Notes to the Consolidated Financial Statements (unaudited)
As at September 30, 2024
As at March 31, 2024
(millions)
$
13
Lease liability, beginning of period
$
10
5
Net additions
8
(3)
Principal repayment of lease liability
(5)
$
15
Lease liability, end of period
$
13
The weighted average discount rate applied to computer leases and vehicle leases is 4.0 per cent based on the rates implicit in the agreements. The weighted average discount rate applied to building leases is 4.0 per cent based on the Corporation’s incremental borrowing rate.
As at September 30, 2024, scheduled future minimum lease payments and the present value of the finance lease obligation are as follows for the next five fiscal years:
(millions)
2025
2026
2027
2028
2029
Future minimum lease payments Present value of lease liability
$ $
6 6
$ $
4 4
$ $
3 3
$ $
2 1
$ $
1 1
9.
Long-Term Debt
As at September 30, 2024
As at March 31, 2024
(millions)
$
1,767
Balance, beginning of period
$
1,647
195
Proceeds
120
(100)
Repayment
-
1,862
Balance, end of period
1,767
(75)
Less: Current portion of long-term debt
(100)
$
1,787
$
1,667
During the fiscal year, the Corporation issued $200 million in long-term debt in three increments. Factoring in discounts and commissions, net long-term debt issuances were $195 million. The first increment of $100 million was issued at a discount of $4 million with a coupon rate of 3.9 per cent maturing in 2033. The second increment of $50 million was issued at a discount of $1 million with a coupon rate of 4.2 per cent maturing in 2054. The third increment of $50 million was issued with a coupon interest rate of 4.2 per cent maturing in 2054.
During the fiscal year, the Corporation also repaid $100 million in long-term debt that matured in June 2024.
10.
Commitments and Contingencies
a.
Commitments
As at September 30, 2024, the Corporation had $158 million (March 31, 2024 - $163 million) of outstanding contractual commitments for the procurement of goods and services in the future.
27
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