Notes to the Consolidated Financial Statements
Long-term debt is unsecured. As at March 31, 2020, principal repayments due in each of the next five fiscal years were as follows:
(millions)
2021
2022
2023
2024
2025
Principal repayments
$
34 $
- $
- $
100 $
-
On April 28, 2020, the Corporation entered into an agreement with the Province to borrow an additional $100 million of long term debt with an interest rate of 3.1 per cent maturing in 2050. 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)
2020
2019
$
16
Balance, beginning of year
$
-
-
Transitional provision
35 31
46
Additions Refunds Revenue
(4)
(1)
(32)
(41)
(7)
Transfer to refund liability
(8)
$
19
Balance, end of year
$
16
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, 2020 was $7 million
(2019 - $8 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, 2020 was $5 million (2019 - $5 million).
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