LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Disclosure of detailed information about borrowings

	As at December 31
(In millions of dollars)	2022	2021
Receivables securitization program	2,400	800
US commercial paper program (net of the discount on issuance)	214	893
Non-revolving credit facility borrowings	371	507
Total short-term borrowings	2,985	2,200

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2022 and 2021.

	Year ended December 31, 2022			Year ended December 31, 2021
	Notional	Exchange	Notional	Notional	Exchange	Notional
(In millions of dollars, except exchange rates)	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Proceeds received from receivables securitization			1,600			150
Net proceeds received from receivables securitization			1,600			150
Proceeds received from US commercial paper	6,745	1.302	8,781	2,568	1.260	3,235
Repayment of US commercial paper	(7,303)	1.306	(9,537)	(2,314)	1.259	(2,914)
Net (repayment of) proceeds received from US commercial paper			(756)			321
Proceeds received from non-revolving credit facilities (Cdn$)			865			—
Proceeds received from non-revolving credit facilities (US$)	—	—	—	1,200	1.253	1,503
Total proceeds received from non-revolving credit facilities			865			1,503
Repayment of non-revolving credit facilities (Cdn$)			(495)			—
Repayment of non-revolving credit facilities (US$)	(400)	1.268	(507)	(800)	1.254	(1,003)
Total repayment of non-revolving credit facilities			(1,002)			(1,003)
Net (repayment of) proceeds received from non-revolving credit facilities			(137)			500
Net proceeds received from short-term borrowings			707			971

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2022 and 2021.

	Year ended December 31, 2022			Year ended December 31, 2021
	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	704	1.268	893	449	1.272	571
Net (repayment of) proceeds received from US commercial paper	(558)	1.355	(756)	254	1.264	321
Discounts on issuance 1	12	1.250	15	1	n/m	2
Loss (gain) on foreign exchange 1			62			(1)
US commercial paper, end of year	158	1.354	214	704	1.268	893

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, 2022 and year ended December 31, 2021.

	Years ended December 31
(In millions of dollars)	2022	2021
Non-revolving credit facility, beginning of year	507	—
Net (repayment of) proceeds received from non-revolving credit facilities	(137)	500
Loss on foreign exchange 1	1	7
Non-revolving credit facility, end of year	371	507

						As at December 31
(In millions of dollars, except interest rates)	Due date		Principal amount	Interest rate		2022	2021
Senior notes	2022	US	750	Floating		—	951
Senior notes	2022		600	4.000	%	—	600
Senior notes	2023	US	500	3.000	%	677	634
Senior notes	2023	US	850	4.100	%	1,151	1,078
Senior notes	2024		600	4.000	%	600	600
Senior notes 1	2025	US	1,000	2.950	%	1,354	—
Senior notes 1	2025		1,250	3.100	%	1,250	—
Senior notes	2025	US	700	3.625	%	948	886
Senior notes	2026	US	500	2.900	%	677	634
Senior notes	2027		1,500	3.650	%	1,500	1,500
Senior notes 1	2027	US	1,300	3.200	%	1,761	—
Senior notes 1	2029		1,000	3.750	%	1,000	—
Senior notes	2029		1,000	3.250	%	1,000	1,000
Senior notes 1	2032	US	2,000	3.800	%	2,709	—
Senior notes 1	2032		1,000	4.250	%	1,000	—
Senior debentures 2	2032	US	200	8.750	%	271	254
Senior notes	2038	US	350	7.500	%	474	444
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 1	2042	US	750	4.500	%	1,016	—
Senior notes	2043	US	500	4.500	%	677	634
Senior notes	2043	US	650	5.450	%	880	823
Senior notes	2044	US	1,050	5.000	%	1,422	1,331
Senior notes	2048	US	750	4.300	%	1,016	951
Senior notes	2049	US	1,250	4.350	%	1,693	1,585
Senior notes	2049	US	1,000	3.700	%	1,354	1,268
Senior notes 1	2052	US	2,000	4.550	%	2,709	—
Senior notes 1	2052		1,000	5.250	%	1,000	—
Subordinated notes 3	2081		2,000	5.000	%	2,000	2,000
Subordinated notes 3	2082	US	750	5.250	%	1,016	—
						32,855	18,873
Deferred transaction costs and discounts						(1,122)	(185)
Less current portion						(1,828)	(1,551)
Total long-term debt						29,905	17,137

1 Included in Shaw senior note financing.

2    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, 2022 and 2021.

3    The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 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, 2022 and 2021.

	Year ended December 31, 2022			Year ended December 31, 2021
(In millions of dollars, except exchange rates)	Notional	Exchange	Notional	Notional	Exchange	Notional
	(US$)	rate	(Cdn$)	(US$)	rate	(Cdn$)
Senior note issuances (Cdn$)			4,250			—
Senior note issuances (US$)	7,050	1.284	9,054	—	—	—
Total senior note issuances			13,304			—
Senior note repayments (Cdn$)			(600)			(1,450)
Senior note repayments (US$)	(750)	1.259	(944)	—	—	—
Total senior note repayments			(1,544)			(1,450)
Net issuance (repayment) of senior notes			11,760			(1,450)
Subordinated note issuances (Cdn$)			—			2,000
Subordinated note issuances (US$)	750	1.268	951	—	—	—
Total subordinated note issuances			951			2,000
Net issuance of long-term debt			12,711			550

	Years ended December 31
(In millions of dollars)	2022	2021
Long-term debt net of transaction costs, beginning of year	18,688	18,201
Net issuance of long-term debt	12,711	550
Loss (gain) on foreign exchange	1,271	(50)
Deferred transaction costs incurred	(988)	(31)
Amortization of deferred transaction costs	51	18
Long-term debt net of transaction costs, end of year	31,733	18,688
Current	1,828	1,551
Long-term	29,905	17,137
Long-term debt net of transaction costs, end of year	31,733	18,688

Below is a summary of the senior and subordinated notes we issued in 2022 and 2021.

(In millions of dollars, except interest rates and discounts)									Transaction costs and discounts 2 (Cdn$)
Date issued		Principal amount	Due date	Interest rate		Discount/ premium at issuance		Total gross proceeds 1 (Cdn$)	Upon issuance	Upon modification 3
2022 issuances
February 11, 2022 (subordinated) 4	US	750	2082	5.250	%	At par		951	13	—
March 11, 2022 (senior) 5	US	1,000	2025	2.950	%	99.934	%	1,283	9	50
March 11, 2022 (senior)		1,250	2025	3.100	%	99.924	%	1,250	7	—
March 11, 2022 (senior)	US	1,300	2027	3.200	%	99.991	%	1,674	13	82
March 11, 2022 (senior)		1,000	2029	3.750	%	99.891	%	1,000	7	57
March 11, 2022 (senior)	US	2,000	2032	3.800	%	99.777	%	2,567	27	165
March 11, 2022 (senior)		1,000	2032	4.250	%	99.987	%	1,000	6	58
March 11, 2022 (senior)	US	750	2042	4.500	%	98.997	%	966	20	95
March 11, 2022 (senior)	US	2,000	2052	4.550	%	98.917	%	2,564	55	250
March 11, 2022 (senior)		1,000	2052	5.250	%	99.483	%	1,000	12	62
2021 issuance
December 17, 2021 (subordinated) 4		2,000	2081	5.000	%	At par		2,000	20	—

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    Accounted for as a modification of the respective financial liabilities. Reflects initial consent fee of $557 million incurred in September 2022 and additional consent fee of $262 million incurred in December 2022.

4    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.

5    The US$1 billion senior notes due 2025 can be redeemed at par on or after March 15, 2023.

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, 2022 and 2021.

December 31, 2022	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	2,985	2,985	2,985	—	—	—
Accounts payable and accrued liabilities	3,722	3,722	3,722	—	—	—
Long-term debt 1	31,733	32,855	1,828	4,152	6,954	19,921
Lease liabilities	2,028	2,616	362	716	320	1,218
Other long-term financial liabilities	10	10	—	3	2	5
Expenditure derivative instruments:
Cash outflow (Canadian dollar)	—	1,200	1,200	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar)	—	(1,300)	(1,300)	—	—	—
Equity derivative instruments	—	(54)	(54)	—	—	—
Debt derivative instruments accounted for as hedges:
Cash outflow (Canadian dollar)	—	20,221	1,543	2,382	3,295	13,001
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(22,131)	(1,986)	(2,470)	(3,454)	(14,221)
Debt derivative instruments not accounted for as hedges:
Cash outflow (Canadian dollar)	—	215	215	—	—	—
Cash inflow (Canadian dollar equivalent of US dollar) 2	—	(215)	(215)	—	—	—
Net carrying amount of derivatives (asset)	(1,136)
	39,342	40,124	8,300	4,783	7,117	19,924

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 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, 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.

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, 2022.

(In millions of dollars)
2023	1,828
2024	600
2025	3,552
2026	3,693
2027 1	3,261
Thereafter	19,921
Total long-term debt	32,855

1    Reflects repayment of the subordinated notes issued in December 2021 and February 2022 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, 2022.

	Less than			After
(In millions of dollars)	1 Year	1-3 Years	4-5 Years	5 Years	Total
Player contracts 1	170	183	119	33	505
Purchase obligations 2	333	299	130	156	918
Program rights 3	694	1,199	421	346	2,660
Total commitments	1,197	1,681	670	535	4,083

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.