Document and Entity Information
Document and Entity Information | 6 Months Ended |
Feb. 29, 2020shares | |
Document Information [Line Items] | |
Amendment Flag | false |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Document Period End Date | Feb. 29, 2020 |
Document Type | 6-K |
Current Fiscal Year End Date | --08-31 |
Entity Central Index Key | 0000932872 |
Entity Registrant Name | SHAW COMMUNICATIONS INC |
ifrs Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 22,372,064 |
ifrs Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 489,653,892 |
ifrs Series A Preferred Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 10,012,393 |
ifrs Series B Preferred Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,987,607 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Millions | Feb. 29, 2020 | Nov. 30, 2019 | Sep. 01, 2019 | Aug. 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 |
Current | |||||||
Cash | $ 47 | $ 132 | $ 1,446 | $ 1,446 | $ 1,288 | $ 1,189 | $ 384 |
Accounts receivable | 300 | 287 | 287 | ||||
Inventories | 70 | 86 | 86 | ||||
Other current assets (note 4) | 268 | 275 | 291 | ||||
Current portion of contract assets (note 11) | 128 | 106 | 106 | ||||
Total current assets | 813 | 2,200 | 2,216 | ||||
Investments and other assets (notes 15) | 42 | 37 | 37 | ||||
Property, plant and equipment | 6,197 | 6,221 | 4,883 | ||||
Other long-term assets | 205 | 195 | 195 | ||||
Deferred income tax assets | 1 | 4 | 4 | ||||
Intangibles | 7,975 | 7,979 | 7,979 | ||||
Goodwill | 280 | 280 | 280 | ||||
Contract assets (note 11) | 76 | 52 | 52 | ||||
Total assets | 15,589 | 16,968 | 15,646 | ||||
Current | |||||||
Short-term borrowings (note 6) | 255 | 40 | 40 | ||||
Accounts payable and accrued liabilities | 865 | 1,015 | 1,015 | ||||
Provisions (note 7) | 133 | 219 | 224 | ||||
Income taxes payable | 27 | 71 | 82 | ||||
Current portion of contract liabilities (note 11) | 203 | 223 | 223 | ||||
Current portion of long-term debt (notes 8 and 15) | 1 | 1,251 | 1,251 | ||||
Current portion of lease liabilities (notes 2 and 5) | 114 | 113 | 0 | ||||
Total current liabilities | 1,598 | 2,932 | 2,835 | ||||
Long-term debt (notes 8 and 15) | 4,050 | 4,057 | 4,057 | ||||
Lease liabilities (notes 2 and 5) | 1,191 | 1,211 | 0 | ||||
Other long-term liabilities | 82 | 73 | 75 | ||||
Provisions (note 7) | 81 | 79 | 79 | ||||
Deferred credits | 416 | 425 | 425 | ||||
Contract liabilities (note 11) | 15 | 15 | 15 | ||||
Deferred income tax liabilities | 1,943 | 1,913 | 1,875 | ||||
Total liabilities | 9,376 | 10,705 | 9,361 | ||||
Shareholders' equity (notes 9 and 13) | |||||||
Common and preferred shareholders | 6,213 | 6,260 | 6,282 | ||||
Non-controlling interests in subsidiaries | 0 | 3 | 3 | ||||
Total equity | 6,213 | 6,263 | 6,285 | $ 6,127 | $ 5,970 | ||
Total equity and liabilities | $ 15,589 | $ 16,968 | $ 15,646 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Consolidated Statements of Income [Abstract] | ||||
Revenue (notes 3 and 11) | $ 1,363 | $ 1,315 | $ 2,746 | $ 2,669 |
Operating, general and administrative expenses (note 12) | (763) | (767) | (1,558) | (1,577) |
Restructuring costs (notes 7 and 12) | 0 | 0 | 0 | (1) |
Amortization: | ||||
Deferred equipment revenue | 5 | 5 | 9 | 11 |
Deferred equipment costs | (17) | (21) | (35) | (45) |
Property, plant and equipment, intangibles and other | (288) | (248) | (577) | (492) |
Operating income | 300 | 284 | 585 | 565 |
Amortization of financing costs - long-term debt | (1) | 0 | (2) | (1) |
Interest expense | (68) | (68) | (139) | (130) |
Equity income of an associate or joint venture | 0 | 3 | 0 | 26 |
Other losses | (19) | (4) | (22) | (5) |
Income from before income taxes | 212 | 215 | 422 | 455 |
Current income tax expense (note 3) | 23 | 42 | 59 | 77 |
Deferred income tax expense | 22 | 19 | 34 | 39 |
Net income | 167 | 154 | 329 | 339 |
Net income attributable to: | ||||
Equity shareholders | $ 167 | $ 154 | $ 329 | $ 339 |
Earnings per share: (note 10) | ||||
Basic and diluted | $ 0.32 | $ 0.3 | $ 0.63 | $ 0.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 167 | $ 154 | $ 329 | $ 339 |
Items that may subsequently be reclassified to income: | ||||
Change in unrealized fair value of derivatives designated as cash flow hedges | 0 | 0 | 0 | 1 |
Adjustment for hedged items recognized in the period | 0 | (1) | 0 | (1) |
Share of other comprehensive loss of associates | 0 | (7) | 0 | (6) |
Total other comprehensive income that will be reclassified to profit or loss, net of tax | 0 | (8) | 0 | (6) |
Items that will not be subsequently reclassified to income: | ||||
Remeasurements on employee benefit plans | (10) | (9) | (5) | 0 |
Total other comprehensive income | (10) | (17) | (5) | (6) |
Comprehensive income | 157 | 137 | 324 | 333 |
Comprehensive income attributable to: | ||||
Equity shareholders | $ 157 | $ 137 | $ 324 | $ 333 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Millions | Total | Issued Capital [Member] | Share Premium [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Equity Attributable To Owners Of Parent [Member] | Noncontrolling Interests [Member] |
Balance as previously reported (Previously Reported [Member]) at Aug. 31, 2018 | $ 6,285 | $ 4,605 | $ 26 | $ 1,745 | $ (94) | $ 6,282 | $ 3 |
Balance as previously reported at Aug. 31, 2018 | 5,970 | 4,349 | 27 | 1,632 | (39) | 5,969 | 1 |
Net income | 339 | 0 | 0 | 339 | 0 | 339 | 0 |
Other comprehensive income (loss) | (6) | 0 | 0 | 0 | (6) | (6) | 0 |
Comprehensive income | 333 | 0 | 0 | 339 | (6) | 333 | 0 |
Dividends | (200) | 0 | 0 | (200) | 0 | (200) | 0 |
Dividend reinvestment plan | 0 | 107 | 0 | (107) | 0 | 0 | 0 |
Shares issued under stock option plan | 22 | 26 | (4) | 0 | 0 | 22 | 0 |
Share-based compensation | 2 | 0 | 2 | 0 | 0 | 2 | 0 |
Balance at Feb. 28, 2019 | 6,127 | 4,482 | 25 | 1,664 | (45) | 6,126 | 1 |
Balance as previously reported (Previously Reported [Member]) at Aug. 31, 2019 | 6,285 | ||||||
Balance as previously reported at Aug. 31, 2019 | 6,285 | ||||||
Transition adjustments - IFRIC 23 (note 2) | Increase Decrease Due To Application Of IFRIC 23 [Member] | (22) | 0 | 0 | (22) | 0 | (22) | 0 |
Net income | 329 | 0 | 0 | 329 | 0 | 329 | 0 |
Other comprehensive income (loss) | (5) | 0 | 0 | 0 | (5) | (5) | 0 |
Comprehensive income | 324 | 0 | 0 | 329 | (5) | 324 | 0 |
Dividends | (272) | 0 | 0 | (272) | 0 | (272) | 0 |
Dividend reinvestment plan | 0 | 37 | 0 | (37) | 0 | 0 | 0 |
Distributions declared to non-controlling interest | (3) | 0 | 0 | 0 | 0 | 0 | (3) |
Shares issued under stock option plan | 5 | 6 | (1) | 0 | 0 | 5 | 0 |
Shares repurchased [note 9] | (105) | (35) | 0 | (70) | 0 | (105) | 0 |
Share-based compensation | 1 | 0 | 1 | 0 | 0 | 1 | 0 |
Balance at Feb. 29, 2020 | 6,213 | 4,613 | 26 | 1,673 | (99) | 6,213 | 0 |
Restated balance | $ 6,263 | $ 4,605 | $ 26 | $ 1,723 | $ (94) | $ 6,260 | $ 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
OPERATING ACTIVITIES | ||||
Funds flow from continuing operations (note 14) | $ 496 | $ 443 | $ 946 | $ 881 |
Net change in non-cash balances | (135) | (33) | (246) | (180) |
Operating activities | 361 | 410 | 700 | 701 |
INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment (note 3) | (248) | (220) | (518) | (556) |
Additions to equipment costs (net) (note 3) | (7) | (10) | (18) | (19) |
Additions to other intangibles (note 3) | (36) | (19) | (64) | (53) |
Net additions to investments and other assets | (4) | 3 | (5) | 3 |
Proceeds on disposal of property, plant and equipment | 1 | 13 | 1 | 13 |
Investing activities | (294) | (233) | (604) | (612) |
FINANCING ACTIVITIES | ||||
Increase in short-term borrowings | 135 | 0 | 215 | 0 |
Issuance of long-term debt | 800 | 0 | 800 | 1,000 |
Repayment of long-term debt | (818) | 0 | (2,068) | 0 |
Bank facility arrangement costs | (9) | 0 | (10) | (9) |
Payment of lease liabilities | (27) | 0 | (57) | 0 |
Issue of Class B Non-Voting Shares (note 9) | 2 | 21 | 5 | 23 |
Purchase of Class B Non-Voting Shares for cancellation (note 9) | (80) | 0 | (105) | 0 |
Dividends paid on Class A Shares and Class B Non-Voting Shares | (153) | (97) | (269) | (195) |
Dividends paid on Preferred Shares | (2) | (2) | (4) | (4) |
Payment of distributions to non-controlling interests | 0 | 0 | (2) | 0 |
Financing activities | (152) | (78) | (1,495) | 815 |
Increase (decrease) in cash | (85) | 99 | (1,399) | 904 |
Cash, beginning of period | 132 | 1,189 | 1,446 | 384 |
Cash, end of period | $ 47 | $ 1,288 | $ 47 | $ 1,288 |
Corporate Information
Corporate Information | 6 Months Ended |
Feb. 29, 2020 | |
Corporate Information [Abstract] | |
Corporate Information | 1 . CORPORATE INFORMATION Shaw Communications Inc. (the “Company”) is a diversified Canadian connectivity company whose core operating business is providing: Cable telecommunications, Satellite video services and data networking to residential customers, businesses and public-secto r entities (“Wireline”); and wireless services for voice and data communications (“Wireless”). The Company’s shares are listed on the Toronto Stock Exchange (“TSX”), TSX Venture Exchange (“TSXV”) and New York Stock Exchange (“NYSE”) (Symbol: TSX - SJR.B, S JR.PR.A, SJR.PR.B, NYSE - SJR, and TSXV - SJR.A). |
Basis Of Presentation And Accou
Basis Of Presentation And Accounting Policies | 6 Months Ended |
Feb. 29, 2020 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis Of Presentation And Accounting Policies | 2 . BASIS OF PRESENTATION AND ACCOUNTING POLICIES Statement of compliance These condensed interim consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and in compliance with International Accounting Standard (“IAS”) 34 Interim Financial Report ing as issued by the International Accounting Standards Board (“IASB”). The condensed interim consolidated financial statements of the Company for the three and six months ended February 29 , 20 20 were authorized for issue by the Board of Di rectors on April 9 , 20 20 . a) Basis of presentation These condensed interim consolidated financial statements have been prepared primarily under the historical cost convention except as detailed in the significant accounting policies disclosed in the Compa ny’s consolidated financial statements for the year ended August 31, 201 9 and are expressed in millions of Canadian dollars unless otherwise indicated. The condensed interim consolidated statements of income are presented using the nature classification fo r expenses. Certain comparative figures have been reclassified to conform to the current period’s presentation. The notes presented in these condensed interim consolidated financial statements include only significant events and transactions occurring s ince the Company’s last fiscal year end and are not fully inclusive of all matters required to be disclosed by IFRS in the Company’s annual consolidated financial statements. As a result, these condensed interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended August 31, 201 9 . The condensed interim consolidated financial statements follow the same accounting policies and methods of application as the most recent annual c onsolidated financial statements except as noted below. b) New accounting standards We adopted the following new accounting standards effective September 1, 2019. IFRS 16 Leases was issued on January 2016 and replaces IAS 17 Leases . The new standard requires entities to recognize lease assets and lease obligations on the balance sheet. For lessees, IFRS 16 removes the classification of leases as either operating leases or finance leases, instead requiring that leases be capitalized by recognizing the present value of the lease payments and showing them as lease assets (right-of-use assets) and representing the right to use the underlying leased asset. If lease payments are made over time, the Company recognize s a lease liability repr esenting its obligation to make future lease payments. Certain short-term leases (less than 12 months) and leases of low value may be exempted from the requirements and may continue to be treated as operating leases if certain elections are made. Lessors w ill continue with a dual lease classification model. Classification will determine how and when a lessor will recognize lease revenue, and what assets would be recorded. As a result of adopting IFRS 16, the Company recognized a significant increase to bo th assets and liabilities on our Consolidated Statements of Financial Position as well as a decrease to operating costs, as a result of removing the lease expense, an increase to depreciation and amortization, due to the depreciation of the right-of-use as set, and an increase to finance costs, due to the accretion of the lease liability. Relative to the results of applying the previous standard, although actual cash flows are unaffected, the Company’s statement of cash flows will reflect increases in cash f lows from operating activities offset equally by decreases in cash flows from financing activities. Implementation We adopted IFRS 16 using a modified retrospective approach whereby the financial statements of prior periods presented are not restated. We recognized lease liabilities at September 1, 2019 for leases previously classified as operating leases, measured at the present-value of the lease payments using our incremental borrowing rate at that date, with the corresponding right-of-use asset generally measured at an equal amount, adjusted for any prepaid or accrued rent outstanding as at August 31, 2019. As perm itted by IFRS 16, we applied certain practical expedients to facilitate the initial adoption and ongoing application of IFRS 16 including the following: not separate fixed non-lease components from lease components for certain classes of underlying assets. Each lease component and any associated non-lease components will be accounted for as a single lease component; apply a single discount rate to a portfolio of leases with similar characteristics; exclude initial direct costs from measuring the right-of-us e asset as at September 1, 2019; and use hindsight in determining the lease term where the contract contains purchase, extension, or termination options. On transition, we have not elected the recognition exemptions on short-term leases or low-value leases; however, we may choose to elect these recognition exemptions on a class-by-class basis for new classes and on a lease-by-lease basis, respectively, in the future. In December 2019 , the IFRS Interpretations Committee issued a final agenda decision in regards to the determination of the lease term for cancellable or renewable leases under IFRS 16. The Company is currently assessing the im pact of this interpretation on its financial . There was no significant impact for contracts in which we are the lessor. IFRIC 23 Uncertainty over Income Tax Treatments was issued in 2017 to clarify how to apply the recognition and measurement requiremen ts in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It was required to be applied for annual periods commencing January 1, 2019, which for the Company was the annual period commencing September 1, 2019. The cumulative effect of the initial application of the new standard has been reflected as an adjustment to retained earnings at September 1, 2019. Refer to “Transition adjustments” below for details. c) Transition adjustments Below is the effect of transition to IFRS 16 and the adoption of IFRIC 23 on our condensed consolidated Statement of Financial Position as at September 1, 2019. (millions of Canadian dollars) As reported as at August 31, 2019 Effect of IFRS 16 transition Effect of IFRIC 23 transition Subsequent to transition as at September 1, 2019 ASSETS Current Cash 1,446 - - 1,446 Accounts receivable 287 - - 287 Inventories 86 - - 86 Other current assets 291 (16) - 275 Current portion of contract assets 106 - - 106 2,216 (16) - 2,200 Investments and other assets 37 - - 37 Property, plant and equipment 4,883 1,338 - 6,221 Other long-term assets 195 - - 195 Deferred income tax assets 4 - - 4 Intangibles 7,979 - - 7,979 Goodwill 280 - - 280 Contract assets 52 - - 52 15,646 1,322 - 16,968 LIABILITIES AND SHAREHOLDERS' EQUITY Current Short-term borrowings 40 - - 40 Accounts payable and accrued liabilities 1,015 - - 1,015 Provisions 224 - (5) 219 Income taxes payable 82 - (11) 71 Current portion of contract liabilities 223 - - 223 Current portion of long-term debt 1,251 - - 1,251 Current portion of lease liabilities - 113 - 113 2,835 113 (16) 2,932 Long-term debt 4,057 - - 4,057 Lease liabilities - 1,211 - 1,211 Other long-term liabilities 75 (2) - 73 Provisions 79 - - 79 Deferred credits 425 - - 425 Contract liabilities 15 - - 15 Deferred income tax liabilities 1,875 - 38 1,913 9,361 1,322 22 10,705 Shareholders' equity Common and preferred shareholders 6,282 - (22) 6,260 Non-controlling interests in subsidiaries 3 - - 3 6,285 - (22) 6,263 15,646 1,322 - 16,968 Prior to adopting IFRS 16, our total minimum operating lease commitments as at August 31, 2019 was $ 919 million. The weighted average discount rate applied to the total lease liabilities was 3.50 % at September 1, 2019. The difference between the total of the minimum lease payments set out in Note 27 in our 2019 Audited Financial Statements and the total lease liabil ity recognized on transition was a result of: the inclusion of lease payments beyond minimum commitments relating to reasonably certain renewal periods or extension options that had not yet been exercised as at August 31, 2019; the effect of discounting o n the minimum lease payments; and certain costs to which we are contractually committed under lease contracts , but which do not qualify to be accounted for as a lease liability, such as variable lease payments not tied to an index or rate. d) Fiscal 2019 Accounting Policies Updated for IFRS 16 Leases The following accounting policy applies as of September 1, 2019 following the adoption of IFRS 16. Prior to September 1, 2019, IAS 17 was applied as disclosed in the Company’s 2019 annual consolidated financ ial statements, as permitted by transition provisions of IFRS 16. Leases are typically entered into for network infrastructure and equipment, including transponders, and land and buildings relating to the Company’s wireless and wireline networks, office s pace and retail stores. At inception of a contract, the Company assesses whether the contract contains a lease. A lease contract conveys the right to control the use of an identified asset for a period in exchange for consideration. To assess whether a con tract conveys the right to control the use of an identified asset, the Company assesses whether: the contract involves the use of an identified asset; the Company has the right to obtain substantially all of the economic benefits from use of the asset thro ughout the period of use; and the Company has the right to direct the use of the identified asset. Lease liabilities are initially measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if not readily determinable, the Company’s incremental borrowing rate. A single incremental borrowing rate is applied to a portfolio of leases with similar characteristics. Lease payments included in the measurement of the lease liability are comprised of: Fixed payments, including in-substance fixed payments; Variable lease payments that depend on an index or rate; Amounts expected to be payable under a residual value guaran tee; and Payments relating to purchase options and renewal option periods that are reasonably certain to be exercised, or periods subject to termination options that are not reasonably certain to be exercised. The initial lease term included in the measurement of the lease liability is comprised of: The non-cancellable period of the lease; Periods covered by options to extend the lease, where the Company is reasonably certain to exercise the option; and Periods covered by options to terminate the lea se, where the Company is reasonably certain not to exercise the option. Lease liabilities are subsequently measured at amortized cost. Lease liabilities are remeasured when there is a lease modification, and a corresponding adjustment is made to the carry ing amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The interest expense for lease liabilities is recorded in Interest expense in the Consolidated Statements of In come. Variable lease payments that do not depend on an index or rate are not included in the measurement of lease liabilities and right-of-use assets. The related payments are expensed in Operating, general and administrative expenses in the period in whi ch the event or condition that triggers those payments occurs. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease obligation adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, plus an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The Company presents right-of-use assets in Pr operty, plant and equipment. If we obtain ownership of the leased asset by the end of the lease term or the costs of the right-of-use asset reflects the exercise of a purchase option, we depreciate the right-of-use asset from the lease commencement date t o the end of the useful life of the underlying asset. Otherwise, right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Right-of-use assets are peri odically reduced by impairment losses, if any, and adjusted for certain remeasurements on the related lease liability. The depreciation charge for right-of-use assets is recorded in Amortization – Property, plant and equipment. Significant Judgments and E stimates The application of IFRS 16 requires the Company to make judgments that affect the valuation of the lease liabilities and the valuation of right-of-use assets. These include determining whether a contract contains a lease, determining the contract term, including whether or not to exercise renewal or termination options, and determining the interest rate used for discounting future cash flows. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Feb. 29, 2020 | |
Business Segment Information [Abstract] | |
Business Segment Information | 3. BUSINESS SEGMENT INFORMATION The Company’s chief operating decision makers are the Chief Executive Officer, the President and the Executive Vice President, Chief Financial & Corporate Development Officer and they review the operating performance of the Company by segments , which are comprised of Wireline and Wireless. The chief operating decision makers utilize adjusted earnings before interest, income taxes, depreciation and amortization (“ EBITDA”) for each segment as a key measure in making operating decisions an d assessing performance. The Wireline segment provides Cable telecommunications services including Video, Internet, Wi-Fi, Phone, Satellite Video and data networking through a national fibre-optic backbone network to Canadian consumers, North American bu sinesses and public-sector entities. The Wireless segment provides wireless services for voice and data communications serving customers in Ontario, British Columbia and Alberta. Both of the Company’s reportable segments are substantially located in Cana da. Information on operations by segment is as follows: Operating information Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Revenue Wireline 1,063 1,071 2,130 2,154 Wireless 302 246 620 518 1,365 1,317 2,750 2,672 Intersegment eliminations (2) (2) (4) (3) 1,363 1,315 2,746 2,669 Adjusted EBITDA (1) Wireline 519 497 1,036 997 Wireless 81 51 152 95 600 548 1,188 1,092 Restructuring costs - - - (1) Amortization (300) (264) (603) (526) Operating income 300 284 585 565 Current taxes Operating 22 35 54 70 Other/non-operating 1 7 5 7 23 42 59 77 Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers; the Company defines adjusted EBITDA as revenues less operating, general and administrative expenses. We pr eviously referred to this measure as “Operating income before restructuring and amortization” but have renamed it to better align with language used by various stakeholders of the Company Capital expenditures . Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Capital expenditures accrual basis Wireline 216 185 410 380 Wireless 53 84 108 150 269 269 518 530 Equipment costs (net of revenue) Wireline 7 10 18 20 Capital expenditures and equipment costs (net) Wireline 223 195 428 400 Wireless 53 84 108 150 276 279 536 550 Reconciliation to Consolidated Statements of Cash Flows Additions to property, plant and equipment 248 220 518 556 Additions to equipment costs (net) 7 10 18 19 Additions to other intangibles 36 19 64 53 Total of capital expenditures and equipment costs (net) per Consolidated Statements of Cash Flows 291 249 600 628 Increase/(decrease) in working capital and other liabilities related to capital expenditures (14) 43 (63) (66) Decrease in customer equipment financing receivables - - - 1 Less: Proceeds on disposal of property, plant and equipment (1) (13) (1) (13) Total capital expenditures and equipment costs (net) reported by segments 276 279 536 550 |
Other Current Assets
Other Current Assets | 6 Months Ended |
Feb. 29, 2020 | |
Other Current Assets [Abstract] | |
Other Current Assets | 4 . OTHER CURREN T ASSETS February 29, 2020 August 31, 2019 Prepaid expenses 86 108 Deferred commission costs (1) 61 59 Wireless handset receivables (2) 121 124 268 291 (1) Costs incurred to obtain or fulfill a contract with a customer are capitalized and subsequently amortized as an expense over the average life of a customer. (2) As described in the revenue and expenses accounting policy detailed in the significant accounting policies disclosed in the Company’s consolidated financial statements for the year ended August 31, 2019, these amounts relate to the current portion of wireless handset receivables. |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Feb. 29, 2020 | |
Lease Liabilities [Abstract] | |
Lease Liabilities | 5 . LEASE LIABILITIES Below is a summary of the activity related to the Company’s lease liabilities for the six months ended February 29, 2020. 2020 Balance as at September 1, 2019 1,324 Net additions 38 Interest on lease liabilities 22 Interest payments on lease liabilities (22) Principal payments of lease liabilities (57) Other - Balance as at February 29, 2020 1,305 Current 113 Long-term 1,211 Balance as at September 1, 2019 1,324 Current 114 Long-term 1,191 Balance as at February 29, 2020 1,305 |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Feb. 29, 2020 | |
Short-Term Borrowings [Abstract] | |
Short-Term Borrowings | 6. SHORT-TERM BORROWINGS February 29, 2020 August 31, 2019 Credit facility 55 - Accounts receivable securitization program 200 40 255 40 During the period, the Company borrowed US$ 34 million (CAD$ 45 million) and CAD$ 10 million on its bank credit facility. Concurrent with the borrowings, the Company entered into a cross-currency interest rate swap to reduce the interest cost associated with the borrowings under the credit facility. This swap was not designated as a hedge for accounting purposes. Refer to Note 15 – Fair Value for additional details on this arrangement. A summary of our accounts receivable securitization program is as follows: February 29, 2020 August 31, 2019 Trade accounts receivable sold to buyer as security 437 434 Short-term borrowings from buyer (200) (40) Over-collateralization 237 394 Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Accounts receivable securitization program, beginning of period 120 40 40 40 Proceeds received from accounts receivable securitization 80 - 160 - Repayment of accounts receivable securitization - - - - Accounts receivable securitization program, end of period 200 40 200 40 |
Provisions
Provisions | 6 Months Ended |
Feb. 29, 2020 | |
Disclosure of other provisions [abstract] | |
Provisions | 7. PROVISIONS Asset retirement obligations Restructuring (1) Other Total $ $ $ $ September 1, 2019, as previously reported 78 142 83 303 Transition adjustments - - (5) (5) Restated balance as at September 1, 2019 78 142 78 298 Additions - - 11 11 Accretion 3 - - 3 Reversal - - (1) (1) Payments - (91) (6) (97) Balance as at February 29, 2020 81 51 82 214 Current - 141 83 224 Long-term 78 1 - 79 Balance as at August 31, 2019 78 142 83 303 Current - 51 82 133 Long-term 81 - - 81 Balance as at February 29, 2020 81 51 82 214 (1) During fiscal 2018, the Company offered a voluntary departure program to a group of eligible employees as part of a total business transformation initiative. A total of $91 has been paid in fiscal 2020. The remaining costs are expected to be paid out within the next 11 months. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Feb. 29, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 8 . LONG-TERM DEBT February 29, 2020 August 31, 2019 Effective interest rates Long-term debt at amortized cost (1) Adjustment for finance costs (1) Long-term debt repayable at maturity Long-term debt at amortized cost (1) Adjustment for finance costs (1) Long-term debt repayable at maturity % $ $ $ $ $ $ Corporate Cdn fixed rate senior notes- 5.65% due October 1, 2019 5.69 - - - 1,250 - 1,250 5.50% due December 7, 2020 5.55 - - - 499 1 500 3.15% due February 19, 2021 3.17 - - - 299 1 300 3.80% due November 2, 2023 3.80 498 2 500 498 2 500 4.35% due January 31, 2024 4.35 498 2 500 498 2 500 3.80% due March 1, 2027 3.84 298 2 300 298 2 300 4.40% due November 2, 2028 4.40 496 4 500 496 4 500 6.75% due November 9, 2039 6.89 1,420 30 1,450 1,420 30 1,450 3.30% due December 10, 2029 3.41 495 5 500 - - - 4.25% due December 9, 2049 4.33 296 4 300 - - - 4,001 49 4,050 5,258 42 5,300 Other Burrard Landing Lot 2 Holdings Partnership Various 50 - 50 50 - 50 Total consolidated debt 4,051 49 4,100 5,308 42 5,350 Less current portion (2) 1 - 1 1,251 1 1,252 4,050 49 4,099 4,057 41 4,098 (1) Long-term debt is presented net of unamortized discounts and finance costs. (2) Current portion of long-term debt includes amounts due within one year in respect of senior notes due October 1, 2019 and the Burrard Landing loans. On October 1, 2019, the Company repaid $ 1,250 of 5.65% senior notes at their maturity. On November 21, 2019, the Company amended the terms of its bank credit facility to extend the maturity date to December 2024.The facility can be used for working capital and general corporate purposes. O n December 9, 2019 the Company issued $ 800 of senior notes, comprised of $ 500 principal amount of 3.30% senior notes due 2029 and $ 300 principal amount of 4.25% senior notes due 2049. The net proceeds of the offering of $ 792 , along with cash on hand, were used to fund the redemption of the $500 principal amount of 5.50% senior notes due 2020 and the $300 principal amount of 3.15% senior notes due 2021. On December 24, 2019, the Company redeemed the $ 500 pri ncipal amount of 5.50% senior notes due December 7, 2020 and the $ 300 principal amount of 3.15% senior notes due February 19, 2021. In conjunction with the redemption, the Company paid make whole premiums of $ 17 and accrued interest of $ 5 . |
Share Capital
Share Capital | 6 Months Ended |
Feb. 29, 2020 | |
Share Capital [Abstract] | |
Share Capital | 9 . SHARE CAPITAL Changes in share capital during the six months ended February 29 , 2020 are as follows: Class A Shares Class B Non-Voting Shares Series A Preferred Shares Series B Preferred Shares Number $ Number $ Number $ Number $ August 31, 2019 22,372,064 2 494,389,771 4,310 10,012,393 245 1,987,607 48 Issued upon stock option plan exercises - - 240,733 6 - - - - Issued upon restricted share unit exercises - - 4,507 - - - - - Issued pursuant to dividend reinvestment plan - - 1,445,494 37 - - - - Shares repurchased - - (3,964,730) (35) - - - - February 29, 2020 22,372,064 2 492,115,775 4,318 10,012,393 245 1,987,607 48 Normal Course Issuer Bid On October 29 , 2019, the Company announced that it had received approval from the Toronto Stock Exchange (“TSX”) to establish a normal course issuer bid (“NCIB”) program . The program commenced on November 1, 2019 and will remain in effect until October 31, 2020. As approved by the TSX, the Company has the ability to purchase for cancellation up to 24,758,127 Class B Non-Voting Shares representing 5 % of all of the issued and outstanding Class B Non-Voting Shares as at Octobe r 18, 2019. During the six months ended February 29, 2020, the Company purchased 3, 964,730 Class B Non-Voting Shares for cancellation for a total cost of approximately $ 105 under the NCIB. The average book value of the shares repurchased was $ 8.77 per sh are and was charged to share capital. The excess of the market price over the average book value, including transaction costs, was approximately $ 70 and was charged to retained earnings. From March 1, 20 20 to March 31, 20 20 , the Company purchased an additional 1,191,173 Class B Non-Voting Shares for cancellation for a total cost of approximately $ 25 under the NCIB. Dividend Reinvestment Plan On October 24, 2019, in accordance with the terms of our Dividend Reinvestment Pl an (the “DRIP”), the Company announced that in lieu of issuing shares from treasury, it will satisfy its share delivery obligations under the DRIP by purchasing Class B Non-Voting Shares on the open market. In addition, the Company reduced its discount fro m 2 % to 0 % for the Class B Non-Voting Shares delivered under the DRIP. These changes to the DRIP were applied to the dividends payable on November 28, 2019 to shareholders of record on November 15, 2019. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Feb. 29, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10 . EARNINGS PER SHARE Earnings per share calculations are as follows: Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Numerator for basic and diluted earnings per share ($) Net income 167 154 329 339 Deduct: dividends on Preferred Shares (2) (2) (4) (4) Net income attributable to common shareholders 165 152 325 335 Denominator (millions of shares) Weighted average number of Class A Shares and Class B Non-Voting Shares for basic earnings per share 516 510 517 509 Effect of dilutive securities (1) - - - - Weighted average number of Class A Shares and Class B Non-Voting Shares for diluted earnings per share 516 510 517 509 Basic earnings per share ($) Basic and diluted 0.32 0.30 0.63 0.66 (1) The earnings per share calculation does not take into consideration the potential dilutive effect of certain stock options since their impact is anti-dilutive. For the three and six months ended February 29, 2020, 5,852,922 (February 28, 2019 – 6,232,339) and 5,719,981 (February 28, 2019 - 6,592,503) options were excluded from the diluted earnings per share calculation, respectively. |
Revenue
Revenue | 6 Months Ended |
Feb. 29, 2020 | |
Revenue [Abstract] | |
Revenue | 11 . REVENUE Contract assets and liabilities The table below provides a reconciliation of the significant changes to the current and long-term portion of contract assets and liabilities balances during the year . Contract Contract Assets Liabilities Balance as at September 1, 2019 158 238 Increase in contract assets from revenue recognized during the year 138 - Contract assets transferred to trade receivables (84) - Contract terminations transferred to trade receivables (8) - Revenue recognized included in contract liabilities at the beginning of the year - (227) Increase in contract liabilities during the year - 207 Balance as at February 29, 2020 204 218 Contract Contract Assets Liabilities Current 106 223 Long-term 52 15 Balance as at August 31, 2019 158 238 Current 128 203 Long-term 76 15 Balance as at February 29, 2020 204 218 Deferred commission cost assets The table below provides a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the six months ended February 29, 2020 . We believe these amounts to be recov erable through the revenue earned from the related contracts. The deferred commission cost assets are presented within other current assets (when they will be amortized into net income within twelve months of the date of the financial statements) or other long-term assets. Balance as at September 1, 2019 94 Additions to deferred commission cost assets 52 Amortization recognized on deferred commission cost assets (40) Balance as at February 29, 2020 106 Current 59 Long-term 35 Balance as at August 31, 2019 94 Current 61 Long-term 45 Balance as at February 29, 2020 106 Commission costs are amortized over a period ranging from 24 to 36 months . Disaggregation of revenue Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Services Wireline - Consumer (1) 919 933 1,843 1,878 Wireline - Business (1) 144 138 287 276 Wireless 201 168 397 334 1,264 1,239 2,527 2,488 Equipment and other Wireless 101 78 223 184 101 78 223 184 Intersegment eliminations (2) (2) (4) (3) Total revenue 1,363 1,315 2,746 2,669 (1) As a result of a realignment of management responsibilities , revenues relating to the Wholesale TPIA Services and Broadcast Services operations, previously reported under the Business division are now reported as part of the Consumer division. Fiscal 2019 results have been restated to reflect this change. Remaining performance obligations The following table includes revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as at February 29, 2020. Within Within 1 year 2 years Total Wireline 2,241 958 3,199 Wireless 449 187 636 Total 2,690 1,145 3,835 When estimating minimum transaction prices allocated to the remaining unfilled, or partially unfulfilled, performance obligations, Shaw applied the practical expedient to not disclose information about remaining performance obligations that have original expected duration of one year or less and for those contracts where we bill the same value as that which is transferred to the customer. |
Operating, General And Administ
Operating, General And Administrative Expenses And Restructuring Costs | 6 Months Ended |
Feb. 29, 2020 | |
Operating, General And Administrative Expenses And Restructuring Costs [Abstract] | |
Operating, General And Administrative Expenses And Restructuring Costs | 12 . OPERATING, GENERAL AND ADMINISTRATIVE EXPENSES AND RESTRUCTURING COSTS Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Employee salaries and benefits (1) 160 173 317 335 Purchase of goods and services 603 594 1,241 1,243 763 767 1,558 1,578 (1) For the three and six months ended February 29, 2020, employee salaries and benefits include $nil (2019 - $nil) and $nil (2019 - $1) in restructuring costs. |
Other Comprehensive Income And
Other Comprehensive Income And Accumulated Other Comprehensive Loss | 6 Months Ended |
Feb. 29, 2020 | |
Other Comprehensive Income And Accumulated Other Comprehensive Loss [Abstract] | |
Other Comprehensive Income And Accumulated Other Comprehensive Loss | 13. OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS Components of other comprehensive income and the related income tax effects for the three months ended February 29, 2020 are as follows: Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges - - - Share of other comprehensive income of associates - - - - - - Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (14) 4 (10) (14) 4 (10) Components of other comprehensive income and the related income tax effects for the six months ended February 29, 2020 are as follows: Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges - - - Adjustment for hedged items recognized in the period - - - - - - Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (7) 2 (5) (7) 2 (5) Amount Income taxes Net Items that may subsequently be reclassified to income Adjustment for hedged items recognized in the period (1) - (1) Share of other comprehensive income of associates (7) - (7) (8) - (8) Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (12) 3 (9) (20) 3 (17) Components of other comprehensive income and the related income tax effects for the six months ended February 28, 2019 are as follows: Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges 1 - 1 Adjustment for hedged items recognized in the period (1) - (1) Share of other comprehensive income of associates (6) - (6) (6) - (6) Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans - - - (6) - (6) Accumulated other comprehensive loss is comprised of the following: February 29, 2020 August 31, 2019 Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges 1 1 Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (100) (95) (99) (94) |
Statements Of Cash Flow
Statements Of Cash Flow | 6 Months Ended |
Feb. 29, 2020 | |
Consolidated Statements of Cash Flows [Abstract] | |
Consolidated Statements Of Cash Flows | 14 . STATEMENTS OF CASH FLOWS (i) Funds flow from continuing operations Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Net income from continuing operations 167 154 329 339 Adjustments to reconcile net income to funds flow from operations: Amortization 301 264 605 527 Deferred income tax expense 22 19 34 39 Share-based compensation 1 1 1 2 Defined benefit pension plans 3 2 1 5 Equity income of an associate or joint venture - (3) - (26) Net change in contract asset balances (17) - (45) (10) Other 19 6 21 5 Funds flow from continuing operations 496 443 946 881 (ii) Interest and income taxes paid and interest received and classified as operating activities are as follows: Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Interest paid 31 24 140 111 Income taxes paid (net of refunds) 68 45 102 97 Interest received 1 2 5 3 (iii) Non-cash transactions: The Consolidated Statements of Cash Flows exclude the following non-cash transactions: Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Issuance of Class B Non-Voting Shares: Dividend reinvestment plan - 54 37 107 |
Fair Value
Fair Value | 6 Months Ended |
Feb. 29, 2020 | |
Fair Value [Abstract] | |
Fair Value | 1 5 . FAIR VALUE Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, ther efore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Financial instruments The fair value of financial instruments has been determined as follows: (i) Current assets and current liabilities The fa ir value of financial instruments included in current assets and current liabilities approximates their carrying value due to their short-term nature. (ii) Investments and other assets and other long-term assets The fair value of publicly traded investm ents is determined by quoted market prices. Investments in private entities which do not have quoted market prices in an active market and whose fair value cannot be readily measured are carried at approximate fair value . No published market exists for suc h investments. These equity investments have been made as they are considered to have the potential to provide future benefit to the Company and accordingly, the Company has no current intention to dispose of these investments in the near term. The fair va lue of long-term receivables approximates their carrying value as they are recorded at the net present values of their future cash flows, using an appropriate discount rate. (iii) Long-term debt The carrying value of long-term debt is at amortized cost b ased on the initial fair value as determined at the time of issuance or at the time of a business acquisition. The fair value of publicly traded notes is based upon current trading values. The fair value of finance lease obligations is determined by discou nting future cash flows using a rate for loans with similar terms, conditions and maturity dates. The carrying value of bank credit facilities approximates fair value as the debt bears interest at rates that fluctuate with market values. Other notes and de bentures are valued based upon current trading values for similar instruments. The carrying value and estimated fair value of long-term debt are as follows: February 29, 2020 August 31, 2019 Carrying value Estimated fair value Carrying value Estimated fair value Liabilities Long-term debt (including current portion) (1) 4,051 4,839 5,308 6,014 (1) Level 2 fair value – determined by valuation techniques using inputs based on observable market data, either directly or indirectly, other than quoted prices. (iv) Other long-term liabilities The fair value of contingent consideration arising from a business acquisition is determined by calculating the present value of the probability weighted assessment of the likelihood that revenue targets will be met and the estimated timing of such payments. (v) Derivative financial instruments The fair value of US currency forward purchase contracts is determined by an est imated credit-adjusted mark-to-market valuation using observable forward exchange rates at the end of reporting periods and contract forward rates. During the quarter, the Company entered into a cross-currency interest rate swap with a member of the Comp any’s lending syndicate with a notional amount of $ 34 USD for a term of one month . The swap requires that funds are exchanged back in one month at the same terms unless both parties agree to extend the swap for an additional month. By borrowing in US dol lars, the Company may access lower interest rates. The swap mitigates the risk of changes in the value of the US Dollar LIBOR borrowings as it will be exchanged for the same Canadian equivalent in one month. The swap is not designated as a hedge for acco unting purposes. The fair value of this cross-currency interest rate swap at February 29, 2020 is $ nil and is determined by an estimated credit-adjusted mark-to-market valuation using observable forward exchange rates at the end of reporting periods and co ntract forward rates. |
Intangibles And Goodwill
Intangibles And Goodwill | 6 Months Ended |
Feb. 29, 2020 | |
Intangibles And Goodwill [Abstract] | |
Intangibles And Goodwill | 1 6 . INTANGIBLES AND GOODWILL Impai rment testing of indefinite-life intangibles and goodwill The Company conducted its annual impairment test on goodwill and indefinite-life intangibles as at February 1, 20 20 and the recoverable amount of the cash generating units exceeded their carrying value. A hypothetical decline of 10 % in the recoverable amount of the broadcast rights and licences for the Cable cash generating unit as at February 1, 20 20 would not result in any impairment loss. A hypothetical decline of 10 % in the recoverable amount of the broadcast rights and licences for the Satellite cash generating unit as at February 1, 20 20 would not result in an impairment loss. A hypothetical decline of 10 % in the recoverable amount of the Wireless gene rating unit as at February 1, 20 20 would not result in any impairment loss. Any changes in economic conditions since the impairment testing conducted as at February 1, 20 20 do not represent events or changes in circumstance that would be indicative of impairment at February 2 9 , 20 20 . Significant estimates inherent to this analysis include discount rates and the terminal value. At February 1, 20 20 , the estimates that have been utilized in the impairment tests reflect any changes in market conditions and are as follows: Terminal value Post-tax discount rate Terminal growth rate Terminal adjusted EBITDA multiple Cable 6.0% 0.5% 8.0x Satellite 7.0% -4.0% 6.7x Wireless 7.0% 1.0% 5.3x A sensitivity analysis of significant estimates is conducted as part of every impairment test. With respect to the impairment tests performed in the second quarter, the estimated decline in recoverable amount for the sensitivity of significant estim ates is as follows: Estimated decline in recoverable amount Terminal value 1% increase in discount rate 1% decrease in terminal growth rate 0.5 times decrease in terminal adjusted EBITDA multiple Cable 15.0% 12.5% 6.2% Satellite 7.8% 5.5% 7.4% Wireless 18.2% 10.1% 9.4% |
Subsequent Events
Subsequent Events | 6 Months Ended |
Feb. 29, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS Subsequent to February 29, 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. In response to the WHO declaration and continuing spread of COVID-19, several social distancing measures taken by the Company and third parties including governments, reg ulatory authorities, businesses and our customers that could negatively impact the Company’s operations and financial results in future periods. Given the unprecedented and pervasive impact of changing circumstances surrounding the COVID-19 pandemic , there is inherently more uncertainty associated with our future operating assumptions and expectations as compared to prior periods. As such, it is not possible to estimate the impacts COVID-19 will have on the Company’s financial position or results of operati ons in future periods. While the direct impacts of COVID-19 are not determinable at this time, the Company has available liquidity of $ 1. 5 billion and a certain degree of flexibility in its operating and investing plans to mitigate the impacts of COVID-19. Subsequent to February 29, 2020, the Company drew an additional $200 under its credit facility to add to its existing cash balance as at February 29, 2020. |
Basis Of Presentation And Acc_2
Basis Of Presentation And Accounting Policies (Policy) | 6 Months Ended |
Feb. 29, 2020 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Statement Of Compliance | Statement of compliance These condensed interim consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and in compliance with International Accounting Standard (“IAS”) 34 Interim Financial Report ing as issued by the International Accounting Standards Board (“IASB”). The condensed interim consolidated financial statements of the Company for the three and six months ended February 29 , 20 20 were authorized for issue by the Board of Di rectors on April 9 , 20 20 . |
Basis Of Presentation | Basis of presentation These condensed interim consolidated financial statements have been prepared primarily under the historical cost convention except as detailed in the significant accounting policies disclosed in the Compa ny’s consolidated financial statements for the year ended August 31, 201 9 and are expressed in millions of Canadian dollars unless otherwise indicated. The condensed interim consolidated statements of income are presented using the nature classification fo r expenses. Certain comparative figures have been reclassified to conform to the current period’s presentation. The notes presented in these condensed interim consolidated financial statements include only significant events and transactions occurring s ince the Company’s last fiscal year end and are not fully inclusive of all matters required to be disclosed by IFRS in the Company’s annual consolidated financial statements. As a result, these condensed interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended August 31, 201 9 . The condensed interim consolidated financial statements follow the same accounting policies and methods of application as the most recent annual c onsolidated financial statements except as noted below. |
New Accounting Standards | New accounting standards We adopted the following new accounting standards effective September 1, 2019. IFRS 16 Leases was issued on January 2016 and replaces IAS 17 Leases . The new standard requires entities to recognize lease assets and lease obligations on the balance sheet. For lessees, IFRS 16 removes the classification of leases as either operating leases or finance leases, instead requiring that leases be capitalized by recognizing the present value of the lease payments and showing them as lease assets (right-of-use assets) and representing the right to use the underlying leased asset. If lease payments are made over time, the Company recognize s a lease liability repr esenting its obligation to make future lease payments. Certain short-term leases (less than 12 months) and leases of low value may be exempted from the requirements and may continue to be treated as operating leases if certain elections are made. Lessors w ill continue with a dual lease classification model. Classification will determine how and when a lessor will recognize lease revenue, and what assets would be recorded. As a result of adopting IFRS 16, the Company recognized a significant increase to bo th assets and liabilities on our Consolidated Statements of Financial Position as well as a decrease to operating costs, as a result of removing the lease expense, an increase to depreciation and amortization, due to the depreciation of the right-of-use as set, and an increase to finance costs, due to the accretion of the lease liability. Relative to the results of applying the previous standard, although actual cash flows are unaffected, the Company’s statement of cash flows will reflect increases in cash f lows from operating activities offset equally by decreases in cash flows from financing activities. Implementation We adopted IFRS 16 using a modified retrospective approach whereby the financial statements of prior periods presented are not restated. We recognized lease liabilities at September 1, 2019 for leases previously classified as operating leases, measured at the present-value of the lease payments using our incremental borrowing rate at that date, with the corresponding right-of-use asset generally measured at an equal amount, adjusted for any prepaid or accrued rent outstanding as at August 31, 2019. As perm itted by IFRS 16, we applied certain practical expedients to facilitate the initial adoption and ongoing application of IFRS 16 including the following: not separate fixed non-lease components from lease components for certain classes of underlying assets. Each lease component and any associated non-lease components will be accounted for as a single lease component; apply a single discount rate to a portfolio of leases with similar characteristics; exclude initial direct costs from measuring the right-of-us e asset as at September 1, 2019; and use hindsight in determining the lease term where the contract contains purchase, extension, or termination options. On transition, we have not elected the recognition exemptions on short-term leases or low-value leases; however, we may choose to elect these recognition exemptions on a class-by-class basis for new classes and on a lease-by-lease basis, respectively, in the future. In December 2019 , the IFRS Interpretations Committee issued a final agenda decision in regards to the determination of the lease term for cancellable or renewable leases under IFRS 16. The Company is currently assessing the im pact of this interpretation on its financial . There was no significant impact for contracts in which we are the lessor. IFRIC 23 Uncertainty over Income Tax Treatments was issued in 2017 to clarify how to apply the recognition and measurement requiremen ts in IAS 12 Income Taxes when there is uncertainty over income tax treatments. It was required to be applied for annual periods commencing January 1, 2019, which for the Company was the annual period commencing September 1, 2019. The cumulative effect of the initial application of the new standard has been reflected as an adjustment to retained earnings at September 1, 2019. Refer to “Transition adjustments” below for details. |
Transition Adjustments | Transition adjustments Below is the effect of transition to IFRS 16 and the adoption of IFRIC 23 on our condensed consolidated Statement of Financial Position as at September 1, 2019. (millions of Canadian dollars) As reported as at August 31, 2019 Effect of IFRS 16 transition Effect of IFRIC 23 transition Subsequent to transition as at September 1, 2019 ASSETS Current Cash 1,446 - - 1,446 Accounts receivable 287 - - 287 Inventories 86 - - 86 Other current assets 291 (16) - 275 Current portion of contract assets 106 - - 106 2,216 (16) - 2,200 Investments and other assets 37 - - 37 Property, plant and equipment 4,883 1,338 - 6,221 Other long-term assets 195 - - 195 Deferred income tax assets 4 - - 4 Intangibles 7,979 - - 7,979 Goodwill 280 - - 280 Contract assets 52 - - 52 15,646 1,322 - 16,968 LIABILITIES AND SHAREHOLDERS' EQUITY Current Short-term borrowings 40 - - 40 Accounts payable and accrued liabilities 1,015 - - 1,015 Provisions 224 - (5) 219 Income taxes payable 82 - (11) 71 Current portion of contract liabilities 223 - - 223 Current portion of long-term debt 1,251 - - 1,251 Current portion of lease liabilities - 113 - 113 2,835 113 (16) 2,932 Long-term debt 4,057 - - 4,057 Lease liabilities - 1,211 - 1,211 Other long-term liabilities 75 (2) - 73 Provisions 79 - - 79 Deferred credits 425 - - 425 Contract liabilities 15 - - 15 Deferred income tax liabilities 1,875 - 38 1,913 9,361 1,322 22 10,705 Shareholders' equity Common and preferred shareholders 6,282 - (22) 6,260 Non-controlling interests in subsidiaries 3 - - 3 6,285 - (22) 6,263 15,646 1,322 - 16,968 Prior to adopting IFRS 16, our total minimum operating lease commitments as at August 31, 2019 was $ 919 million. The weighted average discount rate applied to the total lease liabilities was 3.50 % at September 1, 2019. The difference between the total of the minimum lease payments set out in Note 27 in our 2019 Audited Financial Statements and the total lease liabil ity recognized on transition was a result of: the inclusion of lease payments beyond minimum commitments relating to reasonably certain renewal periods or extension options that had not yet been exercised as at August 31, 2019; the effect of discounting o n the minimum lease payments; and certain costs to which we are contractually committed under lease contracts , but which do not qualify to be accounted for as a lease liability, such as variable lease payments not tied to an index or rate. |
Fiscal 2019 Accounting Policies Updated for IFRS 16 | Fiscal 2019 Accounting Policies Updated for IFRS 16 Leases The following accounting policy applies as of September 1, 2019 following the adoption of IFRS 16. Prior to September 1, 2019, IAS 17 was applied as disclosed in the Company’s 2019 annual consolidated financ ial statements, as permitted by transition provisions of IFRS 16. Leases are typically entered into for network infrastructure and equipment, including transponders, and land and buildings relating to the Company’s wireless and wireline networks, office s pace and retail stores. At inception of a contract, the Company assesses whether the contract contains a lease. A lease contract conveys the right to control the use of an identified asset for a period in exchange for consideration. To assess whether a con tract conveys the right to control the use of an identified asset, the Company assesses whether: the contract involves the use of an identified asset; the Company has the right to obtain substantially all of the economic benefits from use of the asset thro ughout the period of use; and the Company has the right to direct the use of the identified asset. Lease liabilities are initially measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if not readily determinable, the Company’s incremental borrowing rate. A single incremental borrowing rate is applied to a portfolio of leases with similar characteristics. Lease payments included in the measurement of the lease liability are comprised of: Fixed payments, including in-substance fixed payments; Variable lease payments that depend on an index or rate; Amounts expected to be payable under a residual value guaran tee; and Payments relating to purchase options and renewal option periods that are reasonably certain to be exercised, or periods subject to termination options that are not reasonably certain to be exercised. The initial lease term included in the measurement of the lease liability is comprised of: The non-cancellable period of the lease; Periods covered by options to extend the lease, where the Company is reasonably certain to exercise the option; and Periods covered by options to terminate the lea se, where the Company is reasonably certain not to exercise the option. Lease liabilities are subsequently measured at amortized cost. Lease liabilities are remeasured when there is a lease modification, and a corresponding adjustment is made to the carry ing amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The interest expense for lease liabilities is recorded in Interest expense in the Consolidated Statements of In come. Variable lease payments that do not depend on an index or rate are not included in the measurement of lease liabilities and right-of-use assets. The related payments are expensed in Operating, general and administrative expenses in the period in whi ch the event or condition that triggers those payments occurs. Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease obligation adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, plus an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The Company presents right-of-use assets in Pr operty, plant and equipment. If we obtain ownership of the leased asset by the end of the lease term or the costs of the right-of-use asset reflects the exercise of a purchase option, we depreciate the right-of-use asset from the lease commencement date t o the end of the useful life of the underlying asset. Otherwise, right-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Right-of-use assets are peri odically reduced by impairment losses, if any, and adjusted for certain remeasurements on the related lease liability. The depreciation charge for right-of-use assets is recorded in Amortization – Property, plant and equipment. Significant Judgments and E stimates The application of IFRS 16 requires the Company to make judgments that affect the valuation of the lease liabilities and the valuation of right-of-use assets. These include determining whether a contract contains a lease, determining the contract term, including whether or not to exercise renewal or termination options, and determining the interest rate used for discounting future cash flows. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Effect of Transition to IFRS 16 and the Adoption IFRIC 23 on Condensed Consolidated Statements of Financial Position | (millions of Canadian dollars) As reported as at August 31, 2019 Effect of IFRS 16 transition Effect of IFRIC 23 transition Subsequent to transition as at September 1, 2019 ASSETS Current Cash 1,446 - - 1,446 Accounts receivable 287 - - 287 Inventories 86 - - 86 Other current assets 291 (16) - 275 Current portion of contract assets 106 - - 106 2,216 (16) - 2,200 Investments and other assets 37 - - 37 Property, plant and equipment 4,883 1,338 - 6,221 Other long-term assets 195 - - 195 Deferred income tax assets 4 - - 4 Intangibles 7,979 - - 7,979 Goodwill 280 - - 280 Contract assets 52 - - 52 15,646 1,322 - 16,968 LIABILITIES AND SHAREHOLDERS' EQUITY Current Short-term borrowings 40 - - 40 Accounts payable and accrued liabilities 1,015 - - 1,015 Provisions 224 - (5) 219 Income taxes payable 82 - (11) 71 Current portion of contract liabilities 223 - - 223 Current portion of long-term debt 1,251 - - 1,251 Current portion of lease liabilities - 113 - 113 2,835 113 (16) 2,932 Long-term debt 4,057 - - 4,057 Lease liabilities - 1,211 - 1,211 Other long-term liabilities 75 (2) - 73 Provisions 79 - - 79 Deferred credits 425 - - 425 Contract liabilities 15 - - 15 Deferred income tax liabilities 1,875 - 38 1,913 9,361 1,322 22 10,705 Shareholders' equity Common and preferred shareholders 6,282 - (22) 6,260 Non-controlling interests in subsidiaries 3 - - 3 6,285 - (22) 6,263 15,646 1,322 - 16,968 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Business Segment Information [Abstract] | |
Information On Operations By Segment | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Revenue Wireline 1,063 1,071 2,130 2,154 Wireless 302 246 620 518 1,365 1,317 2,750 2,672 Intersegment eliminations (2) (2) (4) (3) 1,363 1,315 2,746 2,669 Adjusted EBITDA (1) Wireline 519 497 1,036 997 Wireless 81 51 152 95 600 548 1,188 1,092 Restructuring costs - - - (1) Amortization (300) (264) (603) (526) Operating income 300 284 585 565 Current taxes Operating 22 35 54 70 Other/non-operating 1 7 5 7 23 42 59 77 Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers; the Company defines adjusted EBITDA as revenues less operating, general and administrative expenses. We pr eviously referred to this measure as “Operating income before restructuring and amortization” but have renamed it to better align with language used by various stakeholders of the Company |
Capital Expenditures | Capital expenditures . Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Capital expenditures accrual basis Wireline 216 185 410 380 Wireless 53 84 108 150 269 269 518 530 Equipment costs (net of revenue) Wireline 7 10 18 20 Capital expenditures and equipment costs (net) Wireline 223 195 428 400 Wireless 53 84 108 150 276 279 536 550 Reconciliation to Consolidated Statements of Cash Flows Additions to property, plant and equipment 248 220 518 556 Additions to equipment costs (net) 7 10 18 19 Additions to other intangibles 36 19 64 53 Total of capital expenditures and equipment costs (net) per Consolidated Statements of Cash Flows 291 249 600 628 Increase/(decrease) in working capital and other liabilities related to capital expenditures (14) 43 (63) (66) Decrease in customer equipment financing receivables - - - 1 Less: Proceeds on disposal of property, plant and equipment (1) (13) (1) (13) Total capital expenditures and equipment costs (net) reported by segments 276 279 536 550 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Other Current Assets [Abstract] | |
Schedule of Other Current Assets | February 29, 2020 August 31, 2019 Prepaid expenses 86 108 Deferred commission costs (1) 61 59 Wireless handset receivables (2) 121 124 268 291 (1) Costs incurred to obtain or fulfill a contract with a customer are capitalized and subsequently amortized as an expense over the average life of a customer. (2) As described in the revenue and expenses accounting policy detailed in the significant accounting policies disclosed in the Company’s consolidated financial statements for the year ended August 31, 2019, these amounts relate to the current portion of wireless handset receivables. |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Lease Liabilities [Abstract] | |
Summary Of Activity Related To Lease Liabilities | 2020 Balance as at September 1, 2019 1,324 Net additions 38 Interest on lease liabilities 22 Interest payments on lease liabilities (22) Principal payments of lease liabilities (57) Other - Balance as at February 29, 2020 1,305 Current 113 Long-term 1,211 Balance as at September 1, 2019 1,324 Current 114 Long-term 1,191 Balance as at February 29, 2020 1,305 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Short-Term Borrowings [Abstract] | |
Summary of Short-Term Borrowings | February 29, 2020 August 31, 2019 Credit facility 55 - Accounts receivable securitization program 200 40 255 40 |
Summary of Accounts Receivable Securitization | February 29, 2020 August 31, 2019 Trade accounts receivable sold to buyer as security 437 434 Short-term borrowings from buyer (200) (40) Over-collateralization 237 394 |
Reconciliation of Accounts Receivable Securitization | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Accounts receivable securitization program, beginning of period 120 40 40 40 Proceeds received from accounts receivable securitization 80 - 160 - Repayment of accounts receivable securitization - - - - Accounts receivable securitization program, end of period 200 40 200 40 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Disclosure of other provisions [abstract] | |
Schedule Of Provisions | Asset retirement obligations Restructuring (1) Other Total $ $ $ $ September 1, 2019, as previously reported 78 142 83 303 Transition adjustments - - (5) (5) Restated balance as at September 1, 2019 78 142 78 298 Additions - - 11 11 Accretion 3 - - 3 Reversal - - (1) (1) Payments - (91) (6) (97) Balance as at February 29, 2020 81 51 82 214 Current - 141 83 224 Long-term 78 1 - 79 Balance as at August 31, 2019 78 142 83 303 Current - 51 82 133 Long-term 81 - - 81 Balance as at February 29, 2020 81 51 82 214 (1) During fiscal 2018, the Company offered a voluntary departure program to a group of eligible employees as part of a total business transformation initiative. A total of $91 has been paid in fiscal 2020. The remaining costs are expected to be paid out within the next 11 months. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Long-Term Debt [Abstract] | |
Summary of long-term debt | February 29, 2020 August 31, 2019 Effective interest rates Long-term debt at amortized cost (1) Adjustment for finance costs (1) Long-term debt repayable at maturity Long-term debt at amortized cost (1) Adjustment for finance costs (1) Long-term debt repayable at maturity % $ $ $ $ $ $ Corporate Cdn fixed rate senior notes- 5.65% due October 1, 2019 5.69 - - - 1,250 - 1,250 5.50% due December 7, 2020 5.55 - - - 499 1 500 3.15% due February 19, 2021 3.17 - - - 299 1 300 3.80% due November 2, 2023 3.80 498 2 500 498 2 500 4.35% due January 31, 2024 4.35 498 2 500 498 2 500 3.80% due March 1, 2027 3.84 298 2 300 298 2 300 4.40% due November 2, 2028 4.40 496 4 500 496 4 500 6.75% due November 9, 2039 6.89 1,420 30 1,450 1,420 30 1,450 3.30% due December 10, 2029 3.41 495 5 500 - - - 4.25% due December 9, 2049 4.33 296 4 300 - - - 4,001 49 4,050 5,258 42 5,300 Other Burrard Landing Lot 2 Holdings Partnership Various 50 - 50 50 - 50 Total consolidated debt 4,051 49 4,100 5,308 42 5,350 Less current portion (2) 1 - 1 1,251 1 1,252 4,050 49 4,099 4,057 41 4,098 (1) Long-term debt is presented net of unamortized discounts and finance costs. (2) Current portion of long-term debt includes amounts due within one year in respect of senior notes due October 1, 2019 and the Burrard Landing loans. |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Share Capital [Abstract] | |
Disclosure of Changes in Share Capital | Class A Shares Class B Non-Voting Shares Series A Preferred Shares Series B Preferred Shares Number $ Number $ Number $ Number $ August 31, 2019 22,372,064 2 494,389,771 4,310 10,012,393 245 1,987,607 48 Issued upon stock option plan exercises - - 240,733 6 - - - - Issued upon restricted share unit exercises - - 4,507 - - - - - Issued pursuant to dividend reinvestment plan - - 1,445,494 37 - - - - Shares repurchased - - (3,964,730) (35) - - - - February 29, 2020 22,372,064 2 492,115,775 4,318 10,012,393 245 1,987,607 48 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Earnings Per Share [Abstract] | |
Earning per Share Calculations | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Numerator for basic and diluted earnings per share ($) Net income 167 154 329 339 Deduct: dividends on Preferred Shares (2) (2) (4) (4) Net income attributable to common shareholders 165 152 325 335 Denominator (millions of shares) Weighted average number of Class A Shares and Class B Non-Voting Shares for basic earnings per share 516 510 517 509 Effect of dilutive securities (1) - - - - Weighted average number of Class A Shares and Class B Non-Voting Shares for diluted earnings per share 516 510 517 509 Basic earnings per share ($) Basic and diluted 0.32 0.30 0.63 0.66 (1) The earnings per share calculation does not take into consideration the potential dilutive effect of certain stock options since their impact is anti-dilutive. For the three and six months ended February 29, 2020, 5,852,922 (February 28, 2019 – 6,232,339) and 5,719,981 (February 28, 2019 - 6,592,503) options were excluded from the diluted earnings per share calculation, respectively. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Revenue [Abstract] | |
Schedule of Contract Assets and Liabilities | Contract Contract Assets Liabilities Balance as at September 1, 2019 158 238 Increase in contract assets from revenue recognized during the year 138 - Contract assets transferred to trade receivables (84) - Contract terminations transferred to trade receivables (8) - Revenue recognized included in contract liabilities at the beginning of the year - (227) Increase in contract liabilities during the year - 207 Balance as at February 29, 2020 204 218 |
Schedule of current and long-term balances of contract assets and liabilities | Contract Contract Assets Liabilities Current 106 223 Long-term 52 15 Balance as at August 31, 2019 158 238 Current 128 203 Long-term 76 15 Balance as at February 29, 2020 204 218 |
Deferred commission costs assets | Balance as at September 1, 2019 94 Additions to deferred commission cost assets 52 Amortization recognized on deferred commission cost assets (40) Balance as at February 29, 2020 106 Current 59 Long-term 35 Balance as at August 31, 2019 94 Current 61 Long-term 45 Balance as at February 29, 2020 106 |
Disaggregation of revenue | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Services Wireline - Consumer (1) 919 933 1,843 1,878 Wireline - Business (1) 144 138 287 276 Wireless 201 168 397 334 1,264 1,239 2,527 2,488 Equipment and other Wireless 101 78 223 184 101 78 223 184 Intersegment eliminations (2) (2) (4) (3) Total revenue 1,363 1,315 2,746 2,669 (1) As a result of a realignment of management responsibilities , revenues relating to the Wholesale TPIA Services and Broadcast Services operations, previously reported under the Business division are now reported as part of the Consumer division. Fiscal 2019 results have been restated to reflect this change. |
Remaining performance obligations | Within Within 1 year 2 years Total Wireline 2,241 958 3,199 Wireless 449 187 636 Total 2,690 1,145 3,835 |
Operating, General And Admini_2
Operating, General And Administrative Expenses And Restructuring Costs (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Operating, General And Administrative Expenses And Restructuring Costs [Abstract] | |
Schedule Of Operating, General And Administrative Expenses, And Restructuring Costs | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Employee salaries and benefits (1) 160 173 317 335 Purchase of goods and services 603 594 1,241 1,243 763 767 1,558 1,578 (1) For the three and six months ended February 29, 2020, employee salaries and benefits include $nil (2019 - $nil) and $nil (2019 - $1) in restructuring costs. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Other Comprehensive Income And Accumulated Other Comprehensive Loss [Abstract] | |
Components Of Other Comprehensive Income And The Related Income Tax Effects | Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges - - - Share of other comprehensive income of associates - - - - - - Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (14) 4 (10) (14) 4 (10) Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges - - - Adjustment for hedged items recognized in the period - - - - - - Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (7) 2 (5) (7) 2 (5) Amount Income taxes Net Items that may subsequently be reclassified to income Adjustment for hedged items recognized in the period (1) - (1) Share of other comprehensive income of associates (7) - (7) (8) - (8) Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (12) 3 (9) (20) 3 (17) Amount Income taxes Net Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges 1 - 1 Adjustment for hedged items recognized in the period (1) - (1) Share of other comprehensive income of associates (6) - (6) (6) - (6) Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans - - - (6) - (6) |
Accumulated Other Comprehensive Loss | February 29, 2020 August 31, 2019 Items that may subsequently be reclassified to income Change in unrealized fair value of derivatives designated as cash flow hedges 1 1 Items that will not be subsequently reclassified to income Remeasurements on employee benefit plans (100) (95) (99) (94) |
Statements Of Cash Flows (Table
Statements Of Cash Flows (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Consolidated Statements of Cash Flows [Abstract] | |
Schedule Of Funds Flows From Continuing Operations | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Net income from continuing operations 167 154 329 339 Adjustments to reconcile net income to funds flow from operations: Amortization 301 264 605 527 Deferred income tax expense 22 19 34 39 Share-based compensation 1 1 1 2 Defined benefit pension plans 3 2 1 5 Equity income of an associate or joint venture - (3) - (26) Net change in contract asset balances (17) - (45) (10) Other 19 6 21 5 Funds flow from continuing operations 496 443 946 881 |
Schedule Of Interest And Income Taxes Paid And Interest Received | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Interest paid 31 24 140 111 Income taxes paid (net of refunds) 68 45 102 97 Interest received 1 2 5 3 |
Schedule Of Non-Cash Transactions | Three months ended Six months ended February 29, 2020 February 28, 2019 February 29, 2020 February 28, 2019 Issuance of Class B Non-Voting Shares: Dividend reinvestment plan - 54 37 107 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Fair Value [Abstract] | |
Carrying Values And Estimated Fair Values | February 29, 2020 August 31, 2019 Carrying value Estimated fair value Carrying value Estimated fair value Liabilities Long-term debt (including current portion) (1) 4,051 4,839 5,308 6,014 (1) Level 2 fair value – determined by valuation techniques using inputs based on observable market data, either directly or indirectly, other than quoted prices. |
Intangibles And Goodwill (Table
Intangibles And Goodwill (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Intangibles And Goodwill [Abstract] | |
Schedule of discount rates and terminal value estimates utilized in impairment test | Terminal value Post-tax discount rate Terminal growth rate Terminal adjusted EBITDA multiple Cable 6.0% 0.5% 8.0x Satellite 7.0% -4.0% 6.7x Wireless 7.0% 1.0% 5.3x |
Schedule Of Sensitivity Analysis Of Significant Estimates | Estimated decline in recoverable amount Terminal value 1% increase in discount rate 1% decrease in terminal growth rate 0.5 times decrease in terminal adjusted EBITDA multiple Cable 15.0% 12.5% 6.2% Satellite 7.8% 5.5% 7.4% Wireless 18.2% 10.1% 9.4% |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies (Narrative) (Details) - CAD ($) $ in Millions | Sep. 01, 2019 | Aug. 31, 2019 |
Basis of Presentation and Accounting Policies [Abstract] | ||
Minimum operating lease commitments | $ 919 | |
Weighted average discount rate applied to lease liabilities | 3.50% |
Basis of Presentation and Acc_5
Basis of Presentation and Accounting Policies (Transition adjustments - Condensed consolidated Statements of Financial Position) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Nov. 30, 2019 | Sep. 01, 2019 | Aug. 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 |
Current | |||||||
Cash | $ 47 | $ 132 | $ 1,446 | $ 1,446 | $ 1,288 | $ 1,189 | $ 384 |
Accounts receivable | 300 | 287 | 287 | ||||
Inventories | 70 | 86 | 86 | ||||
Other current assets | 268 | 275 | 291 | ||||
Current portion of contract assets | 128 | 106 | 106 | ||||
Total current assets | 813 | 2,200 | 2,216 | ||||
Investments and other assets | 42 | 37 | 37 | ||||
Property, plant and equipment | 6,197 | 6,221 | 4,883 | ||||
Other long-term assets | 205 | 195 | 195 | ||||
Deferred tax assets | 1 | 4 | 4 | ||||
Intangibles | 7,975 | 7,979 | 7,979 | ||||
Goodwill | 280 | 280 | 280 | ||||
Contract assets | 76 | 52 | 52 | ||||
Total assets | 15,589 | 16,968 | 15,646 | ||||
Current | |||||||
Short-term borrowings | 255 | 40 | 40 | ||||
Accounts payable and accrued liabilities | 865 | 1,015 | 1,015 | ||||
Provisions (note 7) | 133 | 219 | 224 | ||||
Income taxes payable | 27 | 71 | 82 | ||||
Current portion of contract liabilities | 203 | 223 | 223 | ||||
Current portion of long-term debt (notes 8 and 15) | 1 | 1,251 | 1,251 | ||||
Current portion of lease liabilities (notes 2 and 5) | 114 | 113 | 0 | ||||
Total current liabilities | 1,598 | 2,932 | 2,835 | ||||
Long-term debt | 4,050 | 4,057 | 4,057 | ||||
Lease liabilities (notes 2 and 5) | 1,191 | 1,211 | 0 | ||||
Other long-term liabilities | 82 | 73 | 75 | ||||
Provisions (note 7) | 81 | 79 | 79 | ||||
Deferred credits | 416 | 425 | 425 | ||||
Contract liabilities | 15 | 15 | 15 | ||||
Deferred income tax liabilities | 1,943 | 1,913 | 1,875 | ||||
Total liabilities | 9,376 | 10,705 | 9,361 | ||||
Equity [Abstract] | |||||||
Common and preferred shareholders | 6,213 | 6,260 | 6,282 | ||||
Non-controlling interests in subsidiaries | 0 | 3 | 3 | ||||
Total shareholders' equity | 6,213 | 6,263 | 6,285 | $ 6,127 | 5,970 | ||
Total equity and liabilities | $ 15,589 | 16,968 | 15,646 | ||||
As reported [Member] | |||||||
Current | |||||||
Cash | 1,446 | ||||||
Accounts receivable | 287 | ||||||
Inventories | 86 | ||||||
Other current assets | 291 | ||||||
Current portion of contract assets | 106 | ||||||
Total current assets | 2,216 | ||||||
Investments and other assets | 37 | ||||||
Property, plant and equipment | 4,883 | ||||||
Other long-term assets | 195 | ||||||
Deferred tax assets | 4 | ||||||
Intangibles | 7,979 | ||||||
Goodwill | 280 | ||||||
Contract assets | 52 | ||||||
Total assets | 15,646 | ||||||
Current | |||||||
Short-term borrowings | 40 | ||||||
Accounts payable and accrued liabilities | 1,015 | ||||||
Provisions (note 7) | 224 | ||||||
Income taxes payable | 82 | ||||||
Current portion of contract liabilities | 223 | ||||||
Current portion of long-term debt (notes 8 and 15) | 1,251 | ||||||
Current portion of lease liabilities (notes 2 and 5) | 0 | ||||||
Total current liabilities | 2,835 | ||||||
Long-term debt | 4,057 | ||||||
Lease liabilities (notes 2 and 5) | 0 | ||||||
Other long-term liabilities | 75 | ||||||
Provisions (note 7) | 79 | ||||||
Deferred credits | 425 | ||||||
Contract liabilities | 15 | ||||||
Deferred income tax liabilities | 1,875 | ||||||
Total liabilities | 9,361 | ||||||
Equity [Abstract] | |||||||
Common and preferred shareholders | 6,282 | ||||||
Non-controlling interests in subsidiaries | 3 | ||||||
Total shareholders' equity | 6,285 | $ 6,285 | |||||
Total equity and liabilities | $ 15,646 | ||||||
Effect of IFRS 16 Transition [Member] | |||||||
Current | |||||||
Cash | 0 | ||||||
Accounts receivable | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | (16) | ||||||
Current portion of contract assets | 0 | ||||||
Total current assets | (16) | ||||||
Investments and other assets | 0 | ||||||
Property, plant and equipment | 1,338 | ||||||
Other long-term assets | 0 | ||||||
Deferred tax assets | 0 | ||||||
Intangibles | 0 | ||||||
Goodwill | 0 | ||||||
Contract assets | 0 | ||||||
Total assets | 1,322 | ||||||
Current | |||||||
Short-term borrowings | 0 | ||||||
Accounts payable and accrued liabilities | 0 | ||||||
Provisions (note 7) | 0 | ||||||
Income taxes payable | 0 | ||||||
Current portion of contract liabilities | 0 | ||||||
Current portion of long-term debt (notes 8 and 15) | 0 | ||||||
Current portion of lease liabilities (notes 2 and 5) | 113 | ||||||
Total current liabilities | 113 | ||||||
Long-term debt | 0 | ||||||
Lease liabilities (notes 2 and 5) | 1,211 | ||||||
Other long-term liabilities | (2) | ||||||
Provisions (note 7) | 0 | ||||||
Deferred credits | 0 | ||||||
Contract liabilities | 0 | ||||||
Deferred income tax liabilities | 0 | ||||||
Total liabilities | 1,322 | ||||||
Equity [Abstract] | |||||||
Common and preferred shareholders | 0 | ||||||
Non-controlling interests in subsidiaries | 0 | ||||||
Total shareholders' equity | 0 | ||||||
Total equity and liabilities | 1,322 | ||||||
Effect of IFRIC 23 Transition [Member] | |||||||
Current | |||||||
Cash | 0 | ||||||
Accounts receivable | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | 0 | ||||||
Current portion of contract assets | 0 | ||||||
Total current assets | 0 | ||||||
Investments and other assets | 0 | ||||||
Property, plant and equipment | 0 | ||||||
Other long-term assets | 0 | ||||||
Deferred tax assets | 0 | ||||||
Intangibles | 0 | ||||||
Goodwill | 0 | ||||||
Contract assets | 0 | ||||||
Total assets | 0 | ||||||
Current | |||||||
Short-term borrowings | 0 | ||||||
Accounts payable and accrued liabilities | 0 | ||||||
Provisions (note 7) | (5) | ||||||
Income taxes payable | (11) | ||||||
Current portion of contract liabilities | 0 | ||||||
Current portion of long-term debt (notes 8 and 15) | 0 | ||||||
Current portion of lease liabilities (notes 2 and 5) | 0 | ||||||
Total current liabilities | (16) | ||||||
Long-term debt | 0 | ||||||
Lease liabilities (notes 2 and 5) | 0 | ||||||
Other long-term liabilities | 0 | ||||||
Provisions (note 7) | 0 | ||||||
Deferred credits | 0 | ||||||
Contract liabilities | 0 | ||||||
Deferred income tax liabilities | 38 | ||||||
Total liabilities | 22 | ||||||
Equity [Abstract] | |||||||
Common and preferred shareholders | (22) | ||||||
Non-controlling interests in subsidiaries | 0 | ||||||
Total shareholders' equity | (22) | ||||||
Total equity and liabilities | $ 0 |
Business Segment Information (I
Business Segment Information (Information On Operations By Segment) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 1,363 | $ 1,315 | $ 2,746 | $ 2,669 |
Operating income before restructuring costs and amortization | 600 | 548 | 1,188 | 1,092 |
Restructuring costs | 0 | 0 | 0 | (1) |
Amortization | (300) | (264) | (603) | (526) |
Operating income | 300 | 284 | 585 | 565 |
Current income tax expense | 23 | 42 | 59 | 77 |
Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,365 | 1,317 | 2,750 | 2,672 |
Current income tax expense | 22 | 35 | 54 | 70 |
Intersegment Eliminations [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | (2) | (2) | (4) | (3) |
Other/Non-Operating [Member] | ||||
Disclosure of operating segments [line items] | ||||
Current income tax expense | 1 | 7 | 5 | 7 |
Wireline [Member] | Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 1,063 | 1,071 | 2,130 | 2,154 |
Operating income before restructuring costs and amortization | 519 | 497 | 1,036 | 997 |
Wireless [Member] | Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 302 | 246 | 620 | 518 |
Operating income before restructuring costs and amortization | $ 81 | $ 51 | $ 152 | $ 95 |
Business Segment Information (C
Business Segment Information (Capital Expenditures) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Disclosure of operating segments [line items] | ||||
Total of capital expenditures and equipment costs (net) | $ 291 | $ 249 | $ 600 | $ 628 |
Additions to property, plant and equipment | 248 | 220 | 518 | 556 |
Additions to equipment costs (net) | 7 | 10 | 18 | 19 |
Additions to other intangibles | 36 | 19 | 64 | 53 |
Less: Proceeds on disposal of property, plant and equipment | (1) | (13) | (1) | (13) |
Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditures accrual basis | 269 | 269 | 518 | 530 |
Total of capital expenditures and equipment costs (net) | 276 | 279 | 536 | 550 |
Additions to property, plant and equipment | 248 | 220 | 518 | 556 |
Additions to equipment costs (net) | 7 | 10 | 18 | 19 |
Additions to other intangibles | 36 | 19 | 64 | 53 |
Increase in working capital and other liabilities related to capital expenditures | (14) | 43 | (63) | (66) |
Decrease in customer equipment financing receivables | 0 | 0 | 0 | 1 |
Less: Proceeds on disposal of property, plant and equipment | (1) | (13) | (1) | (13) |
Wireline [Member] | Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditures accrual basis | 216 | 185 | 410 | 380 |
Equipment costs (net of revenue) | 7 | 10 | 18 | 20 |
Total of capital expenditures and equipment costs (net) | 223 | 195 | 428 | 400 |
Wireless [Member] | Operating segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditures accrual basis | 53 | 84 | 108 | 150 |
Total of capital expenditures and equipment costs (net) | $ 53 | $ 84 | $ 108 | $ 150 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 |
Other Current Assets [Abstract] | |||
Prepaid expenses | $ 86 | $ 108 | |
Deferred commission costs | 61 | 59 | |
Other receivables | 121 | 124 | |
Other current assets | $ 268 | $ 275 | $ 291 |
Lease Liabilities (Summary Of A
Lease Liabilities (Summary Of Activity Related To Lease Liabilities) (Details) - CAD ($) $ in Millions | 6 Months Ended | |||
Feb. 29, 2020 | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 | |
Lease Liabilities [Abstract] | ||||
Balance as at September 1, 2019 | $ 1,324 | |||
Net additions | 38 | |||
Interest on lease liabilities | 22 | |||
Interest payments on lease liabilities | (22) | |||
Principal payments of lease liabilities | (57) | |||
Other | 0 | |||
Balance as at February 29, 2020 | 1,305 | |||
Current | $ 114 | $ 113 | $ 0 | |
Long-term | 1,191 | 1,211 | 0 | |
Balance | $ 1,305 | $ 1,305 | $ 1,324 | $ 1,324 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2020CAD ($) | Feb. 29, 2020CAD ($) | Feb. 29, 2020USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
short term borrowing | $ 45 | $ 34 | |
Credit Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
short term borrowing | $ 200 | $ 10 |
Short-Term Borrowings (Summary
Short-Term Borrowings (Summary of Short-Term Borrowings) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Nov. 30, 2019 | Sep. 01, 2019 | Aug. 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Aug. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term borrowings | $ 255 | $ 40 | $ 40 | ||||
Credit Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term borrowings | 55 | 0 | |||||
Accounts Receivable Securitization [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term borrowings | $ 200 | $ 120 | $ 40 | $ 40 | $ 40 | $ 40 |
Short-Term Borrowings (Summar_2
Short-Term Borrowings (Summary of Accounts Receivable Securitization) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Trade accounts receivable sold to buyer as security | $ 437 | $ 434 | |
Short-term borrowings from buyer | (255) | $ (40) | (40) |
Over-collateralization | $ 237 | $ 394 |
Short-Term Borrowings (Reconcil
Short-Term Borrowings (Reconciliation of Accounts Receivable Securitization) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||||
Accounts receivable securitization program, beginning of period | $ 40 | |||
Proceeds received from accounts receivable securitization | $ 135 | $ 0 | 215 | $ 0 |
Accounts receivable securitization program, end of period | 255 | 255 | ||
Accounts Receivable Securitization [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Accounts receivable securitization program, beginning of period | 120 | 40 | 40 | 40 |
Proceeds received from accounts receivable securitization | 80 | 0 | 160 | 0 |
Repayment of accounts receivable securitization | 0 | 0 | 0 | 0 |
Accounts receivable securitization program, end of period | $ 200 | $ 40 | $ 200 | $ 40 |
Provisions (Schedule Of Provisi
Provisions (Schedule Of Provisions) (Details) - CAD ($) $ in Millions | 6 Months Ended | |||
Feb. 29, 2020 | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 | |
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | $ 298 | |||
Additions | 11 | |||
Accretion | 3 | |||
Reversal | (1) | |||
Payments | (97) | |||
Provisions, Ending | 214 | |||
Current | $ 133 | $ 219 | $ 224 | |
Long-term | 81 | $ 79 | 79 | |
Provisions | 214 | 214 | 298 | |
Previously Reported [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 303 | |||
Current | 224 | |||
Long-term | 79 | |||
Provisions | 303 | 303 | ||
Transition Adjustments [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | (5) | |||
Provisions | (5) | (5) | ||
Asset Retirement Obligations [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 78 | |||
Additions | 0 | |||
Accretion | 3 | |||
Reversal | 0 | |||
Payments | 0 | |||
Provisions, Ending | 81 | |||
Current | 0 | 0 | ||
Long-term | 81 | 78 | ||
Provisions | 81 | 81 | 78 | |
Asset Retirement Obligations [Member] | Previously Reported [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 78 | |||
Provisions | 78 | 78 | ||
Asset Retirement Obligations [Member] | Transition Adjustments [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 0 | |||
Provisions | 0 | 0 | ||
Restructuring [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 142 | |||
Additions | 0 | |||
Accretion | 0 | |||
Reversal | 0 | |||
Payments | (91) | |||
Provisions, Ending | 51 | |||
Current | 51 | 141 | ||
Long-term | 0 | 1 | ||
Provisions | 51 | 51 | 142 | |
Restructuring [Member] | Previously Reported [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 142 | |||
Provisions | 142 | 142 | ||
Restructuring [Member] | Transition Adjustments [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 0 | |||
Provisions | 0 | 0 | ||
Other [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 78 | |||
Additions | 11 | |||
Accretion | 0 | |||
Reversal | (1) | |||
Payments | (6) | |||
Provisions, Ending | 82 | |||
Current | 82 | 83 | ||
Long-term | 0 | 0 | ||
Provisions | 82 | $ 82 | 78 | |
Other [Member] | Previously Reported [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | 83 | |||
Provisions | 83 | 83 | ||
Other [Member] | Transition Adjustments [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions, Beginning | (5) | |||
Provisions | $ (5) | $ (5) |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - CAD ($) | Dec. 24, 2019 | Dec. 09, 2019 | Oct. 01, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 |
Disclosure of detailed information about borrowings [line items] | |||||||
Repayment of long-term debt | $ 818,000,000 | $ 0 | $ 2,068,000,000 | $ 0 | |||
Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount | $ 800,000,000 | ||||||
Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayment of long-term debt | $ 1,250,000,000 | ||||||
Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | Effective interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 5.69% | 5.69% | |||||
Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 5.65% | 5.65% | |||||
Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount | $ 500,000,000 | ||||||
Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | Effective interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 5.55% | 5.55% | |||||
Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 5.50% | 5.50% | |||||
Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount | 300,000,000 | ||||||
Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | Effective interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 3.17% | 3.17% | |||||
Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 3.15% | 3.15% | |||||
Fixed rate senior notes 5.50% and 3.15% [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayment of long-term debt | 792,000,000 | ||||||
Whole premiums paid | 17,000,000 | ||||||
Interest on long-term debt | $ 5,000,000 | ||||||
Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount | 500,000,000 | ||||||
Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | Effective interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 3.41% | 3.41% | |||||
Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 3.30% | 3.30% | |||||
Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal amount | $ 300,000,000 | ||||||
Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | Effective interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 4.33% | 4.33% | |||||
Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | Fixed interest rate | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 4.25% | 4.25% |
Long-Term Debt (Summary of long
Long-Term Debt (Summary of long-term debt) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Less current portion | $ 1 | $ 1,251 | $ 1,251 |
Non-current portion | $ 4,050 | $ 4,057 | 4,057 |
Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.69% | ||
Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.65% | ||
Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.55% | ||
Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.50% | ||
Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.17% | ||
Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.15% | ||
Fixed Rate Senior Notes 3.80% due November 2, 2023 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.80% | ||
Fixed Rate Senior Notes 3.80% due November 2, 2023 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.80% | ||
Fixed rate senior notes 4.35% due January 31, 2024 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.35% | ||
Fixed rate senior notes 4.35% due January 31, 2024 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.35% | ||
Fixed rate senior notes 3.80% due March 1, 2027 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.84% | ||
Fixed rate senior notes 3.80% due March 1, 2027 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.80% | ||
Fixed Rate Senior Notes 4.40% due November 2, 2028 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.40% | ||
Fixed Rate Senior Notes 4.40% due November 2, 2028 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.40% | ||
Fixed rate senior notes 6.75% due November 9, 2039 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 6.89% | ||
Fixed rate senior notes 6.75% due November 9, 2039 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 6.75% | ||
Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.41% | ||
Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.30% | ||
Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Effective interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.33% | ||
Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Fixed interest rate | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.25% | ||
Long-term debt at amortized cost [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | $ 4,051 | 5,308 | |
Less current portion | 1 | 1,251 | |
Non-current portion | 4,050 | 4,057 | |
Long-term debt at amortized cost [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 4,001 | 5,258 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 1,250 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 499 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 299 | |
Long-term debt at amortized cost [Member] | Fixed Rate Senior Notes 3.80% due November 2, 2023 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 498 | 498 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 4.35% due January 31, 2024 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 498 | 498 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 3.80% due March 1, 2027 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 298 | 298 | |
Long-term debt at amortized cost [Member] | Fixed Rate Senior Notes 4.40% due November 2, 2028 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 496 | 496 | |
Long-term debt at amortized cost [Member] | Fixed rate senior notes 6.75% due November 9, 2039 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 1,420 | 1,420 | |
Long-term debt at amortized cost [Member] | Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 495 | 0 | |
Long-term debt at amortized cost [Member] | Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 296 | 0 | |
Long-term debt at amortized cost [Member] | Burrard Landing Lot 2 Holdings Partnership [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 50 | 50 | |
Adjustment for Finance Costs [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 49 | 42 | |
Less current portion | 0 | 1 | |
Non-current portion | 49 | 41 | |
Adjustment for Finance Costs [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 49 | 42 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 0 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 1 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 1 | |
Adjustment for Finance Costs [Member] | Fixed Rate Senior Notes 3.80% due November 2, 2023 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 2 | 2 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 4.35% due January 31, 2024 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 2 | 2 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 3.80% due March 1, 2027 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 2 | 2 | |
Adjustment for Finance Costs [Member] | Fixed Rate Senior Notes 4.40% due November 2, 2028 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 4 | 4 | |
Adjustment for Finance Costs [Member] | Fixed rate senior notes 6.75% due November 9, 2039 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 30 | 30 | |
Adjustment for Finance Costs [Member] | Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 5 | 0 | |
Adjustment for Finance Costs [Member] | Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 4 | 0 | |
Adjustment for Finance Costs [Member] | Burrard Landing Lot 2 Holdings Partnership [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 0 | |
Long-term Debt Repayable at Maturity [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 4,100 | 5,350 | |
Less current portion | 1 | 1,252 | |
Non-current portion | 4,099 | 4,098 | |
Long-term Debt Repayable at Maturity [member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 4,050 | 5,300 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 5.65% due October 1, 2019 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 1,250 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 5.50% due December 7, 2020 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 500 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 3.15% due February 19, 2021 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 0 | 300 | |
Long-term Debt Repayable at Maturity [member] | Fixed Rate Senior Notes 3.80% due November 2, 2023 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 500 | 500 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 4.35% due January 31, 2024 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 500 | 500 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 3.80% due March 1, 2027 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 300 | 300 | |
Long-term Debt Repayable at Maturity [member] | Fixed Rate Senior Notes 4.40% due November 2, 2028 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 500 | 500 | |
Long-term Debt Repayable at Maturity [member] | Fixed rate senior notes 6.75% due November 9, 2039 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 1,450 | 1,450 | |
Long-term Debt Repayable at Maturity [member] | Fixed Rate Senior Notes 3.30% due December 10, 2029 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 500 | 0 | |
Long-term Debt Repayable at Maturity [member] | Fixed Rate Senior Notes 4.25% due December 9, 2049 [Member] | Corporate [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | 300 | 0 | |
Long-term Debt Repayable at Maturity [member] | Burrard Landing Lot 2 Holdings Partnership [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total consolidated debt | $ 50 | $ 50 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) - Class B Non Voting Shares [Member] - CAD ($) $ / shares in Units, $ in Millions | Oct. 24, 2019 | Oct. 18, 2019 | Mar. 31, 2020 | Feb. 29, 2020 | Aug. 31, 2019 |
Disclosure of classes of share capital [line items] | |||||
Number of shares to purchase | 492,115,775 | 494,389,771 | |||
Cancellation of shares | $ 25 | ||||
Shares repurchased | 1,191,173 | 3,964,730 | |||
Minimum [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Discount rate for shares under DRIP | 0.00% | ||||
Maximum [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Discount rate for shares under DRIP | 2.00% | ||||
Treasury Shares [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares to purchase | 24,758,127 | ||||
Percentage of issued and outstanding shares | 5.00% | ||||
Cancellation of shares | $ 105 | ||||
Average book value of shares repurchased | $ 8.77 | ||||
Shares repurchased | 3,964,730 | ||||
Excess of the market price of treasury shares over average book value, including transaction costs | $ 70 |
Share Capital (Disclosure of Ch
Share Capital (Disclosure of Changes in Share Capital) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2020CAD ($)shares | Feb. 29, 2020CAD ($)shares | Feb. 28, 2019CAD ($) | |
Disclosure of classes of share capital [line items] | |||
Stock option exercises | $ | $ 5 | $ 22 | |
Dividend reinvestment plan | $ | $ 0 | $ 0 | |
Class A Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares, beginning balance | 22,372,064 | 22,372,064 | |
Stock options exercises, shares | 0 | ||
Issued upon restricted share unit exercises | 0 | ||
Dividend reinvestment plan, shares | 0 | ||
Shares repurchased | 0 | ||
Number of shares, ending balance | 22,372,064 | ||
Beginning balance | $ | $ 2 | $ 2 | |
Stock option exercises | $ | 0 | ||
Dividend reinvestment plan | $ | 0 | ||
Shares repurchased | $ | 0 | ||
Ending balance | $ | $ 2 | ||
Class B Non-Voting Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares, beginning balance | 492,115,775 | 494,389,771 | |
Stock options exercises, shares | 240,733 | ||
Issued upon restricted share unit exercises | 4,507 | ||
Dividend reinvestment plan, shares | 1,445,494 | ||
Shares repurchased | (1,191,173) | (3,964,730) | |
Number of shares, ending balance | 492,115,775 | ||
Beginning balance | $ | $ 4,318 | $ 4,310 | |
Stock option exercises | $ | 6 | ||
Dividend reinvestment plan | $ | 37 | ||
Shares repurchased | $ | (35) | ||
Ending balance | $ | $ 4,318 | ||
Series A Preferred Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares, beginning balance | 10,012,393 | 10,012,393 | |
Stock options exercises, shares | 0 | ||
Issued upon restricted share unit exercises | 0 | ||
Dividend reinvestment plan, shares | 0 | ||
Shares repurchased | 0 | ||
Number of shares, ending balance | 10,012,393 | ||
Beginning balance | $ | $ 245 | $ 245 | |
Stock option exercises | $ | 0 | ||
Dividend reinvestment plan | $ | 0 | ||
Shares repurchased | $ | 0 | ||
Ending balance | $ | $ 245 | ||
Series B Preferred Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares, beginning balance | 1,987,607 | 1,987,607 | |
Stock options exercises, shares | 0 | ||
Issued upon restricted share unit exercises | 0 | ||
Dividend reinvestment plan, shares | 0 | ||
Shares repurchased | 0 | ||
Number of shares, ending balance | 1,987,607 | ||
Beginning balance | $ | $ 48 | $ 48 | |
Stock option exercises | $ | 0 | ||
Dividend reinvestment plan | $ | 0 | ||
Shares repurchased | $ | 0 | ||
Ending balance | $ | $ 48 |
Earnings Per Share (Details)
Earnings Per Share (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 167 | $ 154 | $ 329 | $ 339 |
Deduct: dividends on Preferred Shares | (2) | (2) | (4) | (4) |
Net income attributable to common shareholders | $ 165 | $ 152 | $ 325 | $ 335 |
Weighted average number of Class A Shares and Class B Non-Voting Shares for basic earnings per share | 516,000,000 | 510,000,000 | 517,000,000 | 509,000,000 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Weighted average number of Class A Shares and Class B Non-Voting Shares for diluted earnings per share | 516,000,000 | 510,000,000 | 517,000,000 | 509,000,000 |
Basic and diluted | $ 0.32 | $ 0.3 | $ 0.63 | $ 0.66 |
Antidilutive securities (in shares) | 5,852,922 | 5,719,981 | 6,232,339 | 6,592,503 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 6 Months Ended |
Feb. 29, 2020 | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Line Items] | |
Explanation Of Whether Practical Expedient Is Applied For Disclosure Of Transaction Price Allocated To Remaining Performance Obligations | When estimating minimum transaction prices allocated to the remaining unfilled, or partially unfulfilled, performance obligations, Shaw applied the practical expedient to not disclose information about remaining performance obligations that have original expected duration of one year or less and for those contracts where we bill the same value as that which is transferred to the customer. |
Revenue (Contract Assets and Li
Revenue (Contract Assets and Liabilities) (Details) $ in Millions | 6 Months Ended |
Feb. 29, 2020CAD ($) | |
Contract Assets [Abstract] | |
Opening balance | $ 158 |
Increase in contract assets from revenue recognized during the year | 138 |
Contract assets transferred to trade receivables | (84) |
Contract terminations transferred to trade receivables | (8) |
Ending balance | 204 |
Contract Liabilities [Abstract] | |
Opening balance | 238 |
Revenue recognized included in contract liabilities at the beginning of the year | (227) |
Increase in contract liabilities during the year | 207 |
Ending balance | $ 218 |
Revenue (Schedule of current an
Revenue (Schedule of current and long-term balances of contract assets and liabilities) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 |
Contract Assets [Abstract] | |||
Current | $ 128 | $ 106 | $ 106 |
Long-term | 76 | 52 | 52 |
Balance | 204 | 158 | |
Contract Liabilities [Abstract] | |||
Current | 203 | 223 | 223 |
Long-term | 15 | $ 15 | 15 |
Balance | $ 218 | $ 238 |
Revenue (Deferred commission co
Revenue (Deferred commission cost assets) (Details) $ in Millions, $ in Millions | 3 Months Ended | |||
Feb. 29, 2020CAD ($) | Feb. 29, 2020CAD ($) | Aug. 31, 2019CAD ($) | Aug. 31, 2019USD ($) | |
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Line Items] | ||||
Ending balance | $ 61 | |||
Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | ||||
Balance | 61 | $ 61 | $ 59 | |
Costs to obtain contracts with customers [member] | ||||
Disclosure Of Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Line Items] | ||||
Additions to deferred commission cost assets | 52 | |||
Amortization recognized on deferred commission cost assets | 40 | |||
Ending balance | 106 | |||
Assets Recognised From Costs To Obtain Or Fulfil Contracts With Customers [Abstract] | ||||
Current | 61 | 59 | ||
Long-term | 45 | 35 | ||
Balance | $ 106 | $ 106 | $ 94 | $ 94 |
Revenue (Disaggregation of reve
Revenue (Disaggregation of revenue) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 1,363 | $ 1,315 | $ 2,746 | $ 2,669 |
Wireless Service [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,264 | 1,239 | 2,527 | 2,488 |
Equipment And Other [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 101 | 78 | 223 | 184 |
Intersegment Eliminations [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | (2) | (2) | (4) | (3) |
Wireline Consumer [Member] | Wireless Service [Member] | Consumer [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 919 | 933 | 1,843 | 1,878 |
Wireline Business [Member] | Wireless Service [Member] | Business [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 144 | 138 | 287 | 276 |
Wireless [Member] | Wireless Service [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 201 | 168 | 397 | 334 |
Wireless [Member] | Equipment And Other [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 101 | $ 78 | $ 223 | $ 184 |
Revenue (Remaining performance
Revenue (Remaining performance obligations) (Details) $ in Millions | Feb. 29, 2020CAD ($) |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | $ 3,835 |
Wireline [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 3,199 |
Wireless [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 636 |
Within 1 year [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 2,690 |
Within 1 year [Member] | Wireline [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 2,241 |
Within 1 year [Member] | Wireless [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 449 |
Within 2 years | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 1,145 |
Within 2 years | Wireline [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | 958 |
Within 2 years | Wireless [Member] | |
Disclosure Of Transaction Price Allocated To Remaining Performance Obligations [Line Items] | |
Transaction Price Allocated To Remaining Performance Obligations | $ 187 |
Operating, General And Admini_3
Operating, General And Administrative Expenses And Restructuring Costs (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Operating, General And Administrative Expenses And Restructuring Costs [Abstract] | ||||
Employee salaries and benefits | $ 160 | $ 173 | $ 317 | $ 335 |
Purchase of goods and services | 603 | 594 | 1,241 | 1,243 |
Total operating costs | $ 763 | $ 767 | $ 1,558 | 1,578 |
Employee-related restructuring costs | $ 1 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Components Of Other Comprehensive Income And The Related Income Tax Effects) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Derivative instruments accounted for as hedges, net of tax | $ 0 | $ 0 | $ 0 | $ 1 |
Change in unrealized fair value of derivatives designated as cash flow hedges, Net | 0 | (1) | 0 | (1) |
Share of other comprehensive loss of associates | 0 | (7) | 0 | (6) |
Items that may subsequently be reclassified to net income, Net | 0 | (8) | 0 | (6) |
Remeasurements on employee benefit plans, Net | (10) | (9) | (5) | 0 |
Other comprehensive income, Amount | (7) | (6) | ||
Other comprehensive income, Income taxes | 2 | 0 | ||
Other comprehensive income (loss) | (10) | (17) | (5) | (6) |
Continuing Operations [Member] | ||||
Disclosure of analysis of other comprehensive income by item [line items] | ||||
Derivative instruments accounted for as hedges | 0 | (1) | 0 | 1 |
Change in unrealized fair value of derivatives designated as cash flow hedges, Income taxes | 0 | 0 | 0 | 0 |
Derivative instruments accounted for as hedges, net of tax | 0 | (1) | 0 | 1 |
Adjustment for hedged items recognized in the period, Amount | 0 | (1) | ||
Adjustment for hedged items recognized in the period, Income taxes | 0 | 0 | ||
Change in unrealized fair value of derivatives designated as cash flow hedges, Net | 0 | (1) | ||
Share of other comprehensive income of associates, Amount | 0 | (7) | (6) | |
Share of other comprehensive income of associates, Income taxes | 0 | 0 | 0 | |
Share of other comprehensive loss of associates | 0 | (7) | (6) | |
Items that may subsequently be reclassified to net income, Amount | 0 | (8) | 0 | (6) |
Items that may subsequently be reclassified to net income, Income taxes | 0 | 0 | 0 | 0 |
Items that may subsequently be reclassified to net income, Net | 0 | (8) | 0 | (6) |
Remeasurements on employee benefit plans, Amount | (14) | (12) | (7) | 0 |
Remeasurements on employee benefit plans, Income taxes | 4 | 3 | 2 | 0 |
Remeasurements on employee benefit plans, Net | (10) | (9) | $ (5) | $ 0 |
Other comprehensive income, Amount | (14) | (20) | ||
Other comprehensive income, Income taxes | 4 | 3 | ||
Other comprehensive income (loss) | $ (10) | $ (17) |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Loss (Accumulated Other Comprehensive Loss) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | Aug. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Remeasurements on employee benefit plans | $ (10) | $ (9) | $ (5) | $ 0 | |
Accumulated other comprehensive loss [Member] | |||||
Disclosure of analysis of other comprehensive income by item [line items] | |||||
Change in unrealized fair value of derivatives designated as cash flow hedges | 1 | $ 1 | |||
Remeasurements on employee benefit plans | (100) | (95) | |||
Accumulated other comprehensive (loss) income | $ (99) | $ (99) | $ (94) |
Statements Of Cash Flows (Sched
Statements Of Cash Flows (Schedule Of Funds Flow From Continuing Operations) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Consolidated Statements of Cash Flows [Abstract] | ||||
Net income from continuing operations | $ 167 | $ 154 | $ 329 | $ 339 |
Adjustments to reconcile net income to funds flow from operations: | ||||
Amortization | 301 | 264 | 605 | 527 |
Deferred income tax expense | 22 | 19 | 34 | 39 |
Share-based compensation | 1 | 1 | 1 | 2 |
Defined benefit pension plans | 3 | 2 | 1 | 5 |
Equity income of an associate or joint venture | 0 | (3) | 0 | (26) |
Net change in contract asset balances | (17) | 0 | (45) | (10) |
Other | 19 | 6 | 21 | 5 |
Funds flow from continuing operations | $ 496 | $ 443 | $ 946 | $ 881 |
Statements Of Cash Flows (Sch_2
Statements Of Cash Flows (Schedule Of Interest And Income Taxes Paid And Interest Received) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Consolidated Statements of Cash Flows [Abstract] | ||||
Interest paid | $ 31 | $ 24 | $ 140 | $ 111 |
Income taxes paid (net of refunds) | 68 | 45 | 102 | 97 |
Interest received | $ 1 | $ 2 | $ 5 | $ 3 |
Statements Of Cash Flows (Sch_3
Statements Of Cash Flows (Schedule Of Non-Cash Transactions) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Consolidated Statements of Cash Flows [Abstract] | ||||
Issuance of Class B Non-Voting Shares: Dividend reinvestment plan | $ 0 | $ 54 | $ 37 | $ 107 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - Interest Rate Swap Contract [Member] $ in Millions | 6 Months Ended |
Feb. 29, 2020CAD ($) | |
Disclosure of fair value measurement of assets [line items] | |
Notional amount | $ 34 |
Term | 1 month |
Fair Value |
Fair Value (Carrying Values And
Fair Value (Carrying Values And Estimated Fair Values) (Details) - CAD ($) $ in Millions | Feb. 29, 2020 | Sep. 01, 2019 | Aug. 31, 2019 |
Disclosure of fair value measurement of assets [line items] | |||
Long-term debt | $ 4,050 | $ 4,057 | $ 4,057 |
Level 2 of fair value hierarchy [member] | Carrying Value [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Long-term debt | 4,051 | 5,308 | |
Level 2 of fair value hierarchy [member] | Estimated Fair Value [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Long-term debt | $ 4,839 | $ 6,014 |
Intangibles And Goodwill (Narra
Intangibles And Goodwill (Narrative) (Details) | Feb. 29, 2020 |
Intangibles And Goodwill [Abstract] | |
Hypothetical decline in the recoverable amount of the broadcast rights and licences for the cable cash generation | 10.00% |
Hypothetical decline in the recoverable amount of the broadcast rights and licences for the satellite cash generation | 10.00% |
Hypothetical decline in the recoverable amount of the wireless generating unit | 10.00% |
Intangibles And Goodwill (Chang
Intangibles And Goodwill (Changes In Market Condidtions Related To Discount Rates And Terminal Value) (Details) | Feb. 29, 2020 |
Cable [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Post-tax discount rates (%) | 0.06% |
Terminal growth rates (%) | 0.005% |
Terminal adjusted EBITDA multiple | 8 |
Satellite [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Post-tax discount rates (%) | 0.07% |
Terminal growth rates (%) | (0.04%) |
Terminal adjusted EBITDA multiple | 6.7 |
Wireless [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Post-tax discount rates (%) | 0.07% |
Terminal growth rates (%) | 0.01% |
Terminal adjusted EBITDA multiple | 5.3 |
Intangibles And Goodwill (Sched
Intangibles And Goodwill (Schedule Of Sensitivity Analysis Of Significant Estimates) (Details) | Feb. 29, 2020 |
Cable [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 0.06% |
1% decrease in terminal growth rate | 0.005% |
Satellite [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 0.07% |
1% decrease in terminal growth rate | (0.04%) |
Wireless [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 0.07% |
1% decrease in terminal growth rate | 0.01% |
Estimated Decline In Recoverable Amount [Member] | Cable [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 15.00% |
1% decrease in terminal growth rate | 12.50% |
0.5 times decrease in terminal adjusted EBITDA multiple | 6.20% |
Estimated Decline In Recoverable Amount [Member] | Satellite [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 7.80% |
1% decrease in terminal growth rate | 5.50% |
0.5 times decrease in terminal adjusted EBITDA multiple | 7.40% |
Estimated Decline In Recoverable Amount [Member] | Wireless [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
1% increase in discount rate | 18.20% |
1% decrease in terminal growth rate | 10.10% |
0.5 times decrease in terminal adjusted EBITDA multiple | 9.40% |
Subsequesnt Events (Details)
Subsequesnt Events (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2020CAD ($) | Feb. 29, 2020CAD ($) | Feb. 29, 2020USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
short term borrowing | $ 45,000,000 | $ 34 | |
Liquidity | 1,500,000,000 | ||
Credit Facility [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
short term borrowing | $ 200,000,000 | $ 10,000,000 |