Rogers 2013 Annual Report Download - page 121
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The fair values of our Equity Derivatives are based on the quoted market
value of RCI’s Class B Non-Voting shares.
Fair value estimates are made at a specific point in time based on
relevant market information and information about the financial
instruments. The estimates are subjective in nature and involve
uncertainties and matters of judgment.
Our disclosure of the three-level hierarchy reflects the significance of
the inputs used in measuring fair value:
• We determine fair value of financial assets and financial liabilities in
Level 1 by referring to quoted prices in active markets for identical
assets and liabilities.
• Financial assets and financial liabilities in Level 2 include valuations
using inputs based on observable market data, either directly or
indirectly, other than the quoted prices.
• Level 3 valuations are based on inputs that are not based on
observable market data.
There were no material financial instruments categorized in Level 3 as at
December 31, 2013 and 2012.
The table below shows the financial instruments carried at fair value by valuation method as at December 31, 2013 and 2012.
Fair value measurements at reporting date
Carrying value Level 1 Level 2
2013
Dec. 31,
2012 2013
Dec. 31,
2012 2013
Dec. 31,
2012
Financial assets
Available-for-sale, measured at fair value:
Investments in publicly traded companies $ 809 $ 624 $ 809 $ 624 $– $–
Held-for-trading:
Debt Derivatives accounted for as cash flow hedges 184 34 ––184 34
Debt Derivatives not accounted for as hedges –3–––3
Expenditure Derivatives accounted for as cash flow hedges 37 13 ––37 13
$ 1,030 $ 674 $ 809 $ 624 $ 221 $50
Financial liabilities
Held-for-trading:
Debt Derivatives accounted for as cash flow hedges $ 133 $ 561 $– $– $ 133 $ 561
Equity Derivatives not accounted for as cash flow hedges 13 –––13 –
$ 146 $ 561 $– $– $ 146 $ 561
We measure our long-term debt initially at fair value, and then at
amortized cost using the effective interest method, as follows.
2013 2012
Carrying
amount
Fair
value 1
Carrying
amount
Fair
value 1
Long-term debt (including
current portion) $ 13,343 $ 14,463 $ 10,789 $ 12,603
1Long-term debt (including current portion) is measured at level 2 in the three-level fair
value hierarchy, based on year-end trading values as discussed above.
We did not have any non-derivative held-to-maturity financial assets
during the years ended December 31, 2013 and 2012.
NOTE 21: OTHER LONG-TERM LIABILITIES
Note 2013 2012
Deferred pension liability 22 $ 189 $ 343
Supplemental executive retirement plan 22 49 45
Restricted share units 31 28
CRTC commitments 18 9
Deferred compensation 12 13
Deferred inducements 9–
Stock appreciation rights 59
Program rights liability 25
Other 13 6
$ 328 $ 458
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 117