Rogers Communications Inc 6-K, filed Mar 6, 2020

Rogers Communications Inc (RCI)

6-K 2020-03-06 For: 2020-03-05

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Added on July 04, 2026

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Rogers Communications Inc filed this 6-K on March 6, 2020.

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ROGERS COMMUNICATIONS INC.

By:		/s/ *“Anthony Staffieri”*
		Name: Anthony Staffieri
		Title: Chief Financial Officer


Exhibit Number		Description of Document

99.1		MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019



	Years ended December 31

(In millions of dollars, except margins and per share amounts)	2019		2018 ¹		% Chg
Consolidated
Total revenue		15,073		15,096		–
Total service revenue ²		12,965		12,974		–
Adjusted EBITDA ³		6,212		5,983		4
Adjusted EBITDA margin³		41.2%		39.6%		1.6 pts

Net income		2,043		2,059		(1	)
Adjusted net income³		2,135		2,241		(5	)

Basic earnings per share	$	3.99	$	4.00		–
Adjusted basic earnings per share ³	$	4.17	$	4.35		(4	)

Capital expenditures ⁴		2,807		2,790		1
Cash provided by operating activities		4,526		4,288		6
Free cash flow ^3,5		2,278		2,134		7
Wireless
Service revenue		7,156		7,091		1
Revenue		9,250		9,200		1
Adjusted EBITDA		4,345		4,090		6
Adjusted EBITDA margin		47.0%		44.5%		2.5 pts
Cable
Revenue		3,954		3,932		1
Adjusted EBITDA		1,919		1,874		2
Adjusted EBITDA margin		48.5%		47.7%		0.8 pts
Media
Revenue		2,072		2,168		(4	)
Adjusted EBITDA		140		196		(29	)
Adjusted EBITDA margin		6.8%		9.0%		(2.2 pts	)


	As at or years ended December 31
	2019			2018 ¹			Chg
Subscriber results (in thousands) ²
Wireless postpaid net additions		334			453			(119	)
Wireless prepaid net losses		(97	)		(152	)		55
Wireless subscribers ³		10,840			10,783			57

Internet net additions		104			109			(5	)
Internet subscribers		2,534			2,430			104

Television net losses		(106	)		(55	)		(51	)
Television subscribers		1,579			1,685			(106	)

Phone net (losses) additions		(44	)		8			(52	)
Phone subscribers		1,072			1,116			(44	)

Total service unit net (losses) additions⁴		(46	)		62			(108	)
Total service units ⁴		5,185			5,231			(46	)
Additional Wireless metrics ²
Postpaid churn (monthly)		1.11%			1.10%			0.01 pts
Blended ABPU (monthly)	$	66.23		$	64.74		$	1.49
Blended ARPU (monthly)	$	55.49		$	55.64		($	0.15	)
Ratios
Capital intensity ²		18.6%			18.5%			0.1 pts
Dividend payout ratio of net income ²		50.0%			48.0%			2.0 pts
Dividend payout ratio of free cash flow ^2,5		44.9%			46.3%			(1.4 pts	)
Return on assets ²		5.5%			6.5%			(1.0 pts	)
Debt leverage ratio ⁵		2.9			2.5			0.4
Employee-related information
Total active employees		25,300			26,100			(800	)



Segment		Principal activities

Wireless		Wireless telecommunications operations for Canadian consumers and businesses.

Cable		Cable telecommunications operations, including Internet, television, telephony (phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.

Media		A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media.



		Strategic Priority		2019 Objectives

		Create best-in-class customer experiences by putting our customers first in everything we do		Improve our end-to-end customer experience by creating frictionless multi-channel capabilities; invest in distribution improvements; simplify frontline tools; and deliver personalized online tools and apps to improve our customers’ experiences

		Invest in our networks and technology to deliver leading performance and reliability		Deliver network performance and a system stability plan that supports our 5G and Connected Home roadmaps by increasing our fibre deployments, densifying our network, and modernizing our IT systems

		Deliver innovative solutions and compelling content that our customers will love		Deliver solutions that will grow our core businesses by expanding our 5G network capabilities, extending our Ignite Connected Home products, and growing our compelling content and data-driven advertising solutions

		Drive profitable growth in all the markets we serve		Drive company-wide financial results by achieving our financial goals and 2019 guidance while investing to support future growth and driving a focus on cost management and margin improvement

		Develop our people and a high performance culture		Build our culture and our reputation by cultivating strong, accountable leaders in a high-performing culture, sustaining and growing best-in-class engagement, and becoming a destination for talent

		Be a strong, socially responsible leader in our communities across Canada		Become a strong home team in each region by growing our community investment and giving program, building on our regional focus, and supporting our rural and affordable access agenda



		Strategic Priority		2020 Objectives

		Create best-in-class customer experiences by putting our customers first in everything we do		Evolve our customer experience across all our channels; solve customer problems the first time they contact us; and invest in tools to create frictionless digital and frontline experiences.

		Invest in our networks and technology to deliver leading performance and reliability		Continue our cable and wireless network uplift programs; accelerate our network leadership in 5G and IoT; and deliver reliable systems and leverage emerging technologies.

		Deliver innovative solutions and compelling content that our customers will love		Drive a growth agenda in each of our lines of business; create capabilities to establish great partnerships; and challenge the core value propositions in each of our businesses.

		Drive profitable growth in all the markets we serve		Deliver on our 2020 financial commitments and execute on our cost management playbook.

		Develop our people and a high performance culture		Build our culture and reputation as a great Canadian company; attract diverse talent that builds our future workforce; and deliver a differentiated and rewarding employee experience.

		Be a strong, socially responsible leader in our communities across Canada		Grow our presence both locally and regionally; distinguish our community investment and social responsibility programs; and grow our business in key underserved markets across Canada.


(In millions of dollars, except percentages)	2019 Actual		2020 Guidance Ranges ¹
Consolidated Guidance
Total service revenue²		12,965		Decrease of 2% to increase of 2%
Adjusted EBITDA ³		6,212		Increase of 0% to 2%
Capital expenditures ⁴		2,807		2,700 to 2,900
Free cash flow ³		2,278		Increase of 2% to 4%



Type of spectrum	Rogers licence	Who it supports

600 MHz	20 to 40 MHz across Canada, covering 100% of the Canadian population.	5G subscribers

700 MHz	24 MHz in Canada’s major geographic markets, covering 95% of the Canadian population.	4G / 4.5G LTE subscribers; future 5G subscribers.

850 MHz	25 MHz across Canada.	2G GSM, 3.5G HSPA+, 4G / 4.5G LTE subscribers; future 5G subscribers.

1900 MHz	60 MHz in all areas of Canada except 40 MHz in northern Quebec, 50 MHz in southern Ontario, and 40 MHz in the Yukon, Northwest Territories, and Nunavut.	2G GSM, 3.5G HSPA+, 4G / 4.5G LTE subscribers; future 5G subscribers.

AWS 1700/2100 MHz	40 MHz in British Columbia and Alberta, 30 MHz in southern Ontario, an additional 10 MHz in the Greater Toronto Area, and 20 MHz in the rest of Canada.	4G / 4.5G LTE subscribers; future 5G subscribers.

2500 MHz	40 MHz FDD across Canada except 20 MHz in parts of Quebec and an additional 25 MHz TDD in key population areas in Quebec, Ontario, and British Columbia.	4G, 4.5G LTE, and 5G subscribers.



Type of spectrum	Kind of venture	Who it supports

2300 MHz/3500 MHz range	Inukshuk Wireless Partnership is a joint operation with BCE Inc. in which Rogers holds a 50% interest. Inukshuk holds licences for 30 MHz (of which 20 MHz is usable) of FDD 2300 MHz spectrum primarily in eastern Canada, including certain population centres in southern and eastern Ontario, southern Quebec, and smaller holdings in New Brunswick, Manitoba, Alberta, and British Columbia. Inukshuk also holds 3500 MHz TDD licences (between 50-175 MHz) in most of the major population centres across Canada. The current fixed wireless LTE national network utilizes the jointly held 2300 MHz and 3500 MHz spectrum bands. See “3500 MHz Spectrum Licence Band” in “Regulation In Our Industry” for more information.	Fixed wireless subscribers.

850 MHz, 1900 MHz AWS spectrum, 700 MHz	Three network-sharing arrangements to enhance coverage and network capabilities: • with Bell MTS, which covers 98% of the population across Manitoba; • with TBayTel, that covers the combined base of customers in northwestern Ontario; and • with Quebecor (Videotron) to provide HSPA and LTE services across the province of Quebec and Ottawa.	3.5G / 4G HSPA+, 4G LTE subscribers. 3.5G / 4G HSPA+, 4G LTE subscribers. 3.5G / 4G LTE subscribers.



	Years ended December 31

(In millions of dollars, except margins)	2019		2018		% Chg

Revenue
Service revenue		7,156		7,091		1
Equipment revenue		2,094		2,109		(1	)

Revenue		9,250		9,200		1

Operating expenses
Cost of equipment		2,231		2,264		(1	)
Other operating expenses		2,674		2,846		(6	)

Operating expenses		4,905		5,110		(4	)

Adjusted EBITDA		4,345		4,090		6

Adjusted EBITDA margin		47.0%		44.5%		2.5 pts
Capital expenditures		1,320		1,086		22



(In thousands, except churn, blended ABPU, and blended ARPU)	Years ended December 31
	2019			2018			Chg

Postpaid
Gross additions		1,566			1,632			(66	)
Net additions		334			453			(119	)
Total postpaid subscribers^2,3		9,438			9,157			281
Churn (monthly)		1.11%			1.10%			0.01 pts
Prepaid
Gross additions		773			751			22
Net losses		(97	)		(152	)		55
Total prepaid subscribers^2,4		1,402			1,626			(224	)
Churn (monthly)		4.86%			4.38%			0.48 pts
Blended ABPU (monthly)	$	66.23		$	64.74		$	1.49
Blended ARPU (monthly)	$	55.49		$	55.64		($	0.15	)



	Years ended December 31

(In thousands)	2019			2018			Chg

Internet
Net additions		104			109			(5	)
Total Internet subscribers ²		2,534			2,430			104
Television
Net losses		(106	)		(55	)		(51	)
Total Television subscribers ²		1,579			1,685			(106	)
Phone
Net (losses) additions		(44	)		8			(52	)
Total Phone subscribers ²		1,072			1,116			(44	)
Homes passed ²		4,472			4,361			111
Total service units³
Net (losses) additions		(46	)		62			(108	)
Total service units ²		5,185			5,231			(46	)



(In millions of dollars, except capital intensity)	Years ended December 31
(In millions of dollars, except capital intensity)	2019		2018		% Chg

Capital expenditures¹
Wireless		1,320		1,086		22
Cable		1,153		1,429		(19	)
Media		102		90		13
Corporate		232		185		25

Capital expenditures ¹		2,807		2,790		1

Capital intensity ²		18.6%		18.5%		0.1 pts



	Years ended December 31

(In millions of dollars)	2019			2018			% Chg

Adjusted EBITDA ¹		6,212			5,983			4
Deduct (add):
Depreciation and amortization		2,488			2,211			13
Gain on disposition of property, plant and equipment		–			(16	)		(100	)
Restructuring, acquisition and other		139			210			(34	)
Finance costs		840			793			6
Other income		(10	)		(32	)		(69	)
Income tax expense		712			758			(6	)

Net income		2,043			2,059			(1	)



	Years ended December 31

(In millions of dollars, except tax rates)	2019			2018

Statutory income tax rate		26.7%			26.7%
Income before income tax expense		2,755			2,817

Computed income tax expense		736			752
Increase (decrease) in income tax expense resulting from:
Non-deductible stock-based compensation		–			5
Non-deductible portion of equity losses		7			1
Income tax adjustment, legislative tax change		(23	)		–
Non-taxable portion of capital gains		(2	)		(9	)
Other items		(6	)		9

Total income tax expense		712			758

Effective income tax rate		25.8%			26.9%
Cash income taxes paid		400			370



(In millions of dollars, except per share amounts)	Years ended December 31
(In millions of dollars, except per share amounts)	2019		2018		% Chg

Net income		2,043		2,059		(1	)
Basic earnings per share	$	3.99	$	4.00		–
Diluted earnings per share	$	3.97	$	3.99		(1	)



	Years ended December 31

(In millions of dollars, except margins)	2018 ¹			2017¹			% Chg

Revenue
Wireless		9,200			8,569			7
Cable		3,932			3,894			1
Media		2,168			2,153			1
Corporate items and intercompany eliminations ²		(204	)		(247	)		(17	)

Revenue		15,096			14,369			5
Total service revenue ²		12,974			12,550			3

Adjusted EBITDA ³
Wireless		4,090			3,726			10
Cable		1,874			1,819			3
Media		196			127			54
Corporate items and intercompany eliminations		(177	)		(170	)		4

Adjusted EBITDA ³		5,983			5,502			9
Adjusted EBITDA margin³		39.6%			38.3%			1.3pts

Net income		2,059			1,845			12
Adjusted net income³		2,241			1,902			18



	2019															2018 ¹

(In millions of dollars, except per share amounts)	Full Year			Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1

Revenue
Wireless		9,250			2,493			2,324			2,244			2,189			9,200			2,464			2,331			2,214			2,191
Cable		3,954			987			994			997			976			3,932			989			983			991			969
Media		2,072			530			483			591			468			2,168			540			488			608			532
Corporate items and intercompany eliminations		(203	)		(58	)		(47	)		(52	)		(46	)		(204	)		(55	)		(33	)		(57	)		(59	)

Total revenue		15,073			3,952			3,754			3,780			3,587			15,096			3,938			3,769			3,756			3,633
Total service revenue ²		12,965			3,244			3,233			3,345			3,143			12,974			3,276			3,271			3,300			3,127
Adjusted EBITDA
Wireless		4,345			1,064			1,138			1,128			1,015			4,090			1,028			1,099			1,029			934
Cable		1,919			497			499			478			445			1,874			489			490			462			433
Media		140			22			130			72			(84	)		196			40			73			60			23
Corporate items and intercompany eliminations		(192	)		(53	)		(55	)		(43	)		(41	)		(177	)		(36	)		(42	)		(47	)		(52	)

Adjusted EBITDA ³		6,212			1,530			1,712			1,635			1,335			5,983			1,521			1,620			1,504			1,338
Deduct (add):
Depreciation and amortization		2,488			638			627			614			609			2,211			564			558			545			544
Gain on disposition of property, plant and equipment		–			–			–			–			–			(16	)		–			(5	)		–			(11	)
Restructuring, acquisition and other		139			38			42			39			20			210			94			47			26			43
Finance costs		840			230			215			206			189			793			205			176			193			219
Other (income) expense		(10	)		(12	)		16			(1	)		(13	)		(32	)		(26	)		15			2			(23	)

Net income before income tax expense		2,755			636			812			777			530			2,817			684			829			738			566
Income tax expense		712			168			219			186			139			758			182			235			200			141

Net income		2,043			468			593			591			391			2,059			502			594			538			425

Earnings per share:
Basic	$	3.99		$	0.92		$	1.16		$	1.15		$	0.76		$	4.00		$	0.97		$	1.15		$	1.04		$	0.83
Diluted	$	3.97		$	0.92		$	1.14		$	1.15		$	0.76		$	3.99		$	0.97		$	1.15		$	1.04		$	0.80
Net income		2,043			468			593			591			391			2,059			502			594			538			425
Add (deduct):
Restructuring, acquisition and other		139			38			42			39			20			210			94			47			26			43
Loss on bond forward derivatives		–			–			–			–			–			21			21			–			–			–
Loss on repayment of long-term debt		19			19			–			–			–			28			–			–			–			28
Gain on disposition of property, plant and equipment		–			–			–			–			–			(16	)		–			(5	)		–			(11	)
Income tax impact of above items		(43	)		(14	)		(13	)		(10	)		(6	)		(61	)		(32	)		(11	)		(10	)		(8	)
Income tax adjustment, legislative tax change		(23	)		–			–			(23	)		–			–			–			–			–			–

Adjusted net income ³		2,135			511			622			597			405			2,241			585			625			554			477

Adjusted earnings per share ³:
Basic	$	4.17		$	1.00		$	1.22		$	1.17		$	0.79		$	4.35		$	1.14		$	1.21		$	1.08		$	0.93
Diluted	$	4.15		$	1.00		$	1.19		$	1.16		$	0.78		$	4.34		$	1.13		$	1.21		$	1.07		$	0.90
Capital expenditures		2,807			791			657			742			617			2,790			828			700			657			605
Cash provided by operating activities		4,526			1,166			1,305			1,057			998			4,288			1,051			1,304			1,048			885
Free cash flow ^3,4		2,278			497			767			609			405			2,134			471			627			595			441


(In millions of dollars)	As at December 31, 2019		As at January 1 2019 ¹		$ Chg			% Chg			Explanation of significant changes
Assets
Current assets:
Cash and cash equivalents		494		405		89			22		See “Sources and Uses of Cash”.
Accounts receivable		2,304		2,236		68			3		Primarily reflects an increase in certain customer receivables.
Inventories		460		466		(6	)		(1	)	n/m
Current portion of contract assets		1,234		1,052		182			17		Reflects net increases in contracts with customers.
Other current assets		524		436		88			20		Reflects an increase in device financing receivables.
Current portion of derivative instruments		101		270		(169	)		(63	)	Primarily reflects a decrease in the fair values of our expenditure derivatives. See “Financial Risk Management”.

Total current assets		5,117		4,865		252			5
Property, plant and equipment		13,934		13,261		673			5		Primarily reflects capital expenditures and additions to right-of-use assets, partially offset by depreciation expense.
Intangible assets		8,905		7,205		1,700			24		Primarily reflects the acquisition of 600 MHz spectrum licences.
Investments		2,830		2,134		696			33		Primarily reflects fair value increases for certain publicly traded investments.
Derivative instruments		1,478		1,339		139			10		Primarily reflects changes in market values of our debt derivatives as a result of the appreciation of the Cdn$ relative to the US$. See “Financial Risk Management”.
Contract assets		557		535		22			4		Reflects net increases in contracts with customers.
Other long-term assets		275		132		143			108		Reflects an increase in device financing receivables.
Goodwill		3,923		3,905		18			–		n/m

Total assets		37,019		33,376		3,643			11

Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings		2,238		2,255		(17	)		(1	)	Reflects net repayments under our US CP program.
Accounts payable and accrued liabilities		3,033		2,997		36			1		Primarily reflects an overall increase in trade payables as a result of the timing of payments made.
Income tax payable		48		177		(129	)		(73	)	Reflects the timing of tax installments.
Other current liabilities		141		132		9			7		n/m
Contract liabilities		224		233		(9	)		(4	)	n/m
Current portion of long-term debt		–		900		(900	)		(100	)	Reflects the repayment of a total of $900 million in senior notes that were due in 2019.
Current portion of lease liabilities		230		190		40			21		Reflects liabilities related to new leases entered into during the year.
Current portion of derivative instruments		50		87		(37	)		(43	)	Reflects the exercise of our bond forwards, partially offset by an increase in the fair value of our short-term US CP debt derivatives. See “Financial Risk Management”.

Total current liabilities		5,964		6,971		(1,007	)		(14	)
Provisions		36		35		1			3		n/m
Long-term debt		15,967		13,390		2,577			19		Primarily reflects the net issuance of senior notes during the year. See “Managing our Liquidity and Financial Resources”.
Derivative instruments		90		22		68			n/m		Reflects changes in market values of our debt derivatives, primarily as a result of the appreciation of the Cdn$ relative to the US$. See “Financial Risk Management”.
Lease liabilities		1,495		1,355		140			10		Reflects liabilities related to new leases entered into during the year.
Other long-term liabilities		614		546		68			12		Primarily reflects an increase in our net pension liability.
Deferred tax liabilities		3,437		2,901		536			18		Primarily reflects an increase in temporary differences between the accounting and tax bases for certain assets.

Total liabilities		27,603		25,220		2,383			9
Shareholders’ equity		9,416		8,156		1,260			15		Reflects changes in retained earnings and equity reserves.

Total liabilities and shareholders’ equity		37,019		33,376		3,643			11



(In millions of dollars, except interest rates and discounts)

Date issued	Principal amount		Due date		Interest rate		Discount/premium at issuance		Total gross proceeds ¹ (Cdn$)		Transaction costs and discounts ² (Cdn$)

2019 issuances

April 30, 2019		1,000		2029		3.250%		99.746%		1,000		7

April 30, 2019		US 1,250		2049		4.350%		99.667%		1,676		20

November 12, 2019		US 1,000		2049		3.700%		98.926%		1,308		25

2018 issuances

February 8, 2018		US 750		2048		4.300%		99.398%		938		16



(In millions of dollars)

Maturity date	Notional amount (US$)		Notional amount (Cdn$)

2019 repayments

March 2019		–		400

November 2019		–		500

September 2020, repaid November 2019		–		900

Total for 2019		–		1,800

2018 repayments

August 2018, repaid April 2018		1,400		1,761


As at December 31, 2019 (In millions of dollars)
As at December 31, 2019 (In millions of dollars)	Total available		Drawn		Letters of credit		US CP program¹		Net available
Bank credit facilities:
Revolving		3,200		–		8		1,593		1,599
Outstanding letters of credit		101		–		101		–		–
Total bank credit facilities		3,301		–		109		1,593		1,599
Accounts receivable securitization		1,050		650		–		–		400
Cash and cash equivalents		494		–		–				494
Total		4,845		650		109		1,593		2,493

As at December 31, 2018 (In millions of dollars)
As at December 31, 2018 (In millions of dollars)	Total available		Drawn		Letters of credit		US CP program ¹		Net available
Bank credit facilities:
Revolving		3,200		–		9		1,605		1,586
Outstanding letters of credit		982		–		982		–		–
Total bank credit facilities		4,182		–		991		1,605		1,586
Accounts receivable securitization		1,050		650		–		–		400
Cash and cash equivalents		405		–		–		–		405
Total		5,637		650		991		1,605		2,391


Issuance	S&P	Moody’s	Fitch
Corporate credit issuer default rating ¹	BBB+ with a stable outlook	Baa1 with a stable outlook	BBB+ with a stable outlook
Senior unsecured debt ¹	BBB+ with a stable outlook	Baa1 with a stable outlook	BBB+ with a stable outlook
US commercial paper ¹	A-2	P-2	N/A ²


(In millions of dollars, except ratios)	As at December 31			As at January 1			As at December 31
(In millions of dollars, except ratios)	2019			2019			2018
Long-term debt ¹		16,130			14,404			14,404
Net debt derivative assets valued without any adjustment for credit risk ²		(1,414	)		(1,448	)		(1,448	)
Short-term borrowings		2,238			2,255			2,255
Lease liabilities ³		1,725			1,545			–
Cash and cash equivalents		(494	)		(405	)		(405	)
Adjusted net debt⁴		18,185			16,351			14,806
Divided by: trailing 12-month adjusted EBITDA⁴		6,212			6,157			5,983
Debt leverage ratio⁴		2.9			2.7			2.5


Derivative	The risk they manage	Types of derivative instruments
Debt derivatives	Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities	Cross-currency interest rate exchange agreements Forward foreign exchange agreements (from time to time as necessary)
Bond forwards	Impact of fluctuations in market interest rates on forecast interest payments for expected long-term debt	Forward interest rate agreements
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


			US$				Hedging effect

(In millions of dollars, except interest rates) Effective date	Principal/ Notional amount (US$)		Maturity date		Coupon rate		Fixed hedged (Cdn$) interest rate ¹		Equivalent (Cdn$)
2019 issuances
April 30, 2019		1,250		2049		4.350%		4.173%		1,676
November 12, 2019		1,000		2049		3.700%		3.996%		1,308

2018 issuances
February 8, 2018		750		2048		4.300%		4.193%		938


	As at December 31
(In millions of dollars, except exchange rates, percentages, and years)	2019		2018
US dollar-denominated long-term debt ¹	US$	8,300	US$	6,050
Hedged with debt derivatives	US$	8,300	US$	6,050
Hedged exchange rate		1.1932		1.1438
Percent hedged²		100.0%		100.0%
Amount of borrowings at fixed rates ³
Total borrowings	$	17,496	$	15,320
Total borrowings at fixed rates	$	15,254	$	13,070
Percent of borrowings at fixed rates		87.2%		85.3%
Weighted average interest rate on borrowings		4.30%		4.45%
Weighted average term to maturity		14.1 years		10.7 years


	As at December 31, 2019
(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		5,800		1.1357		6,587		1,508
As liabilities		2,570		1.3263		3,409		(96	)
Short-term debt derivatives not accounted for as hedges:
As liabilities		1,223		1.3227		1,618		(29	)
Net mark-to-market debt derivative asset								1,383
Expenditure derivatives accounted for as cash flow hedges:
As assets		270		1.2391		335		16
As liabilities		720		1.3228		952		(15	)
Net mark-to-market expenditure derivative asset								1
Equity derivatives not accounted for as hedges:
As assets		–		–		223		55
Net mark-to-market asset								1,439


	As at December 31, 2018
(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		5,500		1.1243		6,184		1,354
As liabilities		550		1.3389		736		(22	)
Short-term debt derivatives not accounted for as hedges:
As assets		1,178		1.3276		1,564		41
Net mark-to-market debt derivative asset								1,373
Bond forwards accounted for as cash flow hedges:
As liabilities		–		–		900		(87	)
Expenditure derivatives accounted for as cash flow hedges:
As assets		1,080		1.2413		1,341		122
Equity derivatives not accounted for as hedges:
As assets		–		–		258		92
Net mark-to-market asset								1,500



Declaration date	Record date	Payment date

April 21, 2020	June 10, 2020	July 2, 2020

June 3, 2020	September 9, 2020	October 1, 2020

October 21, 2020	December 10, 2020	January 4, 2021


	Years ended December 31
(Number of shares in millions)	2019		2018
Basic weighted average number of shares outstanding		512		515
Diluted weighted average number of shares outstanding		513		516


(In millions of dollars)	Less than 1 Year		1-3 Years		4-5 Years			After 5 Years			Total
Short-term borrowings		2,238		–		–			–			2,238
Long-term debt ¹		–		2,050		2,353			11,727			16,130
Net interest payments		735		1,299		1,121			8,763			11,918
Lease liabilities		230		413		326			1,251			2,220
Debt derivative instruments ²		–		–		(361	)		(516	)		(877	)
Expenditure derivative instruments ²		1		–		–			–			1
Player contracts ³		95		108		45			–			248
Purchase obligations ⁴		312		215		92			41			660
Property, plant and equipment		106		93		1			–			200
Intangible assets		44		19		–			–			63
Program rights ⁵		620		1,111		1,052			830			3,613
Other long-term liabilities		–		12		7			7			26
Total		4,381		5,320		4,636			22,103			36,440



(In millions of dollars)

	Income taxes		Unrecoverable sales taxes		Payroll taxes		Regulatory and spectrum fees ¹		Property and business taxes		Total taxes and other payments

Total payments		400		9		136		532		50		1,127



(In millions of dollars)	Increase (decrease) in accrued benefit obligation
Discount rate
Impact of 0.5% increase		(233	)
Impact of 0.5% decrease		266
Rate of future compensation increase
Impact of 0.25% increase		17
Impact of 0.25% decrease		(17	)
Mortality rate
Impact of 1 year increase		61
Impact of 1 year decrease		(64	)