notes to consolidated financial statements

6 Months Ended

Jun. 30, 2024

notes to consolidated financial statements

notes to consolidated financial statements

JUNE 30, 2024

TELUS Corporation is one of Canada’s largest telecommunications companies, providing a wide range of technology solutions, which include: mobile and fixed voice and data telecommunications services and products; healthcare services, software and technology solutions (including employee and family assistance programs and benefits administration); agriculture and consumer goods services (software, data management and data analytics-driven smart-food chain and consumer goods technologies); and digital experiences. Data services include: internet protocol; television; hosting, managed information technology and cloud-based services; and home and business security.

TELUS Corporation was incorporated under the Company Act (British Columbia) on October 26, 1998, under the name BCT.TELUS Communications Inc. (BCT). On January 31, 1999, pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act among BCT, BC TELECOM Inc. and the former Alberta-based TELUS Corporation (TC), BCT acquired all of the shares of BC TELECOM Inc. and TC in exchange for Common Shares and Non-Voting Shares of BCT, and BC TELECOM Inc. was dissolved. On May 3, 2000, BCT changed its name to TELUS Corporation and in February 2005, TELUS Corporation transitioned under the Business Corporations Act (British Columbia), successor to the Company Act (British Columbia). TELUS Corporation maintains its registered office at Floor 5, 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3.

The terms “TELUS”, “we”, “us”, “our” or “ourselves” refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries. Our principal subsidiaries are: TELUS Communications Inc., in which, as at June 30, 2024, we have a 100% equity interest; and TELUS International (Cda) Inc. (rebranding to d.b.a. TELUS Digital Experience), in which, as at June 30, 2024, we have a 55.8% equity interest, as discussed further in Note 28(b), and which completed its initial public offering in February 2021.

Notes to consolidated financial statements		Page
General application
1.	Condensed interim consolidated financial statements	7
2.	Accounting policy developments	8
3.	Capital structure financial policies	9
4.	Financial instruments	13
Consolidated results of operations focused
5.	Segment information	23
6.	Revenue from contracts with customers	26
7.	Other income	27
8.	Employee benefits expense	28
9.	Financing costs	28
10.	Income taxes	29
11.	Other comprehensive income	30
12.	Per share amounts	31
13.	Dividends per share	31
14.	Share-based compensation	32
15.	Employee future benefits	36
16.	Restructuring and other costs	38
Consolidated financial position focused
17.	Property, plant and equipment	39
18.	Intangible assets and goodwill	39
19.	Leases	42
20.	Other long-term assets	42
21.	Real estate joint ventures and investments in associates	43
22.	Short-term borrowings	47
23.	Accounts payable and accrued liabilities	48
24.	Advance billings and customer deposits	48
25.	Provisions	49
26.	Long-term debt	51
27.	Other long-term liabilities	56
28.	Owners’ equity	56
29.	Contingent liabilities	58
Other
30.	Related party transactions	60
31.	Additional statement of cash flow information	62