Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Entity Registrant Name | TELUS CORPORATION |
Entity Central Index Key | 0000868675 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
condensed interim consolidated
condensed interim consolidated statements of income and other comprehensive income - CAD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING REVENUES | ||||
Service | $ 4,358 | $ 3,857 | $ 8,703 | $ 7,622 |
Equipment | 576 | 516 | 1,156 | 1,007 |
Operating revenues (arising from contracts with customers) | 4,934 | 4,373 | 9,859 | 8,629 |
Other income | 12 | 28 | 51 | 54 |
Operating revenues and other income | 4,946 | 4,401 | 9,910 | 8,683 |
OPERATING EXPENSES | ||||
Goods and services purchased | 1,790 | 1,637 | 3,593 | 3,231 |
Employee benefits expense | 1,568 | 1,171 | 3,108 | 2,290 |
Depreciation | 598 | 536 | 1,238 | 1,087 |
Amortization of intangible assets | 408 | 295 | 790 | 586 |
Total | 4,364 | 3,639 | 8,729 | 7,194 |
OPERATING INCOME | 582 | 762 | 1,181 | 1,489 |
Financing costs | 323 | 97 | 643 | 276 |
INCOME BEFORE INCOME TAXES | 259 | 665 | 538 | 1,213 |
Income taxes | 63 | 167 | 118 | 311 |
NET INCOME | 196 | 498 | 420 | 902 |
Items that may subsequently be reclassified to income | ||||
Change in unrealized fair value of derivatives designated as cash flow hedges | (16) | 13 | (35) | 102 |
Foreign currency translation adjustment arising from translating financial statements of foreign operations | (66) | (21) | (35) | (88) |
Total items that may subsequently be reclassified to income | (82) | (8) | (70) | 14 |
Items never subsequently reclassified to income | ||||
Change in measurement of investment financial assets | (2) | (4) | (8) | 1 |
Employee defined benefit plan re-measurements | 3 | 138 | (1) | 297 |
Total items never subsequently reclassified to income | 1 | 134 | (9) | 298 |
Total | (81) | 126 | (79) | 312 |
COMPREHENSIVE INCOME | 115 | 624 | 341 | 1,214 |
NET INCOME ATTRIBUTABLE TO: | ||||
Common Shares | 200 | 468 | 417 | 853 |
Non-controlling interests | (4) | 30 | 3 | 49 |
NET INCOME | 196 | 498 | 420 | 902 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO: | ||||
Common Shares | 144 | 591 | 355 | 1,182 |
Non-controlling interests | (29) | 33 | (14) | 32 |
COMPREHENSIVE INCOME | $ 115 | $ 624 | $ 341 | $ 1,214 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 0.14 | $ 0.34 | $ 0.29 | $ 0.62 |
Diluted | $ 0.14 | $ 0.34 | $ 0.29 | $ 0.62 |
TOTAL WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic | 1,447 | 1,381 | 1,443 | 1,378 |
Diluted | 1,452 | 1,387 | 1,447 | 1,384 |
condensed interim consolidate_2
condensed interim consolidated statements of financial position - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and temporary investments, net | $ 649 | $ 974 |
Accounts receivable | 3,238 | 3,316 |
Income and other taxes receivable | 171 | 124 |
Inventories | 580 | 537 |
Contract assets | 427 | 441 |
Prepaid expenses | 808 | 617 |
Current derivative assets | 55 | 83 |
Total | 5,928 | 6,092 |
Non-current assets | ||
Property, plant and equipment, net | 17,297 | 17,084 |
Intangible assets, net | 19,871 | 19,239 |
Goodwill, net | 10,015 | 9,125 |
Contract assets | 290 | 320 |
Other long-term assets | 2,276 | 2,203 |
Total | 49,749 | 47,971 |
Assets | 55,677 | 54,063 |
Current liabilities | ||
Short-term borrowings | 594 | 104 |
Accounts payable and accrued liabilities | 3,249 | 3,947 |
Income and other taxes payable | 120 | 112 |
Dividends payable | 526 | 502 |
Advance billings and customer deposits | 942 | 891 |
Provisions | 240 | 166 |
Current maturities of long-term debt | 3,716 | 2,541 |
Current derivative liabilities | 39 | 18 |
Total | 9,426 | 8,281 |
Non-current liabilities | ||
Provisions | 664 | 538 |
Long-term debt | 22,872 | 22,496 |
Other long-term liabilities | 722 | 636 |
Deferred income taxes | 4,414 | 4,454 |
Total | 28,672 | 28,124 |
Liabilities | 38,098 | 36,405 |
Owners' equity | ||
Common equity | 16,407 | 16,569 |
Non-controlling interests | 1,172 | 1,089 |
Total | 17,579 | 17,658 |
Total | 55,677 | 54,063 |
Contingent liabilities |
condensed interim consolidate_3
condensed interim consolidated statements of changes in owners' equity - CAD ($) shares in Millions, $ in Millions | Equity contributed, Common shares | Contributed surplus | Retained earnings | Accumulated other comprehensive income | Common equity | Non-controlling interests | Total |
Balance (in shares) at Dec. 31, 2021 | 1,370 | ||||||
Balance at Dec. 31, 2021 | $ 9,644 | $ 1,013 | $ 4,256 | $ 203 | $ 15,116 | $ 943 | $ 16,059 |
Net income (loss) | 853 | 853 | 49 | 902 | |||
Other comprehensive income (loss) | 297 | 32 | 329 | (17) | 312 | ||
Dividends | (917) | (917) | (917) | ||||
Dividends reinvested and optional cash payments (in shares) | 11 | ||||||
Dividends reinvested and optional cash payments | $ 317 | 317 | 317 | ||||
Equity accounted share-based compensation | 68 | 68 | 7 | 75 | |||
Issue of Common Shares in business combination | $ 6 | 6 | 6 | ||||
Change in ownership interests of subsidiaries | (56) | (56) | (18) | (74) | |||
Balance (in shares) at Jun. 30, 2022 | 1,381 | ||||||
Balance at Jun. 30, 2022 | $ 9,967 | 1,025 | 4,489 | 235 | 15,716 | 964 | 16,680 |
Balance (in shares) at Dec. 31, 2022 | 1,431 | ||||||
Balance at Dec. 31, 2022 | $ 11,399 | 956 | 4,104 | 110 | 16,569 | 1,089 | 17,658 |
Net income (loss) | 417 | 417 | 3 | 420 | |||
Other comprehensive income (loss) | (1) | (61) | (62) | (17) | (79) | ||
Dividends | (1,032) | (1,032) | (1,032) | ||||
Dividends reinvested and optional cash payments (in shares) | 14 | ||||||
Dividends reinvested and optional cash payments | $ 371 | 371 | 371 | ||||
Equity accounted share-based compensation | 55 | 55 | (1) | 54 | |||
Change in ownership interests of subsidiaries | $ 54 | 35 | 89 | 98 | 187 | ||
Change in ownership interests of subsidiaries | 2 | ||||||
Balance (in shares) at Jun. 30, 2023 | 1,447 | ||||||
Balance at Jun. 30, 2023 | $ 11,824 | $ 1,046 | $ 3,488 | $ 49 | $ 16,407 | $ 1,172 | $ 17,579 |
condensed interim consolidate_4
condensed interim consolidated statements of cash flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||||
Net income (loss) | $ 196 | $ 498 | $ 420 | $ 902 |
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation and amortization | 1,006 | 831 | 2,028 | 1,673 |
Deferred income taxes | (36) | (5) | (129) | (6) |
Share-based compensation expense, net | 30 | 42 | 73 | 68 |
Net employee defined benefit plans expense | 16 | 25 | 31 | 52 |
Employer contributions to employee defined benefit plans | (7) | (8) | (16) | (25) |
Non-current contract assets | 16 | 11 | 30 | 37 |
Non-current unbilled customer finance receivables | (8) | 113 | (22) | 31 |
Unrealized change in forward element of virtual power purchase agreements | 7 | (80) | 26 | (80) |
Loss from equity accounted investments | 4 | 3 | 8 | 7 |
Other | (79) | (68) | (58) | (72) |
Net change in non-cash operating working capital | (28) | (112) | (513) | (202) |
Cash provided by operating activities | 1,117 | 1,250 | 1,878 | 2,385 |
INVESTING ACTIVITIES | ||||
Cash payments for capital assets, excluding spectrum licences | (777) | (1,016) | (1,753) | (2,029) |
Cash payments for spectrum licences | (5) | (5) | ||
Cash payments for acquisitions, net | (353) | (1,262) | (480) | |
Advances to, and investment in, real estate joint ventures and associates | (112) | (2) | (117) | (2) |
Real estate joint venture receipts | 2 | 1 | 4 | 2 |
Proceeds on disposition | 7 | 7 | 7 | 12 |
Investment in portfolio investments and other | (23) | (75) | (115) | (140) |
Cash used by investing activities | (908) | (1,438) | (3,241) | (2,637) |
FINANCING ACTIVITIES | ||||
Dividends paid to holders of Common Shares | (320) | (290) | (638) | (583) |
Issue (repayment) of short-term borrowings, net | 1 | 171 | 490 | 165 |
Long-term debt issued | 1,836 | 1,770 | 5,517 | 4,057 |
Redemptions and repayment of long-term debt | (1,898) | (1,770) | (4,270) | (3,629) |
Shares of subsidiary purchased from non-controlling interests, net | (57) | (85) | (57) | (85) |
Other | 1 | (4) | (14) | |
Cash provided (used) by financing activities | (437) | (204) | 1,038 | (89) |
CASH POSITION | ||||
Decrease in cash and temporary investments, net | (228) | (392) | (325) | (341) |
Cash and temporary investments, net, beginning of period | 877 | 774 | 974 | 723 |
Cash and temporary investments, net, end of period | 649 | 382 | 649 | 382 |
SUPPLEMENTAL DISCLOSURE OF OPERATING CASH FLOWS | ||||
Interest paid | (295) | (195) | (581) | (375) |
Interest received | 3 | 7 | 1 | |
Income taxes paid, net | $ (152) | $ (130) | $ (279) | $ (238) |
notes to consolidated financial
notes to consolidated financial statements | 6 Months Ended |
Jun. 30, 2023 | |
notes to consolidated financial statements | |
notes to consolidated financial statements | JUNE 30, 2023 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 digitally-led customer 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 Canada Business Corporations Act Business Corporations Act Company Act 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, 2023, we have a 100% equity interest; and TELUS International (Cda) Inc., in which, as at June 30, 2023, we have a 56.1% equity interest, as discussed further in Note 28(c) Note 18(b) 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 22 6. Revenue from contracts with customers 25 7. Other income 26 8. Employee benefits expense 27 9. Financing costs 27 10. Income taxes 28 11. Other comprehensive income 29 12. Per share amounts 30 13. Dividends per share 30 14. Share-based compensation 31 15. Employee future benefits 34 16. Restructuring and other costs 36 Consolidated financial position focused 17. Property, plant and equipment 37 18. Intangible assets and goodwill 37 19. Leases 40 20. Other long-term assets 41 21. Real estate joint ventures and investments in associates 42 22. Short-term borrowings 44 23. Accounts payable and accrued liabilities 45 24. Advance billings and customer deposits 45 25. Provisions 46 26. Long-term debt 47 27. Other long-term liabilities 52 28. Owners’ equity 52 29. Contingent liabilities 54 Other 30. Related party transactions 56 31. Additional statement of cash flow information 58 |
condensed interim consolidate_5
condensed interim consolidated financial statements | 6 Months Ended |
Jun. 30, 2023 | |
condensed interim consolidated financial statements | |
condensed interim consolidated financial statements | 1 condensed interim consolidated financial statements (a) Basis of presentation The notes presented in our condensed interim consolidated financial statements include only significant events and transactions and are not fully inclusive of all matters normally disclosed in our annual audited financial statements; thus, our interim consolidated financial statements are referred to as condensed. Our condensed interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022. Our condensed interim consolidated financial statements are expressed in Canadian dollars and follow the same accounting policies and methods of their application as set out in our consolidated financial statements for the year ended December 31, 2022. The generally accepted accounting principles that we use are International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and Canadian generally accepted accounting principles. Our condensed interim consolidated financial statements comply with International Accounting Standard 34, Interim Financial Reporting These consolidated financial statements for the three-month and six-month periods ended June 30, 2023, were authorized by our Board of Directors for issue on August 4, 2023. (b) Inventories Our inventories primarily consist of mobile handsets, parts and accessories totalling $436 million as at June 30, 2023 (December 31, 2022 – $414 million), and communications equipment held for resale. Inventories are valued at the lower of cost and net realizable value, with cost being determined on an average cost basis. Costs of goods sold for the three-month and six-month periods ended June 30, 2023, totalled $0.5 billion (2022 - $0.5 billion) and $1.1 billion (2022 - $1.0 billion), respectively. |
accounting policy developments
accounting policy developments | 6 Months Ended |
Jun. 30, 2023 | |
accounting policy developments | |
accounting policy developments | 2 accounting policy developments (a) Initial application of standards, interpretations and amendments to standards and interpretations in the reporting period ● In February 2021, the International Accounting Standards Board issued narrow-scope amendments to IAS 1, Presentation of Financial Statements , IFRS Practice Statement 2, Making Materiality Judgements , and IAS 8 , Accounting Policies, Changes in Accounting Estimates and Errors . The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application was permitted. The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies, and clarify how to distinguish changes in accounting policies from changes in accounting estimates. Our financial disclosure is currently not materially affected by the application of the amendments. ● In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes . The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application was permitted. With a view to reducing diversity in reporting, the amendments clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and asset retirement (decommissioning) obligations. Our financial performance and disclosure is currently not materially affected by the application of the amendments. ● In May 2023, the International Accounting Standards Board issued International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12) , which amended IAS 12, Income Taxes . The amendments provide temporary relief from accounting for deferred income taxes arising from the Organisation for Economic Co-operation and Development’s Pillar Two model rules (such rules ensuring that large multinational corporations would be subject to a minimum 15% income tax rate in every jurisdiction in which they operate). As different jurisdictions are expected to implement the OECD rules at different speeds and at different points in time, the amendments are intended to help ensure consistency within, and comparability across, financial statements. The amendments are effective for annual reporting periods beginning on or after January 1, 2023. We are currently assessing the impacts of the amended standard, but do not expect that our financial disclosure will be materially affected by the application of the amendments. (b) Standards, interpretations and amendments to standards and interpretations in the reporting period not yet effective and not yet applied ● In May 2023, the International Accounting Standards Board issued Supplier Finance Arrangements , which amended IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures , and requires additional quantitative and qualitative disclosure about supplier finance arrangements. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, although earlier application is permitted; comparative prior period information is not required in the year of initial application. We are currently assessing the impacts of the amended standards, but do not expect that our financial disclosure, set out in Note 23 , will be materially affected by the application of the amendments. |
capital structure financial pol
capital structure financial policies | 6 Months Ended |
Jun. 30, 2023 | |
capital structure financial policies | |
capital structure financial policies | 3 capital structure financial policies General Our objective when managing financial capital is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk. In our definition of financial capital, we include common equity (excluding accumulated other comprehensive income), non-controlling interests, long-term debt (including long-term credit facilities, commercial paper backstopped by long-term credit facilities and any hedging assets or liabilities associated with long-term debt items, net of amounts recognized in accumulated other comprehensive income), cash and temporary investments, short-term borrowings, including those arising from securitized receivables, and other long-term debts, including those arising from securitized receivables. We manage our financial capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our business. In order to maintain or adjust our financial capital structure, we may adjust the amount of dividends paid to holders of Common Shares, purchase Common Shares for cancellation pursuant to normal course issuer bids, issue new shares (including Common Shares and TELUS International (Cda) Inc. subordinate voting shares), issue new debt, issue new debt to replace existing debt with different characteristics, increase or decrease the amount of receivables sold to an arm’s-length securitization trust, and/or enter into a new arm’s-length securitization trust to replace an existing arm’s-length securitization trust with different characteristics. During 2023, our financial objectives, which are reviewed annually, were unchanged from 2022. We believe that our financial objectives are supportive of our long-term strategy. We monitor financial capital utilizing a number of measures, including: net debt to earnings before interest, income taxes, depreciation and amortization (EBITDA*) – excluding restructuring and other costs ratio; coverage ratios; and dividend payout ratios. Debt and coverage ratios Net debt to EBITDA – excluding restructuring and other costs is calculated as net debt at the end of the period, divided by 12-month trailing EBITDA – excluding restructuring and other costs. This measure, historically, is substantially similar to the leverage ratio covenant in our credit facilities, except that the covenant includes in EBITDA the unrealized effects of non-currency risk-related derivative financial instruments that are held for trading (see Note 4(d) As at, or for the 12-month periods ended, June 30 ($ in millions) Objective 2023 2022 Components of debt and coverage ratios Net debt 1 $ 26,485 $ 21,693 EBITDA – excluding restructuring and other costs 2 $ 6,899 $ 6,715 Net interest cost 3 Note 9 $ 1,084 $ 755 Debt ratio Net debt to EBITDA – excluding restructuring and other costs 2.20 – 2.70 4 3.84 3.23 Coverage ratios Earnings coverage 5 2.5 4.2 EBITDA – excluding restructuring and other costs interest coverage 6 6.4 8.9 1 Net debt and total managed capitalization are calculated as follows: As at June 30 Note 2023 2022 Long-term debt 26 $ 26,588 $ 21,628 Debt issuance costs netted against long-term debt 114 100 Derivative (assets) liabilities used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt, net (72) (172) Accumulated other comprehensive income amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt — excluding tax effects (90) 240 Cash and temporary investments, net (649) (382) Short-term borrowings 22 594 279 Net debt 26,485 21,693 Common equity 16,407 15,716 Non-controlling interests 1,172 964 Less: accumulated other comprehensive income amounts included above in common equity and non-controlling interests (55) (201) Total managed capitalization $ 44,009 $ 38,172 * EBITDA is not a standardized financial measure under IFRS-IASB and might not be comparable to similar measures disclosed by other issuers; we define EBITDA as operating revenues and other income less goods and services purchased and employee benefits expense. We report EBITDA because it is a key measure that management uses to evaluate the performance of our business, and it is also utilized in measuring compliance with certain debt covenants. 2 EBITDA – excluding restructuring and other costs is calculated as follows: EBITDA – Restructuring excluding EBITDA and other costs restructuring ( Note 5 ( Note 16 and other costs Add Six-month period ended June 30, 2023 $ 3,209 $ 274 $ 3,483 Year ended December 31, 2022 6,406 240 6,646 Deduct Six-month period ended June 30, 2022 (3,162) (68) (3,230) EBITDA – excluding restructuring and other costs $ 6,453 $ 446 $ 6,899 3 Net interest cost is defined as financing costs, excluding employee defined benefit plans net interest, virtual power purchase agreements unrealized change in forward element, recoveries on long-term debt prepayment premium and repayment of debt, calculated on a 12-month trailing basis (expenses recorded for long-term debt prepayment premium, if any, are included in net interest cost) (see Note 9 ). 4 Our long-term objective range for this ratio is 2.20 – 2.70 times. The ratio as at June 30, 2023, is outside the long-term objective range. We may permit, and have permitted, this ratio to go outside the objective range (for long-term investment opportunities), but we will endeavour to return this ratio to within the objective range in the medium term (following the spectrum auction in 2021, and the spectrum auctions upcoming in 2023 and 2024), as we believe that this range is supportive of our long-term strategy. We are in compliance with the leverage ratio covenant in our credit facilities, which states that we may not permit our net debt to operating cash flow ratio to exceed 4.25 :1.00 (see Note 26(d) ); the calculation of the debt ratio is substantially similar to the calculation of the leverage ratio covenant in our credit facilities. 5 Earnings coverage is defined by Canadian Securities Administrators National Instrument 41-101 as net income before borrowing costs and income tax expense, divided by borrowing costs (interest on long-term debt; interest on short-term borrowings and other; long-term debt prepayment premium), and adding back capitalized interest, all such amounts excluding those attributable to non-controlling interests. 6 EBITDA – excluding restructuring and other costs interest coverage is defined as EBITDA – excluding restructuring and other costs, divided by net interest cost. This measure is substantially similar to the coverage ratio covenant in our credit facilities. Net debt to EBITDA – excluding restructuring and other costs was 3.84 times as at June 30, 2023, as compared to 3.23 times one year earlier. The effect of the increase in net debt, primarily due to the acquisition of spectrum licences and business acquisitions, exceeded the effect of growth in EBITDA – excluding restructuring and other costs. The earnings coverage ratio for the twelve-month period ended June 30, 2023, was 2.5 times, down from 4.2 times one year earlier. A decrease in income before borrowing costs and income taxes decreased the ratio by 0.8 and an increase in borrowing costs decreased the ratio by 0.9. The EBITDA – excluding restructuring and other costs interest coverage ratio for the twelve-month period ended June 30, 2023, was 6.4 times, down from 8.9 times one year earlier. Growth in EBITDA – excluding restructuring and other costs increased the ratio by 0.2 and an increase in net interest costs decreased the ratio by 2.7. TELUS Corporation Common Share dividend payout ratio So as to be consistent with the way we manage our business, our TELUS Corporation Common Share dividend payout ratio is presented as a historical measure calculated as the sum of the dividends declared in the most recent four quarters for TELUS Corporation Common Shares, as recorded in the financial statements net of dividend reinvestment plan effects (see Note 13 For the 12-month periods ended June 30 Objective 2023 2022 Determined using most comparable IFRS-IASB measures Ratio of TELUS Corporation Common Share dividends declared to cash provided by operating activities – less capital expenditures 168 % 224 % Determined using management measures TELUS Corporation Common Share dividend payout ratio – net of dividend reinvestment plan effects 60%–75% 1 87 % 133 % 1 Our objective range for the TELUS Corporation Common Share dividend payout ratio is 60 %- 75 % of free cash flow on a prospective basis. For the 12-month periods ended June 30 (millions) 2023 2022 TELUS Corporation Common Share dividends declared $ 2,014 $ 1,796 Amount of TELUS Corporation Common Share dividends declared reinvested in TELUS Corporation Common Shares (730) (644) TELUS Corporation Common Share dividends declared - net of dividend reinvestment plan effects $ 1,284 $ 1,152 * Free cash flow is not a standardized financial measure under IFRS-IASB and might not be comparable to similar measures presented by other issuers; we define free cash flow as EBITDA (operating revenues and other income less goods and services purchased and employee benefits expense) excluding items that we consider to be of limited predictive value, including certain working capital changes (such as trade receivables and trade payables), proceeds from divested assets, and other sources and uses of cash, as found in the consolidated statements of cash flows. We have issued guidance on, and report, free cash flow because it is a key performance measure that management and investors use to evaluate the performance of our business. Our calculation of free cash flow, and its reconciliation to cash provided by operating activities, is as follows: For the 12-month periods ended June 30 (millions) Note 2023 2022 EBITDA 5 $ 6,453 $ 6,540 Deduct gain on disposition of financial solutions business — (410) Restructuring and other costs, net of disbursements 186 7 Effects of contract asset, acquisition and fulfilment and TELUS Easy Payment device financing (173) (3) Effect of lease principal 31(b) (506) (503) Items from the Consolidated statements of cash flows: Share-based compensation, net 14 127 120 Net employee defined benefit plans expense 15 80 109 Employer contributions to employee defined benefit plans (35) (50) Interest paid (1,022) (747) Interest received 23 15 Capital expenditures 5 (3,105) (3,787) Free cash flow before income taxes 2,028 1,291 Income taxes paid, net of refunds (560) (486) Effect of disposition of financial solutions business on income taxes paid — 61 Free cash flow 1,468 866 Add (deduct): Capital expenditures 5 3,105 3,787 Effects of lease principal 506 503 Gain on disposition of financial solutions business, net of effect on income taxes paid — (349) Net change in non-cash operating working capital not included in preceding line items and other individually immaterial items included in net income neither providing nor using cash (775) (217) Cash provided by operating activities $ 4,304 $ 4,590 |
financial instruments
financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
financial instruments | |
financial instruments | 4 financial instruments (a) Credit risk Excluding credit risk, if any, arising from currency swaps settled on a gross basis, the best representation of our maximum exposure (excluding income tax effects) to credit risk, which is a worst-case scenario and does not reflect results we expect, is set out in the following table. June 30, December 31, As at (millions) 2023 2022 Cash and temporary investments, net $ 649 $ 974 Accounts receivable 3,831 3,887 Contract assets 717 761 Derivative assets 209 333 $ 5,406 $ 5,955 Cash and temporary investments, net Credit risk associated with cash and temporary investments is managed by ensuring that these financial assets are placed with: governments; major financial institutions that have been accorded strong investment grade ratings by a primary rating agency; and/or other creditworthy counterparties. An ongoing review evaluates changes in the status of counterparties. Accounts receivable Credit risk associated with accounts receivable is inherently managed by the size and diversity of our large customer base, which includes substantially all consumer and business sectors in Canada. We follow a program of credit evaluations of customers and limit the amount of credit extended when deemed necessary. Accounts are considered to be past due (in default) when customers have failed to make the contractually required payments when due, which is generally within 30 days of the billing date. Any late payment charges are levied at an industry-based market rate or a negotiated rate on outstanding non-current customer account balances. As at (millions) June 30, 2023 December 31, 2022 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 $ 1,095 $ (12) $ 1,083 $ 936 $ (11) $ 925 30-60 days past billing date 305 (12) 293 400 (11) 389 61-90 days past billing date 112 (14) 98 185 (15) 170 More than 90 days past billing date 171 (31) 140 192 (33) 159 Unbilled customer finance receivables 1,493 (38) 1,455 1,509 (39) 1,470 $ 3,176 $ (107) $ 3,069 $ 3,222 $ (109) $ 3,113 Current 6(b) $ 2,569 $ (93) $ 2,476 $ 2,636 $ (94) $ 2,542 Non-current 20 607 (14) 593 586 (15) 571 $ 3,176 $ (107) $ 3,069 $ 3,222 $ (109) $ 3,113 1 Net 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) ). We maintain allowances for lifetime expected credit losses related to doubtful accounts. Current economic conditions (including forward-looking macroeconomic data), historical information (including credit agency reports, if available), reasons for the accounts being past due and the line of business from which the customer accounts receivable arose are all considered when determining whether to make allowances for past-due accounts. The same factors are considered when determining whether to write off amounts charged to the allowance for doubtful accounts against the customer accounts receivable. The doubtful accounts expense is calculated on a specific-identification basis for customer accounts receivable balances above a specific threshold and on a statistically derived allowance basis for the remainder. No customer accounts receivable are written off directly to the doubtful accounts expense. The following table presents a summary of the activity related to our allowance for doubtful accounts. Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Balance, beginning of period $ 106 $ 107 $ 109 $ 110 Additions (doubtful accounts expense) 27 22 48 40 Accounts written off 1 (27) (18) (55) (41) Other 1 3 5 5 Balance, end of period $ 107 $ 114 $ 107 $ 114 1 For the three-month and six-month periods ended June 30, 2023, accounts that were written off but were still subject to enforcement activity totalled $45 (2022 – $37 ) and $89 (2022 – $69 ), respectively. Contract assets Credit risk associated with contract assets is inherently managed by the size and diversity of our large customer base, which includes substantially all consumer and business sectors in Canada. We follow a program of credit evaluations of customers and limit the amount of credit extended when deemed necessary. As at (millions) June 30, 2023 December 31, 2022 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 $ 590 $ (23) $ 567 $ 611 $ (23) $ 588 The 12-month period ending two years hence 245 (9) 236 277 (11) 266 Thereafter 55 (1) 54 55 (1) 54 $ 890 $ (33) $ 857 $ 943 $ (35) $ 908 We maintain allowances for lifetime expected credit losses related to contract assets. Current economic conditions, historical information (including credit agency reports, if available), and the line of business from which the contract asset arose are all considered when determining impairment allowances. The same factors are considered when determining whether to write off amounts charged to the impairment allowance for contract assets against contract assets. Derivative assets (and derivative liabilities) Counterparties to our material foreign exchange derivatives are major financial institutions that have been accorded investment grade ratings by a primary credit rating agency. The total dollar amount of credit exposure under contracts with any one financial institution is limited and counterparties’ credit ratings are monitored. We do not give or receive collateral on swap agreements and hedging items due to our credit rating and those of our counterparties. While we are exposed to the risk of potential credit losses due to the possible non-performance of our counterparties, we consider this risk remote. Our derivative liabilities do not have credit risk-related contingent features. (b) Liquidity risk As a component of our capital structure financial policies, discussed further in Note 3 ● maintaining a daily cash pooling process that enables us to manage our available liquidity and our liquidity requirements according to our actual needs; ● maintaining an agreement to sell trade receivables to an arm’s-length securitization trust ( Note 22 ), bilateral bank facilities ( Note 22 ), a supply chain financing program ( Note 23 ), a commercial paper program ( Note 26(c) ) and syndicated credit facilities ( Note 26(d),(e) ); ● maintaining in-effect shelf prospectuses; ● continuously monitoring forecast and actual cash flows; and ● managing maturity profiles of financial assets and financial liabilities. Our debt maturities in future years are disclosed in Note 26(h) We closely match the contractual maturities of our derivative financial liabilities with those of the risk exposures they are being used to manage. The expected maturities of our undiscounted financial liabilities do not differ significantly from the contractual maturities, other than as noted below. The contractual maturities of our undiscounted financial liabilities, including interest thereon (where applicable), are set out in the following tables. Non-derivative Derivative Composite long-term debt Long-term Non-interest debt, bearing excluding Currency swap agreement Currency swap agreement As at June 30, 2023 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26) ( Note 26 ) (Receive) Pay Other (Receive) Pay Total 2023 (remainder of year) $ 2,859 $ 20 $ 2,511 $ 327 $ (2,101) $ 2,117 $ — $ (361) $ 363 $ 5,735 2024 253 624 3,270 608 (227) 207 — (284) 287 4,738 2025 13 — 1,937 474 (219) 206 — — — 2,411 2026 80 — 2,288 346 (215) 206 — — — 2,705 2027 137 — 2,295 269 (1,658) 1,653 1 — — 2,697 2028-2032 49 — 10,967 535 (2,197) 2,160 — — — 11,514 Thereafter — — 11,996 375 (2,856) 2,805 — — — 12,320 Total $ 3,391 $ 644 $ 35,264 $ 2,934 $ (9,473) $ 9,354 $ 1 $ (645) $ 650 $ 42,120 Total ( Note 26(h) ) $ 38,079 1 Cash 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 June 30, 2023. 2 The 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 June 30, 2023. 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 As at December 31, 2022 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26 ( Note 26 (Receive) Pay (Receive) Pay Total 2023 $ 3,613 $ 9 $ 2,907 $ 596 $ (1,679) $ 1,674 $ (669) $ 648 $ 7,099 2024 254 105 3,126 537 (201) 193 — — 4,014 2025 16 — 1,800 379 (599) 586 — — 2,182 2026 12 — 2,154 273 (165) 162 — — 2,436 2027 1 — 2,197 218 (1,644) 1,610 — — 2,382 2028-2032 — — 9,929 446 (1,785) 1,707 — — 10,297 Thereafter — — 11,551 364 (2,921) 2,805 — — 11,799 Total $ 3,896 $ 114 $ 33,664 $ 2,813 $ (8,994) $ 8,737 $ (669) $ 648 $ 40,209 Total $ 36,220 1 Cash 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, 2022. 2 The 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, 2022. 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. (c) Market risks Net income and other comprehensive income for the six-month periods ended June 30, 2023 and 2022, could have varied if the Canadian dollar: U.S. dollar exchange rate, the U.S. dollar: European euro exchange rate, market interest rates and virtual power purchase agreement forward element valuation varied by reasonably possible amounts from their actual statement of financial position date amounts. The sensitivity analysis of our exposure to currency risk at the reporting date has been determined based upon a hypothetical change taking place at the relevant statement of financial position date. The U.S. dollar-denominated and European euro-denominated balances and the notional amounts of our derivative financial instruments as at the relevant statement of financial position dates have been used in the calculations. The sensitivity analysis of our exposure to interest rate risk at the reporting date has been determined based upon a hypothetical change taking place at the beginning of the relevant fiscal year and being held constant through to the statement of financial position date. The principal and notional amounts as at the relevant statement of financial position date have been used in the calculations. The sensitivity analysis of our exposure to wind discount risk and solar premium risk at the reporting date has been determined based upon a hypothetical change taking place at the relevant statement of financial position date. The notional amounts of the virtual power purchase agreements as at the relevant statement of financial position dates have been used in the calculations. Income tax expense, which is reflected net in the sensitivity analysis, reflects the applicable statutory income tax rates for the reporting periods. Six-month periods ended June 30 Net income Other comprehensive income Comprehensive income (increase (decrease) in millions) 2023 2022 2023 2022 2023 2022 Reasonably possible changes in market risks 1 10% change in C$: US$ exchange rate Canadian dollar appreciates $ (7) $ — $ 121 $ (1) $ 114 $ (1) Canadian dollar depreciates $ 7 $ — $ (119) $ 1 $ (112) $ 1 10% change in US$: € exchange rate U.S. dollar appreciates $ 12 $ 14 $ (66) $ (59) $ (54) $ (45) U.S. dollar depreciates $ (12) $ (14) $ 66 $ 59 $ 54 $ 45 25 basis point change in interest rates Interest rates increase Canadian interest rate $ (8) $ (2) $ 76 $ 80 $ 68 $ 78 U.S. interest rate $ — $ — $ (70) $ (85) $ (70) $ (85) Combined $ (8) $ (2) $ 6 $ (5) $ (2) $ (7) Interest rates decrease Canadian interest rate $ 8 $ 2 $ (77) $ (83) $ (69) $ (81) U.S. interest rate $ — $ — $ 75 $ 89 $ 75 $ 89 Combined $ 8 $ 2 $ (2) $ 6 $ 6 $ 8 20 basis point change in wind discount Wind discount increases $ (39) $ — $ — $ — $ (39) $ — Wind discount decreases $ 39 $ — $ — $ — $ 39 $ — 20 basis point change in solar premium Solar premium increases $ 24 $ — $ — $ — $ 24 $ — Solar premium decreases $ (24) $ — $ — $ — $ (24) $ — 1 These 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. The sensitivity analysis assumes that we would realize the changes in exchange rates and market interest rates; in reality, the competitive marketplace in which we operate would have an effect on this assumption. (d) Fair values Non-derivative Our long-term debt, which is measured at amortized cost, and the fair value thereof, are set out in the following table. As at (millions) June 30, 2023 December 31, 2022 Carrying Carrying value Fair value value Fair value Long-term debt, excluding leases ( Note 26 $ 24,172 $ 22,662 $ 22,967 $ 21,000 Derivative The derivative financial instruments that we measure at fair value on a recurring basis subsequent to initial recognition are set out in the following table. As at (millions) June 30, 2023 December 31, 2022 Maximum Notional Fair value 1 Price or Maximum Notional Fair value 1 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 2024 $ 91 $ 1 US$1.00: ₱56 2023 $ 72 $ 1 US$1.00: ₱55 Currency risk arising from U.S. dollar-denominated purchases HFH 3 2024 $ 101 2 US$1.00: C$1.29 2023 $ 397 21 US$1.00: C$1.28 Currency risk arising from U.S. dollar-denominated long-term debt Note 26(b)-(c) HFH 3 2023 $ 139 — US$1.00: C$1.32 2023 $ 526 9 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(e) HFH 5 2028 $ 45 19 €1.00: US$1.09 2025 $ 31 26 €1.00: US$1.09 Interest rate risk associated with non-fixed rate credit facility amounts drawn ( Note 26(e) HFH 3 2028 $ 11 5 3.5% — $ — — — Price risk associated with purchase of electrical power HFT 4 2047 $ 36 28 $30.39/ MWh 2047 $ 36 26 $29.66/ MWh $ 55 $ 83 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 $ 2,068 $ 6 US$1.00: C$1.27 2048 $ 4,443 $ 66 US$1.00: C$1.30 Currency risk arising from European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 Note 26(e) HFH 5 2028 $ 606 9 €1.00: US$1.09 2025 $ 454 17 €1.00: US$1.09 Interest rate risk associated with non-fixed rate credit facility amounts drawn (Note 26(e)) HFH 3 2028 $ 87 — 3.4% — $ — — — Price risk associated with purchase of electrical power HFT 4 2047 $ 234 139 $39.24/ MWh 2047 $ 264 167 $39.15/ MWh $ 154 $ 250 Current Liabilities 2 Derivatives used to manage Currency risk arising from U.S. dollar revenues HFT 4 2024 $ 42 $ — US$1.00: ₱56 2023 $ 68 $ 3 US$1.00: ₱55 Currency risk arising from U.S. dollar-denominated purchases HFH 3 2024 $ 414 8 US$1.00: C$1.34 2023 $ 111 1 US$1.00: C$1.36 Currency risk arising from U.S. dollar-denominated long-term debt ( Note 26(b)-(c) HFH 3 2023 $ 1,876 31 US$1.00: C$1.34 2023 $ 957 14 US$1.00: C$1.37 $ 39 $ 18 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 $ 4,623 $ 75 US$1.00: C$1.33 2049 $ 2,329 $ 24 US$1.00: C$1.33 Interest rate risk associated with non-fixed rate credit facility amounts drawn ( Note 26(e) HFH 3 2028 $ 124 1 3.6% — $ — — — $ 76 $ 24 1 Fair value measured at the reporting date using significant other observable inputs (Level 2), except the fair value of virtual power purchase agreements (which we use to manage the price risk associated with the purchase of electrical power), which is measured at the reporting date using significant unobservable inputs (Level 3). Changes in the fair value of derivative financial instruments classified as Level 3 in the fair value hierarchy were as follows: Three months Six months Periods ended June 30 2023 2022 2023 2022 Virtual power purchase agreements unrealized change in forward element Included in net income, excluding income taxes $ (7) $ 80 $ (26) $ 80 Balance, beginning of period 174 — 193 — Balance, end of period $ 167 $ 80 $ 167 $ 80 2 Derivative financial assets and liabilities are not set off. 3 Designated 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. 4 Designated as held for trading (HFT) and classified as fair value through net income upon initial recognition; hedge accounting is not applied. 5 Designated 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. 6 We designate only the spot element as the hedging item. As at June 30, 2023, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $ 115 (December 31, 2022 – $123 ). 7 We designate only the spot element as the hedging item. As at June 30, 2023, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $3 (December 31, 2022 - $1 ). (e) Recognition of derivative gains and losses The following table sets out the gains and losses, excluding income tax effects, arising from derivative instruments that are classified as cash flow hedging items and their location within the Consolidated statements of income and other comprehensive income. Credit risk associated with such derivative instruments, as discussed further in (a) 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 Periods ended June 30 (millions) Note 2023 2022 Location 2023 2022 THREE-MONTH Derivatives used to manage currency risk Arising from U.S. dollar-denominated purchases $ 10 $ 14 Goods and services purchased $ 6 $ 4 Arising from U.S. dollar-denominated long-term debt 1 26(b)-(c) (176) 138 Financing costs (138) 171 Arising from net investment in a foreign operation 2 — 30 Financing costs (5) (1) (166) 182 (137) 174 Derivatives used to manage other market risk Other 1 1 Financing costs — — $ (165) $ 183 $ (137) $ 174 SIX-MONTH Derivatives used to manage currency risk Arising from U.S. dollar-denominated purchases $ (9) $ 8 Goods and services purchased $ 15 $ 5 Arising from U.S. dollar-denominated long-term debt 1 26(b)-(c) (151) 126 Financing costs (138) 63 Arising from net investment in a foreign operation 2 (21) 54 Financing costs (11) (1) (181) 188 (134) 67 Derivatives used to manage other market risks Other — 1 Financing costs — (1) $ (181) $ 189 $ (134) $ 66 1 Amounts 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 three-month and six-month periods ended June 30, 2023, were $10 (2022 - $32 ) and $(8) (2022 - $7 ), respectively. 2 Amounts 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 three-month and six-month periods ended June 30, 2023, were $1 (2022 – $ 2 ) and $2 (2022 - $ NIL ), respectively. The following table sets out the gains and losses arising from derivative instruments that are classified as held for trading and that are not designated as being in a hedging relationship, as well as their location within the Consolidated statements of income and other comprehensive income. Gain (loss) on derivatives recognized in income Three months Six months Periods ended June 30 (millions) Location 2023 2022 2023 2022 Derivatives used to manage currency risk Financing costs $ 2 $ (8) $ 5 $ (11) Virtual power purchase agreements unrealized change in forward element Financing costs $ (7) $ 80 $ (26) $ 80 |
segment information
segment information | 6 Months Ended |
Jun. 30, 2023 | |
segment information | |
segment information | 5 segment information General Operating segments are components of an entity that engage in business activities from which they earn revenues and incur expenses (including revenues and expenses related to transactions with the other component(s)), the operations of which can be clearly distinguished and for which the operating results are regularly reviewed by a chief operating decision-maker to make resource allocation decisions and to assess performance. Effective September 1, 2022, we embarked upon the modification of our internal and external reporting processes, systems and internal controls concurrent with the acquisition and integration of LifeWorks Inc. and correspondingly we are assessing our segmented reporting structure. The TELUS technology solutions segment includes: network revenues and equipment sales arising from mobile technologies; data revenues (which include internet protocol; television; hosting, managed information technology and cloud-based services; and home and business security); 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); voice and other telecommunications services revenues; and equipment sales. The digitally-led customer experiences – TELUS International (DLCX) segment, which has the U.S. dollar as its primary functional currency, is comprised of digital customer experience and digital-enablement transformation solutions, including artificial intelligence and content management, provided by our TELUS International (Cda) Inc. subsidiary. Intersegment sales are recorded at the exchange value, which is the amount agreed to by the parties. The segment information regularly reported to our Chief Executive Officer (our chief operating decision-maker), and the reconciliations thereof to our products and services view of revenues, other revenues and income before income taxes, are set out in the following table. Digitally-led customer experiences – TELUS technology solutions TELUS Mobile Fixed Segment total International 1 Eliminations Total Three-month periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Operating revenues External revenues Service $ 1,748 $ 1,647 $ 1,887 $ 1,538 $ 3,635 $ 3,185 $ 723 $ 672 $ — $ — $ 4,358 $ 3,857 Equipment 489 435 87 81 576 516 — — — — 576 516 Revenues arising from contracts with customers $ 2,237 $ 2,082 $ 1,974 $ 1,619 4,211 3,701 723 672 — — 4,934 4,373 Other income ( Note 7 12 28 — — — — 12 28 4,223 3,729 723 672 — — 4,946 4,401 Intersegment revenues 4 4 173 125 (177) (129) — — $ 4,227 $ 3,733 $ 896 $ 797 $ (177) $ (129) $ 4,946 $ 4,401 EBITDA 2 $ 1,457 $ 1,417 $ 131 $ 176 $ — $ — $ 1,588 $ 1,593 Restructuring and other costs included in EBITDA ( Note 16 94 19 21 10 — — 115 29 Adjusted EBITDA 2 $ 1,551 $ 1,436 $ 152 $ 186 $ — $ — $ 1,703 $ 1,622 Capital expenditures 3 $ 773 $ 1,016 $ 34 $ 38 $ — $ — $ 807 $ 1,054 Adjusted EBITDA less capital expenditures 2 $ 778 $ 420 $ 118 $ 148 $ — $ — $ 896 $ 568 Operating revenues – external and other income (above) $ 4,946 $ 4,401 Goods and services purchased 1,790 1,637 Employee benefits expense 1,568 1,171 EBITDA (above) 1,588 1,593 Depreciation 598 536 Amortization of intangible assets 408 295 Operating income 582 762 Financing costs 323 97 Income before income taxes $ 259 $ 665 Digitally-led customer experiences – TELUS technology solutions TELUS Mobile Fixed Segment total International 1 Eliminations Total Six-month periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Operating revenues External revenues Service $ 3,473 $ 3,247 $ 3,751 $ 3,059 $ 7,224 $ 6,306 $ 1,479 $ 1,316 $ — $ — $ 8,703 $ 7,622 Equipment 978 852 178 155 1,156 1,007 — — — — 1,156 1,007 Revenues arising from contracts with customers $ 4,451 $ 4,099 $ 3,929 $ 3,214 8,380 7,313 1,479 1,316 — — 9,859 8,629 Other income ( Note 7 51 54 — — — — 51 54 8,431 7,367 1,479 1,316 — — 9,910 8,683 Intersegment revenues 8 8 345 240 (353) (248) — — $ 8,439 $ 7,375 $ 1,824 $ 1,556 $ (353) $ (248) $ 9,910 $ 8,683 EBITDA 2 $ 2,910 $ 2,817 $ 299 $ 345 $ — $ — $ 3,209 $ 3,162 Restructuring and other costs included in EBITDA ( Note 16 235 54 39 14 — — 274 68 Equity (income) loss related to real estate joint venture (1) — — — — — (1) — Adjusted EBITDA 2 $ 3,144 $ 2,871 $ 338 $ 359 $ — $ — $ 3,482 $ 3,230 Capital expenditures 3 $ 1,466 $ 1,818 $ 54 $ 69 $ — $ — $ 1,520 $ 1,887 Adjusted EBITDA less capital expenditures 2 $ 1,678 $ 1,053 $ 284 $ 290 $ — $ — $ 1,962 $ 1,343 Operating revenues – external and other income (above) $ 9,910 $ 8,683 Goods and services purchased 3,593 3,231 Employee benefits expense 3,108 2,290 EBITDA (above) 3,209 3,162 Depreciation 1,238 1,087 Amortization of intangible assets 790 586 Operating income 1,181 1,489 Financing costs 643 276 Income before income taxes $ 538 $ 1,213 1 The digitally-led customer experiences – TELUS International segment is comprised of our consolidated TELUS International (Cda) Inc. subsidiary. All of our other international operations are included in the TELUS technology solutions segment. 2 Earnings before interest, income taxes, depreciation and amortization (EBITDA), both unadjusted and adjusted, are not standardized financial measures under IFRS-IASB and may not be comparable to similar measures disclosed by other issuers (including those disclosed by TELUS International (Cda) Inc.); we define EBITDA as operating revenues and other income less goods and services purchased and employee benefits expense. We calculate adjusted EBITDA to exclude items that do not reflect our ongoing operations and, in our opinion, should not be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt. We report EBITDA, adjusted EBITDA and adjusted EBITDA less capital expenditures, because they are key measures that management uses to evaluate the performance of our business, and EBITDA is also utilized in measuring compliance with certain debt covenants. 3 See Note 31(a) for a reconciliation of capital asset additions, excluding spectrum licences, to cash payments for capital assets, excluding spectrum licences, reported in the Consolidated statements of cash flows. |
revenue from contracts with cus
revenue from contracts with customers | 6 Months Ended |
Jun. 30, 2023 | |
revenue from contracts with customers | |
revenue from contracts with customers | 6 revenue from contracts with customers (a) Revenues In the determination of the minimum transaction prices in contracts with customers, amounts are allocated to fulfilling, or completion of fulfilling, future contracted performance obligations. These unfulfilled, or partially unfulfilled, future contracted performance obligations are largely in respect of services to be provided over the duration of the contract. The following table sets out our aggregate estimated minimum transaction prices allocated to remaining unfulfilled, or partially unfulfilled, future contracted performance obligations and the timing of when we might expect to recognize the associated revenues; actual amounts could differ from these estimates due to a variety of factors, including the unpredictable nature of: customer behaviour; industry regulation; the economic environments in which we operate; and competitor behaviour. June 30, December 31, As at (millions) 2023 2022 Estimated minimum transaction price allocated to remaining unfulfilled, or partially unfulfilled, performance obligations to be recognized as revenue in a future period 1, 2 During the 12-month period ending one year hence $ 2,480 $ 2,539 During the 12-month period ending two years hence 966 1,034 Thereafter 94 81 $ 3,540 $ 3,654 1 Excludes constrained variable consideration amounts, amounts arising from contracts originally expected to have a duration of one year or less and, as a permitted practical expedient, amounts arising from contracts that are not affected by revenue recognition timing differences arising from transaction price allocation or from contracts under which we may recognize and bill revenue in an amount that corresponds directly with our completed performance obligations. 2 IFRS-IASB requires the explanation of when we expect to recognize as revenue the amounts disclosed as the estimated minimum transaction price allocated to remaining unfulfilled, or partially unfulfilled, performance obligations. The estimated amounts disclosed are based upon contractual terms and maturities. Actual minimum transaction price revenues recognized, and the timing thereof, will differ from these estimates primarily due to the frequency with which the actual durations of contracts with customers do not match their contractual maturities. (b) Accounts receivable June 30, December 31, As at (millions) Note 2023 2022 Customer accounts receivable $ 2,569 $ 2,636 Accrued receivables – customer 506 468 Allowance for doubtful accounts 4(a) (93) (94) 2,982 3,010 Accrued receivables – other 256 306 Accounts receivable – current $ 3,238 $ 3,316 (c) Contract assets Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Balance, beginning of period $ 879 $ 831 $ 908 $ 877 Net additions arising from operations 368 332 718 633 Amounts billed in the period and thus reclassified to accounts receivable (394) (360) (775) (708) Change in impairment allowance, net 4(a) 1 1 2 2 Other 3 — 4 — Balance, end of period $ 857 $ 804 $ 857 $ 804 To be billed and thus reclassified to accounts receivable during: The 12-month period ending one year hence $ 567 $ 542 The 12-month period ending two years hence 236 210 Thereafter 54 52 Balance, end of period $ 857 $ 804 Reconciliation of contract assets presented in the Consolidated statements of financial position – current Gross contract assets $ 567 $ 542 Reclassification to contract liabilities of contracts with contract assets less than contract liabilities 24 (14) (16) Reclassification from contract liabilities of contracts with contract liabilities less than contract assets 24 (126) (114) $ 427 $ 412 |
other income
other income | 6 Months Ended |
Jun. 30, 2023 | |
other income | |
other income | 7 other income Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Government assistance $ 9 $ — $ 10 $ 2 Other sublet revenue 19 2 2 3 3 Investment income (loss), gain (loss) on disposal of assets and other (4) 3 (7) (1) Interest income 21(a) 2 — 4 1 Changes in business combination-related provisions 25 3 23 41 49 $ 12 $ 28 $ 51 $ 54 |
employee benefits expense
employee benefits expense | 6 Months Ended |
Jun. 30, 2023 | |
employee benefits expense | |
employee benefits expense | 8 employee benefits expense Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Employee benefits expense – gross Wages and salaries $ 1,478 $ 1,154 $ 2,986 $ 2,259 Share-based compensation 1 14 44 54 98 103 Pensions – defined benefit 15(a) 16 25 31 52 Pensions – defined contribution 15(b) 35 30 63 56 Restructuring costs 1 16(a) 95 13 143 23 Employee health and other benefits 82 63 137 120 1,750 1,339 3,458 2,613 Capitalized internal labour costs, net Contract acquisition costs 20 Capitalized (23) (22) (39) (40) Amortized 23 20 46 39 Contract fulfilment costs 20 Capitalized (7) (1) (11) (1) Amortized — 1 1 1 Property, plant and equipment (98) (99) (198) (192) Intangible assets subject to amortization (77) (67) (149) (130) (182) (168) (350) (323) $ 1,568 $ 1,171 $ 3,108 $ 2,290 1 For the three-month and six-month periods ended June 30, 2023, $ (2) (2022 – $ 1 ) and $ NIL (2022 – $ 2 ), respectively, of share-based compensation in the digitally-led customer experiences segment was included in restructuring costs. |
financing costs
financing costs | 6 Months Ended |
Jun. 30, 2023 | |
financing costs | |
financing costs | 9 financing costs Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Interest expense Interest on long-term debt, excluding lease liabilities – gross $ 270 $ 179 $ 533 $ 348 Interest on long-term debt, excluding lease liabilities – capitalized 1 (1) (12) (3) (27) Interest on long-term debt, excluding lease liabilities 269 167 530 321 Interest on lease liabilities 19 31 17 59 33 Interest on short-term borrowings and other 9 3 12 7 Interest accretion on provisions 25 7 5 15 8 316 192 616 369 Employee defined benefit plans net interest 15 2 2 4 4 Foreign exchange — (17) 4 (16) Virtual power purchase agreements unrealized change in forward element 7 (80) 26 (80) 325 97 650 277 Interest income (2) — (7) (1) $ 323 $ 97 $ 643 $ 276 Net interest cost 3 $ 616 $ 379 Interest on long-term debt, excluding lease liabilities – capitalized 1 (3) (27) Employee defined benefit plans net interest 4 4 Virtual power purchase agreements unrealized change in forward element 26 (80) $ 643 $ 276 1 Interest on long-term debt, excluding lease liabilities, at a composite rate of 3.10% was capitalized to intangible assets with indefinite lives during the period. |
income taxes
income taxes | 6 Months Ended |
Jun. 30, 2023 | |
income taxes | |
income taxes | 10 income taxes Expense composition and rate reconciliation Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Current income tax expense For the current reporting period $ 118 $ 176 $ 265 $ 321 Adjustments recognized in the current period for income taxes of prior periods (19) (4) (18) (4) 99 172 247 317 Deferred income tax expense Arising from the origination and reversal of temporary differences (42) (3) (135) (4) Adjustments recognized in the current period for income taxes of prior periods 6 (2) 6 (2) (36) (5) (129) (6) $ 63 $ 167 $ 118 $ 311 Our income tax expense and effective income tax rate differ from those computed by applying the applicable statutory rates for the following reasons: Three-month periods ended June 30 ($ in millions) 2023 2022 Income taxes computed at applicable statutory rates $ 62 24.2 % $ 171 25.7 % Adjustments recognized in the current period for income taxes of prior periods (13) (5.3) (6) (0.9) (Non-taxable) non-deductible amounts, net 2 0.8 1 0.2 Withholding and other taxes 2 0.8 7 1.0 Losses not recognized 5 1.9 1 0.2 Foreign tax differential 4 1.5 (8) (1.3) Other 1 0.4 1 0.1 Income tax expense per Consolidated statements of income and other comprehensive income $ 63 24.3 % $ 167 25.0 % Six-month periods ended June 30 ($ in millions) 2023 2022 Income taxes computed at applicable statutory rates $ 125 23.3 % $ 311 25.6 % Adjustments recognized in the current period for income taxes of prior periods (12) (2.2) (6) (0.5) (Non-taxable) non-deductible amounts, net (7) (1.3) (1) (0.0) Withholding and other taxes 9 1.7 15 1.2 Losses not recognized 8 1.5 3 0.2 Foreign tax differential (7) (1.3) (11) (0.9) Other 2 0.3 — — Income tax expense per Consolidated statements of income and other comprehensive income $ 118 22.0 % $ 311 25.6 % |
other comprehensive income
other comprehensive income | 6 Months Ended |
Jun. 30, 2023 | |
other comprehensive income | |
other comprehensive income | 11 other comprehensive income Item never Item never reclassified to reclassified to Items that may subsequently be reclassified to income income income Change in unrealized fair value of derivatives designated as cash flow hedges in current period ( Note 4(e) Derivatives used to manage currency risk Derivatives used to manage other market risks Cumulative Change in Prior period Prior period foreign measurement Employee Gains (gains) losses Gains (gains) losses currency of investment Accumulated defined benefit (losses) transferred to (losses) transferred to translation financial other plan Other Periods ended June 30 (millions) arising net income Total arising net income Total Total adjustment assets comp. income re-measure-ments comp. income THREE-MONTH Accumulated balance as at April 1, 2022 $ 169 $ (2) $ 167 $ (42) $ 88 $ 213 Other comprehensive income (loss) Amount arising $ 182 $ (174) 8 $ 1 $ — 1 9 (21) (5) (17) $ 186 $ 169 Income taxes $ 26 $ (30) (4) $ — $ — — (4) — (1) (5) 48 43 Net 12 1 13 (21) (4) (12) $ 138 $ 126 Accumulated balance as at June 30, 2022 $ 181 $ (1) $ 180 $ (63) $ 84 $ 201 Accumulated balance as at April 1, 2023 $ (38) $ (4) $ (42) $ 97 $ 84 $ 139 Other comprehensive income (loss) Amount arising $ (166) $ 137 (29) $ 1 $ — 1 (28) (66) (3) (97) $ 5 $ (92) Income taxes $ (31) $ 19 (12) $ — $ — — (12) — (1) (13) 2 (11) Net (17) 1 (16) (66) (2) (84) $ 3 $ (81) Accumulated balance as at June 30, 2023 $ (55) $ (3) $ (58) $ 31 $ 82 $ 55 SIX-MONTH Accumulated balance as at January 1, 2022 $ 81 $ (3) $ 78 $ 25 $ 83 $ 186 Other comprehensive income (loss) Amount arising $ 188 $ (67) 121 $ 1 $ 1 2 123 (88) 1 36 $ 400 $ 436 Income taxes $ 30 $ (9) 21 $ — $ — — 21 — — 21 103 124 Net 100 2 102 (88) 1 15 $ 297 $ 312 Accumulated balance as at June 30, 2022 $ 181 $ (1) $ 180 $ (63) $ 84 $ 201 Accumulated balance as at January 1, 2023 $ (20) $ (3) $ (23) $ 66 $ 90 $ 133 Other comprehensive income (loss) Amount arising $ (181) $ 134 (47) $ — $ — — (47) (35) (10) (92) $ (1) $ (93) Income taxes $ (32) $ 20 (12) $ — $ — — (12) — (2) (14) — (14) Net (35) — (35) (35) (8) (78) $ (1) $ (79) Accumulated balance as at June 30, 2023 $ (55) $ (3) $ (58) $ 31 $ 82 $ 55 Attributable to: Common Shares $ 49 Non-controlling interests 6 $ 55 |
per share amounts
per share amounts | 6 Months Ended |
Jun. 30, 2023 | |
per share amounts | |
per share amounts | 12 per share amounts Basic net income per Common Share is calculated by dividing net income attributable to Common Shares by the total weighted average number of Common Shares outstanding during the period. Diluted net income per Common Share is calculated to give effect to share option awards and restricted share unit awards. The following table presents reconciliations of the denominators of the basic and diluted per share computations. Net income was equal to diluted net income for all periods presented. Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Basic total weighted average number of Common Shares outstanding 1,447 1,381 1,443 1,378 Effect of dilutive securities - Restricted share units 5 6 4 6 Diluted total weighted average number of Common Shares outstanding 1,452 1,387 1,447 1,384 For the three-month and six-month periods ended June 30, 2023 and 2022, no outstanding equity-settled restricted share unit awards or TELUS Corporation share option awards were excluded in the calculation of diluted income per Common Share. |
dividends per share
dividends per share | 6 Months Ended |
Jun. 30, 2023 | |
dividends per share | |
dividends per share | 13 dividends per share (a) TELUS Corporation Common Share dividends declared Six-month periods ended June 30 (millions except per share amounts) 2023 2022 TELUS Corporation Declared Paid to Declared Paid to Common Share dividends Effective Per share shareholders Total Effective Per share shareholders Total Quarter 1 dividend Mar. 10, 2023 $ 0.3511 Apr. 3, 2023 $ 506 Mar. 11, 2022 $ 0.3274 Apr. 1, 2022 $ 450 Quarter 2 dividend June 8, 2023 0.3636 July 4, 2023 526 June 10, 2022 0.3386 July 4, 2022 467 $ 0.7147 $ 1,032 $ 0.6660 $ 917 On August 3, 2023, the Board of Directors declared a quarterly dividend of $0.3636 per share on our issued and outstanding TELUS Corporation Common Shares payable on October 2, 2023, to holders of record at the close of business on September 8, 2023. The final amount of the dividend payment depends upon the number of TELUS Corporation Common Shares issued and outstanding at the close of business on September 8, 2023. (b) Dividend Reinvestment and Share Purchase Plan We have a Dividend Reinvestment and Share Purchase Plan under which eligible holders of TELUS Corporation Common Shares may acquire additional TELUS Corporation Common Shares by reinvesting dividends and by making additional optional cash payments to the trustee. Under this plan, we have the option of offering TELUS Corporation Common Shares from Treasury or having the trustee acquire TELUS Corporation Common Shares in the stock market. We may, at our discretion, offer TELUS Corporation Common Shares at a discount of up to 5% from the market price under the plan. Effective with our dividends paid October 1, 2019, we offered TELUS Corporation Common Shares from Treasury at a discount of 2%. In respect of TELUS Corporation Common Shares held by eligible shareholders who have elected to participate in the plan, dividends declared during the three-month and six-month periods ended June 30, 2023, of $175 million (2022 - $158 million) and $348 million (2022 - $307 million), respectively, were to be reinvested in TELUS Corporation Common Shares. |
share-based compensation
share-based compensation | 6 Months Ended |
Jun. 30, 2023 | |
share-based compensation | |
share-based compensation | 14 share-based compensation (a) Details of share-based compensation expense Reflected in the Consolidated statements of income and other comprehensive income as Employee benefits expense and in the Consolidated statements of cash flows are the following share-based compensation amounts: Periods ended June 30 (millions) 2023 2022 Associated Statement Associated Statement Employee operating of cash Employee operating of cash benefits cash flows benefits cash flows Note expense 1 outflows adjustment expense outflows adjustment THREE-MONTH Restricted share units (b) $ 30 $ — $ 30 $ 44 $ (1) $ 43 Employee share purchase plan (c) 12 (12) — 11 (11) — Share option awards (d) — — — — (1) (1) $ 42 $ (12) $ 30 $ 55 $ (13) $ 42 TELUS technology solutions $ 39 $ (12) $ 27 $ 47 $ (11) $ 36 Digitally-led customer experiences 3 — 3 8 (2) 6 $ 42 $ (12) $ 30 $ 55 $ (13) $ 42 SIX-MONTH Restricted share units (b) $ 74 $ (2) $ 72 $ 85 $ (8) $ 77 Employee share purchase plan (c) 23 (23) — 22 (22) — Share option awards (d) 1 — 1 (2) (7) (9) $ 98 $ (25) $ 73 $ 105 $ (37) $ 68 TELUS technology solutions $ 76 $ (24) $ 52 $ 87 $ (29) $ 58 Digitally-led customer experiences 22 (1) 21 18 (8) 10 $ 98 $ (25) $ 73 $ 105 $ (37) $ 68 1 Within employee benefits expense (see Note 8 ), for the three-month and six-month periods ended June 30, 2023, restricted share units expense of $32 (2022 – $43 ) and $74 (2022 – $83 ), respectively, are presented as share-based compensation expense and the balance is included in restructuring costs (see Note 16 ) of the digitally-led customer experiences segment. (b) Restricted share units TELUS Corporation restricted share units We also award restricted share units that largely have the same features as our general restricted share units, but have a variable payout (0% – 200%) that depends upon the achievement of our total customer connections performance condition (with a weighting of 25%) and the total shareholder return on TELUS Corporation Common Shares relative to an international peer group of telecommunications companies (with a weighting of 75%). The grant-date fair value of the notional subset of our restricted share units affected by the total customer connections performance condition equals the fair market value of the corresponding TELUS Corporation Common Shares at the grant date, and thus the notional subset has been included in the presentation of our restricted share units with only service conditions. Reflecting a variable payout, our estimate of the fair value of the notional subset of our restricted share units affected by the relative total shareholder return performance condition is determined using a Monte Carlo simulation. Grants of restricted share units in 2023 and 2022 are accounted for as equity-settled, as that was the expected manner of their settlement when granted. The following table presents a summary of outstanding TELUS Corporation non-vested restricted share units. June 30, December 31, Number of non-vested restricted share units as at 2023 2022 Restricted share units without market performance conditions Restricted share units with only service conditions 8,473,146 5,224,220 Notional subset affected by total customer connections performance condition 559,712 357,263 9,032,858 5,581,483 Restricted share units with market performance conditions Notional subset affected by relative total shareholder return performance condition 1,745,262 1,071,789 10,778,120 6,653,272 The following table presents a summary of the activity related to TELUS Corporation restricted share units without market performance conditions. Periods ended June 30, 2023 Three months Six months Number of restricted Weighted Number of restricted Weighted share units 1 average share units 1 average grant-date grant-date Non-vested Vested fair value Non-vested Vested fair value Outstanding, beginning of period Non-vested 8,535,166 — $ 28.31 5,581,483 — $ 30.62 Vested — 35,897 $ 26.98 — 35,819 $ 27.00 Granted Initial award 480,079 — $ 27.15 3,519,510 — $ 27.38 In lieu of dividends 110,567 466 $ 27.06 183,717 942 $ 26.81 Vested (26,309) 26,309 $ 27.94 (68,923) 68,923 $ 27.93 Settled - in cash — (26,310) $ 27.94 — (69,322) $ 27.94 Forfeited (66,645) — $ 28.51 (182,929) — $ 27.74 Outstanding, end of period Non-vested 9,032,858 — $ 28.23 9,032,858 — $ 28.23 Vested — 36,362 $ 26.98 — 36,362 $ 26.98 1 Excluding the notional subset of restricted share units affected by the relative total shareholder return performance condition. TELUS International (Cda) Inc. restricted share units We also award restricted share units that largely have the same features as the TELUS Corporation restricted share units, but have a variable payout (0% – 150%) that depends upon the achievement of TELUS International (Cda) Inc. financial performance and non-market quality-of-service performance conditions. Grants of restricted share units in 2023 and 2022 are accounted for as equity-settled, as that was the expected manner of their settlement when granted. The following table presents a summary of the activity related to TELUS International (Cda) Inc. restricted share units. Periods ended June 30, 2023 Three months Six months Number of restricted Weighted Number of restricted Weighted share units average share units average grant-date grant-date Non-vested Vested fair value Non-vested Vested fair value Outstanding, beginning of period 2,427,873 — US$ 24.56 1,605,821 — US$ 27.10 Granted – initial award 9,034 270,223 US$ 16.60 1,111,894 342,986 US$ 20.30 Vested (119,420) 119,420 US$ 28.71 (396,444) 396,444 US$ 26.67 Settled – in equity — (389,643) US$ 20.31 — (739,430) US$ 22.45 Forfeited (21,569) — US$ 24.48 (25,353) — US$ 24.93 Outstanding, end of period 2,295,918 — US$ 24.31 2,295,918 — US$ 24.31 (c) TELUS Corporation employee share purchase plan We have an employee share purchase plan under which eligible employees can purchase TELUS Corporation Common Shares through regular payroll deductions. In respect of TELUS Corporation Common Shares held within the employee share purchase plan, TELUS Corporation Common Share dividends declared during the three-month and six-month periods ended June 30, 2023, of $13 million (2022 - $12 million) and $26 million (2022 - $23 million), respectively were to be reinvested in TELUS Corporation Common Shares acquired by the trustee from Treasury, with a discount applicable, as set out in Note 13(b) (d) Share option awards TELUS Corporation share options Employees may be granted share option awards to purchase TELUS Corporation Common Shares at an exercise price equal to the fair market value at the time of grant. Share option awards granted under the plan may be exercised over specific periods not to exceed seven years from the date of grant. These share option awards have a net-equity settlement feature. The optionee does not have the choice of exercising the net-equity settlement feature; it is at our option whether the exercise of a share option award is settled as a share option or settled using the net-equity settlement feature. The following table presents a summary of the activity related to the TELUS Corporation share option plan. Periods ended June 30, 2023 Three months Six months Number of Weighted Number of Weighted share average share share average share options option price 1 options option price 1 Outstanding, beginning of period 2,627,925 $ 22.08 2,755,300 $ 22.05 Exercised 2 (403,775) $ 21.32 (492,750) $ 21.30 Forfeited (24,300) $ 22.55 (62,700) $ 22.36 Outstanding, end of period 2,199,850 $ 22.21 2,199,850 $ 22.21 Exercisable, end of period — — 1,850,250 $ 22.21 1 The weighted average remaining contractual life is 3.9 years. 2 For the three-month and six-month periods ended June 30, 2023, the weighted average prices at the dates of exercise were $27.28 and $27.26 , respectively. TELUS International (Cda) Inc. share options Employees may be granted equity share options (equity-settled) to purchase TELUS International (Cda) Inc. subordinate voting shares at a price equal to, or a multiple of, the fair market value at the time of grant and/or phantom share options (cash-settled) that provide them with exposure to TELUS International (Cda) Inc. subordinate voting share price appreciation. Share option awards granted under the plan may be exercised over specific periods not to exceed ten years from the time of grant. All equity share option awards and most phantom share option awards have a variable payout (0% – 100%) that depends upon the achievement of TELUS International (Cda) Inc. financial performance and non-market quality-of-service performance conditions. The following table presents a summary of the activity related to the TELUS International (Cda) Inc. share option plan. Periods ended June 30, 2023 Three months Six months Number of Weighted Number of Weighted share average share share average share options option price 1 options option price 1 Outstanding, beginning of period 2,661,120 US$ 11.35 2,677,297 US$ 11.31 Forfeited — US$ — (16,177) US$ 5.77 Outstanding, end of period 2,661,120 US$ 11.35 2,661,120 US$ 11.35 Exercisable, end of period — — 2,316,682 US$ 9.50 1 For 2,220,919 share options, the range of share option prices is US $4.87 – US$ 8.95 per TELUS International (Cda) Inc. subordinated voting share and the weighted average remaining contractual life is 3.7 years; for the balance of share options, the price is US$ 25.00 and the weighted average remaining contractual life is 7.7 years. |
employee future benefits
employee future benefits | 6 Months Ended |
Jun. 30, 2023 | |
employee future benefits | |
employee future benefits | 15 employee future benefits (a) Defined benefit pension plans – summary Amounts in the primary financial statements relating to defined benefit pension plans Three-month periods ended June 30 2023 2022 Defined benefit Defined benefit obligations obligations (millions) Note Plan assets accrued 1 Net Plan assets accrued 1 Net Employee benefits expense 8 Benefits earned for current service $ — $ (20) $ — $ (28) Benefits earned for past service — — — — Employees’ contributions 5 — 5 — Administrative fees (1) — (2) — 4 (20) $ (16) 3 (28) $ (25) Financing costs 9 Notional income on plan assets 2 109 (100) 74 (74) Interest effect on asset ceiling limit (11) — (2) — 98 (100) (2) 72 (74) (2) DEFINED BENEFIT (COST) INCLUDED IN NET INCOME 3 (18) (27) Other comprehensive income 11 Difference between actual results and estimated plan assumptions 4 8 — (875) — Changes in plan financial assumptions — (9) — 1,536 Changes in the effect of limiting net defined benefit assets to the asset ceilings 5 6 — (475) — 14 (9) 5 (1,350) 1,536 186 DEFINED BENEFIT (COST) INCLUDED IN COMPREHENSIVE INCOME 3 $ (13) $ 159 Six-month periods ended June 30 2023 2022 Defined benefit Defined benefit obligations obligations (millions) Note Plan assets accrued 1 Net Plan assets accrued 1 Net Employee benefits expense 8 Benefits earned for current service $ — $ (38) $ — $ (55) Benefits earned for past service — — — (3) Employees’ contributions 9 — 9 — Administrative fees (2) — (3) — 7 (38) $ (31) 6 (58) $ (52) Financing costs 9 Notional income on plan assets 2 219 (200) 148 (149) Interest effect on asset ceiling limit (23) — (3) — 196 (200) (4) 145 (149) (4) DEFINED BENEFIT (COST) INCLUDED IN NET INCOME 3 (35) (56) Other comprehensive income 11 Difference between actual results and estimated plan assumptions 4 234 — (1,418) — Changes in plan financial assumptions — (200) — 3,027 Changes in the effect of limiting net defined benefit assets to the asset ceilings (35) — (1,209) — 199 (200) (1) (2,627) 3,027 400 DEFINED BENEFIT (COST) INCLUDED IN COMPREHENSIVE INCOME 3 (36) 344 AMOUNTS INCLUDED IN OPERATING ACTIVITIES CASH FLOWS Employer contributions 16 — 16 25 — 25 BENEFITS PAID BY PLANS (234) 234 — (234) 234 — PLAN ACCOUNT BALANCES 5 Change in period 184 (204) (20) (2,685) 3,054 369 Balance, beginning of period 7,990 (8,075) (85) 10,043 (10,233) (190) Balance, end of period $ 8,174 $ (8,279) $ (105) $ 7,358 $ (7,179) $ 179 FUNDED STATUS – PLAN SURPLUS (DEFICIT) Pension plans that have plan assets in excess of defined benefit obligations accrued 20 $ 7,349 $ (7,042) $ 307 $ 7,354 $ (6,832) $ 522 Pension plans that have defined benefit obligations accrued in excess of plan assets Funded 825 (1,029) (204) 4 (162) (158) Unfunded — (208) (208) — (185) (185) 27 825 (1,237) (412) 4 (347) (343) $ 8,174 $ (8,279) $ (105) $ 7,358 $ (7,179) $ 179 1 Defined benefit obligations accrued are the actuarial present values of benefits attributed to employee services rendered to a particular date. 2 The interest income on the plan assets portion of the employee defined benefit plans net interest amount included in Financing costs reflects a rate of return on plan assets equal to the discount rate used in determining the defined benefit obligations accrued at the end of the immediately preceding fiscal year. 3 Excluding income taxes. 4 Financial assumptions in respect of plan assets (interest income on plan assets included in Financing costs reflects a rate of return on plan assets equal to the discount rate used in determining the defined benefit obligations accrued) and demographic assumptions in respect of the actuarial present values of the defined benefit obligations accrued, as at the end of the immediately preceding fiscal year for both. 5 Effect of asset ceiling limit at June 30, 2023, was $976 (December 31, 2022 - $ 918 ). (b) Defined contribution plans – expense Our total defined contribution pension plan costs recognized were as follows: Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Union pension plan and public service pension plan contributions $ 4 $ 5 $ 8 $ 9 Other defined contribution pension plans 31 25 55 47 $ 35 $ 30 $ 63 $ 56 |
restructuring and other costs
restructuring and other costs | 6 Months Ended |
Jun. 30, 2023 | |
restructuring and other costs | |
restructuring and other costs | 16 restructuring and other costs (a) Details of restructuring and other costs With the objective of reducing ongoing costs, we incur associated incremental non-recurring restructuring costs, as discussed further in (b) Restructuring and other costs are presented in the Consolidated statements of income and other comprehensive income, as set out in the following table: Restructuring 1 (b) Other (c) Total Periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 THREE-MONTH Goods and services purchased $ 9 $ 11 $ 4 $ 5 $ 13 $ 16 Employee benefits expense 95 13 7 — 102 13 $ 104 $ 24 $ 11 $ 5 $ 115 $ 29 SIX-MONTH Goods and services purchased $ 51 $ 37 $ 6 $ 8 $ 57 $ 45 Employee benefits expense 143 23 74 — 217 23 $ 194 $ 60 $ 80 $ 8 $ 274 $ 68 1 For the three-month and six-month periods ended June 30, 2023, excludes real estate rationalization-related restructuring impairments of property, plant and equipment of $ NIL (2022 – $ NIL ) and $52 (2022 – $ 1 ), respectively, which are included in depreciation. (b) Restructuring provisions Employee-related provisions and other provisions, as presented in Note 25, (c) Other During the three-month and six-month periods ended June 30, 2023, incremental external costs were incurred in connection with business acquisition and collective bargaining activities. In connection with business acquisitions, non-recurring atypical business integration expenditures that would be considered neither restructuring costs nor part of the fair value of the net assets acquired have been included in other costs. Employee benefits expense is in respect of lump sum payments to substantially all of our existing unionized members of Telecommunications Workers Union, United Steelworkers Local 1944 (TWU), for the ratification of the new collective agreement between the TWU and ourselves, as discussed in Note 29(b) |
property, plant and equipment
property, plant and equipment | 6 Months Ended |
Jun. 30, 2023 | |
property, plant and equipment | |
property, plant and equipment | 17 property, plant and equipment Owned assets Right-of-use lease assets Note 19 Buildings and Computer Network leasehold hardware Assets under Network Real (millions) Note assets improvements and other Land construction Total assets estate Other Total Total AT COST As at January 1, 2023 $ 36,036 $ 3,746 $ 1,772 $ 83 $ 815 $ 42,452 $ 835 $ 2,095 $ 122 $ 3,052 $ 45,504 Additions 477 15 27 — 527 1,046 138 179 8 325 1,371 Additions arising from business acquisitions 18(b) 36 13 3 — — 52 — 28 — 28 80 Assets under construction put into service 324 71 51 — (446) — — — — — — Dispositions, retirements and other (317) (56) (16) — — (389) — (14) (6) (20) (409) Net foreign exchange differences (2) (4) (9) — (1) (16) — (15) — (15) (31) As at June 30, 2023 $ 36,554 $ 3,785 $ 1,828 $ 83 $ 895 $ 43,145 $ 973 $ 2,273 $ 124 $ 3,370 $ 46,515 ACCUMULATED DEPRECIATION As at January 1, 2023 $ 24,112 $ 2,322 $ 1,094 $ — $ — $ 27,528 $ 50 $ 795 $ 47 $ 892 $ 28,420 Depreciation 1 805 109 107 — — 1,021 53 154 10 217 1,238 Dispositions, retirements and other (324) (46) (44) — — (414) — (9) (4) (13) (427) Net foreign exchange differences (1) (1) (3) — — (5) — (8) — (8) (13) As at June 30, 2023 $ 24,592 $ 2,384 $ 1,154 $ — $ — $ 28,130 $ 103 $ 932 $ 53 $ 1,088 $ 29,218 NET BOOK VALUE As at December 31, 2022 $ 11,924 $ 1,424 $ 678 $ 83 $ 815 $ 14,924 $ 785 $ 1,300 $ 75 $ 2,160 $ 17,084 As at June 30, 2023 $ 11,962 $ 1,401 $ 674 $ 83 $ 895 $ 15,015 $ 870 $ 1,341 $ 71 $ 2,282 $ 17,297 1 For the six-month period ended June 30, 2023, depreciation includes $28 in respect of impairment of real estate right-of-use lease assets. As at June 30, 2023, our contractual commitments for the acquisition of property, plant and equipment totalled $385 million over a period ending December 31, 2027 (December 31, 2022 - $275 million over a period ending December 31, 2027). |
intangible assets and goodwill
intangible assets and goodwill | 6 Months Ended |
Jun. 30, 2023 | |
intangible assets and goodwill | |
intangible assets and goodwill | 18 intangible assets and goodwill (a) Intangible assets and goodwill, net Intangible assets with Intangible assets subject to amortization indefinite lives Customer contracts, Access to Total related customer rights-of-way, Assets Total intangible relationships and crowdsource assets under Spectrum intangible assets and (millions) Note subscriber base 1 Software 1 and other construction Total licences assets Goodwill 1,2 goodwill AT COST As at January 1, 2023 $ 4,489 $ 7,522 $ 498 $ 535 $ 13,044 $ 12,215 $ 25,259 $ 9,489 $ 34,748 Additions — 109 2 363 474 6 480 — 480 Additions arising from business acquisitions (b) 836 — 128 — 964 — 964 933 1,897 Assets under construction put into service — 437 17 (454) — — — — — Dispositions, retirements and other (including capitalized interest) 9 20 (322) (52) — (354) 3 (351) — (351) Net foreign exchange differences (45) (1) (4) — (50) — (50) (43) (93) As at June 30, 2023 $ 5,300 $ 7,745 $ 589 $ 444 $ 14,078 $ 12,224 $ 26,302 $ 10,379 $ 36,681 ACCUMULATED AMORTIZATION As at January 1, 2023 $ 1,082 $ 4,713 $ 225 $ — $ 6,020 $ — $ 6,020 $ 364 $ 6,384 Amortization 234 508 48 — 790 — 790 — 790 Dispositions, retirements and other (12) (329) (32) — (373) — (373) — (373) Net foreign exchange differences (5) (1) — — (6) — (6) — (6) As at June 30, 2023 $ 1,299 $ 4,891 $ 241 $ — $ 6,431 $ — $ 6,431 $ 364 $ 6,795 NET BOOK VALUE As at December 31, 2022 $ 3,407 $ 2,809 $ 273 $ 535 $ 7,024 $ 12,215 $ 19,239 $ 9,125 $ 28,364 As at June 30, 2023 $ 4,001 $ 2,854 $ 348 $ 444 $ 7,647 $ 12,224 $ 19,871 $ 10,015 $ 29,886 1 The amounts for customer relationships, software and goodwill arising from business acquisitions for the year ended December 31, 2022, have been adjusted as set out in (c) . 2 Accumulated amortization of goodwill is amortization recorded prior to 2002; there are no accumulated impairment losses in the accumulated amortization of goodwill. As at June 30, 2023, our contractual commitments for the acquisition of intangible assets totalled $22 million over a period ending December 31, 2025 (December 31, 2022 – $14 million over a period ending December 31, 2023). (b) Business acquisitions WillowTree On October 27, 2022, we announced a definitive agreement to acquire WillowTree, a full-service digital product provider focused on end-user experiences, such as native mobile applications and unified web interfaces. On January 3, 2023, subsequent to the satisfaction of the closing conditions, WillowTree was acquired through our TELUS International (Cda) Inc. subsidiary and is consolidated in our digitally-led customer experiences – TELUS International segment. The acquisition brings key talent and diversity to our segment’s portfolio of next-generation solutions, and further augments its digital consulting and client-centric software development capabilities. The primary factor that gave rise to the recognition of goodwill was the earnings capacity of the acquired business in excess of the net tangible and intangible assets acquired (such excess arising from the low level of tangible assets relative to the earnings capacity of the business). A portion of the amounts assigned to goodwill may be deductible for income tax purposes. In respect of the acquired business, we concurrently provided written put options to the remaining selling shareholders for their approximate 14% economic interest, which will be settled subject to certain performance-based criteria and will become exercisable in tranches over a three-year period starting in 2026. The acquisition-date fair value of the puttable shares held by the non-controlling shareholders was recorded as a provision in the three-month period ended March 31, 2023. The provision may be settled in cash or, at our option, in a combination of cash and up to 70% in TELUS International (Cda) Inc. subordinate voting shares. Concurrent with this acquisition, the non-controlling shareholders provided us with purchased call options, which substantially mirror the written put options. As is customary in a business acquisition transaction, until the time of acquisition of control, we did not have full access to the books and records of WillowTree. Upon having sufficient time to review the books and records of WillowTree, as well as obtaining new and additional information about the related facts and circumstances as of the acquisition date, we will adjust provisional amounts for identifiable assets acquired and liabilities assumed and thus finalize our purchase price allocation. Individually immaterial transactions During the six-month period ended June 30, 2023, we acquired 100% ownership of businesses that were complementary to our existing lines of business. The primary factor that gave rise to the recognition of goodwill was the earnings capacity of the acquired businesses in excess of the net tangible and intangible assets acquired (such excess arising from the low level of tangible assets relative to the earnings capacity of the businesses). A portion of the amount assigned to goodwill may be deductible for income tax purposes. Acquisition-date fair values Acquisition-date fair values assigned to the assets acquired and liabilities assumed are set out in the following table: Individually immaterial (millions) WillowTree 1 transactions 1 Total Assets Current assets Cash $ 7 $ 6 $ 13 Accounts receivable 2 84 2 86 Other 3 2 5 94 10 104 Non-current assets Property, plant and equipment Owned assets 20 32 52 Right-of-use lease assets 27 1 28 Intangible assets subject to amortization 3 947 17 964 994 50 1,044 Total identifiable assets acquired 1,088 60 1,148 Liabilities Current liabilities Accounts payable and accrued liabilities 50 7 57 Income and other taxes payable 16 — 16 Advance billings and customer deposits 5 2 7 Current maturities of long-term debt 126 1 127 197 10 207 Non-current liabilities Long-term debt 22 28 50 Deferred income taxes 94 — 94 116 28 144 Total liabilities assumed 313 38 351 Net identifiable assets acquired 775 22 797 Goodwill 831 102 933 Net assets acquired $ 1,606 $ 124 $ 1,730 Acquisition effected by way of: Cash consideration $ 1,169 $ 106 $ 1,275 Accounts payable and accrued liabilities — 18 18 Provisions 266 — 266 Issue of shares by a subsidiary to a non-controlling interest 4 171 — 171 $ 1,606 $ 124 $ 1,730 1 The purchase price allocation, primarily in respect of customer contracts, related customer relationships and deferred income taxes, had not been finalized as of the date of issuance of these consolidated financial statements. As is customary in a business acquisition transaction, until the time of acquisition of control, we did not have full access to the books and records of the acquired businesses. Upon having sufficient time to review the books and records of the acquired businesses, we expect to finalize our purchase price allocations. 2 The fair value of accounts receivable is equal to the gross contractual amounts receivable and reflects the best estimate at the acquisition date of the contractual cash flows expected to be collected. 3 Customer contracts and customer relationships (including those related to customer contracts) are generally expected to be amortized over a period of 15 years ; and other intangible assets are expected to be amortized over a period of 4 - 10 years . 4 The fair value of the TELUS International (Cda) Inc. subordinate voting shares was measured based upon market prices observed at the date of acquisition of control. Pro forma disclosures The following pro forma supplemental information represents certain results of operations as if the business acquisitions noted above had been completed at the beginning of the fiscal 2023 year. Three months Six months Periods ended June 30, 2023 (millions except per share amounts) As reported 1 Pro forma 2 As reported 1 Pro forma 2 Operating revenues and other income $ 4,946 $ 4,946 $ 9,910 $ 9,916 Net income $ 196 $ 196 $ 420 $ 420 Net income per Common Share Basic $ 0.14 $ 0.14 $ 0.29 $ 0.29 Diluted $ 0.14 $ 0.14 $ 0.29 $ 0.29 1 Operating revenues and other income and net income (loss) for the three-month period ended June 30, 2023, include: $61 and $(41) , respectively, in respect of WillowTree. Operating revenues and other income and net income (loss) for the six-month period ended June 30, 2023, include: $138 and $(69) , respectively, in respect of WillowTree. 2 Pro forma amounts for the three-month and six-month periods ended June 30, 2023, reflect the acquired businesses. The results of the acquired businesses have been included in our Consolidated statements of income and other comprehensive income effective the dates of acquisition. The pro forma supplemental information is based on estimates and assumptions that are believed to be reasonable. The pro forma supplemental information is not necessarily indicative of our consolidated financial results in future periods or the actual results that would have been realized had the business acquisitions been completed at the beginning of the periods presented. The pro forma supplemental information includes incremental property, plant and equipment depreciation, intangible asset amortization, financing and other charges as a result of the acquisitions, net of the related tax effects. (c) Business acquisitions - prior period In 2022, we acquired businesses that were complementary to our existing lines of business. As at December 31, 2022, purchase price allocations had not been finalized. During the six-month period ended June 30, 2023, the preliminary acquisition-date fair values for accounts receivable, income and other taxes receivable, customer relationships, software, goodwill and deferred income tax liabilities were increased by $19 million, decreased by $19 million, decreased by $118 million, increased by $179 million, decreased by $44 million and increased by $17 million, respectively; as required by IFRS-IASB, comparative amounts have been adjusted so as to reflect those increases (decreases) effective the dates of acquisition. |
leases
leases | 6 Months Ended |
Jun. 30, 2023 | |
leases | |
leases | 19 leases Maturity analyses of lease liabilities are set out in Note 4(b) Note 26(h) Note 9 Note 17 Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Income from subleasing right-of-use lease assets Co-location sublet revenue included in operating service revenues $ 5 $ 5 $ 9 $ 9 Other sublet revenue included in other income 7 $ 2 $ 2 $ 3 $ 3 Lease payments $ 159 $ 143 $ 319 $ 282 |
other long-term assets
other long-term assets | 6 Months Ended |
Jun. 30, 2023 | |
other long-term assets | |
other long-term assets | 20 other long-term assets June 30, December 31, As at (millions) Note 2023 2022 Pension assets 15 $ 307 $ 307 Unbilled customer finance receivables 4(a) 593 571 Derivative assets 4(d) 154 250 Deferred income taxes 33 19 Costs incurred to obtain or fulfill contracts with customers 173 154 Real estate joint venture advances 21(a) 114 114 Investment in real estate joint venture 21(a) 1 1 Investment in associates 21(b) 219 120 Portfolio investments 1 At fair value through net income 26 21 At fair value through other comprehensive income 465 467 Prepaid maintenance 53 61 Refundable security deposits and other 138 118 $ 2,276 $ 2,203 1 Fair value measured at reporting date using significant other observable inputs (Level 2). The costs incurred to obtain and fulfill contracts with customers are set out in the following table: Periods ended June 30, 2023 (millions) Three months Six months Costs incurred to Costs incurred to Obtain Obtain contracts with Fulfill contracts contracts with Fulfill contracts customers with customers Total customers with customers Total Balance, beginning of period $ 400 $ 20 $ 420 $ 404 $ 15 $ 419 Additions 87 8 95 156 14 170 Amortization (75) (1) (76) (148) (2) (150) Balance, end of period $ 412 $ 27 $ 439 $ 412 $ 27 $ 439 Current 1 $ 258 $ 8 $ 266 Non-current 154 19 173 $ 412 $ 27 $ 439 1 Presented in the Consolidated statements of financial position in prepaid expenses. |
real estate joint ventures and
real estate joint ventures and investments in associates | 6 Months Ended |
Jun. 30, 2023 | |
real estate joint ventures and investments in associates | |
real estate joint ventures and investments in associates | 21 real estate joint ventures and investments in associates (a) Real estate joint ventures In 2013, we partnered, as equals, with two arm’s-length parties in a residential, retail and commercial real estate redevelopment project, TELUS Sky, in Calgary, Alberta. The new-build tower, completed in 2020, was to be built to the LEED Platinum standard. Summarized financial information June 30, December 31, As at (millions) 2023 2022 ASSETS Current assets Cash and temporary investments, net $ 9 $ 8 Other 30 27 39 35 Non-current assets Investment property 327 330 Other 10 10 337 340 $ 376 $ 375 LIABILITIES AND OWNERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 10 $ 18 Construction credit facilities 342 342 352 360 Owners’ equity TELUS 1 8 5 Other partners 16 10 24 15 $ 376 $ 375 1 The equity amounts recorded by the real estate joint venture differ from those recorded by us by the amount of the deferred gains on our real estate contributed and the valuation provision we have recorded in excess of that recorded by the real estate joint venture. Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Revenue $ 7 $ 6 $ 13 $ 10 Depreciation and amortization $ 2 $ 2 $ 4 $ 4 Interest expense $ 2 $ 1 $ 5 $ 4 Net income (loss) and comprehensive income (loss) 1 $ (5) $ (2) $ (11) $ (6) 1 As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income . Our real estate joint ventures activity Our real estate joint ventures investment activity is set out in the following table. Three-month periods ended June 30 (millions) 2023 2022 Loans and Loans and receivables 1 Equity 2 Total receivables 1 Equity 2 Total Related to real estate joint ventures’ statements of income and other comprehensive income Comprehensive income (loss) attributable to us 3 $ — $ (1) $ (1) $ — $ (1) $ (1) Related to real estate joint ventures’ statements of financial position Items not affecting currently reported cash flows Construction credit facilities financing costs charged by us (Note 7) 2 — 2 — — — Cash flows in the current reporting period Construction credit facilities Financing costs paid to us (2) — (2) — — — Funds we advanced or contributed, excluding construction credit facilities — 1 1 — 2 2 Funds repaid to us and earnings distributed — — — — (1) (1) Net increase (decrease) — — — — — — Real estate joint ventures carrying amounts Balance, beginning of period 114 (8) 106 114 (8) 106 Balance, end of period $ 114 $ (8) $ 106 $ 114 $ (8) $ 106 Six-month periods ended June 30 (millions) 2023 2022 Loans and Loans and receivables 1 Equity 2 Total receivables 1 Equity 2 Total Related to real estate joint ventures’ statements of income and other comprehensive income Comprehensive income (loss) attributable to us 3 $ — $ (2) $ (2) $ — $ (1) $ (1) Related to real estate joint ventures’ statements of financial position Items not affecting currently reported cash flows Construction credit facilities financing costs charged by us (Note 7) 4 — 4 1 — 1 Cash flows in the current reporting period Construction credit facilities Financing costs paid to us (4) — (4) (1) — (1) Funds we advanced or contributed, excluding construction credit facilities — 2 2 — 2 2 Funds repaid to us and earnings distributed — — — — (1) (1) Net increase (decrease) — — — — — — Real estate joint ventures carrying amounts Balance, beginning of period 114 (8) 106 114 (8) 106 Balance, end of period $ 114 $ (8) $ 106 $ 114 $ (8) $ 106 1 Loans and receivables are included in our Consolidated statements of financial position as Real estate joint venture advances and are comprised of advances under construction credit facilities. 2 We account for our interests in the real estate joint ventures using the equity method of accounting. As at June 30, 2023, and December 31, 2022, we had recorded equity losses in excess of our recorded equity investment in respect of one of the real estate joint ventures; such resulting balance has been included in other long-term liabilities ( Note 27 ). 3 As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income. We have entered into lease agreements with the TELUS Sky real estate joint venture. During the three-month and six-month periods ended June 30, 2023, the TELUS Sky real estate joint venture recognized $2 million (2022 – $2 million) and $4 million (2022 – $4 million), respectively, of revenue from our office tenancy; of this amount, one-third was due to our economic interest and two-thirds was due to our partners’ economic interests. Construction credit facilities Subsequent to June 30, 2023, the TELUS Sky real estate joint venture extended its credit agreement with Canadian financial institutions (as 66-2/3% 33-1/3% (b) Investments in associates We had, as at June 30, 2023, a 43% (December 31, 2022 – 32%) equity interest in Miovision Technologies Incorporated, an associate that is incorporated in Canada and is complementary to, and is viewed to grow, our existing Internet of Things business; our judgment is that we obtained significant influence over the associate concurrent with acquiring our initial equity interest. Miovision Technologies Incorporated develops a suite of hardware and cloud-based solutions that provide cities with the data and tools they need to reduce traffic congestion, make better urban planning decisions and improve safety on their roads. Our aggregate interests in Miovision Technologies Incorporated and in individually immaterial associates as at June 30, 2023, totalled $181 million (December 31, 2022 – $75 million) and totalled $38 million (December 31, 2022 – $45 million), respectively. |
short-term borrowings
short-term borrowings | 6 Months Ended |
Jun. 30, 2023 | |
short-term borrowings | |
short-term borrowings | 22 short-term borrowings On July 26, 2002, one of our subsidiaries, TELUS Communications Inc., entered into an agreement with an arm’s-length securitization trust associated with a major Schedule I bank under which it is currently able to sell an interest in certain trade receivables up to a maximum of $600 million (unchanged from December 31, 2022). The term of this revolving-period securitization agreement ends December 31, 2024 (unchanged from December 31, 2022), and it requires minimum cash proceeds of $100 million from monthly sales of interests in certain trade receivables. TELUS Communications Inc. is required to maintain a credit rating of at least BB (unchanged from December 31, 2022) from DBRS Limited or the securitization trust may require that the sale program be wound down prior to the end of the term. Sales of trade receivables in securitization transactions are recognized as collateralized short-term borrowings and thus do not result in our de-recognition of the trade receivables sold. When we sell our trade receivables, we retain reserve accounts, which are retained interests in the securitized trade receivables, and servicing rights. As at June 30, 2023, we had sold to the trust (but continued to recognize) trade receivables of $708 million (December 31, 2022 – $118 million). Short-term borrowings of $590 million (December 31, 2022 – $100 million) are comprised of amounts advanced to us by the arm’s-length securitization trust pursuant to the sale of trade receivables. The balance of short-term borrowings (if any) is comprised of amounts drawn on bilateral bank facilities and/or other. |
accounts payable and accrued li
accounts payable and accrued liabilities | 6 Months Ended |
Jun. 30, 2023 | |
accounts payable and accrued liabilities | |
accounts payable and accrued liabilities | 23 accounts payable and accrued liabilities June 30, December 31, As at (millions) 2023 2022 Accrued liabilities $ 1,371 $ 1,593 Payroll and other employee-related liabilities 604 656 Restricted share units liability 1 1 1,976 2,250 Trade accounts payable 1 936 1,382 Interest payable 214 206 Indirect taxes payable and other 123 109 $ 3,249 $ 3,947 1 The composition of trade accounts payable varies due to factors including suppliers’ invoice timing, data processing cycle timing, the seasonal nature of some of business activities and whether the statement of financial position date is a business day. Trade accounts payable represent future payments for invoices received in respect of both operating and capital activities, and may include amounts for assessed and self-assessed government remittances. Initiated in 2023, we have a supply chain financing program which allows suppliers of qualifying trade accounts payable to choose to be paid in advance of industry-standard payment terms by an arm’s-length third party; in turn, we reimburse the arm’s-length third party, for the amounts they funded, when the trade accounts payable were otherwise due. |
advance billings and customer d
advance billings and customer deposits | 6 Months Ended |
Jun. 30, 2023 | |
advance billings and customer deposits | |
advance billings and customer deposits | 24 advance billings and customer deposits June 30, December 31, As at (millions) 2023 2022 Advance billings $ 714 $ 662 Deferred customer activation and connection fees 4 5 Customer deposits 21 12 Contract liabilities 739 679 Other 203 212 $ 942 $ 891 Contract liabilities represent our future performance obligations to customers in respect of services and/or equipment for which we have received consideration from the customer or for which an amount is due from the customer. Our contract liability balances, and the changes in those balances, are set out in the following table: Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Balance, beginning of period $ 965 $ 883 $ 914 $ 870 Revenue deferred in previous period and recognized in current period (661) (644) (625) (630) Net additions arising from operations 670 638 678 631 Additions arising from business acquisitions — 6 7 12 Balance, end of period $ 974 $ 883 $ 974 $ 883 Current $ 879 $ 791 Non-current 27 Deferred revenues 89 85 Deferred customer activation and connection fees 6 7 $ 974 $ 883 Reconciliation of contract liabilities presented in the Consolidated statements of financial position – current Gross contract liabilities $ 879 $ 791 Reclassification to contract assets of contracts with contract liabilities less than contract assets 6(c) (126) (114) Reclassification from contract assets of contracts with contract assets less than contract liabilities 6(c) (14) (16) $ 739 $ 661 |
provisions
provisions | 6 Months Ended |
Jun. 30, 2023 | |
provisions | |
provisions | 25 provisions Written put Asset options and retirement Employee- contingent (millions) obligation related consideration Other Total As at April 1, 2023 $ 317 $ 142 $ 281 $ 173 $ 913 Additions — 87 2 22 111 Reversals — — (3) — (3) Uses (2) (84) — (29) (115) Interest effects 3 — 4 — 7 Effects of foreign exchange, net — — (9) — (9) As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 As at January 1, 2023 $ 316 $ 84 $ 157 $ 147 $ 704 Additions — 202 268 85 555 Reversals — — (41) — (41) Uses 1 (5) (141) (108) (66) (320) Interest effects 7 — 8 — 15 Effects of foreign exchange, net — — (9) — (9) As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 Current $ 10 $ 134 $ 2 $ 94 $ 240 Non-current 308 11 273 72 664 As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 1 Written put options and contingent consideration uses include $54 satisfied by way of Common Shares issued. Asset retirement obligation We establish provisions for liabilities associated with the retirement of property, plant and equipment when those obligations result from the acquisition, construction, development and/or normal operation of the assets. We expect that the associated cash outflows in respect of the balance accrued as at the financial statement date will occur proximate to the dates these assets are retired. Employee-related The employee-related provisions are largely in respect of restructuring activities (as discussed further in Note 16(b) Written put options and contingent consideration In connection with certain business acquisitions, we have established provisions for written put options in respect of non-controlling interests. Provisions for some written put options are determined based on the net present value of estimated future earnings, and such provisions require us to make key economic assumptions about the future. Similarly, we have established provisions for contingent consideration. No cash outflows in respect of the written put options are expected prior to their initial exercisability, and no cash outflows in respect of contingent consideration are expected prior to completion of the periods during which the contingent consideration can be earned. Other The provisions for other include: legal claims; non-employee-related restructuring activities; and contract termination costs and onerous contracts related to business acquisitions. Other than as set out following, we expect that the associated cash outflows in respect of the balance accrued as at the financial statement date will occur over an indeterminate multi-year period. As discussed further in Note 29 In connection with business acquisitions, we have established provisions for contract termination costs and onerous contracts acquired. |
long-term debt
long-term debt | 6 Months Ended |
Jun. 30, 2023 | |
long-term debt | |
long-term debt | 26 long-term debt (a) Details of long-term debt June 30, December 31, As at (millions) Note 2023 2022 Senior unsecured TELUS Corporation senior notes (b) $ 18,564 $ 18,660 TELUS Corporation commercial paper (c) 1,944 1,458 TELUS Corporation credit facilities (d) 1,144 1,145 TELUS Communications Inc. debentures 199 199 Secured TELUS International (Cda) Inc. credit facility (e) 2,023 914 Other (f) 298 321 24,172 22,697 Lease liabilities (g) 2,416 2,340 Long-term debt $ 26,588 $ 25,037 Current $ 3,716 $ 2,541 Non-current 22,872 22,496 Long-term debt $ 26,588 $ 25,037 (b) TELUS Corporation senior notes The notes are senior unsecured and unsubordinated obligations and rank equally in right of payment with all of our existing and future unsecured unsubordinated obligations, are senior in right of payment to all of our existing and future subordinated indebtedness, and are effectively subordinated to all existing and future obligations of, or guaranteed by, our subsidiaries. The indentures governing the notes contain covenants that, among other things, place limitations on our ability, and the ability of certain of our subsidiaries, to: grant security in respect of indebtedness; enter into sale-leaseback transactions; and incur new indebtedness. Interest is payable semi-annually. The notes require us to make an offer to repurchase them at a price equal to 101% of their principal amount plus accrued and unpaid interest to the date of repurchase upon the occurrence of a change in control triggering event, as defined in the supplemental trust indenture. At any time prior to the respective maturity dates set out in the table below, the notes are redeemable at our option, in whole at any time, or in part from time to time, on not fewer than 30 days’ and not more than 60 days’ prior notice. On or after the respective redemption present value spread cessation dates set out in the table below, the notes are redeemable at our option, in whole but not in part, on not fewer than 30 days’ and not more than 60 days’ prior notice, at redemption prices equal to 100% of the principal amounts thereof. In addition, accrued and unpaid interest, if any, will be paid to the date fixed for redemption. Redemption present Principal face amount value spread Effective Outstanding at Issue interest Originally financial Basis Cessation Series Issued Maturity price rate 1 issued statement date points 2 date 3.35% Notes, Series CJ December 2012 March 2023 $ 998.83 3.36 % $ 500 million $ NIL 40 Dec. 15, 2022 3.35% Notes, Series CK April 2013 April 2024 $ 994.35 3.41 % $ 1.1 billion $ 1.1 billion 36 Jan. 2, 2024 3.75% Notes, Series CQ September 2014 January 2025 $ 997.75 3.78 % $ 800 million $ 800 million 38.5 Oct. 17, 2024 3.75% Notes, Series CV December 2015 March 2026 $ 992.14 3.84 % $ 600 million $ 600 million 53.5 Dec. 10, 2025 2.75% Notes, Series CZ July 2019 July 2026 $ 998.73 2.77 % $ 800 million $ 800 million 33 May 8, 2026 2.80% U.S. Dollar Notes 3 September 2016 February 2027 US$ 991.89 2.89 % US$ 600 million US$ 600 million 20 Nov. 16, 2026 3.70% U.S. Dollar Notes 3 March 2017 September 2027 US$ 998.95 3.71 % US$ 500 million US$ 500 million 20 June 15, 2027 2.35% Notes, Series CAC May 2020 January 2028 $ 997.25 2.39 % $ 600 million $ 600 million 48 Nov. 27, 2027 3.625% Notes, Series CX March 2018 March 2028 $ 989.49 3.75 % $ 600 million $ 600 million 37 Dec. 1, 2027 3.30% Notes, Series CY April 2019 May 2029 $ 991.75 3.40 % $ 1.0 billion $ 1.0 billion 43.5 Feb. 2, 2029 5.00% Notes, Series CAI September 2022 September 2029 $ 995.69 5.07 % $ 350 million $ 350 million 46.5 July 13, 2029 3.15% Notes, Series CAA December 2019 February 2030 $ 996.49 3.19 % $ 600 million $ 600 million 39.5 Nov. 19, 2029 2.05% Notes, Series CAD October 2020 October 2030 $ 997.93 2.07 % $ 500 million $ 500 million 38 July 7, 2030 2.85% Sustainability-Linked Notes, Series CAF June 2021 November 2031 $ 997.52 2.88 % 4 $ 750 million $ 750 million 34 Aug. 13, 2031 3.40% U.S. Dollar Sustainability-Linked Notes 3 February 2022 May 2032 US$ 997.13 3.43 % 4 US$ 900 million US$ 900 million 25 Feb. 13, 2032 5.25% Sustainability-Linked Notes, Series CAG September 2022 November 2032 $ 996.73 5.29 % 4 $ 1.1 billion $ 1.1 billion 51.5 Aug. 15, 2032 4.95% Sustainability-Linked Notes, Series CAJ March 2023 March 2033 $ 998.28 4.97 % $ 500 million $ 500 million 54.5 Dec. 28, 2032 4.40% Notes, Series CL April 2013 April 2043 $ 997.68 4.41 % $ 600 million $ 600 million 47 Oct. 1, 2042 5.15% Notes, Series CN November 2013 November 2043 $ 995.00 5.18 % $ 400 million $ 400 million 50 May 26, 2043 4.85% Notes, Series CP Multiple 5 April 2044 $ 987.91 5 4.93 % 5 $ 500 million 5 $ 900 million 5 46 Oct. 5, 2043 4.75% Notes, Series CR September 2014 January 2045 $ 992.91 4.80 % $ 400 million $ 400 million 51.5 July 17, 2044 4.40% Notes, Series CU March 2015 January 2046 $ 999.72 4.40 % $ 500 million $ 500 million 60.5 July 29, 2045 4.70% Notes, Series CW Multiple 6 March 2048 $ 998.06 6 4.71 % 6 $ 325 million 6 $ 475 million 6 58.5 Sept. 6, 2047 4.60% U.S. Dollar Notes 3 June 2018 November 2048 US$ 987.60 4.68 % US$ 750 million US$ 750 million 25 May 16, 2048 4.30% U.S. Dollar Notes 3 May 2019 June 2049 US$ 990.48 4.36 % US$ 500 million US$ 500 million 25 Dec. 15, 2048 3.95% Notes, Series CAB Multiple 7 February 2050 $ 997.54 7 3.97 % 7 $ 400 million 7 $ 800 million 7 57.5 Aug. 16, 2049 4.10% Notes, Series CAE April 2021 April 2051 $ 994.70 4.13 % $ 500 million $ 500 million 53 Oct. 5, 2050 5.65% Notes, Series CAH September 2022 September 2052 $ 996.13 5.68 % $ 550 million $ 550 million 61.5 Mar. 13, 2052 1 The effective interest rate is that which the notes would yield to an initial debt holder if held to maturity. 2 For Canadian dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the Government of Canada yield plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. For U.S. dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the U.S. Adjusted Treasury Rate (at the U.S. Treasury Rate for the 3.40% U.S. Dollar Sustainability-Linked Notes) plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. 3 We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively converted the principal payments and interest obligations to Canadian dollar obligations as follows: Canadian dollar Interest rate equivalent Exchange Series fixed at principal rate 2.80% U.S. Dollar Notes 2.95 % $ 792 million $ 1.3205 3.70% U.S. Dollar Notes 3.41 % $ 667 million $ 1.3348 3.40% U.S. Dollar Sustainability-Linked Notes 3.89 % $ 1,148 million $ 1.2753 4.60% U.S. Dollar Notes 4.41 % $ 974 million $ 1.2985 4.30% U.S. Dollar Notes 4.27 % $ 672 million $ 1.3435 4 If we have not obtained a sustainability performance target verification assurance certificate for the fiscal year ended December 31, 2030, the sustainability-linked notes will bear interest at an increased rate from the trigger date through to their individual maturities. The interest rate on certain of the sustainability-linked notes may also increase (MFN step-up) in certain circumstances if we fail to meet additional sustainability and/or environmental, social or governance targets as may be provided for in a sustainability-linked bond; the interest rate on the sustainability-linked notes, however, in no event can exceed the initial rate by more than the aggregate MFN step-up and trigger event limit, whether as a result of not obtaining a sustainability performance target verification assurance certificate and/or any targets provided for in one or more future sustainability-linked bonds. Similarly, if we redeem any of the sustainability-linked notes and we have not obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the date fixed for redemption, the interest accrued (if any) will be determined using the rates set out in the following table. Sustainability performance target verification assurance certificate Aggregate Redemption Post-trigger MFN step-up interest accrual event and trigger rate if certificate Series Fiscal year Trigger date interest rate event limit not obtained 2.85% Sustainability-Linked Notes, Series CAF 2030 Nov. 14, 2030 3.85 % N/A 3.85 % 3.40% U.S. Dollar Sustainability-Linked Notes 2030 Nov. 14, 2030 4.40 % 1.50 % 4.40 % 5.25% Sustainability-Linked Notes, Series CAG 2030 Nov. 15, 2030 6.00 % 1.50 % 6.00 % 4.95% Sustainability-Linked Notes, Series CAJ 2030 Mar. 28, 2031 5.70 % 1.50 % 5.70 % 5 $500 million of 4.85% Notes, Series CP were issued in April 2014 at an issue price of $998.74 and an effective interest rate of 4.86% . This series of notes was reopened in December 2015 and a further $400 million of notes were issued at an issue price of $974.38 and an effective interest rate of 5.02% . 6 $325 million of 4.70% Notes, Series CW were issued in March 2017 at an issue price of $990.65 and an effective interest rate of 4.76% . This series of notes was reopened in February 2018 and a further $150 million of notes were issued in March 2018 at an issue price of $1,014.11 and an effective interest rate of 4.61% . 7 $400 million of 3.95% Notes, Series CAB were issued in December 2019 at an issue price of $991.54 and an effective interest rate of 4.00% . This series of notes was reopened in May 2020 and a further $400 million of notes were issued at an issue price of $1,003.53 and an effective interest rate of 3.93% . (c) TELUS Corporation commercial paper TELUS Corporation has an unsecured commercial paper program, which is backstopped by our revolving $2.75 billion syndicated credit facility (see (d) (d) TELUS Corporation credit facilities As at June 30, 2023, TELUS Corporation had an unsecured revolving $2.75 billion bank credit facility, expiring on April 6, 2026 (unchanged from December 31, 2022), with a syndicate of financial institutions, which is to be used for general corporate purposes, including the backstopping of commercial paper. Subsequent to June 30, 2023, the credit facility was renewed for $2.75 billion with an expiry date of July 14, 2028. As at June 30, 2023, TELUS Corporation had an unsecured non-revolving $1.1 billion bank credit facility, maturing July 9, 2024, with a syndicate of financial institutions, which is to be used for general corporate purposes. As at June 30, 2023, we had drawn $1.1 billion on the non-revolving bank credit facility, with an effective average interest rate of 5.9% through July 2023. The TELUS Corporation credit facilities bear interest at prime rate, U.S. Dollar Base Rate, a bankers’ acceptance rate or term secured overnight financing rate (SOFR) (as such terms are used or defined in the credit facilities), plus applicable margins. The credit facilities contain customary representations, warranties and covenants, including two financial quarter-end ratio tests. These tests are that our leverage ratio must not exceed 4.25:1.00 and our operating cash flow to interest expense ratio must not be less than 2.00:1.00, all as defined in the credit facilities. Continued access to the TELUS Corporation credit facilities is not contingent upon TELUS Corporation maintaining a specific credit rating. June 30, December 31, As at (millions) 2023 2022 Net available $ 806 $ 1,292 Backstop of commercial paper 1,944 1,458 Gross available revolving $2.75 billion bank credit facility $ 2,750 $ 2,750 We had $62 million of letters of credit outstanding as at June 30, 2023 (December 31, 2022 – $119 million), issued under various uncommitted facilities; such letter of credit facilities are in addition to the ability to provide letters of credit pursuant to our committed revolving bank credit facility. We have arranged incremental letters of credit to allow us to participate in Innovation, Science and Economic Development Canada’s 3800 MHz wireless spectrum auction that is to commence in October 2023. Under the terms of the auction, communications between bidders that would provide insights into bidding strategies, including reference to preferred blocks, technologies or valuations, are precluded until the deadline for the final payment in the auction. Disclosure of the precise amount of our letters of credit could be interpreted as a signal of bidding intentions. The maximum amount of letters of credit that any national incumbent could be required to deliver is approximately $350 million. (e) TELUS International (Cda) Inc. credit facility As at June 30, 2023, and December 31, 2022, TELUS International (Cda) Inc. had a credit facility, secured by its assets, expiring on January 3, 2028, with a syndicate of financial institutions, including TELUS Corporation. The credit facility is comprised of revolving components totalling US$800 million, with TELUS Corporation as approximately 7.2% lender and amortizing term loan components totalling US$1.2 billion, with TELUS Corporation as approximately 7.2% lender. The credit facility is non-recourse to TELUS Corporation. The outstanding revolving components and term loan components had a weighted average interest rate of 7.2% as at June 30, 2023. As at (millions) June 30, 2023 December 31, 2022 Revolving Term loan Revolving Term loan components components 1 Total components components 1 Total Available 2 US$ 325 US$ — US$ 325 US$ 658 US$ 600 US$ 1,258 Outstanding Due to other 441 1,100 1,541 132 557 689 Due to TELUS Corporation 34 85 119 10 43 53 US$ 800 US$ 1,185 US$ 1,985 US$ 800 US$ 1,200 US$ 2,000 1 Relative to amounts owed to the syndicate of financial institutions, excluding TELUS Corporation, we have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert an amortizing amount of US $443 of the principal payments, and associated interest obligations, to European euro obligations with an effective fixed interest rate of 2.6% and an effective fixed economic exchange rate of US $1.088 : €1.00 . These have been accounted for as a net investment hedge in a foreign operation (see Note 4 ). 2 Of the amounts available at December 31, 2022, US $525 of the revolving components and US $600 of the term loan components had a condition precedent of consummating the WillowTree acquisition, which occurred on January 3, 2023 (see Note 18(b)) . The TELUS International (Cda) Inc. credit facility bears interest at prime rate, U.S. Dollar Base Rate, a bankers’ acceptance rate or term secured overnight financing rate (SOFR) (all such terms as used or defined in the credit facility), plus applicable margins. The credit facility contains customary representations, warranties and covenants, including two financial quarter-end ratio tests: the TELUS International (Cda) Inc. quarter-end net debt to operating cash flow ratio must not exceed 4.25:1.00 through fiscal 2023, 3.75:1.00 through fiscal 2024, and 3.25:1.00 subsequently; and the quarter-end operating cash flow to debt service (interest and scheduled principal repayment) ratio must not be less than 1.50:1.00; all as defined in the credit facility. The term loan components are subject to amortization schedules which requires that 5% of the principal advanced be repaid each year of the term of the agreement, with the balance due at maturity. (f) Other liabilities bear interest at 3.3%, are secured by the AWS-4 spectrum licences associated with these other liabilities, and are subject to amortization schedules, so that the principal is repaid over the periods to maturity, the last period ending March 31, 2035. (g) Lease liabilities are subject to amortization schedules, so that the principal is repaid over various periods, including reasonably expected renewals. The weighted average interest rate on lease liabilities was approximately 5.0% as at June 30, 2023. (h) Long-term debt maturities Anticipated requirements to meet long-term debt repayments, calculated for long-term debt owing as at June 30, 2023, are as follows: Other Composite long-term debt denominated in Canadian dollars U.S. dollars currencies Long-term Long-term Currency swap agreement debt, debt, amounts to be exchanged excluding Leases excluding Leases Leases Years ending December 31 (millions) leases (Note 19) Total leases (Note 19) (Receive) 1 Pay Total (Note 19) Total 2023 (remainder of year) $ 9 $ 225 $ 234 $ 1,981 $ 14 $ (2,001) $ 2,030 $ 2,024 $ 31 $ 2,289 2024 2,266 428 2,694 74 24 (28) 28 98 55 2,847 2025 1,023 323 1,346 74 25 (28) 28 99 43 1,488 2026 1,461 224 1,685 37 26 (28) 28 63 34 1,782 2027 62 185 247 1,493 21 (1,485) 1,489 1,518 18 1,783 2028-2032 5,628 340 5,968 2,900 32 (1,644) 1,602 2,890 42 8,900 Thereafter 5,613 285 5,898 1,729 — (1,655) 1,646 1,720 15 7,633 Future cash outflows in respect of composite long-term debt principal repayments 16,062 2,010 18,072 8,288 142 (6,869) 6,851 8,412 238 26,722 Future cash outflows in respect of associated interest and like carrying costs 2 7,800 435 8,235 3,114 62 (2,604) 2,503 3,075 47 11,357 Undiscounted contractual maturities ( Note 4(b) $ 23,862 $ 2,445 $ 26,307 $ 11,402 $ 204 $ (9,473) $ 9,354 $ 11,487 $ 285 $ 38,079 1 Where applicable, cash flows reflect foreign exchange rates as at June 30, 2023. 2 F uture cash outflows in respect of associated interest and like carrying costs for commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the rates in effect as at June 30, 2023. |
other long-term liabilities
other long-term liabilities | 6 Months Ended |
Jun. 30, 2023 | |
other long-term liabilities | |
other long-term liabilities | 27 other long-term liabilities June 30, December 31, As at (millions) Note 2023 2022 Contract liabilities 24 $ 89 $ 82 Other 2 2 Deferred revenues 91 84 Pension benefit liabilities 15 412 392 Other post-employment benefit liabilities 73 68 Derivative liabilities 4(d) 76 24 Investment in real estate joint ventures 21(a) 8 9 Other 56 53 716 630 Deferred customer activation and connection fees 24 6 6 $ 722 $ 636 |
owners' equity
owners' equity | 6 Months Ended |
Jun. 30, 2023 | |
owners' equity | |
owners' equity | 28 owners’ equity (a) TELUS Corporation Common Share capital - general Our authorized share capital is as follows: June 30, December 31, As at 2023 2022 First Preferred Shares 1 billion 1 billion Second Preferred Shares 1 billion 1 billion Common Shares 4 billion 4 billion Only holders of Common Shares may vote at our general meetings, with each holder of Common Shares entitled to one vote per Common Share held at all such meetings so long as not less than 66-2/3% As at June 30, 2023, approximately 25 million Common Shares were reserved for issuance from Treasury under a dividend reinvestment and share purchase plan (see Note 13(b) Note 14(b) Note 14(d) (b) Purchase of TELUS Corporation Common Shares for cancellation pursuant to normal course issuer bid As referred to in Note 3 (c) Subsidiary with significant non-controlling interest Our TELUS International (Cda) Inc. subsidiary is incorporated under the Business Corporations Act Changes in interests during the six-month periods ended June 30, 2023 and 2022, and which are reflected in the Consolidated statement of changes in owners’ equity, are set out in the following table. Economic interest 1 Voting interest 1 Six-month periods ended June 30 2023 2022 2023 2022 Interest in TELUS International (Cda) Inc., beginning of period 56.6 % 55.1 % 72.4 % 70.9 % Effect of Issue of subordinate voting shares as consideration in business acquisition (Note 18(b) (1.4) — (0.2) — TELUS Corporation acquisition of shares from non-controlling interests 2 0.9 1.0 1.2 1.5 Interest in TELUS International (Cda) Inc., end of period 56.1 % 56.1 % 73.4 % 72.4 % 1 Due to the voting rights associated with the multiple voting shares held by TELUS Corporation, our economic and voting interests subsequent to the initial public offering differ. 2 Acquisition of shares from non-controlling interests for $ 57 million (2022 – $85 million), of which $ 32 million (2022 – $61 million) was charged to amounts recorded in owners’ equity for contributed surplus and the balance was charged to non-controlling interests. Summarized financial information Summarized financial information of our TELUS International (Cda) Inc. subsidiary is set out in the following table. Three months Six months June 30, June 30, June 30, June 30, December 31, As at, or for the periods ended, (millions) 1 2023 2022 2023 2022 2022 Statement of financial position Current assets $ 1,080 $ 926 Non-current assets $ 5,486 $ 3,875 Current liabilities $ 843 $ 733 Non-current liabilities $ 3,076 $ 1,581 Statement of income and other comprehensive income Revenue and other income $ 896 $ 797 $ 1,824 $ 1,556 Net income (loss) $ (8) $ 70 $ 10 $ 115 Comprehensive income (loss) $ (67) $ 75 $ (31) $ 77 Statement of cash flows Cash provided by operating activities $ 78 $ 108 $ 143 $ 261 Cash used by investing activities $ (34) $ (63) $ (1,203) $ (90) Cash provided (used) by financing activities $ (43) $ (87) $ 1,082 $ (153) 1 As required by IFRS-IASB, this summarized financial information excludes inter-company eliminations . |
contingent liabilities
contingent liabilities | 6 Months Ended |
Jun. 30, 2023 | |
contingent liabilities | |
contingent liabilities | 29 contingent liabilities (a) Claims and lawsuits General A number of claims and lawsuits (including class actions and intellectual property infringement claims) seeking damages and other relief are pending against us and, in some cases, other mobile carriers and telecommunications service providers. As well, we have received notice of, or are aware of, certain possible claims (including intellectual property infringement claims) against us and, in some cases, other mobile carriers and telecommunications service providers. It is not currently possible for us to predict the outcome of such claims, possible claims and lawsuits due to various factors, including: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both the trial and the appeal levels; and the unpredictable nature of opposing parties and their demands. However, subject to the foregoing limitations, management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any liability, to the extent not provided for through insurance or otherwise, would have a material effect on our financial position and the results of our operations, including cash flows, with the exception of the items enumerated following. Certified class actions Certified class actions against us include the following: Per minute billing class action In 2008, a class action was brought in Ontario against us alleging breach of contract, breach of the Ontario Consumer Protection Act Competition Act Consumer Protection Act Call set-up time class actions In 2005, a class action was brought against us in British Columbia alleging that we have engaged in deceptive trade practices in charging for incoming calls from the moment the caller connects to the network, and not from the moment the incoming call is connected to the recipient. In 2011, the Supreme Court of Canada upheld a stay of all of the causes of action advanced by the plaintiff in this class action, with one exception, based on the arbitration clause that was included in our customer service agreements. The sole exception was the cause of action based on deceptive or unconscionable practices under the British Columbia Business Practices and Consumer Protection Act Business Practices and Consumer Protection Act Uncertified class actions Uncertified class actions against us include: 9-1-1 class actions In 2008, a class action was brought in Saskatchewan against us and other Canadian telecommunications carriers alleging that, among other matters, we failed to provide proper notice of 9-1-1 charges to the public, have been deceitfully passing them off as government charges, and have charged 9-1-1 fees to customers who reside in areas where 9-1-1 service is not available. The plaintiffs advance causes of action in breach of contract, misrepresentation and false advertising and seek certification of a national class. A virtually identical class action was filed in Alberta at the same time, but the Alberta Court of Queen’s Bench declared that class action expired against us as of 2009. No steps have been taken in this proceeding since 2016. Public Mobile class actions In 2014, class actions were brought against us in Quebec and Ontario on behalf of Public Mobile’s customers, alleging that changes to the technology, services and rate plans made by us contravene our statutory and common law obligations. In particular, the Quebec action alleges that our actions constitute a breach of the Quebec Consumer Protection Act Civil Code Consumer Protection Act Competition Act Summary We believe that we have good defences to the above matters. Should the ultimate resolution of these matters differ from management’s assessments and assumptions, a material adjustment to our financial position and the results of our operations, including cash flows, could result. Management’s assessments and assumptions include that reliable estimates of any such exposure cannot be made considering the continued uncertainty about: the nature of the damages that may be sought by the plaintiffs; the causes of action that are being, or may ultimately be, pursued; and, in the case of the uncertified class actions, the causes of action that may ultimately be certified. (b) Concentration of labour In October 2021, we commenced collective bargaining with the Telecommunications Workers Union, United Steelworkers Local 1944 (TWU), to renew the collective agreement that expired on December 31, 2021. In early March 2023, the TWU and ourselves reached a tentative four-year collective agreement which would be subject to ratification by members of the TWU. On March 17, 2023, the TWU and ourselves announced that the ratification process was completed with a majority of the TWU members who cast their ballots voting to accept the tentative agreement. The new collective agreement with the TWU is effective from April 16, 2023, to March 31, 2027, and currently covers more than 6,500 team members nationally. |
related party transactions
related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
related party transactions | |
related party transactions | 30 related party transactions (a) Transactions with key management personnel Our key management personnel have authority and responsibility for overseeing, planning, directing and controlling our activities and consist of our Board of Directors and our Executive Team. Total compensation expense for key management personnel, and the composition thereof, is as follows: Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Short-term benefits $ 6 $ 4 $ 11 $ 8 Post-employment pension 1 2 2 4 7 Share-based compensation 2 10 22 27 40 $ 18 $ 28 $ 42 $ 55 1 Our Executive Team members are members of our Pension Plan for Management and Professional Employees of TELUS Corporation and certain other non-registered, non-contributory supplementary defined benefit and defined contribution pension plans. 2 We accrue an expense for the notional subset of our restricted share units with market performance conditions using a fair value determined by a Monte Carlo simulation. Restricted share units with an equity settlement feature are accounted for as equity instruments. The expense for restricted share units that do not ultimately vest is reversed against the expense that was previously recorded in their respect. As disclosed in Note 14 Six-month periods ended June 30 2023 2022 Number of Notional Grant-date Number of Notional Grant-date ($ in millions) units value 1 fair value 1 units value 1 fair value 1 TELUS Corporation Restricted share units 1,220,549 $ 33 $ 35 1,007,431 $ 32 $ 39 TELUS International (Cda) Inc. Restricted share units 353,789 10 10 265,617 9 9 $ 43 $ 45 $ 41 $ 48 1 The notional value of restricted share units is determined by multiplying the equity share price at the time of award by the number of units awarded; the grant-date fair value differs from the notional value because the fair values of some awards have been determined using a Monte Carlo simulation (see Note 14(b) ). The notional value of share options has been determined using an option pricing model. The amount recorded for liability-accounted restricted share units and share options outstanding as at June 30, 2023, was $1 million (December 31, 2022 – $1 million). Our Directors’ Deferred Share Unit Plan Directors’ Deferred Share Unit Plan Employment agreements with members of the Executive Team typically provide for severance payments if an executive’s employment is terminated without cause: generally, 18–24 months of base salary, benefits and accrual of pension service in lieu of notice, and 50% of base salary in lieu of an annual cash bonus. In the event of a change in control, Executive Team members are not entitled to treatment any different than that given to our other employees with respect to non-vested share-based compensation. (b) Transactions with defined benefit pension plans During the three-month and six-month periods ended June 30, 2023, we provided our defined benefit pension plans with management and administrative services on a cost recovery basis and actuarial services on an arm’s-length basis; the charges for these services amounted to $2 million (2022 – $2 million) and $5 million (2022 – $4 million), respectively. (c) Transactions with real estate joint venture and associate During the three-month and six-month periods ended June 30, 2023 and 2022, we had transactions with the TELUS Sky real estate joint venture, which is a related party, as set out in Note 21. During the three-month and six-month periods ended June 30, 2023, we increased our investment in Miovision Technologies Incorporated, as set out in Note 21(b) |
additional statement of cash fl
additional statement of cash flow information | 6 Months Ended |
Jun. 30, 2023 | |
additional statement of cash flow information | |
additional statement of cash flow information | 31 additional statement of cash flow information (a) Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 OPERATING ACTIVITIES Net change in non-cash operating working capital Accounts receivable $ (8) $ (206) $ 164 $ 29 Inventories 4 76 (43) 11 Contract assets 10 21 14 38 Prepaid expenses (50) (30) (186) (172) Accounts payable and accrued liabilities 18 (2) (525) (157) Income and other taxes receivable and payable, net (47) 46 (55) 70 Advance billings and customer deposits 13 (22) 44 (7) Provisions 32 5 74 (14) $ (28) $ (112) $ (513) $ (202) INVESTING ACTIVITIES Cash payments for capital assets, excluding spectrum licences Capital asset additions Gross capital expenditures Property, plant and equipment 17 $ (829) $ (881) $ (1,371) $ (1,590) Intangible assets subject to amortization 18 (258) (250) (474) (448) (1,087) (1,131) (1,845) (2,038) Additions arising from leases 17 280 77 325 151 Capital expenditures 5 (807) (1,054) (1,520) (1,887) Effect of asset retirement obligations — 222 — 222 (807) (832) (1,520) (1,665) Other non-cash items included above Change in associated non-cash investing working capital 30 38 (233) (142) Non-cash change in asset retirement obligation — (222) — (222) 30 (184) (233) (364) $ (777) $ (1,016) $ (1,753) $ (2,029) (b) Three-month period ended June 30, 2022 Three-month period ended June 30, 2023 Statement of cash flows Non-cash changes Statement of cash flows Non-cash changes Foreign Foreign Redemptions, exchange Redemptions, exchange Beginning Issued or repayments movement End of Beginning Issued or repayments or movement End of (millions) of period received or payments ( Note 4(e) ) Other period of period received payments ( Note 4(e) ) Other period Dividends payable to holders of Common Shares $ 450 $ — $ (450) $ — $ 467 $ 467 $ 506 $ — $ (506) $ — $ 526 $ 526 Dividends reinvested in shares from Treasury — — 160 — (160) — — — 186 — (186) — $ 450 $ — $ (290) $ — $ 307 $ 467 $ 506 $ — $ (320) $ — $ 340 $ 526 Short-term borrowings $ 108 $ 175 $ (4) $ — $ — $ 279 $ 593 $ 101 $ (100) $ — $ — $ 594 Long-term debt TELUS Corporation senior notes $ 16,328 $ — $ — $ 127 $ 4 $ 16,459 $ 18,656 $ — $ — $ (95) $ 3 $ 18,564 TELUS Corporation commercial paper 1,414 1,759 (1,296) 45 — 1,922 1,874 1,744 (1,630) (44) — 1,944 TELUS Corporation credit facilities — — — — — — 1,145 — — — (1) 1,144 TELUS Communications Inc. debentures 448 — (249) — — 199 199 — — — — 199 TELUS International (Cda) Inc. credit facility 1,009 11 (68) 32 — 984 2,086 92 (110) (46) 1 2,023 Other 304 — (39) — 35 300 317 — (21) — 2 298 Lease liabilities 1,816 — (125) 1 72 1,764 2,289 — (129) (6) 262 2,416 Derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt – liability (asset) (12) 1,303 (1,296) (198) 31 (172) (79) 1,648 (1,656) 148 11 72 21,307 3,073 (3,073) 7 142 21,456 26,487 3,484 (3,546) (43) 278 26,660 To eliminate effect of gross settlement of derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt — (1,303) 1,303 — — — — (1,648) 1,648 — — — $ 21,307 $ 1,770 $ (1,770) $ 7 $ 142 $ 21,456 $ 26,487 $ 1,836 $ (1,898) $ (43) $ 278 $ 26,660 Six-month period ended June 30, 2022 Six-month period ended June 30, 2023 Statement of cash flows Non-cash changes Statement of cash flows Non-cash changes Foreign Foreign Redemptions, exchange Redemptions, exchange Beginning Issued or repayments movement End of Beginning Issued or repayments movement End of (millions) of period received or payments ( Note 4(e) ) Other period of period received or payments ( Note 4(e) ) Other period Dividends payable to holders of Common Shares $ 449 $ — $ (899) $ — $ 917 $ 467 $ 502 $ — $ (1,008) $ — $ 1,032 $ 526 Dividends reinvested in shares from Treasury — — 316 — (316) — — — 370 — (370) — $ 449 $ — $ (583) $ — $ 601 $ 467 $ 502 $ — $ (638) $ — $ 662 $ 526 Short-term borrowings $ 114 $ 175 $ (10) $ — $ — $ 279 $ 104 $ 590 $ (100) $ — $ — $ 594 Long-term debt TELUS Corporation senior notes $ 15,258 $ 1,143 $ — $ 66 $ (8) $ 16,459 $ 18,660 $ 500 $ (500) $ (99) $ 3 $ 18,564 TELUS Corporation commercial paper 1,900 2,903 (2,912) 31 — 1,922 1,458 3,704 (3,176) (42) — 1,944 TELUS Corporation credit facilities — — — — — — 1,145 — — — (1) 1,144 TELUS Communications Inc. debentures 448 — (249) — — 199 199 — — — — 199 TELUS International (Cda) Inc. credit facility 1,062 11 (107) 17 1 984 914 1,313 (148) (57) 1 2,023 Other 308 — (114) — 106 300 321 — (173) — 150 298 Lease liabilities 1,876 — (248) (5) 141 1,764 2,340 — (259) 6 329 2,416 Derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt – liability (asset) 4 2,926 (2,925) (135) (42) (172) (80) 3,194 (3,208) 160 6 72 20,856 6,983 (6,555) (26) 198 21,456 24,957 8,711 (7,464) (32) 488 26,660 To eliminate effect of gross settlement of derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt — (2,926) 2,926 — — — — (3,194) 3,194 — — — $ 20,856 $ 4,057 $ (3,629) $ (26) $ 198 $ 21,456 $ 24,957 $ 5,517 $ (4,270) $ (32) $ 488 $ 26,660 |
condensed interim consolidate_6
condensed interim consolidated financial statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
condensed interim consolidated financial statements | |
Basis of presentation | (a) Basis of presentation The notes presented in our condensed interim consolidated financial statements include only significant events and transactions and are not fully inclusive of all matters normally disclosed in our annual audited financial statements; thus, our interim consolidated financial statements are referred to as condensed. Our condensed interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022. Our condensed interim consolidated financial statements are expressed in Canadian dollars and follow the same accounting policies and methods of their application as set out in our consolidated financial statements for the year ended December 31, 2022. The generally accepted accounting principles that we use are International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS-IASB) and Canadian generally accepted accounting principles. Our condensed interim consolidated financial statements comply with International Accounting Standard 34, Interim Financial Reporting These consolidated financial statements for the three-month and six-month periods ended June 30, 2023, were authorized by our Board of Directors for issue on August 4, 2023. |
Inventories | (b) Inventories Our inventories primarily consist of mobile handsets, parts and accessories totalling $436 million as at June 30, 2023 (December 31, 2022 – $414 million), and communications equipment held for resale. Inventories are valued at the lower of cost and net realizable value, with cost being determined on an average cost basis. Costs of goods sold for the three-month and six-month periods ended June 30, 2023, totalled $0.5 billion (2022 - $0.5 billion) and $1.1 billion (2022 - $1.0 billion), respectively. |
capital structure financial p_2
capital structure financial policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
capital structure financial policies | |
Disclosure of financial objectives that support the entity's long-term strategy | As at, or for the 12-month periods ended, June 30 ($ in millions) Objective 2023 2022 Components of debt and coverage ratios Net debt 1 $ 26,485 $ 21,693 EBITDA – excluding restructuring and other costs 2 $ 6,899 $ 6,715 Net interest cost 3 Note 9 $ 1,084 $ 755 Debt ratio Net debt to EBITDA – excluding restructuring and other costs 2.20 – 2.70 4 3.84 3.23 Coverage ratios Earnings coverage 5 2.5 4.2 EBITDA – excluding restructuring and other costs interest coverage 6 6.4 8.9 1 Net debt and total managed capitalization are calculated as follows: As at June 30 Note 2023 2022 Long-term debt 26 $ 26,588 $ 21,628 Debt issuance costs netted against long-term debt 114 100 Derivative (assets) liabilities used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt, net (72) (172) Accumulated other comprehensive income amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt — excluding tax effects (90) 240 Cash and temporary investments, net (649) (382) Short-term borrowings 22 594 279 Net debt 26,485 21,693 Common equity 16,407 15,716 Non-controlling interests 1,172 964 Less: accumulated other comprehensive income amounts included above in common equity and non-controlling interests (55) (201) Total managed capitalization $ 44,009 $ 38,172 * EBITDA is not a standardized financial measure under IFRS-IASB and might not be comparable to similar measures disclosed by other issuers; we define EBITDA as operating revenues and other income less goods and services purchased and employee benefits expense. We report EBITDA because it is a key measure that management uses to evaluate the performance of our business, and it is also utilized in measuring compliance with certain debt covenants. 2 EBITDA – excluding restructuring and other costs is calculated as follows: EBITDA – Restructuring excluding EBITDA and other costs restructuring ( Note 5 ( Note 16 and other costs Add Six-month period ended June 30, 2023 $ 3,209 $ 274 $ 3,483 Year ended December 31, 2022 6,406 240 6,646 Deduct Six-month period ended June 30, 2022 (3,162) (68) (3,230) EBITDA – excluding restructuring and other costs $ 6,453 $ 446 $ 6,899 3 Net interest cost is defined as financing costs, excluding employee defined benefit plans net interest, virtual power purchase agreements unrealized change in forward element, recoveries on long-term debt prepayment premium and repayment of debt, calculated on a 12-month trailing basis (expenses recorded for long-term debt prepayment premium, if any, are included in net interest cost) (see Note 9 ). 4 Our long-term objective range for this ratio is 2.20 – 2.70 times. The ratio as at June 30, 2023, is outside the long-term objective range. We may permit, and have permitted, this ratio to go outside the objective range (for long-term investment opportunities), but we will endeavour to return this ratio to within the objective range in the medium term (following the spectrum auction in 2021, and the spectrum auctions upcoming in 2023 and 2024), as we believe that this range is supportive of our long-term strategy. We are in compliance with the leverage ratio covenant in our credit facilities, which states that we may not permit our net debt to operating cash flow ratio to exceed 4.25 :1.00 (see Note 26(d) ); the calculation of the debt ratio is substantially similar to the calculation of the leverage ratio covenant in our credit facilities. 5 Earnings coverage is defined by Canadian Securities Administrators National Instrument 41-101 as net income before borrowing costs and income tax expense, divided by borrowing costs (interest on long-term debt; interest on short-term borrowings and other; long-term debt prepayment premium), and adding back capitalized interest, all such amounts excluding those attributable to non-controlling interests. 6 EBITDA – excluding restructuring and other costs interest coverage is defined as EBITDA – excluding restructuring and other costs, divided by net interest cost. This measure is substantially similar to the coverage ratio covenant in our credit facilities. |
Disclosure of the dividend payout ratio | For the 12-month periods ended June 30 Objective 2023 2022 Determined using most comparable IFRS-IASB measures Ratio of TELUS Corporation Common Share dividends declared to cash provided by operating activities – less capital expenditures 168 % 224 % Determined using management measures TELUS Corporation Common Share dividend payout ratio – net of dividend reinvestment plan effects 60%–75% 1 87 % 133 % 1 Our objective range for the TELUS Corporation Common Share dividend payout ratio is 60 %- 75 % of free cash flow on a prospective basis. For the 12-month periods ended June 30 (millions) 2023 2022 TELUS Corporation Common Share dividends declared $ 2,014 $ 1,796 Amount of TELUS Corporation Common Share dividends declared reinvested in TELUS Corporation Common Shares (730) (644) TELUS Corporation Common Share dividends declared - net of dividend reinvestment plan effects $ 1,284 $ 1,152 |
Schedule of calculation of free cash flow, and the reconciliation to cash provided by operating activities | For the 12-month periods ended June 30 (millions) Note 2023 2022 EBITDA 5 $ 6,453 $ 6,540 Deduct gain on disposition of financial solutions business — (410) Restructuring and other costs, net of disbursements 186 7 Effects of contract asset, acquisition and fulfilment and TELUS Easy Payment device financing (173) (3) Effect of lease principal 31(b) (506) (503) Items from the Consolidated statements of cash flows: Share-based compensation, net 14 127 120 Net employee defined benefit plans expense 15 80 109 Employer contributions to employee defined benefit plans (35) (50) Interest paid (1,022) (747) Interest received 23 15 Capital expenditures 5 (3,105) (3,787) Free cash flow before income taxes 2,028 1,291 Income taxes paid, net of refunds (560) (486) Effect of disposition of financial solutions business on income taxes paid — 61 Free cash flow 1,468 866 Add (deduct): Capital expenditures 5 3,105 3,787 Effects of lease principal 506 503 Gain on disposition of financial solutions business, net of effect on income taxes paid — (349) Net change in non-cash operating working capital not included in preceding line items and other individually immaterial items included in net income neither providing nor using cash (775) (217) Cash provided by operating activities $ 4,304 $ 4,590 |
financial instruments (Tables)
financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
financial instruments | |
Schedule of maximum exposure (excluding income tax effects) to credit risk | June 30, December 31, As at (millions) 2023 2022 Cash and temporary investments, net $ 649 $ 974 Accounts receivable 3,831 3,887 Contract assets 717 761 Derivative assets 209 333 $ 5,406 $ 5,955 |
Analysis of the age of customer accounts receivable | As at (millions) June 30, 2023 December 31, 2022 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 $ 1,095 $ (12) $ 1,083 $ 936 $ (11) $ 925 30-60 days past billing date 305 (12) 293 400 (11) 389 61-90 days past billing date 112 (14) 98 185 (15) 170 More than 90 days past billing date 171 (31) 140 192 (33) 159 Unbilled customer finance receivables 1,493 (38) 1,455 1,509 (39) 1,470 $ 3,176 $ (107) $ 3,069 $ 3,222 $ (109) $ 3,113 Current 6(b) $ 2,569 $ (93) $ 2,476 $ 2,636 $ (94) $ 2,542 Non-current 20 607 (14) 593 586 (15) 571 $ 3,176 $ (107) $ 3,069 $ 3,222 $ (109) $ 3,113 1 Net 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 | Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Balance, beginning of period $ 106 $ 107 $ 109 $ 110 Additions (doubtful accounts expense) 27 22 48 40 Accounts written off 1 (27) (18) (55) (41) Other 1 3 5 5 Balance, end of period $ 107 $ 114 $ 107 $ 114 1 For the three-month and six-month periods ended June 30, 2023, accounts that were written off but were still subject to enforcement activity totalled $45 (2022 – $37 ) and $89 (2022 – $69 ), respectively. |
Summary of contract assets and related impairment allowance activity | As at (millions) June 30, 2023 December 31, 2022 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 $ 590 $ (23) $ 567 $ 611 $ (23) $ 588 The 12-month period ending two years hence 245 (9) 236 277 (11) 266 Thereafter 55 (1) 54 55 (1) 54 $ 890 $ (33) $ 857 $ 943 $ (35) $ 908 |
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 As at June 30, 2023 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26) ( Note 26 ) (Receive) Pay Other (Receive) Pay Total 2023 (remainder of year) $ 2,859 $ 20 $ 2,511 $ 327 $ (2,101) $ 2,117 $ — $ (361) $ 363 $ 5,735 2024 253 624 3,270 608 (227) 207 — (284) 287 4,738 2025 13 — 1,937 474 (219) 206 — — — 2,411 2026 80 — 2,288 346 (215) 206 — — — 2,705 2027 137 — 2,295 269 (1,658) 1,653 1 — — 2,697 2028-2032 49 — 10,967 535 (2,197) 2,160 — — — 11,514 Thereafter — — 11,996 375 (2,856) 2,805 — — — 12,320 Total $ 3,391 $ 644 $ 35,264 $ 2,934 $ (9,473) $ 9,354 $ 1 $ (645) $ 650 $ 42,120 Total ( Note 26(h) ) $ 38,079 1 Cash 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 June 30, 2023. 2 The 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 June 30, 2023. 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 As at December 31, 2022 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26 ( Note 26 (Receive) Pay (Receive) Pay Total 2023 $ 3,613 $ 9 $ 2,907 $ 596 $ (1,679) $ 1,674 $ (669) $ 648 $ 7,099 2024 254 105 3,126 537 (201) 193 — — 4,014 2025 16 — 1,800 379 (599) 586 — — 2,182 2026 12 — 2,154 273 (165) 162 — — 2,436 2027 1 — 2,197 218 (1,644) 1,610 — — 2,382 2028-2032 — — 9,929 446 (1,785) 1,707 — — 10,297 Thereafter — — 11,551 364 (2,921) 2,805 — — 11,799 Total $ 3,896 $ 114 $ 33,664 $ 2,813 $ (8,994) $ 8,737 $ (669) $ 648 $ 40,209 Total $ 36,220 1 Cash 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, 2022. 2 The 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, 2022. 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 As at June 30, 2023 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26) ( Note 26 ) (Receive) Pay Other (Receive) Pay Total 2023 (remainder of year) $ 2,859 $ 20 $ 2,511 $ 327 $ (2,101) $ 2,117 $ — $ (361) $ 363 $ 5,735 2024 253 624 3,270 608 (227) 207 — (284) 287 4,738 2025 13 — 1,937 474 (219) 206 — — — 2,411 2026 80 — 2,288 346 (215) 206 — — — 2,705 2027 137 — 2,295 269 (1,658) 1,653 1 — — 2,697 2028-2032 49 — 10,967 535 (2,197) 2,160 — — — 11,514 Thereafter — — 11,996 375 (2,856) 2,805 — — — 12,320 Total $ 3,391 $ 644 $ 35,264 $ 2,934 $ (9,473) $ 9,354 $ 1 $ (645) $ 650 $ 42,120 Total ( Note 26(h) ) $ 38,079 1 Cash 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 June 30, 2023. 2 The 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 June 30, 2023. 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 As at December 31, 2022 financial Short-term leases 1 Leases amounts to be exchanged 2 amounts to be exchanged (millions) liabilities borrowings 1 ( Note 26 ( Note 26 (Receive) Pay (Receive) Pay Total 2023 $ 3,613 $ 9 $ 2,907 $ 596 $ (1,679) $ 1,674 $ (669) $ 648 $ 7,099 2024 254 105 3,126 537 (201) 193 — — 4,014 2025 16 — 1,800 379 (599) 586 — — 2,182 2026 12 — 2,154 273 (165) 162 — — 2,436 2027 1 — 2,197 218 (1,644) 1,610 — — 2,382 2028-2032 — — 9,929 446 (1,785) 1,707 — — 10,297 Thereafter — — 11,551 364 (2,921) 2,805 — — 11,799 Total $ 3,896 $ 114 $ 33,664 $ 2,813 $ (8,994) $ 8,737 $ (669) $ 648 $ 40,209 Total $ 36,220 1 Cash 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, 2022. 2 The 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, 2022. 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 | Six-month periods ended June 30 Net income Other comprehensive income Comprehensive income (increase (decrease) in millions) 2023 2022 2023 2022 2023 2022 Reasonably possible changes in market risks 1 10% change in C$: US$ exchange rate Canadian dollar appreciates $ (7) $ — $ 121 $ (1) $ 114 $ (1) Canadian dollar depreciates $ 7 $ — $ (119) $ 1 $ (112) $ 1 10% change in US$: € exchange rate U.S. dollar appreciates $ 12 $ 14 $ (66) $ (59) $ (54) $ (45) U.S. dollar depreciates $ (12) $ (14) $ 66 $ 59 $ 54 $ 45 25 basis point change in interest rates Interest rates increase Canadian interest rate $ (8) $ (2) $ 76 $ 80 $ 68 $ 78 U.S. interest rate $ — $ — $ (70) $ (85) $ (70) $ (85) Combined $ (8) $ (2) $ 6 $ (5) $ (2) $ (7) Interest rates decrease Canadian interest rate $ 8 $ 2 $ (77) $ (83) $ (69) $ (81) U.S. interest rate $ — $ — $ 75 $ 89 $ 75 $ 89 Combined $ 8 $ 2 $ (2) $ 6 $ 6 $ 8 20 basis point change in wind discount Wind discount increases $ (39) $ — $ — $ — $ (39) $ — Wind discount decreases $ 39 $ — $ — $ — $ 39 $ — 20 basis point change in solar premium Solar premium increases $ 24 $ — $ — $ — $ 24 $ — Solar premium decreases $ (24) $ — $ — $ — $ (24) $ — 1 These 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. The sensitivity analysis assumes that we would realize the changes in exchange rates and market interest rates; in reality, the competitive marketplace in which we operate would have an effect on this assumption. |
Schedule of long-term debt amortized cost and fair value | As at (millions) June 30, 2023 December 31, 2022 Carrying Carrying value Fair value value Fair value Long-term debt, excluding leases ( Note 26 $ 24,172 $ 22,662 $ 22,967 $ 21,000 |
Schedule of derivative financial instruments measured at fair value on a recurring basis | As at (millions) June 30, 2023 December 31, 2022 Maximum Notional Fair value 1 Price or Maximum Notional Fair value 1 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 2024 $ 91 $ 1 US$1.00: ₱56 2023 $ 72 $ 1 US$1.00: ₱55 Currency risk arising from U.S. dollar-denominated purchases HFH 3 2024 $ 101 2 US$1.00: C$1.29 2023 $ 397 21 US$1.00: C$1.28 Currency risk arising from U.S. dollar-denominated long-term debt Note 26(b)-(c) HFH 3 2023 $ 139 — US$1.00: C$1.32 2023 $ 526 9 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(e) HFH 5 2028 $ 45 19 €1.00: US$1.09 2025 $ 31 26 €1.00: US$1.09 Interest rate risk associated with non-fixed rate credit facility amounts drawn ( Note 26(e) HFH 3 2028 $ 11 5 3.5% — $ — — — Price risk associated with purchase of electrical power HFT 4 2047 $ 36 28 $30.39/ MWh 2047 $ 36 26 $29.66/ MWh $ 55 $ 83 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 $ 2,068 $ 6 US$1.00: C$1.27 2048 $ 4,443 $ 66 US$1.00: C$1.30 Currency risk arising from European euro functional currency operations purchased with U.S. dollar-denominated long-term debt 7 Note 26(e) HFH 5 2028 $ 606 9 €1.00: US$1.09 2025 $ 454 17 €1.00: US$1.09 Interest rate risk associated with non-fixed rate credit facility amounts drawn (Note 26(e)) HFH 3 2028 $ 87 — 3.4% — $ — — — Price risk associated with purchase of electrical power HFT 4 2047 $ 234 139 $39.24/ MWh 2047 $ 264 167 $39.15/ MWh $ 154 $ 250 Current Liabilities 2 Derivatives used to manage Currency risk arising from U.S. dollar revenues HFT 4 2024 $ 42 $ — US$1.00: ₱56 2023 $ 68 $ 3 US$1.00: ₱55 Currency risk arising from U.S. dollar-denominated purchases HFH 3 2024 $ 414 8 US$1.00: C$1.34 2023 $ 111 1 US$1.00: C$1.36 Currency risk arising from U.S. dollar-denominated long-term debt ( Note 26(b)-(c) HFH 3 2023 $ 1,876 31 US$1.00: C$1.34 2023 $ 957 14 US$1.00: C$1.37 $ 39 $ 18 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 $ 4,623 $ 75 US$1.00: C$1.33 2049 $ 2,329 $ 24 US$1.00: C$1.33 Interest rate risk associated with non-fixed rate credit facility amounts drawn ( Note 26(e) HFH 3 2028 $ 124 1 3.6% — $ — — — $ 76 $ 24 1 Fair value measured at the reporting date using significant other observable inputs (Level 2), except the fair value of virtual power purchase agreements (which we use to manage the price risk associated with the purchase of electrical power), which is measured at the reporting date using significant unobservable inputs (Level 3). Changes in the fair value of derivative financial instruments classified as Level 3 in the fair value hierarchy were as follows: Three months Six months Periods ended June 30 2023 2022 2023 2022 Virtual power purchase agreements unrealized change in forward element Included in net income, excluding income taxes $ (7) $ 80 $ (26) $ 80 Balance, beginning of period 174 — 193 — Balance, end of period $ 167 $ 80 $ 167 $ 80 2 Derivative financial assets and liabilities are not set off. 3 Designated 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. 4 Designated as held for trading (HFT) and classified as fair value through net income upon initial recognition; hedge accounting is not applied. 5 Designated 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. 6 We designate only the spot element as the hedging item. As at June 30, 2023, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $ 115 (December 31, 2022 – $123 ). 7 We designate only the spot element as the hedging item. As at June 30, 2023, the foreign currency basis spread included in the fair value of the derivative instruments, which is used for purposes of assessing hedge ineffectiveness, was $3 (December 31, 2022 - $1 ). |
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 Periods ended June 30 (millions) Note 2023 2022 Location 2023 2022 THREE-MONTH Derivatives used to manage currency risk Arising from U.S. dollar-denominated purchases $ 10 $ 14 Goods and services purchased $ 6 $ 4 Arising from U.S. dollar-denominated long-term debt 1 26(b)-(c) (176) 138 Financing costs (138) 171 Arising from net investment in a foreign operation 2 — 30 Financing costs (5) (1) (166) 182 (137) 174 Derivatives used to manage other market risk Other 1 1 Financing costs — — $ (165) $ 183 $ (137) $ 174 SIX-MONTH Derivatives used to manage currency risk Arising from U.S. dollar-denominated purchases $ (9) $ 8 Goods and services purchased $ 15 $ 5 Arising from U.S. dollar-denominated long-term debt 1 26(b)-(c) (151) 126 Financing costs (138) 63 Arising from net investment in a foreign operation 2 (21) 54 Financing costs (11) (1) (181) 188 (134) 67 Derivatives used to manage other market risks Other — 1 Financing costs — (1) $ (181) $ 189 $ (134) $ 66 1 Amounts 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 three-month and six-month periods ended June 30, 2023, were $10 (2022 - $32 ) and $(8) (2022 - $7 ), respectively. 2 Amounts 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 three-month and six-month periods ended June 30, 2023, were $1 (2022 – $ 2 ) and $2 (2022 - $ NIL ), respectively. |
Schedule of gains and losses arising from derivative instruments classified as held for trading | Gain (loss) on derivatives recognized in income Three months Six months Periods ended June 30 (millions) Location 2023 2022 2023 2022 Derivatives used to manage currency risk Financing costs $ 2 $ (8) $ 5 $ (11) Virtual power purchase agreements unrealized change in forward element Financing costs $ (7) $ 80 $ (26) $ 80 |
segment information (Tables)
segment information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
segment information | |
Schedule of reconciliation of revenue and income before income taxes by segment | Digitally-led customer experiences – TELUS technology solutions TELUS Mobile Fixed Segment total International 1 Eliminations Total Three-month periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Operating revenues External revenues Service $ 1,748 $ 1,647 $ 1,887 $ 1,538 $ 3,635 $ 3,185 $ 723 $ 672 $ — $ — $ 4,358 $ 3,857 Equipment 489 435 87 81 576 516 — — — — 576 516 Revenues arising from contracts with customers $ 2,237 $ 2,082 $ 1,974 $ 1,619 4,211 3,701 723 672 — — 4,934 4,373 Other income ( Note 7 12 28 — — — — 12 28 4,223 3,729 723 672 — — 4,946 4,401 Intersegment revenues 4 4 173 125 (177) (129) — — $ 4,227 $ 3,733 $ 896 $ 797 $ (177) $ (129) $ 4,946 $ 4,401 EBITDA 2 $ 1,457 $ 1,417 $ 131 $ 176 $ — $ — $ 1,588 $ 1,593 Restructuring and other costs included in EBITDA ( Note 16 94 19 21 10 — — 115 29 Adjusted EBITDA 2 $ 1,551 $ 1,436 $ 152 $ 186 $ — $ — $ 1,703 $ 1,622 Capital expenditures 3 $ 773 $ 1,016 $ 34 $ 38 $ — $ — $ 807 $ 1,054 Adjusted EBITDA less capital expenditures 2 $ 778 $ 420 $ 118 $ 148 $ — $ — $ 896 $ 568 Operating revenues – external and other income (above) $ 4,946 $ 4,401 Goods and services purchased 1,790 1,637 Employee benefits expense 1,568 1,171 EBITDA (above) 1,588 1,593 Depreciation 598 536 Amortization of intangible assets 408 295 Operating income 582 762 Financing costs 323 97 Income before income taxes $ 259 $ 665 Digitally-led customer experiences – TELUS technology solutions TELUS Mobile Fixed Segment total International 1 Eliminations Total Six-month periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Operating revenues External revenues Service $ 3,473 $ 3,247 $ 3,751 $ 3,059 $ 7,224 $ 6,306 $ 1,479 $ 1,316 $ — $ — $ 8,703 $ 7,622 Equipment 978 852 178 155 1,156 1,007 — — — — 1,156 1,007 Revenues arising from contracts with customers $ 4,451 $ 4,099 $ 3,929 $ 3,214 8,380 7,313 1,479 1,316 — — 9,859 8,629 Other income ( Note 7 51 54 — — — — 51 54 8,431 7,367 1,479 1,316 — — 9,910 8,683 Intersegment revenues 8 8 345 240 (353) (248) — — $ 8,439 $ 7,375 $ 1,824 $ 1,556 $ (353) $ (248) $ 9,910 $ 8,683 EBITDA 2 $ 2,910 $ 2,817 $ 299 $ 345 $ — $ — $ 3,209 $ 3,162 Restructuring and other costs included in EBITDA ( Note 16 235 54 39 14 — — 274 68 Equity (income) loss related to real estate joint venture (1) — — — — — (1) — Adjusted EBITDA 2 $ 3,144 $ 2,871 $ 338 $ 359 $ — $ — $ 3,482 $ 3,230 Capital expenditures 3 $ 1,466 $ 1,818 $ 54 $ 69 $ — $ — $ 1,520 $ 1,887 Adjusted EBITDA less capital expenditures 2 $ 1,678 $ 1,053 $ 284 $ 290 $ — $ — $ 1,962 $ 1,343 Operating revenues – external and other income (above) $ 9,910 $ 8,683 Goods and services purchased 3,593 3,231 Employee benefits expense 3,108 2,290 EBITDA (above) 3,209 3,162 Depreciation 1,238 1,087 Amortization of intangible assets 790 586 Operating income 1,181 1,489 Financing costs 643 276 Income before income taxes $ 538 $ 1,213 1 The digitally-led customer experiences – TELUS International segment is comprised of our consolidated TELUS International (Cda) Inc. subsidiary. All of our other international operations are included in the TELUS technology solutions segment. 2 Earnings before interest, income taxes, depreciation and amortization (EBITDA), both unadjusted and adjusted, are not standardized financial measures under IFRS-IASB and may not be comparable to similar measures disclosed by other issuers (including those disclosed by TELUS International (Cda) Inc.); we define EBITDA as operating revenues and other income less goods and services purchased and employee benefits expense. We calculate adjusted EBITDA to exclude items that do not reflect our ongoing operations and, in our opinion, should not be considered in a long-term valuation metric or included in an assessment of our ability to service or incur debt. We report EBITDA, adjusted EBITDA and adjusted EBITDA less capital expenditures, because they are key measures that management uses to evaluate the performance of our business, and EBITDA is also utilized in measuring compliance with certain debt covenants. 3 See Note 31(a) for a reconciliation of capital asset additions, excluding spectrum licences, to cash payments for capital assets, excluding spectrum licences, reported in the Consolidated statements of cash flows. |
revenue from contracts with c_2
revenue from contracts with customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
revenue from contracts with customers | |
Schedule of revenues | June 30, December 31, As at (millions) 2023 2022 Estimated minimum transaction price allocated to remaining unfulfilled, or partially unfulfilled, performance obligations to be recognized as revenue in a future period 1, 2 During the 12-month period ending one year hence $ 2,480 $ 2,539 During the 12-month period ending two years hence 966 1,034 Thereafter 94 81 $ 3,540 $ 3,654 1 Excludes constrained variable consideration amounts, amounts arising from contracts originally expected to have a duration of one year or less and, as a permitted practical expedient, amounts arising from contracts that are not affected by revenue recognition timing differences arising from transaction price allocation or from contracts under which we may recognize and bill revenue in an amount that corresponds directly with our completed performance obligations. 2 IFRS-IASB requires the explanation of when we expect to recognize as revenue the amounts disclosed as the estimated minimum transaction price allocated to remaining unfulfilled, or partially unfulfilled, performance obligations. The estimated amounts disclosed are based upon contractual terms and maturities. Actual minimum transaction price revenues recognized, and the timing thereof, will differ from these estimates primarily due to the frequency with which the actual durations of contracts with customers do not match their contractual maturities. |
Schedule of accounts receivable | June 30, December 31, As at (millions) Note 2023 2022 Customer accounts receivable $ 2,569 $ 2,636 Accrued receivables – customer 506 468 Allowance for doubtful accounts 4(a) (93) (94) 2,982 3,010 Accrued receivables – other 256 306 Accounts receivable – current $ 3,238 $ 3,316 |
Schedule of contract assets | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Balance, beginning of period $ 879 $ 831 $ 908 $ 877 Net additions arising from operations 368 332 718 633 Amounts billed in the period and thus reclassified to accounts receivable (394) (360) (775) (708) Change in impairment allowance, net 4(a) 1 1 2 2 Other 3 — 4 — Balance, end of period $ 857 $ 804 $ 857 $ 804 To be billed and thus reclassified to accounts receivable during: The 12-month period ending one year hence $ 567 $ 542 The 12-month period ending two years hence 236 210 Thereafter 54 52 Balance, end of period $ 857 $ 804 Reconciliation of contract assets presented in the Consolidated statements of financial position – current Gross contract assets $ 567 $ 542 Reclassification to contract liabilities of contracts with contract assets less than contract liabilities 24 (14) (16) Reclassification from contract liabilities of contracts with contract liabilities less than contract assets 24 (126) (114) $ 427 $ 412 |
other income (Tables)
other income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
other income | |
Schedule of other income | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Government assistance $ 9 $ — $ 10 $ 2 Other sublet revenue 19 2 2 3 3 Investment income (loss), gain (loss) on disposal of assets and other (4) 3 (7) (1) Interest income 21(a) 2 — 4 1 Changes in business combination-related provisions 25 3 23 41 49 $ 12 $ 28 $ 51 $ 54 |
employee benefits expense (Tabl
employee benefits expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
employee benefits expense | |
Schedule of employee benefits expense | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Employee benefits expense – gross Wages and salaries $ 1,478 $ 1,154 $ 2,986 $ 2,259 Share-based compensation 1 14 44 54 98 103 Pensions – defined benefit 15(a) 16 25 31 52 Pensions – defined contribution 15(b) 35 30 63 56 Restructuring costs 1 16(a) 95 13 143 23 Employee health and other benefits 82 63 137 120 1,750 1,339 3,458 2,613 Capitalized internal labour costs, net Contract acquisition costs 20 Capitalized (23) (22) (39) (40) Amortized 23 20 46 39 Contract fulfilment costs 20 Capitalized (7) (1) (11) (1) Amortized — 1 1 1 Property, plant and equipment (98) (99) (198) (192) Intangible assets subject to amortization (77) (67) (149) (130) (182) (168) (350) (323) $ 1,568 $ 1,171 $ 3,108 $ 2,290 1 For the three-month and six-month periods ended June 30, 2023, $ (2) (2022 – $ 1 ) and $ NIL (2022 – $ 2 ), respectively, of share-based compensation in the digitally-led customer experiences segment was included in restructuring costs. |
financing costs (Tables)
financing costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
financing costs | |
Schedule of financing costs | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Interest expense Interest on long-term debt, excluding lease liabilities – gross $ 270 $ 179 $ 533 $ 348 Interest on long-term debt, excluding lease liabilities – capitalized 1 (1) (12) (3) (27) Interest on long-term debt, excluding lease liabilities 269 167 530 321 Interest on lease liabilities 19 31 17 59 33 Interest on short-term borrowings and other 9 3 12 7 Interest accretion on provisions 25 7 5 15 8 316 192 616 369 Employee defined benefit plans net interest 15 2 2 4 4 Foreign exchange — (17) 4 (16) Virtual power purchase agreements unrealized change in forward element 7 (80) 26 (80) 325 97 650 277 Interest income (2) — (7) (1) $ 323 $ 97 $ 643 $ 276 Net interest cost 3 $ 616 $ 379 Interest on long-term debt, excluding lease liabilities – capitalized 1 (3) (27) Employee defined benefit plans net interest 4 4 Virtual power purchase agreements unrealized change in forward element 26 (80) $ 643 $ 276 1 Interest on long-term debt, excluding lease liabilities, at a composite rate of 3.10% was capitalized to intangible assets with indefinite lives during the period. |
income taxes (Tables)
income taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
income taxes | |
Schedule of expense composition | Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Current income tax expense For the current reporting period $ 118 $ 176 $ 265 $ 321 Adjustments recognized in the current period for income taxes of prior periods (19) (4) (18) (4) 99 172 247 317 Deferred income tax expense Arising from the origination and reversal of temporary differences (42) (3) (135) (4) Adjustments recognized in the current period for income taxes of prior periods 6 (2) 6 (2) (36) (5) (129) (6) $ 63 $ 167 $ 118 $ 311 |
Schedule of rate reconciliations | Three-month periods ended June 30 ($ in millions) 2023 2022 Income taxes computed at applicable statutory rates $ 62 24.2 % $ 171 25.7 % Adjustments recognized in the current period for income taxes of prior periods (13) (5.3) (6) (0.9) (Non-taxable) non-deductible amounts, net 2 0.8 1 0.2 Withholding and other taxes 2 0.8 7 1.0 Losses not recognized 5 1.9 1 0.2 Foreign tax differential 4 1.5 (8) (1.3) Other 1 0.4 1 0.1 Income tax expense per Consolidated statements of income and other comprehensive income $ 63 24.3 % $ 167 25.0 % Six-month periods ended June 30 ($ in millions) 2023 2022 Income taxes computed at applicable statutory rates $ 125 23.3 % $ 311 25.6 % Adjustments recognized in the current period for income taxes of prior periods (12) (2.2) (6) (0.5) (Non-taxable) non-deductible amounts, net (7) (1.3) (1) (0.0) Withholding and other taxes 9 1.7 15 1.2 Losses not recognized 8 1.5 3 0.2 Foreign tax differential (7) (1.3) (11) (0.9) Other 2 0.3 — — Income tax expense per Consolidated statements of income and other comprehensive income $ 118 22.0 % $ 311 25.6 % |
other comprehensive income (Tab
other comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
other comprehensive income | |
Schedule of other comprehensive income | Item never Item never reclassified to reclassified to Items that may subsequently be reclassified to income income income Change in unrealized fair value of derivatives designated as cash flow hedges in current period ( Note 4(e) Derivatives used to manage currency risk Derivatives used to manage other market risks Cumulative Change in Prior period Prior period foreign measurement Employee Gains (gains) losses Gains (gains) losses currency of investment Accumulated defined benefit (losses) transferred to (losses) transferred to translation financial other plan Other Periods ended June 30 (millions) arising net income Total arising net income Total Total adjustment assets comp. income re-measure-ments comp. income THREE-MONTH Accumulated balance as at April 1, 2022 $ 169 $ (2) $ 167 $ (42) $ 88 $ 213 Other comprehensive income (loss) Amount arising $ 182 $ (174) 8 $ 1 $ — 1 9 (21) (5) (17) $ 186 $ 169 Income taxes $ 26 $ (30) (4) $ — $ — — (4) — (1) (5) 48 43 Net 12 1 13 (21) (4) (12) $ 138 $ 126 Accumulated balance as at June 30, 2022 $ 181 $ (1) $ 180 $ (63) $ 84 $ 201 Accumulated balance as at April 1, 2023 $ (38) $ (4) $ (42) $ 97 $ 84 $ 139 Other comprehensive income (loss) Amount arising $ (166) $ 137 (29) $ 1 $ — 1 (28) (66) (3) (97) $ 5 $ (92) Income taxes $ (31) $ 19 (12) $ — $ — — (12) — (1) (13) 2 (11) Net (17) 1 (16) (66) (2) (84) $ 3 $ (81) Accumulated balance as at June 30, 2023 $ (55) $ (3) $ (58) $ 31 $ 82 $ 55 SIX-MONTH Accumulated balance as at January 1, 2022 $ 81 $ (3) $ 78 $ 25 $ 83 $ 186 Other comprehensive income (loss) Amount arising $ 188 $ (67) 121 $ 1 $ 1 2 123 (88) 1 36 $ 400 $ 436 Income taxes $ 30 $ (9) 21 $ — $ — — 21 — — 21 103 124 Net 100 2 102 (88) 1 15 $ 297 $ 312 Accumulated balance as at June 30, 2022 $ 181 $ (1) $ 180 $ (63) $ 84 $ 201 Accumulated balance as at January 1, 2023 $ (20) $ (3) $ (23) $ 66 $ 90 $ 133 Other comprehensive income (loss) Amount arising $ (181) $ 134 (47) $ — $ — — (47) (35) (10) (92) $ (1) $ (93) Income taxes $ (32) $ 20 (12) $ — $ — — (12) — (2) (14) — (14) Net (35) — (35) (35) (8) (78) $ (1) $ (79) Accumulated balance as at June 30, 2023 $ (55) $ (3) $ (58) $ 31 $ 82 $ 55 Attributable to: Common Shares $ 49 Non-controlling interests 6 $ 55 |
per share amounts (Tables)
per share amounts (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
per share amounts | |
Schedule of the reconciliations of the denominators of the basic and diluted per share computations | Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Basic total weighted average number of Common Shares outstanding 1,447 1,381 1,443 1,378 Effect of dilutive securities - Restricted share units 5 6 4 6 Diluted total weighted average number of Common Shares outstanding 1,452 1,387 1,447 1,384 |
dividends per share (Tables)
dividends per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
dividends per share | |
Schedule of common share dividends declared | Six-month periods ended June 30 (millions except per share amounts) 2023 2022 TELUS Corporation Declared Paid to Declared Paid to Common Share dividends Effective Per share shareholders Total Effective Per share shareholders Total Quarter 1 dividend Mar. 10, 2023 $ 0.3511 Apr. 3, 2023 $ 506 Mar. 11, 2022 $ 0.3274 Apr. 1, 2022 $ 450 Quarter 2 dividend June 8, 2023 0.3636 July 4, 2023 526 June 10, 2022 0.3386 July 4, 2022 467 $ 0.7147 $ 1,032 $ 0.6660 $ 917 |
share-based compensation (Table
share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
share-based compensation | |
Schedule of share-based compensation expense | Periods ended June 30 (millions) 2023 2022 Associated Statement Associated Statement Employee operating of cash Employee operating of cash benefits cash flows benefits cash flows Note expense 1 outflows adjustment expense outflows adjustment THREE-MONTH Restricted share units (b) $ 30 $ — $ 30 $ 44 $ (1) $ 43 Employee share purchase plan (c) 12 (12) — 11 (11) — Share option awards (d) — — — — (1) (1) $ 42 $ (12) $ 30 $ 55 $ (13) $ 42 TELUS technology solutions $ 39 $ (12) $ 27 $ 47 $ (11) $ 36 Digitally-led customer experiences 3 — 3 8 (2) 6 $ 42 $ (12) $ 30 $ 55 $ (13) $ 42 SIX-MONTH Restricted share units (b) $ 74 $ (2) $ 72 $ 85 $ (8) $ 77 Employee share purchase plan (c) 23 (23) — 22 (22) — Share option awards (d) 1 — 1 (2) (7) (9) $ 98 $ (25) $ 73 $ 105 $ (37) $ 68 TELUS technology solutions $ 76 $ (24) $ 52 $ 87 $ (29) $ 58 Digitally-led customer experiences 22 (1) 21 18 (8) 10 $ 98 $ (25) $ 73 $ 105 $ (37) $ 68 1 Within employee benefits expense (see Note 8 ), for the three-month and six-month periods ended June 30, 2023, restricted share units expense of $32 (2022 – $43 ) and $74 (2022 – $83 ), respectively, are presented as share-based compensation expense and the balance is included in restructuring costs (see Note 16 ) of the digitally-led customer experiences segment. |
TELUS Corporation restricted share units | |
share-based compensation | |
Schedule of restricted share units | The following table presents a summary of outstanding TELUS Corporation non-vested restricted share units. June 30, December 31, Number of non-vested restricted share units as at 2023 2022 Restricted share units without market performance conditions Restricted share units with only service conditions 8,473,146 5,224,220 Notional subset affected by total customer connections performance condition 559,712 357,263 9,032,858 5,581,483 Restricted share units with market performance conditions Notional subset affected by relative total shareholder return performance condition 1,745,262 1,071,789 10,778,120 6,653,272 The following table presents a summary of the activity related to TELUS Corporation restricted share units without market performance conditions. Periods ended June 30, 2023 Three months Six months Number of restricted Weighted Number of restricted Weighted share units 1 average share units 1 average grant-date grant-date Non-vested Vested fair value Non-vested Vested fair value Outstanding, beginning of period Non-vested 8,535,166 — $ 28.31 5,581,483 — $ 30.62 Vested — 35,897 $ 26.98 — 35,819 $ 27.00 Granted Initial award 480,079 — $ 27.15 3,519,510 — $ 27.38 In lieu of dividends 110,567 466 $ 27.06 183,717 942 $ 26.81 Vested (26,309) 26,309 $ 27.94 (68,923) 68,923 $ 27.93 Settled - in cash — (26,310) $ 27.94 — (69,322) $ 27.94 Forfeited (66,645) — $ 28.51 (182,929) — $ 27.74 Outstanding, end of period Non-vested 9,032,858 — $ 28.23 9,032,858 — $ 28.23 Vested — 36,362 $ 26.98 — 36,362 $ 26.98 1 Excluding the notional subset of restricted share units affected by the relative total shareholder return performance condition. |
TELUS International (Cda) Inc. restricted share units | |
share-based compensation | |
Schedule of restricted share units | Periods ended June 30, 2023 Three months Six months Number of restricted Weighted Number of restricted Weighted share units average share units average grant-date grant-date Non-vested Vested fair value Non-vested Vested fair value Outstanding, beginning of period 2,427,873 — US$ 24.56 1,605,821 — US$ 27.10 Granted – initial award 9,034 270,223 US$ 16.60 1,111,894 342,986 US$ 20.30 Vested (119,420) 119,420 US$ 28.71 (396,444) 396,444 US$ 26.67 Settled – in equity — (389,643) US$ 20.31 — (739,430) US$ 22.45 Forfeited (21,569) — US$ 24.48 (25,353) — US$ 24.93 Outstanding, end of period 2,295,918 — US$ 24.31 2,295,918 — US$ 24.31 |
TELUS Corporation share options | |
share-based compensation | |
Schedule of stock options | Periods ended June 30, 2023 Three months Six months Number of Weighted Number of Weighted share average share share average share options option price 1 options option price 1 Outstanding, beginning of period 2,627,925 $ 22.08 2,755,300 $ 22.05 Exercised 2 (403,775) $ 21.32 (492,750) $ 21.30 Forfeited (24,300) $ 22.55 (62,700) $ 22.36 Outstanding, end of period 2,199,850 $ 22.21 2,199,850 $ 22.21 Exercisable, end of period — — 1,850,250 $ 22.21 1 The weighted average remaining contractual life is 3.9 years. 2 For the three-month and six-month periods ended June 30, 2023, the weighted average prices at the dates of exercise were $27.28 and $27.26 , respectively. |
TELUS International (Cda) Inc. share options | |
share-based compensation | |
Schedule of stock options | Periods ended June 30, 2023 Three months Six months Number of Weighted Number of Weighted share average share share average share options option price 1 options option price 1 Outstanding, beginning of period 2,661,120 US$ 11.35 2,677,297 US$ 11.31 Forfeited — US$ — (16,177) US$ 5.77 Outstanding, end of period 2,661,120 US$ 11.35 2,661,120 US$ 11.35 Exercisable, end of period — — 2,316,682 US$ 9.50 1 For 2,220,919 share options, the range of share option prices is US $4.87 – US$ 8.95 per TELUS International (Cda) Inc. subordinated voting share and the weighted average remaining contractual life is 3.7 years; for the balance of share options, the price is US$ 25.00 and the weighted average remaining contractual life is 7.7 years. |
employee future benefits (Table
employee future benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
employee future benefits | |
Schedule of defined benefit pension plan expense | Three-month periods ended June 30 2023 2022 Defined benefit Defined benefit obligations obligations (millions) Note Plan assets accrued 1 Net Plan assets accrued 1 Net Employee benefits expense 8 Benefits earned for current service $ — $ (20) $ — $ (28) Benefits earned for past service — — — — Employees’ contributions 5 — 5 — Administrative fees (1) — (2) — 4 (20) $ (16) 3 (28) $ (25) Financing costs 9 Notional income on plan assets 2 109 (100) 74 (74) Interest effect on asset ceiling limit (11) — (2) — 98 (100) (2) 72 (74) (2) DEFINED BENEFIT (COST) INCLUDED IN NET INCOME 3 (18) (27) Other comprehensive income 11 Difference between actual results and estimated plan assumptions 4 8 — (875) — Changes in plan financial assumptions — (9) — 1,536 Changes in the effect of limiting net defined benefit assets to the asset ceilings 5 6 — (475) — 14 (9) 5 (1,350) 1,536 186 DEFINED BENEFIT (COST) INCLUDED IN COMPREHENSIVE INCOME 3 $ (13) $ 159 Six-month periods ended June 30 2023 2022 Defined benefit Defined benefit obligations obligations (millions) Note Plan assets accrued 1 Net Plan assets accrued 1 Net Employee benefits expense 8 Benefits earned for current service $ — $ (38) $ — $ (55) Benefits earned for past service — — — (3) Employees’ contributions 9 — 9 — Administrative fees (2) — (3) — 7 (38) $ (31) 6 (58) $ (52) Financing costs 9 Notional income on plan assets 2 219 (200) 148 (149) Interest effect on asset ceiling limit (23) — (3) — 196 (200) (4) 145 (149) (4) DEFINED BENEFIT (COST) INCLUDED IN NET INCOME 3 (35) (56) Other comprehensive income 11 Difference between actual results and estimated plan assumptions 4 234 — (1,418) — Changes in plan financial assumptions — (200) — 3,027 Changes in the effect of limiting net defined benefit assets to the asset ceilings (35) — (1,209) — 199 (200) (1) (2,627) 3,027 400 DEFINED BENEFIT (COST) INCLUDED IN COMPREHENSIVE INCOME 3 (36) 344 AMOUNTS INCLUDED IN OPERATING ACTIVITIES CASH FLOWS Employer contributions 16 — 16 25 — 25 BENEFITS PAID BY PLANS (234) 234 — (234) 234 — PLAN ACCOUNT BALANCES 5 Change in period 184 (204) (20) (2,685) 3,054 369 Balance, beginning of period 7,990 (8,075) (85) 10,043 (10,233) (190) Balance, end of period $ 8,174 $ (8,279) $ (105) $ 7,358 $ (7,179) $ 179 FUNDED STATUS – PLAN SURPLUS (DEFICIT) Pension plans that have plan assets in excess of defined benefit obligations accrued 20 $ 7,349 $ (7,042) $ 307 $ 7,354 $ (6,832) $ 522 Pension plans that have defined benefit obligations accrued in excess of plan assets Funded 825 (1,029) (204) 4 (162) (158) Unfunded — (208) (208) — (185) (185) 27 825 (1,237) (412) 4 (347) (343) $ 8,174 $ (8,279) $ (105) $ 7,358 $ (7,179) $ 179 1 Defined benefit obligations accrued are the actuarial present values of benefits attributed to employee services rendered to a particular date. 2 The interest income on the plan assets portion of the employee defined benefit plans net interest amount included in Financing costs reflects a rate of return on plan assets equal to the discount rate used in determining the defined benefit obligations accrued at the end of the immediately preceding fiscal year. 3 Excluding income taxes. 4 Financial assumptions in respect of plan assets (interest income on plan assets included in Financing costs reflects a rate of return on plan assets equal to the discount rate used in determining the defined benefit obligations accrued) and demographic assumptions in respect of the actuarial present values of the defined benefit obligations accrued, as at the end of the immediately preceding fiscal year for both. 5 Effect of asset ceiling limit at June 30, 2023, was $976 (December 31, 2022 - $ 918 ). |
Schedule of defined contribution pension plan expense | Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Union pension plan and public service pension plan contributions $ 4 $ 5 $ 8 $ 9 Other defined contribution pension plans 31 25 55 47 $ 35 $ 30 $ 63 $ 56 |
restructuring and other costs (
restructuring and other costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
restructuring and other costs | |
Schedule of restructuring and other costs presented in the Consolidated statements of income and other comprehensive income | Restructuring 1 (b) Other (c) Total Periods ended June 30 (millions) 2023 2022 2023 2022 2023 2022 THREE-MONTH Goods and services purchased $ 9 $ 11 $ 4 $ 5 $ 13 $ 16 Employee benefits expense 95 13 7 — 102 13 $ 104 $ 24 $ 11 $ 5 $ 115 $ 29 SIX-MONTH Goods and services purchased $ 51 $ 37 $ 6 $ 8 $ 57 $ 45 Employee benefits expense 143 23 74 — 217 23 $ 194 $ 60 $ 80 $ 8 $ 274 $ 68 1 For the three-month and six-month periods ended June 30, 2023, excludes real estate rationalization-related restructuring impairments of property, plant and equipment of $ NIL (2022 – $ NIL ) and $52 (2022 – $ 1 ), respectively, which are included in depreciation. |
property, plant and equipment (
property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
property, plant and equipment | |
Schedule of property, plant and equipment | Owned assets Right-of-use lease assets Note 19 Buildings and Computer Network leasehold hardware Assets under Network Real (millions) Note assets improvements and other Land construction Total assets estate Other Total Total AT COST As at January 1, 2023 $ 36,036 $ 3,746 $ 1,772 $ 83 $ 815 $ 42,452 $ 835 $ 2,095 $ 122 $ 3,052 $ 45,504 Additions 477 15 27 — 527 1,046 138 179 8 325 1,371 Additions arising from business acquisitions 18(b) 36 13 3 — — 52 — 28 — 28 80 Assets under construction put into service 324 71 51 — (446) — — — — — — Dispositions, retirements and other (317) (56) (16) — — (389) — (14) (6) (20) (409) Net foreign exchange differences (2) (4) (9) — (1) (16) — (15) — (15) (31) As at June 30, 2023 $ 36,554 $ 3,785 $ 1,828 $ 83 $ 895 $ 43,145 $ 973 $ 2,273 $ 124 $ 3,370 $ 46,515 ACCUMULATED DEPRECIATION As at January 1, 2023 $ 24,112 $ 2,322 $ 1,094 $ — $ — $ 27,528 $ 50 $ 795 $ 47 $ 892 $ 28,420 Depreciation 1 805 109 107 — — 1,021 53 154 10 217 1,238 Dispositions, retirements and other (324) (46) (44) — — (414) — (9) (4) (13) (427) Net foreign exchange differences (1) (1) (3) — — (5) — (8) — (8) (13) As at June 30, 2023 $ 24,592 $ 2,384 $ 1,154 $ — $ — $ 28,130 $ 103 $ 932 $ 53 $ 1,088 $ 29,218 NET BOOK VALUE As at December 31, 2022 $ 11,924 $ 1,424 $ 678 $ 83 $ 815 $ 14,924 $ 785 $ 1,300 $ 75 $ 2,160 $ 17,084 As at June 30, 2023 $ 11,962 $ 1,401 $ 674 $ 83 $ 895 $ 15,015 $ 870 $ 1,341 $ 71 $ 2,282 $ 17,297 1 For the six-month period ended June 30, 2023, depreciation includes $28 in respect of impairment of real estate right-of-use lease assets. |
intangible assets and goodwill
intangible assets and goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
intangible assets and goodwill | |
Schedule of Intangible assets and goodwill, net | Intangible assets with Intangible assets subject to amortization indefinite lives Customer contracts, Access to Total related customer rights-of-way, Assets Total intangible relationships and crowdsource assets under Spectrum intangible assets and (millions) Note subscriber base 1 Software 1 and other construction Total licences assets Goodwill 1,2 goodwill AT COST As at January 1, 2023 $ 4,489 $ 7,522 $ 498 $ 535 $ 13,044 $ 12,215 $ 25,259 $ 9,489 $ 34,748 Additions — 109 2 363 474 6 480 — 480 Additions arising from business acquisitions (b) 836 — 128 — 964 — 964 933 1,897 Assets under construction put into service — 437 17 (454) — — — — — Dispositions, retirements and other (including capitalized interest) 9 20 (322) (52) — (354) 3 (351) — (351) Net foreign exchange differences (45) (1) (4) — (50) — (50) (43) (93) As at June 30, 2023 $ 5,300 $ 7,745 $ 589 $ 444 $ 14,078 $ 12,224 $ 26,302 $ 10,379 $ 36,681 ACCUMULATED AMORTIZATION As at January 1, 2023 $ 1,082 $ 4,713 $ 225 $ — $ 6,020 $ — $ 6,020 $ 364 $ 6,384 Amortization 234 508 48 — 790 — 790 — 790 Dispositions, retirements and other (12) (329) (32) — (373) — (373) — (373) Net foreign exchange differences (5) (1) — — (6) — (6) — (6) As at June 30, 2023 $ 1,299 $ 4,891 $ 241 $ — $ 6,431 $ — $ 6,431 $ 364 $ 6,795 NET BOOK VALUE As at December 31, 2022 $ 3,407 $ 2,809 $ 273 $ 535 $ 7,024 $ 12,215 $ 19,239 $ 9,125 $ 28,364 As at June 30, 2023 $ 4,001 $ 2,854 $ 348 $ 444 $ 7,647 $ 12,224 $ 19,871 $ 10,015 $ 29,886 1 The amounts for customer relationships, software and goodwill arising from business acquisitions for the year ended December 31, 2022, have been adjusted as set out in (c) . 2 Accumulated amortization of goodwill is amortization recorded prior to 2002; there are no accumulated impairment losses in the accumulated amortization of goodwill. |
Schedule of acquisition-date fair values assigned to the assets acquired and liabilities assumed | Individually immaterial (millions) WillowTree 1 transactions 1 Total Assets Current assets Cash $ 7 $ 6 $ 13 Accounts receivable 2 84 2 86 Other 3 2 5 94 10 104 Non-current assets Property, plant and equipment Owned assets 20 32 52 Right-of-use lease assets 27 1 28 Intangible assets subject to amortization 3 947 17 964 994 50 1,044 Total identifiable assets acquired 1,088 60 1,148 Liabilities Current liabilities Accounts payable and accrued liabilities 50 7 57 Income and other taxes payable 16 — 16 Advance billings and customer deposits 5 2 7 Current maturities of long-term debt 126 1 127 197 10 207 Non-current liabilities Long-term debt 22 28 50 Deferred income taxes 94 — 94 116 28 144 Total liabilities assumed 313 38 351 Net identifiable assets acquired 775 22 797 Goodwill 831 102 933 Net assets acquired $ 1,606 $ 124 $ 1,730 Acquisition effected by way of: Cash consideration $ 1,169 $ 106 $ 1,275 Accounts payable and accrued liabilities — 18 18 Provisions 266 — 266 Issue of shares by a subsidiary to a non-controlling interest 4 171 — 171 $ 1,606 $ 124 $ 1,730 1 The purchase price allocation, primarily in respect of customer contracts, related customer relationships and deferred income taxes, had not been finalized as of the date of issuance of these consolidated financial statements. As is customary in a business acquisition transaction, until the time of acquisition of control, we did not have full access to the books and records of the acquired businesses. Upon having sufficient time to review the books and records of the acquired businesses, we expect to finalize our purchase price allocations. 2 The fair value of accounts receivable is equal to the gross contractual amounts receivable and reflects the best estimate at the acquisition date of the contractual cash flows expected to be collected. 3 Customer contracts and customer relationships (including those related to customer contracts) are generally expected to be amortized over a period of 15 years ; and other intangible assets are expected to be amortized over a period of 4 - 10 years . 4 The fair value of the TELUS International (Cda) Inc. subordinate voting shares was measured based upon market prices observed at the date of acquisition of control. Pro forma disclosures The following pro forma supplemental information represents certain results of operations as if the business acquisitions noted above had been completed at the beginning of the fiscal 2023 year. Three months Six months Periods ended June 30, 2023 (millions except per share amounts) As reported 1 Pro forma 2 As reported 1 Pro forma 2 Operating revenues and other income $ 4,946 $ 4,946 $ 9,910 $ 9,916 Net income $ 196 $ 196 $ 420 $ 420 Net income per Common Share Basic $ 0.14 $ 0.14 $ 0.29 $ 0.29 Diluted $ 0.14 $ 0.14 $ 0.29 $ 0.29 1 Operating revenues and other income and net income (loss) for the three-month period ended June 30, 2023, include: $61 and $(41) , respectively, in respect of WillowTree. Operating revenues and other income and net income (loss) for the six-month period ended June 30, 2023, include: $138 and $(69) , respectively, in respect of WillowTree. 2 Pro forma amounts for the three-month and six-month periods ended June 30, 2023, reflect the acquired businesses. The results of the acquired businesses have been included in our Consolidated statements of income and other comprehensive income effective the dates of acquisition. |
leases (Tables)
leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
leases | |
Schedule of income from subleasing right-of-use lease assets and lease payments | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Income from subleasing right-of-use lease assets Co-location sublet revenue included in operating service revenues $ 5 $ 5 $ 9 $ 9 Other sublet revenue included in other income 7 $ 2 $ 2 $ 3 $ 3 Lease payments $ 159 $ 143 $ 319 $ 282 |
other long-term assets (Tables)
other long-term assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
other long-term assets | |
Schedule of other long-term assets | June 30, December 31, As at (millions) Note 2023 2022 Pension assets 15 $ 307 $ 307 Unbilled customer finance receivables 4(a) 593 571 Derivative assets 4(d) 154 250 Deferred income taxes 33 19 Costs incurred to obtain or fulfill contracts with customers 173 154 Real estate joint venture advances 21(a) 114 114 Investment in real estate joint venture 21(a) 1 1 Investment in associates 21(b) 219 120 Portfolio investments 1 At fair value through net income 26 21 At fair value through other comprehensive income 465 467 Prepaid maintenance 53 61 Refundable security deposits and other 138 118 $ 2,276 $ 2,203 1 Fair value measured at reporting date using significant other observable inputs (Level 2). |
Schedule of costs incurred to obtain and fulfill contracts with customers | Periods ended June 30, 2023 (millions) Three months Six months Costs incurred to Costs incurred to Obtain Obtain contracts with Fulfill contracts contracts with Fulfill contracts customers with customers Total customers with customers Total Balance, beginning of period $ 400 $ 20 $ 420 $ 404 $ 15 $ 419 Additions 87 8 95 156 14 170 Amortization (75) (1) (76) (148) (2) (150) Balance, end of period $ 412 $ 27 $ 439 $ 412 $ 27 $ 439 Current 1 $ 258 $ 8 $ 266 Non-current 154 19 173 $ 412 $ 27 $ 439 1 Presented in the Consolidated statements of financial position in prepaid expenses. |
real estate joint ventures an_2
real estate joint ventures and investments in associates (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
real estate joint ventures and investments in associates | |
Schedule of real estate joint ventures financial information | June 30, December 31, As at (millions) 2023 2022 ASSETS Current assets Cash and temporary investments, net $ 9 $ 8 Other 30 27 39 35 Non-current assets Investment property 327 330 Other 10 10 337 340 $ 376 $ 375 LIABILITIES AND OWNERS’ EQUITY Current liabilities Accounts payable and accrued liabilities $ 10 $ 18 Construction credit facilities 342 342 352 360 Owners’ equity TELUS 1 8 5 Other partners 16 10 24 15 $ 376 $ 375 1 The equity amounts recorded by the real estate joint venture differ from those recorded by us by the amount of the deferred gains on our real estate contributed and the valuation provision we have recorded in excess of that recorded by the real estate joint venture. Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Revenue $ 7 $ 6 $ 13 $ 10 Depreciation and amortization $ 2 $ 2 $ 4 $ 4 Interest expense $ 2 $ 1 $ 5 $ 4 Net income (loss) and comprehensive income (loss) 1 $ (5) $ (2) $ (11) $ (6) 1 As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income . |
Schedule of joint ventures investment activity | Three-month periods ended June 30 (millions) 2023 2022 Loans and Loans and receivables 1 Equity 2 Total receivables 1 Equity 2 Total Related to real estate joint ventures’ statements of income and other comprehensive income Comprehensive income (loss) attributable to us 3 $ — $ (1) $ (1) $ — $ (1) $ (1) Related to real estate joint ventures’ statements of financial position Items not affecting currently reported cash flows Construction credit facilities financing costs charged by us (Note 7) 2 — 2 — — — Cash flows in the current reporting period Construction credit facilities Financing costs paid to us (2) — (2) — — — Funds we advanced or contributed, excluding construction credit facilities — 1 1 — 2 2 Funds repaid to us and earnings distributed — — — — (1) (1) Net increase (decrease) — — — — — — Real estate joint ventures carrying amounts Balance, beginning of period 114 (8) 106 114 (8) 106 Balance, end of period $ 114 $ (8) $ 106 $ 114 $ (8) $ 106 Six-month periods ended June 30 (millions) 2023 2022 Loans and Loans and receivables 1 Equity 2 Total receivables 1 Equity 2 Total Related to real estate joint ventures’ statements of income and other comprehensive income Comprehensive income (loss) attributable to us 3 $ — $ (2) $ (2) $ — $ (1) $ (1) Related to real estate joint ventures’ statements of financial position Items not affecting currently reported cash flows Construction credit facilities financing costs charged by us (Note 7) 4 — 4 1 — 1 Cash flows in the current reporting period Construction credit facilities Financing costs paid to us (4) — (4) (1) — (1) Funds we advanced or contributed, excluding construction credit facilities — 2 2 — 2 2 Funds repaid to us and earnings distributed — — — — (1) (1) Net increase (decrease) — — — — — — Real estate joint ventures carrying amounts Balance, beginning of period 114 (8) 106 114 (8) 106 Balance, end of period $ 114 $ (8) $ 106 $ 114 $ (8) $ 106 1 Loans and receivables are included in our Consolidated statements of financial position as Real estate joint venture advances and are comprised of advances under construction credit facilities. 2 We account for our interests in the real estate joint ventures using the equity method of accounting. As at June 30, 2023, and December 31, 2022, we had recorded equity losses in excess of our recorded equity investment in respect of one of the real estate joint ventures; such resulting balance has been included in other long-term liabilities ( Note 27 ). 3 As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income. |
accounts payable and accrued _2
accounts payable and accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
accounts payable and accrued liabilities | |
Schedule of accounts payable and accrued liabilities | June 30, December 31, As at (millions) 2023 2022 Accrued liabilities $ 1,371 $ 1,593 Payroll and other employee-related liabilities 604 656 Restricted share units liability 1 1 1,976 2,250 Trade accounts payable 1 936 1,382 Interest payable 214 206 Indirect taxes payable and other 123 109 $ 3,249 $ 3,947 1 The composition of trade accounts payable varies due to factors including suppliers’ invoice timing, data processing cycle timing, the seasonal nature of some of business activities and whether the statement of financial position date is a business day. Trade accounts payable represent future payments for invoices received in respect of both operating and capital activities, and may include amounts for assessed and self-assessed government remittances. |
advance billings and customer_2
advance billings and customer deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
advance billings and customer deposits | |
Disclosure of advance billings and customer accounts | June 30, December 31, As at (millions) 2023 2022 Advance billings $ 714 $ 662 Deferred customer activation and connection fees 4 5 Customer deposits 21 12 Contract liabilities 739 679 Other 203 212 $ 942 $ 891 |
Schedule of changes in contract liabilities | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 Balance, beginning of period $ 965 $ 883 $ 914 $ 870 Revenue deferred in previous period and recognized in current period (661) (644) (625) (630) Net additions arising from operations 670 638 678 631 Additions arising from business acquisitions — 6 7 12 Balance, end of period $ 974 $ 883 $ 974 $ 883 Current $ 879 $ 791 Non-current 27 Deferred revenues 89 85 Deferred customer activation and connection fees 6 7 $ 974 $ 883 Reconciliation of contract liabilities presented in the Consolidated statements of financial position – current Gross contract liabilities $ 879 $ 791 Reclassification to contract assets of contracts with contract liabilities less than contract assets 6(c) (126) (114) Reclassification from contract assets of contracts with contract assets less than contract liabilities 6(c) (14) (16) $ 739 $ 661 |
provisions (Tables)
provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
provisions | |
Schedule of other provisions | Written put Asset options and retirement Employee- contingent (millions) obligation related consideration Other Total As at April 1, 2023 $ 317 $ 142 $ 281 $ 173 $ 913 Additions — 87 2 22 111 Reversals — — (3) — (3) Uses (2) (84) — (29) (115) Interest effects 3 — 4 — 7 Effects of foreign exchange, net — — (9) — (9) As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 As at January 1, 2023 $ 316 $ 84 $ 157 $ 147 $ 704 Additions — 202 268 85 555 Reversals — — (41) — (41) Uses 1 (5) (141) (108) (66) (320) Interest effects 7 — 8 — 15 Effects of foreign exchange, net — — (9) — (9) As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 Current $ 10 $ 134 $ 2 $ 94 $ 240 Non-current 308 11 273 72 664 As at June 30, 2023 $ 318 $ 145 $ 275 $ 166 $ 904 1 Written put options and contingent consideration uses include $54 satisfied by way of Common Shares issued. |
long-term debt (Tables)
long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
long-term debt | |
Schedule of details of long-term debt | June 30, December 31, As at (millions) Note 2023 2022 Senior unsecured TELUS Corporation senior notes (b) $ 18,564 $ 18,660 TELUS Corporation commercial paper (c) 1,944 1,458 TELUS Corporation credit facilities (d) 1,144 1,145 TELUS Communications Inc. debentures 199 199 Secured TELUS International (Cda) Inc. credit facility (e) 2,023 914 Other (f) 298 321 24,172 22,697 Lease liabilities (g) 2,416 2,340 Long-term debt $ 26,588 $ 25,037 Current $ 3,716 $ 2,541 Non-current 22,872 22,496 Long-term debt $ 26,588 $ 25,037 |
Schedule of long-term debt maturities | Other Composite long-term debt denominated in Canadian dollars U.S. dollars currencies Long-term Long-term Currency swap agreement debt, debt, amounts to be exchanged excluding Leases excluding Leases Leases Years ending December 31 (millions) leases (Note 19) Total leases (Note 19) (Receive) 1 Pay Total (Note 19) Total 2023 (remainder of year) $ 9 $ 225 $ 234 $ 1,981 $ 14 $ (2,001) $ 2,030 $ 2,024 $ 31 $ 2,289 2024 2,266 428 2,694 74 24 (28) 28 98 55 2,847 2025 1,023 323 1,346 74 25 (28) 28 99 43 1,488 2026 1,461 224 1,685 37 26 (28) 28 63 34 1,782 2027 62 185 247 1,493 21 (1,485) 1,489 1,518 18 1,783 2028-2032 5,628 340 5,968 2,900 32 (1,644) 1,602 2,890 42 8,900 Thereafter 5,613 285 5,898 1,729 — (1,655) 1,646 1,720 15 7,633 Future cash outflows in respect of composite long-term debt principal repayments 16,062 2,010 18,072 8,288 142 (6,869) 6,851 8,412 238 26,722 Future cash outflows in respect of associated interest and like carrying costs 2 7,800 435 8,235 3,114 62 (2,604) 2,503 3,075 47 11,357 Undiscounted contractual maturities ( Note 4(b) $ 23,862 $ 2,445 $ 26,307 $ 11,402 $ 204 $ (9,473) $ 9,354 $ 11,487 $ 285 $ 38,079 1 Where applicable, cash flows reflect foreign exchange rates as at June 30, 2023. 2 F uture cash outflows in respect of associated interest and like carrying costs for commercial paper and amounts drawn under our credit facilities (if any) have been calculated based upon the rates in effect as at June 30, 2023. |
TELUS Corporation senior notes | |
long-term debt | |
Schedule of long-term debt maturities | Redemption present Principal face amount value spread Effective Outstanding at Issue interest Originally financial Basis Cessation Series Issued Maturity price rate 1 issued statement date points 2 date 3.35% Notes, Series CJ December 2012 March 2023 $ 998.83 3.36 % $ 500 million $ NIL 40 Dec. 15, 2022 3.35% Notes, Series CK April 2013 April 2024 $ 994.35 3.41 % $ 1.1 billion $ 1.1 billion 36 Jan. 2, 2024 3.75% Notes, Series CQ September 2014 January 2025 $ 997.75 3.78 % $ 800 million $ 800 million 38.5 Oct. 17, 2024 3.75% Notes, Series CV December 2015 March 2026 $ 992.14 3.84 % $ 600 million $ 600 million 53.5 Dec. 10, 2025 2.75% Notes, Series CZ July 2019 July 2026 $ 998.73 2.77 % $ 800 million $ 800 million 33 May 8, 2026 2.80% U.S. Dollar Notes 3 September 2016 February 2027 US$ 991.89 2.89 % US$ 600 million US$ 600 million 20 Nov. 16, 2026 3.70% U.S. Dollar Notes 3 March 2017 September 2027 US$ 998.95 3.71 % US$ 500 million US$ 500 million 20 June 15, 2027 2.35% Notes, Series CAC May 2020 January 2028 $ 997.25 2.39 % $ 600 million $ 600 million 48 Nov. 27, 2027 3.625% Notes, Series CX March 2018 March 2028 $ 989.49 3.75 % $ 600 million $ 600 million 37 Dec. 1, 2027 3.30% Notes, Series CY April 2019 May 2029 $ 991.75 3.40 % $ 1.0 billion $ 1.0 billion 43.5 Feb. 2, 2029 5.00% Notes, Series CAI September 2022 September 2029 $ 995.69 5.07 % $ 350 million $ 350 million 46.5 July 13, 2029 3.15% Notes, Series CAA December 2019 February 2030 $ 996.49 3.19 % $ 600 million $ 600 million 39.5 Nov. 19, 2029 2.05% Notes, Series CAD October 2020 October 2030 $ 997.93 2.07 % $ 500 million $ 500 million 38 July 7, 2030 2.85% Sustainability-Linked Notes, Series CAF June 2021 November 2031 $ 997.52 2.88 % 4 $ 750 million $ 750 million 34 Aug. 13, 2031 3.40% U.S. Dollar Sustainability-Linked Notes 3 February 2022 May 2032 US$ 997.13 3.43 % 4 US$ 900 million US$ 900 million 25 Feb. 13, 2032 5.25% Sustainability-Linked Notes, Series CAG September 2022 November 2032 $ 996.73 5.29 % 4 $ 1.1 billion $ 1.1 billion 51.5 Aug. 15, 2032 4.95% Sustainability-Linked Notes, Series CAJ March 2023 March 2033 $ 998.28 4.97 % $ 500 million $ 500 million 54.5 Dec. 28, 2032 4.40% Notes, Series CL April 2013 April 2043 $ 997.68 4.41 % $ 600 million $ 600 million 47 Oct. 1, 2042 5.15% Notes, Series CN November 2013 November 2043 $ 995.00 5.18 % $ 400 million $ 400 million 50 May 26, 2043 4.85% Notes, Series CP Multiple 5 April 2044 $ 987.91 5 4.93 % 5 $ 500 million 5 $ 900 million 5 46 Oct. 5, 2043 4.75% Notes, Series CR September 2014 January 2045 $ 992.91 4.80 % $ 400 million $ 400 million 51.5 July 17, 2044 4.40% Notes, Series CU March 2015 January 2046 $ 999.72 4.40 % $ 500 million $ 500 million 60.5 July 29, 2045 4.70% Notes, Series CW Multiple 6 March 2048 $ 998.06 6 4.71 % 6 $ 325 million 6 $ 475 million 6 58.5 Sept. 6, 2047 4.60% U.S. Dollar Notes 3 June 2018 November 2048 US$ 987.60 4.68 % US$ 750 million US$ 750 million 25 May 16, 2048 4.30% U.S. Dollar Notes 3 May 2019 June 2049 US$ 990.48 4.36 % US$ 500 million US$ 500 million 25 Dec. 15, 2048 3.95% Notes, Series CAB Multiple 7 February 2050 $ 997.54 7 3.97 % 7 $ 400 million 7 $ 800 million 7 57.5 Aug. 16, 2049 4.10% Notes, Series CAE April 2021 April 2051 $ 994.70 4.13 % $ 500 million $ 500 million 53 Oct. 5, 2050 5.65% Notes, Series CAH September 2022 September 2052 $ 996.13 5.68 % $ 550 million $ 550 million 61.5 Mar. 13, 2052 1 The effective interest rate is that which the notes would yield to an initial debt holder if held to maturity. 2 For Canadian dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the Government of Canada yield plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. For U.S. dollar-denominated notes, the redemption price is equal to the greater of (i) the present value of the notes discounted at the U.S. Adjusted Treasury Rate (at the U.S. Treasury Rate for the 3.40% U.S. Dollar Sustainability-Linked Notes) plus the redemption present value spread calculated over the period to the redemption present value spread cessation date, or (ii) 100% of the principal amount thereof. 3 We have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively converted the principal payments and interest obligations to Canadian dollar obligations as follows: Canadian dollar Interest rate equivalent Exchange Series fixed at principal rate 2.80% U.S. Dollar Notes 2.95 % $ 792 million $ 1.3205 3.70% U.S. Dollar Notes 3.41 % $ 667 million $ 1.3348 3.40% U.S. Dollar Sustainability-Linked Notes 3.89 % $ 1,148 million $ 1.2753 4.60% U.S. Dollar Notes 4.41 % $ 974 million $ 1.2985 4.30% U.S. Dollar Notes 4.27 % $ 672 million $ 1.3435 4 If we have not obtained a sustainability performance target verification assurance certificate for the fiscal year ended December 31, 2030, the sustainability-linked notes will bear interest at an increased rate from the trigger date through to their individual maturities. The interest rate on certain of the sustainability-linked notes may also increase (MFN step-up) in certain circumstances if we fail to meet additional sustainability and/or environmental, social or governance targets as may be provided for in a sustainability-linked bond; the interest rate on the sustainability-linked notes, however, in no event can exceed the initial rate by more than the aggregate MFN step-up and trigger event limit, whether as a result of not obtaining a sustainability performance target verification assurance certificate and/or any targets provided for in one or more future sustainability-linked bonds. Similarly, if we redeem any of the sustainability-linked notes and we have not obtained a sustainability performance target verification assurance certificate at the end of the fiscal year immediately preceding the date fixed for redemption, the interest accrued (if any) will be determined using the rates set out in the following table. Sustainability performance target verification assurance certificate Aggregate Redemption Post-trigger MFN step-up interest accrual event and trigger rate if certificate Series Fiscal year Trigger date interest rate event limit not obtained 2.85% Sustainability-Linked Notes, Series CAF 2030 Nov. 14, 2030 3.85 % N/A 3.85 % 3.40% U.S. Dollar Sustainability-Linked Notes 2030 Nov. 14, 2030 4.40 % 1.50 % 4.40 % 5.25% Sustainability-Linked Notes, Series CAG 2030 Nov. 15, 2030 6.00 % 1.50 % 6.00 % 4.95% Sustainability-Linked Notes, Series CAJ 2030 Mar. 28, 2031 5.70 % 1.50 % 5.70 % 5 $500 million of 4.85% Notes, Series CP were issued in April 2014 at an issue price of $998.74 and an effective interest rate of 4.86% . This series of notes was reopened in December 2015 and a further $400 million of notes were issued at an issue price of $974.38 and an effective interest rate of 5.02% . 6 $325 million of 4.70% Notes, Series CW were issued in March 2017 at an issue price of $990.65 and an effective interest rate of 4.76% . This series of notes was reopened in February 2018 and a further $150 million of notes were issued in March 2018 at an issue price of $1,014.11 and an effective interest rate of 4.61% . 7 $400 million of 3.95% Notes, Series CAB were issued in December 2019 at an issue price of $991.54 and an effective interest rate of 4.00% . This series of notes was reopened in May 2020 and a further $400 million of notes were issued at an issue price of $1,003.53 and an effective interest rate of 3.93% . |
TELUS Corporation credit facility | |
long-term debt | |
Schedule of long-term debt maturities | June 30, December 31, As at (millions) 2023 2022 Net available $ 806 $ 1,292 Backstop of commercial paper 1,944 1,458 Gross available revolving $2.75 billion bank credit facility $ 2,750 $ 2,750 |
TELUS International (Cda) Inc. credit facility | |
long-term debt | |
Schedule of long-term debt maturities | As at (millions) June 30, 2023 December 31, 2022 Revolving Term loan Revolving Term loan components components 1 Total components components 1 Total Available 2 US$ 325 US$ — US$ 325 US$ 658 US$ 600 US$ 1,258 Outstanding Due to other 441 1,100 1,541 132 557 689 Due to TELUS Corporation 34 85 119 10 43 53 US$ 800 US$ 1,185 US$ 1,985 US$ 800 US$ 1,200 US$ 2,000 1 Relative to amounts owed to the syndicate of financial institutions, excluding TELUS Corporation, we have entered into foreign exchange derivatives (cross currency interest rate exchange agreements) that effectively convert an amortizing amount of US $443 of the principal payments, and associated interest obligations, to European euro obligations with an effective fixed interest rate of 2.6% and an effective fixed economic exchange rate of US $1.088 : €1.00 . These have been accounted for as a net investment hedge in a foreign operation (see Note 4 ). 2 Of the amounts available at December 31, 2022, US $525 of the revolving components and US $600 of the term loan components had a condition precedent of consummating the WillowTree acquisition, which occurred on January 3, 2023 (see Note 18(b)) . |
other long-term liabilities (Ta
other long-term liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
other long-term liabilities | |
Schedule of other long-term liabilities | June 30, December 31, As at (millions) Note 2023 2022 Contract liabilities 24 $ 89 $ 82 Other 2 2 Deferred revenues 91 84 Pension benefit liabilities 15 412 392 Other post-employment benefit liabilities 73 68 Derivative liabilities 4(d) 76 24 Investment in real estate joint ventures 21(a) 8 9 Other 56 53 716 630 Deferred customer activation and connection fees 24 6 6 $ 722 $ 636 |
owners' equity (Tables)
owners' equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
owners' equity | |
Schedule of authorized share capital | June 30, December 31, As at 2023 2022 First Preferred Shares 1 billion 1 billion Second Preferred Shares 1 billion 1 billion Common Shares 4 billion 4 billion |
Schedule of changes in ownership interest | Economic interest 1 Voting interest 1 Six-month periods ended June 30 2023 2022 2023 2022 Interest in TELUS International (Cda) Inc., beginning of period 56.6 % 55.1 % 72.4 % 70.9 % Effect of Issue of subordinate voting shares as consideration in business acquisition (Note 18(b) (1.4) — (0.2) — TELUS Corporation acquisition of shares from non-controlling interests 2 0.9 1.0 1.2 1.5 Interest in TELUS International (Cda) Inc., end of period 56.1 % 56.1 % 73.4 % 72.4 % 1 Due to the voting rights associated with the multiple voting shares held by TELUS Corporation, our economic and voting interests subsequent to the initial public offering differ. 2 Acquisition of shares from non-controlling interests for $ 57 million (2022 – $85 million), of which $ 32 million (2022 – $61 million) was charged to amounts recorded in owners’ equity for contributed surplus and the balance was charged to non-controlling interests. |
Schedule of summarized financial information of Subsidiary | Three months Six months June 30, June 30, June 30, June 30, December 31, As at, or for the periods ended, (millions) 1 2023 2022 2023 2022 2022 Statement of financial position Current assets $ 1,080 $ 926 Non-current assets $ 5,486 $ 3,875 Current liabilities $ 843 $ 733 Non-current liabilities $ 3,076 $ 1,581 Statement of income and other comprehensive income Revenue and other income $ 896 $ 797 $ 1,824 $ 1,556 Net income (loss) $ (8) $ 70 $ 10 $ 115 Comprehensive income (loss) $ (67) $ 75 $ (31) $ 77 Statement of cash flows Cash provided by operating activities $ 78 $ 108 $ 143 $ 261 Cash used by investing activities $ (34) $ (63) $ (1,203) $ (90) Cash provided (used) by financing activities $ (43) $ (87) $ 1,082 $ (153) 1 As required by IFRS-IASB, this summarized financial information excludes inter-company eliminations . |
related party transactions (Tab
related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
related party transactions | |
Schedule of transactions with key management personnel | Three months Six months Periods ended June 30 (millions) 2023 2022 2023 2022 Short-term benefits $ 6 $ 4 $ 11 $ 8 Post-employment pension 1 2 2 4 7 Share-based compensation 2 10 22 27 40 $ 18 $ 28 $ 42 $ 55 1 Our Executive Team members are members of our Pension Plan for Management and Professional Employees of TELUS Corporation and certain other non-registered, non-contributory supplementary defined benefit and defined contribution pension plans. 2 We accrue an expense for the notional subset of our restricted share units with market performance conditions using a fair value determined by a Monte Carlo simulation. Restricted share units with an equity settlement feature are accounted for as equity instruments. The expense for restricted share units that do not ultimately vest is reversed against the expense that was previously recorded in their respect. Six-month periods ended June 30 2023 2022 Number of Notional Grant-date Number of Notional Grant-date ($ in millions) units value 1 fair value 1 units value 1 fair value 1 TELUS Corporation Restricted share units 1,220,549 $ 33 $ 35 1,007,431 $ 32 $ 39 TELUS International (Cda) Inc. Restricted share units 353,789 10 10 265,617 9 9 $ 43 $ 45 $ 41 $ 48 1 The notional value of restricted share units is determined by multiplying the equity share price at the time of award by the number of units awarded; the grant-date fair value differs from the notional value because the fair values of some awards have been determined using a Monte Carlo simulation (see Note 14(b) ). The notional value of share options has been determined using an option pricing model. |
additional statement of cash _2
additional statement of cash flow information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
additional statement of cash flow information | |
Schedule of operating activities and investing activities | Three months Six months Periods ended June 30 (millions) Note 2023 2022 2023 2022 OPERATING ACTIVITIES Net change in non-cash operating working capital Accounts receivable $ (8) $ (206) $ 164 $ 29 Inventories 4 76 (43) 11 Contract assets 10 21 14 38 Prepaid expenses (50) (30) (186) (172) Accounts payable and accrued liabilities 18 (2) (525) (157) Income and other taxes receivable and payable, net (47) 46 (55) 70 Advance billings and customer deposits 13 (22) 44 (7) Provisions 32 5 74 (14) $ (28) $ (112) $ (513) $ (202) INVESTING ACTIVITIES Cash payments for capital assets, excluding spectrum licences Capital asset additions Gross capital expenditures Property, plant and equipment 17 $ (829) $ (881) $ (1,371) $ (1,590) Intangible assets subject to amortization 18 (258) (250) (474) (448) (1,087) (1,131) (1,845) (2,038) Additions arising from leases 17 280 77 325 151 Capital expenditures 5 (807) (1,054) (1,520) (1,887) Effect of asset retirement obligations — 222 — 222 (807) (832) (1,520) (1,665) Other non-cash items included above Change in associated non-cash investing working capital 30 38 (233) (142) Non-cash change in asset retirement obligation — (222) — (222) 30 (184) (233) (364) $ (777) $ (1,016) $ (1,753) $ (2,029) |
Schedule of changes in liabilities arising from financing activities | Three-month period ended June 30, 2022 Three-month period ended June 30, 2023 Statement of cash flows Non-cash changes Statement of cash flows Non-cash changes Foreign Foreign Redemptions, exchange Redemptions, exchange Beginning Issued or repayments movement End of Beginning Issued or repayments or movement End of (millions) of period received or payments ( Note 4(e) ) Other period of period received payments ( Note 4(e) ) Other period Dividends payable to holders of Common Shares $ 450 $ — $ (450) $ — $ 467 $ 467 $ 506 $ — $ (506) $ — $ 526 $ 526 Dividends reinvested in shares from Treasury — — 160 — (160) — — — 186 — (186) — $ 450 $ — $ (290) $ — $ 307 $ 467 $ 506 $ — $ (320) $ — $ 340 $ 526 Short-term borrowings $ 108 $ 175 $ (4) $ — $ — $ 279 $ 593 $ 101 $ (100) $ — $ — $ 594 Long-term debt TELUS Corporation senior notes $ 16,328 $ — $ — $ 127 $ 4 $ 16,459 $ 18,656 $ — $ — $ (95) $ 3 $ 18,564 TELUS Corporation commercial paper 1,414 1,759 (1,296) 45 — 1,922 1,874 1,744 (1,630) (44) — 1,944 TELUS Corporation credit facilities — — — — — — 1,145 — — — (1) 1,144 TELUS Communications Inc. debentures 448 — (249) — — 199 199 — — — — 199 TELUS International (Cda) Inc. credit facility 1,009 11 (68) 32 — 984 2,086 92 (110) (46) 1 2,023 Other 304 — (39) — 35 300 317 — (21) — 2 298 Lease liabilities 1,816 — (125) 1 72 1,764 2,289 — (129) (6) 262 2,416 Derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt – liability (asset) (12) 1,303 (1,296) (198) 31 (172) (79) 1,648 (1,656) 148 11 72 21,307 3,073 (3,073) 7 142 21,456 26,487 3,484 (3,546) (43) 278 26,660 To eliminate effect of gross settlement of derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt — (1,303) 1,303 — — — — (1,648) 1,648 — — — $ 21,307 $ 1,770 $ (1,770) $ 7 $ 142 $ 21,456 $ 26,487 $ 1,836 $ (1,898) $ (43) $ 278 $ 26,660 Six-month period ended June 30, 2022 Six-month period ended June 30, 2023 Statement of cash flows Non-cash changes Statement of cash flows Non-cash changes Foreign Foreign Redemptions, exchange Redemptions, exchange Beginning Issued or repayments movement End of Beginning Issued or repayments movement End of (millions) of period received or payments ( Note 4(e) ) Other period of period received or payments ( Note 4(e) ) Other period Dividends payable to holders of Common Shares $ 449 $ — $ (899) $ — $ 917 $ 467 $ 502 $ — $ (1,008) $ — $ 1,032 $ 526 Dividends reinvested in shares from Treasury — — 316 — (316) — — — 370 — (370) — $ 449 $ — $ (583) $ — $ 601 $ 467 $ 502 $ — $ (638) $ — $ 662 $ 526 Short-term borrowings $ 114 $ 175 $ (10) $ — $ — $ 279 $ 104 $ 590 $ (100) $ — $ — $ 594 Long-term debt TELUS Corporation senior notes $ 15,258 $ 1,143 $ — $ 66 $ (8) $ 16,459 $ 18,660 $ 500 $ (500) $ (99) $ 3 $ 18,564 TELUS Corporation commercial paper 1,900 2,903 (2,912) 31 — 1,922 1,458 3,704 (3,176) (42) — 1,944 TELUS Corporation credit facilities — — — — — — 1,145 — — — (1) 1,144 TELUS Communications Inc. debentures 448 — (249) — — 199 199 — — — — 199 TELUS International (Cda) Inc. credit facility 1,062 11 (107) 17 1 984 914 1,313 (148) (57) 1 2,023 Other 308 — (114) — 106 300 321 — (173) — 150 298 Lease liabilities 1,876 — (248) (5) 141 1,764 2,340 — (259) 6 329 2,416 Derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt – liability (asset) 4 2,926 (2,925) (135) (42) (172) (80) 3,194 (3,208) 160 6 72 20,856 6,983 (6,555) (26) 198 21,456 24,957 8,711 (7,464) (32) 488 26,660 To eliminate effect of gross settlement of derivatives used to manage currency risk arising from U.S. dollar-denominated long-term debt — (2,926) 2,926 — — — — (3,194) 3,194 — — — $ 20,856 $ 4,057 $ (3,629) $ (26) $ 198 $ 21,456 $ 24,957 $ 5,517 $ (4,270) $ (32) $ 488 $ 26,660 |
notes to consolidated financi_2
notes to consolidated financial statements (Details) | 6 Months Ended |
Jun. 30, 2023 | |
TELUS Communications Inc. | |
Consolidation | |
Percent ownership | 100% |
Telus International Cda Inc | |
Consolidation | |
Percent ownership | 56.10% |
condensed interim consolidate_7
condensed interim consolidated financial statements (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Mobile handsets, parts and accessories | $ 436 | $ 436 | $ 414 | ||
Costs of goods sold | $ 500 | $ 500 | $ 1,100 | $ 1,000 |
capital structure financial p_3
capital structure financial policies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Jun. 30, 2022 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Components of debt and coverage ratios | ||||||||||
Net debt | $ 26,485 | $ 21,693 | $ 26,485 | $ 21,693 | $ 26,485 | $ 21,693 | ||||
EBITDA - excluding restructuring and other costs | 3,483 | 3,230 | 6,899 | $ 6,646 | 6,715 | |||||
Net interest cost (Note 9) | $ 616 | 379 | $ 1,084 | $ 755 | ||||||
Debt ratio | ||||||||||
Net debt to EBITDA - excluding restructuring and other costs | 3.84 | 3.84 | 3.23 | |||||||
Coverage ratios | ||||||||||
Earnings coverage ratio | 2.5 | 4.2 | ||||||||
EBITDA - excluding restructuring and other costs interest coverage ratio | 6.4 | 8.9 | ||||||||
Net debt and managed capitalization | ||||||||||
Long-term debt | 26,588 | 21,628 | $ 26,588 | 21,628 | $ 26,588 | 25,037 | $ 21,628 | |||
Debt issuance costs netted against long-term debt | 114 | 100 | 114 | 100 | 114 | 100 | ||||
Derivative (assets) liabilities used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt, net | (72) | (172) | (72) | (172) | (72) | (172) | ||||
Accumulated other comprehensive income amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar-denominated long-term debt - excluding tax effects | (90) | 240 | (90) | 240 | (90) | 240 | ||||
Cash and temporary investments, net | (649) | (382) | (649) | (382) | (649) | (974) | (382) | $ (877) | $ (774) | $ (723) |
Short-term borrowings | 594 | 279 | 594 | 279 | 594 | 104 | 279 | |||
Net debt | 26,485 | 21,693 | 26,485 | 21,693 | 26,485 | 21,693 | ||||
Common equity | 16,407 | 15,716 | 16,407 | 15,716 | 16,407 | 16,569 | 15,716 | |||
Non-controlling interests | 1,172 | 964 | 1,172 | 964 | 1,172 | 1,089 | 964 | |||
Less : accumulated other comprehensive income amounts included above in common equity and non-controlling interests | 55 | 201 | 55 | 201 | 55 | 133 | 201 | $ 139 | $ 213 | $ 186 |
Total managed capitalization | 44,009 | 38,172 | 44,009 | 38,172 | 44,009 | 38,172 | ||||
Calculation of EBITDA - excluding restructuring and other costs | ||||||||||
EBITDA | 1,588 | 1,593 | 3,209 | 3,162 | 6,453 | 6,406 | 6,540 | |||
Restructuring and other costs | $ 115 | $ 29 | 274 | 68 | 446 | 240 | ||||
EBITDA - excluding restructuring and other costs | $ 3,483 | $ 3,230 | $ 6,899 | $ 6,646 | $ 6,715 | |||||
Changes in debt and coverage ratios | ||||||||||
Net debt to EBITDA - excluding restructuring and other costs | 3.84 | 3.84 | 3.23 | |||||||
Net debt to operating cash flow ratio maximum | 4.25 | |||||||||
Earnings Coverage Ratio | 2.5 | 4.2 | ||||||||
Increase (decrease) in earnings coverage ratio due to an (increase) decrease in borrowing costs | (0.9) | |||||||||
Increase (decrease) in earnings coverage ratio due to an increase (decrease) in income before borrowing costs and income taxes | (0.8) | |||||||||
EBITDA - excluding restructuring and other costs interest coverage ratio | 6.4 | 8.9 | ||||||||
Increase (decrease) in EBITDA - excluding restructuring and other costs interest coverage ratio due to an increase (decrease) in EBITDA | 0.2 | |||||||||
Increase (decrease) in EBITDA - excluding restructuring and other costs interest coverage ratio due to an (increase) decrease in net interest costs | (2.7) | |||||||||
Dividend payout ratio | ||||||||||
Ratio of TELUS Corporation Common Share dividends declared to cash provided by operating activities - less capital expenditures (excluding spectrum licences) | 87% | 133% | ||||||||
TELUS Corporation Common Share dividend payout ratio - net of dividend reinvestment plan effects | 168% | 224% | ||||||||
TELUS Corporation Common Share dividends declared | $ 2,014 | $ 1,796 | ||||||||
Amount of TELUS Corporation Common Share dividends declared reinvested in TELUS Corporation Common Shares | (730) | (644) | ||||||||
TELUS Corporation Common Share dividends declared - net of dividend reinvestment plan effects | $ 1,284 | $ 1,152 | ||||||||
Minimum | ||||||||||
Debt ratio | ||||||||||
Target Net debt to EBITDA - excluding restructuring and other costs | 2.20 | 2.20 | ||||||||
Dividend payout ratio | ||||||||||
Target dividend payout ratio, (as a per cent) | 60% | 60% | ||||||||
Target ratio from free cash flow | 60% | 60% | ||||||||
Maximum | ||||||||||
Debt ratio | ||||||||||
Target Net debt to EBITDA - excluding restructuring and other costs | 2.70 | 2.70 | ||||||||
Dividend payout ratio | ||||||||||
Target dividend payout ratio, (as a per cent) | 75% | 75% | ||||||||
Target ratio from free cash flow | 75% | 75% |
capital structure financial p_4
capital structure financial policies - reconciliation (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Disclosure of initial application of standards or interpretations | |||||||
EBITDA | $ (1,588) | $ (1,593) | $ (3,209) | $ (3,162) | $ (6,453) | $ (6,406) | $ (6,540) |
Gain on disposition of financial solutions business | (410) | ||||||
Restructuring and other costs, net of disbursements | 186 | 7 | |||||
Effects of contract asset, acquisition and fulfilment and TELUS Easy Payment device financing | (173) | (3) | |||||
Effects of lease principal | (506) | (503) | |||||
Share-based compensation expense, net | 30 | 42 | 73 | 68 | 127 | 120 | |
Net employee defined benefit plans expense | 16 | 25 | 31 | 52 | 80 | 109 | |
Employer contributions to employee defined benefit plans | (7) | (8) | (16) | (25) | (35) | (50) | |
Interest paid | (295) | (195) | (581) | (375) | (1,022) | (747) | |
Interest received | 3 | 7 | 1 | 23 | 15 | ||
Capital expenditures | (3,105) | (3,787) | |||||
Free cash flow before income taxes | 2,028 | 1,291 | |||||
Income taxes | 152 | 130 | 279 | 238 | (560) | (486) | |
Effect of disposition of financial solutions business on income taxes paid | 61 | ||||||
Free cash flow | 1,468 | 866 | |||||
Effects of lease principal | 506 | 503 | |||||
Gain on disposition of financial solutions business, net of effect on income taxes paid | (349) | ||||||
Net change in non-cash operating working capital not included in preceding line items and other individually immaterial items included in net income neither providing nor using cash | (775) | (217) | |||||
Cash provided by operating activities | $ 1,117 | $ 1,250 | $ 1,878 | $ 2,385 | $ 4,304 | $ 4,590 |
financial instruments - Credit
financial instruments - Credit risk (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Credit risk | ||
Maximum exposure (excluding income tax effects) to credit risk | $ 5,406 | $ 5,955 |
Cash and temporary investments, net | ||
Credit risk | ||
Maximum exposure (excluding income tax effects) to credit risk | 649 | 974 |
Customer accounts receivable | ||
Credit risk | ||
Maximum exposure (excluding income tax effects) to credit risk | 3,831 | 3,887 |
Contract assets. | ||
Credit risk | ||
Maximum exposure (excluding income tax effects) to credit risk | 717 | 761 |
Derivative assets | ||
Credit risk | ||
Maximum exposure (excluding income tax effects) to credit risk | $ 209 | $ 333 |
financial instruments - Account
financial instruments - Accounts receivable (Details) - Customer accounts receivable - CAD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Credit risk | ||||||
Days after the billing date that accounts receivables are considered to be past due (in default) | 30 days | |||||
Receivable account balances | $ 3,069 | $ 3,113 | ||||
Receivable account balances - Current | 2,476 | 2,542 | ||||
Receivable account balances - Non-current | 593 | 571 | ||||
Accounts receivable written off directly to doubtful accounts expense | 0 | |||||
Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 3,176 | 3,222 | ||||
Receivable account balances - Current | 2,569 | 2,636 | ||||
Receivable account balances - Non-current | 607 | 586 | ||||
Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | (107) | $ (106) | (109) | $ (114) | $ (107) | $ (110) |
Receivable account balances - Current | (93) | (94) | ||||
Receivable account balances - Non-current | (14) | (15) | ||||
Less than 30 days past billing date | ||||||
Credit risk | ||||||
Receivable account balances | 1,083 | 925 | ||||
Less than 30 days past billing date | Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 1,095 | 936 | ||||
Less than 30 days past billing date | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | (12) | (11) | ||||
30-60 days past billing date | ||||||
Credit risk | ||||||
Receivable account balances | 293 | 389 | ||||
30-60 days past billing date | Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 305 | 400 | ||||
30-60 days past billing date | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | (12) | (11) | ||||
61-90 days past billing date | ||||||
Credit risk | ||||||
Receivable account balances | 98 | 170 | ||||
61-90 days past billing date | Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 112 | 185 | ||||
61-90 days past billing date | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | (14) | (15) | ||||
More than 90 days past billing date | ||||||
Credit risk | ||||||
Receivable account balances | 140 | 159 | ||||
More than 90 days past billing date | Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 171 | 192 | ||||
More than 90 days past billing date | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | (31) | (33) | ||||
Unbilled customer finance receivables | ||||||
Credit risk | ||||||
Receivable account balances | 1,455 | 1,470 | ||||
Unbilled customer finance receivables | Cost/Gross amount | ||||||
Credit risk | ||||||
Receivable account balances | 1,493 | 1,509 | ||||
Unbilled customer finance receivables | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Receivable account balances | $ (38) | $ (39) |
financial instruments - Activit
financial instruments - Activity related to allowance for doubtful accounts (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Summary of activity related to allowance for doubtful accounts | ||||
Accounts written off during the period that were still subject to enforcement activity | $ 45 | $ 37 | $ 89 | $ 69 |
Customer accounts receivable | ||||
Summary of activity related to allowance for doubtful accounts | ||||
Balance, beginning of period | (3,113) | |||
Balance, end of period | (3,069) | (3,069) | ||
Customer accounts receivable | Allowance for doubtful accounts | ||||
Summary of activity related to allowance for doubtful accounts | ||||
Balance, beginning of period | 106 | 107 | 109 | 110 |
Additions (doubtful accounts expense) | 27 | 22 | 48 | 40 |
Accounts written off less than recoveries | (27) | (18) | (55) | (41) |
Other | 1 | 3 | 5 | 5 |
Balance, end of period | $ 107 | $ 114 | $ 107 | $ 114 |
financial instruments - Contrac
financial instruments - Contract assets (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Credit risk | ||||||
Contract assets | $ 857 | $ 879 | $ 908 | $ 804 | $ 831 | $ 877 |
Cost/Gross amount | ||||||
Credit risk | ||||||
Contract assets | 890 | 943 | ||||
Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Contract assets | (33) | (35) | ||||
The 12-month period ending one year hence | ||||||
Credit risk | ||||||
Contract assets | 567 | 588 | 542 | |||
The 12-month period ending one year hence | Cost/Gross amount | ||||||
Credit risk | ||||||
Contract assets | 590 | 611 | ||||
The 12-month period ending one year hence | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Contract assets | (23) | (23) | ||||
The 12-month period ending two years hence | ||||||
Credit risk | ||||||
Contract assets | 236 | 266 | 210 | |||
The 12-month period ending two years hence | Cost/Gross amount | ||||||
Credit risk | ||||||
Contract assets | 245 | 277 | ||||
The 12-month period ending two years hence | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Contract assets | (9) | (11) | ||||
Thereafter | ||||||
Credit risk | ||||||
Contract assets | 54 | 54 | $ 52 | |||
Thereafter | Cost/Gross amount | ||||||
Credit risk | ||||||
Contract assets | 55 | 55 | ||||
Thereafter | Allowance for doubtful accounts | ||||||
Credit risk | ||||||
Contract assets | $ (1) | $ (1) |
financial instruments - Liquidi
financial instruments - Liquidity risk (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Liquidity risk | ||
Total | $ 42,120 | $ 40,209 |
Debt or equity securities pursuant to a shelf prospectus expiring June, 2023 | ||
Liquidity risk | ||
Equity securities that may be offered pursuant to a shelf prospectus | 3,500 | 3,500 |
Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 3,391 | 3,896 |
Short-term borrowings | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 644 | 114 |
Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 35,264 | 33,664 |
Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 2,934 | 2,813 |
Composite long-term debt | ||
Liquidity risk | ||
Total | 38,079 | |
First year | ||
Liquidity risk | ||
Total | 5,735 | 7,099 |
First year | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 2,859 | 3,613 |
First year | Short-term borrowings | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 20 | 9 |
First year | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 2,511 | 2,907 |
First year | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 327 | 596 |
2 years hence | ||
Liquidity risk | ||
Total | 4,738 | 4,014 |
2 years hence | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 253 | 254 |
2 years hence | Short-term borrowings | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 624 | 105 |
2 years hence | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 3,270 | 3,126 |
2 years hence | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 608 | 537 |
3 years hence | ||
Liquidity risk | ||
Total | 2,411 | 2,182 |
3 years hence | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 13 | 16 |
3 years hence | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 1,937 | 1,800 |
3 years hence | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 474 | 379 |
4 years hence | ||
Liquidity risk | ||
Total | 2,705 | 2,436 |
4 years hence | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 80 | 12 |
4 years hence | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 2,288 | 2,154 |
4 years hence | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 346 | 273 |
5 years hence | ||
Liquidity risk | ||
Total | 2,697 | 2,382 |
5 years hence | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 137 | 1 |
5 years hence | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 2,295 | 2,197 |
5 years hence | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 269 | 218 |
5 years hence | Other Derivative | ||
Liquidity risk | ||
Contractual maturities, derivative liabilities | 1 | |
5 years hence to 10 years | ||
Liquidity risk | ||
Total | 11,514 | 10,297 |
5 years hence to 10 years | Non-interest bearing financial liabilities | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 49 | |
5 years hence to 10 years | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 10,967 | 9,929 |
5 years hence to 10 years | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 535 | 446 |
Thereafter | ||
Liquidity risk | ||
Total | 12,320 | 11,799 |
Thereafter | Long-term debt excluding leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 11,996 | 11,551 |
Thereafter | Leases | ||
Liquidity risk | ||
Contractual maturities, non-derivative liabilities | 375 | 364 |
Currency risk related to long-term debt | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (9,473) | (8,994) |
Amounts to be exchanged, Pay | 9,354 | 8,737 |
Currency risk related to long-term debt | Composite long-term debt | ||
Liquidity risk | ||
Total | 38,079 | 36,220 |
Currency risk related to long-term debt | First year | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (2,101) | (1,679) |
Amounts to be exchanged, Pay | 2,117 | 1,674 |
Currency risk related to long-term debt | 2 years hence | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (227) | (201) |
Amounts to be exchanged, Pay | 207 | 193 |
Currency risk related to long-term debt | 3 years hence | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (219) | (599) |
Amounts to be exchanged, Pay | 206 | 586 |
Currency risk related to long-term debt | 4 years hence | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (215) | (165) |
Amounts to be exchanged, Pay | 206 | 162 |
Currency risk related to long-term debt | 5 years hence | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (1,658) | (1,644) |
Amounts to be exchanged, Pay | 1,653 | 1,610 |
Currency risk related to long-term debt | 5 years hence to 10 years | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (2,197) | (1,785) |
Amounts to be exchanged, Pay | 2,160 | 1,707 |
Currency risk related to long-term debt | Thereafter | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (2,856) | (2,921) |
Amounts to be exchanged, Pay | 2,805 | 2,805 |
Currency risk related to foreign currency transactions | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (645) | (669) |
Amounts to be exchanged, Pay | 650 | 648 |
Currency risk related to foreign currency transactions | First year | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (361) | (669) |
Amounts to be exchanged, Pay | 363 | $ 648 |
Currency risk related to foreign currency transactions | 2 years hence | Currency swap agreement | ||
Liquidity risk | ||
Amounts to be exchanged, (Receive) | (284) | |
Amounts to be exchanged, Pay | $ 287 |
financial instruments - Market
financial instruments - Market risks (Details) - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest rate risk | ||
Market risks | ||
Percentage of reasonably possible changes in market risk variable | 0.25% | 0.25% |
Net income sensitivity to increase in risk variable | $ (8) | $ (2) |
Other comprehensive income sensitivity to increase in risk variable | 6 | (5) |
Comprehensive income sensitivity to increase in risk variable | (2) | (7) |
Net income sensitivity to decrease in risk variable | 8 | 2 |
Other comprehensive income sensitivity to decrease in risk variable | (2) | 6 |
Comprehensive income sensitivity to decrease in risk variable | $ 6 | $ 8 |
Wind discount risk | ||
Market risks | ||
Percentage of reasonably possible changes in market risk variable | 0.20% | 0.20% |
Net income sensitivity to increase in risk variable | $ (39) | |
Comprehensive income sensitivity to increase in risk variable | (39) | |
Net income sensitivity to decrease in risk variable | 39 | |
Comprehensive income sensitivity to decrease in risk variable | $ 39 | |
Solar premium risk | ||
Market risks | ||
Percentage of reasonably possible changes in market risk variable | 0.20% | 0.20% |
Net income sensitivity to increase in risk variable | $ 24 | |
Comprehensive income sensitivity to increase in risk variable | 24 | |
Net income sensitivity to decrease in risk variable | (24) | |
Comprehensive income sensitivity to decrease in risk variable | $ (24) | |
Canadian Dollars | Currency risk | ||
Market risks | ||
Percentage of reasonably possible changes in market risk variable | 10% | 10% |
Net income sensitivity to increase in risk variable | $ (7) | |
Other comprehensive income sensitivity to increase in risk variable | 121 | $ (1) |
Comprehensive income sensitivity to increase in risk variable | 114 | (1) |
Net income sensitivity to decrease in risk variable | 7 | |
Other comprehensive income sensitivity to decrease in risk variable | (119) | 1 |
Comprehensive income sensitivity to decrease in risk variable | (112) | 1 |
Canadian Dollars | Interest rate risk | ||
Market risks | ||
Net income sensitivity to increase in risk variable | (8) | (2) |
Other comprehensive income sensitivity to increase in risk variable | 76 | 80 |
Comprehensive income sensitivity to increase in risk variable | 68 | 78 |
Net income sensitivity to decrease in risk variable | 8 | 2 |
Other comprehensive income sensitivity to decrease in risk variable | (77) | (83) |
Comprehensive income sensitivity to decrease in risk variable | $ (69) | $ (81) |
U.S. Dollars | Currency risk | ||
Market risks | ||
Percentage of reasonably possible changes in market risk variable | 10% | 10% |
Net income sensitivity to increase in risk variable | $ 12 | $ 14 |
Other comprehensive income sensitivity to increase in risk variable | (66) | (59) |
Comprehensive income sensitivity to increase in risk variable | (54) | (45) |
Net income sensitivity to decrease in risk variable | (12) | (14) |
Other comprehensive income sensitivity to decrease in risk variable | 66 | 59 |
Comprehensive income sensitivity to decrease in risk variable | 54 | 45 |
U.S. Dollars | Interest rate risk | ||
Market risks | ||
Other comprehensive income sensitivity to increase in risk variable | (70) | (85) |
Comprehensive income sensitivity to increase in risk variable | (70) | (85) |
Other comprehensive income sensitivity to decrease in risk variable | 75 | 89 |
Comprehensive income sensitivity to decrease in risk variable | $ 75 | $ 89 |
financial instruments - Signifi
financial instruments - Significant unobservable inputs used in the fair value measurement (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets | ||||||
Balance, beginning of period | $ 55,677 | $ 55,677 | $ 54,063 | |||
Assets | 55,677 | 55,677 | 54,063 | |||
Virtual power purchase agreements unrealized change in forward element | At fair value | ||||||
Disclosure of fair value measurement of assets | ||||||
Included in net income, excluding income taxes | (7) | $ 80 | (26) | $ 80 | ||
Balance, beginning of period | 167 | 80 | 167 | 80 | $ 174 | 193 |
Assets | $ 167 | $ 80 | $ 167 | $ 80 | $ 174 | $ 193 |
financial instruments - Fair va
financial instruments - Fair values Non-derivative (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments | ||
Long-term debt, excluding leases | $ 24,172 | $ 22,697 |
Measured at amortized cost but fair value disclosed | ||
Disclosure of detailed information about financial instruments | ||
Long-term debt, excluding leases | 22,662 | 21,000 |
Carrying value | ||
Disclosure of detailed information about financial instruments | ||
Long-term debt, excluding leases | $ 24,172 | $ 22,967 |
financial instruments - Fair _2
financial instruments - Fair Values Derivatives (Details) | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2023 CAD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 CAD ($) $ / shares | Jun. 30, 2023 CAD ($) ₱ / shares | Jun. 30, 2023 CAD ($) $ / $ | Jun. 30, 2023 CAD ($) $ / € | Jun. 30, 2023 CAD ($) € / $ | Jun. 30, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 CAD ($) $ / shares | Dec. 31, 2022 CAD ($) ₱ / shares | Dec. 31, 2022 CAD ($) $ / $ | Dec. 31, 2022 CAD ($) $ / € | Dec. 31, 2022 CAD ($) € / $ | Dec. 31, 2022 CAD ($) | |
Disclosure of detailed information about financial instruments | ||||||||||||||||
Current Assets, Fair value and carrying value | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 | $ 83,000,000 |
Current Liabilities, Fair value and carrying value | 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | $ 39,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 | $ 18,000,000 |
Derivative assets | Cash flow hedging item (HFH) | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Hedge ratio | 1% | 1% | ||||||||||||||
Derivative assets | Currency risk related to long-term debt | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Spread included in fair value of derivative instruments | 115,000,000 | 123,000,000 | ||||||||||||||
Derivative assets | Currency risk related to long-term debt | Cash flow hedging item (HFH) | European euro | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Spread included in fair value of derivative instruments | 3,000,000 | 1,000,000 | ||||||||||||||
Current Asset derivatives | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Current Assets, Fair value and carrying value | $ 55,000,000 | 55,000,000 | 55,000,000 | 55,000,000 | 55,000,000 | 55,000,000 | 55,000,000 | $ 55,000,000 | $ 83,000,000 | 83,000,000 | 83,000,000 | 83,000,000 | 83,000,000 | 83,000,000 | 83,000,000 | $ 83,000,000 |
Current Asset derivatives | Currency risk related to purchases | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2024 | 2023 | ||||||||||||||
Current Assets, Notional amount | $ 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | 101,000,000 | $ 397,000,000 | 397,000,000 | 397,000,000 | 397,000,000 | 397,000,000 | 397,000,000 | 397,000,000 | 397,000,000 |
Current Assets, Fair value and carrying value | $ 2,000,000 | 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | $ 21,000,000 | 21,000,000 | $ 21,000,000 | $ 21,000,000 | $ 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 |
Rate | 1 | 1.29 | 1 | 1.28 | ||||||||||||
Current Asset derivatives | Currency risk related to revenues | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Rate | 1 | 56 | 1 | 55 | ||||||||||||
Current Asset derivatives | Currency risk related to revenues | HFT | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2024 | 2023 | ||||||||||||||
Current Assets, Notional amount | $ 91,000,000 | 91,000,000 | $ 91,000,000 | $ 91,000,000 | $ 91,000,000 | 91,000,000 | 91,000,000 | 91,000,000 | $ 72,000,000 | 72,000,000 | $ 72,000,000 | $ 72,000,000 | $ 72,000,000 | 72,000,000 | 72,000,000 | 72,000,000 |
Current Assets, Fair value and carrying value | $ 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | $ 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Current Asset derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2023 | 2023 | ||||||||||||||
Current Assets, Notional amount | $ 139,000,000 | 139,000,000 | $ 139,000,000 | 139,000,000 | $ 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | $ 526,000,000 | 526,000,000 | 526,000,000 | 526,000,000 | 526,000,000 | 526,000,000 | 526,000,000 | 526,000,000 |
Current Assets, Fair value and carrying value | $ 9,000,000 | 9,000,000 | $ 9,000,000 | 9,000,000 | $ 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | ||||||||
Rate | 1 | 1.32 | 1 | 1.33 | ||||||||||||
Current Asset derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | European euro | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2028 | 2025 | ||||||||||||||
Current Assets, Notional amount | $ 45,000,000 | 45,000,000 | $ 45,000,000 | 45,000,000 | $ 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | $ 31,000,000 | 31,000,000 | $ 31,000,000 | 31,000,000 | $ 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 |
Current Assets, Fair value and carrying value | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 19,000,000 | $ 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | $ 26,000,000 | $ 26,000,000 | 26,000,000 |
Rate | 1 | 1.09 | 1.09 | 1 | ||||||||||||
Current Asset derivatives | Interest rate risk | Cash flow hedging item (HFH) | 2.98% non-fixed rate credit facility | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Interest rate on borrowings | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||
Current Asset derivatives | Interest rate risk | Cash flow hedging item (HFH) | 3.5% non-fixed rate credit facility | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2028 | — | ||||||||||||||
Current Assets, Notional amount | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | ||||||||
Current Assets, Fair value and carrying value | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||
Interest rate on borrowings | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||
Current Asset derivatives | Price risk associated with purchase of electrical power | HFT | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2047 | 2047 | ||||||||||||||
Current Assets, Notional amount | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | $ 36,000,000 | 36,000,000 | 36,000,000 | 36,000,000 | 36,000,000 | $ 36,000,000 | $ 36,000,000 | 36,000,000 |
Current Assets, Fair value and carrying value | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 28,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 |
Electrical consumption commodity derivative, Price (CAD/MWh). | 30.39 | 29.66 | ||||||||||||||
Other Long-Term Asset derivatives | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Other Long-Term Assets, Fair value and carrying value | $ 154,000,000 | 154,000,000 | 154,000,000 | 154,000,000 | $ 154,000,000 | 154,000,000 | 154,000,000 | 154,000,000 | $ 250,000,000 | 250,000,000 | $ 250,000,000 | 250,000,000 | $ 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Other Long-Term Asset derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2048 | 2048 | ||||||||||||||
Rate | 1.27 | 1 | 1.30 | |||||||||||||
Other Long-Term Assets, Notional amount | $ 2,068,000,000 | 2,068,000,000 | 2,068,000,000 | 2,068,000,000 | $ 2,068,000,000 | 2,068,000,000 | 2,068,000,000 | 2,068,000,000 | $ 4,443,000,000 | 4,443,000,000 | $ 4,443,000,000 | 4,443,000,000 | $ 4,443,000,000 | 4,443,000,000 | 4,443,000,000 | 4,443,000,000 |
Other Long-Term Assets, Fair value and carrying value | $ 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | $ 6,000,000 | 6,000,000 | 6,000,000 | $ 66,000,000 | 66,000,000 | 66,000,000 | 66,000,000 | 66,000,000 | $ 66,000,000 | $ 66,000,000 | 66,000,000 |
Other Long-Term Asset derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | European euro | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2028 | 2025 | ||||||||||||||
Rate | 1.09 | 1.09 | 1 | |||||||||||||
Other Long-Term Assets, Notional amount | $ 606,000,000 | 606,000,000 | 606,000,000 | 606,000,000 | 606,000,000 | $ 606,000,000 | 606,000,000 | 606,000,000 | $ 454,000,000 | 454,000,000 | 454,000,000 | 454,000,000 | 454,000,000 | $ 454,000,000 | $ 454,000,000 | 454,000,000 |
Other Long-Term Assets, Fair value and carrying value | $ 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | $ 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 17,000,000 |
Other Long-Term Asset derivatives | Interest rate risk | Cash flow hedging item (HFH) | 3.4% non-fixed rate credit facility | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2028 | — | ||||||||||||||
Current Assets, Notional amount | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | $ 87,000,000 | ||||||||
Non-fixed interest rate | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | ||||||||
Other Long-Term Asset derivatives | Price risk associated with purchase of electrical power | HFT | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Price | 39.15 | |||||||||||||||
Other Long-Term Asset derivatives | Price risk associated with purchase of electrical power | HFT | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2047 | 2047 | ||||||||||||||
Price | $ 39.24 | |||||||||||||||
Other Long-Term Assets, Notional amount | $ 234,000,000 | 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 264,000,000 | 264,000,000 | 264,000,000 | 264,000,000 | 264,000,000 | 264,000,000 | 264,000,000 | 264,000,000 |
Other Long-Term Assets, Fair value and carrying value | 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | 139,000,000 | 167,000,000 | 167,000,000 | 167,000,000 | 167,000,000 | 167,000,000 | 167,000,000 | 167,000,000 | 167,000,000 |
Current Liabilities derivatives | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Current Liabilities, Fair value and carrying value | $ 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | $ 39,000,000 | 39,000,000 | 39,000,000 | 39,000,000 | $ 18,000,000 | 18,000,000 | $ 18,000,000 | 18,000,000 | $ 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 |
Current Liabilities derivatives | Currency risk related to purchases | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2024 | 2023 | ||||||||||||||
Rate | 1.34 | 1 | 1.36 | |||||||||||||
Current Liabilities, Notional amount | $ 414,000,000 | 414,000,000 | 414,000,000 | 414,000,000 | $ 414,000,000 | 414,000,000 | 414,000,000 | 414,000,000 | $ 111,000,000 | 111,000,000 | $ 111,000,000 | 111,000,000 | $ 111,000,000 | 111,000,000 | 111,000,000 | 111,000,000 |
Current Liabilities, Fair value and carrying value | $ 8,000,000 | 8,000,000 | $ 8,000,000 | $ 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | $ 1,000,000 | 1,000,000 | $ 1,000,000 | $ 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Current Liabilities derivatives | Currency risk related to revenues | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Rate | 1 | 56 | 1 | 55 | ||||||||||||
Current Liabilities derivatives | Currency risk related to revenues | HFT | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2024 | 2023 | ||||||||||||||
Current Liabilities, Notional amount | $ 42,000,000 | 42,000,000 | $ 42,000,000 | $ 42,000,000 | $ 42,000,000 | 42,000,000 | 42,000,000 | 42,000,000 | $ 68,000,000 | 68,000,000 | $ 68,000,000 | $ 68,000,000 | 68,000,000 | 68,000,000 | 68,000,000 | 68,000,000 |
Current Liabilities, Fair value and carrying value | $ 3,000,000 | 3,000,000 | $ 3,000,000 | 3,000,000 | $ 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||
Current Liabilities derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2023 | 2023 | ||||||||||||||
Rate | 1.34 | 1 | 1.37 | |||||||||||||
Current Liabilities, Notional amount | $ 1,876,000,000 | 1,876,000,000 | 1,876,000,000 | 1,876,000,000 | $ 1,876,000,000 | 1,876,000,000 | 1,876,000,000 | 1,876,000,000 | $ 957,000,000 | 957,000,000 | $ 957,000,000 | 957,000,000 | $ 957,000,000 | 957,000,000 | 957,000,000 | 957,000,000 |
Current Liabilities, Fair value and carrying value | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 |
Other Long-Term Liabilities derivatives | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Other Long-Term Liabilities, Fair value and carrying value | $ 76,000,000 | 76,000,000 | $ 76,000,000 | 76,000,000 | $ 76,000,000 | 76,000,000 | 76,000,000 | 76,000,000 | $ 24,000,000 | 24,000,000 | $ 24,000,000 | 24,000,000 | $ 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 |
Other Long-Term Liabilities derivatives | Currency risk related to purchases | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Rate | $ / shares | 1 | |||||||||||||||
Other Long-Term Liabilities derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | U.S. Dollars | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2049 | 2049 | ||||||||||||||
Rate | 1 | 1.33 | 1 | 1.33 | ||||||||||||
Other Long-Term Liabilities, Notional amount | $ 4,623,000,000 | 4,623,000,000 | $ 4,623,000,000 | 4,623,000,000 | $ 4,623,000,000 | 4,623,000,000 | 4,623,000,000 | 4,623,000,000 | $ 2,329,000,000 | 2,329,000,000 | $ 2,329,000,000 | 2,329,000,000 | $ 2,329,000,000 | 2,329,000,000 | 2,329,000,000 | 2,329,000,000 |
Other Long-Term Liabilities, Fair value and carrying value | $ 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | $ 75,000,000 | 75,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 |
Other Long-Term Liabilities derivatives | Currency risk related to long-term debt | Cash flow hedging item (HFH) | European euro | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Rate | € / $ | 1 | |||||||||||||||
Other Long-Term Liabilities derivatives | Interest rate risk | Cash flow hedging item (HFH) | 3.5% non-fixed rate credit facility | ||||||||||||||||
Disclosure of detailed information about financial instruments | ||||||||||||||||
Maximum maturity date | 2028 | — | ||||||||||||||
Other Long-Term Liabilities, Notional amount | $ 124,000,000 | 124,000,000 | 124,000,000 | 124,000,000 | 124,000,000 | 124,000,000 | $ 124,000,000 | 124,000,000 | ||||||||
Other Long-Term Liabilities, Fair value and carrying value | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||
Interest rate on borrowings | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% |
financial instruments - Derivat
financial instruments - Derivative gains and losses (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Currency risk | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | $ (166) | $ 182 | $ (181) | $ 188 | |
Gain (loss) reclassified from other comprehensive income to income (effective portion) | 137 | 174 | 134 | 67 | |
Derivative assets | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | (165) | 183 | (181) | 189 | |
Gain (loss) reclassified from other comprehensive income to income (effective portion) | (137) | 174 | (134) | 66 | |
Derivative assets | Currency risk | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | (166) | 182 | (181) | 188 | |
Gain (loss) reclassified from other comprehensive income to income (effective portion) | (137) | 174 | (134) | 67 | |
Derivatives held for hedging | Currency risk related to purchases | U.S. Dollars | Goods and services purchased | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | 10 | 14 | (9) | 8 | |
Gain (loss) reclassified from other comprehensive income to income (effective portion) | 6 | 4 | 15 | 5 | |
Derivatives held for hedging | Currency risk related to long-term debt | U.S. Dollars | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | (176) | 138 | (151) | 126 | |
Gain (loss) reclassified from other comprehensive income to income (effective portion) | (138) | 171 | (138) | 63 | |
Spread included in fair value of derivative instruments | 10 | 32 | (8) | 7 | |
Derivatives held for hedging | Currency risk related to investment in a foreign operation | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | 30 | (21) | 54 | ||
Gain (loss) reclassified from other comprehensive income to income (effective portion) | (5) | (1) | (11) | (1) | |
Derivatives held for hedging | Currency risk related to investment in a foreign operation | U.S. Dollars | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Spread included in fair value of derivative instruments | 1 | 2 | 2 | ||
Derivatives held for hedging | Other market risk | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Amount of gain (loss) recognized in other comprehensive income (effective portion) | 1 | 1 | 1 | ||
Gain (loss) reclassified from other comprehensive income to income (effective portion) | (1) | ||||
Derivatives held for trading | Currency risk | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Gain recognized in income on derivatives | 2 | (8) | 5 | (11) | |
Virtual power purchase agreements unrealized change in forward element | Financing costs | |||||
Disclosure of detailed information about financial instruments | |||||
Gain recognized in income on derivatives | (7) | 80 | (26) | 80 | |
Cash flow hedging item (HFH) | Derivative assets | Currency risk related to long-term debt | U.S. Dollars | |||||
Disclosure of detailed information about financial instruments | |||||
Spread included in fair value of derivative instruments | 115 | $ 123 | |||
Cash flow hedging item (HFH) | Derivative assets | Currency risk related to long-term debt | European euro | |||||
Disclosure of detailed information about financial instruments | |||||
Spread included in fair value of derivative instruments | 3 | $ 1 | |||
Cash flow hedging item (HFH) | Derivatives held for hedging | |||||
Disclosure of detailed information about financial instruments | |||||
Ineffective portion of derivative instruments classified as cash flow hedging items | $ 0 | $ 0 | $ 0 | $ 0 |
segment information - Operating
segment information - Operating revenue (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | $ 4,934 | $ 4,373 | $ 9,859 | $ 8,629 | |||
Intangible assets | 19,871 | 19,871 | $ 19,871 | $ 19,239 | |||
Accumulated impairment losses of goodwill | 10,015 | 10,015 | 10,015 | 9,125 | |||
Other income | 12 | 28 | 51 | 54 | |||
Operating revenues and other income | 4,946 | 4,401 | 9,910 | 8,683 | |||
EBITDA | 1,588 | 1,593 | 3,209 | 3,162 | 6,453 | 6,406 | $ 6,540 |
Restructuring and other costs included in EBITDA | 115 | 29 | 274 | 68 | 446 | $ 240 | |
Gain on disposition of financial solutions business | 410 | ||||||
Capital expenditures | $ 3,105 | $ 3,787 | |||||
Capital Expenditures | 1,520 | ||||||
TELUS technology solutions | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 4,211 | 3,701 | 8,380 | 7,313 | |||
Other income | 12 | 28 | 51 | 54 | |||
Total external revenues | 4,223 | 3,729 | 8,431 | 7,367 | |||
Intersegment revenues | 4 | 4 | 8 | 8 | |||
Operating revenues and other income | 4,227 | 3,733 | 8,439 | 7,375 | |||
EBITDA | 1,457 | 1,417 | 2,910 | 2,817 | |||
Restructuring and other costs included in EBITDA | 94 | 19 | 235 | 54 | |||
Equity (income) loss related to real estate joint venture | (1) | ||||||
Adjusted EBITDA | 1,551 | 1,436 | 3,144 | 2,871 | |||
Capital expenditures | 773 | 1,016 | |||||
Capital Expenditures | 1,466 | 1,818 | |||||
Adjusted EBITDA less CAPEX, excluding spectrum licences | 778 | 420 | |||||
TELUS technology solutions | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 3,635 | 3,185 | 7,224 | 6,306 | |||
TELUS technology solutions | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 576 | 516 | 1,156 | 1,007 | |||
Mobile | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 2,237 | 2,082 | 4,451 | 4,099 | |||
Mobile | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 1,748 | 1,647 | 3,473 | 3,247 | |||
Mobile | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 489 | 435 | 978 | 852 | |||
Fixed | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 1,974 | 1,619 | 3,929 | 3,214 | |||
Fixed | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 1,887 | 1,538 | 3,751 | 3,059 | |||
Fixed | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 87 | 81 | 178 | 155 | |||
Digitally-led customer experiences - TELUS International | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 723 | 672 | 1,479 | 1,316 | |||
Other income | 0 | 0 | |||||
Total external revenues | 723 | 672 | 1,479 | 1,316 | |||
Intersegment revenues | 173 | 125 | 345 | 240 | |||
Operating revenues and other income | 896 | 797 | 1,824 | 1,556 | |||
EBITDA | 131 | 176 | 299 | 345 | |||
Restructuring and other costs included in EBITDA | 21 | 10 | 39 | 14 | |||
Equity (income) loss related to real estate joint venture | 0 | ||||||
Adjusted EBITDA | 152 | 186 | 338 | 359 | |||
Capital expenditures | 34 | 38 | |||||
Capital Expenditures | 54 | 69 | |||||
Adjusted EBITDA less CAPEX, excluding spectrum licences | 118 | 148 | |||||
Digitally-led customer experiences - TELUS International | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 723 | 672 | 1,479 | 1,316 | |||
Digitally-led customer experiences - TELUS International | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 0 | 0 | |||||
Consolidated | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 4,934 | 4,373 | 9,859 | 8,629 | |||
Other income | 12 | 28 | 51 | 54 | |||
Total external revenues | 4,946 | 4,401 | 9,910 | 8,683 | |||
Intersegment revenues | 0 | 0 | |||||
Operating revenues and other income | 4,946 | 4,401 | 9,910 | 8,683 | |||
EBITDA | 1,588 | 1,593 | 3,209 | 3,162 | |||
Restructuring and other costs included in EBITDA | 115 | 29 | 274 | 68 | |||
Equity (income) loss related to real estate joint venture | (1) | ||||||
Adjusted EBITDA | 1,703 | 1,622 | 3,482 | 3,230 | |||
Capital expenditures | 807 | 1,054 | |||||
Capital Expenditures | 1,887 | ||||||
Adjusted EBITDA less CAPEX, excluding spectrum licences | 896 | 568 | |||||
Consolidated | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 4,358 | 3,857 | 8,703 | 7,622 | |||
Consolidated | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 576 | 516 | 1,156 | 1,007 | |||
Eliminations | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 0 | 0 | 0 | ||||
Other income | 0 | 0 | 0 | ||||
Total external revenues | 0 | 0 | 0 | ||||
Intersegment revenues | (177) | (129) | (353) | (248) | |||
Operating revenues and other income | (177) | $ (129) | (353) | (248) | |||
EBITDA | 0 | 0 | 0 | ||||
Restructuring and other costs included in EBITDA | 0 | 0 | 0 | ||||
Equity (income) loss related to real estate joint venture | 0 | 0 | |||||
Adjusted EBITDA | 0 | 0 | 0 | ||||
Capital expenditures | 0 | ||||||
Capital Expenditures | 0 | 0 | |||||
Adjusted EBITDA less CAPEX, excluding spectrum licences | 0 | ||||||
Eliminations | Service | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | 0 | 0 | 0 | ||||
Eliminations | Equipment | |||||||
Operating revenues | |||||||
Operating revenues (arising from contracts with customers) | $ 0 | $ 0 | $ 0 |
segment information - Income be
segment information - Income before income taxes (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Income before income taxes | |||||||
Operating revenues - external and other income | $ 4,946 | $ 4,401 | $ 9,910 | $ 8,683 | |||
Goods and services purchased | 1,790 | 1,637 | 3,593 | 3,231 | |||
Employee benefits expense | 1,568 | 1,171 | 3,108 | 2,290 | |||
EBITDA | 1,588 | 1,593 | 3,209 | 3,162 | $ 6,453 | $ 6,406 | $ 6,540 |
Depreciation | 598 | 536 | 1,238 | 1,087 | |||
Amortization of intangible assets | 408 | 295 | 790 | 586 | |||
Operating income | 582 | 762 | 1,181 | 1,489 | |||
Financing costs | 323 | 97 | 643 | 276 | |||
Income before income taxes | 259 | 665 | 538 | 1,213 | |||
TELUS technology solutions | |||||||
Income before income taxes | |||||||
Operating revenues - external and other income | 4,227 | 3,733 | 8,439 | 7,375 | |||
EBITDA | 1,457 | 1,417 | 2,910 | 2,817 | |||
Adjusted EBITDA less capital expenditures | 1,678 | 1,053 | |||||
Digitally-led customer experiences - TELUS International | |||||||
Income before income taxes | |||||||
Operating revenues - external and other income | 896 | 797 | 1,824 | 1,556 | |||
EBITDA | 131 | 176 | 299 | 345 | |||
Adjusted EBITDA less capital expenditures | 284 | 290 | |||||
Consolidated | |||||||
Income before income taxes | |||||||
Operating revenues - external and other income | 4,946 | 4,401 | 9,910 | 8,683 | |||
EBITDA | 1,588 | 1,593 | 3,209 | 3,162 | |||
Adjusted EBITDA less capital expenditures | 1,962 | 1,343 | |||||
Eliminations | |||||||
Income before income taxes | |||||||
Operating revenues - external and other income | (177) | $ (129) | (353) | (248) | |||
EBITDA | $ 0 | 0 | 0 | ||||
Adjusted EBITDA less capital expenditures | $ 0 | $ 0 |
revenue from contracts with c_3
revenue from contracts with customers - Revenues (Details) - Minimum - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of transaction price allocated to remaining performance obligations | ||
Transaction price allocated to remaining performance obligations | $ 3,540 | $ 3,654 |
The 12-month period ending one year hence | ||
Disclosure of transaction price allocated to remaining performance obligations | ||
Transaction price allocated to remaining performance obligations | 2,480 | 2,539 |
The 12-month period ending two years hence | ||
Disclosure of transaction price allocated to remaining performance obligations | ||
Transaction price allocated to remaining performance obligations | 966 | 1,034 |
Thereafter | ||
Disclosure of transaction price allocated to remaining performance obligations | ||
Transaction price allocated to remaining performance obligations | $ 94 | $ 81 |
revenue from contracts with c_4
revenue from contracts with customers - Accounts receivable (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts receivable | ||
Customer accounts receivable | $ 2,569 | $ 2,636 |
Accrued receivables - customer | 506 | 468 |
Allowance for doubtful accounts | (93) | (94) |
Total | 2,982 | 3,010 |
Accrued receivables - other | 256 | 306 |
Accounts receivable - current | $ 3,238 | $ 3,316 |
revenue from contracts with c_5
revenue from contracts with customers - Contract assets (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Contract assets | |||||
Contract assets at beginning of period | $ 879 | $ 831 | $ 908 | $ 877 | |
Net additions arising from operations | 368 | 332 | 718 | 633 | |
Amounts billed in the period and thus reclassified to accounts receivable | (394) | (360) | (775) | (708) | |
Change in impairment allowance, net | 1 | 1 | 2 | 2 | |
Other | 3 | 4 | |||
Contract assets at end of period | 857 | 804 | 857 | 804 | |
Reconciliation of contract assets presented in the Consolidated statements of financial position - current | |||||
Gross contract assets | 567 | 542 | 567 | 542 | |
Reclassification to contract liabilities of contracts with contract assets less than contract liabilities | (14) | (16) | (14) | (16) | |
Reclassification from contract liabilities of contracts with contract liabilities less than contract assets | (126) | (114) | (126) | (114) | |
Current contract assets | 427 | 412 | 427 | 412 | $ 441 |
The 12-month period ending one year hence | |||||
Contract assets | |||||
Contract assets at beginning of period | 588 | ||||
Contract assets at end of period | 567 | 542 | 567 | 542 | |
The 12-month period ending two years hence | |||||
Contract assets | |||||
Contract assets at beginning of period | 266 | ||||
Contract assets at end of period | 236 | 210 | 236 | 210 | |
Thereafter | |||||
Contract assets | |||||
Contract assets at beginning of period | 54 | ||||
Contract assets at end of period | $ 54 | $ 52 | $ 54 | $ 52 |
other income (Details)
other income (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
other income | ||||
Government assistance | $ 9 | $ 10 | $ 2 | |
Other sublet revenue | 2 | $ 2 | 3 | 3 |
Investment income (loss), gain (loss) on disposal of assets and other | (4) | 3 | (7) | (1) |
Interest income | 2 | 4 | 1 | |
Changes in business combination-related provisions | 3 | 23 | 41 | 49 |
Total | $ 12 | $ 28 | $ 51 | $ 54 |
employee benefits expense (Deta
employee benefits expense (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee benefits expense - gross | ||||
Wages and salaries | $ 1,478 | $ 1,154 | $ 2,986 | $ 2,259 |
Share-based compensation | 44 | 54 | 98 | 103 |
Pensions - defined benefit | 16 | 25 | 31 | 52 |
Pensions - defined contribution | 35 | 30 | 63 | 56 |
Restructuring costs | 95 | 13 | 143 | 23 |
Employee health and other benefits | 82 | 63 | 137 | 120 |
Total | 1,750 | 1,339 | 3,458 | 2,613 |
Capitalized internal labour costs, net | ||||
Capitalized contract acquisition costs | (23) | (22) | (39) | (40) |
Amortized contract acquisition costs | 23 | 20 | 46 | 39 |
Capitalized contract fulfilment costs | (7) | (1) | (11) | (1) |
Amortized contract fulfilment costs | 1 | 1 | 1 | |
Property, plant and equipment | (98) | (99) | (198) | (192) |
Intangible assets subject to amortization | (77) | (67) | (149) | (130) |
Total | (182) | (168) | (350) | (323) |
Net | 1,568 | 1,171 | 3,108 | 2,290 |
Restructuring Costs [Member] | Digitally-led customer experiences | ||||
Employee benefits expense - gross | ||||
Share-based compensation | $ (2) | $ 1 | $ 0 | $ 2 |
financing costs (Details)
financing costs (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest expense | ||||||
Interest on long-term debt, excluding lease liabilities - gross | $ 270 | $ 179 | $ 533 | $ 348 | ||
Interest on long-term debt, excluding lease liabilities - capitalized | (1) | (12) | (3) | (27) | ||
Interest on long-term debt, excluding lease liabilities | 269 | 167 | 530 | 321 | ||
Interest on lease liabilities | 31 | 17 | 59 | 33 | ||
Interest on short-term borrowings and other | 9 | 3 | 12 | 7 | ||
Interest accretion on provisions | 7 | 5 | 15 | 8 | ||
Total | 316 | 192 | 616 | 369 | ||
Employee defined benefit plans net interest | 2 | 2 | 4 | 4 | ||
Foreign exchange | (17) | 4 | (16) | |||
Virtual power purchase agreements unrealized change in forward element | 7 | (80) | 26 | (80) | ||
Total | 325 | 97 | 650 | 277 | ||
Interest income | (2) | (7) | (1) | |||
Net | 323 | 97 | 643 | 276 | ||
Net interest cost | 616 | 379 | $ 1,084 | $ 755 | ||
Interest on long-term debt, excluding lease liabilities - capitalized | (1) | (12) | (3) | (27) | ||
Employee defined benefit plans net interest | 2 | 2 | 4 | 4 | ||
Virtual power purchase agreements unrealized change in forward element | $ 7 | $ (80) | $ 26 | $ (80) | ||
Composite interest rate on long-term debt, excluding lease liabilities (as a percent) | 3.10% |
income taxes - Expense composit
income taxes - Expense composition (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current income tax expense | ||||
For the current reporting period | $ 118 | $ 176 | $ 265 | $ 321 |
Adjustments recognized in the current period for income taxes of prior periods | (19) | (4) | (18) | (4) |
Total | 99 | 172 | 247 | 317 |
Deferred income tax expense | ||||
Arising from the origination and reversal of temporary differences | (42) | (3) | (135) | (4) |
Adjustments recognized in the current period for income taxes of prior periods | 6 | (2) | 6 | (2) |
Total | (36) | (5) | (129) | (6) |
Income taxes | $ 63 | $ 167 | $ 118 | $ 311 |
income taxes - Rate reconciliat
income taxes - Rate reconciliations (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of effective tax rate | ||||
Income taxes computed at applicable statutory rates | $ 62 | $ 171 | $ 125 | $ 311 |
Adjustments recognized in the current period for income taxes of prior periods | (13) | (6) | (12) | (6) |
(Non-taxable) Non-deductible amounts, net | 2 | 1 | (7) | (1) |
Withholding and other taxes | 2 | 7 | 9 | 15 |
Losses not recognized | 5 | 1 | 8 | 3 |
Foreign tax differential | 4 | (8) | (7) | (11) |
Other | 1 | 1 | 2 | |
Income taxes | $ 63 | $ 167 | $ 118 | $ 311 |
Reconciliation of effective tax rate (as a percent) | ||||
Applicable statutory rate (as a percent) | 24.20% | 25.70% | 23.30% | 25.60% |
Tax rate effect for adjustments recognized in the current period for income taxes of prior periods (as a percent) | (5.30%) | (0.90%) | (2.20%) | (0.50%) |
Tax rate effect for non-deductible amounts (as a percent) | 0.80% | 0.20% | (1.30%) | 0% |
Withholding and other taxes (as percent) | 0.80% | 1% | 1.70% | 1.20% |
Losses not recognized (as percent) | 1.90% | 0.20% | 1.50% | 0.20% |
Foreign tax differential (as percent) | 1.50% | (1.30%) | (1.30%) | (0.90%) |
Tax rate effect for other (as a percent) | 0.40% | 0.10% | 0.30% | |
Tax rate for Income tax expense per Consolidated statements of income and other comprehensive income (as a percent) | 24.30% | 25% | 22% | 25.60% |
other comprehensive income (Det
other comprehensive income (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Items that may subsequently be reclassified to income | ||||
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance beginning | $ (42) | $ 167 | $ (23) | $ 78 |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, before tax | (28) | 9 | (47) | 123 |
Income tax relating to changes in unrealized fair value of derivatives designated as cash flow hedges total | (12) | (4) | (12) | 21 |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, net | (16) | 13 | (35) | 102 |
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance ending | (58) | 180 | (58) | 180 |
Accumulated foreign currency translation balance beginning | 97 | (42) | 66 | 25 |
Cumulative foreign currency translation adjustment, before tax | (66) | (21) | (35) | (88) |
Cumulative foreign currency translation adjustment, net | (66) | (21) | (35) | (88) |
Accumulated foreign currency translation balance ending | 31 | (63) | 31 | (63) |
Accumulated other comprehensive income balance beginning | 139 | 213 | 133 | 186 |
Accumulated other comprehensive income excluding employee defined benefit plan re-measurements, before tax | (97) | (17) | (92) | 36 |
Income tax relating to accumulated other comprehensive income | (13) | (5) | (14) | 21 |
Accumulated other comprehensive income excluding employee defined benefit plan re-measurements, net | (84) | (12) | (78) | 15 |
Accumulated other comprehensive income balance ending | 55 | 201 | 55 | 201 |
Item never reclassified to income | ||||
Accumulated investment in financial assets balance beginning | 84 | 88 | 90 | 83 |
Change in measurement of investment financial assets, Amount arising, before tax | (3) | (5) | (10) | 1 |
Change in measurement of investment financial assets, Income taxes | (1) | (1) | (2) | |
Change in measurement of investment financial assets | (2) | (4) | (8) | 1 |
Accumulated investment in financial assets balance ending | 82 | 84 | 82 | 84 |
Employee defined benefit plans re-measurements, before tax | 5 | 186 | (1) | 400 |
Income tax relating to employee defined benefit plan re-measurements | 2 | 48 | (1) | 103 |
Employee defined benefit plans re-measurements, net | 3 | 138 | (1) | 297 |
Other comp. income, before tax | (92) | 169 | (93) | 436 |
Aggregated income tax relating to components of other comprehensive income | (11) | 43 | (14) | 124 |
Total | (81) | 126 | (79) | 312 |
Attributable to: | ||||
Accumulated other comprehensive income | 55 | 201 | 55 | 201 |
Currency risk | ||||
Items that may subsequently be reclassified to income | ||||
Changes in unrealized fair value of derivatives designated as cash flow hedges gains (losses) arising, before tax | (166) | 182 | (181) | 188 |
Income tax relating to changes in unrealized fair value of derivatives designated as cash flow hedges gains (losses) arising | (31) | 26 | (32) | 30 |
Changes in unrealized fair value of derivatives designated as cash flow hedges gains (losses) transferred to net income, before tax | 137 | 174 | 134 | 67 |
Income tax relating to change in unrealized fair value of derivatives designated as cash flow hedges (gains) losses transferred to net income | 19 | (30) | 20 | (9) |
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance beginning | (38) | 169 | (20) | 81 |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, before tax | (29) | 8 | (47) | 121 |
Income tax relating to changes in unrealized fair value of derivatives designated as cash flow hedges total | (12) | (4) | (12) | 21 |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, net | (17) | 12 | (35) | 100 |
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance ending | (55) | 181 | (55) | 181 |
Other market risk | ||||
Items that may subsequently be reclassified to income | ||||
Changes in unrealized fair value of derivatives designated as cash flow hedges gains (losses) arising, before tax | 1 | 1 | 1 | |
Changes in unrealized fair value of derivatives designated as cash flow hedges gains (losses) transferred to net income, before tax | 1 | |||
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance beginning | (4) | (2) | (3) | (3) |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, before tax | 1 | 1 | 2 | |
Changes in unrealized fair value of derivatives designated as cash flow hedges total, net | 1 | 1 | 2 | |
Accumulated change in unrealized fair value of derivatives designated as cash flow hedge balance ending | (3) | (1) | (3) | (1) |
Common equity | ||||
Items that may subsequently be reclassified to income | ||||
Accumulated other comprehensive income balance ending | 49 | 201 | 49 | 201 |
Item never reclassified to income | ||||
Total | (62) | 329 | ||
Attributable to: | ||||
Accumulated other comprehensive income | 49 | $ 201 | 49 | 201 |
Non-controlling interests | ||||
Items that may subsequently be reclassified to income | ||||
Accumulated other comprehensive income balance ending | 6 | 6 | ||
Item never reclassified to income | ||||
Total | (17) | $ (17) | ||
Attributable to: | ||||
Accumulated other comprehensive income | $ 6 | $ 6 |
per share amounts (Details)
per share amounts (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effect of dilutive securities | ||||
Basic total weighted average number of Common Shares outstanding | 1,447,000,000 | 1,381,000,000 | 1,443,000,000 | 1,378,000,000 |
Effect of dilutive securities - Restricted share units | 5,000,000 | 6,000,000 | 4,000,000 | 6,000,000 |
Diluted total weighted average number of Common Shares outstanding | 1,452,000,000 | 1,387,000,000 | 1,447,000,000 | 1,384,000,000 |
Restricted share units | ||||
Effect of dilutive securities | ||||
Outstanding share awards excluded in the calculation of diluted net income per Common Share | 0 | 0 | 0 | 0 |
TELUS Corporation share options | ||||
Effect of dilutive securities | ||||
Outstanding share awards excluded in the calculation of diluted net income per Common Share | 0 | 0 | 0 | 0 |
dividends per share (Details)
dividends per share (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Aug. 03, 2023 | Oct. 01, 2019 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends per share | ||||||||
Dividends per share | $ 0.3636 | $ 0.3636 | $ 0.3511 | $ 0.3386 | $ 0.3274 | $ 0.7147 | $ 0.6660 | |
Dividends declared | $ 526 | $ 506 | $ 467 | $ 450 | $ 1,032 | $ 917 | ||
Dividend reinvestment and share purchase plan | ||||||||
Dividends per share | ||||||||
Maximum discount on common shares (as a percent) | 5% | |||||||
Offering price discount on Common Shares from Treasury (as a percent) | 2% | |||||||
Dividend reinvestment in common shares | $ 175 | $ 158 | $ 348 | $ 307 |
share-based compensation - Expe
share-based compensation - Expense (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
share-based compensation | ||||||
Employee benefits expense | $ 42 | $ 55 | $ 98 | $ 105 | ||
Associated operating cash outflows | (12) | (13) | (25) | (37) | ||
Statement of cash flows adjustment | 30 | 42 | 73 | 68 | $ 127 | $ 120 |
TELUS technology solutions | ||||||
share-based compensation | ||||||
Employee benefits expense | 39 | 47 | 76 | 87 | ||
Associated operating cash outflows | (12) | (11) | (24) | (29) | ||
Statement of cash flows adjustment | 27 | 36 | 52 | 58 | ||
Digitally-led customer experiences | ||||||
share-based compensation | ||||||
Employee benefits expense | 3 | 8 | 22 | 18 | ||
Associated operating cash outflows | (2) | (1) | (8) | |||
Statement of cash flows adjustment | 3 | 6 | 21 | 10 | ||
Restricted share units | ||||||
share-based compensation | ||||||
Employee benefits expense | 30 | 44 | 74 | 85 | ||
Associated operating cash outflows | (1) | (2) | (8) | |||
Statement of cash flows adjustment | 30 | 43 | 72 | 77 | ||
Restricted share units | Restructuring | Digitally-led customer experiences | ||||||
share-based compensation | ||||||
Employee benefits expense | 32 | 43 | 74 | 83 | ||
Employee share purchase plan | ||||||
share-based compensation | ||||||
Employee benefits expense | 12 | 11 | 23 | 22 | ||
Associated operating cash outflows | $ (12) | (11) | (23) | (22) | ||
Share option awards | ||||||
share-based compensation | ||||||
Employee benefits expense | 1 | (2) | ||||
Associated operating cash outflows | (1) | (7) | ||||
Statement of cash flows adjustment | $ (1) | $ 1 | $ (9) |
share-based compensation - Rest
share-based compensation - Restricted share units (Details) - EquityInstruments | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
TELUS Corporation restricted share units | |||
share-based compensation | |||
Outstanding - Non-vested | 10,778,120 | 6,653,272 | |
Restricted share units with total customer connections performance condition | |||
share-based compensation | |||
Total customer connection payout weight (as a per cent) | 25% | ||
Outstanding - Non-vested | 559,712 | 357,263 | |
Restricted share units with total customer connections performance condition | Maximum | |||
share-based compensation | |||
Variable payout (as a percent) | 200% | ||
Restricted share units with total customer connections performance condition | Minimum | |||
share-based compensation | |||
Variable payout (as a percent) | 0% | ||
Restricted share units with relative total shareholder return performance condition | |||
share-based compensation | |||
Relative total shareholder return payout weight (as a per cent) | 75% | ||
Outstanding - Non-vested | 1,745,262 | 1,071,789 | |
Restricted share units with only service conditions | |||
share-based compensation | |||
Outstanding - Non-vested | 8,473,146 | 5,224,220 | |
Restricted share units without market performance conditions | |||
share-based compensation | |||
Outstanding - Non-vested | 9,032,858 | 8,535,166 | 5,581,483 |
share-based compensation - TELU
share-based compensation - TELUS Corp restricted share units activity (Details) - Restricted share units without market performance conditions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 EquityInstruments $ / shares | Jun. 30, 2023 EquityInstruments $ / shares | |
Number of restricted share units - Non-vested | ||
Outstanding, beginning of period - Non-vested | 8,535,166 | 5,581,483 |
Granted - Initial award | 480,079 | 3,519,510 |
In lieu of dividends | 110,567 | 183,717 |
Vested during the period | (26,309) | (68,923) |
Forfeited | (66,645) | (182,929) |
Outstanding, end of period - Non-vested | 9,032,858 | 9,032,858 |
Number of restricted share units - Vested | ||
Outstanding, beginning of period - Vested | 35,897 | 35,819 |
In lieu of dividends | 466 | 942 |
Vested | 26,309 | 68,923 |
Settled in cash | (26,310) | (69,322) |
Outstanding, end of period - Vested | 36,362 | 36,362 |
Weighted average grant-date fair value | ||
Outstanding, beginning of period, non-vested | $ / shares | $ 28.31 | $ 30.62 |
Outstanding, beginning of period, vested | $ / shares | 26.98 | 27 |
Granted - Initial award | $ / shares | 27.15 | 27.38 |
In lieu of dividends | $ / shares | 27.06 | 26.81 |
Vested | $ / shares | 27.94 | 27.93 |
Settled in cash | $ / shares | 27.94 | 27.94 |
Forfeited | $ / shares | 28.51 | 27.74 |
Outstanding, end of period, non-vested | $ / shares | 28.23 | 28.23 |
Outstanding, end of period, vested | $ / shares | $ 26.98 | $ 26.98 |
share-based compensation - TE_2
share-based compensation - TELUS International (Cda) Inc. restricted share units (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 EquityInstruments $ / shares | Jun. 30, 2023 EquityInstruments $ / shares | |
TELUS International (Cda) Inc. restricted share units | Maximum | ||
share-based compensation | ||
Variable payout (as a percent) | 150% | 150% |
TELUS International (Cda) Inc. restricted share units | Minimum | ||
share-based compensation | ||
Variable payout (as a percent) | 0% | 0% |
TELUS International (Cda) Inc. Restricted Share Units US Dollar Denominated | ||
Number of restricted share units - Non-vested | ||
Outstanding, beginning of period - Non-vested | 2,427,873 | 1,605,821 |
Granted - Initial award | 9,034 | 1,111,894 |
Vested during the period | (119,420) | (396,444) |
Forfeited | (21,569) | (25,353) |
Outstanding, end of period - Non-vested | 2,295,918 | 2,295,918 |
Number of restricted share units - Vested | ||
Granted - Initial award | 270,223 | 342,986 |
Vested | 119,420 | 396,444 |
Settled in equity | (389,643) | (739,430) |
Weighted average grant-date fair value | ||
Outstanding, beginning of period, non-vested | $ / shares | $ 24.56 | $ 27.10 |
Granted - Initial award | $ / shares | 16.60 | 20.30 |
Vested | $ / shares | 28.71 | 26.67 |
Settled in equity | $ / shares | 20.31 | 22.45 |
Forfeited | $ / shares | 24.48 | 24.93 |
Outstanding, end of period, non-vested | $ / shares | $ 24.31 | $ 24.31 |
share-based compensation - TE_3
share-based compensation - TELUS Corporation employee share purchase plan (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee share purchase plan | ||||
share-based compensation | ||||
Dividend reinvestment in common shares | $ 13 | $ 12 | $ 26 | $ 23 |
share-based compensation - TE_4
share-based compensation - TELUS Corporation share options (Details) - TELUS Corporation share options | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 EquityInstruments $ / shares | Jun. 30, 2023 EquityInstruments $ / shares | Jun. 30, 2023 EquityInstruments $ / shares | Jun. 30, 2023 EquityInstruments $ / shares | |
share-based compensation | ||||
Number of share options outstanding, beginning of period | EquityInstruments | 2,627,925 | 2,627,925 | 2,755,300 | 2,755,300 |
Number of share options forfeited | EquityInstruments | (24,300) | (24,300) | (62,700) | (62,700) |
Number of share options outstanding, end of period | EquityInstruments | 2,199,850 | 2,199,850 | 2,199,850 | 2,199,850 |
Weighted average share price of options outstanding, beginning of period | $ / shares | $ 22.08 | $ 22.05 | ||
Weighted average share price of options forfeited | $ / shares | 22.55 | 22.36 | ||
Weighted average share price of options outstanding, end of period | $ / shares | $ 22.21 | $ 22.21 | ||
Weighted average remaining contractual life (years) | 3 years 10 months 24 days | 3 years 10 months 24 days | ||
Number of options exercisable | EquityInstruments | 1,850,250 | 1,850,250 | 1,850,250 | 1,850,250 |
Weighted average price at the date of exercise | $ / shares | $ 27.28 | $ 27.26 | ||
Maximum | ||||
share-based compensation | ||||
Exercise period | 7 years | 7 years |
share-based compensation - TE_5
share-based compensation - TELUS International (Cda) Inc. share options (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 Options EquityInstruments $ / shares | Jun. 30, 2023 Options EquityInstruments $ / shares $ / shares | Jun. 30, 2022 Options $ / shares | Jun. 30, 2023 EquityInstruments Options $ / shares | Jun. 30, 2023 EquityInstruments Options $ / shares $ / shares | Jun. 30, 2023 EquityInstruments Options $ / shares | |
Telus International (Cda) Inc. share options, U.S. $ denominated | ||||||
share-based compensation | ||||||
Number of share options outstanding, beginning of period | Options | 2,661,120 | 2,661,120 | 2,677,297 | 2,677,297 | ||
Weighted average share price of options outstanding, beginning of period | $ 11.35 | $ 11.31 | ||||
Number of share options forfeited | Options | 0 | 0 | (16,177) | |||
Weighted average share price of options forfeited | $ 0 | $ 5.77 | ||||
Number of share options outstanding, end of period | Options | 2,661,120 | 2,661,120 | 2,661,120 | 2,661,120 | ||
Weighted average share price of options outstanding, end of period | $ 11.35 | $ 11.35 | ||||
Number of options exercisable | Options | 2,316,682 | 2,316,682 | 2,316,682 | 2,316,682 | 2,316,682 | |
Weighted average price | $ 9.50 | |||||
TELUS International (Cda) Inc. subordinated voting share options - priced between US$4.87 and US$8.95 | ||||||
share-based compensation | ||||||
Number of share options outstanding, end of period | Options | 2,220,919 | 2,220,919 | 2,220,919 | 2,220,919 | ||
Weighted average remaining contractual life (years) | 3 years 8 months 12 days | 3 years 8 months 12 days | ||||
TELUS International (Cda) Inc. subordinated voting share options - priced at US$25.00 | ||||||
share-based compensation | ||||||
Weighted average price | $ 25 | |||||
Weighted average remaining contractual life (years) | 7 years 8 months 12 days | 7 years 8 months 12 days | ||||
TELUS share options | ||||||
share-based compensation | ||||||
Number of share options outstanding, beginning of period | EquityInstruments | 2,627,925 | 2,627,925 | 2,755,300 | 2,755,300 | ||
Weighted average share price of options outstanding, beginning of period | $ 22.08 | $ 22.05 | ||||
Number of share options exercised | EquityInstruments | (403,775) | (403,775) | (492,750) | (492,750) | ||
Number of share options forfeited | EquityInstruments | (24,300) | (24,300) | (62,700) | (62,700) | ||
Weighted average share price of options exercised | $ 21.32 | $ 21.30 | ||||
Weighted average share price of options forfeited | $ 22.55 | $ 22.36 | ||||
Number of share options outstanding, end of period | EquityInstruments | 2,199,850 | 2,199,850 | 2,199,850 | 2,199,850 | ||
Weighted average share price of options outstanding, end of period | $ 22.21 | $ 22.21 | ||||
Number of options exercisable | EquityInstruments | 1,850,250 | 1,850,250 | 1,850,250 | 1,850,250 | 1,850,250 | |
Weighted average price | $ 22.21 | $ 22.21 | $ 22.21 | $ 22.21 | ||
Weighted average remaining contractual life (years) | 3 years 10 months 24 days | 3 years 10 months 24 days | ||||
Minimum | TELUS International (Cda) Inc. share options | ||||||
share-based compensation | ||||||
Variable payout (as a percent) | 0% | 0% | 0% | 0% | 0% | |
Minimum | TELUS International (Cda) Inc. subordinated voting share options - priced between US$4.87 and US$8.95 | ||||||
share-based compensation | ||||||
Option price | $ 4.87 | |||||
Maximum | TELUS International (Cda) Inc. share options | ||||||
share-based compensation | ||||||
Exercise period | 10 years | 10 years | ||||
Variable payout (as a percent) | 100% | 100% | 100% | 100% | 100% | |
Maximum | TELUS International (Cda) Inc. subordinated voting share options - priced between US$4.87 and US$8.95 | ||||||
share-based compensation | ||||||
Option price | $ 8.95 |
employee future benefits - Defi
employee future benefits - Defined benefit pension plans - summary (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Other comprehensive income | |||||
Total | $ (5) | $ (186) | $ 1 | $ (400) | |
Effect of asset ceiling limit | |||||
Other comprehensive income | |||||
Changes in the effect of limiting net defined benefit assets to the asset ceilings | 976 | $ 918 | |||
Pension plans | Pension plan | Present value of the defined benefit obligations | |||||
Employee benefits expense | |||||
Benefits earned for current service | (20) | (28) | (38) | (55) | |
Benefits earned for past service | (3) | ||||
Total | (20) | (28) | (38) | (58) | |
Financing costs | |||||
Notional income on plan assets and interest on defined benefit obligations accrued | (100) | (74) | (200) | (149) | |
Total | (100) | (74) | (200) | (149) | |
Other comprehensive income | |||||
Changes in plan financial assumptions | (9) | 1,536 | (200) | 3,027 | |
Total | (9) | 1,536 | (200) | 3,027 | |
AMOUNTS INCLUDED IN OPERATING ACTIVITIES CASH FLOWS | |||||
BENEFITS PAID BY PLANS | 234 | 234 | |||
PLAN ACCOUNT BALANCES | |||||
Change in period | (204) | 3,054 | |||
Balance at beginning of period | (8,075) | (10,233) | (10,233) | ||
Balance at end of period | (8,279) | (7,179) | (8,279) | (7,179) | (8,075) |
Pension plans | Pension plan | Present value of the defined benefit obligations | Pension plans that have plan assets in excess of defined benefit obligations accrued | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (7,042) | (6,832) | (7,042) | (6,832) | |
Pension plans | Pension plan | Present value of the defined benefit obligations | Pension plans that have defined benefit obligations accrued in excess of plan assets | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (1,237) | (347) | (1,237) | (347) | |
Pension plans | Pension plan | Present value of the defined benefit obligations | Pension plans that have defined benefit obligations accrued in excess of plan assets - Funded | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (1,029) | (162) | (1,029) | (162) | |
Pension plans | Pension plan | Present value of the defined benefit obligations | Pension plans that have defined benefit obligations accrued in excess of plan assets - Unfunded | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (208) | (185) | (208) | (185) | |
Pension plans | Pension plan | Plan assets | |||||
Employee benefits expense | |||||
Employees' contributions | 5 | 5 | 9 | 9 | |
Administrative fees | (1) | (2) | (2) | (3) | |
Total | 4 | 3 | 7 | 6 | |
Financing costs | |||||
Notional income on plan assets and interest on defined benefit obligations accrued | 109 | 74 | 219 | 148 | |
Interest effect on asset ceiling limit | (11) | (2) | (23) | (3) | |
Total | 98 | 72 | 196 | 145 | |
Other comprehensive income | |||||
Plan assets - Difference between actual results and estimated plan assumptions | 8 | (875) | 234 | (1,418) | |
Changes in the effect of limiting net defined benefit assets to the asset ceilings | 6 | (475) | (35) | (1,209) | |
Total | 14 | (1,350) | 199 | (2,627) | |
AMOUNTS INCLUDED IN OPERATING ACTIVITIES CASH FLOWS | |||||
Employer contributions | 16 | 25 | |||
BENEFITS PAID BY PLANS | (234) | (234) | |||
PLAN ACCOUNT BALANCES | |||||
Change in period | 184 | (2,685) | |||
Balance at beginning of period | 7,990 | 10,043 | 10,043 | ||
Balance at end of period | 8,174 | 7,358 | 8,174 | 7,358 | 7,990 |
Pension plans | Pension plan | Plan assets | Pension plans that have plan assets in excess of defined benefit obligations accrued | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | 7,349 | 7,354 | 7,349 | 7,354 | |
Pension plans | Pension plan | Plan assets | Pension plans that have defined benefit obligations accrued in excess of plan assets | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | 825 | 4 | 825 | 4 | |
Pension plans | Pension plan | Plan assets | Pension plans that have defined benefit obligations accrued in excess of plan assets - Funded | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | 825 | 4 | 825 | 4 | |
Pension plans | Pension plan | Net | |||||
Employee benefits expense | |||||
Total | (16) | (25) | (31) | (52) | |
Financing costs | |||||
Total | (2) | (2) | (4) | (4) | |
DEFINED BENEFIT (COST) INCLUDED IN NET INCOME | (18) | (27) | (35) | (56) | |
Other comprehensive income | |||||
Total | 5 | 186 | (1) | 400 | |
DEFINED BENEFIT (COST) INCLUDED IN COMPREHENSIVE INCOME | (13) | 159 | (36) | 344 | |
AMOUNTS INCLUDED IN OPERATING ACTIVITIES CASH FLOWS | |||||
Employer contributions | 16 | 25 | |||
PLAN ACCOUNT BALANCES | |||||
Change in period | (20) | 369 | |||
Balance at beginning of period | (85) | (190) | (190) | ||
Balance at end of period | (105) | 179 | (105) | 179 | $ (85) |
Pension plans | Pension plan | Net | Pension plans that have plan assets in excess of defined benefit obligations accrued | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | 307 | 522 | 307 | 522 | |
Pension plans | Pension plan | Net | Pension plans that have defined benefit obligations accrued in excess of plan assets | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (412) | (343) | (412) | (343) | |
Pension plans | Pension plan | Net | Pension plans that have defined benefit obligations accrued in excess of plan assets - Funded | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | (204) | (158) | (204) | (158) | |
Pension plans | Pension plan | Net | Pension plans that have defined benefit obligations accrued in excess of plan assets - Unfunded | |||||
PLAN ACCOUNT BALANCES | |||||
Balance at end of period | $ (208) | $ (185) | $ (208) | $ (185) |
employee future benefits - De_2
employee future benefits - Defined contribution pension plans expense (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of defined contribution plans expense | ||||
Union pension plan and public service pension plan contributions | $ 4 | $ 5 | $ 8 | $ 9 |
Other defined contribution pension plans | 31 | 25 | 55 | 47 |
Total | $ 35 | $ 30 | $ 63 | $ 56 |
restructuring and other costs_2
restructuring and other costs (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
restructuring and other costs | ||||||
Goods and services purchased | $ 13 | $ 16 | $ 57 | $ 45 | ||
Employee benefits expense | 102 | 13 | 217 | 23 | ||
Total | 115 | 29 | 274 | 68 | $ 446 | $ 240 |
Real estate rationalization-related restructuring impairments of property, plant and equipment | 52 | 1 | ||||
Restructuring | ||||||
restructuring and other costs | ||||||
Goods and services purchased | 9 | 11 | 51 | 37 | ||
Employee benefits expense | 95 | 13 | 143 | 23 | ||
Total | 104 | 24 | 194 | 60 | ||
Other | ||||||
restructuring and other costs | ||||||
Goods and services purchased | 4 | 5 | 6 | 8 | ||
Employee benefits expense | 7 | 74 | ||||
Total | $ 11 | $ 5 | $ 80 | $ 8 |
property, plant and equipment_2
property, plant and equipment (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | $ 17,084 | ||||
Depreciation | $ 598 | $ 536 | 1,238 | $ 1,087 | |
Property, plant and equipment at end of period | 17,297 | 17,297 | |||
Contractual commitments for the acquisition of property, plant and equipment | 385 | 385 | $ 275 | ||
Owned assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 14,924 | ||||
Property, plant and equipment at end of period | 15,015 | 15,015 | |||
Owned assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 11,924 | ||||
Property, plant and equipment at end of period | 11,962 | 11,962 | |||
Owned assets | Buildings and leasehold improvements | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 1,424 | ||||
Property, plant and equipment at end of period | 1,401 | 1,401 | |||
Owned assets | Computer hardware and other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 678 | ||||
Property, plant and equipment at end of period | 674 | 674 | |||
Owned assets | Land | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 83 | ||||
Property, plant and equipment at end of period | 83 | 83 | |||
Owned assets | Assets under construction | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 815 | ||||
Property, plant and equipment at end of period | 895 | 895 | |||
Right-of-use lease assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 2,160 | ||||
Property, plant and equipment at end of period | 2,282 | 2,282 | |||
Right-of-use lease assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 785 | ||||
Property, plant and equipment at end of period | 870 | 870 | |||
Right-of-use lease assets | Real estate | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 1,300 | ||||
Property, plant and equipment at end of period | 1,341 | 1,341 | |||
Impairment of assets | 28 | ||||
Right-of-use lease assets | Property plant and equipment Other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 75 | ||||
Property, plant and equipment at end of period | 71 | 71 | |||
Cost/Gross amount | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 45,504 | ||||
Additions | 1,371 | ||||
Additions arising from business acquisitions | 80 | ||||
Dispositions, retirements and other | (409) | ||||
Net foreign exchange differences | (31) | ||||
Property, plant and equipment at end of period | 46,515 | 46,515 | |||
Cost/Gross amount | Owned assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 42,452 | ||||
Additions | 1,046 | ||||
Additions arising from business acquisitions | 52 | ||||
Dispositions, retirements and other | (389) | ||||
Net foreign exchange differences | (16) | ||||
Property, plant and equipment at end of period | 43,145 | 43,145 | |||
Cost/Gross amount | Owned assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 36,036 | ||||
Additions | 477 | ||||
Additions arising from business acquisitions | 36 | ||||
Assets under construction put into service | 324 | ||||
Dispositions, retirements and other | (317) | ||||
Net foreign exchange differences | (2) | ||||
Property, plant and equipment at end of period | 36,554 | 36,554 | |||
Cost/Gross amount | Owned assets | Buildings and leasehold improvements | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 3,746 | ||||
Additions | 15 | ||||
Additions arising from business acquisitions | 13 | ||||
Assets under construction put into service | 71 | ||||
Dispositions, retirements and other | (56) | ||||
Net foreign exchange differences | (4) | ||||
Property, plant and equipment at end of period | 3,785 | 3,785 | |||
Cost/Gross amount | Owned assets | Computer hardware and other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 1,772 | ||||
Additions | 27 | ||||
Additions arising from business acquisitions | 3 | ||||
Assets under construction put into service | 51 | ||||
Dispositions, retirements and other | (16) | ||||
Net foreign exchange differences | (9) | ||||
Property, plant and equipment at end of period | 1,828 | 1,828 | |||
Cost/Gross amount | Owned assets | Land | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 83 | ||||
Property, plant and equipment at end of period | 83 | 83 | |||
Cost/Gross amount | Owned assets | Assets under construction | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 815 | ||||
Additions | 527 | ||||
Assets under construction put into service | (446) | ||||
Net foreign exchange differences | (1) | ||||
Property, plant and equipment at end of period | 895 | 895 | |||
Cost/Gross amount | Right-of-use lease assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 3,052 | ||||
Additions | 325 | ||||
Additions arising from business acquisitions | 28 | ||||
Dispositions, retirements and other | (20) | ||||
Net foreign exchange differences | (15) | ||||
Property, plant and equipment at end of period | 3,370 | 3,370 | |||
Cost/Gross amount | Right-of-use lease assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 835 | ||||
Additions | 138 | ||||
Property, plant and equipment at end of period | 973 | 973 | |||
Cost/Gross amount | Right-of-use lease assets | Real estate | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 2,095 | ||||
Additions | 179 | ||||
Additions arising from business acquisitions | 28 | ||||
Dispositions, retirements and other | (14) | ||||
Net foreign exchange differences | (15) | ||||
Property, plant and equipment at end of period | 2,273 | 2,273 | |||
Cost/Gross amount | Right-of-use lease assets | Property plant and equipment Other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | 122 | ||||
Additions | 8 | ||||
Dispositions, retirements and other | (6) | ||||
Property, plant and equipment at end of period | 124 | 124 | |||
Accumulated depreciation | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (28,420) | ||||
Depreciation | 1,238 | ||||
Dispositions, retirements and other | (427) | ||||
Net foreign exchange differences | (13) | ||||
Property, plant and equipment at end of period | (29,218) | (29,218) | |||
Accumulated depreciation | Owned assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (27,528) | ||||
Depreciation | 1,021 | ||||
Dispositions, retirements and other | (414) | ||||
Net foreign exchange differences | (5) | ||||
Property, plant and equipment at end of period | (28,130) | (28,130) | |||
Accumulated depreciation | Owned assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (24,112) | ||||
Depreciation | 805 | ||||
Dispositions, retirements and other | (324) | ||||
Net foreign exchange differences | (1) | ||||
Property, plant and equipment at end of period | (24,592) | (24,592) | |||
Accumulated depreciation | Owned assets | Buildings and leasehold improvements | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (2,322) | ||||
Depreciation | 109 | ||||
Dispositions, retirements and other | (46) | ||||
Net foreign exchange differences | (1) | ||||
Property, plant and equipment at end of period | (2,384) | (2,384) | |||
Accumulated depreciation | Owned assets | Computer hardware and other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (1,094) | ||||
Depreciation | 107 | ||||
Dispositions, retirements and other | (44) | ||||
Net foreign exchange differences | (3) | ||||
Property, plant and equipment at end of period | (1,154) | (1,154) | |||
Accumulated depreciation | Right-of-use lease assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (892) | ||||
Depreciation | 217 | ||||
Dispositions, retirements and other | (13) | ||||
Net foreign exchange differences | (8) | ||||
Property, plant and equipment at end of period | (1,088) | (1,088) | |||
Accumulated depreciation | Right-of-use lease assets | Network assets | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (50) | ||||
Depreciation | 53 | ||||
Property, plant and equipment at end of period | (103) | (103) | |||
Accumulated depreciation | Right-of-use lease assets | Real estate | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (795) | ||||
Depreciation | 154 | ||||
Dispositions, retirements and other | (9) | ||||
Net foreign exchange differences | (8) | ||||
Property, plant and equipment at end of period | (932) | (932) | |||
Accumulated depreciation | Right-of-use lease assets | Property plant and equipment Other | |||||
property, plant and equipment | |||||
Property, plant and equipment at beginning of period | (47) | ||||
Depreciation | 10 | ||||
Dispositions, retirements and other | (4) | ||||
Property, plant and equipment at end of period | $ (53) | $ (53) |
intangible assets and goodwil_2
intangible assets and goodwill (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
intangible assets and goodwill | |||||
Balance at beginning of the period | $ 28,364 | ||||
Amortization | $ 408 | $ 295 | 790 | $ 586 | |
Balance at end of the period | 29,886 | 29,886 | |||
Accumulated impairment losses of goodwill | 10,015 | 10,015 | $ 9,125 | ||
Contractual commitments for the acquisition of intangible assets | 22 | 22 | $ 14 | ||
Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 34,748 | ||||
Additions | 480 | ||||
Additions arising from business acquisitions | 1,897 | ||||
Dispositions, retirements and other (including capitalized interest) | (351) | ||||
Net foreign exchange differences | (93) | ||||
Balance at end of the period | 36,681 | 36,681 | |||
Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (6,384) | ||||
Amortization | (790) | ||||
Dispositions, retirements and other (including capitalized interest) | (373) | ||||
Net foreign exchange differences | (6) | ||||
Balance at end of the period | (6,795) | (6,795) | |||
Allowance for doubtful accounts | |||||
intangible assets and goodwill | |||||
Accumulated impairment losses of goodwill | 0 | 0 | |||
Spectrum licences | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 12,215 | ||||
Balance at end of the period | 12,224 | 12,224 | |||
Spectrum licences | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 12,215 | ||||
Additions | 6 | ||||
Dispositions, retirements and other (including capitalized interest) | 3 | ||||
Balance at end of the period | 12,224 | 12,224 | |||
Total intangible assets | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 19,239 | ||||
Balance at end of the period | 19,871 | 19,871 | |||
Total intangible assets | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 25,259 | ||||
Additions | 480 | ||||
Additions arising from business acquisitions | 964 | ||||
Dispositions, retirements and other (including capitalized interest) | (351) | ||||
Net foreign exchange differences | (50) | ||||
Balance at end of the period | 26,302 | 26,302 | |||
Total intangible assets | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (6,020) | ||||
Amortization | (790) | ||||
Dispositions, retirements and other (including capitalized interest) | (373) | ||||
Net foreign exchange differences | (6) | ||||
Balance at end of the period | (6,431) | (6,431) | |||
Intangible assets subject to amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 7,024 | ||||
Balance at end of the period | 7,647 | 7,647 | |||
Intangible assets subject to amortization | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 13,044 | ||||
Additions | 474 | ||||
Additions arising from business acquisitions | 964 | ||||
Dispositions, retirements and other (including capitalized interest) | (354) | ||||
Net foreign exchange differences | (50) | ||||
Balance at end of the period | 14,078 | 14,078 | |||
Intangible assets subject to amortization | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (6,020) | ||||
Amortization | (790) | ||||
Dispositions, retirements and other (including capitalized interest) | (373) | ||||
Net foreign exchange differences | (6) | ||||
Balance at end of the period | (6,431) | (6,431) | |||
Customer contracts, related customer relationships and leasehold interests | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 3,407 | ||||
Balance at end of the period | 4,001 | 4,001 | |||
Customer contracts, related customer relationships and leasehold interests | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 4,489 | ||||
Additions arising from business acquisitions | 836 | ||||
Dispositions, retirements and other (including capitalized interest) | 20 | ||||
Net foreign exchange differences | (45) | ||||
Balance at end of the period | 5,300 | 5,300 | |||
Customer contracts, related customer relationships and leasehold interests | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (1,082) | ||||
Amortization | (234) | ||||
Dispositions, retirements and other (including capitalized interest) | (12) | ||||
Net foreign exchange differences | (5) | ||||
Balance at end of the period | (1,299) | (1,299) | |||
Software | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 2,809 | ||||
Balance at end of the period | 2,854 | 2,854 | |||
Software | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 7,522 | ||||
Additions | 109 | ||||
Assets under construction put into service | 437 | ||||
Dispositions, retirements and other (including capitalized interest) | (322) | ||||
Net foreign exchange differences | (1) | ||||
Balance at end of the period | 7,745 | 7,745 | |||
Software | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (4,713) | ||||
Amortization | (508) | ||||
Dispositions, retirements and other (including capitalized interest) | (329) | ||||
Net foreign exchange differences | (1) | ||||
Balance at end of the period | (4,891) | (4,891) | |||
Access to rights-of-way, crowdsource assets and other | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 273 | ||||
Balance at end of the period | 348 | 348 | |||
Access to rights-of-way, crowdsource assets and other | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 498 | ||||
Additions | 2 | ||||
Additions arising from business acquisitions | 128 | ||||
Assets under construction put into service | 17 | ||||
Dispositions, retirements and other (including capitalized interest) | (52) | ||||
Net foreign exchange differences | (4) | ||||
Balance at end of the period | 589 | 589 | |||
Access to rights-of-way, crowdsource assets and other | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (225) | ||||
Amortization | (48) | ||||
Dispositions, retirements and other (including capitalized interest) | (32) | ||||
Balance at end of the period | (241) | (241) | |||
Assets under construction. | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 535 | ||||
Balance at end of the period | 444 | 444 | |||
Assets under construction. | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 535 | ||||
Additions | 363 | ||||
Assets under construction put into service | (454) | ||||
Balance at end of the period | 444 | 444 | |||
Goodwill. | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 9,125 | ||||
Balance at end of the period | 10,015 | 10,015 | |||
Goodwill. | Cost/Gross amount | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | 9,489 | ||||
Additions arising from business acquisitions | 933 | ||||
Net foreign exchange differences | (43) | ||||
Balance at end of the period | 10,379 | 10,379 | |||
Goodwill. | Accumulated amortization | |||||
intangible assets and goodwill | |||||
Balance at beginning of the period | (364) | ||||
Balance at end of the period | $ (364) | $ (364) |
intangible assets and goodwil_3
intangible assets and goodwill - Business acquisitions (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 CAD ($) | |
Business acquisition | |
Percentage of shares remaining that were included in the written put option provided to the non-controlling shareholders | 14% |
Maximum percentage of voting shares which provision may be settled | 70% |
Customer contracts and related customer relationships | |
Acquisition effected by way of: | |
Useful life of intangible assets | 15 years |
Other intangible assets | Minimum | |
Acquisition effected by way of: | |
Useful life of intangible assets | 4 years |
Other intangible assets | Maximum | |
Acquisition effected by way of: | |
Useful life of intangible assets | 10 years |
Combined acquisitions | |
Current assets | |
Cash | $ 13 |
Accounts receivable | 86 |
Other | 5 |
Total current assets | 104 |
Non-current assets | |
Intangible assets subject to amortization | 964 |
Total non-current assets | 1,044 |
Total identifiable assets acquired | 1,148 |
Current liabilities | |
Accounts payable and accrued liabilities | 57 |
Income and other taxes payable | 16 |
Advance billings and customer deposits | 7 |
Current maturities of long-term debt | 127 |
Total current liabilities | 207 |
Non-current liabilities | |
Long-term debt | 50 |
Deferred income taxes | 94 |
Total non-current liabilities | 144 |
Total liabilities assumed | 351 |
Net identifiable assets acquired | 797 |
Goodwill | 933 |
Net assets acquired | 1,730 |
Acquisition effected by way of: | |
Cash consideration | 1,275 |
Accounts payable and accrued liabilities | 18 |
Provisions | 266 |
Issue of shares by a subsidiary to a non-controlling interest | 171 |
Total consideration transferred | 1,730 |
Combined acquisitions | Owned assets | |
Non-current assets | |
Property, plant and equipment | 52 |
Combined acquisitions | Right-of-use lease assets. | |
Non-current assets | |
Property, plant and equipment | 28 |
WillowTree | |
Current assets | |
Cash | 7 |
Accounts receivable | 84 |
Other | 3 |
Total current assets | 94 |
Non-current assets | |
Intangible assets subject to amortization | 947 |
Total non-current assets | 994 |
Total identifiable assets acquired | 1,088 |
Current liabilities | |
Accounts payable and accrued liabilities | 50 |
Income and other taxes payable | 16 |
Advance billings and customer deposits | 5 |
Current maturities of long-term debt | 126 |
Total current liabilities | 197 |
Non-current liabilities | |
Long-term debt | 22 |
Deferred income taxes | 94 |
Total non-current liabilities | 116 |
Total liabilities assumed | 313 |
Net identifiable assets acquired | 775 |
Goodwill | 831 |
Net assets acquired | 1,606 |
Acquisition effected by way of: | |
Cash consideration | 1,169 |
Provisions | 266 |
Issue of shares by a subsidiary to a non-controlling interest | 171 |
Total consideration transferred | 1,606 |
WillowTree | Owned assets | |
Non-current assets | |
Property, plant and equipment | 20 |
WillowTree | Right-of-use lease assets. | |
Non-current assets | |
Property, plant and equipment | $ 27 |
Individually immaterial transactions | |
Business acquisition | |
Ownership interest in businesses acquired (as a percentage) | 100% |
Current assets | |
Cash | $ 6 |
Accounts receivable | 2 |
Other | 2 |
Total current assets | 10 |
Non-current assets | |
Intangible assets subject to amortization | 17 |
Total non-current assets | 50 |
Total identifiable assets acquired | 60 |
Current liabilities | |
Accounts payable and accrued liabilities | 7 |
Advance billings and customer deposits | 2 |
Current maturities of long-term debt | 1 |
Total current liabilities | 10 |
Non-current liabilities | |
Long-term debt | 28 |
Total non-current liabilities | 28 |
Total liabilities assumed | 38 |
Net identifiable assets acquired | 22 |
Goodwill | 102 |
Net assets acquired | 124 |
Acquisition effected by way of: | |
Cash consideration | 106 |
Accounts payable and accrued liabilities | 18 |
Total consideration transferred | 124 |
Individually immaterial transactions | Owned assets | |
Non-current assets | |
Property, plant and equipment | 32 |
Individually immaterial transactions | Right-of-use lease assets. | |
Non-current assets | |
Property, plant and equipment | $ 1 |
intangible assets and goodwil_4
intangible assets and goodwill - Business acquisition - pro forma disclosures (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pro forma Information | ||||
Reported Operating revenues and other income | $ 4,946 | $ 4,401 | $ 9,910 | $ 8,683 |
Reported Net income | 196 | $ 498 | 420 | $ 902 |
Pro forma Operating revenues and other income | 4,946 | 9,916 | ||
Pro forma Net income | $ 196 | $ 420 | ||
Net income per Common Share | ||||
Reported Basic | $ 0.14 | $ 0.34 | $ 0.29 | $ 0.62 |
Reported Diluted | 0.14 | $ 0.34 | 0.29 | $ 0.62 |
Pro forma Basic | 0.14 | 0.29 | ||
Pro forma Diluted | $ 0.14 | $ 0.29 | ||
WillowTree | ||||
Pro forma Information | ||||
Reported Operating revenues and other income of acquiree | $ 61 | $ 138 | ||
Reported Net income (loss) of acquiree | $ (41) | $ (69) |
intangible assets and goodwil_5
intangible assets and goodwill - Business acquisitions - prior period (Details) - Business that is complimentary to existing lines $ in Millions | 6 Months Ended |
Jun. 30, 2023 CAD ($) | |
Intangible assets and goodwill | |
Increase in income and other taxes receivable | $ 19 |
Decrease in goodwill | 44 |
Increase (decrease) in accounts receivable | 19 |
Decrease in deferred tax liabilities | (17) |
Customer contracts and related customer relationships | |
Intangible assets and goodwill | |
Increase (decrease) in intangible assets subject to amortization | 118 |
Software | |
Intangible assets and goodwill | |
Increase (decrease) in intangible assets subject to amortization | $ 179 |
leases (Details)
leases (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income from subleasing right-of-use lease assets | ||||
Co-location sublet revenue included in operating service revenues | $ 5 | $ 5 | $ 9 | $ 9 |
Other sublet revenue included in other income | 2 | 2 | 3 | 3 |
Lease payments | $ 159 | $ 143 | $ 319 | $ 282 |
other long-term assets (Details
other long-term assets (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
other long-term assets | ||
Pension assets | $ 307 | $ 307 |
Unbilled customer finance receivables | 593 | 571 |
Derivative assets | 154 | 250 |
Deferred income taxes | 33 | 19 |
Costs incurred to obtain or fulfill contracts with customers | 173 | 154 |
Real estate joint venture advances | 114 | 114 |
Investment in real estate joint venture | 1 | 1 |
Investments in associates | 219 | 120 |
At fair value through net income | 26 | 21 |
At fair value through other comprehensive income | 465 | 467 |
Prepaid maintenance | 53 | 61 |
Refundable security deposits and other | 138 | 118 |
Total | $ 2,276 | $ 2,203 |
other long-term assets - Costs
other long-term assets - Costs incurred to obtain and fulfill contracts with customers (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
other long-term assets | |||
Balance, beginning of period | $ 420 | $ 419 | |
Additions | 95 | 170 | |
Amortization | (76) | (150) | |
Balance, end of period | 439 | 439 | |
Current | 266 | 266 | |
Non-current | 173 | 173 | $ 154 |
Total | 439 | 439 | 419 |
Costs incurred to obtain contracts with customers | |||
other long-term assets | |||
Balance, beginning of period | 400 | 404 | |
Additions | 87 | 156 | |
Amortization | (75) | (148) | |
Balance, end of period | 412 | 412 | |
Current | 258 | 258 | |
Non-current | 154 | 154 | |
Total | 412 | 412 | 404 |
Costs incurred to fulfill contracts with customers | |||
other long-term assets | |||
Balance, beginning of period | 20 | 15 | |
Additions | 8 | 14 | |
Amortization | (1) | (2) | |
Balance, end of period | 27 | 27 | |
Current | 8 | 8 | |
Non-current | 19 | 19 | |
Total | $ 27 | $ 27 | $ 15 |
real estate joint ventures an_3
real estate joint ventures and investments in associates - Summarized financial information (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2013 item | Jun. 30, 2023 CAD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Jun. 30, 2022 CAD ($) | Mar. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Current assets | |||||||
Cash and temporary investments, net | $ 649 | $ 877 | $ 974 | $ 382 | $ 774 | $ 723 | |
Total | 5,928 | 6,092 | |||||
Non-current assets | |||||||
Other | 2,276 | 2,203 | |||||
Total | 49,749 | 47,971 | |||||
Assets | 55,677 | 54,063 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 3,249 | 3,947 | |||||
Total | 9,426 | 8,281 | |||||
Non-current liabilities | |||||||
Total | 28,672 | 28,124 | |||||
Liabilities | 38,098 | 36,405 | |||||
Owners' equity | |||||||
TELUS | 16,407 | 16,569 | 15,716 | ||||
Other partners | 1,172 | 1,089 | 964 | ||||
Total | 17,579 | 17,658 | $ 16,680 | $ 16,059 | |||
Total | 55,677 | 54,063 | |||||
Real estate joint ventures | |||||||
Current assets | |||||||
Cash and temporary investments, net | 9 | 8 | |||||
Other | 30 | 27 | |||||
Total | 39 | 35 | |||||
Non-current assets | |||||||
Investment property | 327 | 330 | |||||
Other | 10 | 10 | |||||
Total | 337 | 340 | |||||
Assets | 376 | 375 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 10 | 18 | |||||
Construction credit facilities | 342 | 342 | |||||
Non-current liabilities | |||||||
Total | 352 | 360 | |||||
Owners' equity | |||||||
TELUS | 8 | 5 | |||||
Other partners | 16 | 10 | |||||
Total | 24 | 15 | |||||
Total | $ 376 | $ 375 | |||||
TELUS Sky real estate joint venture | |||||||
Real estate joint ventures | |||||||
Number of other partners in the transaction | item | 2 |
real estate joint ventures an_4
real estate joint ventures and investments in associates - Net income (loss) and comprehensive income (loss) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
real estate joint ventures and investments in associates | |||||
Interest expense | $ 325 | $ 97 | $ 650 | $ 277 | |
Net income (loss) | 196 | 498 | 420 | 902 | |
Comprehensive income (loss) | 115 | 624 | 341 | 1,214 | |
Real estate joint ventures | |||||
real estate joint ventures and investments in associates | |||||
Revenue | 7 | 6 | 13 | 10 | |
Depreciation and amortization | 2 | 2 | 4 | 4 | |
Interest expense | 2 | 1 | 5 | 4 | |
Net income (loss) | (5) | (2) | (11) | (6) | |
Comprehensive income (loss) | (5) | $ (2) | (11) | (6) | |
Provision for income taxes of the partners recognized in net income and comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
real estate joint ventures an_5
real estate joint ventures and investments in associates - Investment activity (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related to real estate joint ventures' statements of income and other comprehensive income | ||||
Comprehensive income (loss) attributable to us | $ (144) | $ (591) | $ (355) | $ (1,182) |
Real estate joint ventures | ||||
Related to real estate joint ventures' statements of income and other comprehensive income | ||||
Comprehensive income (loss) attributable to us | (1) | (1) | (2) | (1) |
Items not affecting currently reported cash flows | ||||
Construction credit facilities financing costs charged by us | 2 | 4 | 1 | |
Cash flows in the current reporting period | ||||
Financing costs paid to us | (2) | (4) | (1) | |
Funds we advanced or contributed, excluding construction credit facilities | 1 | 2 | 2 | 2 |
Funds repaid to us and earnings distributed | (1) | (1) | ||
Real estate joint ventures carrying amounts | ||||
Balance, beginning of period | 106 | 106 | 106 | 106 |
Balance, end of period | 106 | 106 | 106 | 106 |
Real estate joint ventures | Equity | ||||
Related to real estate joint ventures' statements of income and other comprehensive income | ||||
Comprehensive income (loss) attributable to us | (1) | (1) | (2) | (1) |
Cash flows in the current reporting period | ||||
Funds we advanced or contributed, excluding construction credit facilities | 1 | 2 | 2 | 2 |
Funds repaid to us and earnings distributed | (1) | (1) | ||
Real estate joint ventures carrying amounts | ||||
Balance, beginning of period | (8) | (8) | (8) | (8) |
Balance, end of period | (8) | (8) | (8) | (8) |
Real estate joint ventures | Loans and receivables | ||||
Items not affecting currently reported cash flows | ||||
Construction credit facilities financing costs charged by us | 2 | 4 | 1 | |
Cash flows in the current reporting period | ||||
Financing costs paid to us | (2) | (4) | (1) | |
Real estate joint ventures carrying amounts | ||||
Balance, beginning of period | 114 | 114 | 114 | 114 |
Balance, end of period | 114 | 114 | 114 | 114 |
TELUS Sky real estate joint venture | ||||
Real estate joint ventures carrying amounts | ||||
Related party revenue from TELUS Sky office tenancy | $ 2 | $ 2 | $ 4 | $ 4 |
real estate joint ventures an_6
real estate joint ventures and investments in associates - Commitments and contingent liabilities (Details) - TELUS Sky real estate joint venture - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
real estate joint ventures and investments in associates | ||
Percentage of financing provided | 33.333% | |
Construction financing amount | $ 282 | $ 342 |
Three Canadian financial institutions | ||
real estate joint ventures and investments in associates | ||
Percentage of financing provided | 66.667% |
real estate joint ventures an_7
real estate joint ventures and investments in associates - Investments in associates (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Net assets (liabilities) [abstract] | |||||
Current assets | $ 5,928 | $ 5,928 | $ 6,092 | ||
Non-current assets | 49,749 | 49,749 | 47,971 | ||
Current liabilities | 9,426 | 9,426 | 8,281 | ||
Non-current liabilities | 28,672 | 28,672 | 28,124 | ||
condensed interim consolidated statements of income and other comprehensive income | |||||
Reported Operating revenues and other income | 4,946 | $ 4,401 | 9,910 | $ 8,683 | |
Net income (loss) | 196 | 498 | 420 | 902 | |
Other comprehensive income (loss) | (81) | 126 | (79) | 312 | |
Comprehensive income (loss) | 115 | $ 624 | 341 | $ 1,214 | |
Our carrying amount | $ 219 | $ 219 | $ 120 | ||
Miovision Technologies Incorporated | |||||
real estate joint ventures and investments in associates | |||||
Equity interest in associates (as a percent) | 43% | 32% | |||
condensed interim consolidated statements of income and other comprehensive income | |||||
Comprehensive income (loss) | $ 181 | $ 75 |
real estate joint ventures an_8
real estate joint ventures and investments in associates - Investments in associates - Individually immaterial associates (Details) - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
real estate joint ventures and investments in associates | ||
Investments in associates | $ 219 | $ 120 |
Individually immaterial associates | ||
real estate joint ventures and investments in associates | ||
Investments in associates | 38 | 45 |
Miovision Technologies Incorporated | ||
real estate joint ventures and investments in associates | ||
Aggregate share of associates' comprehensive income | $ 181 | $ 75 |
short-term borrowings (Details)
short-term borrowings (Details) - CAD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
short-term borrowings | |||
Short-term borrowings | $ 594 | $ 104 | $ 279 |
TELUS Communications Inc. | Revolving period securitization agreement | |||
short-term borrowings | |||
Cash proceeds from monthly sales | 100 | ||
Trade receivables sold | 708 | 118 | |
Short-term borrowings | 590 | 100 | |
TELUS Communications Inc. | Revolving period securitization agreement | Maximum | |||
short-term borrowings | |||
Trade receivables that can be sold under the securitization agreement | $ 600 | $ 600 |
accounts payable and accrued _3
accounts payable and accrued liabilities (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
accounts payable and accrued liabilities | ||
Accrued liabilities | $ 1,371 | $ 1,593 |
Payroll and other employee-related liabilities | 604 | 656 |
Restricted share units liability | 1 | 1 |
Total | 1,976 | 2,250 |
Trade accounts payable | 936 | 1,382 |
Interest payable | 214 | 206 |
Indirect taxes payable and other | 123 | 109 |
Total | $ 3,249 | $ 3,947 |
advance billings and customer_3
advance billings and customer deposits (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Disclosure of advance billings and customer deposits | |||
Advance billings | $ 714 | $ 662 | |
Deferred customer activation and connection fees | 4 | 5 | |
Customer deposits | 21 | 12 | |
Contract liabilities | 739 | 679 | $ 661 |
Other | 203 | 212 | |
Total | $ 942 | $ 891 |
advance billings and customer_4
advance billings and customer deposits - Contract liabilities (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of advance billings and customer deposits | ||||
Contract liabilities at beginning of period | $ 965 | $ 883 | $ 914 | $ 870 |
Revenue deferred in previous period and recognized in current period | (661) | (644) | (625) | (630) |
Net additions arising from operations | 670 | 638 | 678 | 631 |
Additions arising from business acquisitions | 6 | 7 | 12 | |
Contract liabilities at end of period | 974 | 883 | 974 | 883 |
Current | 879 | 791 | 879 | 791 |
Non-current | ||||
Deferred revenues | 89 | 85 | 89 | 85 |
Deferred customer activation and connection fees | $ 6 | $ 7 | $ 6 | $ 7 |
advance billings and customer_5
advance billings and customer deposits - Reconciliation of contract liabilities (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Disclosure of advance billings and customer deposits | |||
Gross contract liabilities | $ 879 | $ 791 | |
Reclassification to contract assets of contracts with contract liabilities less than contract assets | (126) | (114) | |
Reclassification from contract assets of contracts with contract assets less than contract liabilities | (14) | (16) | |
Contract liabilities | $ 739 | $ 679 | $ 661 |
provisions (Details)
provisions (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 CAD ($) | Jun. 30, 2023 CAD ($) | |
provisions reconciliation | ||
Balance at beginning of period | $ 913 | $ 704 |
Additions | 111 | 555 |
Reversals | (3) | (41) |
Uses | (115) | (320) |
Interest effects | 7 | 15 |
Effects of foreign exchange, net | (9) | (9) |
Balance at end of period | 904 | 904 |
Current | 240 | 240 |
Non-current | 664 | 664 |
Total | 904 | 904 |
Asset retirement obligation | ||
provisions reconciliation | ||
Balance at beginning of period | 317 | 316 |
Uses | (2) | (5) |
Interest effects | 3 | 7 |
Balance at end of period | 318 | 318 |
Current | 10 | 10 |
Non-current | 308 | 308 |
Total | 318 | 318 |
Employee-related | ||
provisions reconciliation | ||
Balance at beginning of period | 142 | 84 |
Additions | 87 | 202 |
Uses | (84) | (141) |
Balance at end of period | 145 | 145 |
Current | 134 | 134 |
Non-current | 11 | 11 |
Total | 145 | 145 |
Written put options and contingent consideration | ||
provisions reconciliation | ||
Balance at beginning of period | 281 | 157 |
Additions | 2 | 268 |
Reversals | (3) | (41) |
Uses | (108) | |
Interest effects | 4 | 8 |
Effects of foreign exchange, net | (9) | (9) |
Balance at end of period | 275 | 275 |
Current | 2 | 2 |
Non-current | 273 | 273 |
Total | 275 | 275 |
Written put options and contingent consideration | Common Shares | ||
provisions reconciliation | ||
Uses | (54) | |
Other | ||
provisions reconciliation | ||
Balance at beginning of period | 173 | 147 |
Additions | 22 | 85 |
Uses | (29) | (66) |
Balance at end of period | 166 | 166 |
Current | 94 | 94 |
Non-current | 72 | 72 |
Total | $ 166 | $ 166 |
long-term debt (Details)
long-term debt (Details) $ in Millions, $ in Billions | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CAD ($) |
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | $ 24,172 | $ 22,697 | |||
Lease liabilities | 2,416 | 2,340 | |||
Long-term debt | 26,588 | 25,037 | $ 21,628 | ||
Current | 3,716 | 2,541 | |||
Non-current | 22,872 | 22,496 | |||
TELUS Corporation senior notes | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | 18,564 | 18,660 | |||
TELUS Corporation commercial paper | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | 1,944 | 1,458 | |||
Long-term debt | 1,900 | $ 1.5 | 1,500 | $ 1.1 | |
TELUS Corporation credit facilities | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | 1,144 | 1,145 | |||
TELUS Communications Inc. debentures | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | 199 | 199 | |||
TELUS International (Cda) Inc. credit facility | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | 2,023 | 914 | |||
Other | |||||
Details of long-term debt | |||||
Long-term debt excluding Lease liabilities | $ 298 | $ 321 |
long-term debt - TELUS Corporat
long-term debt - TELUS Corporation senior notes (Details) $ in Millions, $ in Millions | 6 Months Ended | ||||||||||
Jun. 30, 2023 CAD ($) $ / NotesSeries $ / NotesSeries $ / $ | Jun. 30, 2023 USD ($) $ / NotesSeries $ / NotesSeries $ / $ | Dec. 31, 2022 CAD ($) | Jun. 30, 2022 CAD ($) | May 31, 2020 CAD ($) $ / NotesSeries | Dec. 31, 2019 CAD ($) $ / NotesSeries | Mar. 31, 2018 | Feb. 28, 2018 CAD ($) $ / NotesSeries | Mar. 31, 2017 CAD ($) $ / NotesSeries | Dec. 31, 2015 CAD ($) $ / NotesSeries | Apr. 30, 2014 CAD ($) $ / NotesSeries | |
TELUS Corporation notes | |||||||||||
Long-term debt | $ 26,588 | $ 25,037 | $ 21,628 | ||||||||
TELUS Corporation senior notes | |||||||||||
TELUS Corporation notes | |||||||||||
Repurchase offer price, expressed as percentage of principal | 101% | ||||||||||
Redemption price percentage | 100% | ||||||||||
3.35% Notes, Series CJ | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.35% | 3.35% | |||||||||
Issued | December 2012 | ||||||||||
Maturity | March 2023 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 998.83 | 998.83 | |||||||||
Effective interest rate | 3.36% | 3.36% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.40% | 0.40% | |||||||||
Redemption present value spread - Cessation date | Dec. 15, 2022 | ||||||||||
3.35% Notes, Series CK | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.35% | 3.35% | |||||||||
Issued | April 2013 | ||||||||||
Maturity | April 2024 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 994.35 | 994.35 | |||||||||
Effective interest rate | 3.41% | 3.41% | |||||||||
Principal face amount: Originally issued | $ 1,100 | ||||||||||
Long-term debt | $ 1,100 | ||||||||||
Redemption present value spread - Basis points | 0.36% | 0.36% | |||||||||
Redemption present value spread - Cessation date | Jan. 2, 2024 | ||||||||||
3.75% Notes, Series CQ | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.75% | 3.75% | |||||||||
Issued | September 2014 | ||||||||||
Maturity | January 2025 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.75 | 997.75 | |||||||||
Effective interest rate | 3.78% | 3.78% | |||||||||
Principal face amount: Originally issued | $ 800 | ||||||||||
Long-term debt | $ 800 | ||||||||||
Redemption present value spread - Basis points | 0.385% | 0.385% | |||||||||
Redemption present value spread - Cessation date | Oct. 17, 2024 | ||||||||||
3.75% Notes, Series CV | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.75% | 3.75% | |||||||||
Issued | December 2015 | ||||||||||
Maturity | March 2026 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 992.14 | 992.14 | |||||||||
Effective interest rate | 3.84% | 3.84% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.535% | 0.535% | |||||||||
Redemption present value spread - Cessation date | Dec. 10, 2025 | ||||||||||
2.75% Notes, Series CZ | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.75% | 2.75% | |||||||||
Issued | July 2019 | ||||||||||
Maturity | July 2026 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 998.73 | 998.73 | |||||||||
Effective interest rate | 2.77% | 2.77% | |||||||||
Principal face amount: Originally issued | $ 800 | ||||||||||
Long-term debt | $ 800 | ||||||||||
Redemption present value spread - Basis points | 0.33% | 0.33% | |||||||||
Redemption present value spread - Cessation date | May 8, 2026 | ||||||||||
2.80% U.S. Dollar Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.80% | 2.80% | |||||||||
Issued | September 2016 | ||||||||||
Maturity | February 2027 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 991.89 | 991.89 | |||||||||
Effective interest rate | 2.89% | 2.89% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.20% | 0.20% | |||||||||
Redemption present value spread - Cessation date | Nov. 16, 2026 | ||||||||||
2.80% U.S. Dollar Notes | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.95% | 2.95% | |||||||||
Principal face amount: Originally issued | $ 792 | ||||||||||
Fixed exchange rate | $ / $ | 1.3205 | 1.3205 | |||||||||
3.70% U.S. Dollar Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.70% | 3.70% | |||||||||
Issued | March 2017 | ||||||||||
Maturity | September 2027 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 998.95 | 998.95 | |||||||||
Effective interest rate | 3.71% | 3.71% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.20% | 0.20% | |||||||||
Redemption present value spread - Cessation date | June 15, 2027 | ||||||||||
3.70% U.S. Dollar Notes | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.41% | 3.41% | |||||||||
Principal face amount: Originally issued | $ 667 | ||||||||||
Fixed exchange rate | $ / $ | 1.3348 | 1.3348 | |||||||||
3.70% U.S. Dollar Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.35% | 2.35% | |||||||||
Issued | May 2020 | ||||||||||
Maturity | January 2028 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.25 | 997.25 | |||||||||
Effective interest rate | 2.39% | 2.39% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.48% | 0.48% | |||||||||
Redemption present value spread - Cessation date | Nov. 27, 2027 | ||||||||||
3.625% Notes, Series CX | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.625% | 3.625% | |||||||||
Issued | March 2018 | ||||||||||
Maturity | March 2028 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 989.49 | 989.49 | |||||||||
Effective interest rate | 3.75% | 3.75% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.37% | 0.37% | |||||||||
Redemption present value spread - Cessation date | Dec. 1, 2027 | ||||||||||
3.30% Notes, Series CY | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.30% | 3.30% | |||||||||
Issued | April 2019 | ||||||||||
Maturity | May 2029 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 991.75 | 991.75 | |||||||||
Effective interest rate | 3.40% | 3.40% | |||||||||
Principal face amount: Originally issued | $ 1,000 | ||||||||||
Long-term debt | $ 1,000 | ||||||||||
Redemption present value spread - Basis points | 0.435% | 0.435% | |||||||||
Redemption present value spread - Cessation date | Feb. 2, 2029 | ||||||||||
5.00% Notes, Series CAI | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 5% | 5% | |||||||||
Issued | September 2022 | ||||||||||
Maturity | September 2029 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 995.69 | 995.69 | |||||||||
Effective interest rate | 5.07% | 5.07% | |||||||||
Principal face amount: Originally issued | $ 350 | ||||||||||
Long-term debt | $ 350 | ||||||||||
Redemption present value spread - Basis points | 0.465% | 0.465% | |||||||||
Redemption present value spread - Cessation date | July 13, 2029 | ||||||||||
3.15% Notes, Series CAA | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.15% | 3.15% | |||||||||
Issued | December 2019 | ||||||||||
Maturity | February 2030 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 996.49 | 996.49 | |||||||||
Effective interest rate | 3.19% | 3.19% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.395% | 0.395% | |||||||||
Redemption present value spread - Cessation date | Nov. 19, 2029 | ||||||||||
2.05% Notes, Series CAD | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.05% | 2.05% | |||||||||
Issued | October 2020 | ||||||||||
Maturity | October 2030 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.93 | 997.93 | |||||||||
Effective interest rate | 2.07% | 2.07% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.38% | 0.38% | |||||||||
Redemption present value spread - Cessation date | July 7, 2030 | ||||||||||
2.85% Sustainability-Linked Notes, Series CAF | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 2.85% | 2.85% | |||||||||
Issued | June 2021 | ||||||||||
Maturity | November 2031 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.52 | 997.52 | |||||||||
Effective interest rate | 2.88% | 2.88% | |||||||||
Principal face amount: Originally issued | $ 750 | ||||||||||
Long-term debt | $ 750 | ||||||||||
Redemption present value spread - Basis points | 0.34% | 0.34% | |||||||||
Redemption present value spread - Cessation date | Aug. 13, 2031 | ||||||||||
Post-trigger event Interest rate | 3.85% | 3.85% | |||||||||
Redemption interest accrual rate if certificate not obtained | 3.85% | 3.85% | |||||||||
3.40% U.S. Dollar Sustainability-Linked Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.40% | 3.40% | |||||||||
Issued | February 2022 | ||||||||||
Maturity | May 2032 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.13 | 997.13 | |||||||||
Effective interest rate | 3.43% | 3.43% | |||||||||
Principal face amount: Originally issued | $ 1,148 | $ 900 | |||||||||
Long-term debt | $ 900 | ||||||||||
Redemption present value spread - Basis points | 0.25% | 0.25% | |||||||||
Redemption present value spread - Cessation date | Feb. 13, 2032 | ||||||||||
Post-trigger event Interest rate | 4.40% | 4.40% | |||||||||
Aggregate MFN stepup and trigger event limit | 1.50% | 1.50% | |||||||||
Redemption interest accrual rate if certificate not obtained | 4.40% | 4.40% | |||||||||
3.40% U.S. Dollar Sustainability-Linked Notes | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.89% | 3.89% | |||||||||
Fixed exchange rate | $ / $ | 1.2753 | 1.2753 | |||||||||
5.25% Sustainability-Linked Notes, Series CAG | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 5.25% | 5.25% | |||||||||
Issued | September 2022 | ||||||||||
Maturity | November 2032 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 996.73 | 996.73 | |||||||||
Effective interest rate | 5.29% | 5.29% | |||||||||
Principal face amount: Originally issued | $ 1,100 | ||||||||||
Long-term debt | $ 1,100 | ||||||||||
Redemption present value spread - Basis points | 0.515% | 0.515% | |||||||||
Redemption present value spread - Cessation date | Aug. 15, 2032 | ||||||||||
Post-trigger event Interest rate | 6% | 6% | |||||||||
Aggregate MFN stepup and trigger event limit | 1.50% | 1.50% | |||||||||
Redemption interest accrual rate if certificate not obtained | 6% | 6% | |||||||||
4.95% Sustainability-Linked Notes, Series CAJ | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.95% | 4.95% | |||||||||
Issued | March 2023 | ||||||||||
Maturity | March 2033 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 998.28 | 998.28 | |||||||||
Effective interest rate | 4.97% | 4.97% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.545% | 0.545% | |||||||||
Redemption present value spread - Cessation date | Dec. 28, 2032 | ||||||||||
Post-trigger event Interest rate | 5.70% | 5.70% | |||||||||
Aggregate MFN stepup and trigger event limit | 1.50% | 1.50% | |||||||||
Redemption interest accrual rate if certificate not obtained | 5.70% | 5.70% | |||||||||
4.40% Notes, Series CL | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.40% | 4.40% | |||||||||
Issued | April 2013 | ||||||||||
Maturity | April 2043 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.68 | 997.68 | |||||||||
Effective interest rate | 4.41% | 4.41% | |||||||||
Principal face amount: Originally issued | $ 600 | ||||||||||
Long-term debt | $ 600 | ||||||||||
Redemption present value spread - Basis points | 0.47% | 0.47% | |||||||||
Redemption present value spread - Cessation date | Oct. 1, 2042 | ||||||||||
5.15% Notes, Series CN | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 5.15% | 5.15% | |||||||||
Issued | November 2013 | ||||||||||
Maturity | November 2043 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 995 | 995 | |||||||||
Effective interest rate | 5.18% | 5.18% | |||||||||
Principal face amount: Originally issued | $ 400 | ||||||||||
Long-term debt | $ 400 | ||||||||||
Redemption present value spread - Basis points | 0.50% | 0.50% | |||||||||
Redemption present value spread - Cessation date | May 26, 2043 | ||||||||||
4.85% Notes, Series CP | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.85% | 4.85% | 4.85% | ||||||||
Issued | Multiple | ||||||||||
Maturity | April 2044 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 987.91 | 987.91 | 974.38 | 998.74 | |||||||
Effective interest rate | 4.93% | 4.93% | 5.02% | 4.86% | |||||||
Principal face amount: Originally issued | $ 500 | $ 400 | $ 500 | ||||||||
Long-term debt | $ 900 | ||||||||||
Redemption present value spread - Basis points | 0.46% | 0.46% | |||||||||
Redemption present value spread - Cessation date | Oct. 5, 2043 | ||||||||||
4.75% Notes, Series CR | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.75% | 4.75% | |||||||||
Issued | September 2014 | ||||||||||
Maturity | January 2045 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 992.91 | 992.91 | |||||||||
Effective interest rate | 4.80% | 4.80% | |||||||||
Principal face amount: Originally issued | $ 400 | ||||||||||
Long-term debt | $ 400 | ||||||||||
Redemption present value spread - Basis points | 0.515% | 0.515% | |||||||||
Redemption present value spread - Cessation date | July 17, 2044 | ||||||||||
4.40% Notes, Series CU | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.40% | 4.40% | |||||||||
Issued | March 2015 | ||||||||||
Maturity | January 2046 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 999.72 | 999.72 | |||||||||
Effective interest rate | 4.40% | 4.40% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.605% | 0.605% | |||||||||
Redemption present value spread - Cessation date | July 29, 2045 | ||||||||||
4.70% Notes, Series CW | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.70% | 4.70% | 4.70% | ||||||||
Issued | Multiple | ||||||||||
Maturity | March 2048 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 998.06 | 998.06 | 1,014.11 | 990.65 | |||||||
Effective interest rate | 4.71% | 4.71% | 4.61% | 4.76% | |||||||
Principal face amount: Originally issued | $ 325 | $ 150 | $ 325 | ||||||||
Long-term debt | $ 475 | ||||||||||
Redemption present value spread - Basis points | 0.585% | 0.585% | |||||||||
Redemption present value spread - Cessation date | Sept. 6, 2047 | ||||||||||
4.60% U.S. Dollar Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.60% | 4.60% | |||||||||
Issued | June 2018 | ||||||||||
Maturity | November 2048 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 987.60 | 987.60 | |||||||||
Effective interest rate | 4.68% | 4.68% | |||||||||
Principal face amount: Originally issued | $ 750 | ||||||||||
Long-term debt | $ 750 | ||||||||||
Redemption present value spread - Basis points | 0.25% | 0.25% | |||||||||
Redemption present value spread - Cessation date | May 16, 2048 | ||||||||||
4.60% U.S. Dollar Notes | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.41% | 4.41% | |||||||||
Principal face amount: Originally issued | $ 974 | ||||||||||
Fixed exchange rate | $ / $ | 1.2985 | 1.2985 | |||||||||
4.30% U.S. Dollar Notes | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.30% | 4.30% | |||||||||
Issued | May 2019 | ||||||||||
Maturity | June 2049 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 990.48 | 990.48 | |||||||||
Effective interest rate | 4.36% | 4.36% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.25% | 0.25% | |||||||||
Redemption present value spread - Cessation date | Dec. 15, 2048 | ||||||||||
4.30% U.S. Dollar Notes | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.27% | 4.27% | |||||||||
Principal face amount: Originally issued | $ 672 | ||||||||||
Fixed exchange rate | $ / $ | 1.3435 | 1.3435 | |||||||||
3.95% Notes, Series CAB | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 3.95% | 3.95% | 3.95% | ||||||||
Issued | Multiple | ||||||||||
Maturity | February 2050 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 997.54 | 997.54 | 1,003.53 | 991.54 | |||||||
Effective interest rate | 3.97% | 3.97% | 3.93% | 4% | |||||||
Principal face amount: Originally issued | $ 400 | $ 400 | $ 400 | ||||||||
Long-term debt | $ 800 | ||||||||||
Redemption present value spread - Basis points | 0.575% | 0.575% | |||||||||
Redemption present value spread - Cessation date | Aug. 16, 2049 | ||||||||||
4.10% Notes, Series CAE | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 4.10% | 4.10% | |||||||||
Issued | April 2021 | ||||||||||
Maturity | April 2051 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 994.70 | 994.70 | |||||||||
Effective interest rate | 4.13% | 4.13% | |||||||||
Principal face amount: Originally issued | $ 500 | ||||||||||
Long-term debt | $ 500 | ||||||||||
Redemption present value spread - Basis points | 0.53% | 0.53% | |||||||||
Redemption present value spread - Cessation date | Oct. 5, 2050 | ||||||||||
5.65% Notes, Series CAH | |||||||||||
TELUS Corporation notes | |||||||||||
Fixed interest rate | 5.65% | 5.65% | |||||||||
Issued | September 2022 | ||||||||||
Maturity | September 2052 | ||||||||||
Issue price per $1000 increment of debt | $ / NotesSeries | 996.13 | 996.13 | |||||||||
Effective interest rate | 5.68% | 5.68% | |||||||||
Principal face amount: Originally issued | $ 550 | ||||||||||
Long-term debt | $ 550 | ||||||||||
Redemption present value spread - Basis points | 0.615% | 0.615% | |||||||||
Redemption present value spread - Cessation date | Mar. 13, 2052 | ||||||||||
Prior to maturity date | Foreign exchange derivative | |||||||||||
TELUS Corporation notes | |||||||||||
Redemption price percentage | 100% | ||||||||||
Prior to maturity date | TELUS Corporation senior notes | Minimum | |||||||||||
TELUS Corporation notes | |||||||||||
Redemption period | 30 days | ||||||||||
Prior to maturity date | TELUS Corporation senior notes | Maximum | |||||||||||
TELUS Corporation notes | |||||||||||
Redemption period | 60 days | ||||||||||
On or after the redemption cessation date | TELUS Corporation senior notes | Minimum | |||||||||||
TELUS Corporation notes | |||||||||||
Redemption period | 30 days | ||||||||||
On or after the redemption cessation date | TELUS Corporation senior notes | Maximum | |||||||||||
TELUS Corporation notes | |||||||||||
Redemption period | 60 days |
long-term debt - TELUS Corpor_2
long-term debt - TELUS Corporation commercial paper (Details) $ in Millions, $ in Billions | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CAD ($) |
TELUS Corporation commercial paper | |||||
Current maturities of long-term debt | $ 3,716 | $ 2,541 | |||
Long-term debt | 26,588 | 25,037 | $ 21,628 | ||
TELUS Corporation commercial paper | |||||
TELUS Corporation commercial paper | |||||
Long-term debt | $ 1,900 | $ 1.5 | 1,500 | $ 1.1 | |
Effective average interest rate | 5.60% | 5.60% | |||
TELUS Corporation commercial paper | Maximum | |||||
TELUS Corporation commercial paper | |||||
Maximum aggregate amount of credit facility | $ 2,000 | $ 1.5 | |||
TELUS Corporation credit facilities | |||||
TELUS Corporation commercial paper | |||||
Effective average interest rate | 5.90% | 5.90% | |||
TELUS Corporation unsecured revolving credit facility | |||||
TELUS Corporation commercial paper | |||||
Maximum aggregate amount of credit facility | $ 2,750 | 2,750 | $ 2,750 | ||
Current maturities of long-term debt | 0 | ||||
Long-term debt | $ 1,944 | $ 1,458 |
long-term debt - TELUS Corpor_3
long-term debt - TELUS Corporation credit facilities (Details) $ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 CAD ($) | Jun. 30, 2023 CAD ($) item | Jun. 30, 2023 USD ($) item | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CAD ($) | |
TELUS Corporation credit facilities | ||||||
Long-term debt | $ 26,588 | $ 25,037 | $ 21,628 | |||
TELUS Corporation credit facilities | ||||||
TELUS Corporation credit facilities | ||||||
Number of financial ratio tests | item | 2 | 2 | ||||
Effective average interest rate | 5.90% | 5.90% | ||||
Letters of credit outstanding | $ 62 | 119 | ||||
Maximum letter of credit required to participate in wireless spectrum auction | $ 350 | |||||
TELUS Corporation credit facilities | Maximum | ||||||
TELUS Corporation credit facilities | ||||||
Leverage ratio | 4.25 | |||||
TELUS Corporation credit facilities | Minimum | ||||||
TELUS Corporation credit facilities | ||||||
Operating cash flow to interest expense ratio | 2 | |||||
TELUS Corporation unsecured revolving credit facility | ||||||
TELUS Corporation credit facilities | ||||||
Net available | $ 806 | 1,292 | ||||
Long-term debt | 1,944 | 1,458 | ||||
Gross available revolving credit facility | 2,750 | 2,750 | $ 2,750 | |||
TELUS Corporation unsecured revolving credit facility | Credit Facility | ||||||
TELUS Corporation credit facilities | ||||||
Amount of credit facility renewed | $ 2,750 | |||||
TELUS Corporation unsecured non-revolving credit facilities | ||||||
TELUS Corporation credit facilities | ||||||
Unsecured non-revolving bank credit facility | 1.1 | |||||
Non-revolving bank credit facility | ||||||
TELUS Corporation credit facilities | ||||||
Long-term debt | 1,100 | |||||
TELUS Corporation commercial paper | ||||||
TELUS Corporation credit facilities | ||||||
Long-term debt | $ 1,900 | $ 1,500 | $ 1,500 | $ 1,100 | ||
Effective average interest rate | 5.60% | 5.60% | ||||
TELUS Corporation commercial paper | Maximum | ||||||
TELUS Corporation credit facilities | ||||||
Gross available revolving credit facility | $ 2,000 | $ 1,500 | ||||
Term loan component | ||||||
TELUS Corporation credit facilities | ||||||
Net available | 600 | |||||
Gross available revolving credit facility | 1,185 | 1,200 | ||||
Term loan component | WillowTree | ||||||
TELUS Corporation credit facilities | ||||||
Net available | 600 | |||||
Revolving component | ||||||
TELUS Corporation credit facilities | ||||||
Net available | 325 | 658 | ||||
Gross available revolving credit facility | $ 800 | 800 | ||||
Revolving component | WillowTree | ||||||
TELUS Corporation credit facilities | ||||||
Net available | $ 525 |
long-term debt - TELUS Internat
long-term debt - TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities (Details) $ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | 36 Months Ended | |||||
Jun. 30, 2023 CAD ($) item | Dec. 31, 2024 | Dec. 31, 2023 | Jan. 03, 2028 | Jun. 30, 2023 USD ($) item | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 CAD ($) | |
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Long-term debt | $ 26,588 | $ 25,037 | $ 21,628 | |||||
Interest obligations | $ 214 | $ 206 | ||||||
Lease liabilities | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Weighted average interest rate | 5% | 5% | ||||||
TELUS International (Cda) Inc. credit facility | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Maximum aggregate amount of credit facility | $ 1,985 | $ 2,000 | ||||||
Undrawn borrowing facilities | $ 325 | 1,258 | ||||||
Number of financial ratio tests | item | 2 | 2 | ||||||
Percentage of principal advance required to be repaid each year of the term of the agreement | 5% | |||||||
TELUS International (Cda) Inc. credit facility | Minimum | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Operating cash flow to debt service ratio | 1.50 | |||||||
TELUS International (Cda) Inc. credit facility | Maximum | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Leverage ratio | 3.75 | 4.25 | 3.25 | |||||
TELUS International (Cda) Inc. credit facility | Foreign exchange derivative | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Fixed interest rate | 2.60% | 2.60% | ||||||
Amortizing amount, convertible | $ 443 | |||||||
TELUS International (Cda) Inc. credit facility | Foreign exchange derivative | U.S. Dollars | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Derivative Exchange Rate | 1.088 | |||||||
TELUS International (Cda) Inc. credit facility | Foreign exchange derivative | European euro | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Derivative Exchange Rate | 1 | |||||||
Other | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Fixed interest rate | 3.30% | 3.30% | ||||||
Revolving component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Maximum aggregate amount of credit facility | $ 800 | 800 | ||||||
Undrawn borrowing facilities | $ 325 | 658 | ||||||
Weighted average interest rate | 7.20% | 7.20% | ||||||
Term loan component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Maximum aggregate amount of credit facility | $ 1,185 | 1,200 | ||||||
Undrawn borrowing facilities | 600 | |||||||
Telus Corporation | TELUS International (Cda) Inc. credit facility | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Outstanding | 119 | 53 | ||||||
Telus Corporation | Revolving component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Maximum aggregate amount of credit facility | 800 | |||||||
Outstanding | 34 | 10 | ||||||
TELUS Corporation, share of lending, as a percent | 7.20% | |||||||
Telus Corporation | Term loan component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Maximum aggregate amount of credit facility | 1.2 | |||||||
Outstanding | 85 | 43 | ||||||
Other lenders | TELUS International (Cda) Inc. credit facility | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Outstanding | 1,541 | 689 | ||||||
Other lenders | Revolving component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Outstanding | 441 | 132 | ||||||
Other lenders | Term loan component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Outstanding | $ 1,100 | 557 | ||||||
WillowTree | Revolving component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Undrawn borrowing facilities | 525 | |||||||
WillowTree | Term loan component | ||||||||
TELUS International (Cda) Inc. credit facility, Other and Lease Liabilities | ||||||||
Undrawn borrowing facilities | $ 600 |
long-term debt - Long-term debt
long-term debt - Long-term debt maturities (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | $ 2,416 | $ 2,340 |
Total | 42,120 | 40,209 |
Composite long-term debt | ||
long-term debt | ||
Total | 26,722 | |
Total | 11,357 | |
Total | 38,079 | |
Canadian Dollars | ||
long-term debt | ||
Total | 18,072 | |
Total | 8,235 | |
Total | 26,307 | |
Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 16,062 | |
Future cash outflows in respect of associated interest and like carrying costs | 7,800 | |
Undiscounted contractual maturities | 23,862 | |
Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 2,010 | |
Future cash outflows in respect of associated interest and like carrying costs - Finance leases | 435 | |
Undiscounted contractual maturities - Finance leases | 2,445 | |
U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 8,288 | |
Future cash outflows in respect of associated interest and like carrying costs | 3,114 | |
Undiscounted contractual maturities | 11,402 | |
U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 142 | |
Future cash outflows in respect of associated interest and like carrying costs - Finance leases | 62 | |
Undiscounted contractual maturities - Finance leases | 204 | |
U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (6,869) | |
Future cash outflows in respect of associated interest and like carrying costs - Derivative Liabilities | (2,604) | |
Undiscounted contractual maturities - Derivative Liabilities, Receive | (9,473) | |
U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 6,851 | |
Future cash outflows in respect of associated interest and like carrying costs - Derivative Liabilities | 2,503 | |
Undiscounted contractual maturities - Derivative Liabilities, Pay | 9,354 | |
U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 8,412 | |
Total | 3,075 | |
Total | 11,487 | |
Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 238 | |
Future cash outflows in respect of associated interest and like carrying costs - Finance leases | 47 | |
Undiscounted contractual maturities - Finance leases | 285 | |
First year | ||
long-term debt | ||
Total | 5,735 | 7,099 |
First year | Composite long-term debt | ||
long-term debt | ||
Total | 2,289 | |
First year | Canadian Dollars | ||
long-term debt | ||
Total | 234 | |
First year | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 9 | |
First year | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 225 | |
First year | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 1,981 | |
First year | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 14 | |
First year | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (2,001) | |
First year | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 2,030 | |
First year | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 2,024 | |
First year | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 31 | |
2 years hence | ||
long-term debt | ||
Total | 4,738 | 4,014 |
2 years hence | Composite long-term debt | ||
long-term debt | ||
Total | 2,847 | |
2 years hence | Canadian Dollars | ||
long-term debt | ||
Total | 2,694 | |
2 years hence | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 2,266 | |
2 years hence | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 428 | |
2 years hence | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 74 | |
2 years hence | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 24 | |
2 years hence | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (28) | |
2 years hence | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 28 | |
2 years hence | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 98 | |
2 years hence | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 55 | |
3 years hence | ||
long-term debt | ||
Total | 2,411 | 2,182 |
3 years hence | Composite long-term debt | ||
long-term debt | ||
Total | 1,488 | |
3 years hence | Canadian Dollars | ||
long-term debt | ||
Total | 1,346 | |
3 years hence | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 1,023 | |
3 years hence | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 323 | |
3 years hence | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 74 | |
3 years hence | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 25 | |
3 years hence | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (28) | |
3 years hence | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 28 | |
3 years hence | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 99 | |
3 years hence | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 43 | |
4 years hence | ||
long-term debt | ||
Total | 2,705 | 2,436 |
4 years hence | Composite long-term debt | ||
long-term debt | ||
Total | 1,782 | |
4 years hence | Canadian Dollars | ||
long-term debt | ||
Total | 1,685 | |
4 years hence | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 1,461 | |
4 years hence | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 224 | |
4 years hence | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 37 | |
4 years hence | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 26 | |
4 years hence | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (28) | |
4 years hence | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 28 | |
4 years hence | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 63 | |
4 years hence | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 34 | |
5 years hence | ||
long-term debt | ||
Total | 2,697 | 2,382 |
5 years hence | Composite long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 1,783 | |
5 years hence | Canadian Dollars | ||
long-term debt | ||
Total | 247 | |
5 years hence | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 62 | |
5 years hence | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 185 | |
5 years hence | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 1,493 | |
5 years hence | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 21 | |
5 years hence | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (1,485) | |
5 years hence | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 1,489 | |
5 years hence | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 1,518 | |
5 years hence | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 18 | |
5 years hence to 10 years | ||
long-term debt | ||
Total | 11,514 | 10,297 |
5 years hence to 10 years | Composite long-term debt | ||
long-term debt | ||
Total | 8,900 | |
5 years hence to 10 years | Canadian Dollars | ||
long-term debt | ||
Total | 5,968 | |
5 years hence to 10 years | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 5,628 | |
5 years hence to 10 years | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 340 | |
5 years hence to 10 years | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 2,900 | |
5 years hence to 10 years | U.S. Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 32 | |
5 years hence to 10 years | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (1,644) | |
5 years hence to 10 years | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 1,602 | |
5 years hence to 10 years | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 2,890 | |
5 years hence to 10 years | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 42 | |
Thereafter | ||
long-term debt | ||
Total | 12,320 | $ 11,799 |
Thereafter | Composite long-term debt | ||
long-term debt | ||
Total | 7,633 | |
Thereafter | Canadian Dollars | ||
long-term debt | ||
Total | 5,898 | |
Thereafter | Canadian Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 5,613 | |
Thereafter | Canadian Dollars | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | 285 | |
Thereafter | U.S. Dollars | Long-term debt | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments | 1,729 | |
Thereafter | U.S. Dollars | Derivative Liability Receive | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | (1,655) | |
Thereafter | U.S. Dollars | Derivative Liability Pay | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Derivative Liabilities | 1,646 | |
Thereafter | U.S. Dollars | Composite long-term debt | ||
long-term debt | ||
Total | 1,720 | |
Thereafter | Other currencies | Lease liabilities | ||
long-term debt | ||
Future cash outflows in respect of composite long-term debt principal repayments - Leases | $ 15 |
other long-term liabilities (De
other long-term liabilities (Details) - CAD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
other long-term liabilities | ||
Contract liabilities | $ 89 | $ 82 |
Other | 2 | 2 |
Deferred revenues | 91 | 84 |
Pension benefit liabilities | 412 | 392 |
Other post-employment benefit liabilities | 73 | 68 |
Derivative liabilities | 76 | 24 |
Investment in real estate joint ventures | 8 | 9 |
Other | 56 | 53 |
Subtotal | 716 | 630 |
Deferred customer activation and connection fees | 6 | 6 |
Other long-term liabilities | $ 722 | $ 636 |
owners' equity (Details)
owners' equity (Details) shares in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2022 CAD ($) shares | Jun. 30, 2023 Vote shares | Dec. 31, 2022 shares | |
Common Share capital | |||
Minimum percentage of common shares issued and outstanding owned by Canadians | 66.67% | ||
First Preferred Shares | |||
Common Share capital | |||
Shares authorized | 1,000 | 1,000 | |
Second Preferred Shares | |||
Common Share capital | |||
Shares authorized | 1,000 | 1,000 | |
Common Shares | |||
Common Share capital | |||
Shares authorized | 4,000 | 4,000 | |
Number of votes per common share | Vote | 1 | ||
Common Shares | Maximum | |||
Common Share capital | |||
Purchase of common shares related to normal course issuer bid | 10 | ||
Cost of purchase of common shares related to normal course issuer bid | $ | $ 250 | ||
Common Shares | Dividend reinvestment and share purchase plan | |||
Common Share capital | |||
Shares reserved for issuance | 25 | ||
Common Shares | Restricted share units | |||
Common Share capital | |||
Shares reserved for issuance | 49 | ||
Common Shares | TELUS Corporation share options | |||
Common Share capital | |||
Shares reserved for issuance | 12 |
owners' equity - Subsidiary wit
owners' equity - Subsidiary with significant non-controlling interest (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Statement of financial position | |||||||
Current assets | $ 5,928 | $ 5,928 | $ 5,928 | $ 6,092 | |||
Non-current assets | 49,749 | 49,749 | 49,749 | 47,971 | |||
Current liabilities | 9,426 | 9,426 | 9,426 | 8,281 | |||
Non-current liabilities | 28,672 | 28,672 | 28,672 | 28,124 | |||
Statement of income and other comprehensive income | |||||||
Net income (loss) | 196 | $ 498 | 420 | $ 902 | |||
Comprehensive income (loss) | 115 | 624 | 341 | 1,214 | |||
condensed interim consolidated statements of cash flows | |||||||
Cash provided by operating activities | 1,117 | 1,250 | 1,878 | 2,385 | 4,304 | $ 4,590 | |
Cash used by investing activities | (908) | (1,438) | (3,241) | (2,637) | |||
Cash provided (used) by financing activities | (437) | (204) | 1,038 | (89) | |||
Income taxes | 152 | 130 | 279 | 238 | (560) | $ (486) | |
Non-controlling interests | |||||||
Statement of income and other comprehensive income | |||||||
Net income (loss) | 3 | 49 | |||||
Subsidiary with significant non-controlling interest | |||||||
Statement of financial position | |||||||
Current assets | 1,080 | 1,080 | 1,080 | 926 | |||
Non-current assets | 5,486 | 5,486 | 5,486 | 3,875 | |||
Current liabilities | 843 | 843 | 843 | 733 | |||
Non-current liabilities | 3,076 | 3,076 | $ 3,076 | $ 1,581 | |||
Statement of income and other comprehensive income | |||||||
Revenue and other income | 896 | 797 | 1,824 | 1,556 | |||
Net income (loss) | (8) | 70 | 10 | 115 | |||
Comprehensive income (loss) | (67) | 75 | (31) | 77 | |||
condensed interim consolidated statements of cash flows | |||||||
Cash provided by operating activities | 78 | 108 | 143 | 261 | |||
Cash used by investing activities | (34) | (63) | (1,203) | (90) | |||
Cash provided (used) by financing activities | $ (43) | $ (87) | $ 1,082 | $ (153) | |||
Telus International (Cda) Inc. | |||||||
Economic interest | |||||||
Interest in TELUS International (Cda) Inc., beginning of period | 56.60% | 55.10% | 56.10% | ||||
Effect of | |||||||
Issue of subordinate voting shares as consideration in business acquisition (Note 18(b)) | (1.40%) | ||||||
TELUS Corporation acquisition of shares from non-controlling interests | 0.90% | 1% | |||||
Interest in TELUS International (Cda) Inc., end of period | 56.10% | 56.10% | 56.10% | 56.10% | 56.10% | 56.10% | |
Voting interest | |||||||
Interest in TELUS International (Cda) Inc., beginning of period | 72.40% | 70.90% | 72.40% | ||||
Effect of. | |||||||
Issue of subordinate voting shares as consideration in business acquisition (Note 18(b)) | (0.20%) | ||||||
TELUS Corporation acquisition of shares from non-controlling interests | 1.20% | 1.50% | |||||
Interest in TELUS International (Cda) Inc., end of period | 73.40% | 72.40% | 73.40% | 72.40% | 73.40% | 72.40% | |
condensed interim consolidated statements of cash flows | |||||||
Acquisition of shares from non-controlling interests | $ 32 | $ 61 | |||||
Equity interest | 56.10% | 56.10% | 56.10% | 56.10% | 56.10% | 56.10% | 56.60% |
Voting interest | 73.40% | 72.40% | 73.40% | 72.40% | 73.40% | 72.40% | 72.40% |
Telus International (Cda) Inc. | Non-controlling shareholders | |||||||
condensed interim consolidated statements of cash flows | |||||||
Acquisition of shares from non-controlling interests | $ 57 | $ 85 |
contingent liabilities (Details
contingent liabilities (Details) | Jun. 30, 2023 CAD ($) employee | Dec. 31, 2022 CAD ($) |
Indemnification obligation | ||
Contingent liabilities | $ | ||
Concentration of labour | ||
Concentration of labour | ||
Minimum number of team members covered under collective agreement | employee | 6,500 |
related party transactions (Det
related party transactions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2023 CAD ($) EquityInstruments | Jun. 30, 2022 CAD ($) EquityInstruments | Dec. 31, 2022 CAD ($) | |
Transactions with key management personnel | |||||
Grant date Awarded in period | $ 48 | $ 48 | |||
Amount of liability accounted for restricted share unit and share options | $ 1 | $ 1 | |||
Transactions with defined benefit pension plans | |||||
Charges for management and administrative services to our defined benefit pension plans | $ 2 | 2 | 5 | 4 | |
Transactions with real estate joint venture and associate | |||||
Lease liabilities | 2,416 | 2,416 | 2,340 | ||
Key management personnel | |||||
Transactions with key management personnel | |||||
Short-term benefits | 6 | 4 | 11 | 8 | |
Post-employment pension and other benefits | 2 | 2 | 4 | 7 | |
Share-based compensation | 10 | 22 | 27 | 40 | |
Total | 18 | 28 | 42 | 55 | |
Principal face amount: Originally issued | 43 | 41 | 43 | 41 | |
Grant date Awarded in period | 45 | $ 45 | |||
Liability amounts accrued for share-based compensation awards to key management personnel | |||||
Annual cash bonus as a percentage of base salary upon termination without cause | 50% | ||||
Minimum | Key management personnel | |||||
Liability amounts accrued for share-based compensation awards to key management personnel | |||||
Number of months base salary considered for severance payments | 18 months | ||||
Maximum | Key management personnel | |||||
Liability amounts accrued for share-based compensation awards to key management personnel | |||||
Number of months base salary considered for severance payments | 24 months | ||||
Restricted share units | |||||
Transactions with key management personnel | |||||
Grant-date fair value Awarded in period | 39 | $ 39 | |||
Restricted share units | Key management personnel | |||||
Transactions with key management personnel | |||||
Number of restricted share units Awarded in period (in shares) | EquityInstruments | 1,220,549 | 1,007,431 | |||
Notional value Awarded in period | $ 33 | $ 32 | |||
Grant-date fair value Awarded in period | 35 | 35 | |||
Directors' Deferred Share Unit Plan | Key management personnel | |||||
Liability amounts accrued for share-based compensation awards to key management personnel | |||||
Deferred share units paid out | 0 | 0 | |||
Outstanding liability-accounted share-based compensation awards | 0 | 0 | 0 | 0 | |
TELUS Sky | |||||
Transactions with real estate joint venture and associate | |||||
Lease liabilities | 86 | $ 86 | $ 87 | ||
Telus International (Cda) Inc. | Restricted share units | |||||
Transactions with key management personnel | |||||
Grant-date fair value Awarded in period | $ 9 | $ 9 | |||
Telus International (Cda) Inc. | Restricted share units | Key management personnel | |||||
Transactions with key management personnel | |||||
Number of restricted share units Awarded in period (in shares) | EquityInstruments | 353,789 | 265,617 | |||
Notional value Awarded in period | $ 10 | $ 9 | |||
Grant-date fair value Awarded in period | $ 10 | $ 10 |
additional statement of cash _3
additional statement of cash flow information - operating activities and investing activities (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net change in non-cash operating working capital | ||||
Accounts receivable | $ (8) | $ (206) | $ 164 | $ 29 |
Inventories | 4 | 76 | (43) | 11 |
Contract assets | 10 | 21 | 14 | 38 |
Prepaid expenses | (50) | (30) | (186) | (172) |
Accounts payable and accrued liabilities | 18 | (2) | (525) | (157) |
Income and other taxes receivable and payable, net | (47) | 46 | (55) | 70 |
Advance billings and customer deposits | 13 | (22) | 44 | (7) |
Provisions | 32 | 5 | 74 | (14) |
Total | (28) | (112) | (513) | (202) |
Cash payments for capital assets, excluding spectrum licences | ||||
Property, plant and equipment | (829) | (881) | (1,371) | (1,590) |
Intangible assets subject to amortization | (258) | (250) | (474) | (448) |
Total | (1,087) | (1,131) | (1,845) | (2,038) |
Additions arising from leases | 280 | 77 | 325 | 151 |
Capital expenditures | (807) | (1,054) | (1,520) | (1,887) |
Effect of asset retirement obligations | 0 | 222 | 0 | 222 |
Total | (807) | (832) | (1,520) | (1,665) |
Other non-cash items included above | ||||
Change in associated non-cash investing working capital | 30 | 38 | (233) | (142) |
Non-cash change in asset retirement obligation | 0 | (222) | 0 | (222) |
Total | 30 | (184) | (233) | (364) |
Total | $ (777) | $ (1,016) | $ (1,753) | $ (2,029) |
additional statement of cash _4
additional statement of cash flow information - Financing activities (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends payable to holders of Common Shares | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | $ 506 | $ 450 | $ 502 | $ 449 |
Redemptions, repayments or payments | (506) | (450) | (1,008) | (899) |
Other | 526 | 467 | 1,032 | 917 |
Ending | 526 | 467 | 526 | 467 |
Dividends reinvested in shares from Treasury | ||||
Changes in liabilities arising from financing activities | ||||
Redemptions, repayments or payments | 186 | 160 | 370 | 316 |
Other | (186) | (160) | (370) | (316) |
Dividends payable to holders of Common Shares net of dividends reinvested in shares from treasury | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 506 | 450 | 502 | 449 |
Redemptions, repayments or payments | (320) | (290) | (638) | (583) |
Other | 340 | 307 | 662 | 601 |
Ending | 526 | 467 | 526 | 467 |
Short-term borrowings | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 593 | 108 | 104 | 114 |
Issued or received | 101 | 175 | 590 | 175 |
Redemptions, repayments or payments | (100) | (4) | (100) | (10) |
Ending | 594 | 279 | 594 | 279 |
Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 26,487 | 21,307 | 24,957 | 20,856 |
Issued or received | 3,484 | 3,073 | 8,711 | 6,983 |
Redemptions, repayments or payments | (3,546) | (3,073) | (7,464) | (6,555) |
Foreign exchange movement | (43) | 7 | (32) | (26) |
Other | 278 | 142 | 488 | 198 |
Ending | 26,660 | 21,456 | 26,660 | 21,456 |
Long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 26,487 | 21,307 | 24,957 | 20,856 |
Issued or received | 1,836 | 1,770 | 5,517 | 4,057 |
Redemptions, repayments or payments | (1,898) | (1,770) | (4,270) | (3,629) |
Foreign exchange movement | (43) | 7 | (32) | (26) |
Other | 278 | 142 | 488 | 198 |
Ending | 26,660 | 21,456 | 26,660 | 21,456 |
TELUS Corporation senior notes | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 18,656 | 16,328 | 18,660 | 15,258 |
Issued or received | 500 | 1,143 | ||
Redemptions, repayments or payments | (500) | |||
Foreign exchange movement | (95) | 127 | (99) | 66 |
Other | 3 | 4 | 3 | (8) |
Ending | 18,564 | 16,459 | 18,564 | 16,459 |
TELUS Corporation commercial paper | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 1,874 | 1,414 | 1,458 | 1,900 |
Issued or received | 1,744 | 1,759 | 3,704 | 2,903 |
Redemptions, repayments or payments | (1,630) | (1,296) | (3,176) | (2,912) |
Foreign exchange movement | (44) | 45 | (42) | 31 |
Ending | 1,944 | 1,922 | 1,944 | 1,922 |
TELUS Corporation credit facilities | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 1,145 | 1,145 | ||
Other | (1) | (1) | ||
Ending | 1,144 | 1,144 | ||
TELUS Communications Inc. debentures | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 199 | 448 | 199 | 448 |
Redemptions, repayments or payments | (249) | (249) | ||
Ending | 199 | 199 | 199 | 199 |
TELUS International (Cda) Inc. credit facility | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 2,086 | 1,009 | 914 | 1,062 |
Issued or received | 92 | 11 | 1,313 | 11 |
Redemptions, repayments or payments | (110) | (68) | (148) | (107) |
Foreign exchange movement | (46) | 32 | (57) | 17 |
Other | 1 | 1 | 1 | |
Ending | 2,023 | 984 | 2,023 | 984 |
Other | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 317 | 304 | 321 | 308 |
Redemptions, repayments or payments | (21) | (39) | (173) | (114) |
Other | 2 | 35 | 150 | 106 |
Ending | 298 | 300 | 298 | 300 |
Lease liabilities | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | 2,289 | 1,816 | 2,340 | 1,876 |
Redemptions, repayments or payments | (129) | (125) | (259) | (248) |
Foreign exchange movement | (6) | 1 | 6 | (5) |
Other | 262 | 72 | 329 | 141 |
Ending | 2,416 | 1,764 | 2,416 | 1,764 |
Derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt - liability (asset) | Long-term debt including derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Beginning | (79) | (12) | (80) | 4 |
Issued or received | 1,648 | 1,303 | 3,194 | 2,926 |
Redemptions, repayments or payments | (1,656) | (1,296) | (3,208) | (2,925) |
Foreign exchange movement | 148 | (198) | 160 | (135) |
Other | 11 | 31 | 6 | (42) |
Ending | 72 | (172) | 72 | (172) |
To eliminate effect of gross settlement of derivatives used to manage currency risks arising from U.S. dollar-denominated long-term debt | ||||
Changes in liabilities arising from financing activities | ||||
Issued or received | (1,648) | (1,303) | (3,194) | (2,926) |
Redemptions, repayments or payments | $ 1,648 | $ 1,303 | $ 3,194 | $ 2,926 |