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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 instrumentClassification and measurement method
Financial assets
Cash and cash equivalents Amortized cost
Accounts receivableAmortized cost
Financing receivablesAmortized cost
Investments, measured at FVTOCI
FVTOCI with no reclassification to net income 1
Financial liabilities
Bank advancesAmortized cost
Short-term borrowingsAmortized cost
Accounts payableAmortized cost
Accrued liabilitiesAmortized cost
Long-term debtAmortized cost
Lease liabilitiesAmortized cost
Derivatives 2
Debt derivatives 3
FVTOCI and FVTPL
Interest rate derivativesFVTOCI
Expenditure derivativesFVTOCI
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:
DerivativesThe risk they manageTypes 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 liabilitiesCross-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 instrumentFinancial risks
Financial assets
Cash and cash equivalentsCredit and foreign exchange
Accounts receivableCredit and foreign exchange
Financing receivablesCredit
Investments, measured at FVTOCILiquidity, market price, and foreign exchange
Financial liabilities
Bank advancesLiquidity
Short-term borrowingsLiquidity, foreign exchange, and interest rate
Accounts payableLiquidity
Accrued liabilitiesLiquidity
Long-term debtLiquidity, foreign exchange, and interest rate
Lease liabilitiesLiquidity and foreign exchange
Derivatives 1
Debt derivativesCredit, liquidity, and foreign exchange
Interest rate derivativesCredit, liquidity, and interest rate
Expenditure derivativesCredit, liquidity, and foreign exchange
Equity derivativesCredit, 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$) 
Debt derivatives accounted for as cash flow hedges:
As assets5,859 1.1369 6,661 1,453 
As liabilities5,383 1.3025 7,011 (343)
Short-term debt derivatives not accounted for as hedges:
As assets1,104 1.2578 1,389 11 
Net mark-to-market debt derivative asset   1,121 
Interest rate derivatives accounted for as cash flow hedges:
As assets (Cdn$)— — 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 assets438 1.2453 545 11 
As liabilities630 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 liabilities4,642 1.3358 6,201 (307)
Short-term debt derivatives not accounted for as hedges:
As liabilities449 1.2995 583 (12)
Net mark-to-market debt derivative asset1,086 
Expenditure derivatives accounted for as cash flow hedges:
As liabilities1,590 1.3421 2,134 (109)
Equity derivatives not accounted for as hedges:
As assets— — 238 34 
Net mark-to-market asset1,011 
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) 20212020
 
Current asset120 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) 20212020
 
Customer accounts receivable
Unbilled financing receivables2,646 1,806 
Less than 30 days past billing date895 793 
30-60 days past billing date214 207 
61-90 days past billing date89 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 assets4,114 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) 20212020
 
Balance, beginning of year250 114 
Allowance for doubtful accounts expense155 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, 2021CarryingContractualLess than1 to 34 to 5More than
(In millions of dollars)amountcash flows1 yearyearsyears5 years
 
Short-term borrowings2,200 2,200 2,200 — — — 
Accounts payable and accrued liabilities3,416 3,416 3,416 — — — 
Long-term debt 1
18,688 18,873 1,551 2,312 3,520 11,490 
Lease liabilities1,957 2,498 336 677 308 1,177 
Other long-term financial liabilities14 14 — 
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, 2020CarryingContractualLess than1 to 34 to 5More than
(In millions of dollars)amountcash flows1 yearyearsyears5 years
 
Short-term borrowings1,221 1,221 1,221 — — — 
Accounts payable and accrued liabilities2,714 2,714 2,714 — — — 
Long-term debt18,201 18,373 1,450 3,274 1,490 12,159 
Lease liabilities1,835 2,353 278 647 300 1,128 
Other long-term financial liabilities22 22 — 14 
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) 
20221,551 
20231,712 
2024600 
2025886 
2026 1
2,634 
Thereafter11,490 
Total long-term debt18,873 
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 2,635 
Total commitments1,115 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, 2021CarryingContractualLess than1 to 34 to 5More than
(In millions of dollars)amountcash flows1 yearyearsyears5 years
 
Short-term borrowings2,200 2,200 2,200 — — — 
Accounts payable and accrued liabilities3,416 3,416 3,416 — — — 
Long-term debt 1
18,688 18,873 1,551 2,312 3,520 11,490 
Lease liabilities1,957 2,498 336 677 308 1,177 
Other long-term financial liabilities14 14 — 
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, 2020CarryingContractualLess than1 to 34 to 5More than
(In millions of dollars)amountcash flows1 yearyearsyears5 years
 
Short-term borrowings1,221 1,221 1,221 — — — 
Accounts payable and accrued liabilities2,714 2,714 2,714 — — — 
Long-term debt18,201 18,373 1,450 3,274 1,490 12,159 
Lease liabilities1,835 2,353 278 647 300 1,128 
Other long-term financial liabilities22 22 — 14 
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, 2021Less than 1 year1 to 3 years4 to 5 yearsMore than 5 years
(In millions of dollars)
Net interest payments804 1,444 1,321 7,789 
December 31, 2020Less than 1 year1 to 3 years4 to 5 yearsMore than 5 years
(In millions of dollars)
Net interest payments747 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)2021202020212020
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 — 
Short-term borrowings
1% change in interest rates
16  — 
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)20212020
Proceeds on debt derivatives related to US commercial paper2,911 5,542 
Proceeds on debt derivatives related to credit facility borrowings1,003 1,364 
Total proceeds on debt derivatives3,914 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, 2021Debt derivatives (hedged)Debt derivatives (unhedged)Interest rate derivativesExpenditure derivativesEquity derivativesTotal 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 derivatives12 (234)(14)(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, 2020Debt derivatives (hedged)Debt derivatives (unhedged)Expenditure derivativesEquity derivativesTotal instruments
(In millions of dollars)
Derivative instruments, beginning of year
1,412 (29)55 1,439 
Proceeds received from settlement of derivatives
— (6,906)(1,261)(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, 2021Year ended December 31, 2020
(In millions of dollars, except exchange rates)
Notional
(US$)
Exchange rateNotional (Cdn$)
Notional
(US$)
Exchange rateNotional (Cdn$)
Credit facilities
Debt derivatives entered1,200 1.253 1,503 970 1.428 1,385 
Debt derivatives settled800 1.254 1,003 970 1.406 1,364 
Net cash paid on settlement(2)(21)
US commercial paper program
Debt derivatives entered2,568 1.260 3,235 3,316 1.329 4,406 
Debt derivatives settled2,312 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$Hedging effect
Effective datePrincipal/Notional amount (US$)Maturity dateCoupon rate 
Fixed hedged (Cdn$) interest rate 1
Equivalent (Cdn$)
2020 issuances
June 22, 2020750 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, 2021Year ended December 31, 2020
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Debt derivatives entered132 1.273 168 115 1.374 158 
Debt derivatives settled81 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, 2021Year ended December 31, 2020
(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$)Notional (US$)Exchange rateNotional (Cdn$)
Expenditure derivatives entered438 1.244 545 1,560 1.343 2,095 
Expenditure derivatives settled960 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 valueFair value (Level 1)Fair value (Level 2)
(In millions of dollars)202120202021202020212020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies1,581 1,535 1,581 1,535  — 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges1,453 1,405  — 1,453 1,405 
Debt derivatives not accounted for as cash flow hedges11 —  — 11 — 
Interest rate derivatives accounted for as cash flow hedges40 —  — 40 — 
Expenditure derivatives accounted for as cash flow hedges11 —  — 11 — 
Equity derivatives not accounted for as cash flow hedges36 34  — 36 34 
Total financial assets3,132 2,974 1,581 1,535 1,551 1,439 
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges343 307  — 343 307 
Debt derivatives not accounted for as hedges 12  —  12 
Interest rate derivatives accounted for as cash flow hedges283 —  — 283 — 
Expenditure derivatives accounted for as cash flow hedges30 109  — 30 109 
Total financial liabilities656 428  — 656 428 

Below is a summary of the fair value of our long-term debt.
  As at December 31
(In millions of dollars)20212020
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 valueFair value (Level 1)Fair value (Level 2)
(In millions of dollars)202120202021202020212020
Financial assets
Investments, measured at FVTOCI:
Investments in publicly traded companies1,581 1,535 1,581 1,535  — 
Held-for-trading:
Debt derivatives accounted for as cash flow hedges1,453 1,405  — 1,453 1,405 
Debt derivatives not accounted for as cash flow hedges11 —  — 11 — 
Interest rate derivatives accounted for as cash flow hedges40 —  — 40 — 
Expenditure derivatives accounted for as cash flow hedges11 —  — 11 — 
Equity derivatives not accounted for as cash flow hedges36 34  — 36 34 
Total financial assets3,132 2,974 1,581 1,535 1,551 1,439 
Financial liabilities
Held-for-trading:
Debt derivatives accounted for as cash flow hedges343 307  — 343 307 
Debt derivatives not accounted for as hedges 12  —  12 
Interest rate derivatives accounted for as cash flow hedges283 —  — 283 — 
Expenditure derivatives accounted for as cash flow hedges30 109  — 30 109 
Total financial liabilities656 428  — 656 428 

Below is a summary of the fair value of our long-term debt.
  As at December 31
(In millions of dollars)20212020
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.