Telus 2011 Annual Report Download - page 155
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TELUS 2011 ANNUAL REPORT . 151
FINANCIAL STATEMENTS & NOTES: 17–19
18 SHORT-TERM BORROWINGS
Review of short-term borrowings and related disclosures
On July 26, 2002, TELUS subsidiary TELUS Communications Inc.
(see Note 23(a)) entered into an agreement with an arm’s-length secu-
ritization trust associated with a major Schedule I bank under which
TELUS Communications Inc. is able to sell an interest in certain of its
trade receivables up to a maximum of $500 million (December 31, 2010
– $500 million; January 1, 2010 – $500 million). This revolving-period
securitization agreement’s current term ends August 1, 2014. TELUS
Communications Inc. is required to maintain at least a BBB (low) credit
rating by Dominion Bond Rating Service or the securitization trust
may require the sale program to be wound down prior to the end
of the term.
When the Company sells its trade receivables, it retains reserve
accounts, which are retained interests in the securitized trade receivables,
and servicing rights. As at December 31, 2011, the Company had
transferred, but continued to recognize, trade receivables of $456 million
(December 31, 2010 – $465 million; January 1, 2010 – $598 million).
Short-term borrowings of $400 million (December 31, 2010 – $400 million;
January 1, 2010 – $500 million) are comprised of amounts loaned to
the Company from the arm’s-length securitization trust pursuant to the
sale of trade receivables.
The balance of short-term borrowings (if any) comprised amounts
drawn on the Company’s bilateral bank facilities.
19 PROVISIONS
Summary schedules and review of items comprising provisions,
including restructuring activities
(a) General
Asset
retirement Employee
(millions) Regulatory obligation related (b) Other (b) Total
(adjusted –
Note 25(d))
As at January 1, 2010 $ß149 $ß 70 $ß150 $ß21 $ß390
Addition 22 12 70 20 124
Reversal – – (8) (3) (11)
Interest effect – 4 – – 4
Use (67) (1) (107) (6) (181)
As at December 31, 2010 104 85 105 32 326
Addition – 15 20 101 136
Reversal – – (15) (12) (27)
Interest effect – 4 – – 4
Use (104) – (73) (52) (229)
As at December 31, 2011 $ß – $ß104 $ß 37 $ß69 $ß210
Current $ß147 $ß 3 $ß137 $ß12 $ß299
Non-current 2 67 13 9 91
As at January 1, 2010 $ß149 $ß 70 $ß150 $ß21 $ß390
Current $ß – $ß 3 $ß 95 $ß24 $ß122
Non-current 104 82 10 8 204
As at December 31, 2010 $ß104 $ß 85 $ß105 $ß32 $ß326
Current $ß – $ß 3 $ß 36 $ß49 $ß 88
Non-current – 101 1 20 122
As at December 31, 2011 $ß – $ß104 $ß 37 $ß69 $ß210