Notes to the Consolidated Financial Statements
15. UNEARNED CUSTOMER CAPITAL CONTRIBUTIONS AND GOVERNMENT GRANTS Contract liabilities Contract liabilities are performance obligations the Corporation has not yet performed but has already received consideration from customers.
(millions)
2021
2020
$
19 40
Balance, beginning of year
$
16 46
Additions Refunds Revenue
(2)
(4)
(46)
(32)
(6)
Transfer to refund liability
(7)
$
5
Balance, end of year
$
19
Refund liabilities Refund liabilities relate to performance obligations the Corporation has not yet performed, has already received consideration from customers and expects to refund the consideration to the customer based on actual flows of natural gas exceeding the estimated flows determined at contract inception. The balance at March 31, 2021 was $6 million (2020 - $7 million). Deferred revenue Unearned government grants represent amounts received to compensate the Corporation for the cost of certain items of property, plant and equipment. There are no unfulfilled conditions or other contingencies attached to these government grants. The balance at March 31, 2021 was $5 million (2020 - $5 million). 16. LEASE LIABILITY Leases are recognized as Right of Use assets and corresponding liabilities at the date at which a leased asset is available for use. Payments for short-term leases and leases of low-value assets are expensed on a straight-line basis and excluded from the lease liability.
(millions)
2021
2020
$
13
Total future minimum lease payments Less: Future finance charges on leases
$
14
(1)
(1)
12
Present value of lease liability
13
(5)
Less: Current portion of lease liability
(6)
$
7
$
7
(millions)
2021
2020
$
13
Lease liabilities, beginning of year
$
8 7 3
-
IFRS 16 transition
6
Net additions
(7)
Principal repayment of lease liability
(5)
$
12
Lease liabilities, end of year
$
13
p.73
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