6. Right-of-use assets
Computer Hardware
Buildings
Vehicles
Total
(millions)
Cost Balance, March 31, 2019
$
-
$
-
$
-
$
-
Additions
1 7 8
2 3 5
1 9
4
Transfers - IFRS 16 Provision Balance, December 31, 2019
19 23
10
Accumulated depreciation Balance, March 31, 2019
-
-
-
-
Depreciation
2
1 1 2
1 2 3
4 3 7
Transfers - IFRS 16 Provision Balance, December 31, 2019
-
2
Carrying amounts
Balance, March 31, 2019
$
-
$
-
$
-
$
-
Balance, December 31, 2019
$
6
$
3
$
7
$
16
7. Long-term debt
During the fiscal year, the Corporation issued the following (in millions):
Interest Rate
Premium (Discount)
Borrowing Date
Maturity Date
Par Value
Outstanding
April 2, 2019 May 22, 2019 July 30, 2019
June 2, 2050 June 2, 2050 June 2, 2058
3.1% 3.1% 3.0% 2.5%
$
50 50 50 33
$
3 3 5
$
53 53 55 33
December 1, 2019
December 1, 2039
-
$
183
$
11
$
194
The current year issuances increase the total long term debt to $1,341 million, of which $34 million is expected to be paid within the next year. During the third quarter, the Corporation also repaid $33 million in long-term debt with an interest rate of 4.1%.
8. 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.
As at
As at
December 31,
March 31,
(millions)
2019
2019
Total future minimum lease payments Less: Future finance charges on leases
$
15
$
9
(1)
(1)
Present value of lease liability
14
8
Less: Current portion of lease liability
(6)
(3)
$
8
$
5
25
2019-20 THIRD QUARTER REPORT
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