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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)Note20212020
Interest on borrowings 1
745 780 
Interest on lease liabilities74 70 
Interest on post-employment benefits liability23 14 13 
Loss on foreign exchange10 107 
Change in fair value of derivative instruments(6)(97)
Capitalized interest(17)(19)
Other29 27 
Total finance costs849 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.