XML 82 R41.htm IDEA: XBRL DOCUMENT v3.22.0.1
financial instruments (Tables)
12 Months Ended
Dec. 31, 2021
financial instruments  
Schedule of financial instruments, accounting classification and the nature of certain risks to which they may be subject

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Risks

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Accounting

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​

Market risks

Financial instrument

    

classification

    

Credit

    

Liquidity

    

Currency

    

Interest rate

    

Other price

Measured at amortized cost

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable

​

AC 1

 

X

​

​

 

X

​

​

​

​

Contract assets

​

AC 1

​

X

​

​

​

​

​

​

​

​

Construction credit facilities advances to real estate joint venture

​

AC 1

​

​

​

​

​

​

 

X

​

​

Short-term borrowings

​

AC 1

​

​

 

X

 

X

 

X

​

​

Accounts payable

​

AC 1

​

​

 

X

 

X

​

​

​

​

Provisions (including restructuring accounts payable)

​

AC 1

​

​

 

X

 

X

​

​

 

X

Long-term debt

​

AC 1

​

​

 

X

 

X

 

X

​

​

Measured at fair value

​

​

​

​

​

​

​

​

​

​

​

​

Cash and temporary investments

​

FVTPL 2

 

X

​

​

 

X

 

X

​

​

Long-term investments (not subject to significant influence) 3

​

FVTPL/FVOCI 3

​

​

​

​

 

X

​

​

 

X

Foreign exchange derivatives 4

​

FVTPL 2

 

X

 

X

 

X

​

​

​

​

​

1For accounting recognition and measurement purposes, classified as amortized cost (AC).
2For accounting recognition and measurement purposes, classified as fair value through net income (FVTPL). Unrealized changes in the fair values of financial instruments are included in net income unless the instrument is part of a cash flow hedging relationship. The effective portions of unrealized changes in the fair values of financial instruments held for hedging are included in other comprehensive income.
3Long-term investments over which we do not have significant influence are measured at fair value if those fair values can be reliably measured. For accounting recognition and measurement purposes, on an investment-by-investment basis, long-term investments are classified as either fair value through net income or fair value through other comprehensive income (FVOCI).
4Use of derivative financial instruments is subject to a policy which requires that no derivative transaction is to be entered into for the purpose of establishing a speculative or leveraged position (the corollary being that all derivative transactions are to be entered into for risk management purposes only) and sets criteria for the creditworthiness of the transaction counterparties.
Schedule of maximum exposure (excluding income tax effects) to credit risk

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​

​

​

​

​

​

​

As at December 31 (millions)

    

2021

    

2020

Cash and temporary investments, net

​

$

723

​

$

848

Accounts receivable

​

​

3,216

​

 

2,716

Contract assets

​

​

709

​

 

707

Derivative assets

​

​

89

​

​

42

​

​

$

4,737

​

$

4,313

​

Analysis of the age of customer accounts receivable

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31 (millions)

​

​

​

2021

​

2020

​

    

Note

    

Gross

    

Allowance

    

Net 1

    

Gross

    

Allowance

    

Net 1

Customer accounts receivable, net of allowance for doubtful accounts

 

​

​

​

  

​

​

​

​

​

​

​

 

​

​

​

​

​

​

  

Less than 30 days past billing date

 

​

​

$

883

​

$

(8)

​

$

875

​

$

815

​

$

(19)

​

$

796

30-60 days past billing date

 

​

​

​

330

​

​

(7)

​

​

323

​

​

339

​

​

(17)

​

​

322

61-90 days past billing date

 

​

​

​

92

​

​

(9)

​

​

83

​

​

90

​

​

(19)

​

​

71

More than 90 days past billing date

 

​

​

​

140

​

​

(21)

​

​

119

​

​

98

​

​

(43)

​

​

55

Unbilled customer finance receivables

​

​

​

​

1,323

​

​

(65)

​

​

1,258

​

​

1,026

​

​

(42)

​

​

984

​

​

​

​

$

2,768

​

$

(110)

​

$

2,658

​

$

2,368

​

$

(140)

​

$

2,228

Current

​

​

​

$

2,194

​

$

(81)

​

$

2,113

​

$

1,986

​

$

(119)

​

$

1,867

Non-current

​

20

​

​

574

​

​

(29)

​

​

545

​

​

382

​

​

(21)

​

​

361

​

 

​

​

$

2,768

​

$

(110)

​

$

2,658

​

$

2,368

​

$

(140)

​

$

2,228

​

​

1Net amounts represent customer accounts receivable for which an allowance had not been made as at the dates of the Consolidated statements of financial position (see Note 6(b)).
Summary of activity related to the allowance for doubtful accounts

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​

​

​

​

​

​

​

Years ended December 31 (millions)

    

2021

    

2020

Balance, beginning of period 

​

$

140

​

$

55

Additions (doubtful accounts expense)

​

 

42

​

 

91

Accounts written off 1 less than recoveries

​

 

(77)

​

 

(22)

Other

​

​

5

​

​

16

Balance, end of period

​

$

110

​

$

140

​

1

For the year ended December 31, 2021, accounts written off, but that were still subject to enforcement activity, totalled $110 (2020 – $92).

Summary of contract assets and related impairment allowance activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31 (millions)

​

2021

​

2020

​

    

Gross

    

Allowance

    

Net (Note 6(c))

    

Gross

    

Allowance

    

Net (Note 6(c))

Contract assets, net of impairment allowance

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

To be billed and thus reclassified to accounts receivable during:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

The 12-month period ending one year hence

​

$

595

​

$

(24)

​

$

571

​

$

611

​

$

(29)

​

$

582

The 12-month period ending two years hence

​

 

259

​

 

(11)

​

 

248

​

 

265

​

 

(12)

​

 

253

Thereafter

​

 

19

​

 

(1)

​

 

18

​

 

16

​

 

(1)

​

 

15

​

​

$

873

​

$

(36)

​

$

837

​

$

892

​

$

(42)

​

$

850

Schedule of contractual maturities of undiscounted financial liabilities, Non-derivative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-derivative 

​

Derivative

​

​

​

​

​

​

​

​

​

​

Composite long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest

​

​

​

​

debt,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

bearing

​

​

​

​

excluding

​

​

​

Currency swap agreement

​

​

​

​

Currency swap agreement

​

​

​

​

​

financial

​

Short-term

​

leases 1

​

Leases

​

amounts to be exchanged 2

​

​

​

​

amounts to be exchanged

​

​

​

As at December 31, 2021 (millions)

    

liabilities

    

borrowings 1

    

(Note 26)

    

(Note 26)

    

(Receive)

    

Pay

    

Other

    

(Receive)

    

Pay

    

Total

2022

​

$

3,395

​

$

15

​

$

3,130

​

$

504

​

$

(2,050)

​

$

2,059

​

$

8

​

$

(544)

​

$

540

​

$

7,057

2023

​

 

62

​

 

1

​

 

1,167

​

 

364

​

 

(149)

​

 

148

​

​

—

​

 

—

​

 

—

​

 

1,593

2024

​

 

13

​

 

101

​

 

1,724

​

 

305

​

 

(149)

​

 

148

​

​

—

​

 

—

​

 

—

​

 

2,142

2025

​

 

14

​

 

—

​

 

2,217

​

 

176

​

 

(522)

​

 

540

​

​

—

​

 

—

​

 

—

​

 

2,425

2026

​

 

2

​

 

—

​

 

1,901

​

 

144

​

 

(116)

​

 

118

​

​

—

​

 

—

​

 

—

​

 

2,049

2027-2031

​

​

7

​

​

—

​

​

7,351

​

​

398

​

​

(1,784)

​

​

1,852

​

​

—

​

​

—

​

​

—

​

​

7,824

Thereafter

​

 

—

​

 

—

​

 

10,499

​

 

344

​

 

(2,805)

​

 

2,877

​

​

—

​

 

—

​

 

—

​

 

10,915

Total

​

$

3,493

​

$

117

​

$

27,989

​

$

2,235

​

$

(7,575)

​

$

7,742

​

$

8

​

$

(544)

​

$

540

​

$

34,005

​

​

 

  

​

 

  

​

 

Total (Note 26(i))

 

 

 

 

$

30,391

​

​

​

​

 

  

​

 

​

​

 

  

​

1Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates in effect as at December 31, 2021.
2The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the currency exchange rates in effect as at December 31, 2021. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-derivative 

​

Derivative

​

​

​

​

​

​

​

​

​

​

Composite long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest

​

​

​

​

debt,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

bearing

​

​

​

​

excluding

​

​

​

Currency swap agreement

​

​

​

​

Currency swap agreement

​

​

​

​

​

financial

​

Short-term

​

leases 1

​

Leases

​

amounts to be exchanged 2

​

​

​

​

amounts to be exchanged

​

​

​

As at December 31, 2020 (millions)

    

liabilities 

    

borrowings 1

    

(Note 26)

    

(Note 26)

    

(Receive)

    

Pay

    

Other

    

(Receive)

    

Pay

    

Total

2021

​

$

2,669

​

$

101

​

$

1,658

​

$

538

​

$

(882)

​

$

892

​

$

—

​

$

(454)

​

$

475

​

$

4,997

2022

​

 

74

​

 

—

​

 

2,204

​

​

371

​

​

(149)

​

​

151

​

​

—

​

 

—

​

 

—

​

​

2,651

2023

​

 

8

​

 

—

​

 

1,149

​

​

230

​

​

(149)

​

​

151

​

​

6

​

 

—

​

 

—

​

​

1,395

2024

​

 

8

​

 

—

​

 

1,706

​

​

191

​

​

(150)

​

​

151

​

​

—

​

 

—

​

 

—

​

​

1,906

2025

​

 

9

​

 

—

​

 

2,868

​

​

145

​

​

(525)

​

​

575

​

​

—

​

 

—

​

 

—

​

​

3,072

2026-2030

​

​

12

​

​

—

​

​

7,953

​

​

417

​

​

(1,836)

​

​

1,898

​

​

—

​

​

—

​

​

—

​

​

8,444

Thereafter

​

 

—

​

 

—

​

 

9,877

​

​

379

​

​

(2,889)

​

​

2,949

​

​

—

​

 

—

​

 

—

​

​

10,316

Total

​

$

2,780

​

$

101

​

$

27,415

​

$

2,271

​

$

(6,580)

​

$

6,767

​

$

6

​

$

(454)

​

$

475

​

$

32,781

​

​

 

  

​

​

  

​

 

Total

 

 

 

 

 

 

 

$

29,873

​

​

​

​

 

  

​

 

  

​

 

  

​

1Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates in effect as at December 31, 2020.
2The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the currency exchange rates in effect as at December 31, 2020. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
Schedule of contractual maturities of undiscounted financial liabilities, Derivative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-derivative 

​

Derivative

​

​

​

​

​

​

​

​

​

​

Composite long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest

​

​

​

​

debt,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

bearing

​

​

​

​

excluding

​

​

​

Currency swap agreement

​

​

​

​

Currency swap agreement

​

​

​

​

​

financial

​

Short-term

​

leases 1

​

Leases

​

amounts to be exchanged 2

​

​

​

​

amounts to be exchanged

​

​

​

As at December 31, 2021 (millions)

    

liabilities

    

borrowings 1

    

(Note 26)

    

(Note 26)

    

(Receive)

    

Pay

    

Other

    

(Receive)

    

Pay

    

Total

2022

​

$

3,395

​

$

15

​

$

3,130

​

$

504

​

$

(2,050)

​

$

2,059

​

$

8

​

$

(544)

​

$

540

​

$

7,057

2023

​

 

62

​

 

1

​

 

1,167

​

 

364

​

 

(149)

​

 

148

​

​

—

​

 

—

​

 

—

​

 

1,593

2024

​

 

13

​

 

101

​

 

1,724

​

 

305

​

 

(149)

​

 

148

​

​

—

​

 

—

​

 

—

​

 

2,142

2025

​

 

14

​

 

—

​

 

2,217

​

 

176

​

 

(522)

​

 

540

​

​

—

​

 

—

​

 

—

​

 

2,425

2026

​

 

2

​

 

—

​

 

1,901

​

 

144

​

 

(116)

​

 

118

​

​

—

​

 

—

​

 

—

​

 

2,049

2027-2031

​

​

7

​

​

—

​

​

7,351

​

​

398

​

​

(1,784)

​

​

1,852

​

​

—

​

​

—

​

​

—

​

​

7,824

Thereafter

​

 

—

​

 

—

​

 

10,499

​

 

344

​

 

(2,805)

​

 

2,877

​

​

—

​

 

—

​

 

—

​

 

10,915

Total

​

$

3,493

​

$

117

​

$

27,989

​

$

2,235

​

$

(7,575)

​

$

7,742

​

$

8

​

$

(544)

​

$

540

​

$

34,005

​

​

 

  

​

 

  

​

 

Total (Note 26(i))

 

 

 

 

$

30,391

​

​

​

​

 

  

​

 

​

​

 

  

​

1Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates in effect as at December 31, 2021.
2The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the currency exchange rates in effect as at December 31, 2021. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-derivative 

​

Derivative

​

​

​

​

​

​

​

​

​

​

Composite long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest

​

​

​

​

debt,

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

bearing

​

​

​

​

excluding

​

​

​

Currency swap agreement

​

​

​

​

Currency swap agreement

​

​

​

​

​

financial

​

Short-term

​

leases 1

​

Leases

​

amounts to be exchanged 2

​

​

​

​

amounts to be exchanged

​

​

​

As at December 31, 2020 (millions)

    

liabilities 

    

borrowings 1

    

(Note 26)

    

(Note 26)

    

(Receive)

    

Pay

    

Other

    

(Receive)

    

Pay

    

Total

2021

​

$

2,669

​

$

101

​

$

1,658

​

$

538

​

$

(882)

​

$

892

​

$

—

​

$

(454)

​

$

475

​

$

4,997

2022

​

 

74

​

 

—

​

 

2,204

​

​

371

​

​

(149)

​

​

151

​

​

—

​

 

—

​

 

—

​

​

2,651

2023

​

 

8

​

 

—

​

 

1,149

​

​

230

​

​

(149)

​

​

151

​

​

6

​

 

—

​

 

—

​

​

1,395

2024

​

 

8

​

 

—

​

 

1,706

​

​

191

​

​

(150)

​

​

151

​

​

—

​

 

—

​

 

—

​

​

1,906

2025

​

 

9

​

 

—

​

 

2,868

​

​

145

​

​

(525)

​

​

575

​

​

—

​

 

—

​

 

—

​

​

3,072

2026-2030

​

​

12

​

​

—

​

​

7,953

​

​

417

​

​

(1,836)

​

​

1,898

​

​

—

​

​

—

​

​

—

​

​

8,444

Thereafter

​

 

—

​

 

—

​

 

9,877

​

​

379

​

​

(2,889)

​

​

2,949

​

​

—

​

 

—

​

 

—

​

​

10,316

Total

​

$

2,780

​

$

101

​

$

27,415

​

$

2,271

​

$

(6,580)

​

$

6,767

​

$

6

​

$

(454)

​

$

475

​

$

32,781

​

​

 

  

​

​

  

​

 

Total

 

 

 

 

 

 

 

$

29,873

​

​

​

​

 

  

​

 

  

​

 

  

​

1Cash outflows in respect of interest payments on our short-term borrowings, commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the interest rates in effect as at December 31, 2020.
2The amounts included in undiscounted non-derivative long-term debt in respect of U.S. dollar-denominated long-term debt, and the corresponding amounts in the long-term debt currency swap receive column, have been determined based upon the currency exchange rates in effect as at December 31, 2020. The hedged U.S. dollar-denominated long-term debt contractual amounts at maturity, in effect, are reflected in the long-term debt currency swap pay column as gross cash flows are exchanged pursuant to the currency swap agreements.
Sensitivity analysis of exposure to market risks

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31

​

Net income

​

Other comprehensive income

​

Comprehensive income 

(increase (decrease) in millions)

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

Reasonably possible changes in market risks 1

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

10% change in C$: US$ exchange rate

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Canadian dollar appreciates

​

$

1

​

$

—

​

$

(33)

​

$

14

​

$

(32)

​

$

14

Canadian dollar depreciates

​

$

(1)

​

$

—

​

$

33

​

$

(14)

​

$

32

​

$

(14)

10% change in US$: € exchange rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. dollar appreciates

​

$

—

​

$

—

​

$

(56)

​

$

(54)

​

$

(56)

​

$

(54)

U.S. dollar depreciates

​

$

—

​

$

—

​

$

56

​

$

54

​

$

56

​

$

54

25 basis point change in interest rates

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Interest rates increase

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Canadian interest rate

​

$

(4)

​

$

(1)

​

$

90

​

$

107

​

$

86

​

$

106

U.S. interest rate

​

$

—

​

$

—

​

$

(93)

​

$

(107)

​

$

(93)

​

$

(107)

Combined

​

$

(4)

​

$

(1)

​

$

(3)

​

$

—

​

$

(7)

​

$

(1)

Interest rates decrease

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Canadian interest rate

​

$

4

​

$

1

​

$

(94)

​

$

(112)

​

$

(90)

​

$

(111)

U.S. interest rate

​

$

—

​

$

—

​

$

98

​

$

113

​

$

98

​

$

113

Combined

​

$

4

​

$

1

​

$

4

​

$

1

​

$

8

​

$

2

​

1These sensitivities are hypothetical and should be used with caution. Changes in net income and/or other comprehensive income generally cannot be extrapolated because the relationship of the change in assumption to the change in net income and/or other comprehensive income may not be linear. In this table, the effect of a variation in a particular assumption on the amount of net income and/or other comprehensive income is calculated without changing any other factors; in reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities.
Schedule of derivative financial instruments measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31 (millions)

​

​

​

2021

​

2020

​

​

​

​

​

Maximum

​

Notional

​

Fair value 1 and

​

Price or

​

Maximum

​

Notional

​

Fair value 1 and

​

Price or

​

​

    

Designation

    

maturity date

    

amount

    

carrying value

    

rate

    

maturity date

    

amount

    

carrying value

    

rate

​

Current Assets 2

 

  

 

  

 

​

  

 

​

  

​

​

​

 

​

​

​

  

 

​

  

​

​

​

​

Derivatives used to manage

 

  

 

  

 

​

  

 

​

  

​

​

​

 

​

​

​

  

 

​

  

​

​

​

​

Currency risk arising from U.S. dollar revenues

 

HFT 4

 

—

​

$

—

​

$

—

​

​

—

​

2021

​

$

87

​

$

2

​

US$1.00: C$

1.27

​

Currency risk arising from U.S. dollar-denominated purchases

 

HFH 3

 

2022

​

$

301

​

 

6

​

US$1.00: C$

1.25

​

—

​

$

—

​

 

—

​

​

—

​

Currency risk arising from Indian rupee-denominated purchases

 

HFT 4

 

2022

​

$

12

​

 

—

​

US$1.00: ₹

76

​

—

​

$

—

​

 

—

​

​

—

​

Currency risk arising from U.S. dollar-denominated long-term debt (Note 26(b)-(c))

​

HFH 3

 

2022

​

$

664

​

​

2

​

US$1.00: C$

1.26

​

2021

​

$

95

​

​

—

​

US$1.00: C$

1.27

​

Currency risk arising from European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 (Note 26(f))

​

HFH 5

​

2025

​

$

31

​

​

3

​

€1.00: US$

1.09

​

2025

​

$

34

​

​

—

​

€1.00: US$

1.09

​

Interest rate risk associated with refinancing of debt maturing

​

HFH 3

​

2022

​

$

250

​

​

2

​

​

1.35

%

—

​

$

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

$

13

​

​

​

​

​

​

​

​

​

$

2

​

​

​

​

​

 

  

 

  

​

 

  

​

​

​

​

​

​

​

  

​

 

  

​

​

​

​

​

​

​

Other Long-Term Assets 2

 

  

 

  

​

 

  

​

 

  

​

​

​

​

  

​

 

  

​

 

  

​

​

​

​

Derivatives used to manage

 

  

 

  

​

 

  

​

 

  

​

​

​

​

  

​

 

  

​

 

  

​

​

​

​

Currency risk arising from U.S. dollar-denominated long-term debt 6 (Note 26(b)-(c))

​

HFH 3

​

2048

​

$

2,133

​

$

76

​

US$1.00: C$

1.27

​

2048

​

$

2,176

​

$

40

​

US$1.00: C$

1.27

​

Current Liabilities 2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives used to manage

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency risk arising from U.S. dollar revenues

​

HFT 4

​

2022

​

$

116

​

$

3

​

US$1.00: C$

1.27

​

—

​

$

—

​

$

—

​

​

—

​

Currency risk arising from U.S. dollar-denominated purchases

​

HFH 3

​

2022

​

$

108

​

​

1

​

US$1.00: C$

1.28

​

2021

​

$

388

​

​

21

​

US$1.00: C$

1.34

​

Currency risk arising from Indian rupee-denominated purchases

​

HFT 4

​

2022

​

$

2

​

​

—

​

US$1.00: ₹

75

​

—

​

$

—

​

​

—

​

​

—

​

Currency risk arising from U.S. dollar-denominated long-term debt (Note 26(b)-(c))

​

HFH 3

​

2022

​

$

1,248

​

​

12

​

US$1.00: C$

1.28

​

2021

​

$

647

​

​

11

​

US$1.00: C$

1.29

​

Interest rate risk associated with non-fixed rate credit facility amounts drawn (Note 26(f))

​

HFH 3

​

2022

​

$

120

​

​

3

​

​

2.64

%

2022

​

$

8

​

​

—

​

​

2.64

%

Interest rate risk associated with refinancing of debt maturing

​

HFH 3

​

2022

​

$

500

​

​

5

​

​

1.59

%

—

​

$

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

$

24

​

​

​

​

​

​

​

​

​

$

32

​

​

​

​

Other Long-Term Liabilities 2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives used to manage

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency risk arising from U.S. dollar-denominated long-term debt 6 (Note 26(b)-(c))

​

HFH 3

​

2049

​

$

3,185

​

$

52

​

US$1.00: C$

1.33

​

2049

​

$

3,260

​

$

82

​

US$1.00: C$

1.33

​

Currency risk arising from European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 (Note 26(f))

​

HFH 5

​

2025

​

$

483

​

​

21

​

€1.00: US$

1.09

​

2025

​

$

557

​

​

67

​

€1.00: US$

1.09

​

Interest rate risk associated with non-fixed rate credit facility amounts drawn (Note 26(f))

 

HFH 3

 

—

​

$

—

​

​

—

​

​

—

​

2022

​

$

120

​

​

6

​

​

2.64

%

​

 

  

 

  

​

 

  

​

$

73

​

​

​

​

​

​

​

​

​

$

155

​

​

​

​

​

1Fair value measured at reporting date using significant other observable inputs (Level 2).
2Derivative financial assets and liabilities are not set off.
3Designated as held for hedging (HFH) upon initial recognition (cash flow hedging item); hedge accounting is applied. Unless otherwise noted, hedge ratio is 1:1 and is established by assessing the degree of matching between the notional amounts of hedging items and the notional amounts of the associated hedged items.
4Designated as held for trading (HFT) and classified as fair value through net income upon initial recognition; hedge accounting is not applied.
5Designated as a hedge of a net investment in a foreign operation; hedge accounting is applied. Hedge ratio is 1:1 and is established by assessing the degree of matching between the notional amounts of hedging items and the notional amounts of the associated hedged items.
6We designate only the spot element as the hedging item. As at December 31, 2021, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $53 (2020 – $101).
7We designate only the spot element as the hedging item. As at December 31, 2021, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $1 (2020 – $(1)).
Schedule of long-term debt amortized cost and fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31 (millions)

​

2021

​

2020

​

​

Carrying

​

​

​

​

Carrying

​

​

​

​

    

value

    

Fair value

    

value

    

Fair value

Long-term debt, excluding leases (Note 26)

​

$

18,976

​

$

20,383

​

$

18,451

​

$

20,313

​

Schedule of gains and losses, excluding income tax effects, on derivative instruments classified as cash flow hedging items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss)

​

​

​

​

​

​

 

​

​

​

​

​

recognized in other

​

 Gain (loss) reclassified from other comprehensive

​

​

​

​

comprehensive income

​

income to income (effective portion) (Note 11)

​

​

​

​

(effective portion) (Note 11)

​

​

​

Amount

Years ended December 31 (millions)

    

Note

    

2021

    

2020

    

Location

    

2021

    

2020

Derivatives used to manage currency risk

​

​

 

​

  

 

​

  

 

  

 

​

  

 

​

  

Arising from U.S. dollar-denominated purchases

​

​

​

$

(1)

​

$

(6)

 

Goods and services purchased

​

$

(24)

​

$

(9)

Arising from U.S. dollar-denominated long-term debt 1

​

26(b)-(c)

​

​

27

​

​

(44)

​

Financing costs

​

​

(50)

​

​

12

Arising from net investment in a foreign operation 2

​

​

​

​

47

​

​

(67)

​

Financing costs

​

​

(1)

​

​

—

​

​

​

​

​

73

​

 

(117)

 

​

​

 

(75)

​

 

3

Derivatives used to manage other market risks

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Arising from changes in share-based compensation costs and other

​

​

​

​

—

​

​

(6)

​

Employee benefits expense and financing costs

​

​

(4)

​

​

1

​

​

​

​

$

73

​

$

(123)

​

​

​

$

(79)

​

$

4

​

1Amounts recognized in other comprehensive income are net of the change in the foreign currency basis spread (which is used for purposes of assessing hedge ineffectiveness) included in the fair value of the derivative instruments; such amounts for the year ended December 31, 2021, were $(48) (2020 – $63).
2Amounts recognized in other comprehensive income are net of the change in the foreign currency basis spread (which is used for purposes of assessing hedge ineffectiveness) included in the fair value of the derivative instruments; such amounts for the year ended December 31, 2021, were $2 (2020 – $(1)).
Schedule of gains and losses arising from derivative instruments classified as held for trading

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) recognized in
income on derivatives

Years ended December 31 (millions)

    

Location

    

2021

    

2020

Derivatives used to manage currency risk

 

Financing costs

​

$

(2)

​

$

11