

•Launched certified walk-in repairs in select Rogers and Fido locations, offering our customers fast and reliable service to fix batteries, screens, cameras, audio, software, and more.

•Expanded our Fido Payment Program so mobile customers can get accessories for $0 down and 0% interest, and no taxes upfront.

Invest in our networks and technology to deliver leading performance, reliability and coverage

•Expanded Canada's largest and most reliable 5G network which reached more than 1,500 communities and 70% of the Canadian population as at December 31, 2021.

•Invested $3.3 billion in 3500 MHz spectrum licences, covering 99.4% of the Canadian population, to enhance and accelerate the expansion of Canada's first, largest, and most reliable 5G network. This investment positions Rogers as the largest single investor in 5G spectrum in the country across rural, suburban, and urban markets.

•Awarded Best In Test and recognized as Canada's most reliable 4G and 5G network by umlaut, the global leader in mobile network benchmarking, for the third year in a row in July, and ranked number one in 5G Reach, 5G Availability, 5G Voice App Experience, 5G Games Experience, and tied first for 5G Upload Speed in Canada by OpenSignal in August.

•Recognized as Canada's most consistent national wireless and broadband provider by Ookla for Q4 2021, with the fastest fixed broadband Internet in Ontario, New Brunswick, and Newfoundland and Labrador.

•Completed the rollout of Canada's first national standalone 5G core to help bring the best of 5G to our customers and achieved the first 5G standalone device certification in Canada.

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•Announced a multi-year partnership with Coastal First Nations in British Columbia, which includes a commitment to build five new cell towers, provide more than 100 kilometres of new service coverage along Highway 16 on Graham Island, and improve wireless connectivity throughout Haida Gwaii. We broke ground on the first tower in December 2021.

•Announced a $300 million agreement, alongside the Government of Canada, the Province of Ontario, and the Eastern Ontario Regional Network, to expand wireless connectivity in rural and remote communities throughout eastern Ontario, the largest wireless private-public partnership in Canadian history.

•Announced investments of over $350 million to connect almost 50,000 homes and businesses in Ontario, New Brunswick, and Newfoundland and Labrador, fully funded by Rogers.

•In partnership with the Governments of Canada and British Columbia, we announced 12 new cell tower sites to enhance wireless coverage along Highway 16 between Prince George and Prince Rupert; we broke ground on the first tower in December 2021.

•Announced the construction of seven new towers along Highway 14 from Sooke to Port Renfrew in partnership with Governments of Canada and British Columbia, and more than 90 kilometres of new coverage along Highways 95 and 97 in partnership with the government of British Columbia.

Drive market-leading growth in each of our lines of business

•Launched Ignite Internet Gigabit 1.5 to eligible customers, giving customers access to even faster Internet service.

•Launched the first "Wireless Private Network" managed solution nationally in Canada, through Rogers for Business, enabling large enterprises to transform their digital capabilities and drive innovation in their business.

•Unveiled Sportsnet's new state-of-the-art NHL Studio, one of the first entirely IP-based sports studios in North America, capable of delivering interactive and immersive content through augmented and virtual reality, real-time data and statistics, and in-broadcast versatility.

•Launched eight streaming services on our Ignite TV and Ignite™ SmartStream™ platforms, including Disney+ and Spotify, enhancing Rogers industry-leading selection of streaming services.

•Relaunched Sportsnet NOW, delivering world-class stream quality and reliability combined with new pricing and packaging that gives customers more flexibility and choice; paid subscriber growth is up over 175% year-on-year.

•Launched a Cloud Unified Communications product in Rogers for Business™, a feature-rich, cloud-based phone system for enterprise business customers with complex needs.

Drive best-in-class financial outcomes for our shareholders

•Earned total service revenue of $12,533 million, up 5%.

•Attracted 448,000 net Wireless postpaid subscribers, 49,000 net Internet subscribers, and 244,000 net Ignite TV subscribers.

•Generated free cash flow1 of $1,671 million and cash provided by operating activities of $4,161 million.

•Paid dividends of $1,010 million to our shareholders.

Develop our people, drive engagement, and build a high-performing and inclusive culture

•Awarded Canada's Top 100 Employers, including in the Greater Toronto Area, for Young People, Best Diversity Employer, and Greenest Employers by MediaCorp Canada Inc. in November 2021; LinkedIn Canada's Top 25 Companies in April 2021; and Canada's Most Admired Corporate Cultures by Waterstone Human Capital in October 2021.

•Announced and implemented mandatory vaccinations or rapid testing for anyone entering our workplace sites, including all team members, contractors, and visitors.

•Achieved a score of 89% for employee pride in our employee pulse survey in June 2021.

1    Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" in our 2021 MD&A for more information about this measure, available at www.sedar.com.

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Be a strong, socially and environmentally responsible leader in our communities

•Awarded 90 Ted Rogers Community Grants across Canada in 2021, to organizations supporting Canadian youth. Nearly 400 Ted Rogers Community Grants have been awarded since 2017.

•Awarded Ted Rogers Scholarships to 375 young Canadians for post-secondary studies. Nearly three quarters of all scholarships in the Class of 2021 were awarded to youth from equity-deserving communities.

•Expanded our ESG Report and introduced an interactive multimedia Social Impact Report, celebrating and tracking our impact on the environment and our communities. We now disclose information in accordance with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD) standards, and we committed to supporting the United Nations Sustainable Development Goals.

•Launched a 2021 Orange Shirt Day campaign in support of Indigenous communities across the country. Over the past two years, the Orange Shirt Day campaign has raised $250,000 for the Orange Shirt Society and the Indian Residential School Survivors Society (IRSSS).

•Launched our new corporate responsibility brand, Generation Possible™, the youth and education pillar focused on giving the next generation the chance they need to succeed through Ted Rogers Scholarships, Community Grants, and Jays Care™ Foundation. Team Possible is about our team and partners' commitment to making a meaningful impact in communities through volunteering, bridging the digital divide, and partnering with organizations like Women's Shelters Canada.

•Expanded eligibility for Connected for Success, so even more Canadians can connect to social services, learning, employment, and loved ones. Now available to upwards of 750,000 Canadian households, the expanded low-cost high-speed Internet program is available across our Internet footprint in Ontario, New Brunswick, and Newfoundland to eligible customers receiving disability, seniors' or income support, and through rent-geared-to-income community housing partners.

Other highlights

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2021.

•Issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years in December. We received net proceeds of $1,980 million from the issuance.

•Ended the year with approximately $4.2 billion of available liquidity2, including $3.1 billion available under our bank and letter of credit facilities, $0.4 billion available under our $1.2 billion receivables securitization program, and $0.7 billion in cash and cash equivalents.

2020 Highlights

Create best-in-class customer experiences by putting our customers first in everything we do

•Improved Wireless postpaid churn by 11 basis points to 1.00%.

•Accelerated our digital-first plan and added self-serve options during COVID-19, with overall digital adoption up 6 points to 84% and virtual assistant conversations up over 130%.

•Moved to 100% Canada-based customer care specialists and opened our Kelowna customer solution centre virtually.

•Introduced an Ignite self-installation program, including a Drop & Go option, as a safe, easy, no-contact way for customers to install our Ignite Internet and Ignite TV services, with over 93% of customers easily installing their products themselves since the beginning of April.

•Launched Blitzz, a remote visual assistance tool, with our technical support team to enable prompt virtual assistance and reduce the need to deploy field technicians for installation and service calls.

•Launched Express Pickup, making us the only national carrier to give customers the convenience of ordering online and picking up in-store on the same day.

•Launched WeFix, a new smartphone repair service at select retail locations allowing customers to get their devices repaired within hours.

2    Available liquidity is a capital management measure. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our 2021 MD&A for more information about this measure, available at www.sedar.com.

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•Expanded Pro On-the-Go to cities across Canada, including Vancouver, Calgary, Edmonton, and Ottawa, a Canadian telecommunications exclusive that brings the store to the customer’s door, as soon as the same day, with free phone delivery and one-on-one expert setup support.

•Expanded financing to device accessories to make the latest accessories affordable for Rogers customers, including AirPods, Google Nest products, cases, screen protectors, chargers, smart bulbs, and more.

•Increased adoption of 5G-ready Rogers Infinite unlimited data plans to over 2.5 million subscribers, the largest unlimited customer base in Canada.

•Grew adoption of Fido Data Overage Protection plans to two-thirds of Fido customers.

•Launched chatr credit cards to help more Canadian residents build or rebuild their credit, facilitating participation in the digital economy.

•Launched DAY PASS™, a daily payment option, and Top Up as a Guest, which allows customers to top up an account without signing in, on chatr, both new features focused on affordability and flexibility.

•Supported customers with goodwill measures at the onset of COVID-19 by waiving pay-per-use international roaming fees in all available destinations until April 30, 2020 and long-distance voice calling fees across Canada until June 30, 2020.

•Implemented flexible payment options for customers facing financial uncertainty as a result of COVID-19, with no account suspensions or disconnections for a designated period of time.

•Appointed a Chief Customer Officer as a member of our Executive Leadership Team to strengthen the voice of our customers and frontline teams and launched Connecting with our Customers, where people leaders spend a day with frontline teams to strengthen their understanding of the customer experience and customer improvement processes.

Invest in our networks and technology to deliver leading performance and reliability

•Launched and expanded Canada's first and largest 5G network serving over 170 cities and towns.

•Started rolling out Canada’s first 5G standalone core network in Montreal, Ottawa, Toronto, and Vancouver to be ready to support future devices and chipsets as they become available.

•Awarded best wireless network in Canada for the second year in a row, in July, by umlaut, the global leader in mobile network benchmarking, and earned the number one spot in the Canada Wireless Network Quality Study by J.D. Power in the West and Ontario, in April.

•Ranked fastest broadband Internet provider in Ontario and New Brunswick and Canada's most consistent national wireless network and Internet provider in the fourth quarter, according to Ookla’s Speedtest results.

•Evolved our 5G partner ecosystem and 5G research and development, including through the launch of Canada's first 5G smart city in Kelowna in partnership with the University of British Columbia and the launch of the 5G Create Lab at Communitech to develop leading 5G solutions.

•Became a founding member of the 5G Future Forum, which is focused on developing interoperable 5G standards across key geographic regions, including the Americas, Asia-Pacific, and Europe.

•Strengthened our Advanced Services portfolio to help make it easier for businesses and governments to serve their customers and citizens, including with new IoT collaborations, and established the Rogers Internet of Things Chair with the University of Calgary to advance IoT research.

•Expanded our cable network through the acquisition of Cable Cable Inc. and Ruralwave Inc., local telecommunications companies in the Ontario Kawartha Lakes region, and announced a partnership with Southwestern Integrated Fibre Technology (SWIFT) to bring services to underserved communities in the Regional Municipality of Waterloo and Dufferin, Norfolk, Oxford and Simcoe counties in Ontario.

•Started rolling out wireless home broadband Internet service to more than 100 communities in Southwestern Ontario as part of our commitment to expand connectivity to rural and remote areas.

•Added capacity and managed traffic where needed to ensure customers stayed connected during COVID-19, with total traffic on our wireline networks up by over 50% during the first months of COVID-19 as more people started working from home.

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•Launched and added capacity for government 1-800 numbers to serve citizens during the public health crisis and enabled temporary COVID-19 health assessment centres.

Deliver innovative solutions and compelling content that our customers will love

•Launched Ignite SmartStream, an entertainment add-on for Ignite Internet customers, to give customers access to their favourite streaming services in one place.

•Launched an exclusive offer in Canada to provide the first six months free when signing up to Apple Music for customers on select Rogers Infinite™ plans, delivering more value to our customers.

•Launched 14 new apps and subscription video on-demand services on Ignite TV and expanded free content on Ignite TV with the introduction of new apps, including Fun at Home and Health at Home, tubi, XITE, and zone-ify; launched access to Amazon Music so customers can listen to their favourite music, as well as thousands of playlists and stations.

•Launched Rogers Smart Community™ in partnership with 1VALET to deliver a new platform that consolidates building and management activities into one seamless experience for multi-residential communities and condominiums.

•Leveraged our media assets to advance inclusion and diversity, including a prime-time special Ending Racism: What Will it Take?, a new digital series LIVE: #Cityline Real on Race, and a new Sportsnet interview series Top of HER Game™.

•Launched two new national daily newscasts in Arabic and Filipino on OMNI Television to reflect these communities and shed light on underreported topics and issues.

•Brought gender equality in sports to the forefront with the first all-female broadcast team to call an NHL game, a week-long national programming campaign shining the spotlight on female sports game-changers, and partnered with Ryerson University on the Sportsnet Diversity & Gender Equity program.

•Provided free access for our customers to a rotating selection of channels for a select period of time during COVID-19 and temporarily removed data usage caps for customers on limited home Internet plans so they could stream, surf, and connect during the initial phase of the pandemic.

•Created original content and programming for Sportsnet viewers with the suspension of live sports during COVID-19.

•Delivered industry-leading coverage with the return of live sports, with Sportsnet™ the most-watched sports media brand in Canada in 2020 and Sportsnet National the number-one Canadian network overall in primetime in August.

Drive profitable growth in all the markets we serve

•Expanded consolidated adjusted EBITDA margin3 by 90 basis points.

•Attracted 245,000 net Wireless postpaid subscribers, 57,000 net Internet subscribers, and 218,000 net Ignite TV subscribers.

•Generated free cash flow of $2,366 million, up 4%.

Develop our people and a high performance culture

•Achieved an all-time high employee engagement score of 87% in our annual employee survey, up two points from 2019 and seven points above best-in-class.

•Achieved an all-time high score of 93% for employee pride in a company-wide pulse survey during the first months of COVID-19, six points above best-in-class.

•Received Canada’s Top 100 Employers Award (2021) for the eighth year in a row, by Mediacorp Canada Inc., including Top Employers in the Greater Toronto Area (2021), Top Employers for Young People in Canada (2021), and Best Diversity Employers in Canada (2020).

•Reclaimed certification for Canada's Most Admired Corporate Cultures by Waterstone Human Capital in 2020.

•Accelerated progress during COVID-19 on our plan to offer increased flexibility to our employees through work-from-home programs across the company, with 90% of employees currently working remotely, including approximately 7,000 customer solution specialists.

3 Adjusted EBITDA margin is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our 2021 MD&A for an explanation as to the composition of this measure, available at www.sedar.com.

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•Delivered enhanced programs and employee communications to ensure employees were supported and informed during COVID-19, with 83% of our teams reporting in our annual employee survey they felt supported on well-being & work-life balance during COVID-19.

•Extended our employee virtual health care solution in partnership with Sun Life to give employees and their families quick access to health care professionals during COVID-19.

•Launched a new five-year Inclusion and Diversity (I&D) Strategy with measurable targets, including representation goals for equity-seeking groups across the business, and held 85 I&D events and listening sessions through our Employee Resource Groups.

•Launched For the Love of Work™, Made Possible by Rogers, a podcast that explores key themes at the heart of a winning employee experience, including resilience, inclusion and diversity, and values, to attract talent and build pride within our team; ranked top 5 in Careers Canada charts on Apple Podcasts from October to December.

Be a strong, socially responsible leader in our communities across Canada

•Partnered with Food Banks Canada (FBC) and Jays Care Foundation for Step Up to the Plate, the largest food hamper program in the organization’s history to distribute eight million meals for Canadian families; launched an awareness campaign across our media and digital assets to raise money for FBC to address acute food shortages during COVID-19; and donated more than one million meals through a corporate donation and employee contributions.

•Launched the 60,000 Hours Challenge as part of The 60 Project to mark our 60th anniversary in 2020, with employee volunteers supporting over 200 organizations.

•Announced a $10 million commitment over the next five years in free advertising and creative services to charities and small businesses that support Black, Indigenous and People of Colour (BIPOC) and equity-seeking communities by leveraging our sports and media assets as part of our I&D plan.

•Raised approximately $1 million through the Hearts and Smiles campaign in support of The Frontline Fund to help Canada’s frontline health care workers during COVID-19.

•Provided thousands of devices and free voice and data plans as digital lifelines to vulnerable Canadians to help them stay connected, in partnership with Women’s Shelters Canada, National Aboriginal Circle Against Family Violence, Big Brothers Big Sisters of Canada, Pflag Canada, LGBTQ2S+ organizations, seniors’ homes, hospitals, and youth organizations.

•Provided advertising space across our media and digital assets to promote sheltersafe.ca for women escaping violence and abuse and provided financial support through our Fido brand to national organizations supporting LGBTQ2S+ people.

•Launched the Team Rogers Community Draft to support families as children return to sport, with assistance toward league fees and access to mentorship.

•Partnered with the Orange Shirt Society, in its efforts to expand Indigenous education across Canada and raise awareness on Indigenous reconciliation, with a specially designed t-shirt for Orange Shirt Day by Ojibwe artist Patrick Hunter sold on Today's Shopping Choice and raising nearly $100,000, with all proceeds going to the society.

•Donated $1 million to the Jays Care Foundation to deliver programs to support 35,000 youth across Canada, including virtual summer camps for 10,000 marginalized youth.

•Awarded scholarships, through the Ted Rogers Scholarship Fund, to over 400 young people to pursue post-secondary education, with an estimated 75% of community recipients from BIPOC.

•Provided nearly $1 million in community grants for the 2019-2020 year to organizations across Canada that support youth and education.

•Expanded our low-cost Internet program Connected for Success to reach over 250,000 households with 340 housing partners.

Other highlights

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2020.

•Issued $1.5 billion 7-year 3.65% senior notes in March. We received net proceeds of $1,484 million from the issuance.

Rogers Communications Inc. 13 Fiscal 2021

•Issued US$750 million 2-year LIBOR + 0.60% senior notes in June and fully hedged the foreign exchange risk. We received net proceeds of $1,014 million from the issuance.

•Ended the year with approximately $5.7 billion of available liquidity, including $2.6 billion available under our bank and letter of credit facilities, $0.6 billion available under our $1.2 billion receivables securitization program and $2.5 billion in cash and cash equivalents.

•In April 2020, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2020 NCIB) that allows us to purchase, during the twelve-month period beginning April 24, 2020 and ending April 23, 2021, the lesser of 34.9 million Class B Non-Voting Shares and that number of Class B Non-Voting Shares that could be purchased under the 2020 NCIB for an aggregate purchase price of $500 million. Rogers security holders may obtain a copy of this notice, without charge, by contacting us. We have not purchased any Class B Non-Voting Shares under the 2020 NCIB.

2019 Highlights

Create best-in-class customer experiences by putting our customers first in everything we do

•Increased our customer likelihood to recommend scores across all business units.

•Improved service levels in our call centres and reduced the average handle time.

•Grew online digital adoption and reduced call volume into our call centres.

•Launched Rogers Infinite unlimited data plans with no overage charges, the first national Canadian carrier to introduce such plans.

•Introduced 24-month $0 down, interest-free wireless device financing on Rogers Infinite plans.

•Attracted 1.4 million customers to our new Rogers Infinite unlimited data plans.

•Announced a new customer solutions centre in Kelowna, BC, to better serve our customers across time zones.

•Launched Rogers Pro On-the-Go, a new, personalized retail service that delivers and sets up new wireless devices to the customer's location of choice within the service area.

•Launched Fido Data Overage Protection, which pauses data usage when a customer's limit is reached so they can enjoy their wireless services worry-free.

•Ended the year with over 325,000 subscribers on Ignite TV, the foundation of our Connected Home future.

•Invested in our IT infrastructure to improve system stability, decreasing customer-impacting minutes by over 80%.

Invest in our networks and technology to deliver leading performance and reliability

•Secured 20-year 600 MHz spectrum licences covering all provinces and territories across the country for a total price of $1.7 billion to give our customers the best wireless experience. This low-frequency spectrum is a critical foundation for deploying 5G technology across Canada.

•Announced our initial rollout of Canada’s first 5G network in downtown Vancouver, Toronto, Ottawa, and Montreal in preparation for the commercial availability of 5G devices in 2020.

•Became a founding member of the 5G Future Forum, which will collaborate to develop interoperable 5G standards for Mobile Edge Computing across key geographic regions, including the Americas, Asia-Pacific, and Europe.

•Turned on Canada's first 5G-powered campus at the University of British Columbia to facilitate pre-commercial research and testing of 5G applications and announced a three-year partnership agreement with the University of Waterloo to advance 5G research.

•Announced the launch of a 5G innovation hub that will test 5G applications and use cases at Communitech in Waterloo.

•Awarded "Best in Test" for overall wireless customer experience nationally by Umlaut, a global mobile network benchmarking leader, based on measurement testing conducted between May 6 and July 15, 2019.

•Awarded, in October 2019, the 2019 Speedtest® Award for Canada's Fastest Internet by Ookla, a global leader in fixed broadband mobile network testing.

Rogers Communications Inc. 14 Fiscal 2021

•Announced a reciprocal roaming arrangement with AT&T to extend LTE-M coverage for IoT customers throughout Canada and the United States.

Deliver innovative solutions and compelling content that our customers will love

•Launched Sportsnet Now and Amazon Prime Video on Ignite TV.

•Launched Ignite TV in Newfoundland and New Brunswick.

•Invested $683 million during the 2019 broadcast year to create and produce compelling Canadian content.

•Launched the Ignite WiFi Hub app and introduced Wall-to-Wall WiFi pods to manage home WiFi networks and enhance WiFi connectivity in homes.

•Partnered with the Aboriginal Peoples Television Network to broadcast the first-ever NHL game in Plains Cree.

Drive profitable growth in all the markets we serve

•Achieved our revised 2019 guidance targets.

•Grew adjusted EBITDA4 by 4%.

•Attracted 334,000 net new wireless postpaid subscribers and 104,000 net new Internet subscribers.

•Returned $1.7 billion to shareholders through dividend payments and share repurchases.

Develop our people and a high performance culture

•Achieved a company-wide engagement score of 85%, five points above global best-in-class companies.

•Recognized, in November 2019, as one of Canada's Top 100 employers by MediaCorp Canada Inc. for the 7th year in a row.

•Recognized, in November 2019, as one of Canada's Most Admired Corporate Cultures by Waterstone.

•Recognized, in July 2019, as one of the 50 Most Engaged Workplaces in North America by Achievers for our leadership and innovation in engaging our employees and workplaces.

•Named to the 2019 Bloomberg Gender-Equality Index in January 2019, which named 230 companies committed to transparency in gender reporting and advancing women's equality in the workplace.

•Recognized, in March 2019, as one of Canada's Best Diversity Employers by MediaCorp Canada Inc.

•Named, in May 2019, to the LGBT Corporate Canadian Index, an index that recognizes companies advancing equality.

•Announced a $10 million investment to support a new cybersecurity centre at Ryerson University focused on building diverse digital skills of the future and to help fulfill our ongoing demand for skilled cybersecurity professionals.

Be a strong, socially responsible leader in our communities across Canada

•Contributed $14 billion in economic value to the Canadian economy.

•Contributed over $60 million through cash and in-kind investments to help our communities thrive.

•Made a meaningful difference in the lives of youth through the Ted Rogers Scholarship Fund, Jays Care Foundation, and the Ted Rogers Community Grants program.

•Expanded our Connected for Success™ affordable broadband program to 335 community housing partners.

•Raised over $2 million for over 1,100 charities during Give Together Month, with Rogers matching employee donations up to $1,000.

•Volunteered 20,000 hours to support 80 volunteer events across Canada for our second annual Give Together™ Volunteer Days.

4 Adjusted EBITDA is a total of segments measure. See "Non-GAAP and Other Financial Measures" in our 2021 MD&A for more information about this measure, available at www.sedar.com.

Rogers Communications Inc. 15 Fiscal 2021

Other highlights

•Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2019.

•Issued $1.0 billion 10-year 3.25% senior notes in April. We received net proceeds of $993 million from the issuance.

•Issued US$1.25 billion 30-year 4.35% senior notes in April and fully hedged the foreign exchange risk. We received net proceeds of $1,656 million from the issuance.

•Issued US$1.0 billion 30-year 3.7% senior notes in November and fully hedged the foreign exchange risk. We received net proceeds of $1,283 million from the issuance.

•In April 2019, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2019 NCIB) that allowed us to purchase, during the twelve-month period beginning April 24, 2019 and ending April 23, 2020, the lesser of 35.7 million Class B Non-Voting Shares and that number of Class B Non-Voting Shares that could be purchased under the 2019 NCIB for an aggregate purchase price of $500 million. In 2019, we purchased 9.9 million shares under our NCIB programs for $655 million. Pursuant to the 2019 NCIB, we repurchased for cancellation 7.7 million Class B Non-Voting Shares for $500 million, thereby purchasing the maximum allowed under the 2019 NCIB. Pursuant to the 2018 NCIB, as defined below under 2018 Highlights, we repurchased for cancellation 2.2 million Class B Non-Voting Shares for $155 million.

ITEM 4.2 – SIGNIFICANT ACQUISITIONS

On March 15, 2021, we announced an agreement to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share. The Shaw Family Living Trust, the controlling shareholder of Shaw, and certain members of the Shaw family and certain related persons (Shaw Family Shareholders) will receive (i) $16.20 in cash and (ii) 0.417206775 Class B Non-Voting Shares of Rogers per Shaw Share held by the Shaw Family Shareholders. The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt.

The Transaction will be implemented through a court-approved plan of arrangement under the Business Corporations Act (Alberta). On May 20, 2021, Shaw shareholders voted to approve the Transaction at a special shareholders meeting. The Court of Queen's Bench of Alberta issued a final order approving the Transaction on May 25, 2021. The Transaction is subject to other customary closing conditions, including making certain filings with, and obtaining certain consents and approvals from, various governmental and regulatory authorities, including the Competition Bureau, ISED Canada, and the CRTC. Subject to receipt of all required approvals and satisfaction of other conditions prior to closing, the Transaction is expected to close in the first half of 2022. Rogers has extended the outside date for closing the Transaction from March 15, 2022 to June 13, 2022 in accordance with the terms of the arrangement agreement.

For a description of the Shaw Transaction, please see “Shaw Transaction” on page 16 of our 2021 MD&A.

Rogers Communications Inc. 16 Fiscal 2021

ITEM 5 – Narrative Description of the Business

ITEM 5.1 – GENERAL – BUSINESS OVERVIEW

This section incorporates by reference the following sections contained in our 2021 MD&A:

About Rogers	13
Understanding Our Business	17
Wireless	17
Cable	17
Media	17
Products and Services	17
Wireless	17
Cable	17
Media	18
Other	18
Other Investments	18
Competition	18
Wireless	19
Cable	19
Media	19
Industry Trends	20
Our Strategy, Key Performance Drivers, and Strategic Highlights	22
Capability to Deliver Results	26
Employees	38
Commitments and Contractual Obligations	54

PROPERTIES, TRADEMARKS, ENVIRONMENTAL, AND OTHER MATTERS

In most instances, the Company, through its subsidiaries, owns the assets essential to its operations. Our major fixed assets are:

•transmitters; microwave systems; antennae; buildings; electronic transmission, receiving, and processing accessories; and other wireless network equipment (including switches, radio channels, base station equipment, microwave facilities, and cell equipment);

•coaxial and fibre optic cables; set-top terminals, cable modems, and home monitoring equipment; electronic transmission, receiving, processing, digitizing, and distributing equipment; IP routers; data storage servers and network management equipment; and microwave equipment and antennae; and

•radio and television broadcasting equipment (including television cameras and television and radio production facilities and studios).

We either own or license the operating systems and software related to these assets. We also lease various distribution facilities from third parties, including space on utility poles and underground ducts for the placement of some of the cable distribution system. We either own or lease land or premises for the placement of hub sites, head-ends, switches, and space for other portions of the cable distribution system. We also lease premises and space on buildings for the placement of antenna towers. We have highly clustered and technologically advanced broadband cable networks in the provinces of Ontario, New Brunswick, and on the island of Newfoundland.

We operate a North American transcontinental fibre-optic network extending 81,000 kilometres, providing a significant North American geographic footprint connecting Canada’s largest markets while also reaching key US markets for the exchange of data and voice traffic, also known as peering.

We own or have licensed various brands and trademarks used in our businesses. Certain of our trade names and properties are protected by trademark and/or copyright. We maintain customer lists for our businesses. Our intellectual property, including our trade names, brands, properties, and customer lists, is important to our operations.

In 2021, we spent approximately $0.2 million relating to environmental protection and management requirements. Environmental protection and management requirements applicable to our operations are not expected to have a significant effect on our capital expenditures, earnings, or competitive position in the current or future fiscal years.

Rogers Communications Inc. 17 Fiscal 2021

ITEM 5.2 – RISK FACTORS

The following section is incorporated by reference herein: “Risks and Uncertainties Affecting Our Business” contained on pages 60 to 69 of our 2021 MD&A.

ITEM 6 – Dividends

ITEM 6.1 – DIVIDENDS

On January 26, 2022, the RCI Board of Directors (the Board) declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 1, 2022, to shareholders of record on March 10, 2022.

The table below shows when dividends have been declared and paid on the Class A Voting Shares and Class B Non-Voting Shares for the three most recently completed financial years.

Declaration date	Record date	Payment date	Dividend per share (dollars)	Dividends paid (in millions of dollars)
January 27, 2021	March 10, 2021	April 1, 2021	0.50	252
April 20, 2021	June 10, 2021	July 2, 2021	0.50	253
July 20, 2021	September 9, 2021	October 1, 2021	0.50	253
October 20, 2021	December 10, 2021	January 4, 2022	0.50	252
January 21, 2020	March 10, 2020	April 1, 2020	0.50	252
April 21, 2020	June 10, 2020	July 2, 2020	0.50	253
July 21, 2020	September 9, 2020	October 1, 2020	0.50	253
October 21, 2020	December 10, 2020	January 4, 2021	0.50	252
January 24, 2019	March 12, 2019	April 1, 2019	0.50	257
April 19, 2019	June 10, 2019	July 2, 2019	0.50	256
June 5, 2019	September 9, 2019	October 1, 2019	0.50	256
October 23, 2019	December 11, 2019	January 2, 2020	0.50	253

ITEM 7 – Description of Capital Structure

ITEM 7.1 – GENERAL DESCRIPTION OF CAPITAL STRUCTURE

The information required under the heading General Description of Capital Structure is contained in the 2021 Audited Consolidated Financial Statements, Note 24, and is incorporated herein by reference.

Each Class A Voting Share of RCI carries the right to fifty votes on a poll and may be voted at the meetings of shareholders of RCI. Holders of Class B Non-Voting Shares of RCI and any series of preferred shares of RCI are entitled to receive notice of and to attend meetings of shareholders of RCI, but except as required by law or stipulated by stock exchanges, are not entitled to vote at such meetings. If an offer is made to purchase outstanding Class A Voting Shares, there is no requirement under applicable law or RCI’s constating documents that an offer be made for the outstanding Class B Non-Voting Shares and there is no other protection available to holders of Class B Non-Voting Shares under RCI’s constating documents. If an offer is made to purchase both Class A Voting Shares and Class B Non-Voting Shares, the offer for the Class A Voting Shares may be made on different terms than the offer made to the holders of Class B Non-Voting Shares.

ITEM 7.2 – CONSTRAINTS

RESTRICTIONS ON THE TRANSFER, VOTING, AND ISSUE OF SHARES

We have ownership interests in several Canadian entities licensed or authorized to operate under applicable communications laws (the Laws) including the: 

•Broadcasting Act (Canada);

•Telecommunications Act (Canada); and

•Radiocommunication Act (Canada).

The Laws have foreign ownership limits (the Limits) for various classes of licensed or authorized entities. A copy of the Limits can be obtained from our Corporate Secretary. The Laws also impose a number of restrictions on changes in

Rogers Communications Inc. 18 Fiscal 2021

effective control of licensees or authorized entities, and the transfer of licences held by them. RCI’s Articles of Amalgamation therefore impose restrictions on the issue and transfer of its shares and the exercise of voting rights to ensure that we, and any corporation existing in a Canadian jurisdiction in which we have an interest, are: 

•qualified to hold or obtain any cable television, broadcasting, or telecommunications licence or authorized to operate a similar entity under the Laws; and

•not in breach of the Laws or any licences issued to us or to any of our Canadian subsidiaries, associates, or affiliates under the Laws.

If the Board considers that RCI's, or its subsidiaries’, ability to hold and obtain licences, or to remain in compliance with the Laws, may be in jeopardy, the Board may invoke the restrictions in our Articles of Amalgamation on transfer, voting, and issue of our shares.

ITEM 7.3 – RATINGS

Credit ratings provide an independent measure of credit quality of an issue of securities and can affect our ability to obtain short-term and long-term financing and the terms of the financing. If rating agencies lower the credit ratings on our debt, particularly a downgrade below investment-grade, it could adversely affect our cost of financing and access to liquidity and capital.

We have engaged, and compensated, each of S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), and Fitch Ratings (Fitch) to rate certain of our public debt issues. During the last two years, we have made an annual payment of less than $100,000 to a credit rating organization for an information service other than a credit rating service. Below is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at December 31, 2021.

Issuance	S&P	Moody’s	Fitch
Corporate credit issuer default rating	BBB+ Rating Watch Negative	Baa1 under review	BBB+ Rating Watch Negative
Senior unsecured debt	BBB+ Rating Watch Negative	Baa1 under review	BBB+ Rating Watch Negative
Subordinated debt	BBB- Credit Watch Negative	Baa3 under review	BBB- Rating Watch Negative
US commercial paper	A-2 Rating Watch Negative	P-2 under review	N/A 1

1We have not sought a rating from Fitch for our short-term obligations.

As a result of our agreement to acquire Shaw and the related commitments in connection with the Transaction, both S&P and Fitch have placed us on credit watch with negative implications. Moody's has placed our credit ratings on review for downgrade. We expect S&P, Moody's, and Fitch to complete their reviews upon closing of the Transaction. See "Shaw Transaction" and "Risks and Uncertainties Affecting our Business - Shaw Transaction" on pages 16 and 60, respectively, of our 2021 MD&A for more information on our agreement with Shaw and the Transaction.

Ratings for long-term debt instruments across the universe of composite rates range from AAA (S&P and Fitch) or Aaa (Moody's), representing the highest quality of securities rated, to D (S&P), Substantial Risk (Fitch), and C (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to range from BBB- (S&P and Fitch) or Baa3 (Moody's) to AAA (S&P and Fitch) or Aaa (Moody's).

Ratings for short-term debt instruments across the universe of composite rates ranges from A-1+ (S&P), F1+ (Fitch), or P-1 (Moody's), representing the highest quality of securities rated, to C (S&P and Fitch), and not prime (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to be ratings of at least A-3 (S&P), F3 (Fitch), or P-3 (Moody's) quality or higher.

Credit ratings are not recommendations to purchase, hold, or sell securities, nor are they a comment on market price or investor suitability. There is no assurance that a rating will remain in effect for a given period, or that a rating will not be revised or withdrawn entirely by a rating agency if it believes circumstances warrant it. The ratings on our senior debt provided by S&P, Fitch, and Moody's are investment-grade ratings.

Rogers Communications Inc. 19 Fiscal 2021

ITEM 8 – Market for Securities

Class B Non-Voting Shares (CUSIP # 775109200) are listed in Canada on the Toronto Stock Exchange under the symbol RCI.B and in the United States on the New York Stock Exchange under the symbol RCI. Class A Voting Shares (CUSIP # 775109101) are listed on the Toronto Stock Exchange under the symbol RCI.A.

ITEM 8.1 – TRADING PRICE AND VOLUME

The following table sets forth, for the periods indicated, the reported high, low, and close prices and volume traded on the Toronto Stock Exchange for Class B Non-Voting Shares and Class A Voting Shares.

RCI.B
Month	High ($)	Low ($)	Close ($)	Volume
2021/01	62.48	57.52	57.71	20,026,670
2021/02	59.70	54.69	55.13	26,530,960
2021/03	65.72	54.93	57.95	59,336,611
2021/04	63.49	57.90	60.54	19,230,192
2021/05	63.31	60.30	61.80	23,654,437
2021/06	66.08	61.74	65.90	46,534,701
2021/07	67.59	63.22	63.68	22,056,854
2021/08	65.28	62.66	64.28	27,200,896
2021/09	64.70	58.58	59.15	35,305,487
2021/10	62.38	56.00	57.56	27,838,810
2021/11	61.51	56.66	57.16	28,739,161
2021/12	60.44	57.00	60.23	33,120,396
RCI.A
Month	High ($)	Low ($)	Close ($)	Volume
2021/01	64.75	60.00	60.00	35,411
2021/02	62.49	56.72	58.00	39,086
2021/03	67.75	57.53	60.01	125,759
2021/04	64.50	60.32	62.70	41,733
2021/05	64.00	61.53	63.45	46,298
2021/06	66.80	62.68	66.71	32,714
2021/07	68.74	64.25	64.65	24,297
2021/08	66.25	63.53	64.70	25,753
2021/09	66.00	60.00	60.52	25,114
2021/10	62.75	58.00	61.04	105,490
2021/11	64.28	60.00	60.97	55,505
2021/12	62.50	59.66	61.69	19,792

ITEM 8.2 – PRIOR SALES

We issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years in December 2021, and US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years in February 2022.

ITEM 9 – Escrowed Securities and Securities Subject to Contractual Restriction on Transfer

N/A

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ITEM 10 – Directors and Officers

ITEM 10.1 - Name, Occupations and Security Holding

Set forth below is information regarding the directors and senior executive officers of RCI as at March 3, 2022, including their city, province or state, and country of residence, and their principal occupation(s) within the five preceding years. Each director is elected at the annual meeting of shareholders to serve until the next annual meeting or until a successor is duly elected unless, prior thereto, he or she resigns or his or her office becomes vacant by death or other cause under applicable law. Officers are appointed by, and serve at the discretion of, the Board.

Name	Position
Directors
Edward S. Rogers (1)(2)(3)(9)(10)	Director, Chair of RCI, and Chair of the Rogers Control Trust
Melinda M. Rogers-Hixon (2)(3)(5)(9)(10)	Director, Deputy Chair of RCI, and Vice Chair of the Rogers Control Trust
Tony Staffieri	Director, President and Chief Executive Officer
Jack L. Cockwell, C.M. (6)(7)(8)	Director
Michael J. Cooper	Director
Ivan Fecan (7)(8)	Director
Robert J. Gemmell (1)(2)(3)(6)(8)	Lead Director
Alan D. Horn, CPA, CA (1)(3)(5)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Jan L. Innes (2)(4)(5)(7)	Director
John (Jake) C. Kerr, C.M., O.B.C (6)	Director
Philip B. Lind, C.M. (4)(10)	Director, Vice Chair of RCI, and member of the Advisory Committee of the Rogers Control Trust
Loretta A. Rogers (9)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Martha L. Rogers (4)(9)(10)	Director and member of the Advisory Committee of the Rogers Control Trust
Senior Executive Officers
Tony Staffieri	Director, President and Chief Executive Officer
Glenn A. Brandt	Chief Financial Officer
Robert Dépatie	President and Chief Operating Officer, Home & Business
Lisa L. Durocher	Executive Vice-President, Financial and Emerging Services
Jorge Fernandes	Chief Technology and Information Officer
Philip J. Hartling	President, Wireless
Bret D. Leech	Chief Human Resources Officer
Colette S. Watson	President, Rogers Sports & Media
Mahes S. Wickramasinghe	Chief Administrative Officer
Ted Woodhead	Chief Regulatory Officer and Government Affairs
Marisa L. Wyse	Chief Legal Officer and Corporate Secretary

(1)Denotes member of Executive Committee

(2)Denotes member of Nominating Committee

(3)Denotes member of Finance Committee

(4)Denotes member of ESG Committee

(5)Denotes member of Pension Committee

(6)Denotes member of Corporate Governance Committee

(7)Denotes member of Human Resources Committee

(8)Denotes member of Audit and Risk Committee

(9)Each of Edward S. Rogers, Loretta A. Rogers, Martha L. Rogers, and Melinda M. Rogers-Hixon are immediate family members of each other and members of the family of the late Ted Rogers. For additional information, please see “Outstanding Shares and Main Shareholders” in RCI’s 2021 Information Circular available on SEDAR at sedar.com.

(10)Voting control of RCI is held by the Rogers Control Trust. See “Outstanding Shares and Main Shareholders” in RCI’s 2021 Information Circular available on SEDAR at sedar.com. Each of the individuals that are noted above as holding positions with the Rogers Control Trust have held such positions since December 2008.

Edward S. Rogers resides in Toronto, Ontario, Canada and has been a director of RCI since May 1997. Mr. Rogers currently serves as Chair of the Board of RCI. He was first appointed Chair in January 2018. Prior to that, he served as Deputy Chair of RCI from September 2009. Mr. Rogers is also Chair of Rogers Bank, Chair of the Toronto Blue Jays, and is on the Board of Directors of Maple Leaf Sports & Entertainment, and Cablelabs. He is the Rogers Control Trust Chair. Mr. Rogers served in various management positions at Rogers Communications for over 20 years, including as President and CEO of Rogers Cable Inc. After graduating from the University of Western Ontario, Mr. Rogers spent three years with Comcast Corporation. Mr. Rogers was a member of the Economic Council of Canada from 2010 to 2013.

Melinda M. Rogers-Hixon resides in Toronto, Ontario, Canada and has been a director of RCI since May 2002. Ms. Rogers-Hixon has served as Deputy Chair of the Board of RCI since January 2018 and as Vice Chair of Rogers Control Trust since 2008. Ms. Rogers-Hixon was also appointed a director of Rogers Bank on December 31, 2017. Ms. Rogers held progressively senior roles at Rogers after joining the Company in 2000. Most recently, she was Founder of Rogers Venture

Rogers Communications Inc. 21 Fiscal 2021

Partners from 2011 to 2018. She also served as Senior Vice President, Strategy and Development from 2006 to 2014, Vice President, Strategic Planning & Venture Investments from 2004 to 2006, and Vice President, Venture Investments from 2000 to 2004. Ms. Rogers-Hixon serves on the Board of Directors for Maple Leaf Sports and Entertainment, the Board of Governors at Huron University College, the Board of Directors of Bombardier Inc., is Chair of the Board of Jays Care Foundation and serves as a Trustee at The Bishop Strachan School. Ms. Rogers-Hixon is also a co-founder and partner of Generation Transition Advisors, a global multi-generational family business advisory firm. Ms. Rogers-Hixon holds a B.A. from the University of Western Ontario and a M.B.A. from Joseph L. Rotman School of Management at the University of Toronto. Ms. Rogers-Hixon was awarded an honorary doctorate from Huron University College at Western University in November 2018.

Jack L. Cockwell, C.M. resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Mr. Cockwell is Chair of Brookfield Partners Foundation, was one of the founders of Partners Limited in 1995, and has been associated with Brookfield in numerous capacities, including as Chief Executive Officer, since 1968. Mr. Cockwell is a Heritage Governor of the Royal Ontario Museum, Chair of the Ryerson University Real Estate Advisory Committee, and a member of its Board of Governors, and currently serves as its Vice-Chair. Mr. Cockwell holds a M.Comm with Distinction from the University of Cape Town.

Michael J. Cooper resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Mr. Cooper is the President and Chief Responsible Officer of Dream Unlimited Corp. and founder of Dream Asset Management Corporation (DAM). He is also the Chair and Chief Executive Officer of Dream Office Real Estate Investment Trust. Mr. Cooper helped found DAM in 1996 and continues to lead the business as President and Chief Responsible Officer. Mr. Cooper was also involved in the formation of Dream Global Real Estate Investment Trust, previously a TSX-listed real estate investment trust, the assets and subsidiaries of which were sold in 2019. Mr. Cooper holds a LL.B from the Western University and a M.B.A. from York University.

Ivan Fecan resides in Vancouver, British Columbia and has been a director of RCI since October 2021. Mr. Fecan is a Canadian media executive and producer. Mr. Fecan was the president and CEO of Baton Broadcasting and its successors, CTV Inc. and CTVglobemedia, from 1996 to 2011. Previously, he was VP of English TV at the CBC and VP of Creative Development at NBC. Most recently, he was the Executive Chair of Thunderbird Entertainment Group Inc. Mr. Fecan serves on the boards of the University Health Network Foundation, the Art Gallery of Ontario, and the Council for Canadian American Relations. Mr. Fecan is now an investor and past executive chair of Thunderbird Entertainment Group Inc. Mr. Fecan is the producer and executive producer of the hit Canadian sitcom Kim’s Convenience. Mr. Fecan holds a B.A. from York University.

Robert J. Gemmell resides in Oakville, Ontario, Canada, has been a director of RCI since April 2017, and has served as Lead Director since November 2021. Mr. Gemmell spent 25 years as an investment banker in the United States and in Canada. Mr. Gemmell was President and Chief Executive Officer of Citigroup Global Markets Canada and its predecessor companies (Salomon Brothers Canada and Salomon Smith Barney Canada) from 1996 to 2008. In addition, he was a member of the Global Operating Committee of Citigroup Global Markets from 2006 to 2008. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business.

Alan D. Horn, CPA, CA resides in Toronto, Ontario, Canada and is President and Chief Executive Officer of Rogers Telecommunications Limited and certain private companies that control RCI. Mr. Horn served as Chair of the Board of RCI from March 2006 to December 2017. Mr. Horn also served as Interim President and Chief Executive Officer of the Company from October 2016 to April 2017 and from October 2008 to March 2009. Mr. Horn served as Vice President, Finance and Chief Financial Officer of the Company from September 1996 to March 2006. He also serves as a director of CCL Industries Inc., Fairfax India Holdings Corporation, and Trilogy International Partners Inc. Mr. Horn, a Chartered Professional Accountant and Chartered Accountant, is a member of the Advisory Committee of the Rogers Control Trust. Mr. Horn received a B.Sc. with First Class Honours in Mathematics from the University of Aberdeen, Scotland.

Jan L. Innes resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Ms. Innes is a board director and public affairs specialist. Ms. Innes spent most of her career at Rogers Communications. She joined Rogers in 1995 as Vice President, Communications, and in 2011, became Vice President, Government Relations. Ms. Innes retired from Rogers in 2015. Prior to joining Rogers, Ms. Innes was Vice President of Public Affairs at Unitel Communications Inc. Previously, Ms. Innes held senior political staff positions at both Queen's Park in Toronto and Parliament Hill in Ottawa. Ms. Innes sits on the Board of Directors of the Rogers Group of Funds. Ms. Innes holds a B.A. (Honours) from the University of Toronto and in 2014, completed the Directors Education Program at the Rotman School of Management, receiving the ICD.D designation.

John (Jake) C. Kerr, C.M., O.B.C. resides in Vancouver, British Columbia, Canada and has been a director of RCI since October 2021. Mr. Kerr, C.M., O.B.C. is a Canadian executive. Mr. Kerr was the owner and managing partner of Lignum Forest Products, LLP from 2008 to 2015, and he was Chair and CEO of Lignum Ltd. from 1972 to 2005. Mr. Kerr is the majority owner and managing partner of Vancouver Professional Baseball LLP. He acquired the Vancouver Canadians Baseball Club in 2005. He is Chancellor Emeritus of Emily Carr University of Art + Design and Past Chair of the Vancouver Foundation. Mr. Kerr is the Chair of Mosaic Forest Management, is a member of the Chief Executives Organization, and

Rogers Communications Inc. 22 Fiscal 2021

Past Chairman of the International and BC chapters of the Young Presidents Organization. Mr. Kerr received a B.A. from the University of British Columbia and a M.B.A. from the University of California, Berkeley. He is a recipient of the Order of Canada and the Order of British Columbia.

Philip B. Lind, C.M. resides in Toronto, Ontario, Canada and has been a director of RCI since February 1979. Mr. Lind is non-executive Vice Chair of RCI and was Executive Vice President, Regulatory until his retirement in December 2014. Mr. Lind joined Rogers in 1969 as Programming Chief and has served as Secretary of the Board and Senior Vice President, Programming and Planning. Mr. Lind also serves as a director of the Vancouver Art Gallery and the Art Gallery of Ontario and the Albright Knox Foundation Canada. Mr. Lind is a former member of the Board of the National Cable Television Association in the US and is a former Chairman of the Canadian Cable Television Association. He is also Chairman of the Board of the CCPTA (Channel 17, WNED) and a director of the Atlantic Salmon Federation and The US Cable Center, Denver. Mr. Lind holds a B.A. in Political Science and Sociology from the University of British Columbia and a M.A. in Political Science from the University of Rochester. In 2002, Mr. Lind received a Doctor of Laws, honoris causa, from the University of British Columbia. In 2002, Mr. Lind was appointed to the Order of Canada. In 2012, Mr. Lind was inducted into the US Cable Hall of Fame, the third Canadian to be so honoured.

Loretta A. Rogers resides in Toronto, Ontario, Canada and has been a director of RCI since December 1979. Mrs. Rogers is the former President of the Canadian Lyford Cay Foundation and remains a Board member, and sits on the Board of the American Lyford Cay Foundation. Mrs. Rogers is also a member of the Toronto General & Western Hospital Foundation. Mrs. Rogers holds a B.A. from the University of Miami, an honorary Doctor of Laws from the University of Western Ontario, an honorary Doctor of Laws from Ryerson University, and an honorary Doctor of Laws from the University of Toronto.

Martha L. Rogers resides in Toronto, Ontario, Canada and has been a director of RCI since December 2008, and previously served as a director of Rogers Wireless Communications Inc. and Rogers Media Inc. Ms. Rogers holds a Doctor of Naturopathic Medicine degree from the Canadian College of Naturopathic Medicine and a B.A. from the University of Western Ontario. Ms. Rogers serves on several charitable boards, including as Chair of the Rogers Foundation, and as a director of the Canadian Lyford Cay Foundation, a member of the Advisory Board of Artists for Peace and Justice, and is Chair of Global Poverty Project Canada. Ms. Rogers also serves as a director of The Dolphin Project.

Tony Staffieri resides in Toronto, Ontario, Canada and has served as President and Chief Executive Officer and a director of RCI since January 2022. Mr. Staffieri also served as Interim President and Chief Executive Officer of the Company from November 2021 to January 2022. Prior to that, Mr. Staffieri was Chief Financial Officer from April 2012 to September 2021. Prior to joining Rogers, Mr. Staffieri held senior executive positions with Bell Canada Enterprises (BCE) and Celestica International Inc. and was a Partner with PricewaterhouseCoopers. Mr. Staffieri also serves as Chair of the Board of Governors for Ryerson University and is a Board Director of MLSE. He is a Fellow Chartered Professional Accountant and Fellow Chartered Accountant. Mr. Staffieri holds a B.B.A. from the Schulich School of Business.

Glenn A. Brandt resides in Millgrove, Ontario, Canada and has served as Chief Financial Officer since January 2022. Since joining Rogers 30 years ago, Mr. Brandt has held several senior roles in the company, most recently as Senior Vice President, Corporate Finance from November 2018 to January 2022, and prior to that, Senior Vice President, Corporate Development, Investor Relations and Treasury from February 2018 to November 2018. He also served as Senior Vice President, Treasury and Corporate Development from September 2016 to February 2018. Mr. Brandt is a trusted advisor with over 35 years in financial management, including extensive experience across corporate finance, raising capital, and working with credit rating agencies. Prior to joining Rogers, Mr. Brandt was with the Toronto Dominion Bank in Corporate, Investment, and Commercial Banking. Mr. Brandt holds a B.Comm from the University of Toronto and a M.B.A. from York University’s Schulich School of Business.

Robert Dépatie resides in Rosemère, Quebec, Canada and has served as President and Chief Operating Officer, Home & Business since December 2021. Mr. Dépatie has nearly 20 years of executive leadership in telecom and media experience, including four years as a member of the RCI Board of Directors, from April 2017 to November 2021. Mr. Dépatie is responsible for delivering a strategic vision and growth plan across Connected Home, Rogers for Business, and customer experience at Rogers. This includes driving growth and enabling a best-in-class experience for customers across wireless, wireline, and large Corporate, Public Sector, and Small and Medium Enterprise segments. Mr. Dépatie has been the strategic advisor for Robert Depatie & Associates Inc. since July 2015. Prior to that, from February 2015 to June 2015, Mr. Dépatie was President of Groupe St-Hubert. Mr. Dépatie was President and CEO of Quebecor Inc. and Quebecor Media Inc. from May 2013 to April 2014, as well as President and CEO of Vidéotron ltée from June 2003 to May 2013. He joined Vidéotron ltée in December 2001 as Senior Vice President, Sales, Marketing and Customer Service.

Lisa L. Durocher resides in Toronto, Ontario, Canada and has served as Executive Vice-President, Financial and Emerging Services since January 2021. Financial and Emerging Services includes responsibility for Rogers Bank as well as new or adjacent services that differentiate the Rogers business. Ms. Durocher was appointed President and Chief Executive Officer of Rogers Bank in July 2021. Ms. Durocher was previously Chief Digital Officer from June 2017 to January 2021, and prior to that, was Senior Vice President, Digital from August 2016 to June 2017. Prior to joining Rogers, Ms. Durocher was at American Express in New York City, where she held several senior leadership positions from 2002 to 2016, most recently Senior Vice President, Charge and Benefits from June 2013 to August 2016. Ms. Durocher is a board member of the

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Rogers Bank, Fortis Inc., and is the Executive Sponsor of the Black Leadership Council at Rogers. Ms. Durocher holds an H.B.A. from Wilfred Laurier University.

Jorge Fernandes resides in Toronto, Ontario, Canada and has served as Chief Technology and Information Officer since June 2018, and prior to that, as Chief Technology Officer since February 2018. Mr. Fernandes is responsible for the planning, design, engineering, implementation, and operations of the Rogers wireless and wireline networks. Prior to joining Rogers, Mr. Fernandes was Chief Technology Officer at Vodafone, U.K. from January 2015 to January 2018. Before that, Mr. Fernandes was Chief Technology Officer and a board member of Vodafone Turkey from November 2011 to December 2014 and Chief Technology Officer and a board member of Vodafone Portugal from November 2008 to October 2011. Between 2002 and 2008, Mr. Fernandes held various director-level positions within Vodafone’s operating companies in Portugal and the U.K. Mr. Fernandes serves on the board of Ryerson Rogers Cyber Secure Catalyst. Mr. Fernandes holds a Licentiate degree in Economics and Business Management from Autonomous University of Lisbon and he completed the Católica Lisbon/Kellogg School of Management Advanced Management Program.

Philip J. Hartling resides in Tottenham, Ontario, Canada and has served as President, Wireless since January 2022. Since joining Rogers in 2005 when it acquired Sprint Canada, Mr. Hartling has held various senior leadership positions within Rogers, in marketing, sales, customer service and provisioning. Mr. Hartling’s most recent position was Executive Vice President, Service Expansion from January 2021 to January 2022. Prior to that, he served as President, Connected Home from February 2020 to January 2021, as President, Residential, from June 2018 to February 2020, and as Interim President, Consumer from December 2017 to June 2018. Mr. Hartling is responsible for the Company’s Wireless business, including the Rogers, Fido, and chatr brands. Mr. Hartling holds a M.P.A. and a B.Comm from Dalhousie University.

Bret D. Leech resides in Toronto, Ontario, Canada and has served as Chief Human Resources Officer since February 2022. Mr. Leech is responsible for leading the Company's HR portfolio across Rogers, including creating an engaging and inclusive employee experience that enables our teams to deliver the very best for our customers, communities, business, and each other. Prior to joining Rogers, Mr. Leech held a series of senior executive leadership positions with telecommunication, financial, and technology organizations in Canada, China, Japan, and the United States. Most recently, Mr. Leech was Group Vice President at Southeast Toyota Finance from January 2021 to December 2021. Prior to that, Mr. Leech was Division President Lending Solutions at Fiserv, Inc. from March 2016 to February 2018. In April 2018, Mr. Leech led the sale of Fiserv, Inc.'s Lending Solutions business to an independent joint venture, Sagent Lending Technologies (Sagent), becoming its President and CEO and member of the board. Following a series of acquisitions, Mr. Leech separated Sagent's two primary lines of business, taking a board and Executive Chairman position with Sagent in March 2021 and continuing as President and CEO of the second entity, defi SOLUTIONS, until October 2020. Mr. Leech holds a B.A. from Dalhousie University, a M.B.A. from the University of Toronto, and is a graduate of Harvard's Advanced Management Program.

Colette S. Watson resides in Ottawa, Ontario, Canada and has served as President, Rogers Sports & Media since January 2022. Ms. Watson was previously Senior Vice President, TV & Broadcast Operations from November 2016 to June 2020. Ms. Watson is responsible for driving strategy and overseeing operations for the Company’s robust portfolio of media assets. Prior to rejoining Rogers, Ms. Watson was the President of CPAC, a not-for-profit, commercial-free specialty television channel from April 2019 to January 2022. Ms. Watson has 30 years of experience across programming, regulatory, and communications including a variety of senior roles across Rogers' Media, Regulatory, and Cable divisions. Ms. Watson joined Rogers in 1990 as Bureau Chief of the Rogers Ottawa Bureau. She became Vice President of Community Programming in 1995 and performed the dual role of President of CPAC and Vice President of Community Programming until her appointment to Rogers Media in 2016. Ms. Watson is also a past recipient of the esteemed Trailblazer of the Year award by Canadian Women in Communications. Ms. Watson holds a diploma in Communications from St. Lawrence College.

Mahes S. Wickramasinghe resides in Mississauga, Ontario, Canada and has served as Chief Administrative Officer since January 2022. Mr. Wickramasinghe is responsible for key initiatives and operations to strengthen the strategic growth and performance of the Company, including Strategy, Corporate Development, Supply Chain and Procurement, Performance Management and Corporate Security. Mr. Wickramasinghe has spent over two decades in senior executive roles across large Canadian and global organizations, most recently as Executive Vice-President, Canadian Tire Corporation (CTC) from September 2016 to October 2021, including as Chief Corporate Officer from September 2016 to March 2020, as President, Canadian Tire Financial Services and President & CEO, Canadian Tire Bank from March 2020 to July 2021, and as Chairman of Helly Hansen until October 2021. Prior to that, Mr. Wickramasinghe was Chief Strategy Officer from February 2014 to September 2016. Mr. Wickramasinghe also held executive leadership positions at Bell Aliant and BCE Inc. from 2003 to 2008. From 2008 to 2012, Mr. Wickramasinghe was Chief Administrative Officer of CIBC FirstCaribbean, based in Barbados, and was Senior Vice President, Corporate Finance at Rogers from July 2012 to September 2013. He started his career in public accounting and was a partner with Arthur Andersen and joined CIBC in 1995 and held a number of senior positions and was appointed Senior Vice President. Mr. Wickramasinghe is a member of the Institute of Chartered Accountants (Sri Lanka) and the American Institute of Certified Public Accountants and a Fellow of the Chartered Institute of Management (UK). He is on the Board of Directors for SunOpta Inc. and The Association of International Certified Professional Accountants. Mr. Wickramasinghe was on the Board of the Canadian National Institute for the Blind and continues to serve in an advisory capacity.

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Ted Woodhead resides in Ottawa, Ontario, Canada and has served as Chief Regulatory Officer and Government Affairs since January 2022 and was previously Senior Vice President, Regulatory since May 2020. Mr. Woodhead is responsible for overseeing Regulatory and Government Affairs at Rogers. Mr. Woodhead has over 25 years of experience in the telecommunications sector. He has represented Rogers at various proceedings before the Canadian Radio-television and Telecommunications Commission (CRTC) and other federal departments and agencies with respect to broadcasting and telecommunications matters. He joined Rogers in February 2000 as Director of Government Relations and Regulatory Affairs. In 2004, Mr. Woodhead joined TELUS where he was a Director of Regulatory Affairs, and then in 2008, he assumed the role of Vice President, Telecom Policy and Regulatory Affairs. In 2012, he became the Senior Vice President, Federal Government and Regulatory Affairs, and then in 2017, became Senior Vice President, Strategic Policy until December 2019. Mr. Woodhead is a member of the External Relations Committee of the Queens University Board of Trustees, and is on the Boards of the Canadian Chamber of Commerce and the Canadian Wireless Telecommunications Association. Mr. Woodhead holds a B.A. (Honours) in Political Studies and History from Queen’s University and a LL.B. from the University of Windsor. Mr. Woodhead was admitted to the Ontario Bar in 1989.

Marisa L. Wyse resides in Toronto, Ontario, Canada and has served as Chief Legal Officer and Corporate Secretary since January 2022. Since joining Rogers in 2014 as Senior Tax Counsel, Ms. Wyse has held increasingly senior roles in Tax and Finance, most recently as Vice President, Corporate Development from November 2018 to January 2022. Prior to joining Rogers, Ms. Wyse practiced as a tax lawyer at a Canadian law firm from 2006 to 2013. Ms. Wyse holds a J.D. in Law from the University of Toronto and a Bachelor of Computer Engineering from McGill University. Ms. Wyse was admitted to the Ontario Bar in 2006.

As at December 31, 2021, RCI’s directors and executive officers as a group owned, directly or indirectly, an aggregate of 108,837,918 Class A Voting Shares, representing approximately 97.9% of the issued and outstanding Class A Voting Shares. Certain directors have positions with, or are beneficiaries of, the Rogers Control Trust, which holds voting control of the Rogers group of companies for the benefit of successive generations of the Rogers family. See “Outstanding Shares and Main Shareholders” in RCI’s 2021 Information Circular available on SEDAR at sedar.com.

COMPOSITION OF THE BOARD

The Board currently has 13 members.

Independent Directors

The Board is responsible for determining whether a director is “independent” within the meaning of National Instrument 58-101 - "Disclosure of Corporate Governance Practices" (NI 58-101). Certain directors may be principals of, partners in, or hold other positions with entities that provide legal, financial, or other services to us. The Board has adopted discretionary Director Material Relationship Standards for the purpose of assisting the Board in making determinations regarding whether or not a direct or indirect business, commercial, banking, consulting, professional, or charitable relationship a director may have with RCI or its subsidiaries is a material relationship that could, in the view of the Board, reasonably interfere with the exercise of the director’s independent judgment. These standards can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

Based on the information provided by each director and the recommendations of the Corporate Governance Committee, the Board has determined that the following directors are independent in accordance with the requirements of NI 58-101 and the standards referred to above. In making this determination, the Board considered all of the relationships that each director has with the Company (taking the discretionary standards referred to above and other factors the Board considered relevant into account) and concluded that none of the relationships considered would likely impair the director’s independent judgment.

Michael J. Cooper

Jack L. Cockwell, C.M.

Ivan Fecan

Robert J. Gemmell

Jan L. Innes

John C. Kerr, C.M., O.B.C.

Lead Director

Pursuant to the Board Charter, the Board has appointed Robert J. Gemmell as Lead Director. The Lead Director facilitates the functioning of the Board independently of management of the Company and provides independent leadership to the Board. Shareholders wishing to contact the Lead Director may write to the Lead Director, in care of the Corporate Secretary, at the head office of the Company, 333 Bloor Street East, 10th Floor, Toronto, Ontario M4W 1G9, Canada.

BOARD COMMITTEES

The Board has eight permanent (or standing) committees. The Board may appoint special committees to deal with specific matters. A special committee might, for example, consider proposed material transactions between the significant shareholder and us or between our subsidiaries and us. In those cases, the committee would consist entirely of independent directors who have no relationship to us or to the significant shareholder other than as a director. Charters for

Rogers Communications Inc. 25 Fiscal 2021

the various Board committees can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

CONTROLLED COMPANY EXEMPTION

The NYSE listing standards require a listed company to have, among other things, (i) a nominating committee consisting entirely of independent directors, and (ii) a majority of independent directors on the board. The rules permit a “controlled company” to be exempt from these requirements. A “controlled company” is a company of which more than 50% of the voting power is held by an individual, group, or another company. The Board has determined that it is appropriate for directors affiliated with the controlling shareholder to serve on the Board committees, apart from the Audit and Risk Committee, because of the alignment of interests between our controlling shareholder and our minority shareholders, namely the creation of value and long-term growth. Accordingly, the Board has approved the Company’s reliance on the controlled company exemption with regards to membership of the nominating committee.

Currently, six out of thirteen of our directors are independent. The Board has determined that having less than a majority of independent directors at this time does not impair the effectiveness of the Board because of the substantial number of independent directors as well as the above-noted alignment of interests between our controlling shareholder and our minority shareholders. The Board has approved the Company’s reliance on the controlled company exemption with regards to the proportion of independent directors.

FOREIGN PRIVATE ISSUER STATUS

Under the NYSE listing standards, a “foreign private issuer”, such as the Company, is not required to comply with most of the NYSE corporate governance listing standards. However, foreign private issuers are required to disclose any significant ways in which their corporate governance practices differ from those followed by US companies under the NYSE listing standards.

Appointment of Auditors

The NYSE listing standards and US securities laws require the audit committee of a US company to be directly responsible for the appointment of any registered accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services. There is an exception for foreign private issuers that are required under a home country law to have auditors selected pursuant to home country standards. Pursuant to the Business Corporations Act (British Columbia), our auditors are to be appointed by the shareholders at the annual general meeting of RCI. Our Audit and Risk Committee is responsible for evaluating the auditors and advising the Board of its recommendation regarding the appointment of auditors.

Shareholder Approval of Equity Compensation Plans

The NYSE listing standards require shareholder approval of all equity compensation plans and material revisions to such plans, subject to limited exceptions. The definition of “equity compensation plan” covers plans that provide for the delivery of newly issued or treasury securities. The TSX rules provide that only the creation of, or material amendments to, equity compensation plans that provide for new issuances of securities are subject to shareholder approval in certain circumstances. We follow the TSX rules with respect to the requirements for shareholder approval of equity compensation plans and material revisions to such plans.

CORPORATE GOVERNANCE PRACTICES

The Board endorses the principle that our corporate governance practices are a fundamental part of our proper functioning as a corporation. The Board believes that these corporate governance practices enhance the interests of our security holders, employees, customers, and of others dealing with us. Our Statement of Corporate Governance Practices can be reviewed in the Corporate Governance section of our Company’s website at investors.rogers.com/corporate-governance.

ITEM 10.2 - Cease Trade Orders, Bankruptcies, Penalties, or Sanctions

To our knowledge, based on information supplied by the directors and executive officers, none of our directors or senior executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company is, or within the ten years prior to the date hereof has been, a director or executive officer of any company that: (i) while that person was acting in that capacity was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; (ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or (iii) within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager, or trustee appointed to hold its assets.

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None of our directors or executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company has, within the ten years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager, or trustee appointed to hold the assets of the director, officer, or shareholder.

ITEM 10.3 - Conflicts of Interest

The Board has adopted both a Directors Code of Conduct and Ethics and the Business Conduct Policy for directors, officers, and employees, which we refer to as the Codes. The Codes require our directors, officers, and employees to disclose any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest, among other requirements.

To ensure the directors exercise independent judgment in considering transactions, agreements, or decisions in respect of which a director has a material interest, the directors follow a practice whereby any such director with a material interest must be absent during any board discussion pertaining thereto and must not cast a vote on such matter.

Issues arising in connection with the Codes, including conflicts of interest, are reported to the Audit and Risk Committee (in the case of the Business Conduct Policy) or to the Corporate Governance Committee (in the case of the Directors Code of Conduct and Ethics), each of which are responsible for monitoring compliance with the applicable Code and applying and interpreting the applicable Code in particular situations. The Committees must inform the Board of Code violations.

Processes are in place to ensure compliance with the Codes by the Board, officers, and employees, such as distribution of the Business Conduct Policy to our employees and the STAR Hotline, our anonymous whistleblower hotline.

The Codes can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

ITEM 11 – Promoters

N/A

ITEM 12 – Legal Proceedings and Regulatory Actions

ITEM 12.1 – LEGAL PROCEEDINGS

The following is incorporated by reference herein: “Litigation Risks”, beginning on page 68 of our 2021 MD&A.

ITEM 12.2 – REGULATORY ACTIONS

N/A

ITEM 13 – Interest of Management and Others in Material Transactions

N/A

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ITEM 14 – Transfer Agents and Registrars

RCI's Canadian Transfer Agent and Registrar is:

TSX Trust Company

1 Toronto Street, Suite 1200

Toronto, Ontario M5C 2V6

RCI's United States Transfer Agent and Registrar is:

American Stock Transfer & Trust Company, LLC

6201-15th Ave.

Brooklyn, NY 11219

USA

Shareholders with questions relating to distributions, transfer of shares, lost stock certificates, and/or address changes should be directed to TSX Trust Company:

Tel: 1.800.387.0825 (US and Canada) / 416.682.3860 (Outside North America)

Fax: 1.888.249.6189

E-mail: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

By mail:

P.O. Box 700, Station B

Montreal, Quebec H3B 3K3

By courier:

2001 Boul. Robert-Bourassa, Suite 1600

Montreal, Quebec H3A 2A6

ITEM 15 – Material Contracts

Except as set forth below, we have not entered into any material contracts. other than those contracts entered into in the ordinary course of business, during 2021.

1.Arrangement Agreement dated March 13, 2021 between Rogers and Shaw and filed on SEDAR on March 15, 2021. See "Item 4.2 - Significant Acquisitions" and “Shaw Transaction” on page 16 of our 2021 MD&A for more information.

2.Voting Support Agreement dated March 13, 2021 between Rogers, the Shaw Family Living Trust (SFLT), and the Shaw Family Shareholders and filed on SEDAR on March 15, 2021, pursuant to which SFLT and the Shaw Family Shareholders irrevocably agreed to support the Arrangement Agreement and the transactions contemplated thereby, including by voting all of their Shaw Shares in favour of the Transaction at the special meeting of the common shareholders of Shaw that took place on May 20, 2021. SFLT and the Shaw Family Shareholders further agreed not to sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate, grant a security or voting interest in, or otherwise convey or encumber the Shaw Shares each owns. Unless earlier terminated in accordance with its terms, the Voting Support Agreement will continue in full force and effect until June 13, 2022.

ITEM 16 – Interests of Experts

ITEM 16.1 – NAME OF EXPERTS

Our auditor is KPMG LLP, Chartered Professional Accountants, Toronto, Ontario, Canada, Firm ID: 85.

ITEM 16.2 – INTERESTS OF EXPERTS

KPMG LLP is our auditor and has confirmed that it is independent with respect to the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation and that they are independent accountants with respect to the Company under all relevant US professional and regulatory standards.

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ITEM 17 – Audit and Risk Committee

ITEM 17.1 – AUDIT AND RISK COMMITTEE MANDATE

OUR MAIN RESPONSIBILITIES:

•oversee reliable, accurate and clear policies and practices for the preparation of financial reports to shareholders

•oversee the design, implementation and review of internal controls - the necessary checks and balances must be in place

•recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditors' work - the shareholders' auditors report directly to the Audit and Risk Committee (the “Committee”)

•meet with the Company's external and internal auditors and evaluate the effectiveness and independence of each

•oversee the establishment and maintenance of processes and controls that ensure the Company is in compliance with both the laws and regulations that apply to it as it relates to financial reporting and risk management

•review the annual strategic risk assessment, including management’s implementation of risk policies and actions to monitor and control major risk exposures

•review the Company’s business continuity and disaster recovery plans

•receive reports on, and approve, if appropriate, certain transactions with related parties

PURPOSE OF THE AUDIT AND RISK COMMITTEE

The Committee shall assist the Board of the Company in fulfilling its oversight responsibilities in the following principal areas:

(i)financial reporting processes and the integrity of financial statements provided by the Company to the public;

(ii)recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditor’s work;

(iii)the qualifications and performance of internal auditors;

(iv)the Company’s accounting systems, financial controls and disclosure controls;

(v)compliance with applicable legal and regulatory requirements; and

(vi)the implementation of appropriate risk assessment systems to identify and manage principal risks of the Company’s business.

In addition to the responsibilities specifically enumerated in this Mandate, the Board may refer to the Committee as it sees fit, on matters and questions relating to the financial position of the Company and its subsidiaries.

INDEPENDENCE

The Committee is composed entirely of independent directors within the meaning of applicable securities laws and the Company’s Director Material Relationship Standards.

The members meet regularly without management present.

The members have the authority to engage independent advisors, paid for by the Company, to help the Committee make the best possible decisions on the financial reporting, accounting and risk management policies and practices, disclosure practices and internal controls of the Company.

MEMBERSHIP

The Committee shall be comprised of not less than three members of the Board, each of whom shall be independent of management in accordance with applicable securities laws and based on the Company’s Director Material Relationship Standards.

The Chief Executive Officer may attend each meeting of the Committee at the invitation of the Chair of the Committee (the “Chair”).

The members shall be selected based upon the following, in accordance with applicable laws, rules and regulations:

(a)Independence. Each member shall be independent in accordance with applicable securities laws and based on the Company’s Director Material Relationship Standards and in such regard shall have no direct or indirect material relationship with the Company that, in the view of the Board, could reasonably interfere with the exercise of a member’s independent judgment.

(b)Financially Literate. Each member shall be financially literate or must become financially literate within a reasonable period of time after his or her appointment to the Committee. For these purposes, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. In addition, at least one member must be a financial expert as defined in accordance with applicable securities laws.

(c)Commitment. In addition to being a member of the Committee and of any audit committee of any affiliate of the Company, if a member of the Committee is also on the audit committee of more than two additional public

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companies, the Board or the Nominating Committee shall determine that such simultaneous service does not impair the ability of such member to serve effectively on the Committee.

CHAIR AND SECRETARY

The Chair shall be chosen by the Board and shall serve in that capacity until the next Annual General Meeting of Shareholders of the Company or until his or her earlier resignation or removal by resolution of the Board. The Secretary of the Company shall be the Secretary of the Committee, provided that if the Secretary is not present, the Chair of the meeting may appoint a secretary for the meeting with the consent of the Committee members who are present.

MEETINGS

The times and locations of meetings of the Committee and the calling of and procedures at such meetings, shall be determined from time to time by the Committee, in consultation with management when necessary, provided that there shall be a minimum of four meetings per year. Subject to the notice provisions of the Articles of the Company, written notice shall be provided no later than 48 hours prior to meetings, unless waived by all members of the Committee. Notice of every meeting shall be given to the external and internal auditors of the Company.

Agendas for meetings of the Committee shall be prepared by the Chair, in consultation with management and the Corporate Secretary, and shall be circulated to Committee members prior to Committee meetings. A quorum for meetings of the Committee shall be a majority of members.

A member of the Committee may be designated as the liaison member to report on the deliberations of the Committee to the Board.

REMUNERATION

The members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board may determine from time to time.

RESOURCES AND AUTHORITY

The Committee shall have the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of the Company, outside consultants, independent legal counsel and other advisors and experts as it determines necessary to carry out its duties, without seeking approval of the Board or management.

The Committee shall have the authority to conduct any investigation necessary and appropriate to fulfill its responsibilities and has direct access to and the authority to communicate directly with the external auditors, internal auditors, the Chief Legal and Regulatory Officer of the Company and other officers and employees of the Company.

The members of the Committee shall have the right to inspect all the books and records of the Company and its subsidiaries and to discuss such accounts and records and any matters relating to the financial position, risk management and internal controls of the Company with the officers and external and internal auditors of the Company and its subsidiaries for the purpose of performing their duties. Any member of the Committee may require the external or internal auditors to attend any or every meeting of the Committee.

RESPONSIBILITIES

The Company’s management is responsible for the preparation of the Company’s financial statements and the external auditors are responsible for auditing those financial statements, in accordance with applicable standards. The Committee is responsible for overseeing the conduct of those activities by the Company’s management and external auditors and overseeing the activities of the internal auditors. The Company’s external auditors are accountable to the Committee.

It is recognized that members of the Committee are not full-time employees of the Company and do not represent themselves as accountants or auditors by profession or experts in the fields of accounting, auditing or the preparation of financial statements. It is not the duty or responsibility of the Committee or its members to conduct “field work” or other types of auditing or accounting reviews or procedures. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from whom it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary.

The specific responsibilities of the Committee shall include those listed below. The enumerated responsibilities are not intended to restrict the Committee from reviewing and making recommendations regarding any matters related to its purpose.

Rogers Communications Inc. 30 Fiscal 2021

1.Financial Reporting Process and Financial Statements

(a)in consultation with the external auditors and the internal auditors, review the integrity of the Company’s financial reporting process, both internal and external, and any material issues as to the adequacy of the internal controls and any special audit steps adopted in light of material control deficiencies identified to it by the external or internal auditors or of which the Committee otherwise becomes aware;

(b)review all material transactions and material contracts entered into by the Company and its subsidiaries with any insider or related party of the Company, other than officer or employee compensation arrangements approved or recommended by the Human Resources Committee or director remuneration approved or recommended by the Corporate Governance Committee;

(c)review and discuss with management and the external auditors the Company’s annual audited consolidated financial statements and its interim unaudited consolidated financial statements, and discuss with the external auditors the matters required to be discussed by generally accepted auditing standards in Canada and/or the United States, as applicable, as may be modified or supplemented, and for such purpose, receive and review the year-end report by the external auditors describing: (i) all critical accounting policies and practices used by the Company, (ii) all material alternative accounting treatments of financial information within International Financial Reporting Standards (IFRS) and/or non-GAAP measures that have been discussed with management, including the ramifications of the use of such alternative treatments and disclosures and the treatment preferred by the external auditors, and (iii) other material written communications between the external auditors and management, and discuss such annual report with the external auditors;

(d)following completion of the annual audit, review with each of management, the external auditors and the internal auditors any significant issues, concerns or difficulties encountered during the course of the audit;

(e)resolve disagreements between management and the external auditors regarding financial reporting;

(f)review the interim quarterly and annual financial statements and press releases prior to the release of earnings information;

(g)review emerging accounting issues and their potential impact on the Company’s financial reporting;

(h)review and be satisfied that adequate procedures are in place for the review and timely disclosure of any public disclosure of financial information by the Company extracted or derived from the Company’s financial statements, other than the disclosure referred to in (f), and periodically assess the adequacy of those procedures;

(i)meet separately, periodically, with management, with the internal auditors and with the external auditors; and

(j)the interim consolidated financial statements, the Company’s disclosure under “Management's Discussion and Analysis” for interim periods and interim earnings press releases may be approved by the Committee on behalf of the Board, provided that such approval is subsequently reported to the Board at its next meeting.

2.External Auditors

(a)require the external auditors to report directly to the Committee;

(b)be directly responsible for the selection, nomination, retention, termination and oversight of the work of the Company’s external auditors engaged for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attestation services for the Company, and in such regard recommend to the Board the external auditors to be nominated for approval by the shareholders. A formal review of the qualifications, expertise, resources and the overall performance of the external auditors is conducted annually. A comprehensive review of the external auditors is conducted at least every five years and findings are presented to the Board;

(c)recommend to the Board the compensation of the external auditors;

(d)pre-approve all audit engagements and the provision by the external auditors of all non-audit services, including fees and terms for all audit engagements and non-audit engagements, and in such regard the Committee may establish the types of non-audit services the external auditors shall be prohibited from providing and shall establish the types of audit, audit-related and non-audit services for which the Committee will retain the external auditors. The Committee may delegate to one or more of its members the authority to pre-approve non-audit services, provided that any such delegated pre-approval shall be exercised in accordance with the types of particular non-audit services authorized by the Committee to be provided by the external auditor and the exercise of such delegated pre-approvals shall be presented to the full Committee at its next scheduled meeting following such pre-approval;

(e)review and approve the Company’s policies for the hiring of partners and employees and former partners and employees of the external auditors;

(f)review the annual audit plan with the external auditors;

(g)consider, assess and report to the Board with regard to the independence, objectivity, professional skepticism, and performance of the external auditors, at least annually, including an evaluation of the lead partner and consideration of rotation of such lead partner and the audit firm itself; and

(h)request and review a report by the external auditors, to be submitted at least annually, regarding the auditing firm’s relationships with the Company, internal quality control procedures, any material issues raised by the most recent internal quality control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the external auditors, and any steps taken to deal with any such issues.

Rogers Communications Inc. 31 Fiscal 2021

3.Internal Auditors

(a)review and approve the internal audit charter annually;

(b)approve the annual internal audit plan and discuss internal audit’s mandate with the Chief Audit Executive, including the staffing, responsibilities and budgets;

(c)obtain periodic reports from the Chief Audit Executive regarding internal audit findings and the Company’s progress in remedying any significant audit findings;

(d)review the scope, responsibilities and effectiveness of the internal audit team, including its independence from management, credentials, resources and working relationship with the external auditors; and

(e)review and recommend for approval the appointment and dismissal of the Chief Audit Executive.

4.Accounting Systems, Internal Controls and Disclosure Controls

(a)oversee management’s design and implementation of and reporting on internal controls; receive and review reports from management, the internal auditors and the external auditors with regard to the reliability and effective operation of the Company’s accounting system and internal controls;

(b)review with senior management the controls and procedures adopted by the Company to confirm that material information about the Company and its subsidiaries that is required to be disclosed under applicable law or stock exchange rules is disclosed within the required time periods;

(c)review and discuss with management, the external auditors and internal audit compliance with the Company’s Disclosure Policy by Directors, Officers and other management personnel;

(d)review with senior management and the Chief Audit Executive the adequacy of the internal controls adopted by the Company to safeguard assets from loss and unauthorized use, to prevent, deter and detect fraud, and to verify the accuracy of the financial records and review any special audit steps adopted in light of material weaknesses or significant deficiencies; and

(e)review disclosures made to the Committee by the Chief Executive Officer and Chief Financial Officer during their certification process for applicable securities law filings about any significant deficiencies and material weaknesses in the design or operation of the Company’s internal control over financial reporting that are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information required to be disclosed by the Company in the reports that it files or submits under U.S. federal securities law or applicable Canadian federal and provincial legislation and regulations within the required time periods, and any fraud, whether or not material, involving management or other employees who have a significant role in the Company’s internal control over financial reporting.

5.Legal and Regulatory Requirements

(a)receive and review timely analysis by management of significant issues relating to public disclosure and reporting;

(b)review, prior to finalization, periodic public disclosure documents containing financial information, including Management’s Discussion and Analysis and the Annual Information Form;

(c)review disclosures related to the Committee required to be included in the Company’s continuous disclosure filings;

(d)review with the Company’s Chief Legal and Regulatory Officer legal compliance matters, significant litigation and other legal matters that could have a significant impact on the Company’s financial statements; and

(e)assist the Board in the oversight of compliance with legal and regulatory requirements.

6.Risk Management

The Committee will review the Company’s:

(a)annual strategic risk assessment identifying principal risks and their potential impact on the Company’s ability to achieve its business objectives;

(b)processes for identifying, assessing and managing risks;

(c)major risk exposures and trends from all areas (e.g. information and cyber security, financial, data, privacy, physical security, environmental impact, new business initiatives) and management’s implementation of risk policies and procedures to monitor and control such exposures;

(d)business continuity plans and disaster recovery plans;

(e)insurance coverage maintained by the Company at least annually; and

(f)other risk management matters from time to time as the Committee may consider appropriate or as the Board may specifically direct.

7.Additional Responsibilities

(a)establish procedures and policies for:

i.the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and

ii.the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

(b)prepare and review with the Board an annual performance evaluation of the Committee;

(c)review the adequacy of staffing of key financial functions and management’s plans for improvements;

(d)review earnings guidance provided to stakeholders, including analysts and rating agencies;

Rogers Communications Inc. 32 Fiscal 2021

(e)periodically review with senior management the status of significant taxation matters;

(f)report regularly to the Board, including matters such as the quality or integrity of the Company’s financial statements, compliance with legal or regulatory requirements, the performance of the internal audit function, the performance of the risk management process and the performance and independence of the external auditors; and

(g)review and reassess the adequacy of the Committee’s Mandate on an annual basis.

ITEM 17.2 – COMPOSITION OF THE AUDIT AND RISK COMMITTEE

The following individuals are the members of the Audit and Risk Committee, each of whom is considered to be independent:

Robert J. Gemmell (Chair)

Jack L. Cockwell, C.M.

Ivan Fecan

ITEM 17.3 – RELEVANT EDUCATION AND EXPERIENCE

Each member of the Audit and Risk Committee is financially literate and has the ability to perform his responsibilities as a member of the Audit and Risk Committee based on his education and experience as summarized below: 

Mr. Gemmell (Chair)	Former President and Chief Executive Officer of Citigroup Global Markets Canada. 25 years as an investment banker in the United States and in Canada. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business.
Mr. Cockwell, C.M.	Chair of Brookfield Partners Foundation, one of the founders of Partners Limited in 1995, and has been associated with Brookfield in numerous capacities including as Chief Executive Officer, since 1968. Mr. Cockwell holds a M.Comm with Distinction from the University of Cape Town.
Mr. Fecan	Former President and CEO of Baton Broadcasting. Mr. Fecan holds a B.A. from York University.

ITEM 17.4 – RELIANCE ON CERTAIN EXEMPTIONS

N/A

ITEM 17.5 – RELIANCE ON THE EXEMPTION IN SUBSECTION 3.3(2) OR SECTION 3.6

N/A

ITEM 17.6 – RELIANCE ON SECTION 3.8

N/A

ITEM 17.7 – AUDIT AND RISK COMMITTEE OVERSIGHT

N/A

ITEM 17.8 – PRE-APPROVAL POLICIES AND PROCEDURES

Our policy regarding pre-approval of all audit, audit-related and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC.

(a)Annually management provides the Audit and Risk Committee with a list of the audit-related and non-audit services that are anticipated to be provided during the year for pre-approval. The Audit and Risk Committee reviews the services with the auditor and management and considers whether the provision of the service is compatible with maintaining the auditor’s independence.

(b)Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

(c)The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk Committee to approve requests for services not included in the pre-approved list of services or for services not previously pre-approved by the Audit and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

(d)A review of all audit and non-audit services and fees rendered to the Company by KPMG LLP is reviewed each quarter by the Audit and Risk Committee.

Rogers Communications Inc. 33 Fiscal 2021

Our policy regarding pre-approval of all audit, audit-related, and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC. None of the audit-related fees, tax fees, or all other fees described in the table below were approved by the Audit and Risk Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

ITEM 17.9 – EXTERNAL AUDITORS’ FEES AND SERVICES

The following table presents fees for professional services rendered by KPMG LLP to us for the audit of our annual financial statements for 2021 and 2020, and fees billed for all other services rendered by KPMG LLP.

Auditors’ Fees	2021		2020
	$	%	$	%
Audit Fees (1)	6,353,314	86.1	6,046,150	86.7
Audit-Related Fees (2)	669,550	9.1	676,671	9.7
Tax Fees (3)	181,279	2.5	248,150	3.6
All Other Fees (4)	174,200	2.3	—	—
Total	7,378,343	100.0	6,970,971	100.0

(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audit procedures on new accounting standards not yet effective, audits and reviews of subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

(2)Consists primarily of pension plan audits, French translation of certain filings with regulatory authorities, other assurance engagements, and due diligence services in respect of potential acquisitions and divestitures.

(3)Consists of fees for tax consultation and compliance services, including indirect taxes.

(4)Consists of fees for advisory services related to the Transaction.

ITEM 18 – Additional Information

ITEM 18.1 – ADDITIONAL INFORMATION

Additional information, including directors’ and officers’ remuneration and indebtedness, principal holders of our securities, and securities authorized for issuance under equity compensation plans, is contained in our management information circular for the most recent annual meeting of shareholders that involved the election of directors. Additional financial information is provided in our 2021 Annual Audited Consolidated Financial Statements and notes thereto and our 2021 MD&A.

Our Corporate Secretary can be contacted at our principal office, located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9 Canada (telephone: 416.935.7777). Additional information relating to RCI is also available on SEDAR at sedar.com, on EDGAR at sec.gov, or at investors.rogers.com.

Rogers Communications Inc. 34 Fiscal 2021

EX-99.3

Exhibit 99.3

Management's Responsibility for Financial Reporting

December 31, 2021

The accompanying consolidated financial statements of Rogers Communications Inc. and its subsidiaries and all the information in Management's Discussion and Analysis (MD&A) are the responsibility of management and have been approved by the Board of Directors.

Management has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The consolidated financial statements include certain amounts that are based on management's best estimates and judgments and, in their opinion, present fairly, in all material respects, Rogers Communications Inc.'s financial position, results of operations, and cash flows. Management has prepared the financial information presented elsewhere in MD&A and has ensured that it is consistent with the consolidated financial statements.

Management has developed and maintains a system of internal controls that further enhances the integrity of the consolidated financial statements. The system of internal controls is supported by the internal audit function and includes management communication to employees about its policies on ethical business conduct.

Management believes these internal controls provide reasonable assurance that:

•transactions are properly authorized and recorded;

•financial records are reliable and form a proper basis for the preparation of consolidated financial statements; and

•the assets of Rogers Communications Inc. and its subsidiaries are properly accounted for and safeguarded.

The Board of Directors is responsible for overseeing management's responsibility for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board of Directors carries out this responsibility through its Audit and Risk Committee.

The Audit and Risk Committee meets regularly with management, as well as the internal and external auditors, to discuss internal controls over the financial reporting process, auditing matters, and financial reporting issues; to satisfy itself that each party is properly discharging its responsibilities; and to review MD&A, the consolidated financial statements, and the external auditors' report. The Audit and Risk Committee reports its findings to the Board of Directors for its consideration when approving the consolidated financial statements for issuance to the shareholders. The Audit and Risk Committee also considers the engagement or re-appointment of the external auditors before submitting its recommendation to the Board of Directors for review and for shareholder approval.

The consolidated financial statements have been audited by KPMG LLP, the external auditors, in accordance with the standards of the Public Company Accounting Oversight Board (United States) on behalf of the shareholders. Our internal control over financial reporting as of December 31, 2021 has been audited by KPMG LLP, in accordance with the standards of the Public Company Accountability Oversight Board (United States). KPMG LLP has full and free access to the Audit and Risk Committee.

March 3, 2022

"Tony Staffieri"	"Glenn Brandt"
Tony Staffieri	Glenn Brandt
President and Chief Executive Officer	Chief Financial Officer

Rogers Communications Inc. 1 2021 Annual Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Rogers Communications Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Rogers Communications Inc. (the Company) as of December 31, 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two‑year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and its financial performance and its cash flows for each of the years in the two‑year period ended December 31, 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 3, 2022 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit and Risk Committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Recoverability of the carrying value of goodwill in the Media segment

As discussed in Note 9 to the consolidated financial statements, the Company tests goodwill for impairment once per year as of October 1, or more frequently if they identify indicators of impairment. Goodwill is impaired if the recoverable amount of a cash-generating unit (CGU) or group of cash-generating units (CGUs) that contain goodwill is less than the carrying amount. The Company makes judgments in determining CGUs and the allocation of goodwill for the purpose of impairment testing. Goodwill is monitored at an operating segment level in the Media segment. The goodwill balance in the Media segment as of December 31, 2021 was $969 million. A number of businesses within the Company's Media segment are partially reliant on traditional advertising revenues, are subject to a highly competitive environment and continue to have profitability challenges due to declining advertising revenue growth rates and increasing costs of producing and/or providing content. The estimate of the recoverable amount, which is determined based on the higher of fair value less costs to sell and value in use, is based on significant estimates developed by the Company relating to future cash flows, the terminal growth rate, and the discount rate applied in its valuation model.

We identified the assessment of the recoverability of the carrying value of goodwill in the Media segment as a critical audit matter. There was a high degree of auditor judgment applied in assessing the level at which goodwill was tested and in evaluating the key assumptions used in the valuation models, which included the CGUs' future cash flows, the discount rate and the terminal growth rate.

Rogers Communications Inc. 2 2021 Annual Financial Statements

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's impairment testing process, including controls related to the determination that goodwill should be tested at the Media segment level and the key assumptions used in estimating the recoverable amount of the Media segment. We compared the Company's historical cash flow forecasts to actual results achieved to assess the Company's ability to accurately forecast financial results. We compared the cash flow forecasts used to estimate the recoverable amount to approved plans. We assessed the assumptions used to determine the Media segment's future cash flows by comparing to underlying documentation and external market and relevant industry data. We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the discount rate, by comparing the Company's inputs to the discount rate to publicly available data for comparable entities, independently developing a range of reasonable discount rates and comparing those to the Company's rate, and the terminal growth rate for the Media segment, by comparing to underlying documentation and publicly available market data. We performed sensitivity analyses over the Company's key assumptions used to determine the recoverable amount to assess the impact of changes in those assumptions on the Company's determination of the recoverable amount.

"KPMG LLP"

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company's auditor since 1969.

Toronto, Canada

March 3, 2022

Rogers Communications Inc. 3 2021 Annual Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Rogers Communications Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Rogers Communications Inc.'s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, Rogers Communications Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements), and our report dated March 3, 2022 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included under the heading Management's Report on Internal Control over Financial Reporting contained within Management's Discussion and Analysis for the year ended December 31, 2021. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

"KPMG LLP"

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 3, 2022

Rogers Communications Inc. 4 2021 Annual Financial Statements

Consolidated Statements of Income

(In millions of Canadian dollars, except per share amounts)

Years ended December 31	Note	2021	2020
Revenue	5	14,655	13,916
Operating expenses:
Operating costs	6	8,768	8,059
Depreciation and amortization	7, 8, 9	2,585	2,618
Restructuring, acquisition and other	10	324	185
Finance costs	11	849	881
Other expense	12	2	1
Income before income tax expense		2,127	2,172
Income tax expense	13	569	580
Net income for the year		1,558	1,592
Earnings per share:
Basic	14	$3.09	$3.15
Diluted	14	$3.07	$3.13

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 5 2021 Annual Financial Statements

Consolidated Statements of Comprehensive Income

(In millions of Canadian dollars)

Years ended December 31	Note	2021	2020
Net income for the year		1,558	1,592
Other comprehensive income (loss):
Items that will not be reclassified to net income:
Defined benefit pension plans:
Remeasurements	23	592	(121)
Related income tax (expense) recovery		(157)	32
Defined benefit pension plans		435	(89)
Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value	18	10	(302)
Related income tax (expense) recovery		(3)	40
Equity investments measured at FVTOCI		7	(262)
Items that will not be reclassified to net income		442	(351)
Items that may subsequently be reclassified to net income:
Cash flow hedging derivative instruments:
Unrealized loss in fair value of derivative instruments		(210)	(320)
Reclassification to net income of loss on debt derivatives		50	286
Reclassification to net income or property, plant and equipment of loss (gain) on expenditure derivatives		100	(36)
Reclassification to net income for accrued interest		(15)	(49)
Related income tax recovery		42	50
Cash flow hedging derivative instruments		(33)	(69)
Share of other comprehensive income (loss) of equity-accounted investments, net of tax		2	(5)
Items that may subsequently be reclassified to net income		(31)	(74)
Other comprehensive income (loss) for the year		411	(425)
Comprehensive income for the year		1,969	1,167

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 6 2021 Annual Financial Statements

Consolidated Statements of Financial Position

(In millions of Canadian dollars)

		As at December 31	As at December 31
	Note	2021	2020
Assets
Current assets:
Cash and cash equivalents		715	2,484
Accounts receivable	15	3,847	2,856
Inventories	16	535	479
Current portion of contract assets	5	115	533
Other current assets		497	516
Current portion of derivative instruments	17	120	61
Total current assets		5,829	6,929
Property, plant and equipment	7, 8	14,666	14,018
Intangible assets	9	12,281	8,926
Investments	18	2,493	2,536
Derivative instruments	17	1,431	1,378
Financing receivables	15	854	748
Other long-term assets	5	385	346
Goodwill	9	4,024	3,973
Total assets		41,963	38,854
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings	19	2,200	1,221
Accounts payable and accrued liabilities		3,416	2,714
Income tax payable		115	344
Other current liabilities	17, 20	607	243
Contract liabilities	5	394	336
Current portion of long-term debt	21	1,551	1,450
Current portion of lease liabilities	8	336	278
Total current liabilities		8,619	6,586
Provisions	20	50	42
Long-term debt	21	17,137	16,751
Lease liabilities	8	1,621	1,557
Other long-term liabilities	22	565	1,149
Deferred tax liabilities	13	3,439	3,196
Total liabilities		31,431	29,281
Shareholders' equity	24	10,532	9,573
Total liabilities and shareholders' equity		41,963	38,854
Guarantees	27
Commitments and contingent liabilities	28
Subsequent events	17, 21, 24, 30

The accompanying notes are an integral part of the consolidated financial statements.

On behalf of the Board of Directors:

"Edward S. Rogers"	"Robert J. Gemmell"
Edward S. Rogers Director	Robert J. Gemmell Director

Rogers Communications Inc. 7 2021 Annual Financial Statements

Consolidated Statements of Changes in Shareholders' Equity

(In millions of Canadian dollars, except number of shares)

	Class A Voting Shares		Class B Non-Voting Shares
Year ended December 31, 2021	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total shareholders' equity
Balances, January 1, 2021	71	111,154	397	393,771	7,916	999	194	(4)	9,573
Net income for the year	—	—	—	—	1,558	—	—	—	1,558
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	—	—	—	—	435	—	—	—	435
FVTOCI investments, net of tax	—	—	—	—	—	7	—	—	7
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	(33)	—	(33)
Share of equity-accounted investments, net of tax	—	—	—	—	—	—	—	2	2
Total other comprehensive income (loss)	—	—	—	—	435	7	(33)	2	411
Comprehensive income (loss) for the year	—	—	—	—	1,993	7	(33)	2	1,969
Reclassification to retained earnings for disposition of FVTOCI investments	—	—	—	—	13	(13)	—	—	—
Transactions with shareholders recorded directly in equity:
Dividends declared	—	—	—	—	(1,010)	—	—	—	(1,010)
Share class exchange	—	(1)	—	1	—	—	—	—	—
Total transactions with shareholders	—	(1)	—	1	(1,010)	—	—	—	(1,010)
Balances, December 31, 2021	71	111,153	397	393,772	8,912	993	161	(2)	10,532

	Class A Voting Shares		Class B Non-Voting Shares
Year ended December 31, 2020	Amount	Number of shares (000s)	Amount	Number of shares (000s)	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve	Total shareholders' equity
Balances, January 1, 2020	71	111,154	397	393,771	7,419	1,265	263	1	9,416
Net income for the period	—	—	—	—	1,592	—	—	—	1,592
Other comprehensive (loss) income:
Defined benefit pension plans, net of tax	—	—	—	—	(89)	—	—	—	(89)
FVTOCI investments, net of tax	—	—	—	—	—	(262)	—	—	(262)
Derivative instruments accounted for as hedges, net of tax	—	—	—	—	—	—	(69)	—	(69)
Share of equity-accounted investments, net of tax	—	—	—	—	—	—	—	(5)	(5)
Total other comprehensive (loss) income	—	—	—	—	(89)	(262)	(69)	(5)	(425)
Comprehensive income (loss) for the year	—	—	—	—	1,503	(262)	(69)	(5)	1,167
Reclassification to retained earnings for disposition of FVTOCI investments	—	—	—	—	4	(4)	—	—	—
Transactions with shareholders recorded directly in equity:
Dividends declared	—	—	—	—	(1,010)	—	—	—	(1,010)
Total transactions with shareholders	—	—	—	—	(1,010)	—	—	—	(1,010)
Balances, December 31, 2020	71	111,154	397	393,771	7,916	999	194	(4)	9,573

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 8 2021 Annual Financial Statements

Consolidated Statements of Cash Flows

(In millions of Canadian dollars)

Years ended December 31	Note	2021	2020
Operating activities:
Net income for the year		1,558	1,592
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	7, 8, 9	2,585	2,618
Program rights amortization	9	68	77
Finance costs	11	849	881
Income tax expense	13	569	580
Post-employment benefits contributions, net of expense	23	(5)	13
Other		2	119
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid		5,626	5,880
Change in net operating assets and liabilities	29	37	(333)
Income taxes paid		(700)	(418)
Interest paid		(802)	(808)
Cash provided by operating activities		4,161	4,321
Investing activities:
Capital expenditures	7, 29	(2,788)	(2,312)
Additions to program rights	9	(54)	(57)
Changes in non-cash working capital related to capital expenditures and intangible assets		67	(37)
Acquisitions and other strategic transactions, net of cash acquired	9	(3,404)	(103)
Other		46	(49)
Cash used in investing activities		(6,133)	(2,558)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings	19	971	(1,146)
Net issuance of long-term debt	21	550	2,540
Net (payments) proceeds on settlement of debt derivatives and forward contracts	17	(8)	80
Transaction costs incurred	21	(31)	(23)
Principal payments of lease liabilities	8	(269)	(213)
Dividends paid	24	(1,010)	(1,011)
Cash provided by financing activities		203	227
Change in cash and cash equivalents		(1,769)	1,990
Cash and cash equivalents, beginning of year		2,484	494
Cash and cash equivalents, end of year		715	2,484

Cash and cash equivalents are defined as cash and short-term deposits that have an original maturity of less than 90 days, less bank advances.

The accompanying notes are an integral part of the consolidated financial statements.

Rogers Communications Inc. 9 2021 Annual Financial Statements

Notes to Consolidated Financial Statements

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

Page		Note	Page		Note
10	Note 1	Nature of the Business	34	Note 17	Financial Risk Management and Financial Instruments
12	Note 2	Significant Accounting Policies
13	Note 3	Capital Risk Management	46	Note 18	Investments
16	Note 4	Segmented Information	48	Note 19	Short-Term Borrowings
18	Note 5	Revenue	50	Note 20	Provisions
22	Note 6	Operating Costs	51	Note 21	Long-Term Debt
22	Note 7	Property, Plant and Equipment	54	Note 22	Other Long-Term Liabilities
24	Note 8	Leases	54	Note 23	Post-Employment Benefits
26	Note 9	Intangible Assets and Goodwill	60	Note 24	Shareholders' Equity
29	Note 10	Restructuring, Acquisition and Other	61	Note 25	Stock-Based Compensation
30	Note 11	Finance Costs	64	Note 26	Related Party Transactions
30	Note 12	Other Expense	65	Note 27	Guarantees
31	Note 13	Income Taxes	65	Note 28	Commitments and Contingent Liabilities
33	Note 14	Earnings Per Share	68	Note 29	Supplemental Cash Flow Information
33	Note 15	Accounts Receivable	68	Note 30	Shaw Transaction
34	Note 16	Inventories

NOTE 1: NATURE OF THE BUSINESS

Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

During the year ended December 31, 2021, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries.

See note 4 for more information about our reportable operating segments.

BUSINESS SEASONALITY

Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.

The COVID-19 pandemic (COVID-19) significantly affected our operating results in 2020 and 2021 in addition to the typical seasonal fluctuations in our business that are described below. In Wireless, the decline in customer travel due to global travel restrictions resulted in lower-than-pre-pandemic roaming revenue. In Media, major professional sports leagues postponed their 2019-20 seasons between March and July 2020 and recommenced with contracted seasons from

Rogers Communications Inc. 10 2021 Annual Financial Statements

July to September 2020. The NBA and NHL also postponed and condensed their 2020-21 seasons to late December 2020 and early January 2021, respectively. These changes caused sports-related revenue and expenses, such as programming rights amortization, to be recognized at different points in time than is typical. Furthermore, the effect of the Toronto Blue Jays being able to allow limited game-day attendance this year and play a full season compared to the stricter public health restrictions in the prior year has resulted in increased revenue and operating expenses this year.

Wireless

Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. Aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.

The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, and is also impacted by foreign exchange rates and general economic conditions.

Cable

Cable's operating results are affected by modest seasonal fluctuations, typically caused by:

•university and college students who live in residences moving out early in the second quarter and canceling their service as well as students moving in late in the third quarter and signing up for cable service;

•individuals temporarily suspending service for extended vacations or seasonal relocations;

•the timing of service pricing changes; and

•the concentrated marketing we generally conduct in our fourth quarter.

Cable results from our enterprise customers do not generally have any unique seasonal aspects.

Media

Seasonal fluctuations relate to:

•periods of increased consumer activity and their impact on advertising and related retail cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter;

•the Major League Baseball season, where:

•games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the year);

•revenue related to game day ticket sales, merchandise sales, and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game day ticket sales and merchandise sales, if and when the Toronto Blue Jays play in the postseason (in the fourth quarter of the year); and

•programming and production costs and player payroll are expensed based on the number of games aired or played, as applicable; and

•the National Hockey League (NHL) season, where:

•regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). We expect a correlation between the quality of revenue and earnings and the extent of Canadian teams' presence during the playoffs;

•programming and production costs are expensed based on the timing of when the rights are aired or are expected to be consumed; and

•advertising revenue and programming expenses are concentrated when games are played, with playoff games commanding a premium in advertising revenue.

ESTIMATION UNCERTAINTY

Due to the uncertainty surrounding the duration and potential outcomes of COVID-19, and the unpredictable and continuously changing impacts and related government responses, there is more uncertainty associated with our assumptions, expectations, and estimates. We believe the most significantly affected estimates are related to our expected credit losses and allowance for doubtful accounts and as a result, for the year ended December 31, 2020, we recognized an incremental $90 million in allowance for doubtful accounts expense on our accounts receivable, financing receivables, and contract assets based on changing economic conditions.

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 3, 2022.

Rogers Communications Inc. 11 2021 Annual Financial Statements

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

(a)BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 17, which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 23; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 25.

(b)BASIS OF CONSOLIDATION

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation.

(c)FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average rate for the month in which the transaction was recognized.

(d)BUSINESS COMBINATIONS

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

During the year ended December 31, 2021, we made several individually immaterial acquisitions and recognized $51 million of related goodwill, $37 million of which has been allocated to our Cable operating segment and $14 million of which has been allocated to our Media operating segment. During the year ended December 31, 2020, we made several individually immaterial acquisitions and recognized $50 million in related goodwill, all of which was allocated to our Cable operating segment.

(e)GOVERNMENT GRANTS

We recognize government financial assistance when there is reasonable assurance that we will comply with the conditions of the assistance and the assistance will be received. Assistance related to expenses is recognized as a reduction of the related expense; assistance related to assets is recognized as a reduction to the carrying amount of the asset. During the year ended December 31, 2020, we qualified for $91 million of funding associated with the Canada Emergency Wage Subsidy (CEWS) program, a federal government initiative offered to eligible employers who kept individuals employed during COVID-19.

(f)NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2021

We adopted the following IFRS amendments in 2021. They did not have a material effect on our consolidated financial statements.

•Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, and IFRS 7), addressing issues that might affect financial reporting after the reform of an interest rate benchmark. There is significant uncertainty over the timing of when the replacements for IBORs will be effective and what those replacements will be. We will actively monitor the IBOR reform and consider circumstances as we renew or enter into new financial instruments.

•Amendments to IFRS 16, Leases, allowing lessees to not assess whether a COVID-19-related rent concession is a lease modification.

Rogers Communications Inc. 12 2021 Annual Financial Statements

(g)RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The IASB has issued the following new standard and amendments that will become effective in a future year and could have an impact on our consolidated financial statements in future periods:

•IFRS 17, Insurance Contracts, a replacement of IFRS 4, Insurance Contracts, that aims to provide consistency in the application of accounting for insurance contracts (January 1, 2023).

•Amendments to IFRS 3, Business Combinations - Updating a Reference to the Conceptual Framework, updating a reference in IFRS 3 to now refer to the Conceptual Framework (January 1, 2022).

•Amendments to IAS 16, Property, Plant and Equipment: Proceeds before intended use, prohibiting reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations (January 1, 2022).

•Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets - Onerous Contracts, specifying costs an entity should include in determining the "cost of fulfilling" a potential onerous contract (January 1, 2022).

•Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current, clarifying the classification requirements in the standard for liabilities as current or non-current (January 1, 2023).

•Amendments to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies, requiring entities to disclose material, instead of significant, accounting policy information (January 1, 2023).

•Amendments to IAS 8, Accounting Policies - Changes in Accounting Estimates and Errors, clarifying the definition of "accounting policies" and "accounting estimates" (January 1, 2023).

•Amendments to IAS 12, Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction, narrowing the scope for exemption when recognizing deferred taxes (January 1, 2023).

We do not expect IFRS 17, Insurance Contracts, or the amendments effective January 1, 2022, will have an effect on our consolidated financial statements. We are assessing the impacts, if any, the remaining amendments will have on our consolidated financial statements; however we currently do not expect any material impacts.

(h)ADDITIONAL SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS

When preparing our consolidated financial statements, management makes judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. Our significant accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our significant accounting policies.

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
4	Reportable Segments	16	X		X
5	Revenue Recognition	18	X	X	X
7	Property, Plant and Equipment	22	X	X	X
8	Leases	24	X	X	X
9	Intangible Assets and Goodwill	26	X	X	X
10	Restructuring, Acquisition and Other	29	X		X
13	Income Taxes	31	X		X
14	Earnings Per Share	33	X
15	Accounts Receivable	33	X		X
16	Inventories	34	X
17	Financial Instruments	34	X	X	X
18	Investments	46	X
20	Provisions	50	X	X	X
23	Post-Employment Benefits	54	X	X
25	Stock-Based Compensation	61	X	X
28	Commitments and Contingent Liabilities	65	X		X

NOTE 3: CAPITAL RISK MANAGEMENT

Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all of our commitments and to execute our business plan. We define capital that we manage as shareholders' equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), cash and cash equivalents, and derivative instruments.

We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or

Rogers Communications Inc. 13 2021 Annual Financial Statements

adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt and/or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.

The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires that a minimum level of regulatory capital be maintained. Rogers' subsidiary was in compliance with that requirement as at December 31, 2021 and 2020. The capital requirements are not material to the Company as at December 31, 2021 or December 31, 2020.

With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.

KEY METRICS AND RATIOS

We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.

Adjusted net debt and debt leverage ratio

We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us strong access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. As at December 31, 2021 and 2020, we met our objectives for these metrics.

On March 15, 2021, we announced an agreement with Shaw Communications Inc. (Shaw) to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share (Transaction). The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt. See note 30 for more information about the Transaction.

We expect to raise up to $19 billion in new debt to finance the Transaction. To address this risk and requirement, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion (see note 19) in March 2021 and a $6 billion term loan facility (Shaw term loan facility, see note 21) in April 2021, as a result of which, the maximum amount we can draw on this committed credit facility decreased to $13 billion. We anticipate adjusted net debt will increase correspondingly with any debt issued or drawn and our debt leverage ratio will increase significantly in the short- to medium-term.

		As at December 31	As at December 31
(In millions of dollars)	Note	2021	2020
Current portion of long-term debt	21	1,551	1,450
Long-term debt	21	17,137	16,751
Deferred transaction costs and discounts	21	185	172
		18,873	18,373
Add (deduct):
Subordinated notes adjustment 1		(1,000)	—
Net debt derivative assets 2		(1,260)	(1,086)
Credit risk adjustment related to net debt derivative assets 3		(18)	(15)
Short-term borrowings	19	2,200	1,221
Current portion of lease liabilities	8	336	278
Lease liabilities	8	1,621	1,557
Cash and cash equivalents		(715)	(2,484)
Adjusted net debt		20,037	17,844

Rogers Communications Inc. 14 2021 Annual Financial Statements

		As at December 31	As at December 31
(In millions of dollars, except ratios)	Note	2021	2020
Adjusted net debt		20,037	17,844
Divided by: trailing 12-month adjusted EBITDA	4	5,887	5,857
Debt leverage ratio		3.4	3.0

1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

2    Net debt derivative assets consists of the net fair value of our debt derivatives on issued debt accounted for as hedges.

3    For accounting purposes in accordance with IFRS, we recognize the fair values of our debt derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. For purposes of calculating adjusted net debt, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.

Free cash flow

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Adjusted EBITDA	4	5,887	5,857
Deduct (add):
Capital expenditures 1	7	2,788	2,312
Interest on borrowings, net of capitalized interest	11	728	761
Cash income taxes 2		700	418
Free cash flow		1,671	2,366

1    Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Cash provided by operating activities		4,161	4,321
Add (deduct):
Capital expenditures	7	(2,788)	(2,312)
Interest on borrowings, net of capitalized interest	11	(728)	(761)
Interest paid		802	808
Restructuring, acquisition and other	10	324	185
Program rights amortization	9	(68)	(77)
Change in net operating assets and liabilities	29	(37)	333
Other adjustments 1	12, 23	5	(131)
Free cash flow		1,671	2,366

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other expense from our financial statements.

Available liquidity

Available liquidity fluctuates based on business circumstances. We continually manage, and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2021 and 2020, we had sufficient liquidity available to us to meet this objective.

Rogers Communications Inc. 15 2021 Annual Financial Statements

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

As at December 31, 2021		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		715	—	—	—	715
Bank credit facilities 2:
Revolving	21	4,000	—	8	894	3,098
Non-revolving	19	507	507	—	—	—
Outstanding letters of credit	21	72	—	72	—	—
Receivables securitization 2	19	1,200	800	—	—	400
Total		6,494	1,307	80	894	4,213

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2020		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		2,484	—	—	—	2,484
Bank credit facilities 2:
Revolving	21	3,200	—	8	573	2,619
Outstanding letters of credit	21	101	—	101	—	—
Receivables securitization 2	19	1,200	650	—	—	550
Total		6,985	650	109	573	5,653

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

Subsequent to the final payment for the 3500 MHz spectrum licence acquisition in December 2021 (see note 9), we cancelled $360 million of letters of credit and US$1.2 billion of non-revolving credit facilities, which reduced total liquidity sources to $6.5 billion as at December 31, 2021.

NOTE 4: SEGMENTED INFORMATION

ACCOUNTING POLICY

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

JUDGMENTS

We make significant judgments in determining our operating segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.

REPORTABLE SEGMENTS

Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments,

Rogers Communications Inc. 16 2021 Annual Financial Statements

corporate administrative functions, and eliminations of inter-segment revenue and costs. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

INFORMATION BY SEGMENT

Year ended December 31, 2021	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,768	4,072	1,975	(160)	14,655
Operating costs	6	4,554	2,059	2,102	53	8,768
Adjusted EBITDA		4,214	2,013	(127)	(213)	5,887
Depreciation and amortization	7, 8, 9					2,585
Restructuring, acquisition and other	10					324
Finance costs	11					849
Other expense	12					2
Income before income tax expense						2,127
Capital expenditures	7	1,515	913	115	245	2,788
Goodwill	9	1,160	1,895	969	—	4,024
Total assets		25,247	7,887	2,665	6,164	41,963

Year ended December 31, 2020	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,530	3,946	1,606	(166)	13,916
Operating costs	6	4,463	2,011	1,555	30	8,059
Adjusted EBITDA		4,067	1,935	51	(196)	5,857
Depreciation and amortization	7, 8, 9					2,618
Restructuring, acquisition and other	10					185
Finance costs	11					881
Other expense	12					1
Income before income tax expense						2,172
Capital expenditures	7	1,100	940	79	193	2,312
Goodwill	9	1,160	1,858	955	—	3,973
Total assets		20,639	7,877	2,569	7,769	38,854

Rogers Communications Inc. 17 2021 Annual Financial Statements

NOTE 5: REVENUE

ACCOUNTING POLICY

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and smart home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, and other league revenue sharing	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are sold to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are grouped into "other long-term assets" on our Consolidated Statements of Financial Position.

Rogers Communications Inc. 18 2021 Annual Financial Statements

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are grouped into "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts (see note 15). Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in other assets and amortize them to operating costs over the pattern of the transfer of goods and services to the customer, which is typically evenly over 24 consecutive months.

ESTIMATES

We use estimates in the following key areas:

•determining the transaction price of our contracts requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract; and

•determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations.

Determining the transaction price

The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.

Determining the stand-alone selling price and the allocation of the transaction price

The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer.

In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which Rogers is entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.

JUDGMENTS

We make significant judgments in determining whether a promise to deliver goods or services is considered distinct, in determining the costs that are incremental to obtaining or fulfilling a contract with a customer, and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.

Distinct goods and services

We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.

Determining costs to obtain or fulfill a contract

Determining the costs we incur to obtain or fulfill a contract that meet the deferral criteria within IFRS 15 requires us to make significant judgments. We expect incremental commission fees paid to internal and external representatives as a result of obtaining contracts with customers to be recoverable.

Residual value arrangements

Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In

Rogers Communications Inc. 19 2021 Annual Financial Statements

making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination.

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	621	1,791
Additions from new contracts with customers, net of terminations and renewals	121	104
Amortization of contract assets to accounts receivable	(538)	(1,274)
Balance, end of year	204	621
Current	115	533
Long-term	89	88
Balance, end of year	204	621

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	405	224
Revenue deferred in previous year and recognized as revenue in current year	(393)	(184)
Net additions from contracts with customers	434	365
Balance, end of year	446	405
Current	394	336
Long-term	52	69
Balance, end of year	446	405

Rogers Communications Inc. 20 2021 Annual Financial Statements

DEFERRED COMMISSION COST ASSETS

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2021 and 2020. The deferred commission cost assets are presented within other current assets (when they will be amortized into net income within twelve months of the date of the financial statements) or other long-term assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	262	305
Additions to deferred commission cost assets	315	248
Amortization recognized on deferred commission cost assets	(265)	(291)
Balance, end of year	312	262
Current	219	194
Long-term	93	68
Balance, end of year	312	262

UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2021. The unsatisfied portion of the transaction price of the performance obligations relates to monthly services; we expect to recognize it over the next three to five years.

(In millions of dollars)	2022	2023	2024	Thereafter	Total
Telecommunications service	2,045	795	218	181	3,239

We have elected to utilize the following practical expedients and not disclose:

•the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or

•the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2021	2020
Wireless
Service revenue	6,666	6,579
Equipment revenue	2,102	1,951
Total Wireless	8,768	8,530
Cable
Service revenue	4,052	3,936
Equipment revenue	20	10
Total Cable	4,072	3,946
Total Media	1,975	1,606
Corporate items and intercompany eliminations	(160)	(166)
Total revenue	14,655	13,916
Total service revenue	12,533	11,955
Total equipment revenue	2,122	1,961
Total revenue	14,655	13,916

Rogers Communications Inc. 21 2021 Annual Financial Statements

NOTE 6: OPERATING COSTS

	Years ended December 31
(In millions of dollars)	2021	2020
Cost of equipment sales	2,161	1,946
Merchandise for resale	271	261
Other external purchases	4,155	4,005
Employee salaries, benefits, and stock-based compensation 1	2,181	1,847
Total operating costs	8,768	8,059

1    Net of government grants received (see note 2).

NOTE 7: PROPERTY, PLANT AND EQUIPMENT

ACCOUNTING POLICY

The following accounting policy applies to property, plant and equipment excluding right-of-use assets recognized under IFRS 16. Our accounting policy for right-of-use assets is included in note 8.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 20); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 9 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

Rogers Communications Inc. 22 2021 Annual Financial Statements

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates in determining the recoverable amount of property, plant and equipment. See "Estimates" in note 9 for how we use estimates to determine the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

DETAILS OF PROPERTY, PLANT AND EQUIPMENT

The tables below summarize our property, plant and equipment as at December 31, 2021 and 2020.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2021	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Additions and transfers	29	1,167	849	142	62	57	482	2,788	380	3,168
Acquisitions from business combinations	2	29	1	6	—	3	—	41	—	41
Disposals and other	—	(802)	(321)	(147)	—	(37)	—	(1,307)	(2)	(1,309)
As at December 31, 2021	1,241	22,307	6,607	1,955	680	1,253	1,330	35,373	2,626	37,999
Accumulated depreciation
As at January 1, 2021	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Depreciation	35	1,170	751	245	41	80	—	2,322	246	2,568
Disposals and other	—	(796)	(322)	(156)	(1)	(39)	—	(1,314)	(2)	(1,316)
As at December 31, 2021	531	14,642	4,682	1,604	353	880	—	22,692	641	23,333
Net carrying amount
As at January 1, 2021	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018
As at December 31, 2021	710	7,665	1,925	351	327	373	1,330	12,681	1,985	14,666

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2020	1,179	20,804	5,653	1,939	587	1,184	1,320	32,666	1,911	34,577
Additions and transfers	31	1,863	620	168	34	68	(472)	2,312	337	2,649
Acquisitions from business combinations	—	4	37	—	1	1	—	43	—	43
Disposals and other	—	(758)	(232)	(153)	(4)	(23)	—	(1,170)	—	(1,170)
As at December 31, 2020	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Accumulated depreciation
As at January 1, 2020	461	13,814	3,749	1,387	281	776	—	20,468	175	20,643
Depreciation	37	1,196	747	288	36	86	—	2,390	217	2,607
Disposals and other	(2)	(742)	(243)	(160)	(4)	(23)	—	(1,174)	5	(1,169)
As at December 31, 2020	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Net carrying amount
As at January 1, 2020	718	6,990	1,904	552	306	408	1,320	12,198	1,736	13,934
As at December 31, 2020	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018

During 2021, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 3.4% (2020 - 3.7%).

Annually, we perform an analysis to identify fully depreciated assets that have been disposed of. In 2021, this resulted in an adjustment to cost and accumulated depreciation of $1,157 million (2020 - $978 million). The disposals had nil impact on the Consolidated Statements of Income.

Rogers Communications Inc. 23 2021 Annual Financial Statements

NOTE 8: LEASES

ACCOUNTING POLICY

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

Rogers Communications Inc. 24 2021 Annual Financial Statements

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis. All of the leases for which we act as lessor are classified as operating leases.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our leases, especially related to our networks, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to fifteen years. Variable lease payments during 2021 were $21 million (2020 - $23 million).

Rogers Communications Inc. 25 2021 Annual Financial Statements

Below is a summary of the activity related to our lease liabilities for the twelve months ended December 31, 2021. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $338 million as at December 31, 2021 (2020 - $240 million).

	Years ended December 31
(In millions of dollars)	2021	2020
Lease liabilities, beginning of year	1,835	1,725
Net additions	386	320
Interest expense on lease liabilities	74	70
Interest payments on lease liabilities	(69)	(67)
Principal payments of lease liabilities	(269)	(213)
Lease liabilities, end of year	1,957	1,835
Current liability	336	278
Long-term liability	1,621	1,557
Lease liabilities	1,957	1,835

NOTE 9: INTANGIBLE ASSETS AND GOODWILL

ACCOUNTING POLICY

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into depreciation and amortization on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 10 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize program rights on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in operating costs on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating expenses during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the

Rogers Communications Inc. 26 2021 Annual Financial Statements

extent that prepayments are made for annual contractual fees within a season, they are included in other current assets on our Consolidated Statements of Financial Position, as the rights will be consumed within the next twelve months.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combination from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

Rogers Communications Inc. 27 2021 Annual Financial Statements

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing.

DETAILS OF INTANGIBLE ASSETS

The tables below summarize our intangible assets as at December 31, 2021 and 2020.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2021	8,371	333	420	1,623	233	10,980	4,194	15,174
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,371	234	406	1,623	228	10,862	3,973	14,835
Additions	3,343	—	—	46	54	3,443	51	3,494
Disposals and other 1	—	(3)	—	—	(77)	(80)	—	(80)
As at December 31, 2021	11,714	231	406	1,669	205	14,225	4,024	18,249
Accumulated amortization
As at January 1, 2021	—	—	270	1,589	77	1,936	—	1,936
Amortization 2	—	—	—	17	68	85	—	85
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2021	—	—	270	1,606	68	1,944	—	1,944
Net carrying amount
As at January 1, 2021	8,371	234	136	34	151	8,926	3,973	12,899
As at December 31, 2021	11,714	231	136	63	137	12,281	4,024	16,305

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $85 million of total amortization, $68 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $17 million in depreciation and amortization on the Consolidated Statements of Income.

Rogers Communications Inc. 28 2021 Annual Financial Statements

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2020	8,331	333	420	1,611	253	10,948	4,144	15,092
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,331	234	406	1,611	248	10,830	3,923	14,753
Additions	40	—	—	12	57	109	50	159
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	8,371	234	406	1,623	228	10,862	3,973	14,835
Accumulated amortization
As at January 1, 2020	—	—	270	1,578	77	1,925	—	1,925
Amortization 2	—	—	—	11	77	88	—	88
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	—	—	270	1,589	77	1,936	—	1,936
Net carrying amount
As at January 1, 2020	8,331	234	136	33	171	8,905	3,923	12,828
As at December 31, 2020	8,371	234	136	34	151	8,926	3,973	12,899

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $88 million of total amortization, $77 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $11 million in depreciation and amortization on the Consolidated Statements of Income.

In July 2021, Innovation, Science and Economic Development Canada announced the results of the 3500 MHz spectrum licence auction that began in June 2021. We were awarded 325 spectrum licences covering the vast majority of the Canadian population at a total cost of $3.3 billion. In December 2021, we made the final payment and obtained these licences.

ANNUAL IMPAIRMENT TESTING

For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, correspond to our operating segments as disclosed in note 4.

Below is an overview of the methods and key assumptions we used in 2021, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,160	8,517	Value in use	5	2.0	8.5
Cable	1,895	—	Value in use	5	1.5	8.0
Media	969	232	Fair value less cost to sell	5	2.0	10.6

Our fair value measurement for Media is classified as Level 3 in the fair value hierarchy.

We did not recognize an impairment charge related to our goodwill or intangible assets in 2021 or 2020 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values.

NOTE 10: RESTRUCTURING, ACQUISITION AND OTHER

ACCOUNTING POLICY

We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses.

Rogers Communications Inc. 29 2021 Annual Financial Statements

JUDGMENTS

We make significant judgments in determining the appropriate classification of costs to be included in restructuring, acquisition and other.

RESTRUCTURING, ACQUISITION AND OTHER COSTS

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Restructuring and other		187	185
Shaw acquisition-related costs	30	137	—
Total restructuring, acquisition and other		324	185

The restructuring and other costs in 2021 primarily consisted of severance costs associated with the targeted restructuring of our employee base, certain contract termination costs, incremental, temporary costs incurred in response to COVID-19, and other costs. In 2020, these costs were primarily incremental, temporary employee compensation and other costs incurred in response to COVID-19 as well as severance costs associated with the targeted restructuring of our employee base. The Shaw acquisition-related costs primarily consist of costs related to a committed credit facility (see note 19) and other costs incurred directly related to the Transaction.

NOTE 11: FINANCE COSTS

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Interest on borrowings 1		745	780
Interest on lease liabilities	8	74	70
Interest on post-employment benefits liability	23	14	13
Loss on foreign exchange		10	107
Change in fair value of derivative instruments		(6)	(97)
Capitalized interest		(17)	(19)
Other		29	27
Total finance costs		849	881

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 $10 million in net foreign exchange losses in 2021 (2020 - $107 million in net losses). These losses were primarily attributed to our US CP program borrowings (see note 17).

These foreign exchange losses were offset by the $6 million gain related to the change in fair value of derivatives (2020 - $97 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.

NOTE 12: OTHER EXPENSE

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Losses from associates and joint ventures	18	44	40
Other investment income		(42)	(39)
Total other expense		2	1

Rogers Communications Inc. 30 2021 Annual Financial Statements

NOTE 13: INCOME TAXES

ACCOUNTING POLICY

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

JUDGMENTS

We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.

INCOME TAX EXPENSE

	Years ended December 31
(In millions of dollars)	2021	2020
Total current tax expense	458	712
Deferred tax expense (recovery):
Origination (reversal) of temporary differences	111	(129)
Revaluation of deferred tax balances due to legislative changes	—	(3)
Total deferred tax expense (recovery)	111	(132)
Total income tax expense	569	580

Rogers Communications Inc. 31 2021 Annual Financial Statements

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2021		2020
Statutory income tax rate	26.5	%	26.6	%
Income before income tax expense	2,127		2,172
Computed income tax expense	564		578
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	1		—
Non-deductible portion of equity losses	12		10
Income tax adjustment, legislative tax change	—		(3)
Non-taxable income from security investments	(11)		(10)
Other	3		5
Total income tax expense	569		580
Effective income tax rate	26.8	%	26.7	%

DEFERRED TAX ASSETS AND LIABILITIES

Below is a summary of the movement of net deferred tax assets and liabilities during 2021 and 2020.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)
(Expense) recovery in net income	(122)	(116)	(2)	8	59	62	(111)
(Expense) in other comprehensive income	—	—	(3)	—	—	(115)	(118)
Acquisitions	(2)	(12)	—	—	—	—	(14)
December 31, 2021	(1,608)	(1,578)	(135)	24	(124)	(18)	(3,439)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2019	(1,366)	(1,318)	(168)	12	(570)	(27)	(3,437)
(Expense) recovery in net income	(108)	(129)	(2)	4	387	(20)	132
Recovery in other comprehensive income	—	—	40	—	—	82	122
Acquisitions	(10)	(3)	—	—	—	—	(13)
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2021	2020
Realized and accrued capital losses in Canada that can be applied against future capital gains	75	82
Tax losses in foreign jurisdictions that expire between 2023 and 2040	68	67
Deductible temporary differences in foreign jurisdictions	40	43
Total unrecognized temporary differences	183	192

There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.

Rogers Communications Inc. 32 2021 Annual Financial Statements

NOTE 14: EARNINGS PER SHARE

ACCOUNTING POLICY

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

EARNINGS PER SHARE CALCULATION

	Years ended December 31
(In millions of dollars, except per share amounts)	2021	2020
Numerator (basic) - Net income for the year	1,558	1,592
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	505	505
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	506	506
Earnings per share:
Basic	$3.09	$3.15
Diluted	$3.07	$3.13

For the years ended December 31, 2021 and 2020, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2021 was reduced by $3 million (2020 - $7 million) in the diluted earnings per share calculation.

For the year ended December 31, 2021, there were 4,148,549 options out of the money (2020 - 3,895,948) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

NOTE 15: ACCOUNTS RECEIVABLE

ACCOUNTING POLICY

Accounts receivable represent amounts owing to us that are currently due and collectible, as well as amounts owed to us under device or accessory financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value, and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

Rogers Communications Inc. 33 2021 Annual Financial Statements

ACCOUNTS RECEIVABLE BY TYPE

		As at December 31
(In millions of dollars)	Note	2021	2020
Customer accounts receivable		4,150	3,170
Other accounts receivable		791	656
Allowance for doubtful accounts	17	(240)	(222)
Total accounts receivable		4,701	3,604
Current		3,847	2,856
Long-term		854	748
Total accounts receivable		4,701	3,604

The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and is composed of our financing receivables that will be billed to customers beyond the next 12 months.

NOTE 16: INVENTORIES

ACCOUNTING POLICY

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

INVENTORIES BY TYPE

	As at December 31
(In millions of dollars)	2021	2020
Wireless devices and accessories	436	399
Other finished goods and merchandise	99	80
Total inventories	535	479

Cost of equipment sales and merchandise for resale includes $2,432 million of inventory costs for 2021 (2020 - $2,207 million).

NOTE 17: FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

ACCOUNTING POLICY

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

Rogers Communications Inc. 34 2021 Annual Financial Statements

Financial instrument	Classification and measurement method
Financial assets
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. Debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in operating costs.

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

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 on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

Rogers Communications Inc. 35 2021 Annual Financial Statements

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next twelve months. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables, financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within twelve months of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 5);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which it has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

Rogers Communications Inc. 36 2021 Annual Financial Statements

ESTIMATES

Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.

JUDGMENTS

We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.

FINANCIAL RISKS

We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. 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.

CREDIT RISK

Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us.

Our credit risk exposure is primarily attributable to our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, and equity derivatives. Our broad customer base limits the concentration of this risk. Our accounts receivable and financing receivables on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.

Accounts receivable

Our accounts receivable do not contain significant financing components as defined by IFRS 15 and therefore we measure our allowance for doubtful accounts using lifetime expected credit losses related to our accounts receivable. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable. As at December 31, 2021, $442 million (2020 - $435 million) of gross accounts receivable are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.

Rogers Communications Inc. 37 2021 Annual Financial Statements

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)	2021	2020
Customer accounts receivable
Unbilled financing receivables	2,646	1,806
Less than 30 days past billing date	895	793
30-60 days past billing date	214	207
61-90 days past billing date	89	66
Greater than 90 days past billing date	66	76
Total customer accounts receivable (net of allowances of $240 and $222, respectively)	3,910	2,948
Total contract assets (net of allowance of $3 and $28, respectively)	204	621
Total customer accounts receivable and contract assets	4,114	3,569

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)	2021	2020
Balance, beginning of year	250	114
Allowance for doubtful accounts expense	155	307
Net use	(162)	(171)
Balance, end of year	243	250

We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance that these controls will continue to be effective or that our current credit loss experience will continue.

Derivative instruments

Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&P Global Ratings (or the equivalent) ranging from A to AA-.

LIQUIDITY RISK

Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 3). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

Rogers Communications Inc. 38 2021 Annual Financial Statements

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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.

Rogers Communications Inc. 39 2021 Annual Financial Statements

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, 2021 and 2020.

December 31, 2021	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	804	1,444	1,321	7,789

December 31, 2020	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	747	1,322	1,167	8,331

MARKET PRICE RISK

Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our investments measured at FVTOCI or our share price will affect our income, cash flows, or the value of our financial instruments. The derivative instruments we use to manage this risk are described in this note.

Market price risk - publicly traded investments

We manage risk related to fluctuations in the market prices of our investments in publicly traded companies by regularly reviewing publicly available information related to these investments to ensure that any risks are within our established levels of risk tolerance. We do not engage in risk management practices such as hedging, derivatives, or short selling with respect to our publicly traded investments.

Market price risk - Class B Non-Voting Shares

Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.

FOREIGN EXCHANGE RISK

We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US CP program as hedges for accounting purposes. We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them as hedges for certain of our forecast operational and capital expenditures. As at December 31, 2021, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.

A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2021.

INTEREST RATE RISK

We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings and bank credit facilities. As at December 31, 2021, 89.3% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2020 - 93.6%).

Rogers Communications Inc. 40 2021 Annual Financial Statements

Sensitivity analysis

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, 2021 and 2020 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)	2021	2020	2021	2020
Share price of publicly traded investments
$1 change	—	—	17	14
Debt derivatives
0.1% change in interest rates	—	—	46	—
Interest rate derivatives
0.1% change in interest rates	—	—	76	—
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	8	12
Floating interest rate senior notes
1% change in interest rates	7	7	—	—
Short-term borrowings
1% change in interest rates	16	9	—	—

DERIVATIVE INSTRUMENTS

As at December 31, 2021 and 2020, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net asset (liability) position for our various derivatives.

	As at December 31, 2021
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	5,859	1.1369	6,661	1,453
As liabilities	5,383	1.3025	7,011	(343)
Short-term debt derivatives not accounted for as hedges:
As assets	1,104	1.2578	1,389	11
Net mark-to-market debt derivative asset				1,121
Interest rate derivatives accounted for as cash flow hedges:
As assets (Cdn$)	—	—	3,250	40
As liabilities (Cdn$)	—	—	500	(6)
As liabilities (US$)	2,000	—	—	(277)
Net mark-to-market interest rate derivative liability				(243)
Expenditure derivatives accounted for as cash flow hedges:
As assets	438	1.2453	545	11
As liabilities	630	1.3151	829	(30)
Net mark-to-market expenditure derivative liability				(19)
Equity derivatives not accounted for as hedges:
As assets	—	—	265	36
Net mark-to-market asset				895

Rogers Communications Inc. 41 2021 Annual Financial Statements

	As at December 31, 2020
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	4,550	1.0795	4,912	1,405
As liabilities	4,642	1.3358	6,201	(307)
Short-term debt derivatives not accounted for as hedges:
As liabilities	449	1.2995	583	(12)
Net mark-to-market debt derivative asset				1,086
Expenditure derivatives accounted for as cash flow hedges:
As liabilities	1,590	1.3421	2,134	(109)
Equity derivatives not accounted for as hedges:
As assets	—	—	238	34
Net mark-to-market asset				1,011

Below is a summary of the net cash (payments) proceeds on debt derivatives.

	Years ended December 31
(In millions of dollars)	2021	2020
Proceeds on debt derivatives related to US commercial paper	2,911	5,542
Proceeds on debt derivatives related to credit facility borrowings	1,003	1,364
Total proceeds on debt derivatives	3,914	6,906
Payments on debt derivatives related to US commercial paper	(2,926)	(5,441)
Payments on debt derivatives related to credit facility borrowings	(1,005)	(1,385)
Total payments on debt derivatives	(3,931)	(6,826)
Net (payments) proceeds on settlement of debt derivatives	(17)	80

Rogers Communications Inc. 42 2021 Annual Financial Statements

Below is a summary of the changes in fair value of our derivative instruments for 2021 and 2020.

Year ended December 31, 2021	Debt derivatives (hedged)	Debt derivatives (unhedged)	Interest rate derivatives	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,098	(12)	—	(109)	34	1,011
Proceeds received from settlement of derivatives	—	(3,914)	(9)	(1,201)	(3)	(5,127)
Payment on derivatives settled	—	3,931	—	1,305	—	5,236
Increase (decrease) in fair value of derivatives	12	6	(234)	(14)	5	(225)
Derivative instruments, end of year	1,110	11	(243)	(19)	36	895
Mark-to-market asset	1,453	11	40	11	36	1,551
Mark-to-market liability	(343)	—	(283)	(30)	—	(656)
Mark-to-market asset (liability)	1,110	11	(243)	(19)	36	895

Year ended December 31, 2020	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,412	(29)	1	55	1,439
Proceeds received from settlement of derivatives	—	(6,906)	(1,261)	1	(8,166)
Payment on derivatives settled	—	6,826	1,221	—	8,047
(Decrease) increase in fair value of derivatives	(314)	97	(70)	(22)	(309)
Derivative instruments, end of year	1,098	(12)	(109)	34	1,011
Mark-to-market asset	1,405	—	—	34	1,439
Mark-to-market liability	(307)	(12)	(109)	—	(428)
Mark-to-market asset (liability)	1,098	(12)	(109)	34	1,011

Below is a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31
(In millions of dollars)	2021	2020
Current asset	120	61
Long-term asset	1,431	1,378
	1,551	1,439
Current liability	(467)	(110)
Long-term liability	(189)	(318)
	(656)	(428)
Net mark-to-market asset	895	1,011

As at December 31, 2021, US$11.2 billion notional amount of our outstanding debt derivatives have been designated as hedges for accounting purposes (2020 - US$9.2 billion). As at December 31, 2021, 100% of our outstanding expenditure derivatives and interest rate derivatives have been designated as hedges for accounting purposes (2020 - 100% of our outstanding expenditure derivatives).

Debt derivatives

We use cross-currency interest rate agreements and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings (see note 19). We designate the debt derivatives related to our senior notes, debentures, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt

Rogers Communications Inc. 43 2021 Annual Financial Statements

derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.

During 2021 and 2020, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	1,200	1.253	1,503	970	1.428	1,385
Debt derivatives settled	800	1.254	1,003	970	1.406	1,364
Net cash paid on settlement			(2)			(21)
US commercial paper program
Debt derivatives entered	2,568	1.260	3,235	3,316	1.329	4,406
Debt derivatives settled	2,312	1.259	2,911	4,091	1.330	5,441
Net cash (paid) received on settlement			(15)			101

We did not enter into any debt derivatives in 2021 on issued senior notes. We entered into US$2 billion of forward starting cross-currency swaps to hedge the foreign exchange and interest risk associated with debt instruments we expect to issue in the future related to the Transaction.

In 2020, 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 21). Below is a summary of the debt derivatives we entered to hedge senior notes issued during 2020.

(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$)
2020 issuances
June 22, 2020	750	2022	USD LIBOR + 0.60%	0.955	%	1,019

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

During 2021 and 2020, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	132	1.273	168	115	1.374	158
Debt derivatives settled	81	1.333	108	43	1.372	59

As at December 31, 2021, we had US$193 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2020 - US$142 million) with terms to maturity ranging from January 2022 to December 2024 (2020 - January 2021 to December 2023), at an average rate of $1.301/US$ (2020 - $1.352/US$).

Interest rate derivatives

From time to time, we use bond forward derivatives or interest rate swap derivatives (collectively, interest rate derivatives) to hedge interest rate risk on current and future debt instruments. Our interest rate derivatives are designated as hedges for accounting purposes.

We have entered into interest rate swap derivatives during the year ended December 31, 2021, including:

•$1,250 million bond forwards to hedge the underlying Government of Canada (GoC) interest rate risk that will form a portion of the interest rate risk associated with anticipated future debt issuances;

•interest rate swap derivatives to hedge the interest rate risk on an additional $3.25 billion of debt instruments we expect to issue in the future; and

•interest rate swap derivatives to hedge the interest rate risk on US$2 billion of debt instruments we expect to issue in the future.

Rogers Communications Inc. 44 2021 Annual Financial Statements

Concurrent with our issuance of $2 billion subordinated notes in December 2021 (see note 21), we terminated $750 million of bond forwards and received $9 million upon settlement. As at December 31, 2021, we had $500 million of bond forwards outstanding.

Concurrent with our issuance of US$750 million subordinated notes in February 2022 (see note 21), we terminated $950 million of interest rate swap derivatives and received $33 million upon settlement.

Expenditure derivatives

Below is a summary of the expenditure derivatives we entered and settled during 2021 and 2020 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	438	1.244	545	1,560	1.343	2,095
Expenditure derivatives settled	960	1.360	1,306	940	1.299	1,221

As at December 31, 2021, we had US$1,068 million of expenditure derivatives outstanding (2020 - US$1,590 million), at an average rate of $1.287/US$ (2020 - $1.342/US$), with terms to maturity ranging from January 2022 to December 2023 (2020 - January 2021 to December 2022). As at December 31, 2021, our outstanding expenditure derivatives maturing in 2022 were hedged at an average exchange rate of $1.292/US$.

Equity derivatives

We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 25). The equity derivatives were originally entered into at a weighted average price of $50.37 with terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.

As at December 31, 2021, we had equity derivatives outstanding for 5.0 million (2020 - 4.6 million) Class B Non-Voting Shares with a weighted average price of $53.10 (2020 - $51.82).

During the year ended December 31, 2021, we entered into 0.4 million equity derivatives (2020 - 0.3 million) with a weighted average price of $60.98 (2020 - $56.08).

During the year ended December 31, 2021, we reset the weighted average price to $59.64 and reset the expiry dates to April 2023 (from April 2021) on 0.5 million equity derivatives and received net proceeds of $3 million.

During the year ended December 31, 2020, we reset the weighted average price to $54.16 and reset the expiry dates to April 2021 (from April 2020) on 0.5 million equity derivatives and made net payments of $1 million.

Additionally, we executed extension agreements for the remainder of our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2022 (from April 2021).

FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of each of our publicly traded investments using quoted market values. We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For these debt derivatives and expenditure derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative.

Rogers Communications Inc. 45 2021 Annual Financial Statements

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:

•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;

•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and

•Level 3 valuations are based on inputs that are not based on observable market data.

There were no material financial instruments categorized in Level 3 as at December 31, 2021 and 2020 and there were no transfers between Level 1, Level 2, or Level 3 during the respective periods.

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)
(In millions of dollars)	2021	2020	2021	2020	2021	2020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies	1,581	1,535	1,581	1,535	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,453	1,405	—	—	1,453	1,405
Debt derivatives not accounted for as cash flow hedges	11	—	—	—	11	—
Interest rate derivatives accounted for as cash flow hedges	40	—	—	—	40	—
Expenditure derivatives accounted for as cash flow hedges	11	—	—	—	11	—
Equity derivatives not accounted for as cash flow hedges	36	34	—	—	36	34
Total financial assets	3,132	2,974	1,581	1,535	1,551	1,439
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	343	307	—	—	343	307
Debt derivatives not accounted for as hedges	—	12	—	—	—	12
Interest rate derivatives accounted for as cash flow hedges	283	—	—	—	283	—
Expenditure derivatives accounted for as cash flow hedges	30	109	—	—	30	109
Total financial liabilities	656	428	—	—	656	428

Below is a summary of the fair value of our long-term debt.

			As at December 31
(In millions of dollars)		2021		2020
	Carrying amount	Fair value 1	Carrying amount	Fair value 1
Long-term debt (including current portion)	18,688	20,790	18,201	22,006

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2021 and 2020.

NOTE 18: INVESTMENTS

ACCOUNTING POLICY

Investments in publicly traded and private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them as follows:

•publicly traded companies - at fair value based on publicly quoted prices; and

•private companies - at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

Rogers Communications Inc. 46 2021 Annual Financial Statements

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

INVESTMENTS BY TYPE

	As at December 31
(In millions of dollars)	2021	2020
Investments in:
Publicly traded companies	1,581	1,535
Private companies	53	97
Investments, measured at FVTOCI	1,634	1,632
Investments, associates and joint ventures	859	904
Total investments	2,493	2,536

INVESTMENTS, MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Publicly traded companies

We hold a number of interests in publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc. This year, we recognized realized losses of nil and unrealized gains of $17 million (2020 - nil of realized losses and $296 million of unrealized losses) in other comprehensive income.

INVESTMENTS, ASSOCIATES AND JOINT VENTURES

We have interests in a number of associates and joint ventures, some of which include:

Maple Leaf Sports and Entertainment Limited (MLSE)

MLSE, a sports and entertainment company, owns and operates the Scotiabank Arena, the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and other assets. We, along with BCE Inc. (BCE), jointly own an indirect net 75% equity interest in MLSE with our portion representing a 37.5% equity interest in MLSE. Our investment in MLSE is accounted for as a joint venture using the equity method.

Glentel

Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by BCE. Our investment in Glentel is accounted for as a joint venture using the equity method.

Rogers Communications Inc. 47 2021 Annual Financial Statements

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2021	2020
Current assets	537	512
Long-term assets	3,254	3,409
Current liabilities	(990)	(857)
Long-term liabilities	(1,177)	(1,358)
Total net assets	1,624	1,706
Our share of net assets	855	900
Revenue	1,805	1,310
Expenses	(1,912)	(1,410)
Net loss	(107)	(100)
Our share of net loss	(44)	(40)

One of our joint ventures has a non-controlling interest that has a right to require our joint venture to purchase that non-controlling interest at a future date at fair value.

NOTE 19: SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.

	As at December 31
(In millions of dollars)	2021	2020
Receivables securitization program	800	650
US commercial paper program (net of the discount on issuance)	893	571
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,200	1,221

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			150			—
Net proceeds received from receivables securitization			150			—
Proceeds received from US commercial paper	2,568	1.260	3,235	3,316	1.329	4,406
Repayment of US commercial paper	(2,314)	1.259	(2,914)	(4,098)	1.355	(5,552)
Net proceeds received from (repayment of) US commercial paper			321			(1,146)
Proceeds received from non-revolving credit facilities (US$)	1,200	1.253	1,503	—	—	—
Repayment of non-revolving credit facilities (US$)	(800)	1.254	(1,003)	—	—	—
Net proceeds received from non-revolving credit facilities			500			—
Net proceeds received from (repayment of) short-term borrowings			971			(1,146)

Rogers Communications Inc. 48 2021 Annual Financial Statements

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a Canadian financial institution that allows us to sell certain receivables into the program.

As at December 31, 2021, the proceeds of the sales were committed up to a maximum of $1,200 million (2020 - $1,200 million) and the program has a term of three years, ending on December 22, 2023.

	As at December 31
(In millions of dollars)	2021	2020
Receivables sold to buyer as security	2,679	2,130
Short-term borrowings from buyer	(800)	(650)
Overcollateralization	1,879	1,480

	Years ended December 31
(In millions of dollars)	2021	2020
Receivables securitization program, beginning of year	650	650
Net proceeds received from receivables securitization	150	—
Receivables securitization program, end of year	800	650

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as short-term borrowings. The buyer's interest in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral for any other purpose. The buyer of our trade receivables has no claim on any of our other assets.

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as short-term borrowings on our Consolidated Statements of Financial Position when they are due within one year from the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	449	1.272	571	1,223	1.298	1,588
Net proceeds received from (repayment of) US commercial paper	254	1.264	321	(782)	1.465	(1,146)
Discounts on issuance 1	1	n/m	2	8	1.250	10
(Gain) loss on foreign exchange 1			(1)			119
US commercial paper, end of year	704	1.268	893	449	1.272	571

n/m - not meaningful

1    Included in finance costs.

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 17). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITY

In June 2021, we entered into non-revolving credit facilities with an aggregate limit of US$1.6 billion that mature in June 2022. Any borrowings under these facilities will be recorded as short-term borrowings as they will be due within 12 months. Borrowings under the facilities are unsecured, guaranteed by RCCI, and rank equally in right of payment with all of our senior notes and debentures. In December 2021, we terminated the undrawn non-revolving credit facilities with an aggregate limit of US$1.2 billion. In February 2022, we repaid the outstanding US$400 million and terminated the facility.

Rogers Communications Inc. 49 2021 Annual Financial Statements

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.

	Year ended December 31, 2021
	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)
Non-revolving credit facility, beginning of year	—	—	—
Net proceeds received from non-revolving credit facilities	400	1.250	500
Loss on foreign exchange 1			7
Non-revolving credit facility, end of year	400	1.268	507

1    Included in finance costs.

COMMITTED CREDIT FACILITY

In March 2021, in connection with the Transaction (see note 30), we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion. The commitment remains subject to the satisfaction of conditions to effectiveness and drawing, including, without limitation, the completion of credit documentation in respect of such commitment and the completion of the Transaction. The committed facility cannot be drawn upon until the closing date of the Transaction. It is only available to be drawn to fund part of the acquisition cost of the Transaction and to pay fees and expenses related to the Transaction. If drawn, any drawings must be repaid within 364 days. If undrawn, the facility terminates on the closing date of the acquisition. As a result of entering into the Shaw term loan facility (see note 21), the maximum amount we can draw on this committed facility decreased to $13 billion.

NOTE 20: PROVISIONS

ACCOUNTING POLICY

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in property, plant and equipment (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to finance costs on the Consolidated Statements of Income.

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as provisions; otherwise they are recognized as accrued liabilities. All charges are recognized in restructuring, acquisition and other on the Consolidated Statements of Income (see note 10).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

ESTIMATES

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

JUDGMENTS

Significant judgment is required to determine when we are subject to unavoidable costs arising from onerous contracts. These judgments may include, for example, whether a certain promise is legally binding or whether we may be successful in negotiations with the counterparty.

Rogers Communications Inc. 50 2021 Annual Financial Statements

PROVISIONS DETAILS

(In millions of dollars)	Decommissioning Liabilities	Other	Total
December 31, 2020	45	1	46
Additions	7	—	7
December 31, 2021	52	1	53
Current (recorded in "other current liabilities")	3	—	3
Long-term	49	1	50

Decommissioning and restoration costs

Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.

NOTE 21: LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2021	2020
Senior notes	2021		1,450	5.340	%	—	1,450
Senior notes	2022		600	4.000	%	600	600
Senior notes	2022	US	750	Floating		951	955
Senior notes	2023	US	500	3.000	%	634	637
Senior notes	2023	US	850	4.100	%	1,078	1,082
Senior notes	2024		600	4.000	%	600	600
Senior notes	2025	US	700	3.625	%	886	890
Senior notes	2026	US	500	2.900	%	634	637
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior debentures 1	2032	US	200	8.750	%	254	255
Senior notes	2038	US	350	7.500	%	444	446
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	%	634	637
Senior notes	2043	US	650	5.450	%	823	827
Senior notes	2044	US	1,050	5.000	%	1,331	1,337
Senior notes	2048	US	750	4.300	%	951	955
Senior notes	2049	US	1,250	4.350	%	1,585	1,592
Senior notes	2049	US	1,000	3.700	%	1,268	1,273
Subordinated notes 2	2081		2,000	5.000	%	2,000	—
						18,873	18,373
Deferred transaction costs and discounts						(185)	(172)
Less current portion						(1,551)	(1,450)
Total long-term debt						17,137	16,751

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, 2021 and 2020.

2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2021, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 17).

Rogers Communications Inc. 51 2021 Annual Financial Statements

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (US$)	—	—	—	970	1.428	1,385
Credit facility repayments (US$)	—	—	—	(970)	1.406	(1,364)
Net borrowings under credit facilities			—			21
Senior note issuances (Cdn$)			—			1,500
Senior note issuances (US$)	—	—	—	750	1.359	1,019
Total senior note issuances			—			2,519
Senior note repayments (Cdn$)			(1,450)			—
Net (repayment) issuance of senior notes			(1,450)			2,519
Subordinated note issuances (Cdn$)			2,000			—
Net issuance of long-term debt			550			2,540

	Years ended December 31
(In millions of dollars)	2021	2020
Long-term debt net of transaction costs, beginning of year	18,201	15,967
Net issuance of long-term debt	550	2,540
Gain on foreign exchange	(50)	(297)
Deferred transaction costs incurred	(31)	(23)
Amortization of deferred transaction costs	18	14
Long-term debt net of transaction costs, end of year	18,688	18,201

In April 2021, we entered into a $6 billion Shaw term loan facility consisting of three tranches of $2 billion each. The facility cannot be drawn upon until the closing date of the Transaction. The first tranche matures three years after the Transaction closing date and subsequent tranches mature in years four and five thereafter, respectively. At tranche maturity, any outstanding borrowings under that tranche must be repaid. The interest rate charged on borrowings from the Shaw term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2021, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 3.95% (2020 - 4.09%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

In 2021, we amended our revolving credit facility to, among other things, increase the total credit limit and extend the maturity dates. We increased the total credit limit from $3.2 billion to $4 billion by increasing the limits of the two tranches to $3 billion and $1 billion (from $2.5 billion and $700 million), respectively. We also extended the maturity date of the $3 billion tranche from September 2023 to April 2026 and the $1 billion tranche from September 2022 to April 2024.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Rogers Communications Inc. 52 2021 Annual Financial Statements

Issuance of senior and subordinated notes

Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.

(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$)	Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3		2,000	2081	5.000	%	At par		2,000	20
2020 issuances
March 31, 2020 (senior)		1,500	2027	3.650	%	99.511	%	1,500	16
June 22, 2020 (senior)	US	750	2022	USD LIBOR + 0.60%		At par		1,019	5

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums 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.

3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

Concurrent with the 2020 US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars (see note 17).

During the year ended December 31, 2021, we issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years. Concurrently, we terminated the $750 million bond forwards entered into in July 2021 to hedge the interest rate risk associated with future debt issuances. We used the proceeds to partially fund the remaining payment required to obtain the 3500 MHz spectrum licences.

In February 2022, we issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years. Concurrently, we terminated $950 million of interest rate derivatives entered into in 2021 to hedge the interest rate risk associated with future debt issuances. We received net proceeds of US$740 million ($938 million) from the issuance.

Each of the subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares. We understand that S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), and Fitch Ratings (Fitch) will only include 50% of the outstanding principal amount of these subordinated notes in their leverage ratio calculation for at least the first five years after their issuance.

In connection with these issuances, the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I and Series II have been authorized for up to 3.3 million and 1.4 million preferred shares, respectively, have no voting rights, have par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

Repayment of senior notes and related derivative settlements

During the year ended December 31, 2021, we repaid the entire outstanding principal amount of our $1.45 billion 5.34% senior notes at maturity. There were no derivatives associated with these senior notes. We did not repay any senior notes or settle any related debt derivatives during the year ended December 31, 2020.

Rogers Communications Inc. 53 2021 Annual Financial Statements

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, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary.

TERMS AND CONDITIONS

As at December 31, 2021 and 2020, we were in compliance with all financial covenants, financial ratios, and all of the terms and conditions of our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2021, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

NOTE 22: OTHER LONG-TERM LIABILITIES

		As at December 31
(In millions of dollars)	Note	2021	2020
Deferred pension liability	23	3	590
Supplemental executive retirement plan	23	96	92
Stock-based compensation	25	49	39
Derivative instruments	17	189	318
Contract liabilities	5	52	69
Other		176	41
Total other long-term liabilities		565	1,149

NOTE 23: POST-EMPLOYMENT BENEFITS

ACCOUNTING POLICY

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

Rogers Communications Inc. 54 2021 Annual Financial Statements

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in operating costs on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

ESTIMATES

Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense.

Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2021.

Principal actuarial assumptions

	2021		2020
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	3.3	%	2.7	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	2.7	%	3.2	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Rogers Communications Inc. 55 2021 Annual Financial Statements

Sensitivity of key assumptions

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2021	2020
Discount rate
Impact of 0.5% increase	(251)	(279)
Impact of 0.5% decrease	285	319
Rate of future compensation increase
Impact of 0.25% increase	17	20
Impact of 0.25% decrease	(17)	(20)
Mortality rate
Impact of 1 year increase	67	76
Impact of 1 year decrease	(72)	(80)

POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY

We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.

The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.

We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.

In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.

The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:

•overseeing the funding, administration, communication, and investment management of the plans;

•selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;

•proposing, considering, and approving amendments to the plans;

•proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;

•reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and

•reviewing and approving the audited financial statements of the pension plan funds.

The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:

•contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;

•specifying the kinds of investments that can be held in the plans and monitoring compliance;

•using asset allocation and diversification strategies; and

•purchasing annuities from time to time.

Rogers Communications Inc. 56 2021 Annual Financial Statements

The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.

The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows.

POST-EMPLOYMENT BENEFIT PLAN DETAILS

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

		As at December 31
(In millions of dollars)	Note	2021	2020
Plan assets, at fair value		3,198	2,791
Accrued benefit obligations		(3,171)	(3,365)
Surplus (deficiency) of plan assets over accrued benefit obligations		27	(574)
Effect of asset ceiling limit		(9)	—
Net deferred pension asset (liability)		18	(574)
Consists of:
Deferred pension asset		21	16
Deferred pension liability	22	(3)	(590)
Net deferred pension asset (liability)		18	(574)

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan assets, beginning of year	2,791	2,449
Interest income	78	81
Remeasurements, recognized in other comprehensive income and equity	223	163
Contributions by employees	32	34
Contributions by employer	177	150
Benefits paid	(99)	(82)
Administrative expenses paid from plan assets	(4)	(4)
Plan assets, end of year	3,198	2,791

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligations, beginning of year	3,365	2,900
Current service cost	156	146
Interest cost	89	91
Benefits paid	(99)	(82)
Contributions by employees	32	34
Remeasurements, recognized in other comprehensive income and equity	(372)	276
Accrued benefit obligations, end of year	3,171	3,365

Rogers Communications Inc. 57 2021 Annual Financial Statements

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2021	2020
Equity securities	1,879	1,689
Debt securities	1,302	1,087
Other - cash	17	15
Total fair value of plan assets	3,198	2,791

Below is a summary of our net pension expense. Net interest cost is included in finance costs; other pension expenses are included in salaries and benefits expense in operating costs on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan cost:
Current service cost	156	146
Net interest cost	11	10
Net pension expense	167	156
Administrative expense	4	4
Total pension cost recognized in net income	171	160

Net interest cost, a component of the plan cost above, is included in finance costs and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Interest income on plan assets	(78)	(81)
Interest cost on plan obligation	89	91
Net interest cost, recognized in finance costs	11	10

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Return on plan assets (excluding interest income)	223	163
Change in financial assumptions	390	(272)
Effect of experience adjustments	(18)	(4)
Change in asset ceiling	(9)	—
Remeasurement gain (loss), recognized in other comprehensive income and equity	586	(113)

Rogers Communications Inc. 58 2021 Annual Financial Statements

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligation, beginning of year	92	73
Pension expense, recognized in employee salaries and benefits expense	12	13
Net interest cost, recognized in finance costs	3	3
Remeasurements, recognized in other comprehensive income	(7)	8
Benefits paid	(4)	(5)
Accrued benefit obligation, end of year	96	92

We also have defined contribution plans with total pension expense of $18 million in 2021 (2020 - $15 million), which is included in employee salaries and benefits expense.

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2021		2020
Equity securities:
Domestic	11.8	%	11.9	%	8% to 18%
International	47.0	%	48.6	%	37% to 67%
Debt securities	40.7	%	39.0	%	25% to 45%
Other - cash	0.5	%	0.5	%	0% to 2%
Total	100.0	%	100.0	%

Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $12 million (2020 - $10 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.

We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2021	2020
Employer contribution	177	150
Employee contribution	32	34
Total contribution	209	184

We estimate our 2022 employer contributions to our funded plans to be $134 million. The actual value will depend on the results of the 2022 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2021 is 17 years (2020 - 18 years).

Plan assets recognized an actual net gain of $297 million in 2021 (2020 - $240 million net gain).

We have recognized a cumulative loss in other comprehensive income and retained earnings of $157 million as at December 31, 2021 (2020 - $592 million) associated with post-retirement benefit plans.

Rogers Communications Inc. 59 2021 Annual Financial Statements

NOTE 24: SHAREHOLDERS' EQUITY

CAPITAL STOCK

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Without par value	●	None
		●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure that Rogers remains qualified to hold the licences referred to above.

In relation to our issuances of subordinated notes in December 2021 and February 2022 (see note 21), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

DIVIDENDS

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

		Dividend per
Date declared	Date paid	share (dollars)
January 27, 2021	April 1, 2021	0.50
April 20, 2021	July 2, 2021	0.50
July 20, 2021	October 1, 2021	0.50
October 20, 2021	January 4, 2022	0.50
		2.00
January 21, 2020	April 1, 2020	0.50
April 21, 2020	July 2, 2020	0.50
July 21, 2020	October 1, 2020	0.50
October 21, 2020	January 4, 2021	0.50
		2.00

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.

On January 26, 2022, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 1, 2022, to shareholders of record on March 10, 2022.

NORMAL COURSE ISSUER BID

In April 2020, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2020 NCIB) that allows us to purchase, between April 24, 2020 and April 23, 2021, the lesser of 34.9 million Class B Non-Voting Shares and that number of Class B Non-Voting Shares that can be purchased for an aggregate purchase price of $500 million. Rogers security holders may obtain a copy of this notice, without charge, by contacting us. We did not purchase any Class B Non-Voting Shares under the 2020 NCIB during the years ended December 31, 2021 or 2020.

Rogers Communications Inc. 60 2021 Annual Financial Statements

NOTE 25: STOCK-BASED COMPENSATION

ACCOUNTING POLICY

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to operating costs using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to operating costs over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within operating costs in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in operating costs.

ESTIMATES

Significant management estimates are used to determine the fair value of stock options, RSUs, and DSUs. The table below shows the weighted average fair value of stock options granted during 2021 and 2020 and the principal assumptions used in applying the Black-Scholes model for non-performance-based options, to determine their fair value at the grant date.

	Years ended December 31
	2021		2020
Weighted average fair value	$7.46		$5.86
Risk-free interest rate	0.3	%	1.7	%
Dividend yield	3.4	%	3.4	%
Volatility of Class B Non-Voting Shares	23.1	%	16.1	%
Weighted average expected life	5.1 years		5.5 years

No performance-based options were issued during the years ended December 31, 2021 and December 31, 2020.

Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.

STOCK-BASED COMPENSATION EXPENSE

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2021	2020
Stock options	3	(1)
Restricted share units	57	49
Deferred share units	6	(3)
Equity derivative effect, net of interest receipt	(6)	15
Total stock-based compensation expense	60	60

As at December 31, 2021, we had a total liability recognized at its fair value of $199 million (2020 - $204 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $150 million (2020 -

Rogers Communications Inc. 61 2021 Annual Financial Statements

$165 million) and is included in accounts payable and accrued liabilities. The long-term portion of this is $49 million (2020 - $39 million) and is included in other long-term liabilities (see note 22).

The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2021 was $95 million (2020 - $103 million).

We paid $76 million in 2021 (2020 - $60 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $57.52 (2020 - $60.00).

STOCK OPTIONS

Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Management Compensation Committee. There are 65 million options authorized under various plans; each option has a term of seven to ten years. The vesting period is generally graded vesting over four years; however, the Management Compensation Committee may adjust the vesting terms on the grant date. The exercise price is equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX.

Performance options

We granted no performance-based options to certain key executives in 2021 or 2020. These options vest on a graded basis over four years provided that certain targeted stock prices are met on or after each anniversary date. As at December 31, 2021, we had 1,068,776 performance options (2020 - 1,068,776) outstanding.

Summary of stock options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2021		Year ended December 31, 2020
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	4,726,634	$62.10	3,154,795	$61.82
Granted	1,848,655	$60.61	1,598,590	$62.56
Exercised	(10,988)	$58.45	(17,230)	$54.80
Forfeited	(70,300)	$67.58	(9,521)	$58.45
Outstanding, end of year	6,494,001	$61.62	4,726,634	$62.10
Exercisable, end of year	2,373,717	$59.68	1,470,383	$56.75

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2021.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$42.85 - $44.99	153,937	2.82	$44.24	153,937	$44.24
$45.00 - $49.99	499,844	2.00	$48.87	499,844	$48.87
$55.00 - $59.99	1,691,671	7.65	$58.35	597,601	$57.93
$60.00 - $64.99	3,014,614	7.98	$62.48	545,941	$62.66
$65.00 - $73.00	1,133,935	6.55	$72.22	576,394	$72.16
	6,494,001	7.06	$61.62	2,373,717	$59.68

Unrecognized stock-based compensation expense as at December 31, 2021 related to stock-option plans was $11 million (2020 - $5 million) and will be recognized in net income over the next four years as the options vest.

RESTRICTED SHARE UNITS

The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.

Rogers Communications Inc. 62 2021 Annual Financial Statements

On the vesting date, we will redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan.

Performance RSUs

We granted 295,958 performance-based RSUs to certain key executives in 2021 (2020 - 219,493). The number of units that vest and will be paid three years from the grant date will be within 30% to 170% of the initial number granted based upon the achievement of certain annual and cumulative three-year non-market targets.

Summary of RSUs

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	2,573,894	2,472,774
Granted and reinvested dividends	1,341,801	1,026,067
Exercised	(1,041,890)	(803,266)
Forfeited	(182,517)	(121,681)
Outstanding, end of year	2,691,288	2,573,894

Unrecognized stock-based compensation expense as at December 31, 2021 related to these RSUs was $64 million (2020 - $50 million) and will be recognized in net income over the next three years as the RSUs vest.

DEFERRED SHARE UNITS

The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.

Performance DSUs

We granted 7,517 performance-based DSUs to certain key executives in 2021 (2020 - 10,513). The number of units that vest and may be redeemed by the holder three years from the grant date will be within 50% to 150% of the initial number granted based upon the achievement of certain annual and cumulative three-year non-market targets.

Summary of DSUs

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	1,619,941	1,741,884
Granted and reinvested dividends	78,939	80,252
Exercised	(277,439)	(192,718)
Forfeited	(99)	(9,477)
Outstanding, end of year	1,421,342	1,619,941

Unrecognized stock-based compensation expense as at December 31, 2021 related to these DSUs was nil (2020 - nil) and will be recognized in net income over the next three years as the executive DSUs vest. All other DSUs are fully vested.

EMPLOYEE SHARE ACCUMULATION PLAN

Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a monthly basis on the open market on behalf of the employee. At the end of each month, we make a contribution of 25% to 50% of the employee's contribution that month and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense.

Compensation expense related to the employee share accumulation plan was $52 million in 2021 (2020 - $51 million).

EQUITY DERIVATIVES

We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 17) and recognized a $6 million recovery (2020 - $15 million expense) in stock-based compensation expense for these derivatives.

Rogers Communications Inc. 63 2021 Annual Financial Statements

NOTE 26: RELATED PARTY TRANSACTIONS

CONTROLLING SHAREHOLDER

Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, several of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.

We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2021 and 2020.

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.

Compensation

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Salaries and other short-term employee benefits	19	11
Post-employment benefits	4	2
Stock-based compensation 1	21	19
Total compensation	44	32

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

Transactions

We have entered into business transactions with Transcontinental Inc., a company that provides us with printing and prepress services. Isabelle Marcoux, C.M., is chair of the board of Transcontinental Inc. and was a Director of RCI until June 2021.

We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction. Below is a summary of related party activity for the business transactions described above.

(In millions of dollars)	Years ended December 31		Outstanding balance as at December 31
	2021	2020	2021	2020
Printing and prepress services	3	4	n/a	1

We have also entered into business transactions with companies controlled by our Directors Michael J. Cooper and John C. Kerr, which, as a result of the Board reconstitution in October 2021, are now related parties. These companies include Dream Unlimited Corp. and Vancouver Professional Baseball LLP, respectively. Dream Unlimited Corp. is a real estate company that rents spaces in office and residential buildings. Vancouver Professional Baseball LLP controls the Vancouver Canadians, the Toronto Blue Jays' High-A affiliate minor league team. Total amounts paid to these related parties during the period from October 2021 to December 2021 were nominal.

SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS

We have the following material operating subsidiaries as at December 31, 2021 and 2020:

•Rogers Communications Canada Inc.; and

•Rogers Media Inc.

We have 100% ownership interest in these subsidiaries. They are incorporated in Canada and have the same reporting period for annual financial statements reporting.

Rogers Communications Inc. 64 2021 Annual Financial Statements

When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. There are no significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to Rogers as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support). Transactions between us and our subsidiaries have been eliminated on consolidation and are not disclosed in this note.

	Years ended December 31
(In millions of dollars)	2021	2020
Revenue	31	26
Purchases	180	121

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2021	2020
Accounts receivable	112	92
Accounts payable and accrued liabilities	95	59

NOTE 27: GUARANTEES

We had the following guarantees as at December 31, 2021 and 2020 as part of our normal course of business:

BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS

As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.

SALES OF SERVICES

As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

PURCHASES AND DEVELOPMENT OF ASSETS

As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

INDEMNIFICATIONS

We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.

No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2021 or 2020. Historically, we have not made any significant payments under these indemnifications or guarantees.

NOTE 28: COMMITMENTS AND CONTINGENT LIABILITIES

ACCOUNTING POLICY

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

Rogers Communications Inc. 65 2021 Annual Financial Statements

JUDGMENTS

We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.

SUMMARY OF COMMITMENTS

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2021.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	129	204	222	—	555
Purchase obligations 2	327	192	85	19	623
Program rights 3	659	1,151	824	1	2,635
Total commitments	1,115	1,547	1,131	20	3,813

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.

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2021
Acquisition of property, plant and equipment	209
Acquisition of intangible assets	21
Our share of commitments related to associates and joint ventures	387
Total other commitments	617

CONTINGENT LIABILITIES

We have the following contingent liabilities as at December 31, 2021:

Wholesale Internet costing and pricing

On August 15, 2019, in Telecom Order CRTC 2019-288, Follow-up to Telecom Orders 2016-396 and 2016-448 - Final rates for aggregated wholesale high-speed access services (Order), the Canadian Radio-television and Telecommunications Commission (CRTC) set final rates for facilities-based carriers' wholesale high-speed access services, including Rogers' third-party Internet access service. The Order set final rates for Rogers that are significantly lower than the interim rates that were previously billed and it further determined that these final rates will apply retroactively to March 31, 2016.

We did not believe the final rates set by the CRTC were just and reasonable as required by the Telecommunications Act as we believed they were below cost. On May 27, 2021, the CRTC released Telecom Decision CRTC 2021-181 Requests to review and vary Telecom Order 2019-288 regarding final rates for aggregated wholesale high-speed access services. The CRTC decided to adopt the interim rates in effect prior to the Order as the final rates, with certain modifications, including the removal of the supplementary markup of 10% for incumbent local exchange carriers.

The final rates are lower than the rates we previously billed to the resellers for the period of March 31, 2016 to October 6, 2016. We have recognized a refund of amounts previously billed to the resellers of approximately $25 million, representing the impact on a retroactive basis for that period.

On May 28, 2021 a wholesale Internet Service Provider (ISP) petitioned the Governor in Council to, among other things, restore the 2019 Order and make the rates established in that order final. In addition, on June 28, 2021, the same wholesale ISP filed a motion seeking leave to appeal the 2021 Decision to the Federal Court of Appeal, which was granted on September 15, 2021. We, along with several other cable companies, have intervened in these matters.

Videotron Ltd.

On October 29, 2021, Videotron Ltd. launched a lawsuit against Rogers in the Quebec Superior Court, in connection with the agreement entered into by the parties in 2013 for the development and operation of a joint LTE network in the province of Quebec. The lawsuit involves allegations by Videotron Ltd. that Rogers has breached its contractual obligations by developing its own network in the territory. Videotron is seeking compensatory damages in the amount of $850 million. We intend to vigorously defend this lawsuit. We have not recognized a liability for this contingency.

Rogers Communications Inc. 66 2021 Annual Financial Statements

System access fee - Saskatchewan

In 2004, a class action was commenced against providers of wireless communications in Canada under the Class Actions Act (Saskatchewan). The class action relates to the system access fee wireless carriers charge to some of their customers. The plaintiffs are seeking unspecified damages and punitive damages, which would effectively be a reimbursement of all system access fees collected.

In 2007, the Saskatchewan Court granted the plaintiffs' application to have the proceeding certified as a national, "opt-in" class action where affected customers outside Saskatchewan must take specific steps to participate in the proceeding. In 2008, our motion to stay the proceeding based on the arbitration clause in our wireless service agreements was granted. The Saskatchewan Court directed that its order, in respect of the certification of the action, would exclude customers who are bound by an arbitration clause from the class of plaintiffs.

In 2009, counsel for the plaintiffs began a second proceeding under the Class Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an "opt-out" class proceeding. This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process.

At the time the Saskatchewan class action was commenced, corresponding claims were filed in multiple jurisdictions across Canada. The claims in all provinces other than Saskatchewan have now been dismissed or discontinued. We have not recognized a liability for this contingency.

911 fee

In June 2008, a class action was launched in Saskatchewan against providers of wireless communications services in Canada. It involves allegations of breach of contract, misrepresentation, and false advertising, among other things, in relation to the 911 fee that had been charged by us and the other wireless telecommunication providers in Canada. The plaintiffs are seeking unspecified damages and restitution. The plaintiffs intend to seek an order certifying the proceeding as a national class action in Saskatchewan. We have not recognized a liability for this contingency.

Income taxes

We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 13) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.

Other claims

There are certain other claims and potential claims against us. We do not expect any of these, individually or in the aggregate, to have a material adverse effect on our financial results.

Outcome of proceedings

The outcome of all the proceedings and claims against us, including the matters described above, is subject to future resolution that includes the uncertainties of litigation. It is not possible for us to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of these proceedings and claims, individually or in total, will have a material adverse effect on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

Rogers Communications Inc. 67 2021 Annual Financial Statements

NOTE 29: SUPPLEMENTAL CASH FLOW INFORMATION

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2021	2020
Accounts receivable, excluding financing receivables	(78)	455
Financing receivables	(840)	(1,658)
Contract assets	417	1,170
Inventories	(56)	(19)
Other current assets	13	(132)
Accounts payable and accrued liabilities	556	(326)
Contract and other liabilities	25	177
Total change in net operating assets and liabilities	37	(333)

NOTE 30: SHAW TRANSACTION

On March 15, 2021, we announced an agreement with Shaw to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share. The Shaw Family Living Trust, the controlling shareholder of Shaw, and certain members of the Shaw family and certain related persons (Shaw Family Shareholders) will receive (i) $16.20 in cash and (ii) 0.417206775 Class B Non-Voting Shares of Rogers per Shaw Share held by the Shaw Family Shareholders. The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt.

The Transaction will be implemented through a court-approved plan of arrangement under the Business Corporations Act (Alberta). On May 20, 2021, Shaw shareholders voted to approve the Transaction at a special shareholders meeting. The Court of Queen's Bench of Alberta issued a final order approving the Transaction on May 25, 2021. The Transaction is subject to other customary closing conditions, including receipt of applicable approvals and expiry of certain waiting periods under the Broadcasting Act (Canada), the Competition Act (Canada), and the Radiocommunication Act (Canada) (collectively, Key Regulatory Approvals). Subject to receipt of all required approvals and satisfaction of other conditions prior to closing, the Transaction is expected to close in the first half of 2022. Rogers has extended the outside date for closing the Transaction from March 15, 2022 to June 13, 2022 in accordance with the terms of the arrangement agreement.

In connection with the Transaction, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an original amount up to $19 billion (see note 19). During the year ended December 31, 2021, we entered into the $6 billion Shaw term loan facility (see note 21), which served to reduce the amount available under the committed credit facility to $13 billion. We also expect that RCI will either assume Shaw's senior notes or provide a guarantee of Shaw's payment obligations under those senior notes upon closing the Transaction and, in either case, RCCI will guarantee Shaw's payment obligations under those senior notes.

Under certain circumstances, if the Key Regulatory Approvals are not obtained, or any law or order relating to the Key Regulatory Approvals or the Competition Act is in effect that would make the consummation of the Transaction illegal, and the failure to obtain the Key Regulatory Approvals is not caused by, and is not a result of, the failure by Shaw to perform in all material respects any of its covenants or agreements under the arrangement agreement, we would be obligated to pay a $1.2 billion reverse termination fee to Shaw. We would also be responsible to reimburse Shaw for certain costs relating to the May 2021 exercise of our right to require Shaw to redeem its issued and outstanding preferred shares.

Rogers Communications Inc. 68 2021 Annual Financial Statements

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2021 shares
Entity Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-10805
Entity Registrant Name	Rogers Communications Inc.
Entity Incorporation, State or Country Code	A1
Entity Primary SIC Number	4841
Entity Address, Address Line One	333 Bloor Street East, 10th Floor
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M4W 1G9
City Area Code	416
Local Phone Number	935-7777
Title of 12(b) Security	Class B Non-Voting
Trading Symbol	RCI
Security Exchange Name	NYSE
Security Reporting Obligation	15(d)
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Central Index Key	0000733099
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Voting Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	111,153,411
Class B Non-Voting Shares
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	393,771,907
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	111 Eighth Avenue, 13th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	CT Corporation System

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Toronto, ON, Canada
Auditor Firm ID	85

XML

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Revenue	$ 14,655	$ 13,916
Operating expenses:
Operating costs	8,768	8,059
Depreciation and amortization	2,585	2,618
Restructuring, acquisition and other	324	185
Finance costs	849	881
Other expense	2	1
Income before income tax expense	2,127	2,172
Income tax expense	569	580
Net income for the year	$ 1,558	$ 1,592
Earnings per share:
Basic (in dollars per share)	$ 3.09	$ 3.15
Diluted (in dollars per share)	$ 3.07	$ 3.13

XML

Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Net income for the year	$ 1,558	$ 1,592
Defined benefit pension plans:
Remeasurements	592	(121)
Related income tax (expense) recovery	(157)	32
Defined benefit pension plans	435	(89)
Equity investments measured at fair value through other comprehensive income (FVTOCI):
Increase (decrease) in fair value	10	(302)
Related income tax (expense) recovery	(3)	40
Equity investments measured at FVTOCI	7	(262)
Items that will not be reclassified to net income	442	(351)
Cash flow hedging derivative instruments:
Unrealized loss in fair value of derivative instruments	(210)	(320)
Reclassification to net income of loss on debt derivatives	50	286
Reclassification to net income or property, plant and equipment of loss (gain) on expenditure derivatives	100	(36)
Reclassification to net income for accrued interest	(15)	(49)
Related income tax recovery	42	50
Cash flow hedging derivative instruments	(33)	(69)
Share of other comprehensive income (loss) of equity-accounted investments, net of tax	2	(5)
Items that may subsequently be reclassified to net income	(31)	(74)
Other comprehensive income (loss) for the year	411	(425)
Comprehensive income for the year	$ 1,969	$ 1,167

XML

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 715	$ 2,484
Accounts receivable	3,847	2,856
Inventories	535	479
Current portion of contract assets	115	533
Other current assets	497	516
Current portion of derivative instruments	120	61
Total current assets	5,829	6,929
Property, plant and equipment	14,666	14,018
Intangible assets	12,281	8,926
Investments	2,493	2,536
Derivative instruments	1,431	1,378
Financing receivables	854	748
Other long-term assets	385	346
Goodwill	4,024	3,973
Total assets	41,963	38,854
Current liabilities:
Short-term borrowings	2,200	1,221
Accounts payable and accrued liabilities	3,416	2,714
Income tax payable	115	344
Other current liabilities	607	243
Contract liabilities	394	336
Current portion of long-term debt	1,551	1,450
Current portion of lease liabilities	336	278
Total current liabilities	8,619	6,586
Provisions	50	42
Long-term debt	17,137	16,751
Lease liabilities	1,621	1,557
Other long-term liabilities	565	1,149
Deferred tax liabilities	3,439	3,196
Total liabilities	31,431	29,281
Shareholders' equity	10,532	9,573
Total liabilities and shareholders' equity	$ 41,963	$ 38,854

XML

Consolidated Statements of Changes in Shareholders' Equity - CAD ($) shares in Thousands, $ in Millions	Total	Issued capital Class A Voting Shares	Issued capital Class B Non-Voting Shares	Retained earnings	FVTOCI investment reserve	Hedging reserve	Equity investment reserve
Shareholders' equity, beginning balance at Dec. 31, 2019	$ 9,416	$ 71	$ 397	$ 7,419	$ 1,265	$ 263	$ 1
Number of shares, beginning balance at Dec. 31, 2019		111,154	393,771
Net income for the year	1,592			1,592
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	(89)			(89)
FVTOCI investments, net of tax	(262)				(262)
Derivative instruments accounted for as hedges, net of tax	(69)					(69)
Share of equity-accounted investments, net of tax	(5)						(5)
Other comprehensive income (loss) for the year	(425)			(89)	(262)	(69)	(5)
Comprehensive income for the year	1,167			1,503	(262)	(69)	(5)
Reclassification to retained earnings for disposition of FVTOCI investments	0			4	(4)
Transactions with shareholders recorded directly in equity:
Dividends declared	(1,010)			(1,010)
Total transactions with shareholders	(1,010)	$ 0	$ 0	(1,010)
Total transactions with shareholders (in shares)		0	0
Shareholders' equity, ending balance at Dec. 31, 2020	9,573	$ 71	$ 397	7,916	999	194	(4)
Number of shares, ending balance at Dec. 31, 2020		111,154	393,771
Net income for the year	1,558			1,558
Other comprehensive income (loss):
Defined benefit pension plans, net of tax	435			435
FVTOCI investments, net of tax	7				7
Derivative instruments accounted for as hedges, net of tax	(33)					(33)
Share of equity-accounted investments, net of tax	2						2
Other comprehensive income (loss) for the year	411			435	7	(33)	2
Comprehensive income for the year	1,969			1,993	7	(33)	2
Reclassification to retained earnings for disposition of FVTOCI investments	0			13	(13)
Transactions with shareholders recorded directly in equity:
Dividends declared	(1,010)			(1,010)
Share class exchange	0
Share class exchange (in shares)		(1)	1
Total transactions with shareholders	(1,010)	$ 0	$ 0	(1,010)
Total transactions with shareholders (in shares)		(1)	1
Shareholders' equity, ending balance at Dec. 31, 2021	$ 10,532	$ 71	$ 397	$ 8,912	$ 993	$ 161	$ (2)
Number of shares, ending balance at Dec. 31, 2021		111,153	393,772

XML

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income for the year	$ 1,558	$ 1,592
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	2,585	2,618
Program rights amortization	68	77
Finance costs	849	881
Income tax expense	569	580
Post-employment benefits contributions, net of expense	(5)	13
Other	2	119
Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid	5,626	5,880
Change in net operating assets and liabilities	37	(333)
Income taxes paid	(700)	(418)
Interest paid	(802)	(808)
Cash provided by operating activities	4,161	4,321
Investing activities:
Capital expenditures	(2,788)	(2,312)
Additions to program rights	(54)	(57)
Changes in non-cash working capital related to capital expenditures and intangible assets	67	(37)
Acquisitions and other strategic transactions, net of cash acquired	(3,404)	(103)
Other	46	(49)
Cash used in investing activities	(6,133)	(2,558)
Financing activities:
Net proceeds received from (repayment of) short-term borrowings	971	(1,146)
Hedging effect, net proceeds received from issuances	550	2,540
Net (payments) proceeds on settlement of debt derivatives and forward contracts	(8)	80
Transaction costs incurred	(31)	(23)
Principal payments of lease liabilities	(269)	(213)
Dividends paid	(1,010)	(1,011)
Cash provided by financing activities	203	227
Change in cash and cash equivalents	(1,769)	1,990
Cash and cash equivalents, beginning of year	2,484	494
Cash and cash equivalents, end of year	$ 715	$ 2,484

XML

NATURE OF THE BUSINESS

12 Months Ended

Dec. 31, 2021

Corporate Information And Statement Of IFRS Compliance [Abstract]

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS

Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

During the year ended December 31, 2021, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries.

See note 4 for more information about our reportable operating segments.

BUSINESS SEASONALITY

Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.

The COVID-19 pandemic (COVID-19) significantly affected our operating results in 2020 and 2021 in addition to the typical seasonal fluctuations in our business that are described below. In Wireless, the decline in customer travel due to global travel restrictions resulted in lower-than-pre-pandemic roaming revenue. In Media, major professional sports leagues postponed their 2019-20 seasons between March and July 2020 and recommenced with contracted seasons from

July to September 2020. The NBA and NHL also postponed and condensed their 2020-21 seasons to late December 2020 and early January 2021, respectively. These changes caused sports-related revenue and expenses, such as programming rights amortization, to be recognized at different points in time than is typical. Furthermore, the effect of the Toronto Blue Jays being able to allow limited game-day attendance this year and play a full season compared to the stricter public health restrictions in the prior year has resulted in increased revenue and operating expenses this year.

Wireless

Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. Aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.

The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, and is also impacted by foreign exchange rates and general economic conditions.

Cable

Cable's operating results are affected by modest seasonal fluctuations, typically caused by:

•university and college students who live in residences moving out early in the second quarter and canceling their service as well as students moving in late in the third quarter and signing up for cable service;

•individuals temporarily suspending service for extended vacations or seasonal relocations;

•the timing of service pricing changes; and

•the concentrated marketing we generally conduct in our fourth quarter.

Cable results from our enterprise customers do not generally have any unique seasonal aspects.

Media

Seasonal fluctuations relate to:

•periods of increased consumer activity and their impact on advertising and related retail cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter;

•the Major League Baseball season, where:

•games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the year);

•revenue related to game day ticket sales, merchandise sales, and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game day ticket sales and merchandise sales, if and when the Toronto Blue Jays play in the postseason (in the fourth quarter of the year); and

•programming and production costs and player payroll are expensed based on the number of games aired or played, as applicable; and

•the National Hockey League (NHL) season, where:

•regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). We expect a correlation between the quality of revenue and earnings and the extent of Canadian teams' presence during the playoffs;

•programming and production costs are expensed based on the timing of when the rights are aired or are expected to be consumed; and

•advertising revenue and programming expenses are concentrated when games are played, with playoff games commanding a premium in advertising revenue.

ESTIMATION UNCERTAINTY

Due to the uncertainty surrounding the duration and potential outcomes of COVID-19, and the unpredictable and continuously changing impacts and related government responses, there is more uncertainty associated with our assumptions, expectations, and estimates. We believe the most significantly affected estimates are related to our expected credit losses and allowance for doubtful accounts and as a result, for the year ended December 31, 2020, we recognized an incremental $90 million in allowance for doubtful accounts expense on our accounts receivable, financing receivables, and contract assets based on changing economic conditions.

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 3, 2022.

XML

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

List of Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

(a)BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 17, which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 23; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 25.

(b)BASIS OF CONSOLIDATION

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation.

(c)FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average rate for the month in which the transaction was recognized.

(d)BUSINESS COMBINATIONS

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

During the year ended December 31, 2021, we made several individually immaterial acquisitions and recognized $51 million of related goodwill, $37 million of which has been allocated to our Cable operating segment and $14 million of which has been allocated to our Media operating segment. During the year ended December 31, 2020, we made several individually immaterial acquisitions and recognized $50 million in related goodwill, all of which was allocated to our Cable operating segment.

(e)GOVERNMENT GRANTS

We recognize government financial assistance when there is reasonable assurance that we will comply with the conditions of the assistance and the assistance will be received. Assistance related to expenses is recognized as a reduction of the related expense; assistance related to assets is recognized as a reduction to the carrying amount of the asset. During the year ended December 31, 2020, we qualified for $91 million of funding associated with the Canada Emergency Wage Subsidy (CEWS) program, a federal government initiative offered to eligible employers who kept individuals employed during COVID-19.

(f)NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2021

We adopted the following IFRS amendments in 2021. They did not have a material effect on our consolidated financial statements.

•Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, and IFRS 7), addressing issues that might affect financial reporting after the reform of an interest rate benchmark. There is significant uncertainty over the timing of when the replacements for IBORs will be effective and what those replacements will be. We will actively monitor the IBOR reform and consider circumstances as we renew or enter into new financial instruments.

•Amendments to IFRS 16, Leases, allowing lessees to not assess whether a COVID-19-related rent concession is a lease modification.

(g)RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

The IASB has issued the following new standard and amendments that will become effective in a future year and could have an impact on our consolidated financial statements in future periods:

•IFRS 17, Insurance Contracts, a replacement of IFRS 4, Insurance Contracts, that aims to provide consistency in the application of accounting for insurance contracts (January 1, 2023).

•Amendments to IFRS 3, Business Combinations - Updating a Reference to the Conceptual Framework, updating a reference in IFRS 3 to now refer to the Conceptual Framework (January 1, 2022).

•Amendments to IAS 16, Property, Plant and Equipment: Proceeds before intended use, prohibiting reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations (January 1, 2022).

•Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets - Onerous Contracts, specifying costs an entity should include in determining the "cost of fulfilling" a potential onerous contract (January 1, 2022).

•Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current, clarifying the classification requirements in the standard for liabilities as current or non-current (January 1, 2023).

•Amendments to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies, requiring entities to disclose material, instead of significant, accounting policy information (January 1, 2023).

•Amendments to IAS 8, Accounting Policies - Changes in Accounting Estimates and Errors, clarifying the definition of "accounting policies" and "accounting estimates" (January 1, 2023).

•Amendments to IAS 12, Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction, narrowing the scope for exemption when recognizing deferred taxes (January 1, 2023).

We do not expect IFRS 17, Insurance Contracts, or the amendments effective January 1, 2022, will have an effect on our consolidated financial statements. We are assessing the impacts, if any, the remaining amendments will have on our consolidated financial statements; however we currently do not expect any material impacts.

(h)ADDITIONAL SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS

When preparing our consolidated financial statements, management makes judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. Our significant accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our significant accounting policies.

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
4	Reportable Segments	16	X		X
5	Revenue Recognition	18	X	X	X
7	Property, Plant and Equipment	22	X	X	X
8	Leases	24	X	X	X
9	Intangible Assets and Goodwill	26	X	X	X
10	Restructuring, Acquisition and Other	29	X		X
13	Income Taxes	31	X		X
14	Earnings Per Share	33	X
15	Accounts Receivable	33	X		X
16	Inventories	34	X
17	Financial Instruments	34	X	X	X
18	Investments	46	X
20	Provisions	50	X	X	X
23	Post-Employment Benefits	54	X	X
25	Stock-Based Compensation	61	X	X
28	Commitments and Contingent Liabilities	65	X		X

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CAPITAL RISK MANAGEMENT

12 Months Ended

Dec. 31, 2021

Share Capital, Reserves And Other Equity Interest [Abstract]

CAPITAL RISK MANAGEMENT

CAPITAL RISK MANAGEMENT

Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all of our commitments and to execute our business plan. We define capital that we manage as shareholders' equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), cash and cash equivalents, and derivative instruments.

We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or

adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt and/or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.

The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires that a minimum level of regulatory capital be maintained. Rogers' subsidiary was in compliance with that requirement as at December 31, 2021 and 2020. The capital requirements are not material to the Company as at December 31, 2021 or December 31, 2020.

With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.

KEY METRICS AND RATIOS

We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.

Adjusted net debt and debt leverage ratio

We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us strong access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. As at December 31, 2021 and 2020, we met our objectives for these metrics.

On March 15, 2021, we announced an agreement with Shaw Communications Inc. (Shaw) to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share (Transaction). The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt. See note 30 for more information about the Transaction.

We expect to raise up to $19 billion in new debt to finance the Transaction. To address this risk and requirement, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion (see note 19) in March 2021 and a $6 billion term loan facility (Shaw term loan facility, see note 21) in April 2021, as a result of which, the maximum amount we can draw on this committed credit facility decreased to $13 billion. We anticipate adjusted net debt will increase correspondingly with any debt issued or drawn and our debt leverage ratio will increase significantly in the short- to medium-term.

		As at December 31	As at December 31
(In millions of dollars)	Note	2021	2020
Current portion of long-term debt	21	1,551	1,450
Long-term debt	21	17,137	16,751
Deferred transaction costs and discounts	21	185	172
		18,873	18,373
Add (deduct):
Subordinated notes adjustment 1		(1,000)	—
Net debt derivative assets 2		(1,260)	(1,086)
Credit risk adjustment related to net debt derivative assets 3		(18)	(15)
Short-term borrowings	19	2,200	1,221
Current portion of lease liabilities	8	336	278
Lease liabilities	8	1,621	1,557
Cash and cash equivalents		(715)	(2,484)
Adjusted net debt		20,037	17,844

		As at December 31	As at December 31
(In millions of dollars, except ratios)	Note	2021	2020
Adjusted net debt		20,037	17,844
Divided by: trailing 12-month adjusted EBITDA	4	5,887	5,857
Debt leverage ratio		3.4	3.0

1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

2    Net debt derivative assets consists of the net fair value of our debt derivatives on issued debt accounted for as hedges.

3    For accounting purposes in accordance with IFRS, we recognize the fair values of our debt derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. For purposes of calculating adjusted net debt, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.

Free cash flow

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Adjusted EBITDA	4	5,887	5,857
Deduct (add):
Capital expenditures 1	7	2,788	2,312
Interest on borrowings, net of capitalized interest	11	728	761
Cash income taxes 2		700	418
Free cash flow		1,671	2,366

1    Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Cash provided by operating activities		4,161	4,321
Add (deduct):
Capital expenditures	7	(2,788)	(2,312)
Interest on borrowings, net of capitalized interest	11	(728)	(761)
Interest paid		802	808
Restructuring, acquisition and other	10	324	185
Program rights amortization	9	(68)	(77)
Change in net operating assets and liabilities	29	(37)	333
Other adjustments 1	12, 23	5	(131)
Free cash flow		1,671	2,366

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other expense from our financial statements.

Available liquidity

Available liquidity fluctuates based on business circumstances. We continually manage, and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2021 and 2020, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

As at December 31, 2021		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		715	—	—	—	715
Bank credit facilities 2:
Revolving	21	4,000	—	8	894	3,098
Non-revolving	19	507	507	—	—	—
Outstanding letters of credit	21	72	—	72	—	—
Receivables securitization 2	19	1,200	800	—	—	400
Total		6,494	1,307	80	894	4,213

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2020		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		2,484	—	—	—	2,484
Bank credit facilities 2:
Revolving	21	3,200	—	8	573	2,619
Outstanding letters of credit	21	101	—	101	—	—
Receivables securitization 2	19	1,200	650	—	—	550
Total		6,985	650	109	573	5,653

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

Subsequent to the final payment for the 3500 MHz spectrum licence acquisition in December 2021 (see note 9), we cancelled $360 million of letters of credit and US$1.2 billion of non-revolving credit facilities, which reduced total liquidity sources to $6.5 billion as at December 31, 2021.

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SEGMENTED INFORMATION

12 Months Ended

Dec. 31, 2021

Operating Segments [Abstract]

SEGMENTED INFORMATION

SEGMENTED INFORMATION

ACCOUNTING POLICY

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

JUDGMENTS

We make significant judgments in determining our operating segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.

REPORTABLE SEGMENTS

Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments,

corporate administrative functions, and eliminations of inter-segment revenue and costs. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

INFORMATION BY SEGMENT

Year ended December 31, 2021	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,768	4,072	1,975	(160)	14,655
Operating costs	6	4,554	2,059	2,102	53	8,768
Adjusted EBITDA		4,214	2,013	(127)	(213)	5,887
Depreciation and amortization	7, 8, 9					2,585
Restructuring, acquisition and other	10					324
Finance costs	11					849
Other expense	12					2
Income before income tax expense						2,127
Capital expenditures	7	1,515	913	115	245	2,788
Goodwill	9	1,160	1,895	969	—	4,024
Total assets		25,247	7,887	2,665	6,164	41,963

Year ended December 31, 2020	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,530	3,946	1,606	(166)	13,916
Operating costs	6	4,463	2,011	1,555	30	8,059
Adjusted EBITDA		4,067	1,935	51	(196)	5,857
Depreciation and amortization	7, 8, 9					2,618
Restructuring, acquisition and other	10					185
Finance costs	11					881
Other expense	12					1
Income before income tax expense						2,172
Capital expenditures	7	1,100	940	79	193	2,312
Goodwill	9	1,160	1,858	955	—	3,973
Total assets		20,639	7,877	2,569	7,769	38,854

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REVENUE

12 Months Ended

Dec. 31, 2021

Revenue [abstract]

REVENUE

REVENUE

ACCOUNTING POLICY

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and smart home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, and other league revenue sharing	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are sold to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are grouped into "other long-term assets" on our Consolidated Statements of Financial Position.

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are grouped into "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts (see note 15). Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in other assets and amortize them to operating costs over the pattern of the transfer of goods and services to the customer, which is typically evenly over 24 consecutive months.

ESTIMATES

We use estimates in the following key areas:

•determining the transaction price of our contracts requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract; and

•determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations.

Determining the transaction price

The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.

Determining the stand-alone selling price and the allocation of the transaction price

The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer.

In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which Rogers is entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.

JUDGMENTS

We make significant judgments in determining whether a promise to deliver goods or services is considered distinct, in determining the costs that are incremental to obtaining or fulfilling a contract with a customer, and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.

Distinct goods and services

We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.

Determining costs to obtain or fulfill a contract

Determining the costs we incur to obtain or fulfill a contract that meet the deferral criteria within IFRS 15 requires us to make significant judgments. We expect incremental commission fees paid to internal and external representatives as a result of obtaining contracts with customers to be recoverable.

Residual value arrangements

Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In

making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination.

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	621	1,791
Additions from new contracts with customers, net of terminations and renewals	121	104
Amortization of contract assets to accounts receivable	(538)	(1,274)
Balance, end of year	204	621
Current	115	533
Long-term	89	88
Balance, end of year	204	621

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	405	224
Revenue deferred in previous year and recognized as revenue in current year	(393)	(184)
Net additions from contracts with customers	434	365
Balance, end of year	446	405
Current	394	336
Long-term	52	69
Balance, end of year	446	405

DEFERRED COMMISSION COST ASSETS

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2021 and 2020. The deferred commission cost assets are presented within other current assets (when they will be amortized into net income within twelve months of the date of the financial statements) or other long-term assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	262	305
Additions to deferred commission cost assets	315	248
Amortization recognized on deferred commission cost assets	(265)	(291)
Balance, end of year	312	262
Current	219	194
Long-term	93	68
Balance, end of year	312	262

UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2021. The unsatisfied portion of the transaction price of the performance obligations relates to monthly services; we expect to recognize it over the next three to five years.

(In millions of dollars)	2022	2023	2024	Thereafter	Total
Telecommunications service	2,045	795	218	181	3,239

We have elected to utilize the following practical expedients and not disclose:

•the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or

•the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2021	2020
Wireless
Service revenue	6,666	6,579
Equipment revenue	2,102	1,951
Total Wireless	8,768	8,530
Cable
Service revenue	4,052	3,936
Equipment revenue	20	10
Total Cable	4,072	3,946
Total Media	1,975	1,606
Corporate items and intercompany eliminations	(160)	(166)
Total revenue	14,655	13,916
Total service revenue	12,533	11,955
Total equipment revenue	2,122	1,961
Total revenue	14,655	13,916

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OPERATING COSTS

12 Months Ended

Dec. 31, 2021

Operating Costs [Abstract]

OPERATING COSTS

OPERATING COSTS

	Years ended December 31
(In millions of dollars)	2021	2020
Cost of equipment sales	2,161	1,946
Merchandise for resale	271	261
Other external purchases	4,155	4,005
Employee salaries, benefits, and stock-based compensation 1	2,181	1,847
Total operating costs	8,768	8,059

1    Net of government grants received (see note 2).

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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, plant and equipment [abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

ACCOUNTING POLICY

The following accounting policy applies to property, plant and equipment excluding right-of-use assets recognized under IFRS 16. Our accounting policy for right-of-use assets is included in note 8.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 20); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 9 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates in determining the recoverable amount of property, plant and equipment. See "Estimates" in note 9 for how we use estimates to determine the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

DETAILS OF PROPERTY, PLANT AND EQUIPMENT

The tables below summarize our property, plant and equipment as at December 31, 2021 and 2020.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2021	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Additions and transfers	29	1,167	849	142	62	57	482	2,788	380	3,168
Acquisitions from business combinations	2	29	1	6	—	3	—	41	—	41
Disposals and other	—	(802)	(321)	(147)	—	(37)	—	(1,307)	(2)	(1,309)
As at December 31, 2021	1,241	22,307	6,607	1,955	680	1,253	1,330	35,373	2,626	37,999
Accumulated depreciation
As at January 1, 2021	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Depreciation	35	1,170	751	245	41	80	—	2,322	246	2,568
Disposals and other	—	(796)	(322)	(156)	(1)	(39)	—	(1,314)	(2)	(1,316)
As at December 31, 2021	531	14,642	4,682	1,604	353	880	—	22,692	641	23,333
Net carrying amount
As at January 1, 2021	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018
As at December 31, 2021	710	7,665	1,925	351	327	373	1,330	12,681	1,985	14,666

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2020	1,179	20,804	5,653	1,939	587	1,184	1,320	32,666	1,911	34,577
Additions and transfers	31	1,863	620	168	34	68	(472)	2,312	337	2,649
Acquisitions from business combinations	—	4	37	—	1	1	—	43	—	43
Disposals and other	—	(758)	(232)	(153)	(4)	(23)	—	(1,170)	—	(1,170)
As at December 31, 2020	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Accumulated depreciation
As at January 1, 2020	461	13,814	3,749	1,387	281	776	—	20,468	175	20,643
Depreciation	37	1,196	747	288	36	86	—	2,390	217	2,607
Disposals and other	(2)	(742)	(243)	(160)	(4)	(23)	—	(1,174)	5	(1,169)
As at December 31, 2020	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Net carrying amount
As at January 1, 2020	718	6,990	1,904	552	306	408	1,320	12,198	1,736	13,934
As at December 31, 2020	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018

During 2021, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 3.4% (2020 - 3.7%).

Annually, we perform an analysis to identify fully depreciated assets that have been disposed of. In 2021, this resulted in an adjustment to cost and accumulated depreciation of $1,157 million (2020 - $978 million). The disposals had nil impact on the Consolidated Statements of Income.

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LEASES

12 Months Ended

Dec. 31, 2021

Disclosure of leases [Abstract]

LEASES

LEASES

ACCOUNTING POLICY

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis. All of the leases for which we act as lessor are classified as operating leases.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our leases, especially related to our networks, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to fifteen years. Variable lease payments during 2021 were $21 million (2020 - $23 million).

Below is a summary of the activity related to our lease liabilities for the twelve months ended December 31, 2021. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $338 million as at December 31, 2021 (2020 - $240 million).

	Years ended December 31
(In millions of dollars)	2021	2020
Lease liabilities, beginning of year	1,835	1,725
Net additions	386	320
Interest expense on lease liabilities	74	70
Interest payments on lease liabilities	(69)	(67)
Principal payments of lease liabilities	(269)	(213)
Lease liabilities, end of year	1,957	1,835
Current liability	336	278
Long-term liability	1,621	1,557
Lease liabilities	1,957	1,835

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INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2021

Intangible Assets [Abstract]

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

ACCOUNTING POLICY

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into depreciation and amortization on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 10 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize program rights on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in operating costs on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating expenses during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the

extent that prepayments are made for annual contractual fees within a season, they are included in other current assets on our Consolidated Statements of Financial Position, as the rights will be consumed within the next twelve months.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combination from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing.

DETAILS OF INTANGIBLE ASSETS

The tables below summarize our intangible assets as at December 31, 2021 and 2020.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2021	8,371	333	420	1,623	233	10,980	4,194	15,174
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,371	234	406	1,623	228	10,862	3,973	14,835
Additions	3,343	—	—	46	54	3,443	51	3,494
Disposals and other 1	—	(3)	—	—	(77)	(80)	—	(80)
As at December 31, 2021	11,714	231	406	1,669	205	14,225	4,024	18,249
Accumulated amortization
As at January 1, 2021	—	—	270	1,589	77	1,936	—	1,936
Amortization 2	—	—	—	17	68	85	—	85
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2021	—	—	270	1,606	68	1,944	—	1,944
Net carrying amount
As at January 1, 2021	8,371	234	136	34	151	8,926	3,973	12,899
As at December 31, 2021	11,714	231	136	63	137	12,281	4,024	16,305

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $85 million of total amortization, $68 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $17 million in depreciation and amortization on the Consolidated Statements of Income.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2020	8,331	333	420	1,611	253	10,948	4,144	15,092
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,331	234	406	1,611	248	10,830	3,923	14,753
Additions	40	—	—	12	57	109	50	159
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	8,371	234	406	1,623	228	10,862	3,973	14,835
Accumulated amortization
As at January 1, 2020	—	—	270	1,578	77	1,925	—	1,925
Amortization 2	—	—	—	11	77	88	—	88
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	—	—	270	1,589	77	1,936	—	1,936
Net carrying amount
As at January 1, 2020	8,331	234	136	33	171	8,905	3,923	12,828
As at December 31, 2020	8,371	234	136	34	151	8,926	3,973	12,899

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $88 million of total amortization, $77 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $11 million in depreciation and amortization on the Consolidated Statements of Income.

In July 2021, Innovation, Science and Economic Development Canada announced the results of the 3500 MHz spectrum licence auction that began in June 2021. We were awarded 325 spectrum licences covering the vast majority of the Canadian population at a total cost of $3.3 billion. In December 2021, we made the final payment and obtained these licences.

ANNUAL IMPAIRMENT TESTING

For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, correspond to our operating segments as disclosed in note 4.

Below is an overview of the methods and key assumptions we used in 2021, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,160	8,517	Value in use	5	2.0	8.5
Cable	1,895	—	Value in use	5	1.5	8.0
Media	969	232	Fair value less cost to sell	5	2.0	10.6

Our fair value measurement for Media is classified as Level 3 in the fair value hierarchy.

We did not recognize an impairment charge related to our goodwill or intangible assets in 2021 or 2020 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values.

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RESTRUCTURING, ACQUISITION AND OTHER

12 Months Ended

Dec. 31, 2021

Restructuring, Acquisition, And Other [Abstract]

RESTRUCTURING, ACQUISITION AND OTHER

RESTRUCTURING, ACQUISITION AND OTHER

ACCOUNTING POLICY

We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses.

JUDGMENTS

We make significant judgments in determining the appropriate classification of costs to be included in restructuring, acquisition and other.

RESTRUCTURING, ACQUISITION AND OTHER COSTS

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Restructuring and other		187	185
Shaw acquisition-related costs	30	137	—
Total restructuring, acquisition and other		324	185

The restructuring and other costs in 2021 primarily consisted of severance costs associated with the targeted restructuring of our employee base, certain contract termination costs, incremental, temporary costs incurred in response to COVID-19, and other costs. In 2020, these costs were primarily incremental, temporary employee compensation and other costs incurred in response to COVID-19 as well as severance costs associated with the targeted restructuring of our employee base. The Shaw acquisition-related costs primarily consist of costs related to a committed credit facility (see note 19) and other costs incurred directly related to the Transaction.

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FINANCE COSTS

12 Months Ended

Dec. 31, 2021

Finance Costs [Abstract]

FINANCE COSTS

FINANCE COSTS

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Interest on borrowings 1		745	780
Interest on lease liabilities	8	74	70
Interest on post-employment benefits liability	23	14	13
Loss on foreign exchange		10	107
Change in fair value of derivative instruments		(6)	(97)
Capitalized interest		(17)	(19)
Other		29	27
Total finance costs		849	881

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 $10 million in net foreign exchange losses in 2021 (2020 - $107 million in net losses). These losses were primarily attributed to our US CP program borrowings (see note 17).

These foreign exchange losses were offset by the $6 million gain related to the change in fair value of derivatives (2020 - $97 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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OTHER EXPENSE

12 Months Ended

Dec. 31, 2021

Analysis of income and expense [abstract]

OTHER EXPENSE

OTHER EXPENSE

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Losses from associates and joint ventures	18	44	40
Other investment income		(42)	(39)
Total other expense		2	1

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INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

INCOME TAXES

INCOME TAXES

ACCOUNTING POLICY

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

JUDGMENTS

We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.

INCOME TAX EXPENSE

	Years ended December 31
(In millions of dollars)	2021	2020
Total current tax expense	458	712
Deferred tax expense (recovery):
Origination (reversal) of temporary differences	111	(129)
Revaluation of deferred tax balances due to legislative changes	—	(3)
Total deferred tax expense (recovery)	111	(132)
Total income tax expense	569	580

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2021		2020
Statutory income tax rate	26.5	%	26.6	%
Income before income tax expense	2,127		2,172
Computed income tax expense	564		578
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	1		—
Non-deductible portion of equity losses	12		10
Income tax adjustment, legislative tax change	—		(3)
Non-taxable income from security investments	(11)		(10)
Other	3		5
Total income tax expense	569		580
Effective income tax rate	26.8	%	26.7	%

DEFERRED TAX ASSETS AND LIABILITIES

Below is a summary of the movement of net deferred tax assets and liabilities during 2021 and 2020.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)
(Expense) recovery in net income	(122)	(116)	(2)	8	59	62	(111)
(Expense) in other comprehensive income	—	—	(3)	—	—	(115)	(118)
Acquisitions	(2)	(12)	—	—	—	—	(14)
December 31, 2021	(1,608)	(1,578)	(135)	24	(124)	(18)	(3,439)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2019	(1,366)	(1,318)	(168)	12	(570)	(27)	(3,437)
(Expense) recovery in net income	(108)	(129)	(2)	4	387	(20)	132
Recovery in other comprehensive income	—	—	40	—	—	82	122
Acquisitions	(10)	(3)	—	—	—	—	(13)
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2021	2020
Realized and accrued capital losses in Canada that can be applied against future capital gains	75	82
Tax losses in foreign jurisdictions that expire between 2023 and 2040	68	67
Deductible temporary differences in foreign jurisdictions	40	43
Total unrecognized temporary differences	183	192

There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.

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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings per share [abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

ACCOUNTING POLICY

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

EARNINGS PER SHARE CALCULATION

	Years ended December 31
(In millions of dollars, except per share amounts)	2021	2020
Numerator (basic) - Net income for the year	1,558	1,592
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	505	505
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	506	506
Earnings per share:
Basic	$3.09	$3.15
Diluted	$3.07	$3.13

For the years ended December 31, 2021 and 2020, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2021 was reduced by $3 million (2020 - $7 million) in the diluted earnings per share calculation.

For the year ended December 31, 2021, there were 4,148,549 options out of the money (2020 - 3,895,948) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

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ACCOUNTS RECEIVABLE

12 Months Ended

Dec. 31, 2021

Subclassifications of assets, liabilities and equities [abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

ACCOUNTING POLICY

Accounts receivable represent amounts owing to us that are currently due and collectible, as well as amounts owed to us under device or accessory financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value, and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

ACCOUNTS RECEIVABLE BY TYPE

		As at December 31
(In millions of dollars)	Note	2021	2020
Customer accounts receivable		4,150	3,170
Other accounts receivable		791	656
Allowance for doubtful accounts	17	(240)	(222)
Total accounts receivable		4,701	3,604
Current		3,847	2,856
Long-term		854	748
Total accounts receivable		4,701	3,604

The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and is composed of our financing receivables that will be billed to customers beyond the next 12 months.

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INVENTORIES

12 Months Ended

Dec. 31, 2021

Inventories [Abstract]

INVENTORIES

INVENTORIES

ACCOUNTING POLICY

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

INVENTORIES BY TYPE

	As at December 31
(In millions of dollars)	2021	2020
Wireless devices and accessories	436	399
Other finished goods and merchandise	99	80
Total inventories	535	479

Cost of equipment sales and merchandise for resale includes $2,432 million of inventory costs for 2021 (2020 - $2,207 million).

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

ACCOUNTING POLICY

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

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
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. Debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in operating costs.

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

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 on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next twelve months. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables, financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within twelve months of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 5);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which it has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

ESTIMATES

Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.

JUDGMENTS

We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.

FINANCIAL RISKS

We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. 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.

CREDIT RISK

Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us.

Our credit risk exposure is primarily attributable to our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, and equity derivatives. Our broad customer base limits the concentration of this risk. Our accounts receivable and financing receivables on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.

Accounts receivable

Our accounts receivable do not contain significant financing components as defined by IFRS 15 and therefore we measure our allowance for doubtful accounts using lifetime expected credit losses related to our accounts receivable. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable. As at December 31, 2021, $442 million (2020 - $435 million) of gross accounts receivable are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.

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)	2021	2020
Customer accounts receivable
Unbilled financing receivables	2,646	1,806
Less than 30 days past billing date	895	793
30-60 days past billing date	214	207
61-90 days past billing date	89	66
Greater than 90 days past billing date	66	76
Total customer accounts receivable (net of allowances of $240 and $222, respectively)	3,910	2,948
Total contract assets (net of allowance of $3 and $28, respectively)	204	621
Total customer accounts receivable and contract assets	4,114	3,569

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)	2021	2020
Balance, beginning of year	250	114
Allowance for doubtful accounts expense	155	307
Net use	(162)	(171)
Balance, end of year	243	250

We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance that these controls will continue to be effective or that our current credit loss experience will continue.

Derivative instruments

Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&P Global Ratings (or the equivalent) ranging from A to AA-.

LIQUIDITY RISK

Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 3). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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 net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2021 and 2020.

December 31, 2021	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	804	1,444	1,321	7,789

December 31, 2020	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	747	1,322	1,167	8,331

MARKET PRICE RISK

Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our investments measured at FVTOCI or our share price will affect our income, cash flows, or the value of our financial instruments. The derivative instruments we use to manage this risk are described in this note.

Market price risk - publicly traded investments

We manage risk related to fluctuations in the market prices of our investments in publicly traded companies by regularly reviewing publicly available information related to these investments to ensure that any risks are within our established levels of risk tolerance. We do not engage in risk management practices such as hedging, derivatives, or short selling with respect to our publicly traded investments.

Market price risk - Class B Non-Voting Shares

Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.

FOREIGN EXCHANGE RISK

We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US CP program as hedges for accounting purposes. We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them as hedges for certain of our forecast operational and capital expenditures. As at December 31, 2021, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.

A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2021.

INTEREST RATE RISK

We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings and bank credit facilities. As at December 31, 2021, 89.3% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2020 - 93.6%).

Sensitivity analysis

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, 2021 and 2020 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)	2021	2020	2021	2020
Share price of publicly traded investments
$1 change	—	—	17	14
Debt derivatives
0.1% change in interest rates	—	—	46	—
Interest rate derivatives
0.1% change in interest rates	—	—	76	—
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	8	12
Floating interest rate senior notes
1% change in interest rates	7	7	—	—
Short-term borrowings
1% change in interest rates	16	9	—	—

DERIVATIVE INSTRUMENTS

As at December 31, 2021 and 2020, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net asset (liability) position for our various derivatives.

	As at December 31, 2021
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	5,859	1.1369	6,661	1,453
As liabilities	5,383	1.3025	7,011	(343)
Short-term debt derivatives not accounted for as hedges:
As assets	1,104	1.2578	1,389	11
Net mark-to-market debt derivative asset				1,121
Interest rate derivatives accounted for as cash flow hedges:
As assets (Cdn$)	—	—	3,250	40
As liabilities (Cdn$)	—	—	500	(6)
As liabilities (US$)	2,000	—	—	(277)
Net mark-to-market interest rate derivative liability				(243)
Expenditure derivatives accounted for as cash flow hedges:
As assets	438	1.2453	545	11
As liabilities	630	1.3151	829	(30)
Net mark-to-market expenditure derivative liability				(19)
Equity derivatives not accounted for as hedges:
As assets	—	—	265	36
Net mark-to-market asset				895

	As at December 31, 2020
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	4,550	1.0795	4,912	1,405
As liabilities	4,642	1.3358	6,201	(307)
Short-term debt derivatives not accounted for as hedges:
As liabilities	449	1.2995	583	(12)
Net mark-to-market debt derivative asset				1,086
Expenditure derivatives accounted for as cash flow hedges:
As liabilities	1,590	1.3421	2,134	(109)
Equity derivatives not accounted for as hedges:
As assets	—	—	238	34
Net mark-to-market asset				1,011

Below is a summary of the net cash (payments) proceeds on debt derivatives.

	Years ended December 31
(In millions of dollars)	2021	2020
Proceeds on debt derivatives related to US commercial paper	2,911	5,542
Proceeds on debt derivatives related to credit facility borrowings	1,003	1,364
Total proceeds on debt derivatives	3,914	6,906
Payments on debt derivatives related to US commercial paper	(2,926)	(5,441)
Payments on debt derivatives related to credit facility borrowings	(1,005)	(1,385)
Total payments on debt derivatives	(3,931)	(6,826)
Net (payments) proceeds on settlement of debt derivatives	(17)	80

Below is a summary of the changes in fair value of our derivative instruments for 2021 and 2020.

Year ended December 31, 2021	Debt derivatives (hedged)	Debt derivatives (unhedged)	Interest rate derivatives	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,098	(12)	—	(109)	34	1,011
Proceeds received from settlement of derivatives	—	(3,914)	(9)	(1,201)	(3)	(5,127)
Payment on derivatives settled	—	3,931	—	1,305	—	5,236
Increase (decrease) in fair value of derivatives	12	6	(234)	(14)	5	(225)
Derivative instruments, end of year	1,110	11	(243)	(19)	36	895
Mark-to-market asset	1,453	11	40	11	36	1,551
Mark-to-market liability	(343)	—	(283)	(30)	—	(656)
Mark-to-market asset (liability)	1,110	11	(243)	(19)	36	895

Year ended December 31, 2020	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,412	(29)	1	55	1,439
Proceeds received from settlement of derivatives	—	(6,906)	(1,261)	1	(8,166)
Payment on derivatives settled	—	6,826	1,221	—	8,047
(Decrease) increase in fair value of derivatives	(314)	97	(70)	(22)	(309)
Derivative instruments, end of year	1,098	(12)	(109)	34	1,011
Mark-to-market asset	1,405	—	—	34	1,439
Mark-to-market liability	(307)	(12)	(109)	—	(428)
Mark-to-market asset (liability)	1,098	(12)	(109)	34	1,011

Below is a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31
(In millions of dollars)	2021	2020
Current asset	120	61
Long-term asset	1,431	1,378
	1,551	1,439
Current liability	(467)	(110)
Long-term liability	(189)	(318)
	(656)	(428)
Net mark-to-market asset	895	1,011

As at December 31, 2021, US$11.2 billion notional amount of our outstanding debt derivatives have been designated as hedges for accounting purposes (2020 - US$9.2 billion). As at December 31, 2021, 100% of our outstanding expenditure derivatives and interest rate derivatives have been designated as hedges for accounting purposes (2020 - 100% of our outstanding expenditure derivatives).

Debt derivatives

We use cross-currency interest rate agreements and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings (see note 19). We designate the debt derivatives related to our senior notes, debentures, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt

derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.

During 2021 and 2020, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	1,200	1.253	1,503	970	1.428	1,385
Debt derivatives settled	800	1.254	1,003	970	1.406	1,364
Net cash paid on settlement			(2)			(21)
US commercial paper program
Debt derivatives entered	2,568	1.260	3,235	3,316	1.329	4,406
Debt derivatives settled	2,312	1.259	2,911	4,091	1.330	5,441
Net cash (paid) received on settlement			(15)			101

We did not enter into any debt derivatives in 2021 on issued senior notes. We entered into US$2 billion of forward starting cross-currency swaps to hedge the foreign exchange and interest risk associated with debt instruments we expect to issue in the future related to the Transaction.

In 2020, 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 21). Below is a summary of the debt derivatives we entered to hedge senior notes issued during 2020.

(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$)
2020 issuances
June 22, 2020	750	2022	USD LIBOR + 0.60%	0.955	%	1,019

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

During 2021 and 2020, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	132	1.273	168	115	1.374	158
Debt derivatives settled	81	1.333	108	43	1.372	59

As at December 31, 2021, we had US$193 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2020 - US$142 million) with terms to maturity ranging from January 2022 to December 2024 (2020 - January 2021 to December 2023), at an average rate of $1.301/US$ (2020 - $1.352/US$).

Interest rate derivatives

From time to time, we use bond forward derivatives or interest rate swap derivatives (collectively, interest rate derivatives) to hedge interest rate risk on current and future debt instruments. Our interest rate derivatives are designated as hedges for accounting purposes.

We have entered into interest rate swap derivatives during the year ended December 31, 2021, including:

•$1,250 million bond forwards to hedge the underlying Government of Canada (GoC) interest rate risk that will form a portion of the interest rate risk associated with anticipated future debt issuances;

•interest rate swap derivatives to hedge the interest rate risk on an additional $3.25 billion of debt instruments we expect to issue in the future; and

•interest rate swap derivatives to hedge the interest rate risk on US$2 billion of debt instruments we expect to issue in the future.

Concurrent with our issuance of $2 billion subordinated notes in December 2021 (see note 21), we terminated $750 million of bond forwards and received $9 million upon settlement. As at December 31, 2021, we had $500 million of bond forwards outstanding.

Concurrent with our issuance of US$750 million subordinated notes in February 2022 (see note 21), we terminated $950 million of interest rate swap derivatives and received $33 million upon settlement.

Expenditure derivatives

Below is a summary of the expenditure derivatives we entered and settled during 2021 and 2020 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	438	1.244	545	1,560	1.343	2,095
Expenditure derivatives settled	960	1.360	1,306	940	1.299	1,221

As at December 31, 2021, we had US$1,068 million of expenditure derivatives outstanding (2020 - US$1,590 million), at an average rate of $1.287/US$ (2020 - $1.342/US$), with terms to maturity ranging from January 2022 to December 2023 (2020 - January 2021 to December 2022). As at December 31, 2021, our outstanding expenditure derivatives maturing in 2022 were hedged at an average exchange rate of $1.292/US$.

Equity derivatives

We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 25). The equity derivatives were originally entered into at a weighted average price of $50.37 with terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.

As at December 31, 2021, we had equity derivatives outstanding for 5.0 million (2020 - 4.6 million) Class B Non-Voting Shares with a weighted average price of $53.10 (2020 - $51.82).

During the year ended December 31, 2021, we entered into 0.4 million equity derivatives (2020 - 0.3 million) with a weighted average price of $60.98 (2020 - $56.08).

During the year ended December 31, 2021, we reset the weighted average price to $59.64 and reset the expiry dates to April 2023 (from April 2021) on 0.5 million equity derivatives and received net proceeds of $3 million.

During the year ended December 31, 2020, we reset the weighted average price to $54.16 and reset the expiry dates to April 2021 (from April 2020) on 0.5 million equity derivatives and made net payments of $1 million.

Additionally, we executed extension agreements for the remainder of our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2022 (from April 2021).

FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying values of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of each of our publicly traded investments using quoted market values. We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For these debt derivatives and expenditure derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:

•financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;

•financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and

•Level 3 valuations are based on inputs that are not based on observable market data.

There were no material financial instruments categorized in Level 3 as at December 31, 2021 and 2020 and there were no transfers between Level 1, Level 2, or Level 3 during the respective periods.

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)
(In millions of dollars)	2021	2020	2021	2020	2021	2020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies	1,581	1,535	1,581	1,535	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,453	1,405	—	—	1,453	1,405
Debt derivatives not accounted for as cash flow hedges	11	—	—	—	11	—
Interest rate derivatives accounted for as cash flow hedges	40	—	—	—	40	—
Expenditure derivatives accounted for as cash flow hedges	11	—	—	—	11	—
Equity derivatives not accounted for as cash flow hedges	36	34	—	—	36	34
Total financial assets	3,132	2,974	1,581	1,535	1,551	1,439
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	343	307	—	—	343	307
Debt derivatives not accounted for as hedges	—	12	—	—	—	12
Interest rate derivatives accounted for as cash flow hedges	283	—	—	—	283	—
Expenditure derivatives accounted for as cash flow hedges	30	109	—	—	30	109
Total financial liabilities	656	428	—	—	656	428

Below is a summary of the fair value of our long-term debt.

			As at December 31
(In millions of dollars)		2021		2020
	Carrying amount	Fair value 1	Carrying amount	Fair value 1
Long-term debt (including current portion)	18,688	20,790	18,201	22,006

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2021 and 2020.

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INVESTMENTS

12 Months Ended

Dec. 31, 2021

Interests in Other Entities [Abstract]

INVESTMENTS

INVESTMENTS

ACCOUNTING POLICY

Investments in publicly traded and private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them as follows:

•publicly traded companies - at fair value based on publicly quoted prices; and

•private companies - at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

INVESTMENTS BY TYPE

	As at December 31
(In millions of dollars)	2021	2020
Investments in:
Publicly traded companies	1,581	1,535
Private companies	53	97
Investments, measured at FVTOCI	1,634	1,632
Investments, associates and joint ventures	859	904
Total investments	2,493	2,536

INVESTMENTS, MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Publicly traded companies

We hold a number of interests in publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc. This year, we recognized realized losses of nil and unrealized gains of $17 million (2020 - nil of realized losses and $296 million of unrealized losses) in other comprehensive income.

INVESTMENTS, ASSOCIATES AND JOINT VENTURES

We have interests in a number of associates and joint ventures, some of which include:

Maple Leaf Sports and Entertainment Limited (MLSE)

MLSE, a sports and entertainment company, owns and operates the Scotiabank Arena, the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and other assets. We, along with BCE Inc. (BCE), jointly own an indirect net 75% equity interest in MLSE with our portion representing a 37.5% equity interest in MLSE. Our investment in MLSE is accounted for as a joint venture using the equity method.

Glentel

Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by BCE. Our investment in Glentel is accounted for as a joint venture using the equity method.

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2021	2020
Current assets	537	512
Long-term assets	3,254	3,409
Current liabilities	(990)	(857)
Long-term liabilities	(1,177)	(1,358)
Total net assets	1,624	1,706
Our share of net assets	855	900
Revenue	1,805	1,310
Expenses	(1,912)	(1,410)
Net loss	(107)	(100)
Our share of net loss	(44)	(40)

One of our joint ventures has a non-controlling interest that has a right to require our joint venture to purchase that non-controlling interest at a future date at fair value.

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SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.

	As at December 31
(In millions of dollars)	2021	2020
Receivables securitization program	800	650
US commercial paper program (net of the discount on issuance)	893	571
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,200	1,221

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			150			—
Net proceeds received from receivables securitization			150			—
Proceeds received from US commercial paper	2,568	1.260	3,235	3,316	1.329	4,406
Repayment of US commercial paper	(2,314)	1.259	(2,914)	(4,098)	1.355	(5,552)
Net proceeds received from (repayment of) US commercial paper			321			(1,146)
Proceeds received from non-revolving credit facilities (US$)	1,200	1.253	1,503	—	—	—
Repayment of non-revolving credit facilities (US$)	(800)	1.254	(1,003)	—	—	—
Net proceeds received from non-revolving credit facilities			500			—
Net proceeds received from (repayment of) short-term borrowings			971			(1,146)

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a Canadian financial institution that allows us to sell certain receivables into the program.

As at December 31, 2021, the proceeds of the sales were committed up to a maximum of $1,200 million (2020 - $1,200 million) and the program has a term of three years, ending on December 22, 2023.

	As at December 31
(In millions of dollars)	2021	2020
Receivables sold to buyer as security	2,679	2,130
Short-term borrowings from buyer	(800)	(650)
Overcollateralization	1,879	1,480

	Years ended December 31
(In millions of dollars)	2021	2020
Receivables securitization program, beginning of year	650	650
Net proceeds received from receivables securitization	150	—
Receivables securitization program, end of year	800	650

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as short-term borrowings. The buyer's interest in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral for any other purpose. The buyer of our trade receivables has no claim on any of our other assets.

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as short-term borrowings on our Consolidated Statements of Financial Position when they are due within one year from the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	449	1.272	571	1,223	1.298	1,588
Net proceeds received from (repayment of) US commercial paper	254	1.264	321	(782)	1.465	(1,146)
Discounts on issuance 1	1	n/m	2	8	1.250	10
(Gain) loss on foreign exchange 1			(1)			119
US commercial paper, end of year	704	1.268	893	449	1.272	571

n/m - not meaningful

1    Included in finance costs.

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 17). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITY

In June 2021, we entered into non-revolving credit facilities with an aggregate limit of US$1.6 billion that mature in June 2022. Any borrowings under these facilities will be recorded as short-term borrowings as they will be due within 12 months. Borrowings under the facilities are unsecured, guaranteed by RCCI, and rank equally in right of payment with all of our senior notes and debentures. In December 2021, we terminated the undrawn non-revolving credit facilities with an aggregate limit of US$1.2 billion. In February 2022, we repaid the outstanding US$400 million and terminated the facility.

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.

	Year ended December 31, 2021
	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)
Non-revolving credit facility, beginning of year	—	—	—
Net proceeds received from non-revolving credit facilities	400	1.250	500
Loss on foreign exchange 1			7
Non-revolving credit facility, end of year	400	1.268	507

1    Included in finance costs.

COMMITTED CREDIT FACILITY

In March 2021, in connection with the Transaction (see note 30), we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion. The commitment remains subject to the satisfaction of conditions to effectiveness and drawing, including, without limitation, the completion of credit documentation in respect of such commitment and the completion of the Transaction. The committed facility cannot be drawn upon until the closing date of the Transaction. It is only available to be drawn to fund part of the acquisition cost of the Transaction and to pay fees and expenses related to the Transaction. If drawn, any drawings must be repaid within 364 days. If undrawn, the facility terminates on the closing date of the acquisition. As a result of entering into the Shaw term loan facility (see note 21), the maximum amount we can draw on this committed facility decreased to $13 billion.

LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2021	2020
Senior notes	2021		1,450	5.340	%	—	1,450
Senior notes	2022		600	4.000	%	600	600
Senior notes	2022	US	750	Floating		951	955
Senior notes	2023	US	500	3.000	%	634	637
Senior notes	2023	US	850	4.100	%	1,078	1,082
Senior notes	2024		600	4.000	%	600	600
Senior notes	2025	US	700	3.625	%	886	890
Senior notes	2026	US	500	2.900	%	634	637
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior debentures 1	2032	US	200	8.750	%	254	255
Senior notes	2038	US	350	7.500	%	444	446
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	%	634	637
Senior notes	2043	US	650	5.450	%	823	827
Senior notes	2044	US	1,050	5.000	%	1,331	1,337
Senior notes	2048	US	750	4.300	%	951	955
Senior notes	2049	US	1,250	4.350	%	1,585	1,592
Senior notes	2049	US	1,000	3.700	%	1,268	1,273
Subordinated notes 2	2081		2,000	5.000	%	2,000	—
						18,873	18,373
Deferred transaction costs and discounts						(185)	(172)
Less current portion						(1,551)	(1,450)
Total long-term debt						17,137	16,751

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, 2021 and 2020.

2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2021, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 17).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (US$)	—	—	—	970	1.428	1,385
Credit facility repayments (US$)	—	—	—	(970)	1.406	(1,364)
Net borrowings under credit facilities			—			21
Senior note issuances (Cdn$)			—			1,500
Senior note issuances (US$)	—	—	—	750	1.359	1,019
Total senior note issuances			—			2,519
Senior note repayments (Cdn$)			(1,450)			—
Net (repayment) issuance of senior notes			(1,450)			2,519
Subordinated note issuances (Cdn$)			2,000			—
Net issuance of long-term debt			550			2,540

	Years ended December 31
(In millions of dollars)	2021	2020
Long-term debt net of transaction costs, beginning of year	18,201	15,967
Net issuance of long-term debt	550	2,540
Gain on foreign exchange	(50)	(297)
Deferred transaction costs incurred	(31)	(23)
Amortization of deferred transaction costs	18	14
Long-term debt net of transaction costs, end of year	18,688	18,201

In April 2021, we entered into a $6 billion Shaw term loan facility consisting of three tranches of $2 billion each. The facility cannot be drawn upon until the closing date of the Transaction. The first tranche matures three years after the Transaction closing date and subsequent tranches mature in years four and five thereafter, respectively. At tranche maturity, any outstanding borrowings under that tranche must be repaid. The interest rate charged on borrowings from the Shaw term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2021, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 3.95% (2020 - 4.09%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

In 2021, we amended our revolving credit facility to, among other things, increase the total credit limit and extend the maturity dates. We increased the total credit limit from $3.2 billion to $4 billion by increasing the limits of the two tranches to $3 billion and $1 billion (from $2.5 billion and $700 million), respectively. We also extended the maturity date of the $3 billion tranche from September 2023 to April 2026 and the $1 billion tranche from September 2022 to April 2024.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Issuance of senior and subordinated notes

Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.

(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$)	Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3		2,000	2081	5.000	%	At par		2,000	20
2020 issuances
March 31, 2020 (senior)		1,500	2027	3.650	%	99.511	%	1,500	16
June 22, 2020 (senior)	US	750	2022	USD LIBOR + 0.60%		At par		1,019	5

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums 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.

3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

Concurrent with the 2020 US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars (see note 17).

During the year ended December 31, 2021, we issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years. Concurrently, we terminated the $750 million bond forwards entered into in July 2021 to hedge the interest rate risk associated with future debt issuances. We used the proceeds to partially fund the remaining payment required to obtain the 3500 MHz spectrum licences.

In February 2022, we issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years. Concurrently, we terminated $950 million of interest rate derivatives entered into in 2021 to hedge the interest rate risk associated with future debt issuances. We received net proceeds of US$740 million ($938 million) from the issuance.

Each of the subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares. We understand that S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), and Fitch Ratings (Fitch) will only include 50% of the outstanding principal amount of these subordinated notes in their leverage ratio calculation for at least the first five years after their issuance.

In connection with these issuances, the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I and Series II have been authorized for up to 3.3 million and 1.4 million preferred shares, respectively, have no voting rights, have par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

Repayment of senior notes and related derivative settlements

During the year ended December 31, 2021, we repaid the entire outstanding principal amount of our $1.45 billion 5.34% senior notes at maturity. There were no derivatives associated with these senior notes. We did not repay any senior notes or settle any related debt derivatives during the year ended December 31, 2020.

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, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary.

TERMS AND CONDITIONS

As at December 31, 2021 and 2020, we were in compliance with all financial covenants, financial ratios, and all of the terms and conditions of our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2021, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

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PROVISIONS

12 Months Ended

Dec. 31, 2021

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

PROVISIONS

PROVISIONS

ACCOUNTING POLICY

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in property, plant and equipment (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to finance costs on the Consolidated Statements of Income.

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as provisions; otherwise they are recognized as accrued liabilities. All charges are recognized in restructuring, acquisition and other on the Consolidated Statements of Income (see note 10).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

ESTIMATES

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

JUDGMENTS

Significant judgment is required to determine when we are subject to unavoidable costs arising from onerous contracts. These judgments may include, for example, whether a certain promise is legally binding or whether we may be successful in negotiations with the counterparty.

PROVISIONS DETAILS

(In millions of dollars)	Decommissioning Liabilities	Other	Total
December 31, 2020	45	1	46
Additions	7	—	7
December 31, 2021	52	1	53
Current (recorded in "other current liabilities")	3	—	3
Long-term	49	1	50

Decommissioning and restoration costs

Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.

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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

LONG-TERM DEBT

SHORT-TERM BORROWINGS

Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.

	As at December 31
(In millions of dollars)	2021	2020
Receivables securitization program	800	650
US commercial paper program (net of the discount on issuance)	893	571
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,200	1,221

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			150			—
Net proceeds received from receivables securitization			150			—
Proceeds received from US commercial paper	2,568	1.260	3,235	3,316	1.329	4,406
Repayment of US commercial paper	(2,314)	1.259	(2,914)	(4,098)	1.355	(5,552)
Net proceeds received from (repayment of) US commercial paper			321			(1,146)
Proceeds received from non-revolving credit facilities (US$)	1,200	1.253	1,503	—	—	—
Repayment of non-revolving credit facilities (US$)	(800)	1.254	(1,003)	—	—	—
Net proceeds received from non-revolving credit facilities			500			—
Net proceeds received from (repayment of) short-term borrowings			971			(1,146)

RECEIVABLES SECURITIZATION PROGRAM

We participate in a receivables securitization program with a Canadian financial institution that allows us to sell certain receivables into the program.

As at December 31, 2021, the proceeds of the sales were committed up to a maximum of $1,200 million (2020 - $1,200 million) and the program has a term of three years, ending on December 22, 2023.

	As at December 31
(In millions of dollars)	2021	2020
Receivables sold to buyer as security	2,679	2,130
Short-term borrowings from buyer	(800)	(650)
Overcollateralization	1,879	1,480

	Years ended December 31
(In millions of dollars)	2021	2020
Receivables securitization program, beginning of year	650	650
Net proceeds received from receivables securitization	150	—
Receivables securitization program, end of year	800	650

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as short-term borrowings. The buyer's interest in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral for any other purpose. The buyer of our trade receivables has no claim on any of our other assets.

US COMMERCIAL PAPER PROGRAM

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as short-term borrowings on our Consolidated Statements of Financial Position when they are due within one year from the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	449	1.272	571	1,223	1.298	1,588
Net proceeds received from (repayment of) US commercial paper	254	1.264	321	(782)	1.465	(1,146)
Discounts on issuance 1	1	n/m	2	8	1.250	10
(Gain) loss on foreign exchange 1			(1)			119
US commercial paper, end of year	704	1.268	893	449	1.272	571

n/m - not meaningful

1    Included in finance costs.

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 17). We have not designated these debt derivatives as hedges for accounting purposes.

NON-REVOLVING CREDIT FACILITY

In June 2021, we entered into non-revolving credit facilities with an aggregate limit of US$1.6 billion that mature in June 2022. Any borrowings under these facilities will be recorded as short-term borrowings as they will be due within 12 months. Borrowings under the facilities are unsecured, guaranteed by RCCI, and rank equally in right of payment with all of our senior notes and debentures. In December 2021, we terminated the undrawn non-revolving credit facilities with an aggregate limit of US$1.2 billion. In February 2022, we repaid the outstanding US$400 million and terminated the facility.

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.

	Year ended December 31, 2021
	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)
Non-revolving credit facility, beginning of year	—	—	—
Net proceeds received from non-revolving credit facilities	400	1.250	500
Loss on foreign exchange 1			7
Non-revolving credit facility, end of year	400	1.268	507

1    Included in finance costs.

COMMITTED CREDIT FACILITY

In March 2021, in connection with the Transaction (see note 30), we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion. The commitment remains subject to the satisfaction of conditions to effectiveness and drawing, including, without limitation, the completion of credit documentation in respect of such commitment and the completion of the Transaction. The committed facility cannot be drawn upon until the closing date of the Transaction. It is only available to be drawn to fund part of the acquisition cost of the Transaction and to pay fees and expenses related to the Transaction. If drawn, any drawings must be repaid within 364 days. If undrawn, the facility terminates on the closing date of the acquisition. As a result of entering into the Shaw term loan facility (see note 21), the maximum amount we can draw on this committed facility decreased to $13 billion.

LONG-TERM DEBT

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2021	2020
Senior notes	2021		1,450	5.340	%	—	1,450
Senior notes	2022		600	4.000	%	600	600
Senior notes	2022	US	750	Floating		951	955
Senior notes	2023	US	500	3.000	%	634	637
Senior notes	2023	US	850	4.100	%	1,078	1,082
Senior notes	2024		600	4.000	%	600	600
Senior notes	2025	US	700	3.625	%	886	890
Senior notes	2026	US	500	2.900	%	634	637
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior debentures 1	2032	US	200	8.750	%	254	255
Senior notes	2038	US	350	7.500	%	444	446
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	%	634	637
Senior notes	2043	US	650	5.450	%	823	827
Senior notes	2044	US	1,050	5.000	%	1,331	1,337
Senior notes	2048	US	750	4.300	%	951	955
Senior notes	2049	US	1,250	4.350	%	1,585	1,592
Senior notes	2049	US	1,000	3.700	%	1,268	1,273
Subordinated notes 2	2081		2,000	5.000	%	2,000	—
						18,873	18,373
Deferred transaction costs and discounts						(185)	(172)
Less current portion						(1,551)	(1,450)
Total long-term debt						17,137	16,751

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, 2021 and 2020.

2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2021, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 17).

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (US$)	—	—	—	970	1.428	1,385
Credit facility repayments (US$)	—	—	—	(970)	1.406	(1,364)
Net borrowings under credit facilities			—			21
Senior note issuances (Cdn$)			—			1,500
Senior note issuances (US$)	—	—	—	750	1.359	1,019
Total senior note issuances			—			2,519
Senior note repayments (Cdn$)			(1,450)			—
Net (repayment) issuance of senior notes			(1,450)			2,519
Subordinated note issuances (Cdn$)			2,000			—
Net issuance of long-term debt			550			2,540

	Years ended December 31
(In millions of dollars)	2021	2020
Long-term debt net of transaction costs, beginning of year	18,201	15,967
Net issuance of long-term debt	550	2,540
Gain on foreign exchange	(50)	(297)
Deferred transaction costs incurred	(31)	(23)
Amortization of deferred transaction costs	18	14
Long-term debt net of transaction costs, end of year	18,688	18,201

In April 2021, we entered into a $6 billion Shaw term loan facility consisting of three tranches of $2 billion each. The facility cannot be drawn upon until the closing date of the Transaction. The first tranche matures three years after the Transaction closing date and subsequent tranches mature in years four and five thereafter, respectively. At tranche maturity, any outstanding borrowings under that tranche must be repaid. The interest rate charged on borrowings from the Shaw term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

WEIGHTED AVERAGE INTEREST RATE

As at December 31, 2021, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 3.95% (2020 - 4.09%).

BANK CREDIT AND LETTER OF CREDIT FACILITIES

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

In 2021, we amended our revolving credit facility to, among other things, increase the total credit limit and extend the maturity dates. We increased the total credit limit from $3.2 billion to $4 billion by increasing the limits of the two tranches to $3 billion and $1 billion (from $2.5 billion and $700 million), respectively. We also extended the maturity date of the $3 billion tranche from September 2023 to April 2026 and the $1 billion tranche from September 2022 to April 2024.

SENIOR AND SUBORDINATED NOTES AND DEBENTURES

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

Issuance of senior and subordinated notes

Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.

(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$)	Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3		2,000	2081	5.000	%	At par		2,000	20
2020 issuances
March 31, 2020 (senior)		1,500	2027	3.650	%	99.511	%	1,500	16
June 22, 2020 (senior)	US	750	2022	USD LIBOR + 0.60%		At par		1,019	5

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums 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.

3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

Concurrent with the 2020 US dollar-denominated issuances, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars (see note 17).

During the year ended December 31, 2021, we issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years. Concurrently, we terminated the $750 million bond forwards entered into in July 2021 to hedge the interest rate risk associated with future debt issuances. We used the proceeds to partially fund the remaining payment required to obtain the 3500 MHz spectrum licences.

In February 2022, we issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years. Concurrently, we terminated $950 million of interest rate derivatives entered into in 2021 to hedge the interest rate risk associated with future debt issuances. We received net proceeds of US$740 million ($938 million) from the issuance.

Each of the subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares. We understand that S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), and Fitch Ratings (Fitch) will only include 50% of the outstanding principal amount of these subordinated notes in their leverage ratio calculation for at least the first five years after their issuance.

In connection with these issuances, the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I and Series II have been authorized for up to 3.3 million and 1.4 million preferred shares, respectively, have no voting rights, have par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

Repayment of senior notes and related derivative settlements

During the year ended December 31, 2021, we repaid the entire outstanding principal amount of our $1.45 billion 5.34% senior notes at maturity. There were no derivatives associated with these senior notes. We did not repay any senior notes or settle any related debt derivatives during the year ended December 31, 2020.

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, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary.

TERMS AND CONDITIONS

As at December 31, 2021 and 2020, we were in compliance with all financial covenants, financial ratios, and all of the terms and conditions of our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2021, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

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OTHER LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2021

Subclassifications of assets, liabilities and equities [abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

		As at December 31
(In millions of dollars)	Note	2021	2020
Deferred pension liability	23	3	590
Supplemental executive retirement plan	23	96	92
Stock-based compensation	25	49	39
Derivative instruments	17	189	318
Contract liabilities	5	52	69
Other		176	41
Total other long-term liabilities		565	1,149

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POST-EMPLOYMENT BENEFITS

12 Months Ended

Dec. 31, 2021

Employee Benefits [Abstract]

POST-EMPLOYMENT BENEFITS

POST-EMPLOYMENT BENEFITS

ACCOUNTING POLICY

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in operating costs on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

ESTIMATES

Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense.

Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2021.

Principal actuarial assumptions

	2021		2020
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	3.3	%	2.7	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	2.7	%	3.2	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Sensitivity of key assumptions

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2021	2020
Discount rate
Impact of 0.5% increase	(251)	(279)
Impact of 0.5% decrease	285	319
Rate of future compensation increase
Impact of 0.25% increase	17	20
Impact of 0.25% decrease	(17)	(20)
Mortality rate
Impact of 1 year increase	67	76
Impact of 1 year decrease	(72)	(80)

POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY

We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.

The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.

We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.

In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.

The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:

•overseeing the funding, administration, communication, and investment management of the plans;

•selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;

•proposing, considering, and approving amendments to the plans;

•proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;

•reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and

•reviewing and approving the audited financial statements of the pension plan funds.

The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:

•contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;

•specifying the kinds of investments that can be held in the plans and monitoring compliance;

•using asset allocation and diversification strategies; and

•purchasing annuities from time to time.

The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.

The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows.

POST-EMPLOYMENT BENEFIT PLAN DETAILS

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

		As at December 31
(In millions of dollars)	Note	2021	2020
Plan assets, at fair value		3,198	2,791
Accrued benefit obligations		(3,171)	(3,365)
Surplus (deficiency) of plan assets over accrued benefit obligations		27	(574)
Effect of asset ceiling limit		(9)	—
Net deferred pension asset (liability)		18	(574)
Consists of:
Deferred pension asset		21	16
Deferred pension liability	22	(3)	(590)
Net deferred pension asset (liability)		18	(574)

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan assets, beginning of year	2,791	2,449
Interest income	78	81
Remeasurements, recognized in other comprehensive income and equity	223	163
Contributions by employees	32	34
Contributions by employer	177	150
Benefits paid	(99)	(82)
Administrative expenses paid from plan assets	(4)	(4)
Plan assets, end of year	3,198	2,791

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligations, beginning of year	3,365	2,900
Current service cost	156	146
Interest cost	89	91
Benefits paid	(99)	(82)
Contributions by employees	32	34
Remeasurements, recognized in other comprehensive income and equity	(372)	276
Accrued benefit obligations, end of year	3,171	3,365

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2021	2020
Equity securities	1,879	1,689
Debt securities	1,302	1,087
Other - cash	17	15
Total fair value of plan assets	3,198	2,791

Below is a summary of our net pension expense. Net interest cost is included in finance costs; other pension expenses are included in salaries and benefits expense in operating costs on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan cost:
Current service cost	156	146
Net interest cost	11	10
Net pension expense	167	156
Administrative expense	4	4
Total pension cost recognized in net income	171	160

Net interest cost, a component of the plan cost above, is included in finance costs and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Interest income on plan assets	(78)	(81)
Interest cost on plan obligation	89	91
Net interest cost, recognized in finance costs	11	10

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Return on plan assets (excluding interest income)	223	163
Change in financial assumptions	390	(272)
Effect of experience adjustments	(18)	(4)
Change in asset ceiling	(9)	—
Remeasurement gain (loss), recognized in other comprehensive income and equity	586	(113)

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligation, beginning of year	92	73
Pension expense, recognized in employee salaries and benefits expense	12	13
Net interest cost, recognized in finance costs	3	3
Remeasurements, recognized in other comprehensive income	(7)	8
Benefits paid	(4)	(5)
Accrued benefit obligation, end of year	96	92

We also have defined contribution plans with total pension expense of $18 million in 2021 (2020 - $15 million), which is included in employee salaries and benefits expense.

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2021		2020
Equity securities:
Domestic	11.8	%	11.9	%	8% to 18%
International	47.0	%	48.6	%	37% to 67%
Debt securities	40.7	%	39.0	%	25% to 45%
Other - cash	0.5	%	0.5	%	0% to 2%
Total	100.0	%	100.0	%

Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $12 million (2020 - $10 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.

We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2021	2020
Employer contribution	177	150
Employee contribution	32	34
Total contribution	209	184

We estimate our 2022 employer contributions to our funded plans to be $134 million. The actual value will depend on the results of the 2022 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2021 is 17 years (2020 - 18 years).

Plan assets recognized an actual net gain of $297 million in 2021 (2020 - $240 million net gain).

We have recognized a cumulative loss in other comprehensive income and retained earnings of $157 million as at December 31, 2021 (2020 - $592 million) associated with post-retirement benefit plans.

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SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

Share Capital, Reserves And Other Equity Interest [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

CAPITAL STOCK

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Without par value	●	None
		●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure that Rogers remains qualified to hold the licences referred to above.

In relation to our issuances of subordinated notes in December 2021 and February 2022 (see note 21), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

DIVIDENDS

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

		Dividend per
Date declared	Date paid	share (dollars)
January 27, 2021	April 1, 2021	0.50
April 20, 2021	July 2, 2021	0.50
July 20, 2021	October 1, 2021	0.50
October 20, 2021	January 4, 2022	0.50
		2.00
January 21, 2020	April 1, 2020	0.50
April 21, 2020	July 2, 2020	0.50
July 21, 2020	October 1, 2020	0.50
October 21, 2020	January 4, 2021	0.50
		2.00

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.

On January 26, 2022, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 1, 2022, to shareholders of record on March 10, 2022.

NORMAL COURSE ISSUER BID

In April 2020, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2020 NCIB) that allows us to purchase, between April 24, 2020 and April 23, 2021, the lesser of 34.9 million Class B Non-Voting Shares and that number of Class B Non-Voting Shares that can be purchased for an aggregate purchase price of $500 million. Rogers security holders may obtain a copy of this notice, without charge, by contacting us. We did not purchase any Class B Non-Voting Shares under the 2020 NCIB during the years ended December 31, 2021 or 2020.

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangements [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

ACCOUNTING POLICY

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to operating costs using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to operating costs over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within operating costs in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in operating costs.

ESTIMATES

Significant management estimates are used to determine the fair value of stock options, RSUs, and DSUs. The table below shows the weighted average fair value of stock options granted during 2021 and 2020 and the principal assumptions used in applying the Black-Scholes model for non-performance-based options, to determine their fair value at the grant date.

	Years ended December 31
	2021		2020
Weighted average fair value	$7.46		$5.86
Risk-free interest rate	0.3	%	1.7	%
Dividend yield	3.4	%	3.4	%
Volatility of Class B Non-Voting Shares	23.1	%	16.1	%
Weighted average expected life	5.1 years		5.5 years

No performance-based options were issued during the years ended December 31, 2021 and December 31, 2020.

Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.

STOCK-BASED COMPENSATION EXPENSE

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2021	2020
Stock options	3	(1)
Restricted share units	57	49
Deferred share units	6	(3)
Equity derivative effect, net of interest receipt	(6)	15
Total stock-based compensation expense	60	60

As at December 31, 2021, we had a total liability recognized at its fair value of $199 million (2020 - $204 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $150 million (2020 -

$165 million) and is included in accounts payable and accrued liabilities. The long-term portion of this is $49 million (2020 - $39 million) and is included in other long-term liabilities (see note 22).

The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2021 was $95 million (2020 - $103 million).

We paid $76 million in 2021 (2020 - $60 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $57.52 (2020 - $60.00).

STOCK OPTIONS

Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Management Compensation Committee. There are 65 million options authorized under various plans; each option has a term of seven to ten years. The vesting period is generally graded vesting over four years; however, the Management Compensation Committee may adjust the vesting terms on the grant date. The exercise price is equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX.

Performance options

We granted no performance-based options to certain key executives in 2021 or 2020. These options vest on a graded basis over four years provided that certain targeted stock prices are met on or after each anniversary date. As at December 31, 2021, we had 1,068,776 performance options (2020 - 1,068,776) outstanding.

Summary of stock options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2021		Year ended December 31, 2020
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	4,726,634	$62.10	3,154,795	$61.82
Granted	1,848,655	$60.61	1,598,590	$62.56
Exercised	(10,988)	$58.45	(17,230)	$54.80
Forfeited	(70,300)	$67.58	(9,521)	$58.45
Outstanding, end of year	6,494,001	$61.62	4,726,634	$62.10
Exercisable, end of year	2,373,717	$59.68	1,470,383	$56.75

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2021.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$42.85 - $44.99	153,937	2.82	$44.24	153,937	$44.24
$45.00 - $49.99	499,844	2.00	$48.87	499,844	$48.87
$55.00 - $59.99	1,691,671	7.65	$58.35	597,601	$57.93
$60.00 - $64.99	3,014,614	7.98	$62.48	545,941	$62.66
$65.00 - $73.00	1,133,935	6.55	$72.22	576,394	$72.16
	6,494,001	7.06	$61.62	2,373,717	$59.68

Unrecognized stock-based compensation expense as at December 31, 2021 related to stock-option plans was $11 million (2020 - $5 million) and will be recognized in net income over the next four years as the options vest.

RESTRICTED SHARE UNITS

The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.

On the vesting date, we will redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan.

Performance RSUs

We granted 295,958 performance-based RSUs to certain key executives in 2021 (2020 - 219,493). The number of units that vest and will be paid three years from the grant date will be within 30% to 170% of the initial number granted based upon the achievement of certain annual and cumulative three-year non-market targets.

Summary of RSUs

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	2,573,894	2,472,774
Granted and reinvested dividends	1,341,801	1,026,067
Exercised	(1,041,890)	(803,266)
Forfeited	(182,517)	(121,681)
Outstanding, end of year	2,691,288	2,573,894

Unrecognized stock-based compensation expense as at December 31, 2021 related to these RSUs was $64 million (2020 - $50 million) and will be recognized in net income over the next three years as the RSUs vest.

DEFERRED SHARE UNITS

The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.

Performance DSUs

We granted 7,517 performance-based DSUs to certain key executives in 2021 (2020 - 10,513). The number of units that vest and may be redeemed by the holder three years from the grant date will be within 50% to 150% of the initial number granted based upon the achievement of certain annual and cumulative three-year non-market targets.

Summary of DSUs

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	1,619,941	1,741,884
Granted and reinvested dividends	78,939	80,252
Exercised	(277,439)	(192,718)
Forfeited	(99)	(9,477)
Outstanding, end of year	1,421,342	1,619,941

Unrecognized stock-based compensation expense as at December 31, 2021 related to these DSUs was nil (2020 - nil) and will be recognized in net income over the next three years as the executive DSUs vest. All other DSUs are fully vested.

EMPLOYEE SHARE ACCUMULATION PLAN

Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a monthly basis on the open market on behalf of the employee. At the end of each month, we make a contribution of 25% to 50% of the employee's contribution that month and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense.

Compensation expense related to the employee share accumulation plan was $52 million in 2021 (2020 - $51 million).

EQUITY DERIVATIVES

We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 17) and recognized a $6 million recovery (2020 - $15 million expense) in stock-based compensation expense for these derivatives.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

Related Party [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

CONTROLLING SHAREHOLDER

Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, several of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.

We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2021 and 2020.

TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.

Compensation

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Salaries and other short-term employee benefits	19	11
Post-employment benefits	4	2
Stock-based compensation 1	21	19
Total compensation	44	32

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

Transactions

We have entered into business transactions with Transcontinental Inc., a company that provides us with printing and prepress services. Isabelle Marcoux, C.M., is chair of the board of Transcontinental Inc. and was a Director of RCI until June 2021.

We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction. Below is a summary of related party activity for the business transactions described above.

(In millions of dollars)	Years ended December 31		Outstanding balance as at December 31
	2021	2020	2021	2020
Printing and prepress services	3	4	n/a	1

We have also entered into business transactions with companies controlled by our Directors Michael J. Cooper and John C. Kerr, which, as a result of the Board reconstitution in October 2021, are now related parties. These companies include Dream Unlimited Corp. and Vancouver Professional Baseball LLP, respectively. Dream Unlimited Corp. is a real estate company that rents spaces in office and residential buildings. Vancouver Professional Baseball LLP controls the Vancouver Canadians, the Toronto Blue Jays' High-A affiliate minor league team. Total amounts paid to these related parties during the period from October 2021 to December 2021 were nominal.

SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS

We have the following material operating subsidiaries as at December 31, 2021 and 2020:

•Rogers Communications Canada Inc.; and

•Rogers Media Inc.

We have 100% ownership interest in these subsidiaries. They are incorporated in Canada and have the same reporting period for annual financial statements reporting.

When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. There are no significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to Rogers as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support). Transactions between us and our subsidiaries have been eliminated on consolidation and are not disclosed in this note.

	Years ended December 31
(In millions of dollars)	2021	2020
Revenue	31	26
Purchases	180	121

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2021	2020
Accounts receivable	112	92
Accounts payable and accrued liabilities	95	59

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GUARANTEES

12 Months Ended

Dec. 31, 2021

Guarantees1 [Abstract]

GUARANTEES

GUARANTEES

We had the following guarantees as at December 31, 2021 and 2020 as part of our normal course of business:

BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS

As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.

SALES OF SERVICES

As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

PURCHASES AND DEVELOPMENT OF ASSETS

As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

INDEMNIFICATIONS

We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.

No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2021 or 2020. Historically, we have not made any significant payments under these indemnifications or guarantees.

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COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2021

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

ACCOUNTING POLICY

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

JUDGMENTS

We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.

SUMMARY OF COMMITMENTS

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2021.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	129	204	222	—	555
Purchase obligations 2	327	192	85	19	623
Program rights 3	659	1,151	824	1	2,635
Total commitments	1,115	1,547	1,131	20	3,813

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.

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2021
Acquisition of property, plant and equipment	209
Acquisition of intangible assets	21
Our share of commitments related to associates and joint ventures	387
Total other commitments	617

CONTINGENT LIABILITIES

We have the following contingent liabilities as at December 31, 2021:

Wholesale Internet costing and pricing

On August 15, 2019, in Telecom Order CRTC 2019-288, Follow-up to Telecom Orders 2016-396 and 2016-448 - Final rates for aggregated wholesale high-speed access services (Order), the Canadian Radio-television and Telecommunications Commission (CRTC) set final rates for facilities-based carriers' wholesale high-speed access services, including Rogers' third-party Internet access service. The Order set final rates for Rogers that are significantly lower than the interim rates that were previously billed and it further determined that these final rates will apply retroactively to March 31, 2016.

We did not believe the final rates set by the CRTC were just and reasonable as required by the Telecommunications Act as we believed they were below cost. On May 27, 2021, the CRTC released Telecom Decision CRTC 2021-181 Requests to review and vary Telecom Order 2019-288 regarding final rates for aggregated wholesale high-speed access services. The CRTC decided to adopt the interim rates in effect prior to the Order as the final rates, with certain modifications, including the removal of the supplementary markup of 10% for incumbent local exchange carriers.

The final rates are lower than the rates we previously billed to the resellers for the period of March 31, 2016 to October 6, 2016. We have recognized a refund of amounts previously billed to the resellers of approximately $25 million, representing the impact on a retroactive basis for that period.

On May 28, 2021 a wholesale Internet Service Provider (ISP) petitioned the Governor in Council to, among other things, restore the 2019 Order and make the rates established in that order final. In addition, on June 28, 2021, the same wholesale ISP filed a motion seeking leave to appeal the 2021 Decision to the Federal Court of Appeal, which was granted on September 15, 2021. We, along with several other cable companies, have intervened in these matters.

Videotron Ltd.

On October 29, 2021, Videotron Ltd. launched a lawsuit against Rogers in the Quebec Superior Court, in connection with the agreement entered into by the parties in 2013 for the development and operation of a joint LTE network in the province of Quebec. The lawsuit involves allegations by Videotron Ltd. that Rogers has breached its contractual obligations by developing its own network in the territory. Videotron is seeking compensatory damages in the amount of $850 million. We intend to vigorously defend this lawsuit. We have not recognized a liability for this contingency.

System access fee - Saskatchewan

In 2004, a class action was commenced against providers of wireless communications in Canada under the Class Actions Act (Saskatchewan). The class action relates to the system access fee wireless carriers charge to some of their customers. The plaintiffs are seeking unspecified damages and punitive damages, which would effectively be a reimbursement of all system access fees collected.

In 2007, the Saskatchewan Court granted the plaintiffs' application to have the proceeding certified as a national, "opt-in" class action where affected customers outside Saskatchewan must take specific steps to participate in the proceeding. In 2008, our motion to stay the proceeding based on the arbitration clause in our wireless service agreements was granted. The Saskatchewan Court directed that its order, in respect of the certification of the action, would exclude customers who are bound by an arbitration clause from the class of plaintiffs.

In 2009, counsel for the plaintiffs began a second proceeding under the Class Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an "opt-out" class proceeding. This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process.

At the time the Saskatchewan class action was commenced, corresponding claims were filed in multiple jurisdictions across Canada. The claims in all provinces other than Saskatchewan have now been dismissed or discontinued. We have not recognized a liability for this contingency.

911 fee

In June 2008, a class action was launched in Saskatchewan against providers of wireless communications services in Canada. It involves allegations of breach of contract, misrepresentation, and false advertising, among other things, in relation to the 911 fee that had been charged by us and the other wireless telecommunication providers in Canada. The plaintiffs are seeking unspecified damages and restitution. The plaintiffs intend to seek an order certifying the proceeding as a national class action in Saskatchewan. We have not recognized a liability for this contingency.

Income taxes

We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 13) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.

Other claims

There are certain other claims and potential claims against us. We do not expect any of these, individually or in the aggregate, to have a material adverse effect on our financial results.

Outcome of proceedings

The outcome of all the proceedings and claims against us, including the matters described above, is subject to future resolution that includes the uncertainties of litigation. It is not possible for us to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of these proceedings and claims, individually or in total, will have a material adverse effect on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

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SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2021

Cash Flow Statement [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2021	2020
Accounts receivable, excluding financing receivables	(78)	455
Financing receivables	(840)	(1,658)
Contract assets	417	1,170
Inventories	(56)	(19)
Other current assets	13	(132)
Accounts payable and accrued liabilities	556	(326)
Contract and other liabilities	25	177
Total change in net operating assets and liabilities	37	(333)

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SHAW TRANSACTION

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

SHAW TRANSACTION

SHAW TRANSACTION

On March 15, 2021, we announced an agreement with Shaw to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share. The Shaw Family Living Trust, the controlling shareholder of Shaw, and certain members of the Shaw family and certain related persons (Shaw Family Shareholders) will receive (i) $16.20 in cash and (ii) 0.417206775 Class B Non-Voting Shares of Rogers per Shaw Share held by the Shaw Family Shareholders. The Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt.

The Transaction will be implemented through a court-approved plan of arrangement under the Business Corporations Act (Alberta). On May 20, 2021, Shaw shareholders voted to approve the Transaction at a special shareholders meeting. The Court of Queen's Bench of Alberta issued a final order approving the Transaction on May 25, 2021. The Transaction is subject to other customary closing conditions, including receipt of applicable approvals and expiry of certain waiting periods under the Broadcasting Act (Canada), the Competition Act (Canada), and the Radiocommunication Act (Canada) (collectively, Key Regulatory Approvals). Subject to receipt of all required approvals and satisfaction of other conditions prior to closing, the Transaction is expected to close in the first half of 2022. Rogers has extended the outside date for closing the Transaction from March 15, 2022 to June 13, 2022 in accordance with the terms of the arrangement agreement.

In connection with the Transaction, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an original amount up to $19 billion (see note 19). During the year ended December 31, 2021, we entered into the $6 billion Shaw term loan facility (see note 21), which served to reduce the amount available under the committed credit facility to $13 billion. We also expect that RCI will either assume Shaw's senior notes or provide a guarantee of Shaw's payment obligations under those senior notes upon closing the Transaction and, in either case, RCCI will guarantee Shaw's payment obligations under those senior notes.

Under certain circumstances, if the Key Regulatory Approvals are not obtained, or any law or order relating to the Key Regulatory Approvals or the Competition Act is in effect that would make the consummation of the Transaction illegal, and the failure to obtain the Key Regulatory Approvals is not caused by, and is not a result of, the failure by Shaw to perform in all material respects any of its covenants or agreements under the arrangement agreement, we would be obligated to pay a $1.2 billion reverse termination fee to Shaw. We would also be responsible to reimburse Shaw for certain costs relating to the May 2021 exercise of our right to require Shaw to redeem its issued and outstanding preferred shares.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

List of Accounting Policies [Abstract]

Statement of compliance

STATEMENT OF COMPLIANCE

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 3, 2022.

Basis of presentation

BASIS OF PRESENTATION

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

•certain financial instruments as disclosed in note 17, which are measured at fair value;

•the net deferred pension liability, which is measured as described in note 23; and

•liabilities for stock-based compensation, which are measured at fair value as disclosed in note 25.

Basis of consolidation

BASIS OF CONSOLIDATIONSubsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation.

Foreign currency translation

FOREIGN CURRENCY TRANSLATION

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

•monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

•non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

•revenue and expenses other than depreciation and amortization - at the average rate for the month in which the transaction was recognized.

Business combinations

BUSINESS COMBINATIONS

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

Government grants

GOVERNMENT GRANTSWe recognize government financial assistance when there is reasonable assurance that we will comply with the conditions of the assistance and the assistance will be received. Assistance related to expenses is recognized as a reduction of the related expense; assistance related to assets is recognized as a reduction to the carrying amount of the asset.

Reportable segments

Reportable segments

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

Revenue recognition

Contracts with customers

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, Revenue from contracts with customers as follows:

1.identify the contract with a customer;

2.identify the performance obligations in the contract;

3.determine the transaction price, which is the total consideration provided by the customer;

4.allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5.recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and smart home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, and other league revenue sharing	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are sold to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

We also recognize interest revenue on credit card receivables using the effective interest method in accordance with IFRS 9, Financial Instruments.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

Contract assets and liabilities

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are grouped into "other long-term assets" on our Consolidated Statements of Financial Position.

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are grouped into "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts (see note 15). Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

Deferred commission cost assets

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in other assets and amortize them to operating costs over the pattern of the transfer of goods and services to the customer, which is typically evenly over 24 consecutive months.

Property, plant and equipment

The following accounting policy applies to property, plant and equipment excluding right-of-use assets recognized under IFRS 16. Our accounting policy for right-of-use assets is included in note 8.

Recognition and measurement, including depreciation

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

•the cost of materials and direct labour;

•costs directly associated with bringing the assets to a working condition for their intended use;

•expected costs of decommissioning the items and restoring the sites on which they are located (see note 20); and

•borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

Impairment testing, including recognition and measurement of an impairment charge

See "Impairment Testing" in note 9 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

ESTIMATES

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates in determining the recoverable amount of property, plant and equipment. See "Estimates" in note 9 for how we use estimates to determine the recoverable amount of property, plant and equipment.

JUDGMENTS

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

Leases

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•the contract involves the use of an identified asset;

•we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

•we have the right to direct the use of the asset.

LESSEE ACCOUNTING

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

•the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

•any initial direct costs incurred; and

•an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

•any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

•the non-cancellable period of the lease;

•periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

•periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

•fixed payments, including in-substance fixed payments;

•variable lease payments that depend on an index or rate;

•amounts expected to be payable under a residual value guarantee; and

•the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

Variable lease payments

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

LESSOR ACCOUNTING

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis. All of the leases for which we act as lessor are classified as operating leases.

ESTIMATES

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

JUDGMENTS

Lessee

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our leases, especially related to our networks, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

Lessor

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

LEASE LIABILITIES

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to fifteen years.

Intangible assets and goodwill

RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

•its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

•any directly attributable cost of preparing the asset for its intended use.

Indefinite useful lives

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

Finite useful lives

We amortize intangible assets with finite useful lives, other than acquired program rights, into depreciation and amortization on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

Intangible asset	Estimated useful life
Customer relationships	3 to 10 years

Acquired program rights

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize program rights on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in operating costs on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating expenses during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the

extent that prepayments are made for annual contractual fees within a season, they are included in other current assets on our Consolidated Statements of Financial Position, as the rights will be consumed within the next twelve months.

Goodwill

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

IMPAIRMENT TESTING

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combination from which the goodwill arose.

Recognition and measurement of an impairment charge

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

•fair value less costs to sell; and

•value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

ESTIMATES

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

•future cash flows;

•terminal growth rates; and

•discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

•analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

•using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

JUDGMENTS

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing.

Income taxes

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred income tax

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

•the same taxable entity; or

•different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

Earnings per share

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

Accounts receivable

Accounts receivable represent amounts owing to us that are currently due and collectible, as well as amounts owed to us under device or accessory financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value, and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

Inventories

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

Recognition, Classification and measurement of financial instruments

Recognition

We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

Classification and measurement

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

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
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. Debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI.

4    Subsequent changes are offset against stock-based compensation expense or recovery in operating costs.

Offsetting financial assets and financial liabilities

Offsetting financial assets and financial liabilities

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

Derivative instruments

Derivative instruments

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 on stock-based compensation expense	Total return swap agreements

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

Hedge ratio and hedging reserve

Hedge ratio

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

Hedging reserve

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

Deferred transaction costs

Deferred transaction costs and discounts

We defer transaction costs and discounts associated with issuing long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

FVTOCI investment reserve

FVTOCI investment reserve

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

Impairment (expected credit losses)

Impairment (expected credit losses)

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next twelve months. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables, financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within twelve months of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

•contract assets - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 5);

•accounts receivable - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15);

•financing receivables - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15); and

•investments measured at FVTOCI - we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which it has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

Investments in publicly-traded and private companies

Investments in publicly traded and private companies

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them as follows:

•publicly traded companies - at fair value based on publicly quoted prices; and

•private companies - at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

Investments in associates and joint arrangements

Investments in associates and joint arrangements

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

•joint ventures - when we have the rights to the net assets of the arrangement; and

•joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

Impairment in associates and joint ventures

Impairment in associates and joint ventures

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

Decommissioning and restoration costs

Decommissioning and restoration costs

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in property, plant and equipment (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to finance costs on the Consolidated Statements of Income.

Restructuring and Onerous contracts

Restructuring

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as provisions; otherwise they are recognized as accrued liabilities. All charges are recognized in restructuring, acquisition and other on the Consolidated Statements of Income (see note 10).

Onerous contracts

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

Provision estimates

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

Post-employment benefits - Defined Benefit Pension Plan and Defined Contribution Pension Plan

Post-employment benefits - defined benefit pension plans

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

•expected rates of salary increases for calculating increases in future benefits;

•mortality rates for calculating the life expectancy of plan members; and

•past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in operating costs on the Consolidated Statements of Income in the periods the employees provide the related services.

Post-employment benefits - defined contribution pension plan

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

Termination benefits

Termination benefits

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

Stock option plans, Restricted share unit (RSU) and deferred share unit (DSU) plans, and Employee share accumulation plan

Stock option plans

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to operating costs using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

Restricted share unit (RSU) and deferred share unit (DSU) plans

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to operating costs over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within operating costs in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

Employee share accumulation plan

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in operating costs.

Contingent liabilities

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

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NATURE OF THE BUSINESS (Tables)

12 Months Ended

Dec. 31, 2021

Corporate Information And Statement Of IFRS Compliance [Abstract]

Disclosure of operating segments

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

INFORMATION BY SEGMENT

Year ended December 31, 2021	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,768	4,072	1,975	(160)	14,655
Operating costs	6	4,554	2,059	2,102	53	8,768
Adjusted EBITDA		4,214	2,013	(127)	(213)	5,887
Depreciation and amortization	7, 8, 9					2,585
Restructuring, acquisition and other	10					324
Finance costs	11					849
Other expense	12					2
Income before income tax expense						2,127
Capital expenditures	7	1,515	913	115	245	2,788
Goodwill	9	1,160	1,895	969	—	4,024
Total assets		25,247	7,887	2,665	6,164	41,963

Year ended December 31, 2020	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,530	3,946	1,606	(166)	13,916
Operating costs	6	4,463	2,011	1,555	30	8,059
Adjusted EBITDA		4,067	1,935	51	(196)	5,857
Depreciation and amortization	7, 8, 9					2,618
Restructuring, acquisition and other	10					185
Finance costs	11					881
Other expense	12					1
Income before income tax expense						2,172
Capital expenditures	7	1,100	940	79	193	2,312
Goodwill	9	1,160	1,858	955	—	3,973
Total assets		20,639	7,877	2,569	7,769	38,854

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

List of Accounting Policies [Abstract]

Disclosure of impact of initial application of new standards or interpretations

Our significant accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

•information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

•information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

•information on our significant accounting policies.

Note	Topic	Page	Accounting Policy	Use of Estimates	Use of Judgments
4	Reportable Segments	16	X		X
5	Revenue Recognition	18	X	X	X
7	Property, Plant and Equipment	22	X	X	X
8	Leases	24	X	X	X
9	Intangible Assets and Goodwill	26	X	X	X
10	Restructuring, Acquisition and Other	29	X		X
13	Income Taxes	31	X		X
14	Earnings Per Share	33	X
15	Accounts Receivable	33	X		X
16	Inventories	34	X
17	Financial Instruments	34	X	X	X
18	Investments	46	X
20	Provisions	50	X	X	X
23	Post-Employment Benefits	54	X	X
25	Stock-Based Compensation	61	X	X
28	Commitments and Contingent Liabilities	65	X		X

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CAPITAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2021

Share Capital, Reserves And Other Equity Interest [Abstract]

Disclosure of Key Metrics and Ratios

		As at December 31	As at December 31
(In millions of dollars)	Note	2021	2020
Current portion of long-term debt	21	1,551	1,450
Long-term debt	21	17,137	16,751
Deferred transaction costs and discounts	21	185	172
		18,873	18,373
Add (deduct):
Subordinated notes adjustment 1		(1,000)	—
Net debt derivative assets 2		(1,260)	(1,086)
Credit risk adjustment related to net debt derivative assets 3		(18)	(15)
Short-term borrowings	19	2,200	1,221
Current portion of lease liabilities	8	336	278
Lease liabilities	8	1,621	1,557
Cash and cash equivalents		(715)	(2,484)
Adjusted net debt		20,037	17,844

		As at December 31	As at December 31
(In millions of dollars, except ratios)	Note	2021	2020
Adjusted net debt		20,037	17,844
Divided by: trailing 12-month adjusted EBITDA	4	5,887	5,857
Debt leverage ratio		3.4	3.0

1    For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.

2    Net debt derivative assets consists of the net fair value of our debt derivatives on issued debt accounted for as hedges.

3    For accounting purposes in accordance with IFRS, we recognize the fair values of our debt derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. For purposes of calculating adjusted net debt, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.

Free cash flow

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Adjusted EBITDA	4	5,887	5,857
Deduct (add):
Capital expenditures 1	7	2,788	2,312
Interest on borrowings, net of capitalized interest	11	728	761
Cash income taxes 2		700	418
Free cash flow		1,671	2,366

1    Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets.

2    Cash income taxes are net of refunds received.

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Cash provided by operating activities		4,161	4,321
Add (deduct):
Capital expenditures	7	(2,788)	(2,312)
Interest on borrowings, net of capitalized interest	11	(728)	(761)
Interest paid		802	808
Restructuring, acquisition and other	10	324	185
Program rights amortization	9	(68)	(77)
Change in net operating assets and liabilities	29	(37)	333
Other adjustments 1	12, 23	5	(131)
Free cash flow		1,671	2,366

1    Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other expense from our financial statements.

Available liquidity

Available liquidity fluctuates based on business circumstances. We continually manage, and aim to have sufficient, available liquidity at all times to help protect our ability to meet all of our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2021 and 2020, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

As at December 31, 2021		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		715	—	—	—	715
Bank credit facilities 2:
Revolving	21	4,000	—	8	894	3,098
Non-revolving	19	507	507	—	—	—
Outstanding letters of credit	21	72	—	72	—	—
Receivables securitization 2	19	1,200	800	—	—	400
Total		6,494	1,307	80	894	4,213

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

As at December 31, 2020		Total sources	Drawn	Letters of credit	US CP program 1	Net available
(In millions of dollars)	Note
Cash and cash equivalents		2,484	—	—	—	2,484
Bank credit facilities 2:
Revolving	21	3,200	—	8	573	2,619
Outstanding letters of credit	21	101	—	101	—	—
Receivables securitization 2	19	1,200	650	—	—	550
Total		6,985	650	109	573	5,653

1    The US CP program amounts are gross of the discount on issuance.

2    The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

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SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Operating Segments [Abstract]

Disclosure of operating segments

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

Segment	Principal activities
Wireless	Wireless telecommunications operations for Canadian consumers and businesses.
Cable	Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.
Media	A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.

INFORMATION BY SEGMENT

Year ended December 31, 2021	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,768	4,072	1,975	(160)	14,655
Operating costs	6	4,554	2,059	2,102	53	8,768
Adjusted EBITDA		4,214	2,013	(127)	(213)	5,887
Depreciation and amortization	7, 8, 9					2,585
Restructuring, acquisition and other	10					324
Finance costs	11					849
Other expense	12					2
Income before income tax expense						2,127
Capital expenditures	7	1,515	913	115	245	2,788
Goodwill	9	1,160	1,895	969	—	4,024
Total assets		25,247	7,887	2,665	6,164	41,963

Year ended December 31, 2020	Note	Wireless	Cable	Media	Corporate items and eliminations	Consolidated totals
(In millions of dollars)
Revenue	5	8,530	3,946	1,606	(166)	13,916
Operating costs	6	4,463	2,011	1,555	30	8,059
Adjusted EBITDA		4,067	1,935	51	(196)	5,857
Depreciation and amortization	7, 8, 9					2,618
Restructuring, acquisition and other	10					185
Finance costs	11					881
Other expense	12					1
Income before income tax expense						2,172
Capital expenditures	7	1,100	940	79	193	2,312
Goodwill	9	1,160	1,858	955	—	3,973
Total assets		20,639	7,877	2,569	7,769	38,854

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REVENUE (Tables)

12 Months Ended

Dec. 31, 2021

Revenue [abstract]

Disclosure of performance obligations

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

Performance obligations from contracts with customers	Timing of satisfaction of the performance obligation
Wireless airtime, data, and other services; television, telephony, Internet, and smart home monitoring services; network services; media subscriptions; and rental of equipment	As the service is provided (usually monthly)
Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services	As the service is provided
Wireless devices and related equipment	Upon activation or purchase by the end customer
Installation services for Cable subscribers	When the services are performed
Advertising	When the advertising airs on our radio or television stations or is displayed on our digital properties
Subscriptions by television stations for subscriptions from cable and satellite providers	When the services are delivered to cable and satellite providers' subscribers (usually monthly)
Toronto Blue Jays' home game admission and concessions	When the related games are played during the baseball season and when goods are sold
Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, and other league revenue sharing	In the applicable period, when the amount is determinable
Today's Shopping Choice and Toronto Blue Jays merchandise	When the goods are sold to the end customer
Radio and television broadcast agreements	When the related programs are aired
Sublicensing of program rights	Over the course of the applicable licence period

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2021. The unsatisfied portion of the transaction price of the performance obligations relates to monthly services; we expect to recognize it over the next three to five years.

(In millions of dollars)	2022	2023	2024	Thereafter	Total
Telecommunications service	2,045	795	218	181	3,239

Explanation of significant changes in contract assets and contract liabilities

CONTRACT ASSETS

Below is a summary of our contract assets from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	621	1,791
Additions from new contracts with customers, net of terminations and renewals	121	104
Amortization of contract assets to accounts receivable	(538)	(1,274)
Balance, end of year	204	621
Current	115	533
Long-term	89	88
Balance, end of year	204	621

CONTRACT LIABILITIES

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2021 and 2020.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	405	224
Revenue deferred in previous year and recognized as revenue in current year	(393)	(184)
Net additions from contracts with customers	434	365
Balance, end of year	446	405
Current	394	336
Long-term	52	69
Balance, end of year	446	405

Disclosure of deferred commission costs assets

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2021 and 2020. The deferred commission cost assets are presented within other current assets (when they will be amortized into net income within twelve months of the date of the financial statements) or other long-term assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Balance, beginning of year	262	305
Additions to deferred commission cost assets	315	248
Amortization recognized on deferred commission cost assets	(265)	(291)
Balance, end of year	312	262
Current	219	194
Long-term	93	68
Balance, end of year	312	262

Disclosure of disaggregation of revenue from contracts with customers

DISAGGREGATION OF REVENUE

	Years ended December 31
(In millions of dollars)	2021	2020
Wireless
Service revenue	6,666	6,579
Equipment revenue	2,102	1,951
Total Wireless	8,768	8,530
Cable
Service revenue	4,052	3,936
Equipment revenue	20	10
Total Cable	4,072	3,946
Total Media	1,975	1,606
Corporate items and intercompany eliminations	(160)	(166)
Total revenue	14,655	13,916
Total service revenue	12,533	11,955
Total equipment revenue	2,122	1,961
Total revenue	14,655	13,916

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OPERATING COSTS (Tables)

12 Months Ended

Dec. 31, 2021

Operating Costs [Abstract]

Disclosure of operating costs

	Years ended December 31
(In millions of dollars)	2021	2020
Cost of equipment sales	2,161	1,946
Merchandise for resale	271	261
Other external purchases	4,155	4,005
Employee salaries, benefits, and stock-based compensation 1	2,181	1,847
Total operating costs	8,768	8,059

1    Net of government grants received (see note 2).

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

Asset	Basis	Estimated useful life
Buildings	Diminishing balance	15 to 40 years
Cable and wireless network	Straight-line	3 to 40 years
Computer equipment and software	Straight-line	4 to 10 years
Customer premise equipment	Straight-line	3 to 6 years
Leasehold improvements	Straight-line	Over shorter of estimated useful life or lease term
Equipment and vehicles	Diminishing balance	3 to 20 years

The tables below summarize our property, plant and equipment as at December 31, 2021 and 2020.

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2021	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Additions and transfers	29	1,167	849	142	62	57	482	2,788	380	3,168
Acquisitions from business combinations	2	29	1	6	—	3	—	41	—	41
Disposals and other	—	(802)	(321)	(147)	—	(37)	—	(1,307)	(2)	(1,309)
As at December 31, 2021	1,241	22,307	6,607	1,955	680	1,253	1,330	35,373	2,626	37,999
Accumulated depreciation
As at January 1, 2021	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Depreciation	35	1,170	751	245	41	80	—	2,322	246	2,568
Disposals and other	—	(796)	(322)	(156)	(1)	(39)	—	(1,314)	(2)	(1,316)
As at December 31, 2021	531	14,642	4,682	1,604	353	880	—	22,692	641	23,333
Net carrying amount
As at January 1, 2021	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018
As at December 31, 2021	710	7,665	1,925	351	327	373	1,330	12,681	1,985	14,666

(In millions of dollars)	Land and buildings	Cable and wireless networks	Computer equipment and software	Customer premise equipment	Leasehold improvements	Equipment and vehicles	Construction in process	Total owned assets	Right-of- use assets (note 8)	Total property, plant and equipment
Cost
As at January 1, 2020	1,179	20,804	5,653	1,939	587	1,184	1,320	32,666	1,911	34,577
Additions and transfers	31	1,863	620	168	34	68	(472)	2,312	337	2,649
Acquisitions from business combinations	—	4	37	—	1	1	—	43	—	43
Disposals and other	—	(758)	(232)	(153)	(4)	(23)	—	(1,170)	—	(1,170)
As at December 31, 2020	1,210	21,913	6,078	1,954	618	1,230	848	33,851	2,248	36,099
Accumulated depreciation
As at January 1, 2020	461	13,814	3,749	1,387	281	776	—	20,468	175	20,643
Depreciation	37	1,196	747	288	36	86	—	2,390	217	2,607
Disposals and other	(2)	(742)	(243)	(160)	(4)	(23)	—	(1,174)	5	(1,169)
As at December 31, 2020	496	14,268	4,253	1,515	313	839	—	21,684	397	22,081
Net carrying amount
As at January 1, 2020	718	6,990	1,904	552	306	408	1,320	12,198	1,736	13,934
As at December 31, 2020	714	7,645	1,825	439	305	391	848	12,167	1,851	14,018

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LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of leases [Abstract]

Summary of activity related to lease liabilities

Below is a summary of the activity related to our lease liabilities for the twelve months ended December 31, 2021. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $338 million as at December 31, 2021 (2020 - $240 million).

	Years ended December 31
(In millions of dollars)	2021	2020
Lease liabilities, beginning of year	1,835	1,725
Net additions	386	320
Interest expense on lease liabilities	74	70
Interest payments on lease liabilities	(69)	(67)
Principal payments of lease liabilities	(269)	(213)
Lease liabilities, end of year	1,957	1,835
Current liability	336	278
Long-term liability	1,621	1,557
Lease liabilities	1,957	1,835

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INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets [Abstract]

Disclosure of estimated useful lives of intangible assets

Intangible asset	Estimated useful life
Customer relationships	3 to 10 years

Disclosure of reconciliation of changes in intangible assets and goodwill

The tables below summarize our intangible assets as at December 31, 2021 and 2020.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2021	8,371	333	420	1,623	233	10,980	4,194	15,174
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,371	234	406	1,623	228	10,862	3,973	14,835
Additions	3,343	—	—	46	54	3,443	51	3,494
Disposals and other 1	—	(3)	—	—	(77)	(80)	—	(80)
As at December 31, 2021	11,714	231	406	1,669	205	14,225	4,024	18,249
Accumulated amortization
As at January 1, 2021	—	—	270	1,589	77	1,936	—	1,936
Amortization 2	—	—	—	17	68	85	—	85
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2021	—	—	270	1,606	68	1,944	—	1,944
Net carrying amount
As at January 1, 2021	8,371	234	136	34	151	8,926	3,973	12,899
As at December 31, 2021	11,714	231	136	63	137	12,281	4,024	16,305

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $85 million of total amortization, $68 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $17 million in depreciation and amortization on the Consolidated Statements of Income.

	Indefinite-life			Finite-life
(In millions of dollars)	Spectrum licences	Broadcast licences	Brand names	Customer relationships	Acquired program rights	Total intangible assets	Goodwill	Total intangible assets and goodwill
Cost
As at January 1, 2020	8,331	333	420	1,611	253	10,948	4,144	15,092
Accumulated impairment losses	—	(99)	(14)	—	(5)	(118)	(221)	(339)
Cost, net of impairment losses	8,331	234	406	1,611	248	10,830	3,923	14,753
Additions	40	—	—	12	57	109	50	159
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	8,371	234	406	1,623	228	10,862	3,973	14,835
Accumulated amortization
As at January 1, 2020	—	—	270	1,578	77	1,925	—	1,925
Amortization 2	—	—	—	11	77	88	—	88
Disposals and other 1	—	—	—	—	(77)	(77)	—	(77)
As at December 31, 2020	—	—	270	1,589	77	1,936	—	1,936
Net carrying amount
As at January 1, 2020	8,331	234	136	33	171	8,905	3,923	12,828
As at December 31, 2020	8,371	234	136	34	151	8,926	3,973	12,899

1    Includes disposals, impairments, reclassifications, and other adjustments.

2    Of the $88 million of total amortization, $77 million related to acquired program rights is included in other external purchases in operating costs (see note 6), and $11 million in depreciation and amortization on the Consolidated Statements of Income.

Schedule of cash-generating units

Below is an overview of the methods and key assumptions we used in 2021, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

(In millions of dollars, except periods used and rates)
	Carrying value of goodwill	Carrying value of indefinite-life intangible assets	Recoverable amount method	Period of projected cash flows (years)	Terminal growth rates (%)	Pre-tax discount rates (%)
Wireless	1,160	8,517	Value in use	5	2.0	8.5
Cable	1,895	—	Value in use	5	1.5	8.0
Media	969	232	Fair value less cost to sell	5	2.0	10.6

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FINANCE COSTS (Tables)

12 Months Ended

Dec. 31, 2021

Finance Costs [Abstract]

Schedule of finance cost

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Interest on borrowings 1		745	780
Interest on lease liabilities	8	74	70
Interest on post-employment benefits liability	23	14	13
Loss on foreign exchange		10	107
Change in fair value of derivative instruments		(6)	(97)
Capitalized interest		(17)	(19)
Other		29	27
Total finance costs		849	881

1    Interest on borrowings includes interest on short-term borrowings and on long-term debt.

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OTHER EXPENSE (Tables)

12 Months Ended

Dec. 31, 2021

Analysis of income and expense [abstract]

Disclosure of other expense

		Years ended December 31
(In millions of dollars)	Note	2021	2020
Losses from associates and joint ventures	18	44	40
Other investment income		(42)	(39)
Total other expense		2	1

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Disclosure of major components of tax expense

	Years ended December 31
(In millions of dollars)	2021	2020
Total current tax expense	458	712
Deferred tax expense (recovery):
Origination (reversal) of temporary differences	111	(129)
Revaluation of deferred tax balances due to legislative changes	—	(3)
Total deferred tax expense (recovery)	111	(132)
Total income tax expense	569	580

Disclosure of difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the income tax expense

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

	Years ended December 31
(In millions of dollars, except tax rates)	2021		2020
Statutory income tax rate	26.5	%	26.6	%
Income before income tax expense	2,127		2,172
Computed income tax expense	564		578
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	1		—
Non-deductible portion of equity losses	12		10
Income tax adjustment, legislative tax change	—		(3)
Non-taxable income from security investments	(11)		(10)
Other	3		5
Total income tax expense	569		580
Effective income tax rate	26.8	%	26.7	%

Disclosure of temporary difference, unused tax losses and unused tax credits

Below is a summary of the movement of net deferred tax assets and liabilities during 2021 and 2020.

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)
(Expense) recovery in net income	(122)	(116)	(2)	8	59	62	(111)
(Expense) in other comprehensive income	—	—	(3)	—	—	(115)	(118)
Acquisitions	(2)	(12)	—	—	—	—	(14)
December 31, 2021	(1,608)	(1,578)	(135)	24	(124)	(18)	(3,439)

Deferred tax assets (liabilities) (In millions of dollars)	Property, plant and equipment and inventory	Goodwill and other intangibles	Investments	Non-capital loss carryforwards	Contract and deferred commission cost assets	Other	Total
December 31, 2019	(1,366)	(1,318)	(168)	12	(570)	(27)	(3,437)
(Expense) recovery in net income	(108)	(129)	(2)	4	387	(20)	132
Recovery in other comprehensive income	—	—	40	—	—	82	122
Acquisitions	(10)	(3)	—	—	—	—	(13)
December 31, 2020	(1,484)	(1,450)	(130)	16	(183)	35	(3,196)

Disclosure of unrecognized deferred tax assets

We have not recognized deferred tax assets for the following items:

	As at December 31
(In millions of dollars)	2021	2020
Realized and accrued capital losses in Canada that can be applied against future capital gains	75	82
Tax losses in foreign jurisdictions that expire between 2023 and 2040	68	67
Deductible temporary differences in foreign jurisdictions	40	43
Total unrecognized temporary differences	183	192

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EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings per share [abstract]

Disclosure of earnings per share

	Years ended December 31
(In millions of dollars, except per share amounts)	2021	2020
Numerator (basic) - Net income for the year	1,558	1,592
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic	505	505
Effect of dilutive securities (in millions):
Employee stock options and restricted share units	1	1
Weighted average number of shares outstanding - diluted	506	506
Earnings per share:
Basic	$3.09	$3.15
Diluted	$3.07	$3.13

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ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2021

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Receivables

		As at December 31
(In millions of dollars)	Note	2021	2020
Customer accounts receivable		4,150	3,170
Other accounts receivable		791	656
Allowance for doubtful accounts	17	(240)	(222)
Total accounts receivable		4,701	3,604
Current		3,847	2,856
Long-term		854	748
Total accounts receivable		4,701	3,604

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2021

Inventories [Abstract]

Schedule of inventories

	As at December 31
(In millions of dollars)	2021	2020
Wireless devices and accessories	436	399
Other finished goods and merchandise	99	80
Total inventories	535	479

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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
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. Debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI.

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 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 asset (liability) position for our various derivatives.

	As at December 31, 2021
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	5,859	1.1369	6,661	1,453
As liabilities	5,383	1.3025	7,011	(343)
Short-term debt derivatives not accounted for as hedges:
As assets	1,104	1.2578	1,389	11
Net mark-to-market debt derivative asset				1,121
Interest rate derivatives accounted for as cash flow hedges:
As assets (Cdn$)	—	—	3,250	40
As liabilities (Cdn$)	—	—	500	(6)
As liabilities (US$)	2,000	—	—	(277)
Net mark-to-market interest rate derivative liability				(243)
Expenditure derivatives accounted for as cash flow hedges:
As assets	438	1.2453	545	11
As liabilities	630	1.3151	829	(30)
Net mark-to-market expenditure derivative liability				(19)
Equity derivatives not accounted for as hedges:
As assets	—	—	265	36
Net mark-to-market asset				895

	As at December 31, 2020
(In millions of dollars, except exchange rates)	Notional amount (US$)	Exchange rate	Notional amount (Cdn$)	Fair value  (Cdn$)
Debt derivatives accounted for as cash flow hedges:
As assets	4,550	1.0795	4,912	1,405
As liabilities	4,642	1.3358	6,201	(307)
Short-term debt derivatives not accounted for as hedges:
As liabilities	449	1.2995	583	(12)
Net mark-to-market debt derivative asset				1,086
Expenditure derivatives accounted for as cash flow hedges:
As liabilities	1,590	1.3421	2,134	(109)
Equity derivatives not accounted for as hedges:
As assets	—	—	238	34
Net mark-to-market asset				1,011

Below is a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

	As at December 31
(In millions of dollars)	2021	2020
Current asset	120	61
Long-term asset	1,431	1,378
	1,551	1,439
Current liability	(467)	(110)
Long-term liability	(189)	(318)
	(656)	(428)
Net mark-to-market asset	895	1,011

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)	2021	2020
Customer accounts receivable
Unbilled financing receivables	2,646	1,806
Less than 30 days past billing date	895	793
30-60 days past billing date	214	207
61-90 days past billing date	89	66
Greater than 90 days past billing date	66	76
Total customer accounts receivable (net of allowances of $240 and $222, respectively)	3,910	2,948
Total contract assets (net of allowance of $3 and $28, respectively)	204	621
Total customer accounts receivable and contract assets	4,114	3,569

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)	2021	2020
Balance, beginning of year	250	114
Allowance for doubtful accounts expense	155	307
Net use	(162)	(171)
Balance, end of year	243	250

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, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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 principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2021.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	129	204	222	—	555
Purchase obligations 2	327	192	85	19	623
Program rights 3	659	1,151	824	1	2,635
Total commitments	1,115	1,547	1,131	20	3,813

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, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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.

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, 2021 and 2020.

December 31, 2021	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	804	1,444	1,321	7,789

December 31, 2020	Less than 1 year	1 to 3 years	4 to 5 years	More than 5 years
(In millions of dollars)
Net interest payments	747	1,322	1,167	8,331

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, 2021 and 2020 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)	2021	2020	2021	2020
Share price of publicly traded investments
$1 change	—	—	17	14
Debt derivatives
0.1% change in interest rates	—	—	46	—
Interest rate derivatives
0.1% change in interest rates	—	—	76	—
Expenditure derivatives - change in foreign exchange rate
$0.01 change in Cdn$ relative to US$	—	—	8	12
Floating interest rate senior notes
1% change in interest rates	7	7	—	—
Short-term borrowings
1% change in interest rates	16	9	—	—

Net cash proceeds (payments) on debt derivatives and forward contracts

Below is a summary of the net cash (payments) proceeds on debt derivatives.

	Years ended December 31
(In millions of dollars)	2021	2020
Proceeds on debt derivatives related to US commercial paper	2,911	5,542
Proceeds on debt derivatives related to credit facility borrowings	1,003	1,364
Total proceeds on debt derivatives	3,914	6,906
Payments on debt derivatives related to US commercial paper	(2,926)	(5,441)
Payments on debt derivatives related to credit facility borrowings	(1,005)	(1,385)
Total payments on debt derivatives	(3,931)	(6,826)
Net (payments) proceeds on settlement of debt derivatives	(17)	80

Changes in fair value of derivative instruments

Below is a summary of the changes in fair value of our derivative instruments for 2021 and 2020.

Year ended December 31, 2021	Debt derivatives (hedged)	Debt derivatives (unhedged)	Interest rate derivatives	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,098	(12)	—	(109)	34	1,011
Proceeds received from settlement of derivatives	—	(3,914)	(9)	(1,201)	(3)	(5,127)
Payment on derivatives settled	—	3,931	—	1,305	—	5,236
Increase (decrease) in fair value of derivatives	12	6	(234)	(14)	5	(225)
Derivative instruments, end of year	1,110	11	(243)	(19)	36	895
Mark-to-market asset	1,453	11	40	11	36	1,551
Mark-to-market liability	(343)	—	(283)	(30)	—	(656)
Mark-to-market asset (liability)	1,110	11	(243)	(19)	36	895

Year ended December 31, 2020	Debt derivatives (hedged)	Debt derivatives (unhedged)	Expenditure derivatives	Equity derivatives	Total instruments
(In millions of dollars)
Derivative instruments, beginning of year	1,412	(29)	1	55	1,439
Proceeds received from settlement of derivatives	—	(6,906)	(1,261)	1	(8,166)
Payment on derivatives settled	—	6,826	1,221	—	8,047
(Decrease) increase in fair value of derivatives	(314)	97	(70)	(22)	(309)
Derivative instruments, end of year	1,098	(12)	(109)	34	1,011
Mark-to-market asset	1,405	—	—	34	1,439
Mark-to-market liability	(307)	(12)	(109)	—	(428)
Mark-to-market asset (liability)	1,098	(12)	(109)	34	1,011

Derivative instruments details

During 2021 and 2020, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Credit facilities
Debt derivatives entered	1,200	1.253	1,503	970	1.428	1,385
Debt derivatives settled	800	1.254	1,003	970	1.406	1,364
Net cash paid on settlement			(2)			(21)
US commercial paper program
Debt derivatives entered	2,568	1.260	3,235	3,316	1.329	4,406
Debt derivatives settled	2,312	1.259	2,911	4,091	1.330	5,441
Net cash (paid) received on settlement			(15)			101

We did not enter into any debt derivatives in 2021 on issued senior notes. We entered into US$2 billion of forward starting cross-currency swaps to hedge the foreign exchange and interest risk associated with debt instruments we expect to issue in the future related to the Transaction.

In 2020, 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 21). Below is a summary of the debt derivatives we entered to hedge senior notes issued during 2020.

(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$)
2020 issuances
June 22, 2020	750	2022	USD LIBOR + 0.60%	0.955	%	1,019

1    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

During 2021 and 2020, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Debt derivatives entered	132	1.273	168	115	1.374	158
Debt derivatives settled	81	1.333	108	43	1.372	59

Below is a summary of the expenditure derivatives we entered and settled during 2021 and 2020 to manage foreign exchange risk related to certain forecast expenditures.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional (US$)	Exchange rate	Notional (Cdn$)	Notional (US$)	Exchange rate	Notional (Cdn$)
Expenditure derivatives entered	438	1.244	545	1,560	1.343	2,095
Expenditure derivatives settled	960	1.360	1,306	940	1.299	1,221

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)
(In millions of dollars)	2021	2020	2021	2020	2021	2020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies	1,581	1,535	1,581	1,535	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,453	1,405	—	—	1,453	1,405
Debt derivatives not accounted for as cash flow hedges	11	—	—	—	11	—
Interest rate derivatives accounted for as cash flow hedges	40	—	—	—	40	—
Expenditure derivatives accounted for as cash flow hedges	11	—	—	—	11	—
Equity derivatives not accounted for as cash flow hedges	36	34	—	—	36	34
Total financial assets	3,132	2,974	1,581	1,535	1,551	1,439
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	343	307	—	—	343	307
Debt derivatives not accounted for as hedges	—	12	—	—	—	12
Interest rate derivatives accounted for as cash flow hedges	283	—	—	—	283	—
Expenditure derivatives accounted for as cash flow hedges	30	109	—	—	30	109
Total financial liabilities	656	428	—	—	656	428

Below is a summary of the fair value of our long-term debt.

			As at December 31
(In millions of dollars)		2021		2020
	Carrying amount	Fair value 1	Carrying amount	Fair value 1
Long-term debt (including current portion)	18,688	20,790	18,201	22,006

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

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)
(In millions of dollars)	2021	2020	2021	2020	2021	2020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies	1,581	1,535	1,581	1,535	—	—
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	1,453	1,405	—	—	1,453	1,405
Debt derivatives not accounted for as cash flow hedges	11	—	—	—	11	—
Interest rate derivatives accounted for as cash flow hedges	40	—	—	—	40	—
Expenditure derivatives accounted for as cash flow hedges	11	—	—	—	11	—
Equity derivatives not accounted for as cash flow hedges	36	34	—	—	36	34
Total financial assets	3,132	2,974	1,581	1,535	1,551	1,439
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges	343	307	—	—	343	307
Debt derivatives not accounted for as hedges	—	12	—	—	—	12
Interest rate derivatives accounted for as cash flow hedges	283	—	—	—	283	—
Expenditure derivatives accounted for as cash flow hedges	30	109	—	—	30	109
Total financial liabilities	656	428	—	—	656	428

Below is a summary of the fair value of our long-term debt.

			As at December 31
(In millions of dollars)		2021		2020
	Carrying amount	Fair value 1	Carrying amount	Fair value 1
Long-term debt (including current portion)	18,688	20,790	18,201	22,006

1    Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Interests in Other Entities [Abstract]

Disclosure of investments

	As at December 31
(In millions of dollars)	2021	2020
Investments in:
Publicly traded companies	1,581	1,535
Private companies	53	97
Investments, measured at FVTOCI	1,634	1,632
Investments, associates and joint ventures	859	904
Total investments	2,493	2,536

Disclosure of interests in joint ventures

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2021	2020
Current assets	537	512
Long-term assets	3,254	3,409
Current liabilities	(990)	(857)
Long-term liabilities	(1,177)	(1,358)
Total net assets	1,624	1,706
Our share of net assets	855	900
Revenue	1,805	1,310
Expenses	(1,912)	(1,410)
Net loss	(107)	(100)
Our share of net loss	(44)	(40)

Disclosure of interests in associates

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

	As at or years ended December 31
(In millions of dollars)	2021	2020
Current assets	537	512
Long-term assets	3,254	3,409
Current liabilities	(990)	(857)
Long-term liabilities	(1,177)	(1,358)
Total net assets	1,624	1,706
Our share of net assets	855	900
Revenue	1,805	1,310
Expenses	(1,912)	(1,410)
Net loss	(107)	(100)
Our share of net loss	(44)	(40)

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SHORT-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.

	As at December 31
(In millions of dollars)	2021	2020
Receivables securitization program	800	650
US commercial paper program (net of the discount on issuance)	893	571
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,200	1,221

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			150			—
Net proceeds received from receivables securitization			150			—
Proceeds received from US commercial paper	2,568	1.260	3,235	3,316	1.329	4,406
Repayment of US commercial paper	(2,314)	1.259	(2,914)	(4,098)	1.355	(5,552)
Net proceeds received from (repayment of) US commercial paper			321			(1,146)
Proceeds received from non-revolving credit facilities (US$)	1,200	1.253	1,503	—	—	—
Repayment of non-revolving credit facilities (US$)	(800)	1.254	(1,003)	—	—	—
Net proceeds received from non-revolving credit facilities			500			—
Net proceeds received from (repayment of) short-term borrowings			971			(1,146)

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	449	1.272	571	1,223	1.298	1,588
Net proceeds received from (repayment of) US commercial paper	254	1.264	321	(782)	1.465	(1,146)
Discounts on issuance 1	1	n/m	2	8	1.250	10
(Gain) loss on foreign exchange 1			(1)			119
US commercial paper, end of year	704	1.268	893	449	1.272	571

n/m - not meaningful

1    Included in finance costs.

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.

	Year ended December 31, 2021
	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)
Non-revolving credit facility, beginning of year	—	—	—
Net proceeds received from non-revolving credit facilities	400	1.250	500
Loss on foreign exchange 1			7
Non-revolving credit facility, end of year	400	1.268	507

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2021	2020
Senior notes	2021		1,450	5.340	%	—	1,450
Senior notes	2022		600	4.000	%	600	600
Senior notes	2022	US	750	Floating		951	955
Senior notes	2023	US	500	3.000	%	634	637
Senior notes	2023	US	850	4.100	%	1,078	1,082
Senior notes	2024		600	4.000	%	600	600
Senior notes	2025	US	700	3.625	%	886	890
Senior notes	2026	US	500	2.900	%	634	637
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior debentures 1	2032	US	200	8.750	%	254	255
Senior notes	2038	US	350	7.500	%	444	446
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	%	634	637
Senior notes	2043	US	650	5.450	%	823	827
Senior notes	2044	US	1,050	5.000	%	1,331	1,337
Senior notes	2048	US	750	4.300	%	951	955
Senior notes	2049	US	1,250	4.350	%	1,585	1,592
Senior notes	2049	US	1,000	3.700	%	1,268	1,273
Subordinated notes 2	2081		2,000	5.000	%	2,000	—
						18,873	18,373
Deferred transaction costs and discounts						(185)	(172)
Less current portion						(1,551)	(1,450)
Total long-term debt						17,137	16,751

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, 2021 and 2020.

2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (US$)	—	—	—	970	1.428	1,385
Credit facility repayments (US$)	—	—	—	(970)	1.406	(1,364)
Net borrowings under credit facilities			—			21
Senior note issuances (Cdn$)			—			1,500
Senior note issuances (US$)	—	—	—	750	1.359	1,019
Total senior note issuances			—			2,519
Senior note repayments (Cdn$)			(1,450)			—
Net (repayment) issuance of senior notes			(1,450)			2,519
Subordinated note issuances (Cdn$)			2,000			—
Net issuance of long-term debt			550			2,540

	Years ended December 31
(In millions of dollars)	2021	2020
Long-term debt net of transaction costs, beginning of year	18,201	15,967
Net issuance of long-term debt	550	2,540
Gain on foreign exchange	(50)	(297)
Deferred transaction costs incurred	(31)	(23)
Amortization of deferred transaction costs	18	14
Long-term debt net of transaction costs, end of year	18,688	18,201

Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.

(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$)	Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3		2,000	2081	5.000	%	At par		2,000	20
2020 issuances
March 31, 2020 (senior)		1,500	2027	3.650	%	99.511	%	1,500	16
June 22, 2020 (senior)	US	750	2022	USD LIBOR + 0.60%		At par		1,019	5

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums 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.

3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

Disclosure of detailed information about accounts receivable securitization program

	As at December 31
(In millions of dollars)	2021	2020
Receivables sold to buyer as security	2,679	2,130
Short-term borrowings from buyer	(800)	(650)
Overcollateralization	1,879	1,480

	Years ended December 31
(In millions of dollars)	2021	2020
Receivables securitization program, beginning of year	650	650
Net proceeds received from receivables securitization	150	—
Receivables securitization program, end of year	800	650

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PROVISIONS (Tables)

12 Months Ended

Dec. 31, 2021

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Disclosure of provisions

(In millions of dollars)	Decommissioning Liabilities	Other	Total
December 31, 2020	45	1	46
Additions	7	—	7
December 31, 2021	52	1	53
Current (recorded in "other current liabilities")	3	—	3
Long-term	49	1	50

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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

Below is a summary of our short-term borrowings as at December 31, 2021 and 2020.

	As at December 31
(In millions of dollars)	2021	2020
Receivables securitization program	800	650
US commercial paper program (net of the discount on issuance)	893	571
Non-revolving credit facility borrowings	507	—
Total short-term borrowings	2,200	1,221

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			150			—
Net proceeds received from receivables securitization			150			—
Proceeds received from US commercial paper	2,568	1.260	3,235	3,316	1.329	4,406
Repayment of US commercial paper	(2,314)	1.259	(2,914)	(4,098)	1.355	(5,552)
Net proceeds received from (repayment of) US commercial paper			321			(1,146)
Proceeds received from non-revolving credit facilities (US$)	1,200	1.253	1,503	—	—	—
Repayment of non-revolving credit facilities (US$)	(800)	1.254	(1,003)	—	—	—
Net proceeds received from non-revolving credit facilities			500			—
Net proceeds received from (repayment of) short-term borrowings			971			(1,146)

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
US commercial paper, beginning of year	449	1.272	571	1,223	1.298	1,588
Net proceeds received from (repayment of) US commercial paper	254	1.264	321	(782)	1.465	(1,146)
Discounts on issuance 1	1	n/m	2	8	1.250	10
(Gain) loss on foreign exchange 1			(1)			119
US commercial paper, end of year	704	1.268	893	449	1.272	571

n/m - not meaningful

1    Included in finance costs.

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2021.

	Year ended December 31, 2021
	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)
Non-revolving credit facility, beginning of year	—	—	—
Net proceeds received from non-revolving credit facilities	400	1.250	500
Loss on foreign exchange 1			7
Non-revolving credit facility, end of year	400	1.268	507

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2021	2020
Senior notes	2021		1,450	5.340	%	—	1,450
Senior notes	2022		600	4.000	%	600	600
Senior notes	2022	US	750	Floating		951	955
Senior notes	2023	US	500	3.000	%	634	637
Senior notes	2023	US	850	4.100	%	1,078	1,082
Senior notes	2024		600	4.000	%	600	600
Senior notes	2025	US	700	3.625	%	886	890
Senior notes	2026	US	500	2.900	%	634	637
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior debentures 1	2032	US	200	8.750	%	254	255
Senior notes	2038	US	350	7.500	%	444	446
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	%	634	637
Senior notes	2043	US	650	5.450	%	823	827
Senior notes	2044	US	1,050	5.000	%	1,331	1,337
Senior notes	2048	US	750	4.300	%	951	955
Senior notes	2049	US	1,250	4.350	%	1,585	1,592
Senior notes	2049	US	1,000	3.700	%	1,268	1,273
Subordinated notes 2	2081		2,000	5.000	%	2,000	—
						18,873	18,373
Deferred transaction costs and discounts						(185)	(172)
Less current portion						(1,551)	(1,450)
Total long-term debt						17,137	16,751

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, 2021 and 2020.

2    The subordinated notes can be redeemed at par on the five-year anniversary or on any subsequent interest payment date.

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2021 and 2020.

	Year ended December 31, 2021			Year ended December 31, 2020
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Credit facility borrowings (US$)	—	—	—	970	1.428	1,385
Credit facility repayments (US$)	—	—	—	(970)	1.406	(1,364)
Net borrowings under credit facilities			—			21
Senior note issuances (Cdn$)			—			1,500
Senior note issuances (US$)	—	—	—	750	1.359	1,019
Total senior note issuances			—			2,519
Senior note repayments (Cdn$)			(1,450)			—
Net (repayment) issuance of senior notes			(1,450)			2,519
Subordinated note issuances (Cdn$)			2,000			—
Net issuance of long-term debt			550			2,540

	Years ended December 31
(In millions of dollars)	2021	2020
Long-term debt net of transaction costs, beginning of year	18,201	15,967
Net issuance of long-term debt	550	2,540
Gain on foreign exchange	(50)	(297)
Deferred transaction costs incurred	(31)	(23)
Amortization of deferred transaction costs	18	14
Long-term debt net of transaction costs, end of year	18,688	18,201

Below is a summary of the senior and subordinated notes that we issued in 2021 and 2020.

(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$)	Transaction costs and discounts 2 (Cdn$)
2021 issuance
December 17, 2021 (subordinated) 3		2,000	2081	5.000	%	At par		2,000	20
2020 issuances
March 31, 2020 (senior)		1,500	2027	3.650	%	99.511	%	1,500	16
June 22, 2020 (senior)	US	750	2022	USD LIBOR + 0.60%		At par		1,019	5

1    Gross proceeds before transaction costs, discounts, and premiums.

2    Transaction costs, discounts, and premiums 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.

3    Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

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, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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 principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2021.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	129	204	222	—	555
Purchase obligations 2	327	192	85	19	623
Program rights 3	659	1,151	824	1	2,635
Total commitments	1,115	1,547	1,131	20	3,813

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.

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OTHER LONG-TERM LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of other long-term liabilities

		As at December 31
(In millions of dollars)	Note	2021	2020
Deferred pension liability	23	3	590
Supplemental executive retirement plan	23	96	92
Stock-based compensation	25	49	39
Derivative instruments	17	189	318
Contract liabilities	5	52	69
Other		176	41
Total other long-term liabilities		565	1,149

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POST-EMPLOYMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefits [Abstract]

Disclosure of defined benefit plans actuarial assumptions and contributions

Principal actuarial assumptions

	2021		2020
Weighted average of significant assumptions:
Defined benefit obligation
Discount rate	3.3	%	2.7	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B
Pension expense
Discount rate	2.7	%	3.2	%
Rate of compensation increase	1.0% to 4.5%, based on employee age		1.0% to 4.5%, based on employee age
Mortality rate	CPM2014Priv with Scale CPM-B		CPM2014Priv with Scale CPM-B

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

		As at December 31
(In millions of dollars)	Note	2021	2020
Plan assets, at fair value		3,198	2,791
Accrued benefit obligations		(3,171)	(3,365)
Surplus (deficiency) of plan assets over accrued benefit obligations		27	(574)
Effect of asset ceiling limit		(9)	—
Net deferred pension asset (liability)		18	(574)
Consists of:
Deferred pension asset		21	16
Deferred pension liability	22	(3)	(590)
Net deferred pension asset (liability)		18	(574)

Below is a summary of the actual contributions to the plans.

	Years ended December 31
(In millions of dollars)	2021	2020
Employer contribution	177	150
Employee contribution	32	34
Total contribution	209	184

Disclosure of sensitivity of key assumptions

Sensitivity of key assumptions

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

	Increase (decrease) in accrued benefit obligation
(In millions of dollars)	2021	2020
Discount rate
Impact of 0.5% increase	(251)	(279)
Impact of 0.5% decrease	285	319
Rate of future compensation increase
Impact of 0.25% increase	17	20
Impact of 0.25% decrease	(17)	(20)
Mortality rate
Impact of 1 year increase	67	76
Impact of 1 year decrease	(72)	(80)

Disclosure of net defined benefit liability (asset)

Below is a summary of our pension fund assets.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan assets, beginning of year	2,791	2,449
Interest income	78	81
Remeasurements, recognized in other comprehensive income and equity	223	163
Contributions by employees	32	34
Contributions by employer	177	150
Benefits paid	(99)	(82)
Administrative expenses paid from plan assets	(4)	(4)
Plan assets, end of year	3,198	2,791

Below is a summary of the accrued benefit obligations arising from funded obligations.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligations, beginning of year	3,365	2,900
Current service cost	156	146
Interest cost	89	91
Benefits paid	(99)	(82)
Contributions by employees	32	34
Remeasurements, recognized in other comprehensive income and equity	(372)	276
Accrued benefit obligations, end of year	3,171	3,365

Below is a summary of our net pension expense. Net interest cost is included in finance costs; other pension expenses are included in salaries and benefits expense in operating costs on the Consolidated Statements of Income.

	Years ended December 31
(In millions of dollars)	2021	2020
Plan cost:
Current service cost	156	146
Net interest cost	11	10
Net pension expense	167	156
Administrative expense	4	4
Total pension cost recognized in net income	171	160

Net interest cost, a component of the plan cost above, is included in finance costs and is outlined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Interest income on plan assets	(78)	(81)
Interest cost on plan obligation	89	91
Net interest cost, recognized in finance costs	11	10

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Return on plan assets (excluding interest income)	223	163
Change in financial assumptions	390	(272)
Effect of experience adjustments	(18)	(4)
Change in asset ceiling	(9)	—
Remeasurement gain (loss), recognized in other comprehensive income and equity	586	(113)

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

	Years ended December 31
(In millions of dollars)	2021	2020
Accrued benefit obligation, beginning of year	92	73
Pension expense, recognized in employee salaries and benefits expense	12	13
Net interest cost, recognized in finance costs	3	3
Remeasurements, recognized in other comprehensive income	(7)	8
Benefits paid	(4)	(5)
Accrued benefit obligation, end of year	96	92

Disclosure of fair value of plan assets

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

	As at December 31
(In millions of dollars)	2021	2020
Equity securities	1,879	1,689
Debt securities	1,302	1,087
Other - cash	17	15
Total fair value of plan assets	3,198	2,791

ALLOCATION OF PLAN ASSETS

	Allocation of plan assets				Target asset allocation percentage
	2021		2020
Equity securities:
Domestic	11.8	%	11.9	%	8% to 18%
International	47.0	%	48.6	%	37% to 67%
Debt securities	40.7	%	39.0	%	25% to 45%
Other - cash	0.5	%	0.5	%	0% to 2%
Total	100.0	%	100.0	%

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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

Share Capital, Reserves And Other Equity Interest [Abstract]

Disclosure of capital stock

Share class	Number of shares authorized for issue	Features		Voting rights
Preferred shares	400,000,000	●	Without par value	●	None
		●	Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series
RCI Class A Voting Shares	112,474,388	●	Without par value	●	Each share entitled to 50 votes
		●	Each share can be converted into one Class B Non-Voting share
RCI Class B Non-Voting Shares	1,400,000,000	●	Without par value	●	None

Disclosure of dividends

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

		Dividend per
Date declared	Date paid	share (dollars)
January 27, 2021	April 1, 2021	0.50
April 20, 2021	July 2, 2021	0.50
July 20, 2021	October 1, 2021	0.50
October 20, 2021	January 4, 2022	0.50
		2.00
January 21, 2020	April 1, 2020	0.50
April 21, 2020	July 2, 2020	0.50
July 21, 2020	October 1, 2020	0.50
October 21, 2020	January 4, 2021	0.50
		2.00

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangements [Abstract]

Disclosure of significant measurement estimates to determine fair value of stock-based compensation

The table below shows the weighted average fair value of stock options granted during 2021 and 2020 and the principal assumptions used in applying the Black-Scholes model for non-performance-based options, to determine their fair value at the grant date.

	Years ended December 31
	2021		2020
Weighted average fair value	$7.46		$5.86
Risk-free interest rate	0.3	%	1.7	%
Dividend yield	3.4	%	3.4	%
Volatility of Class B Non-Voting Shares	23.1	%	16.1	%
Weighted average expected life	5.1 years		5.5 years

Disclosure of stock-based compensation expense

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

	Years ended December 31
(In millions of dollars)	2021	2020
Stock options	3	(1)
Restricted share units	57	49
Deferred share units	6	(3)
Equity derivative effect, net of interest receipt	(6)	15
Total stock-based compensation expense	60	60

Disclosure of number and weighted average exercise prices of share options

Below is a summary of the stock option plans, including performance options.

	Year ended December 31, 2021		Year ended December 31, 2020
(In number of units, except prices)	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
Outstanding, beginning of year	4,726,634	$62.10	3,154,795	$61.82
Granted	1,848,655	$60.61	1,598,590	$62.56
Exercised	(10,988)	$58.45	(17,230)	$54.80
Forfeited	(70,300)	$67.58	(9,521)	$58.45
Outstanding, end of year	6,494,001	$61.62	4,726,634	$62.10
Exercisable, end of year	2,373,717	$59.68	1,470,383	$56.75

Disclosure of range of exercise prices of outstanding share options

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2021.

	Options outstanding			Options exercisable
Range of exercise prices	Number outstanding	Weighted average remaining contractual life (years)	Weighted average exercise price	Number exercisable	Weighted average exercise price
$42.85 - $44.99	153,937	2.82	$44.24	153,937	$44.24
$45.00 - $49.99	499,844	2.00	$48.87	499,844	$48.87
$55.00 - $59.99	1,691,671	7.65	$58.35	597,601	$57.93
$60.00 - $64.99	3,014,614	7.98	$62.48	545,941	$62.66
$65.00 - $73.00	1,133,935	6.55	$72.22	576,394	$72.16
	6,494,001	7.06	$61.62	2,373,717	$59.68

Disclosure of number and weighted average exercise prices of other equity instruments

Below is a summary of the RSUs outstanding, including performance RSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	2,573,894	2,472,774
Granted and reinvested dividends	1,341,801	1,026,067
Exercised	(1,041,890)	(803,266)
Forfeited	(182,517)	(121,681)
Outstanding, end of year	2,691,288	2,573,894

Below is a summary of the DSUs outstanding, including performance DSUs.

	Years ended December 31
(In number of units)	2021	2020
Outstanding, beginning of year	1,619,941	1,741,884
Granted and reinvested dividends	78,939	80,252
Exercised	(277,439)	(192,718)
Forfeited	(99)	(9,477)
Outstanding, end of year	1,421,342	1,619,941

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Related Party [Abstract]

Disclosure of transactions between related parties

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

	Years ended December 31
(In millions of dollars)	2021	2020
Salaries and other short-term employee benefits	19	11
Post-employment benefits	4	2
Stock-based compensation 1	21	19
Total compensation	44	32

1    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

Below is a summary of related party activity for the business transactions described above.

(In millions of dollars)	Years ended December 31		Outstanding balance as at December 31
	2021	2020	2021	2020
Printing and prepress services	3	4	n/a	1

We have also entered into business transactions with companies controlled by our Directors Michael J. Cooper and John C. Kerr, which, as a result of the Board reconstitution in October 2021, are now related parties. These companies include Dream Unlimited Corp. and Vancouver Professional Baseball LLP, respectively. Dream Unlimited Corp. is a real estate company that rents spaces in office and residential buildings. Vancouver Professional Baseball LLP controls the Vancouver Canadians, the Toronto Blue Jays' High-A affiliate minor league team. Total amounts paid to these related parties during the period from October 2021 to December 2021 were nominal.

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support). Transactions between us and our subsidiaries have been eliminated on consolidation and are not disclosed in this note.

	Years ended December 31
(In millions of dollars)	2021	2020
Revenue	31	26
Purchases	180	121

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

	As at December 31
(In millions of dollars)	2021	2020
Accounts receivable	112	92
Accounts payable and accrued liabilities	95	59

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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Disclosure of maturity analysis for commitments

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2021 and 2020.

December 31, 2021	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	2,200	2,200	2,200	—	—	—
Accounts payable and accrued liabilities	3,416	3,416	3,416	—	—	—
Long-term debt 1	18,688	18,873	1,551	2,312	3,520	11,490
Lease liabilities	1,957	2,498	336	677	308	1,177
Other long-term financial liabilities	14	14	—	7	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,374	1,240	134	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,354)	(1,217)	(137)	—	—
Equity derivative instruments	—	(36)	(36)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,313	1,297	1,504	1,607	6,905
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(11,717)	(1,084)	(1,822)	(1,521)	(7,290)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	1,390	1,390	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(1,401)	(1,401)	—	—	—
Interest rate derivatives	—	243	243	—	—	—
Net carrying amount of derivatives (asset)	(895)
	25,380	26,813	7,935	2,675	3,916	12,287

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2020	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	1,221	1,221	1,221	—	—	—
Accounts payable and accrued liabilities	2,714	2,714	2,714	—	—	—
Long-term debt	18,201	18,373	1,450	3,274	1,490	12,159
Lease liabilities	1,835	2,353	278	647	300	1,128
Other long-term financial liabilities	22	22	—	14	2	6
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	2,134	1,305	829	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(2,024)	(1,222)	(802)	—	—
Equity derivative instruments	—	(34)	(34)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	11,114	86	2,516	937	7,575
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(11,702)	(81)	(2,772)	(891)	(7,958)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	585	585	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 1	—	(573)	(573)	—	—	—
Net carrying amount of derivatives (asset)	(1,011)
	22,982	24,183	5,729	3,706	1,838	12,910

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 principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2021.

(In millions of dollars)
2022	1,551
2023	1,712
2024	600
2025	886
2026 1	2,634
Thereafter	11,490
Total long-term debt	18,873

1    Reflects repayment of the subordinated notes issued in December 2021 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, 2021.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	129	204	222	—	555
Purchase obligations 2	327	192	85	19	623
Program rights 3	659	1,151	824	1	2,635
Total commitments	1,115	1,547	1,131	20	3,813

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 commitments

Below is a summary of our other contractual commitments that are not included in the table above.

	As at December 31
(In millions of dollars)	2021
Acquisition of property, plant and equipment	209
Acquisition of intangible assets	21
Our share of commitments related to associates and joint ventures	387
Total other commitments	617

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Cash Flow Statement [Abstract]

Changes in non-cash operating working capital items and capital expenditures

CHANGE IN NET OPERATING ASSETS AND LIABILITIES

	Years ended December 31
(In millions of dollars)	2021	2020
Accounts receivable, excluding financing receivables	(78)	455
Financing receivables	(840)	(1,658)
Contract assets	417	1,170
Inventories	(56)	(19)
Other current assets	13	(132)
Accounts payable and accrued liabilities	556	(326)
Contract and other liabilities	25	177
Total change in net operating assets and liabilities	37	(333)

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NATURE OF THE BUSINESS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 segment	Dec. 31, 2020 CAD ($)
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of reportable segments | segment	3
COVID-19 Pandemic
Unusual, Infrequent Items Or Both [Line Items]
Bad debt expense on accounts receivable, financing receivables, and contract assets based on changing economic conditions | $		$ 90

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SIGNIFICANT ACCOUNTING POLICIES (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Disclosure of reclassifications or changes in presentation [line items]
Goodwill	$ 3,973	$ 4,024
COVID-19 Pandemic
Disclosure of reclassifications or changes in presentation [line items]
Funding qualified for	91
Several individually immaterial acquisitions
Disclosure of reclassifications or changes in presentation [line items]
Goodwill	$ 50	51
Several individually immaterial acquisitions | Cable
Disclosure of reclassifications or changes in presentation [line items]
Goodwill		37
Several individually immaterial acquisitions | Media
Disclosure of reclassifications or changes in presentation [line items]
Goodwill		$ 14

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CAPITAL RISK MANAGEMENT - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions	Mar. 15, 2022 CAD ($) $ / shares	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about business combination [line items]
Current portion of long-term debt		$ 1,551			$ 1,450
Short-term borrowings		2,200			1,221
Total		6,494			6,985
Letters of Credit
Disclosure of detailed information about business combination [line items]
Current portion of long-term debt				$ 360
Non-revolving credit facility borrowings
Disclosure of detailed information about business combination [line items]
Short-term borrowings		$ 507	$ 400	$ 1,200	$ 0	$ 0
Shaw
Disclosure of detailed information about business combination [line items]
Price per share (in USD per share) | $ / shares	$ 40.50
Borrowings recognised as of acquisition date	$ 6,000

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CAPITAL RISK MANAGEMENT - Adjusted Net Debt and Debt Leverage Ratio (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Capital, Reserves And Other Equity Interest [Abstract]
Current portion of long-term debt	$ 1,551	$ 1,450
Long-term debt	17,137	16,751
Deferred transaction costs and discounts	185	172
Borrowings	18,873	18,373
Add (deduct):
Subordinated notes adjustment	(1,000)	0
Net debt derivative assets	(1,260)	(1,086)
Credit risk adjustment related to net debt derivative assets	(18)	(15)
Short-term borrowings	2,200	1,221
Current portion of lease liabilities	336	278
Lease liabilities	1,621	1,557
Cash and cash equivalents	(715)	(2,484)	$ (494)
Adjusted net debt	$ 20,037	$ 17,844

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CAPITAL RISK MANAGEMENT - Debt Leverage Ratio (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)
Share Capital, Reserves And Other Equity Interest [Abstract]
Adjusted net debt	$ 20,037	$ 17,844
Divided by: trailing 12-month adjusted EBITDA	$ 5,887	$ 5,857
Debt leverage ratio	3.4	3.0

XML

CAPITAL RISK MANAGEMENT - Free Cash Flow (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]
Adjusted EBITDA	$ 5,887	$ 5,857
Deduct (add):
Capital expenditures	2,788	2,312
Interest on borrowings, net of capitalized interest	728	761
Cash income taxes	700	418
Free cash flow	$ 1,671	$ 2,366

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CAPITAL RISK MANAGEMENT - Reconciliation of Free Cash Flow (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]
Cash provided by operating activities	$ 4,161	$ 4,321
Add (deduct):
Capital expenditures	(2,788)	(2,312)
Interest on borrowings, net of capitalized interest	(728)	(761)
Interest paid	802	808
Restructuring, acquisition and other	324	185
Program rights amortization	(68)	(77)
Change in net operating assets and liabilities	(37)	333
Other adjustments	5	(131)
Free cash flow	$ 1,671	$ 2,366

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CAPITAL RISK MANAGEMENT - Available Liquidity (Details) $ in Millions	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CAD ($)
Disclosure of classes of share capital [line items]
Cash and cash equivalents	$ 715,000,000			$ 2,484,000,000		$ 494,000,000
Borrowings	18,873,000,000			18,373,000,000
Short-term borrowings	2,200,000,000			1,221,000,000
Total	6,494,000,000			6,985,000,000
Net available	4,213,000,000			5,653,000,000
Revolving and Letters of Credit
Disclosure of classes of share capital [line items]
Borrowings	80,000,000			109,000,000
Revolving Credit Facility
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	4,000,000,000			3,200,000,000
Borrowings	8,000,000			8,000,000
Net available	3,098,000,000			2,619,000,000
Letters of Credit
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	72,000,000			101,000,000
Borrowings	72,000,000			101,000,000
Net available	0			0
Non-Revolving Credit Facility Borrowings and Accounts Receivable Securitization
Disclosure of classes of share capital [line items]
Borrowings	1,307,000,000
Non-revolving credit facility borrowings
Disclosure of classes of share capital [line items]
Maximum borrowing capacity	507,000,000
Borrowings	507,000,000
Net available	0
Short-term borrowings	507,000,000	$ 400	$ 1,200,000,000	0	$ 0
Receivables securitization program
Disclosure of classes of share capital [line items]
Net available	400,000,000			550,000,000
Trade receivables, maximum commitment	1,200,000,000			1,200,000,000
Short-term borrowings	800,000,000			650,000,000		$ 650,000,000
US CP Program
Disclosure of classes of share capital [line items]
Borrowings	$ 894,000,000			$ 573,000,000

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SEGMENTED INFORMATION (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($) segment	Dec. 31, 2020 CAD ($)
Disclosure of operating segments [line items]
Number of reportable segments | segment	3
Revenue	$ 14,655	$ 13,916
Operating costs	8,768	8,059
Adjusted EBITDA	5,887	5,857
Depreciation and amortization	2,585	2,618
Restructuring, acquisition and other	324	185
Finance costs	849	881
Other expense	2	1
Income before income tax expense	2,127	2,172
Capital expenditures	2,788	2,312
Goodwill	4,024	3,973
Total assets	41,963	38,854
Operating segments | Wireless
Disclosure of operating segments [line items]
Revenue	8,768	8,530
Operating costs	4,554	4,463
Adjusted EBITDA	4,214	4,067
Capital expenditures	1,515	1,100
Goodwill	1,160	1,160
Total assets	25,247	20,639
Operating segments | Cable
Disclosure of operating segments [line items]
Revenue	4,072	3,946
Operating costs	2,059	2,011
Adjusted EBITDA	2,013	1,935
Capital expenditures	913	940
Goodwill	1,895	1,858
Total assets	7,887	7,877
Operating segments | Media
Disclosure of operating segments [line items]
Revenue	1,975	1,606
Operating costs	2,102	1,555
Adjusted EBITDA	(127)	51
Capital expenditures	115	79
Goodwill	969	955
Total assets	2,665	2,569
Corporate items and eliminations
Disclosure of operating segments [line items]
Revenue	(160)	(166)
Operating costs	53	30
Adjusted EBITDA	(213)	(196)
Capital expenditures	245	193
Goodwill	0	0
Total assets	$ 6,164	$ 7,769

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REVENUE - Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Service revenue | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Expected period of recognition (in years)	5 years
Service revenue | Minimum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Expected period of recognition (in years)	3 years
Wireless | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days
Wireless | Equipment revenue | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	24 months
Cable | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days
Cable | Equipment revenue | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	24 months
Media | Maximum
Disclosure of disaggregation of revenue from contracts with customers [line items]
Typical payment period	30 days

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REVENUE - Contract Assets, Contract Liabilities, Deferred Commission Cost Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]
Balance, beginning of year	$ 621	$ 1,791
Additions from new contracts with customers, net of terminations and renewals / Additions to deferred commission cost assets	121	104
Amortization of contract assets to accounts receivable / Amortization recognized on deferred commission cost assets	(538)	(1,274)
Balance, end of year	204	621
Balance, beginning of year	405	224
Revenue deferred in previous year and recognized as revenue in current year	(393)	(184)
Net additions from contracts with customers	434	365
Balance, end of year	446	405
Contract assets	89	88
Contract liabilities	52	69
Current portion of contract assets	115	533
Deferred commission costs assets
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]
Balance, beginning of year	262	305
Additions from new contracts with customers, net of terminations and renewals / Additions to deferred commission cost assets	315	248
Amortization of contract assets to accounts receivable / Amortization recognized on deferred commission cost assets	(265)	(291)
Balance, end of year	312	262
Contract assets	93	68
Current portion of contract assets	$ 219	$ 194

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REVENUE - Unsatisfied Portions of Performance Obligations (Details) $ in Millions	Dec. 31, 2021 CAD ($)
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	$ 3,239
2022
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	2,045
2023
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	795
2024
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	218
Thereafter
Disclosure of transaction price allocated to remaining performance obligations [line items]
Telecommunications service	$ 181

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REVENUE - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 14,655	$ 13,916
Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	12,533	11,955
Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	2,122	1,961
Operating segments | Wireless
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	8,768	8,530
Operating segments | Wireless | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	6,666	6,579
Operating segments | Wireless | Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	2,102	1,951
Operating segments | Cable
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	4,072	3,946
Operating segments | Cable | Service revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	4,052	3,936
Operating segments | Cable | Equipment revenue
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	20	10
Operating segments | Media
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,975	1,606
Corporate items and intercompany eliminations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ (160)	$ (166)

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OPERATING COSTS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Costs [Abstract]
Cost of equipment sales	$ 2,161	$ 1,946
Merchandise for resale	271	261
Other external purchases	4,155	4,005
Employee salaries, benefits, and stock-based compensation	2,181	1,847
Total operating costs	$ 8,768	$ 8,059

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PROPERTY, PLANT AND EQUIPMENT - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Buildings | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	15 years
Buildings | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	40 years
Cable and wireless network | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Cable and wireless network | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	40 years
Computer equipment and software | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	4 years
Computer equipment and software | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	10 years
Customer premise equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Customer premise equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	6 years
Equipment and vehicles | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Equipment and vehicles | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	20 years

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PROPERTY, PLANT AND EQUIPMENT - Changes in Net Carrying Amounts of Property, Plant and Equipment (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Total property, plant and equipment	$ 14,666	$ 14,018
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	33,851	32,666
Right-of-use assets at beginning of period	2,248	1,911
Additions and transfers	2,788	2,312
Additions to right-of-use assets	380	337
Acquisitions from business combinations	41	43
Acquisitions of right-of-use assets	0	0
Disposals and other	(1,307)	(1,170)
Disposals and other, right-of-use assets	(2)	0
Disposals and other	1,309	1,170
Total property, plant and equipment	37,999	36,099
Property, plant and equipment at end of period	35,373	33,851
Right-of-use assets at end of period	2,626	2,248
Additions Other Than Through Business Combinations, Property, Plant, and Equipment and Right-of-Use Assets	3,168	2,649
Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(21,684)	(20,468)
Right-of-use assets at beginning of period	(397)	(175)
Disposals and other	1,314	1,174
Disposals and other, right-of-use assets	2	(5)
Disposals and other	(1,316)	(1,169)
Depreciation	2,322	2,390
Depreciation, right-of-use assets	246	217
Total property, plant and equipment	23,333	22,081
Property, plant and equipment at end of period	(22,692)	(21,684)
Right-of-use assets at end of period	(641)	(397)
Depreciation, Property, Plant, and Equipment and Right-of-Use Assets	2,568	2,607
Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	12,167	12,198
Right-of-use assets at beginning of period	1,851	1,736
Total property, plant and equipment	14,666	14,018
Property, plant and equipment at end of period	12,681	12,167
Right-of-use assets at end of period	1,985	1,851
Land and buildings | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,210	1,179
Additions and transfers	29	31
Acquisitions from business combinations	2	0
Disposals and other	0	0
Property, plant and equipment at end of period	1,241	1,210
Land and buildings | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(496)	(461)
Disposals and other	0	2
Depreciation	35	37
Property, plant and equipment at end of period	(531)	(496)
Land and buildings | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	714	718
Property, plant and equipment at end of period	710	714
Cable and wireless network | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	21,913	20,804
Additions and transfers	1,167	1,863
Acquisitions from business combinations	29	4
Disposals and other	(802)	(758)
Property, plant and equipment at end of period	22,307	21,913
Cable and wireless network | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(14,268)	(13,814)
Disposals and other	796	742
Depreciation	1,170	1,196
Property, plant and equipment at end of period	(14,642)	(14,268)
Cable and wireless network | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	7,645	6,990
Property, plant and equipment at end of period	7,665	7,645
Computer equipment and software | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	6,078	5,653
Additions and transfers	849	620
Acquisitions from business combinations	1	37
Disposals and other	(321)	(232)
Property, plant and equipment at end of period	6,607	6,078
Computer equipment and software | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(4,253)	(3,749)
Disposals and other	322	243
Depreciation	751	747
Property, plant and equipment at end of period	(4,682)	(4,253)
Computer equipment and software | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,825	1,904
Property, plant and equipment at end of period	1,925	1,825
Customer premise equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,954	1,939
Additions and transfers	142	168
Acquisitions from business combinations	6	0
Disposals and other	(147)	(153)
Property, plant and equipment at end of period	1,955	1,954
Customer premise equipment | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(1,515)	(1,387)
Disposals and other	156	160
Depreciation	245	288
Property, plant and equipment at end of period	(1,604)	(1,515)
Customer premise equipment | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	439	552
Property, plant and equipment at end of period	351	439
Leasehold improvements | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	618	587
Additions and transfers	62	34
Acquisitions from business combinations	0	1
Disposals and other	0	(4)
Property, plant and equipment at end of period	680	618
Leasehold improvements | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(313)	(281)
Disposals and other	1	4
Depreciation	41	36
Property, plant and equipment at end of period	(353)	(313)
Leasehold improvements | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	305	306
Property, plant and equipment at end of period	327	305
Equipment and vehicles | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,230	1,184
Additions and transfers	57	68
Acquisitions from business combinations	3	1
Disposals and other	(37)	(23)
Property, plant and equipment at end of period	1,253	1,230
Equipment and vehicles | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(839)	(776)
Disposals and other	39	23
Depreciation	80	86
Property, plant and equipment at end of period	(880)	(839)
Equipment and vehicles | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	391	408
Property, plant and equipment at end of period	373	391
Construction in process | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	848	1,320
Additions and transfers	482	472
Acquisitions from business combinations	0	0
Disposals and other	0	0
Property, plant and equipment at end of period	1,330	848
Construction in process | Accumulated depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	0	0
Disposals and other	0	0
Depreciation	0	0
Property, plant and equipment at end of period	0	0
Construction in process | Net carrying amount
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	848	1,320
Property, plant and equipment at end of period	$ 1,330	$ 848

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PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment, weighted average capitalised interest rate	3.40%	3.70%
Adjustment to cost and accumulated depreciation	$ 1,157	$ 978

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LEASES (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description1 [Line Items]
Variable lease payments	$ 21	$ 23
Right-of-use assets securing lease liabilities	338	240
Lease Liability Activity [Roll Forward]
Lease liabilities, beginning of year	1,835	1,725
Net additions	386	320
Interest expense on lease liabilities	74	70
Interest payments on lease liabilities	(69)	(67)
Principal payments of lease liabilities	(269)	(213)
Lease liabilities, end of year	1,957	1,835
Current liability	336	278
Long-term liability	$ 1,621	$ 1,557
Minimum
Lessee, Lease, Description1 [Line Items]
Non-cancellable contract periods for leases, typical range (in years)	5 years
Maximum
Lessee, Lease, Description1 [Line Items]
Non-cancellable contract periods for leases, typical range (in years)	15 years

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INTANGIBLE ASSETS AND GOODWILL - Finite useful lives (Details) - Customer relationships	12 Months Ended
	Dec. 31, 2021
Minimum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	3 years
Maximum
Disclosure of detailed information about intangible assets [line items]
Estimated useful life	10 years

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INTANGIBLE ASSETS AND GOODWILL - Explanatory information about intangible assets and goodwill (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	$ 16,305	$ 12,899	$ 12,828
Gross carrying amount
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	18,249	14,835	14,753
Accumulated amortization
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill	$ (1,944)	$ (1,936)	$ (1,925)

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INTANGIBLE ASSETS AND GOODWILL - Changes in net carrying amounts of intangible assets and goodwill (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total intangible assets
Beginning of period	$ 8,926	$ 8,905
End of period	12,281	8,926
Goodwill
Goodwill at beginning of period	3,973
Goodwill at end of period	4,024	3,973
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	12,899	12,828
Intangible assets and goodwill at end of period	16,305	12,899
Gross Carrying Amount, Before Adjustment
Total intangible assets
Beginning of period	10,980	10,948
Accumulated impairment losses	(118)	(118)
End of period		10,980
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	15,174	15,092
Accumulated impairment losses	(339)	(339)
Intangible assets and goodwill at end of period		15,174
Gross carrying amount
Total intangible assets
Beginning of period	10,862	10,830
Additions	3,443	109
Disposals and other	80	77
End of period	14,225	10,862
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	14,835	14,753
Additions	3,494	159
Disposals and other	80	77
Intangible assets and goodwill at end of period	18,249	14,835
Accumulated amortization
Total intangible assets
Beginning of period	(1,936)	(1,925)
Accumulated impairment losses	85	88
Disposals and other	(77)	(77)
End of period	(1,944)	(1,936)
Total intangible assets and goodwill
Intangible assets and goodwill at beginning of period	(1,936)	(1,925)
Accumulated impairment losses	85	88
Disposals and other	77	(77)
Intangible assets and goodwill at end of period	(1,944)	(1,936)
Customer relationships
Finite-life
Beginning of period	34	33
End of period	63	34
Customer relationships | Gross Carrying Amount, Before Adjustment
Finite-life
Beginning of period	1,623	1,611
Accumulated impairment losses	0	0
End of period		1,623
Customer relationships | Gross carrying amount
Finite-life
Beginning of period	1,623	1,611
Additions	46	12
Disposals and other	0	0
End of period	1,669	1,623
Customer relationships | Accumulated amortization
Finite-life
Beginning of period	1,589	1,578
Accumulated impairment losses	17	11
Disposals and other	0	0
End of period	1,606	1,589
Acquired program rights
Finite-life
Beginning of period	151	171
End of period	137	151
Acquired program rights | Gross Carrying Amount, Before Adjustment
Finite-life
Beginning of period	233	253
Accumulated impairment losses	(5)	(5)
End of period		233
Acquired program rights | Gross carrying amount
Finite-life
Beginning of period	228	248
Additions	54	57
Disposals and other	77	77
End of period	205	228
Acquired program rights | Accumulated amortization
Finite-life
Beginning of period	77	77
Accumulated impairment losses	68	77
Disposals and other	(77)	(77)
End of period	68	77
Goodwill
Goodwill
Goodwill at beginning of period	3,973	3,923
Goodwill at end of period	4,024	3,973
Goodwill | Gross Carrying Amount, Before Adjustment
Goodwill
Goodwill at beginning of period	4,194	4,144
Amortization Of Goodwill	221	221
Goodwill at end of period		4,194
Goodwill | Gross carrying amount
Goodwill
Goodwill at beginning of period	3,973	3,923
Additions	51	50
Disposals and other	0	0
Goodwill at end of period	4,024	3,973
Goodwill | Accumulated amortization
Goodwill
Goodwill at beginning of period	0	0
Amortization Of Goodwill	0	0
Disposals and other	0	0
Goodwill at end of period	0	0
Spectrum licences
Indefinite-life
Beginning of period	8,371	8,331
Period end	11,714	8,371
Total intangible assets
Additions	3,300
Spectrum licences | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	8,371	8,331
Accumulated impairment losses	0	0
Period end		8,371
Spectrum licences | Gross carrying amount
Indefinite-life
Beginning of period	8,371	8,331
Additions	3,343	40
Disposals and other	0	0
Period end	11,714	8,371
Spectrum licences | Accumulated amortization
Indefinite-life
Beginning of period	0	0
Accumulated impairment losses	0	0
Period end	0	0
Total intangible assets
Disposals and other	0	0
Broadcast licences
Indefinite-life
Beginning of period	234	234
Period end	231	234
Broadcast licences | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	333	333
Accumulated impairment losses	99	99
Period end		333
Broadcast licences | Gross carrying amount
Indefinite-life
Beginning of period	234	234
Additions	0	0
Disposals and other	3	0
Period end	231	234
Broadcast licences | Accumulated amortization
Indefinite-life
Beginning of period	0	0
Accumulated impairment losses	0	0
Period end	0	0
Total intangible assets
Disposals and other	0	0
Brand names
Indefinite-life
Beginning of period	136	136
Period end	136	136
Brand names | Gross Carrying Amount, Before Adjustment
Indefinite-life
Beginning of period	420	420
Accumulated impairment losses	14	14
Period end		420
Brand names | Gross carrying amount
Indefinite-life
Beginning of period	406	406
Additions	0	0
Disposals and other	0	0
Period end	406	406
Brand names | Accumulated amortization
Indefinite-life
Beginning of period	270	270
Accumulated impairment losses	0	0
Period end	270	270
Total intangible assets
Disposals and other	$ 0	$ 0

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INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) $ in Billions	1 Months Ended	12 Months Ended
	Jul. 31, 2021 license	Dec. 31, 2021 CAD ($)
Disclosure of detailed information about intangible assets [line items]
Number of spectrum licenses acquired | license	325
Spectrum licences
Disclosure of detailed information about intangible assets [line items]
Additions | $		$ 3.3

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INTANGIBLE ASSETS AND GOODWILL - Overview of methods and key assumptions used to determine recoverable amounts for CGUs (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 4,024	$ 3,973
Operating segments | Wireless
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	1,160	1,160
Carrying value of indefinite-life intangible assets	$ 8,517
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	2.00%
Pre-tax discount rates (%)	8.50%
Operating segments | Cable
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 1,895	1,858
Carrying value of indefinite-life intangible assets	$ 0
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	1.50%
Pre-tax discount rates (%)	8.00%
Operating segments | Media
Disclosure of information for cash-generating units [line items]
Carrying value of goodwill	$ 969	$ 955
Carrying value of indefinite-life intangible assets	$ 232
Period of projected cash flows (years)	5 years
Terminal growth rates (%)	2.00%
Pre-tax discount rates (%)	10.60%

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RESTRUCTURING, ACQUISITION AND OTHER (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring, Acquisition, And Other [Abstract]
Restructuring and other	$ 187	$ 185
Shaw acquisition-related costs	137	0
Restructuring, acquisition and other	$ 324	$ 185

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FINANCE COSTS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finance Costs [Abstract]
Interest on borrowings	$ 745	$ 780
Interest on lease liabilities	74	70
Interest on post-employment benefits liability	14	13
Loss on foreign exchange	10	107
Change in fair value of derivative instruments	(6)	(97)
Capitalized interest	(17)	(19)
Other	29	27
Total finance costs	$ 849	$ 881

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OTHER EXPENSE (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Losses from associates and joint ventures	$ 44	$ 40
Other investment income	(42)	(39)
Total other expense	$ 2	$ 1

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INCOME TAXES - Components of tax expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Total current tax expense	$ 458	$ 712
Deferred tax expense (recovery):
Origination (reversal) of temporary differences	111	(129)
Revaluation of deferred tax balances due to legislative changes	0	(3)
Total deferred tax expense (recovery)	111	(132)
Total income tax expense	$ 569	$ 580

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INCOME TAXES - Reconciliation of income tax expense applying statutory tax and effective tax rates (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Statutory income tax rate	26.50%	26.60%
Income before income tax expense	$ 2,127	$ 2,172
Computed income tax expense	564	578
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation	1	0
Non-deductible portion of equity losses	12	10
Income tax adjustment, legislative tax change	0	(3)
Non-taxable income from security investments	(11)	(10)
Other	3	5
Total income tax expense	$ 569	$ 580
Effective income tax rate	26.80%	26.70%

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INCOME TAXES - Deferred income taxes (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	$ (3,196)	$ (3,437)
(Expense) recovery in net income	(111)	132
(Expense) in other comprehensive income	(118)	122
Acquisitions	(14)	(13)
Deferred tax assets (liabilities), end of period	(3,439)	(3,196)
Property, plant and equipment and inventory
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(1,484)	(1,366)
(Expense) recovery in net income	(122)	(108)
(Expense) in other comprehensive income	0	0
Acquisitions	(2)	(10)
Deferred tax assets (liabilities), end of period	(1,608)	(1,484)
Goodwill and other intangibles
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(1,450)	(1,318)
(Expense) recovery in net income	(116)	(129)
(Expense) in other comprehensive income	0	0
Acquisitions	(12)	(3)
Deferred tax assets (liabilities), end of period	(1,578)	(1,450)
Investments
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(130)	(168)
(Expense) recovery in net income	(2)	(2)
(Expense) in other comprehensive income	(3)	40
Acquisitions	0	0
Deferred tax assets (liabilities), end of period	(135)	(130)
Non-capital loss carryforwards
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	16	12
(Expense) recovery in net income	8	4
(Expense) in other comprehensive income	0	0
Acquisitions	0	0
Deferred tax assets (liabilities), end of period	24	16
Contract and deferred commission cost assets
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	(183)	(570)
(Expense) recovery in net income	59	387
(Expense) in other comprehensive income	0	0
Acquisitions	0	0
Deferred tax assets (liabilities), end of period	(124)	(183)
Other
Movement of net deferred tax assets and liabilities
Deferred tax assets (liabilities), beginning of period	35	(27)
(Expense) recovery in net income	62	(20)
(Expense) in other comprehensive income	(115)	82
Acquisitions	0	0
Deferred tax assets (liabilities), end of period	$ (18)	$ 35

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INCOME TAXES - Unrecognized deferred tax assets (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	$ 183	$ 192
Realized and accrued capital losses in Canada that can be applied against future capital gains
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	75	82
Tax losses in foreign jurisdictions that expire between 2023 and 2040
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	68	67
Deductible temporary differences in foreign jurisdictions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total unrecognized temporary differences	$ 40	$ 43

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EARNINGS PER SHARE (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Numerator (basic) - Net income for the year	$ 1,558	$ 1,592
Denominator - Number of shares (in millions):
Weighted average number of shares outstanding - basic (in shares)	505,000,000	505,000,000
Effect of dilutive securities (in millions):
Employee stock options and restricted share units (in shares)	1,000,000	1,000,000
Weighted average number of shares outstanding - diluted (in shares)	506,000,000	506,000,000
Earnings per share:
Basic (in dollars per share)	$ 3.09	$ 3.15
Diluted (in dollars per share)	$ 3.07	$ 3.13
Dilutive effect of securities on earnings per share	$ 3	$ 7
Antidilutive securities (in shares)	4,148,549	3,895,948

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ACCOUNTS RECEIVABLE (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Total accounts receivable	$ 4,701	$ 3,604
Current	3,847	2,856
Long-term	854	748
Gross carrying amount
Disclosure of detailed information about financial instruments [line items]
Customer accounts receivable	4,150	3,170
Other accounts receivable	791	656
Allowance for doubtful accounts
Disclosure of detailed information about financial instruments [line items]
Total accounts receivable	$ 240	$ 222

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INVENTORIES (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventories [Abstract]
Wireless devices and accessories	$ 436	$ 399
Other finished goods and merchandise	99	80
Total inventories	535	479
Cost of equipment sales and merchandise for resale	$ 2,432	$ 2,207

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Credit Risk (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets that are either past due or impaired [line items]
Contract assets	$ 204	$ 621	$ 1,791
Total customer accounts receivable and contract assets	4,114	3,569
Allowance for doubtful accounts
Disclosure of financial assets that are either past due or impaired [line items]
Contract assets	3	28
Accounts receivable
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	3,910	2,948
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of year	250	114
Allowance for doubtful accounts expense	155	307
Net use	(162)	(171)
Balance, end of year	243	250
Accounts receivable | Unbilled financing receivables
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	2,646	1,806
Accounts receivable | Less than 30 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	895	793
Accounts receivable | 30-60 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	214	207
Accounts receivable | 61-90 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	89	66
Accounts receivable | Greater than 90 days past billing date
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	66	76
Accounts receivable | Gross carrying amount
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	442	435
Accounts receivable | Allowance for doubtful accounts
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets	$ 240	$ 222

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity Risk (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings	$ 2,200	$ 1,221
Accounts payable and accrued liabilities	3,416	2,714
Long-term debt	18,688	18,201	$ 15,967
Lease liabilities	1,957	1,835	$ 1,725
Expenditure derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	19
Debt derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	(11)	12
Interest rate derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	243
Interest rate derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	243
Liquidity risk
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings	2,200	1,221
Short-term borrowings, undiscounted cash flows	2,200	1,221
Accounts payable and accrued liabilities	3,416	2,714
Accounts payable and accrued liabilities, undiscounted cash flows	3,416	2,714
Long-term debt	18,688	18,201
Long-term debt, undiscounted cash flows	18,873	18,373
Lease liabilities	1,957	1,835
Lease liabilities, undiscounted cash flows	2,498	2,353
Other long-term financial liabilities	14	22
Other long-term financial liabilities, undiscounted cash flows	14	22
Net carrying amount of derivatives (asset)	895	1,011
Financial liabilities	25,380	22,982
Financial liabilities, undiscounted cash flows	26,813	24,183
Liquidity risk | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	2,200	1,221
Accounts payable and accrued liabilities, undiscounted cash flows	3,416	2,714
Long-term debt, undiscounted cash flows	1,551	1,450
Lease liabilities, undiscounted cash flows	336	278
Other long-term financial liabilities, undiscounted cash flows	0	0
Financial liabilities, undiscounted cash flows	7,935	5,729
Net interest payments	804	747
Liquidity risk | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Long-term debt, undiscounted cash flows	2,312	3,274
Lease liabilities, undiscounted cash flows	677	647
Other long-term financial liabilities, undiscounted cash flows	7	14
Financial liabilities, undiscounted cash flows	2,675	3,706
Net interest payments	1,444	1,322
Liquidity risk | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Long-term debt, undiscounted cash flows	3,520	1,490
Lease liabilities, undiscounted cash flows	308	300
Other long-term financial liabilities, undiscounted cash flows	2	2
Financial liabilities, undiscounted cash flows	3,916	1,838
Net interest payments	1,321	1,167
Liquidity risk | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Short-term borrowings, undiscounted cash flows	0	0
Accounts payable and accrued liabilities, undiscounted cash flows	0	0
Long-term debt, undiscounted cash flows	11,490	12,159
Lease liabilities, undiscounted cash flows	1,177	1,128
Other long-term financial liabilities, undiscounted cash flows	5	6
Financial liabilities, undiscounted cash flows	12,287	12,910
Net interest payments	7,789	8,331
Liquidity risk | Expenditure derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	1,374	2,134
Net carrying amount of derivatives (asset)	1,354	2,024
Liquidity risk | Expenditure derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,240	1,305
Net carrying amount of derivatives (asset)	1,217	1,222
Liquidity risk | Expenditure derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	134	829
Net carrying amount of derivatives (asset)	137	802
Liquidity risk | Expenditure derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Expenditure derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Equity derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	(36)	(34)
Liquidity risk | Equity derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	(36)	(34)
Liquidity risk | Equity derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Equity derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Equity derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Liquidity risk | Debt derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	1,390	585
Net carrying amount of derivatives (asset)	1,401	573
Liquidity risk | Debt derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,390	585
Net carrying amount of derivatives (asset)	1,401	573
Liquidity risk | Debt derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	0	0
Net carrying amount of derivatives (asset)	0	0
Liquidity risk | Debt derivatives | Cash flow hedges
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0	0
Derivative financial liabilities, undiscounted cash flows	11,313	11,114
Net carrying amount of derivatives (asset)	11,717	11,702
Liquidity risk | Debt derivatives | Cash flow hedges | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,297	86
Net carrying amount of derivatives (asset)	1,084	81
Liquidity risk | Debt derivatives | Cash flow hedges | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,504	2,516
Net carrying amount of derivatives (asset)	1,822	2,772
Liquidity risk | Debt derivatives | Cash flow hedges | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	1,607	937
Net carrying amount of derivatives (asset)	1,521	891
Liquidity risk | Debt derivatives | Cash flow hedges | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities, undiscounted cash flows	6,905	7,575
Net carrying amount of derivatives (asset)	7,290	$ 7,958
Liquidity risk | Interest rate derivatives
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Derivative financial liabilities	0
Net carrying amount of derivatives (asset)	243
Liquidity risk | Interest rate derivatives | Less than 1 year
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Net carrying amount of derivatives (asset)	243
Liquidity risk | Interest rate derivatives | 1-3 Years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Net carrying amount of derivatives (asset)	0
Liquidity risk | Interest rate derivatives | 4-5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Net carrying amount of derivatives (asset)	0
Liquidity risk | Interest rate derivatives | After 5 years
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items]
Net carrying amount of derivatives (asset)	$ 0

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Interest Rate Risk (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Share price of publicly traded investments, change	$ 1
Impact on net income	0	$ 0
Impact on other comprehensive income	$ 17,000,000	14,000,000
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Expenditure derivatives - change in foreign exchange rate, change in Cdn% relative to US$ (in dollars per share)	$ 0.01
Impact on net income	$ 0	0
Impact on other comprehensive income	8,000,000	12,000,000
Interest rate risk | Interest rate derivatives
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on net income	0	0
Impact on other comprehensive income	76,000,000	0
Interest rate risk | Debt derivatives
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on net income	0	0
Impact on other comprehensive income	$ 46,000,000	0
Interest rate risk | Short-term borrowings
Disclosure of nature and extent of risks arising from financial instruments [line items]
Short-term borrowings, percent change in interest rates	1.00%
Impact on net income	$ 16,000,000	9,000,000
Impact on other comprehensive income	$ 0	$ 0
Fixed interest rate | Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percent of borrowings (as a percent)	89.30%	93.60%
Fixed interest rate | Interest rate risk | Senior Notes Due 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Short-term borrowings, percent change in interest rates	0.10%
Floating interest rate | Interest rate risk | Senior Notes Due 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Short-term borrowings, percent change in interest rates	1.00%
Impact on net income	$ 7,000,000	$ 7,000,000
Impact on other comprehensive income	$ 0	$ 0

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Derivative Instruments - Net Asset (Liability) Position (Details) $ in Millions, $ in Millions	Dec. 31, 2021 CAD ($) $ / $	Dec. 31, 2021 USD ($) $ / $	Dec. 31, 2020 CAD ($) $ / $	Dec. 31, 2020 USD ($) $ / $	Dec. 31, 2019 CAD ($)
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	$ 895		$ 1,011		$ 1,439
Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	$ 1,389	$ 1,104
Exchange rate, assets | $ / $	1.2578	1.2578
Fair value, assets	$ 1,121		$ 1,086
Exchange rate, liabilities | $ / $			1.2995	1.2995
Derivative Liabilities, Notional Amount1			$ 583	$ 449
Fair value, liabilities	11		(12)
Debt derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	$ 6,661	$ 5,859	$ 4,912	$ 4,550
Exchange rate, assets | $ / $	1.1369	1.1369	1.0795	1.0795
Fair value, assets	$ 1,110		$ 1,098		1,412
Exchange rate, liabilities | $ / $	1.3025	1.3025	1.3358	1.3358
Derivative Liabilities, Notional Amount1	$ 7,011	$ 5,383	$ 6,201	$ 4,642
Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	$ 545	$ 438
Exchange rate, assets | $ / $	1.2453	1.2453
Fair value, assets			$ (109)		1
Exchange rate, liabilities | $ / $	1.3151	1.3151	1.3421	1.3421
Derivative Liabilities, Notional Amount1	$ 829	$ 630	$ 2,134	$ 1,590
Fair value, liabilities	(19)
Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	265		238
Fair value, assets	36		34		55
Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	(243)
Interest rate derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Notional amount, assets	3,250
Derivative Liabilities, Notional Amount1	500	2,000
Fair value, liabilities	(243)
Before Offset Amount
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	1,551		1,439
Fair value, liabilities	(656)		(428)
Before Offset Amount | Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	(11)		0		$ (29)
Fair value, liabilities	0		(12)
Before Offset Amount | Debt derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	1,453		1,405
Fair value, liabilities	(343)		(307)
Before Offset Amount | Expenditure derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	11		0
Fair value, liabilities	(30)		(109)
Before Offset Amount | Equity derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	36		34
Fair value, liabilities	0		0
Before Offset Amount | Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Fair value, liabilities	(283)
Before Offset Amount | Interest rate derivatives | Cash flow hedges
Disclosure of detailed information about hedging instruments [line items]
Fair value, assets	40		0
Fair value, liabilities	$ (6)	$ (277)	$ 0

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Net Cash Proceeds (Payments) on Debt Derivatives (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about hedging instruments [line items]
Total payments on debt derivatives	$ (5,236)	$ (8,047)
Net (payments) proceeds on settlement of debt derivatives	(8)	80
Debt derivatives
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	3,914	6,906
Total payments on debt derivatives	(3,931)	(6,826)
Net (payments) proceeds on settlement of debt derivatives	(17)	80
Debt derivatives | US commercial paper program
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	2,911	5,542
Total payments on debt derivatives	(2,926)	(5,441)
Debt derivatives | Credit facilities
Disclosure of detailed information about hedging instruments [line items]
Total proceeds on debt derivatives	1,003	1,364
Total payments on debt derivatives	$ (1,005)	$ (1,385)

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Fair Value of Derivatives (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	$ 1,011		$ 1,439
Proceeds received from settlement of derivatives	(5,127)		(8,166)
Payment on derivatives settled	5,236		8,047
(Decrease) increase in fair value of derivatives	(225)		(309)
Derivative financial assets, end of year	895		1,011
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	1,086
Derivative financial liabilities, beginning of year	(12)
Proceeds received from settlement of derivatives	(3,914)		(6,906)
Payment on derivatives settled	3,931		6,826
(Decrease) increase in fair value of derivatives	6		97
Derivative financial assets, end of year	1,121		1,086
Derivative financial liabilities, end of year	11		(12)
Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, end of year	(243)
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	34		55
Proceeds received from settlement of derivatives	(3)		1
Payment on derivatives settled	0		0
(Decrease) increase in fair value of derivatives	5		(22)
Derivative financial assets, end of year	36		34
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	1,098		1,412
Proceeds received from settlement of derivatives	0		0
Payment on derivatives settled	0		0
(Decrease) increase in fair value of derivatives	12		(314)
Derivative financial assets, end of year	1,110		1,098
Cash flow hedges | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Proceeds received from settlement of derivatives	(9)
Payment on derivatives settled	0
(Decrease) increase in fair value of derivatives	(234)
Derivative financial liabilities, end of year	(243)
Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	(109)		1
Proceeds received from settlement of derivatives	(1,201)		(1,261)
Payment on derivatives settled	1,305		1,221
(Decrease) increase in fair value of derivatives	(14)		(70)
Derivative financial assets, end of year			(109)
Derivative financial liabilities, end of year	(19)
Before Offset Amount
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	1,439
Derivative financial liabilities, beginning of year	(428)
Derivative financial assets, end of year	1,551		1,439
Derivative financial liabilities, end of year	(656)		(428)
Before Offset Amount | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	0		(29)
Derivative financial liabilities, beginning of year	(12)
Derivative financial assets, end of year	(11)		0
Derivative financial liabilities, end of year	0		(12)
Before Offset Amount | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities, end of year	(283)
Before Offset Amount | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	34
Derivative financial liabilities, beginning of year	0
Derivative financial assets, end of year	36		34
Derivative financial liabilities, end of year	0		0
Before Offset Amount | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	1,405
Derivative financial liabilities, beginning of year	(307)
Derivative financial assets, end of year	1,453		1,405
Derivative financial liabilities, end of year	(343)		(307)
Before Offset Amount | Cash flow hedges | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	0
Derivative financial liabilities, beginning of year	0
Derivative financial assets, end of year	40		0
Derivative financial liabilities, end of year	(6)	$ (277)	0
Before Offset Amount | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets, beginning of year	0
Derivative financial liabilities, beginning of year	(109)
Derivative financial assets, end of year	11		0
Derivative financial liabilities, end of year	$ (30)		$ (109)

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Balance Sheet Classification (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Current asset	$ 120	$ 61
Long-term asset	1,431	1,378
Derivative financial assets	895	1,011	$ 1,439
Long-term liability	(189)	(318)
Before Offset Amount
Disclosure of detailed information about financial instruments [line items]
Current asset	120	61
Long-term asset	1,431	1,378
Derivative financial assets	1,551	1,439
Current liability	(467)	(110)
Long-term liability	(189)	(318)
Derivative financial liabilities	$ (656)	$ (428)

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Details of Derivative Instruments (Details) shares in Millions		12 Months Ended
	Jun. 22, 2020 CAD ($)	Dec. 31, 2021 CAD ($) $ / shares $ / $ shares	Dec. 31, 2021 USD ($) $ / $ shares	Dec. 31, 2020 CAD ($) $ / $ $ / shares shares	Dec. 31, 2020 USD ($) $ / $ shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 22, 2020 USD ($)	Dec. 31, 2019 CAD ($)
Disclosure of detailed information about financial instruments [line items]
Net cash paid on settlement		$ (8,000,000)		$ 80,000,000
Hedging effect, net proceeds received from issuances		550,000,000		2,540,000,000
Payments to settle derivative		5,236,000,000		8,047,000,000
Derivative financial assets outstanding		895,000,000		$ 1,011,000,000					$ 1,439,000,000
Senior Notes Due 2022
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 1,450,000,000
Coupon rate		5.34%				5.34%
Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 750,000,000		$ 750,000,000
Spread on variable rate (as a percent)								0.60%
Hedging effect, net proceeds received from issuances	$ 1,019,000,000
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Debt derivatives settled, exchange rate | $ / $				1.372	1.372
Payments to settle derivative		$ 3,931,000,000		$ 6,826,000,000
Outstanding bond forwards		(11,000,000)		12,000,000
Derivative financial assets outstanding		1,121,000,000		1,086,000,000
Debt derivatives | Credit facilities
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional		$ 1,503,000,000	$ 1,200,000,000	$ 1,385,000,000	$ 970,000,000
Debt derivatives entered, exchange rate | $ / $		1.253	1.253	1.428	1.428
Debt derivatives settled, notional amount		$ 1,003,000,000	$ 800,000,000	$ 1,364,000,000	$ 970,000,000
Debt derivatives settled, exchange rate | $ / $		1.254	1.254	1.406	1.406
Net cash paid on settlement		$ (2,000,000)		$ (21,000,000)
Debt derivatives | US commercial paper program
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional		$ 3,235,000,000	$ 2,568,000,000	$ 4,406,000,000	$ 3,316,000,000
Debt derivatives entered, exchange rate | $ / $		1.260	1.260	1.329	1.329
Debt derivatives settled, notional amount		$ 2,911,000,000	$ 2,312,000,000	$ 5,441,000,000	$ 4,091,000,000
Debt derivatives settled, exchange rate | $ / $		1.259	1.259	1.330	1.330
Net cash paid on settlement		$ (15,000,000)		$ 101,000,000
Debt derivatives | Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Coupon rate								0.955%
Hedging effect, net proceeds received from issuances	$ 1,019,000,000
Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional		$ 545,000,000	$ 438,000,000	$ 2,095,000,000	$ 1,560,000,000
Debt derivatives entered, exchange rate | $ / $		1.244	1.244	1.343	1.343
Debt derivatives settled, notional amount		$ 1,306,000,000	$ 960,000,000	$ 1,221,000,000	$ 940,000,000
Debt derivatives settled, exchange rate | $ / $		1.360	1.360	1.299	1.299
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Net cash paid on settlement		$ 3,000,000		$ 1,000,000
Payments to settle derivative		$ 0		$ 0
Weighted average price of hedging instrument | $ / shares		60.98		56.08
Derivative financial assets outstanding		$ 36,000,000		$ 34,000,000					55,000,000
Derivatives entered		$ 400,000		$ 300,000
Number of derivatives settled (in shares) | shares		0.5	0.5	0.5	0.5
Derivatives settled, weighted average price (in dollars per share) | $ / shares		$ 59.64		$ 54.16
Equity derivatives | Class B Non-Voting Shares
Disclosure of detailed information about financial instruments [line items]
Weighted average price of hedging instrument | $ / shares		53.10		51.82
Derivative financial assets outstanding		$ 5,000,000		$ 4,600,000
Equity derivatives | Less than 1 year
Disclosure of detailed information about financial instruments [line items]
Weighted average price of hedging instrument | $ / shares		50.37
Lease Liabilities
Disclosure of detailed information about financial instruments [line items]
Debt derivatives entered, notional		$ 168,000,000	$ 132,000,000	$ 158,000,000	$ 115,000,000
Debt derivatives entered, exchange rate | $ / $		1.273	1.273	1.374	1.374
Debt derivatives settled, notional amount		$ 108,000,000	$ 81,000,000	$ 59,000,000	$ 43,000,000
Debt derivatives settled, exchange rate | $ / $		1.333	1.333
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount						11,200,000,000	$ 9,200,000,000
Payments to settle derivative		$ 0		0
Derivative financial assets outstanding		$ 1,110,000,000		$ 1,098,000,000					1,412,000,000
Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 1,068,000,000	$ 1,590,000,000
Percent of derivatives designated as hedges		100.00%		100.00%		100.00%	100.00%
Average foreign exchange rate | $ / $		1.287	1.287	1.342	1.342
Payments to settle derivative		$ 1,305,000,000		$ 1,221,000,000
Outstanding bond forwards		$ 19,000,000
Derivative financial assets outstanding				$ (109,000,000)					$ 1,000,000
Cash flow hedges | Lease Liabilities
Disclosure of detailed information about financial instruments [line items]
Notional amount						$ 193,000,000	$ 142,000,000
Average foreign exchange rate | $ / $		1.301	1.301	1.352	1.352

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FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -Interest Rate Derivatives (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 17, 2021 CAD ($)	Dec. 31, 2020 USD ($)	Jun. 22, 2020 USD ($)
Disclosure of detailed information about financial instruments [line items]
Net (payments) proceeds on settlement of debt derivatives and forward contracts		$ (8,000,000)	$ 80,000,000
Senior Notes Due 2081
Disclosure of detailed information about financial instruments [line items]
Notional amount	$ 750,000,000	2,000,000,000
Senior Notes Due 2081 | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount	750,000,000	2,000,000,000				$ 2,000,000,000
Senior Notes Due 2022
Disclosure of detailed information about financial instruments [line items]
Notional amount		1,450,000,000
Senior Notes Due 2022 | Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount		600,000,000
Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about financial instruments [line items]
Notional amount					$ 750,000,000			$ 750,000,000
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount					11,200,000,000		$ 9,200,000,000
Interest rate risk | Bond Forwards
Disclosure of detailed information about financial instruments [line items]
Derivative financial liabilities held for hedging		500,000,000
Notional amount terminated		750,000,000
Interest rate risk | Interest rate swap contract [member] | Entering into significant commitments or contingent liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Net (payments) proceeds on settlement of debt derivatives and forward contracts	$ 33,000,000
Interest rate risk | Floating interest rate | Interest rate swap contract [member]
Disclosure of detailed information about financial instruments [line items]
Notional amount terminated				$ 950,000,000
Interest rate risk | Senior Notes Due 2081 | Bond Forwards
Disclosure of detailed information about financial instruments [line items]
Net (payments) proceeds on settlement of debt derivatives and forward contracts		9,000,000
Interest rate risk | Borrowings, US$2 Billion | Fixed interest rate | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount		$ 2,000,000,000
Interest rate risk | Cash flow hedges | Bond Forward Contract
Disclosure of detailed information about financial instruments [line items]
Notional amount					1,250,000,000
Interest rate risk | Cash flow hedges | Borrowings, US$3.25 Billion | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount					$ 3,250,000,000

XML

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Financial Instruments at Fair Value (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Investments in publicly traded companies	$ 1,581	$ 1,535
Derivative financial assets	895	1,011	$ 1,439
Total financial assets	3,132	2,974
Total financial liabilities	656	428
Long-term debt (including current portion)	18,688	18,201	15,967
Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,121	1,086
Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	36	34	55
Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,110	1,098	1,412
Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets		(109)	1
Fair value
Disclosure of detailed information about financial instruments [line items]
Long-term debt (including current portion)	20,790	22,006
Fair value (Level 1) | Fair value
Disclosure of detailed information about financial instruments [line items]
Investments in publicly traded companies	1,581	1,535
Total financial assets	1,581	1,535
Total financial liabilities	0	0
Fair value (Level 1) | Fair value | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 1) | Fair value | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Fair value (Level 1) | Fair value | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 1) | Fair value | Cash flow hedges | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 1) | Fair value | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Fair value (Level 2) | Fair value
Disclosure of detailed information about financial instruments [line items]
Investments in publicly traded companies	0	0
Total financial assets	1,551	1,439
Total financial liabilities	656	428
Fair value (Level 2) | Fair value | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	11	0
Derivative financial liabilities	0	12
Fair value (Level 2) | Fair value | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	36	34
Fair value (Level 2) | Fair value | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,453	1,405
Derivative financial liabilities	343	307
Fair value (Level 2) | Fair value | Cash flow hedges | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	40	0
Derivative financial liabilities	283	0
Fair value (Level 2) | Fair value | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	11	0
Derivative financial liabilities	30	109
Before Offset Amount
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,551	1,439
Before Offset Amount | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	(11)	0	$ (29)
Derivative financial liabilities	0	12
Before Offset Amount | Equity derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	36	34
Before Offset Amount | Cash flow hedges | Debt derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	1,453	1,405
Derivative financial liabilities	343	307
Before Offset Amount | Cash flow hedges | Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	40	0
Derivative financial liabilities	283	0
Before Offset Amount | Cash flow hedges | Expenditure derivatives
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	11	0
Derivative financial liabilities	$ 30	$ 109

XML

INVESTMENTS - Investment Types (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Interests in Other Entities [Abstract]
Investments in publicly traded companies	$ 1,581	$ 1,535
Investments in private companies	53	97
Investments, measured at FVTOCI	1,634	1,632
Investments, associates and joint ventures	859	904
Total investments	$ 2,493	$ 2,536

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INVESTMENTS - Narrative (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interests in Other Entities [Abstract]
Realized losses	$ 0	$ 0
Unrealized gains (losses)	$ 17,000,000	$ (296,000,000)
Maple Leaf Sports and Entertainment Limited (MLSE)
Disclosure of joint ventures [line items]
Proportion of ownership interest	37.50%
Maple Leaf Sports and Entertainment Limited (MLSE) | Parent Company and BCE, Inc.
Disclosure of joint ventures [line items]
Proportion of ownership interest	75.00%
Glentel
Disclosure of joint ventures [line items]
Proportion of ownership interest	50.00%
Glentel | BCE Inc.
Disclosure of joint ventures [line items]
Proportion of ownership interest	50.00%

XML

INVESTMENTS - Associates and Joint Venture Investment Impact (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Associates And Joint Ventures [Line Items]
Current assets	$ 5,829	$ 6,929
Current liabilities	(8,619)	(6,586)
Net income for the year	1,558	1,592
Associates | Joint ventures
Disclosure Of Associates And Joint Ventures [Line Items]
Current assets	537	512
Long-term assets	3,254	3,409
Current liabilities	(990)	(857)
Long-term liabilities	(1,177)	(1,358)
Total net assets	1,624	1,706
Our share of net assets	855	900
Revenue	1,805	1,310
Expenses	(1,912)	(1,410)
Net income for the year	(107)	(100)
Our share of net loss	$ (44)	$ (40)

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SHORT-TERM BORROWINGS - Short-term Borrowings (Details) $ in Millions, $ in Millions	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CAD ($)	Dec. 31, 2019 USD ($)
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	$ 2,200			$ 1,221
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	800			650		$ 650
US commercial paper program
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	893	$ 704		571	$ 449	$ 1,588	$ 1,223
Non-revolving credit facility borrowings
Disclosure of detailed information about borrowings [line items]
Total short-term borrowings	$ 507	$ 400	$ 1,200	$ 0	$ 0

XML

SHORT-TERM BORROWINGS - Proceeds/Repayments From Borrowing Programs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ 150,000,000		$ 0
Net proceeds received from (repayment of) short-term borrowings	971,000,000		(1,146,000,000)
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	150,000,000		0
US commercial paper program
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ 3,235,000,000	$ 2,568	$ 4,406,000,000	$ 3,316
Exchange rate on proceeds received from short-term borrowings	1.260	1.260	1.329	1.329
Repayments of short-term borrowings	$ (2,914,000,000)	$ (2,314)	$ (5,552,000,000)	$ (4,098)
Exchange rate on repayments of short-term borrowings	1.259	1.259	1.355	1.355
Net proceeds received from (repayment of) short-term borrowings	$ 321,000,000	$ 254	$ (1,146,000,000)	$ (782)
Credit facilities
Disclosure of detailed information about borrowings [line items]
Proceeds received from short-term borrowings	$ 1,503,000,000	$ 1,200	$ 0	$ 0
Exchange rate on proceeds received from short-term borrowings	1.253	1.253	0	0
Repayments of short-term borrowings	$ (1,003,000,000)	$ (800)	$ 0	$ 0
Exchange rate on repayments of short-term borrowings	1.254	1.254	0	0
Net proceeds received from (repayment of) short-term borrowings	$ 500,000,000		$ 0

XML

SHORT-TERM BORROWINGS - Accounts Receivable Securitization (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Short-term borrowings from buyer	$ (2,200)	$ (1,221)
Receivables securitization program
Disclosure of detailed information about borrowings [line items]
Trade receivables, maximum commitment	$ 1,200	1,200
Term of program (in years)	3 years
Receivables sold to buyer as security	$ 2,679	2,130
Short-term borrowings from buyer	(800)	(650)	$ (650)
Overcollateralization	$ 1,879	$ 1,480

XML

SHORT-TERM BORROWINGS - US Commercial Paper Program (Details) - US commercial paper program	12 Months Ended
	Dec. 31, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Maximum aggregate principal allowed to issue	$ 1,500,000,000
Minimum
Disclosure of detailed information about borrowings [line items]
Maturity term (in days)	1 day
Maximum
Disclosure of detailed information about borrowings [line items]
Maturity term (in days)	397 days

XML

SHORT-TERM BORROWINGS - Non-Revolving Credit Facility (Details) - Credit facilities $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2021 CAD ($)
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity						$ 1,600,000,000
Available liquidity		$ 1,200,000,000
Repayments of short-term borrowings		$ 1,003,000,000	$ 800	$ 0	$ 0
Changes In Significant Commitments
Disclosure of detailed information about borrowings [line items]
Repayments of short-term borrowings	$ 400,000,000

XML

SHORT-TERM BORROWINGS - Movement in Borrowing Programs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($) $ / $	Dec. 31, 2021 USD ($) $ / $	Dec. 31, 2020 CAD ($) $ / $	Dec. 31, 2020 USD ($) $ / $
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance | $	$ 1,221,000,000
Net (repayment of) proceeds received from short-term borrowings | $	971,000,000		$ (1,146,000,000)
Loss (gain) on foreign exchange | $	(10,000,000)		(107,000,000)
Short-term borrowings, ending balance | $	2,200,000,000		1,221,000,000
US commercial paper program
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance	$ 571,000,000	$ 449	$ 1,588,000,000	$ 1,223
Exchange rate on short-term borrowings	1.272	1.272	1.298	1.298
Net (repayment of) proceeds received from short-term borrowings	$ 321,000,000	$ 254	$ (1,146,000,000)	$ (782)
Exchange rate on (repayment of) proceeds received from short-term borrowings, net	1.264	1.264	1.465	1.465
Discount on issuance	$ 2,000,000	$ 1	$ 10,000,000	$ 8
Exchange rate on discounts on issuance of short-term borrowings			1.250	1.250
Loss (gain) on foreign exchange | $	1,000,000		$ (119,000,000)
Short-term borrowings, ending balance	$ 893,000,000	$ 704	$ 571,000,000	$ 449
Exchange rate on short-term borrowings	1.268	1.268	1.272	1.272
Non-revolving credit facility borrowings
Disclosure of detailed information about borrowings [line items]
Short-term borrowings, beginning balance	$ 0	$ 0
Exchange rate on short-term borrowings	0	0
Net (repayment of) proceeds received from short-term borrowings	$ 500,000,000	$ 400
Exchange rate on (repayment of) proceeds received from short-term borrowings, net	1.250	1.250
Loss (gain) on foreign exchange | $	$ 7,000,000
Short-term borrowings, ending balance	$ 507,000,000	$ 400	$ 0	$ 0
Exchange rate on short-term borrowings	1.268	1.268	0	0

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SHORT-TERM BORROWINGS - Committed Credit Facility (Details) - Committed Credit Facility - CAD ($)	1 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Mar. 15, 2021
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 19,000,000,000	$ 13,000,000,000	$ 13,000,000,000
Repayment period (in days)	364 days

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PROVISIONS (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in other provisions [abstract]
Balance	$ 46
Balance	53
Current (recorded in "other current liabilities")	607	$ 243
Long-term	50	$ 42
Additions	7
Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	3
Decommissioning Liabilities
Reconciliation of changes in other provisions [abstract]
Balance	45
Balance	52
Long-term	49
Additions	7
Decommissioning Liabilities | Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	3
Other
Reconciliation of changes in other provisions [abstract]
Balance	1
Balance	1
Long-term	1
Additions	0
Other | Other current liabilities
Reconciliation of changes in other provisions [abstract]
Current (recorded in "other current liabilities")	$ 0

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LONG-TERM DEBT - Summary of Long-term Debt (Details)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)	Jun. 22, 2020 USD ($)	Mar. 31, 2020 CAD ($)
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 17,137,000,000		$ 16,751,000,000
Deferred transaction costs and discounts	(185,000,000)		(172,000,000)
Less current portion	(1,551,000,000)		(1,450,000,000)
Senior Notes Due 2021 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,450,000,000
Interest rate	5.34%	5.34%
Senior Notes Due 2022
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,450,000,000
Interest rate	5.34%	5.34%
Senior Notes Due 2022 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 600,000,000
Interest rate	4.00%	4.00%
Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 750,000,000		$ 750,000,000
Senior Notes Due 2023 - 3.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	3.00%	3.00%
Senior Notes Due 2023 - 4.100% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 850,000,000
Interest rate	4.10%	4.10%
Senior Notes Due 2024 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 600,000,000
Interest rate	4.00%	4.00%
Senior Notes Due 2025 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 700,000,000
Interest rate	3.625%	3.625%
Senior Notes Due 2026 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	2.90%	2.90%
Senior Notes Due 2027 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,500,000,000				$ 1,500,000,000
Interest rate	3.65%	3.65%			3.65%
Senior Notes Due 2029 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 1,000,000,000
Interest rate	3.25%	3.25%
Senior Debentures Due 2032 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 200,000,000
Interest rate	8.75%	8.75%
Senior Notes Due 2038 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 350,000,000
Interest rate	7.50%	7.50%
Senior Notes Due 2039 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 500,000,000
Interest rate	6.68%	6.68%
Senior Notes Due 2040 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 800,000,000
Interest rate	6.11%	6.11%
Senior Notes Due 2041 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 400,000,000
Interest rate	6.56%	6.56%
Senior Notes Due 2043 - 4.500% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 500,000,000
Interest rate	4.50%	4.50%
Senior Notes Due 2043 - 5.450% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 650,000,000
Interest rate	5.45%	5.45%
Senior Notes Due 2044 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,050,000,000
Interest rate	5.00%	5.00%
Senior Notes Due 2048 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 750,000,000
Interest rate	4.30%	4.30%
Senior Notes Due 2049 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,250,000,000
Interest rate	4.35%	4.35%
Senior Notes Due 2049 - 3.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 1,000,000,000
Interest rate	3.70%	3.70%
Subordinated Notes | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount		$ 2,000,000,000
Interest rate	5.00%	5.00%
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 18,873,000,000		18,373,000,000
Gross carrying amount | Senior Notes Due 2021 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	0		1,450,000,000
Gross carrying amount | Senior Notes Due 2022 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	600,000,000		600,000,000
Gross carrying amount | Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	951,000,000		955,000,000
Gross carrying amount | Senior Notes Due 2023 - 3.000% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	634,000,000		637,000,000
Gross carrying amount | Senior Notes Due 2023 - 4.100% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,078,000,000		1,082,000,000
Gross carrying amount | Senior Notes Due 2024 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	600,000,000		600,000,000
Gross carrying amount | Senior Notes Due 2025 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	886,000,000		890,000,000
Gross carrying amount | Senior Notes Due 2026 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	634,000,000		637,000,000
Gross carrying amount | Senior Notes Due 2027 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,500,000,000		1,500,000,000
Gross carrying amount | Senior Notes Due 2029 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,000,000,000		1,000,000,000
Gross carrying amount | Senior Debentures Due 2032 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	254,000,000		255,000,000
Gross carrying amount | Senior Notes Due 2038 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	444,000,000		446,000,000
Gross carrying amount | Senior Notes Due 2039 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	500,000,000		500,000,000
Gross carrying amount | Senior Notes Due 2040 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	800,000,000		800,000,000
Gross carrying amount | Senior Notes Due 2041 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	400,000,000		400,000,000
Gross carrying amount | Senior Notes Due 2043 - 4.500% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	634,000,000		637,000,000
Gross carrying amount | Senior Notes Due 2043 - 5.450% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	823,000,000		827,000,000
Gross carrying amount | Senior Notes Due 2044 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,331,000,000		1,337,000,000
Gross carrying amount | Senior Notes Due 2048 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	951,000,000		955,000,000
Gross carrying amount | Senior Notes Due 2049 - 4.350% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,585,000,000		1,592,000,000
Gross carrying amount | Senior Notes Due 2049 - 3.700% | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,268,000,000		1,273,000,000
Gross carrying amount | Subordinated Notes | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 2,000,000,000		$ 0

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LONG-TERM DEBT - Long-Term Debt Activity (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	$ 550		$ 2,540
Net issuance of long-term debt	550		2,540
Long-term debt net of transaction costs, beginning of year	18,201		15,967
Net issuance of long-term debt	550		2,540
Payments for debt issue costs	31		23
Gain on foreign exchange	(50)		(297)
Deferred transaction costs incurred	(31)		(23)
Amortization of deferred transaction costs	18		14
Long-term debt net of transaction costs, end of year	18,688		18,201
Bank credit facilities
Disclosure of detailed information about borrowings [line items]
Net issuance of long-term debt	0		21
Net issuance of long-term debt	0		21
Bank Credit Facilities, US Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	$ 0	$ 0	$ 1,385	$ 970
Exchange rate on proceeds from non-current borrowings	0	0	1.428	1.428
Repayment of long-term debt	$ 0	$ 0	$ (1,364)	$ (970)
Exchange rate on repayments of non-current borrowings	0	0	1.406	1.406
Senior notes
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	$ 0		$ 2,519
Net issuance of long-term debt	(1,450)		2,519
Net issuance of long-term debt	(1,450)		2,519
Senior Notes, Canadian Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	0		1,500
Repayment of long-term debt	(1,450)		0
Senior Notes, US Portion
Disclosure of detailed information about borrowings [line items]
Proceeds on issuance of long-term debt	$ 0		$ 1,019
Exchange rate on proceeds from non-current borrowings	0	0	1.359	1.359
Principal amount		$ 0		$ 750
Subordinated Notes
Disclosure of detailed information about borrowings [line items]
Payments for debt issue costs	$ 2,000		$ 0

XML

LONG-TERM DEBT - Weighted Average Interest Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate	3.95%	4.09%

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LONG-TERM DEBT - Shaw Term Loan Facility (Details)	1 Months Ended
	Apr. 30, 2021 CAD ($) tranche
Shaw Term Loan Facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 6,000,000,000
Shaw Term Loan Facility | Minimum | Bank Prime Rate or Base Rate
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	0.00%
Shaw Term Loan Facility | Minimum | Bankers' Acceptance Rate or London Inter-Bank Offered Rate
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	0.65%
Shaw Term Loan Facility | Maximum | Bank Prime Rate or Base Rate
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	1.25%
Shaw Term Loan Facility | Maximum | Bankers' Acceptance Rate or London Inter-Bank Offered Rate
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	2.25%
Shaw Term Loan Facility, Tranches
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 2,000,000,000
Number of tranches | tranche	3
Shaw Term Loan Facility, Tranche One
Disclosure of detailed information about borrowings [line items]
Maturity (in years)	3 years
Shaw Term Loan Facility, Tranche Two
Disclosure of detailed information about borrowings [line items]
Maturity (in years)	4 years
Shaw Term Loan Facility, Tranche Three
Disclosure of detailed information about borrowings [line items]
Maturity (in years)	5 years

XML

LONG-TERM DEBT - Bank Credit and Letter of Credit Facilities (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 17,137,000,000	$ 16,751,000,000
Short-term borrowings	2,200,000,000	1,221,000,000
Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 4,000,000,000	3,200,000,000
Revolving Credit Facility | Bank Prime Rate or Base Rate | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	0.00%
Revolving Credit Facility | Bank Prime Rate or Base Rate | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	1.25%
Revolving Credit Facility | Bankers' Acceptance Rate or London Inter-Bank Offered Rate | Minimum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	0.85%
Revolving Credit Facility | Bankers' Acceptance Rate or London Inter-Bank Offered Rate | Maximum
Disclosure of detailed information about borrowings [line items]
Spread on variable rate (as a percent)	2.25%
Revolving Credit Facility, Tranche One
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 3,000,000,000	2,500,000,000
Revolving Credit Facility, Tranche Two
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 1,000,000,000	$ 700,000,000

XML

LONG-TERM DEBT - Senior Notes and Debentures (Details) $ / shares in Units, shares in Millions				1 Months Ended		12 Months Ended
	Dec. 17, 2021 CAD ($)	Jun. 22, 2020 CAD ($)	Mar. 31, 2020 CAD ($)	Feb. 28, 2022 CAD ($) $ / shares shares	Feb. 28, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Feb. 28, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 22, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Total gross proceeds						$ 550,000,000	$ 2,540,000,000
Debt derivatives | Cash flow hedges
Disclosure of detailed information about borrowings [line items]
Principal amount									$ 11,200,000,000	$ 9,200,000,000
Series I Preferred Shares | Major ordinary share transactions
Disclosure of detailed information about borrowings [line items]
Number of shares authorized for issue (in shares) | shares				3.3				3.3
Par value per share | $ / shares				$ 1,000
Series II Preferred Shares | Major ordinary share transactions
Disclosure of detailed information about borrowings [line items]
Number of shares authorized for issue (in shares) | shares				1.4				1.4
Par value per share | $ / shares				$ 1,000
Senior notes
Disclosure of detailed information about borrowings [line items]
Total gross proceeds						$ 0	$ 2,519,000,000
Maturity (in years)						5 years
Senior Notes Due 2081
Disclosure of detailed information about borrowings [line items]
Principal amount				$ 750,000,000		$ 2,000,000,000
Maturity (in years)						5 years
Senior Notes Due 2081 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount	$ 2,000,000,000			750,000,000		$ 2,000,000,000
Interest rate	5.00%					5.00%			5.00%
Total gross proceeds	$ 2,000,000,000
Transaction costs and discounts	$ 20,000,000
Senior Notes Due 2027
Disclosure of detailed information about borrowings [line items]
Maturity (in years)						5 years
Senior Notes Due 2027 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount			$ 1,500,000,000			$ 1,500,000,000
Interest rate			3.65%			3.65%			3.65%
Discount / premium at issuance			99.511%
Total gross proceeds			$ 1,500,000,000
Transaction costs and discounts			$ 16,000,000
Senior Notes Due 2022
Disclosure of detailed information about borrowings [line items]
Principal amount						$ 1,450,000,000
Interest rate						5.34%			5.34%
Maturity (in years)						5 years
Senior Notes Due 2022 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount						$ 600,000,000
Interest rate						4.00%			4.00%
Senior Notes Due 2022 | Floating interest rate
Disclosure of detailed information about borrowings [line items]
Principal amount									$ 750,000,000		$ 750,000,000
Spread on variable rate (as a percent)											0.60%
Total gross proceeds		$ 1,019,000,000
Transaction costs and discounts		5,000,000
Senior Notes Due 2022 | Floating interest rate | Debt derivatives
Disclosure of detailed information about borrowings [line items]
Interest rate											0.955%
Total gross proceeds		$ 1,019,000,000
Senior Notes Due 2082
Disclosure of detailed information about borrowings [line items]
Maturity (in years)						5 years
Senior Notes Due 2082 | Debt derivatives | Cash flow hedges | Interest rate risk | Entering into significant commitments or contingent liabilities [member]
Disclosure of detailed information about borrowings [line items]
Notional amount terminated								$ 950,000,000
Senior Notes Due 2082 | Fixed interest rate | Entering into significant commitments or contingent liabilities [member]
Disclosure of detailed information about borrowings [line items]
Total gross proceeds				$ 938,000,000	$ 740,000,000
Senior Notes Due 2082 | Floating interest rate | Entering into significant commitments or contingent liabilities [member]
Disclosure of detailed information about borrowings [line items]
Interest rate				5.25%				5.25%

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LONG-TERM DEBT - Principal Repayments (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 17,137	$ 16,751
Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Long-term debt	18,873	$ 18,373
2022
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,551
2023
Disclosure of detailed information about borrowings [line items]
Long-term debt	1,712
2024
Disclosure of detailed information about borrowings [line items]
Long-term debt	600
2025
Disclosure of detailed information about borrowings [line items]
Long-term debt	886
2026
Disclosure of detailed information about borrowings [line items]
Long-term debt	2,634
Thereafter
Disclosure of detailed information about borrowings [line items]
Long-term debt	$ 11,490

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LONG-TERM DEBT - Terms and Conditions (Details)	Dec. 31, 2021
Senior Debentures Due 2032 | Fixed interest rate
Disclosure of detailed information about borrowings [line items]
Interest rate	8.75%

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OTHER LONG-TERM LIABILITIES (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Deferred pension liability	$ 3	$ 590
Supplemental executive retirement plan	96	92
Stock-based compensation	49	39
Derivative instruments	189	318
Contract liabilities	52	69
Other	176	41
Total other long-term liabilities	$ 565	$ 1,149

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POST-EMPLOYMENT BENEFITS - Principal Actuarial Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined benefit obligation
Discount rate	3.30%	2.70%
Pension expense
Discount rate	2.70%	3.20%
Minimum
Defined benefit obligation
Rate of compensation increase	1.00%	1.00%
Pension expense
Rate of compensation increase	1.00%	1.00%
Maximum
Defined benefit obligation
Rate of compensation increase	4.50%	4.50%
Pension expense
Rate of compensation increase	4.50%	4.50%

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POST-EMPLOYMENT BENEFITS - Sensitivity of Key Assumptions (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Discount rate
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ (251)	$ (279)
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ 285	$ 319
Percentage of reasonably possible increase in actuarial assumption	0.50%	0.50%
Percentage of reasonably possible decrease in actuarial assumption	0.50%	0.50%
Rate of future compensation increase
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ 17	$ 20
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ (17)	$ (20)
Percentage of reasonably possible increase in actuarial assumption	0.25%	0.25%
Percentage of reasonably possible decrease in actuarial assumption	0.25%	0.25%
Mortality rate
Defined benefit obligation
Increase (decrease) in accrued benefit obligation due to reasonably possible increase in actuarial assumption	$ 67	$ 76
Increase (decrease) in accrued benefit obligation due to reasonably possible decrease in actuarial assumption	$ (72)	$ (80)
Duration of reasonably possible increase in actuarial assumption (in years)	1 year	1 year
Duration of reasonably possible decrease in actuarial assumption (in years)	1 year	1 year

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POST-EMPLOYMENT BENEFITS - Present Value of Accrued Plan Benefits and Estimated Market Values of Net Assets (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Net deferred pension asset (liability)	$ (96)	$ (92)
Domestic defined benefit plans
Disclosure of defined benefit plans [line items]
Plan assets, at fair value	3,198	2,791
Accrued benefit obligations	(3,171)	(3,365)
Surplus (deficiency) of plan assets over accrued benefit obligations	27	(574)
Effect of asset ceiling limit	(9)	0
Net deferred pension asset (liability)	18	(574)
Deferred pension asset	21	16
Deferred pension liability	$ (3)	$ (590)

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POST-EMPLOYMENT BENEFITS - Summary of Pension Fund Assets (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	$ (92)
Remeasurements, recognized in other comprehensive income and equity	297	$ 240
Contributions by employees	32	34
Contributions by employer	177	150
Plan assets, end of year	(96)	(92)
Domestic defined benefit plans
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	(574)
Interest income	(11)	(10)
Remeasurements, recognized in other comprehensive income and equity	223	163
Administrative expenses paid from plan assets	(4)	(4)
Plan assets, end of year	18	(574)
Domestic defined benefit plans | Plan assets
Changes in net defined benefit liability (asset) [abstract]
Plan assets, beginning of year	2,791	2,449
Interest income	78	81
Remeasurements, recognized in other comprehensive income and equity	223	163
Contributions by employees	32	34
Contributions by employer	177	150
Benefits paid	(99)	(82)
Administrative expenses paid from plan assets	(4)	(4)
Plan assets, end of year	$ 3,198	$ 2,791

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POST-EMPLOYMENT BENEFITS - Summary of Accrued Benefit Obligations (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	$ 92
Contributions by employees	32	$ 34
Net defined benefit plan (assets) accrued benefit obligations, ending balance	96	92
Domestic defined benefit plans
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	574
Current service cost	156	146
Pension expense, recognized in employee salaries and benefits expense	(171)	(160)
Net interest cost, recognized in finance costs	11	10
Remeasurements, recognized in other comprehensive income and equity	(586)	113
Net defined benefit plan (assets) accrued benefit obligations, ending balance	(18)	574
Domestic defined benefit plans | Accrued benefit obligation
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	3,365	2,900
Current service cost	156	146
Net interest cost, recognized in finance costs	89	91
Benefits paid	(99)	(82)
Contributions by employees	32	34
Remeasurements, recognized in other comprehensive income and equity	(372)	276
Net defined benefit plan (assets) accrued benefit obligations, ending balance	3,171	3,365
Unfunded supplemental benefits for certain executives | Accrued benefit obligation
Changes in net defined benefit liability (asset) [abstract]
Accrued benefit obligations, beginning of year	92	73
Pension expense, recognized in employee salaries and benefits expense	12	13
Net interest cost, recognized in finance costs	3	3
Benefits paid	(4)	(5)
Remeasurements, recognized in other comprehensive income and equity	(7)	8
Net defined benefit plan (assets) accrued benefit obligations, ending balance	$ 96	$ 92

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POST-EMPLOYMENT BENEFITS - Composition of Plan Assets (Details) - Domestic defined benefit plans - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Equity securities	$ 1,879	$ 1,689
Debt securities	1,302	1,087
Other - cash	17	15
Total fair value of plan assets	$ 3,198	$ 2,791

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POST-EMPLOYMENT BENEFITS - Benefit Plan Costs (Details) - Domestic defined benefit plans - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Current service cost	$ 156	$ 146
Net interest cost	11	10
Net pension expense	167	156
Administrative expense	4	4
Total pension cost recognized in net income	171	160
Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Net interest cost	(78)	(81)
Administrative expense	4	4
Accrued benefit obligation
Disclosure of net defined benefit liability (asset) [line items]
Current service cost	156	146
Net interest cost	$ 89	$ 91

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POST-EMPLOYMENT BENEFITS - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits [Abstract]
Defined contribution plan expense	$ 18	$ 15
Entity's own securities included in plan assets	12	$ 10
Estimate of contributions expected to be paid to plan for next annual reporting period	$ 134
Weighted average duration of defined benefit obligation	17 years	18 years
Return gain (loss) on plan assets	$ 297	$ 240
Cumulative loss in equity, employee benefit plans	$ 157	$ 592

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POST-EMPLOYMENT BENEFITS - Remeasurement Recognized in OCI and Equity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Return on plan assets (excluding interest income)	$ 297	$ 240
Change in asset ceiling	(9)	0
Domestic defined benefit plans
Disclosure of net defined benefit liability (asset) [line items]
Return on plan assets (excluding interest income)	223	163
Change in financial assumptions	390	(272)
Effect of experience adjustments	(18)	(4)
Remeasurement gain (loss), recognized in other comprehensive income and equity	$ 586	$ (113)

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POST-EMPLOYMENT BENEFITS - Allocation of Plan Assets (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Domestic equity securities	11.80%	11.90%
International equity securities	47.00%	48.60%
Debt securities	40.70%	39.00%
Other - cash	0.50%	0.50%
Total	100.00%	100.00%
Minimum
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Debt securities (as a percent)	25.00%
Target asset allocation percentage, Other - cash (as a percent)	0.00%
Minimum | Domestic
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	8.00%
Minimum | International
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	37.00%
Maximum
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Debt securities (as a percent)	45.00%
Target asset allocation percentage, Other - cash (as a percent)	2.00%
Maximum | Domestic
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	18.00%
Maximum | International
Disclosure of fair value of plan assets [line items]
Target asset allocation percentage, Equity securities (as a percent)	67.00%

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POST-EMPLOYMENT BENEFITS - Contributions to Plans (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits [Abstract]
Employer contribution	$ 177	$ 150
Employee contribution	32	34
Total contribution	$ 209	$ 184

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SHAREHOLDERS' EQUITY - Capital Stock (Details)	Feb. 28, 2022 $ / shares shares	Dec. 31, 2021 vote shares
Preferred shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)		400,000,000
Class A Voting Shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)		112,474,388
Number of votes entitled to | vote		50
Class B Non-Voting Shares
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)		1,400,000,000
Series I Preferred Shares | Major ordinary share transactions
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	3,300,000
Par value per share | $ / shares	$ 1,000
Series II Preferred Shares | Major ordinary share transactions
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	1,400,000
Par value per share | $ / shares	$ 1,000
Series II Preferred Shares | Preferred Shares Transaction | Senior Notes Due 2082 | Floating interest rate
Disclosure of classes of share capital [line items]
Number of shares authorized for issue (in shares)	1,400,000
Series I And II Preferred Shares | Preferred Shares Transaction | Senior Notes Due 2082 | Floating interest rate
Disclosure of classes of share capital [line items]
Par value per share | $ / shares	$ 1,000

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SHAREHOLDERS' EQUITY - Dividends (Details) - $ / shares										9 Months Ended		12 Months Ended
	Jan. 26, 2022	Jan. 04, 2022	Oct. 01, 2021	Jul. 02, 2021	Apr. 01, 2020	Jan. 02, 2020	Oct. 01, 2019	Jul. 02, 2019	Apr. 01, 2019	Jan. 04, 2021	Jan. 02, 2020	Dec. 31, 2021
Disclosure of classes of share capital [line items]
Dividends per share (in dollars per share)			$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 2.00	$ 2.00
Quarterly Dividend
Disclosure of classes of share capital [line items]
Dividends per share (in dollars per share)	$ 0.50	$ 0.50
Class A Voting Shares
Disclosure of classes of share capital [line items]
Entitled rate per share of dividends (in dollars per share)												$ 0.05
Class B Non-Voting Shares
Disclosure of classes of share capital [line items]
Entitled rate per share of dividends (in dollars per share)												$ 0.05

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SHAREHOLDERS' EQUITY - Normal Course Issuer Bid (Details) - 2020 NCIB - Class B Non-Voting Shares	Apr. 30, 2020 CAD ($) shares
Disclosure of classes of share capital [line items]
Authorized amount (in shares) | shares	34,900,000
Authorized amount | $	$ 500,000,000

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STOCK-BASED COMPENSATION - Principal assumptions used to determine fair value of stock options (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangements [Abstract]
Weighted average fair value	$ 7.46	$ 5.86
Risk-free interest rate	0.30%	1.70%
Dividend yield	3.40%	3.40%
Volatility of Class B Non-Voting Shares	23.10%	16.10%
Weighted average expected life	5.1	5.5

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STOCK-BASED COMPENSATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 CAD ($) shares $ / shares	Dec. 31, 2020 CAD ($) shares $ / shares	Dec. 31, 2019 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Liabilities from share-based payment transactions	$ 199,000,000	$ 204,000,000
Current liabilities from share-based payment transactions	150,000,000	165,000,000
Non-current liabilities from share-based payment transactions	49,000,000	39,000,000
Intrinsic value of liabilities from share-based payment transactions	95,000,000	103,000,000
Expense from cash-settled share-based payment transactions	$ 76,000,000	$ 60,000,000
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share) | $ / shares	$ 58.45	$ 54.80
Unrecognized stock-based compensation expense, stock options	$ 11,000,000	$ 5,000,000
Stock-based compensation expense (recovery)	$ 60,000,000	$ 60,000,000
Performance Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares	0	0
Award vesting term (in years)	4 years
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	1,068,776	1,068,776
Cash-settled stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of share options exercised in share-based payment arrangement (in dollars per share) | $ / shares	$ 57.52	$ 60.00
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share conversion ratio	1
Awards authorized (in shares) | shares	65,000,000
Award vesting term (in years)	4 years
Grant exercise price determination term	5 days
Unrecognized stock-based compensation expense, period of recognition (in years)	4 years
Stock-based compensation expense (recovery)	$ 3,000,000	$ (1,000,000)
Stock options | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award term (in years)	7 years
Stock options | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Award term (in years)	10 years
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares	1,341,801	1,026,067
Share conversion ratio	1
Award vesting term (in years)	3 years
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	2,691,288	2,573,894	2,472,774
Unrecognized stock-based compensation expense, period of recognition (in years)	3 years
Shares reserved for issue (in shares) | shares	4,000,000
Unrecognized stock-based compensation expense, other than options (in shares) | shares	64,000,000	50,000,000
Stock-based compensation expense (recovery)	$ 57,000,000	$ 49,000,000
Performance-based RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares	295,958	219,493
Award vesting term (in years)	3 years
Performance-based RSUs | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	30.00%
Performance-based RSUs | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	170.00%
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares	78,939	80,252
Award vesting term (in years)	3 years
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares	1,421,342	1,619,941	1,741,884
Unrecognized stock-based compensation expense, period of recognition (in years)	3 years
Unrecognized stock-based compensation expense, other than options (in shares) | shares	0	0
Stock-based compensation expense (recovery)	$ 6,000,000	$ (3,000,000)
Performance-based DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments granted in share-based payment arrangement (in shares) | shares	7,517	10,513
Award vesting term (in years)	3 years
Performance-based DSUs | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	50.00%
Performance-based DSUs | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Performance vesting rights	150.00%
Employee Share Accumulation Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum employee contribution percentage	15.00%
Amount of maximum annual employee contribution	$ 25,000
Stock-based compensation expense (recovery)	$ 52,000,000	$ 51,000,000
Employee Share Accumulation Plan | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employer percentage, matching contribution	25.00%
Employee Share Accumulation Plan | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Employer percentage, matching contribution	50.00%
Equity derivatives
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock-based compensation expense (recovery)	$ (6,000,000)	$ 15,000,000

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STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	$ 60	$ 60
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	3	(1)
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	57	49
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	6	(3)
Equity derivative effect, net of interest receipt
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total stock-based compensation expense	$ (6)	$ 15

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STOCK-BASED COMPENSATION - Stock Options Activity (Details)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares
Number of options
Outstanding, beginning of year (in shares) | shares	4,726,634	3,154,795
Granted (in shares) | shares	1,848,655	1,598,590
Exercised (in shares) | shares	(10,988)	(17,230)
Forfeited (in shares) | shares	(70,300)	(9,521)
Outstanding, end of year (in shares) | shares	6,494,001	4,726,634
Exercisable, end of year (in shares) | shares	2,373,717	1,470,383
Weighted average exercise price
Outstanding, beginning of year (in dollars per share) | $ / shares	$ 62.10	$ 61.82
Granted (in dollars per share) | $ / shares	60.61	62.56
Exercised (in dollars per share) | $ / shares	58.45	54.80
Forfeited (in dollars per share) | $ / shares	67.58	58.45
Outstanding, end of year (in dollars per share) | $ / shares	61.62	62.10
Exercisable, end of year (in dollars per share) | $ / shares	$ 59.68	$ 56.75

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STOCK-BASED COMPENSATION - Stock Option Range of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / shares
Options outstanding
Number outstanding (in shares) | shares	6,494,001	4,726,634	3,154,795
Weighted average remaining contractual life (years)	7 years 21 days
Weighted average exercise price (in dollars per share)	$ 61.62	$ 62.10	$ 61.82
Options outstanding
Number exercisable (in shares) | shares	2,373,717	1,470,383
Weighted average exercise price (in dollars per share)	$ 59.68	$ 56.75
$42.85 - $44.99
Options outstanding
Number outstanding (in shares) | shares	153,937
Weighted average remaining contractual life (years)	2 years 9 months 25 days
Weighted average exercise price (in dollars per share)	$ 44.24
Options outstanding
Number exercisable (in shares) | shares	153,937
Weighted average exercise price (in dollars per share)	$ 44.24
$42.85 - $44.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	42.85
$42.85 - $44.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 44.99
$45.00 - $49.99
Options outstanding
Number outstanding (in shares) | shares	499,844
Weighted average remaining contractual life (years)	2 years
Weighted average exercise price (in dollars per share)	$ 48.87
Options outstanding
Number exercisable (in shares) | shares	499,844
Weighted average exercise price (in dollars per share)	$ 48.87
$45.00 - $49.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	45.00
$45.00 - $49.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 49.99
$55.00 - $59.99
Options outstanding
Number outstanding (in shares) | shares	1,691,671
Weighted average remaining contractual life (years)	7 years 7 months 24 days
Weighted average exercise price (in dollars per share)	$ 58.35
Options outstanding
Number exercisable (in shares) | shares	597,601
Weighted average exercise price (in dollars per share)	$ 57.93
$55.00 - $59.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	55.00
$55.00 - $59.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 59.99
$60.00 - $64.99
Options outstanding
Number outstanding (in shares) | shares	3,014,614
Weighted average remaining contractual life (years)	7 years 11 months 23 days
Weighted average exercise price (in dollars per share)	$ 62.48
Options outstanding
Number exercisable (in shares) | shares	545,941
Weighted average exercise price (in dollars per share)	$ 62.66
$60.00 - $64.99 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	60.00
$60.00 - $64.99 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 64.99
$65.00 - $73.00
Options outstanding
Number outstanding (in shares) | shares	1,133,935
Weighted average remaining contractual life (years)	6 years 6 months 18 days
Weighted average exercise price (in dollars per share)	$ 72.22
Options outstanding
Number exercisable (in shares) | shares	576,394
Weighted average exercise price (in dollars per share)	$ 72.16
$65.00 - $73.00 | Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	65.00
$65.00 - $73.00 | Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Range of exercise prices	$ 73.00

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STOCK-BASED COMPENSATION - Restricted and Deferred Share Unit Activity (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of year (in shares)	2,573,894	2,472,774
Granted and reinvested dividends (in shares)	1,341,801	1,026,067
Exercised (in shares)	(1,041,890)	(803,266)
Forfeited (in shares)	(182,517)	(121,681)
Outstanding, end of year (in shares)	2,691,288	2,573,894
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of year (in shares)	1,619,941	1,741,884
Granted and reinvested dividends (in shares)	78,939	80,252
Exercised (in shares)	(277,439)	(192,718)
Forfeited (in shares)	(99)	(9,477)
Outstanding, end of year (in shares)	1,421,342	1,619,941

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RELATED PARTY TRANSACTIONS - Narrative (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Controlling Shareholder
Disclosure of transactions between related parties [line items]
Related party transaction (less than)	$ 1	$ 1
Rogers Communications Canada, Inc. and Rogers Media Inc.
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in subsidiary	100.00%

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RELATED PARTY TRANSACTIONS - Key Management Personnel Compensation (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party [Abstract]
Salaries and other short-term employee benefits	$ 19	$ 11
Post-employment benefits	4	2
Stock-based compensation	21	19
Total compensation	$ 44	$ 32

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RELATED PARTY TRANSACTIONS - Key Management Personnel Transactions (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Printing and legal services, outstanding balance	$ 617
Key management personnel of entity or parent
Disclosure of transactions between related parties [line items]
Printing and legal services	$ 3	$ 4
Printing and legal services, outstanding balance		$ 1

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RELATED PARTY TRANSACTIONS - Subsidiary Transactions (Details) - Subsidiaries - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Revenue	$ 31	$ 26
Purchases	180	121
Accounts receivable	112	92
Accounts payable and accrued liabilities	$ 95	$ 59

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COMMITMENTS AND CONTINGENT LIABILITIES - Future Minimum Payments for Contractual Commitments (Details) $ in Millions	Dec. 31, 2021 CAD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	$ 555
Purchase obligations	623
Program rights	2,635
Total commitments	3,813
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	129
Purchase obligations	327
Program rights	659
Total commitments	1,115
1-3 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	204
Purchase obligations	192
Program rights	1,151
Total commitments	1,547
4-5 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	222
Purchase obligations	85
Program rights	824
Total commitments	1,131
After 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Player contracts	0
Purchase obligations	19
Program rights	1
Total commitments	$ 20

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COMMITMENTS AND CONTINGENT LIABILITIES - Other (Details) $ in Millions	Dec. 31, 2021 CAD ($)
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]
Acquisition of property, plant and equipment	$ 209
Acquisition of intangible assets	21
Our share of commitments related to associates and joint ventures	387
Total other commitments	$ 617

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COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - Legal proceedings provision [member] - CAD ($)	Oct. 29, 2021	Aug. 15, 2019
CRTC
Disclosure of contingent liabilities [line items]
Markup (as a percent)		10.00%
Refund amount		$ 25,000,000
Videotron
Disclosure of contingent liabilities [line items]
Estimated impact that would have resulted this quarter for CRTC's order as drafted	$ 850,000,000

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SUPPLEMENTAL CASH FLOW INFORMATION - Changes in non-cash operating working capital items (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flow Statement [Abstract]
Accounts receivable, excluding financing receivables	$ (78)	$ 455
Financing receivables	(840)	(1,658)
Contract assets	417	1,170
Inventories	(56)	(19)
Other current assets	13	(132)
Accounts payable and accrued liabilities	556	(326)
Contract and other liabilities	25	177
Total change in net operating assets and liabilities	$ 37	$ (333)

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SHAW TRANSACTION (Details) - CAD ($)	Mar. 15, 2022	Dec. 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Mar. 15, 2021
Committed Credit Facility
Disclosure of contingent liabilities in business combination [line items]
Maximum borrowing capacity		$ 13,000,000,000		$ 19,000,000,000	$ 13,000,000,000
Shaw Term Loan Facility
Disclosure of contingent liabilities in business combination [line items]
Maximum borrowing capacity			$ 6,000,000,000
Shaw
Disclosure of contingent liabilities in business combination [line items]
Price per share (in USD per share)	$ 40.50
Price per share received in cash (in Canadian Dollar per share)	$ 16.20
Borrowings recognised as of acquisition date	$ 6,000,000,000
Shaw | Major business combination
Disclosure of contingent liabilities in business combination [line items]
Fair value of consideration transferred	26,000,000,000
Reverse termination fee	$ 1,200,000,000
Shaw | Shaw Term Loan Facility
Disclosure of contingent liabilities in business combination [line items]
Maximum borrowing capacity			$ 6,000,000,000
Shaw | Class B Non-Voting Shares
Disclosure of contingent liabilities in business combination [line items]
Class B non-voting shares	0.417206775

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Label	Element	Value
Net Carrying Amount [Member]
Property, Plant, and Equipment and Right-of-Use Assets	rci_PropertyPlantandEquipmentandRightofUseAssets	$ 13,934,000,000
Gross carrying amount [member]
Property, Plant, and Equipment and Right-of-Use Assets	rci_PropertyPlantandEquipmentandRightofUseAssets	34,577,000,000
Accumulated depreciation and amortisation [member]
Property, Plant, and Equipment and Right-of-Use Assets	rci_PropertyPlantandEquipmentandRightofUseAssets	$ 20,643,000,000