| Disclosure of maturity analysis for commitments |
Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | Carrying | | Contractual | Less than | 1 to 3 | 4 to 5 | More than | | (In millions of dollars) | amount | | cash flows | 1 year | years | years | 5 years | | | | | | | | | | | | | | | | | | Short-term borrowings | 4,000 | | | 4,000 | | 4,000 | | — | | — | | — | | | Accounts payable and accrued liabilities | 4,831 | | | 4,831 | | 4,831 | | — | | — | | — | | | | | | | | | | MLSE put liability | 3,316 | | | 3,316 | | 3,316 | | — | | — | | — | | Long-term debt 1 | 37,058 | | | 37,932 | | 3,186 | | 6,529 | | 6,795 | | 21,422 | | | Lease liabilities | 3,118 | | | 4,074 | | 692 | | 895 | | 543 | | 1,944 | | | Other long-term financial liabilities | 443 | | | 443 | | — | | 132 | | 70 | | 241 | | | Expenditure derivative instruments: | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 4,418 | | 2,257 | | 1,759 | | 111 | | 291 | | | Cash inflow (Canadian dollar equivalent of US dollar) | — | | | (4,487) | | (2,276) | | (1,790) | | (114) | | (307) | | | Equity derivative instruments | — | | | (28) | | (28) | | — | | — | | — | | Subsidiary equity derivative instruments | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 10,321 | | 481 | | 962 | | 962 | | 7,916 | | | Cash inflow (Canadian dollar equivalent of US dollar) | — | | | (10,651) | | (533) | | (1,065) | | (1,065) | | (7,988) | | | Debt derivative instruments accounted for as hedges: | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 21,030 | | 990 | | 2,865 | | 3,259 | | 13,916 | | Cash inflow (Canadian dollar equivalent of US dollar) 2 | — | | | (22,402) | | (1,010) | | (3,054) | | (3,225) | | (15,113) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net carrying amount of derivatives (asset) | (97) | | | | | | | | | | 52,669 | | | 52,797 | | 15,906 | | 7,233 | | 7,336 | | 22,322 | |
1 Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25). 2 Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | Carrying | | Contractual | Less than | 1 to 3 | 4 to 5 | More than | | (In millions of dollars) | amount | | cash flows | 1 year | years | years | 5 years | | | | | | | | | | | | | | | | | | Short-term borrowings | 2,959 | | | 2,959 | | 2,959 | | — | | — | | — | | | Accounts payable and accrued liabilities | 4,059 | | | 4,059 | | 4,059 | | — | | — | | — | | Income tax payable | 26 | | | 26 | | 26 | | — | | — | | — | | Long-term debt 1 | 41,896 | | | 42,886 | | 3,696 | | 8,970 | | 5,799 | | 24,421 | | | Lease liabilities | 2,778 | | | 3,546 | | 587 | | 1,084 | | 406 | | 1,469 | | | Other long-term financial liabilities | 49 | | | 49 | | 1 | | 2 | | 42 | | 4 | | | Expenditure derivative instruments: | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 2,124 | | 1,605 | | 519 | | — | | — | | | Cash inflow (Canadian dollar equivalent of US dollar) | — | | | (2,288) | | (1,727) | | (561) | | — | | — | | | Equity derivative instruments | — | | | (54) | | (54) | | — | | — | | — | | | Debt derivative instruments accounted for as hedges: | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 22,506 | | 2,572 | | 3,565 | | 1,684 | | 14,685 | | Cash inflow (Canadian dollar equivalent of US dollar) 2 | — | | | (25,421) | | (2,758) | | (3,957) | | (1,799) | | (16,907) | | | Debt derivative instruments not accounted for as hedges: | | | | | | | | | Cash outflow (Canadian dollar) | — | | | 1,958 | | 1,958 | | — | | — | | — | | Cash inflow (Canadian dollar equivalent of US dollar) 2 | — | | | (1,963) | | (1,963) | | — | | — | | — | | | Net carrying amount of derivatives (asset) | (425) | | | | | | | | | | 51,342 | | | 50,387 | | 10,961 | | 9,622 | | 6,132 | | 23,672 | |
1 Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25). 2 Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives. Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2025. This reflects repayment of our subordinated notes on their respective at-par redemption dates. | | | | | | | | (In millions of dollars) | | | | 2026 | 3,186 | | | | 2027 | 4,614 | | | | 2028 | 1,915 | | | | 2029 | 3,575 | | | | 2030 | 3,220 | | | | | | | | | | Thereafter | 21,422 | | | | Total long-term debt | 37,932 | | |
Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2025. | | | | | | | | | | | | | | | | | | | Less than | | | After | | | (In millions of dollars) | 1 Year | 1-3 Years | 4-5 Years | 5 Years | Total | | | | | | | Player contracts 1 | 566 | | 811 | | 359 | | 215 | | 1,951 | | Purchase obligations 2 | 910 | | 940 | | 481 | | 995 | | 3,326 | | Program rights 3 | 1,157 | | 2,118 | | 2,174 | | 8,159 | | 13,608 | | | | | | | | | Total commitments | 2,633 | | 3,869 | | 3,014 | | 9,369 | | 18,885 | |
1 Professional sports players' salary contracts into which we have entered and are contractually obligated to pay. 2 Contractual obligations under service, product, and wireless device contracts to which we have committed. 3 Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.
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