TELUS International(TIXT) - 2023 Q3 - Quarterly Report

Condensed Interim Consolidated Financial Statements (Unaudited) This section presents the unaudited interim consolidated financial statements, including statements of income, financial position, changes in equity, and cash flows Condensed Interim Consolidated Statements of Income and Other Comprehensive Income (Loss) TELUS International reported a significant decrease in net income for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year, despite revenue growth, due to increased operating and interest expenses Condensed Interim Consolidated Statements of Income and Other Comprehensive Income (Loss) (millions USD) | Metric (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $663 | $615 | $2,016 | $1,838 | | Operating Income | $48 | $84 | $110 | $223 | | Net Income | $9 | $59 | $16 | $149 | | Basic EPS | $0.03 | $0.22 | $0.06 | $0.56 | | Diluted EPS | $0.03 | $0.22 | $0.06 | $0.55 | Condensed Interim Consolidated Statements of Financial Position As of September 30, 2023, total assets and liabilities significantly increased, primarily driven by substantial growth in intangible assets, goodwill, and long-term debt Condensed Interim Consolidated Statements of Financial Position (millions USD) | Metric (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :-------------------- | :----------- | :----------- | | Total Assets | $4,828 | $3,556 | | Total Liabilities | $2,840 | $1,718 | | Owners' Equity | $1,988 | $1,838 | | Intangible Assets, net| $1,571 | $1,008 | | Goodwill | $1,951 | $1,350 | | Long-term Debt | $1,670 | $881 | Condensed Interim Consolidated Statements of Changes in Owners' Equity Owners' equity increased from $1,838 million at January 1, 2023, to $1,988 million by September 30, 2023, primarily due to net income and common shares issued Condensed Interim Consolidated Statements of Changes in Owners' Equity (millions USD) | Metric (millions USD) | Jan 1, 2023 | Sep 30, 2023 | | :-------------------- | :---------- | :----------- | | Total Owners' Equity | $1,838 | $1,988 | | Net Income | $292 (Retained Earnings) | $307 (Retained Earnings) | | Common Shares Issued | - | $125 | Condensed Interim Consolidated Statements of Cash Flows Operating cash flow remained stable, while investing activities significantly increased due to acquisitions, and financing activities shifted to cash provision from long-term debt issuance Condensed Interim Consolidated Statements of Cash Flows (millions USD) | Metric (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Cash from Operating Activities | $185 | $129 | $356 | $353 | | Cash used in Investing Activities | $(21) | $(19) | $(910) | $(89) | | Cash from Financing Activities | $(174) | $(83) | $561 | $(222) | | Cash and Cash Equivalents, End of Period | $132 | $143 | $132 | $143 | Notes to Condensed Interim Consolidated Financial Statements This section provides detailed disclosures on the basis of presentation, accounting policies, capital structure, revenue, share-based compensation, and other financial statement components General application This section outlines the basis of presentation for the interim financial statements, including business description, changes in presentation, and recent accounting policy developments - TELUS International is a leading digital customer experience innovator, providing next-generation solutions including AI and content moderation for global and disruptive brands[12] - The company reclassified cash interest paid on credit facilities from operating to financing activities and reclassified certain current and non-current provisions for comparative periods[19][20] - The company adopted amendments to IAS 1, IFRS Practice Statement 2, IAS 8, and IAS 12, including temporary relief from Pillar Two model rules, with no material effect on financial disclosure expected[21][22][23] 1. Condensed interim consolidated financial statements This note details the basis of presentation, changes in financial statement presentation, and recent accounting policy developments impacting the interim consolidated financial statements 1.(a) Basis of presentation The financial results are subject to seasonality, with revenues typically higher in the third and fourth quarters, influenced by client operating environments and foreign currency rates - Financial results are subject to seasonality, with revenues typically higher in the third and fourth quarters, but can vary due to client operating environment changes or foreign currency rates[14] 1.(b) Change in presentation The company reclassified cash interest paid on credit facilities from operating to financing activities and adjusted certain current and non-current provisions for comparative periods - Reclassified $5 million (3 months) and $16 million (9 months) of cash interest paid on credit facilities from cash flows from operating activities to cash flows from financing activities for the period ended September 30, 2022[19] - Reclassified certain current and non-current provisions in the condensed interim consolidated statements of financial position to conform with the current period presentation[20] 1.(c) Accounting policy developments The company adopted amendments to IAS 1, IFRS Practice Statement 2, IAS 8, and IAS 12, including temporary relief from Pillar Two model rules, with no material effect on financial disclosure expected - Adopted amendments to IAS 1, IFRS Practice Statement 2, and IAS 8, requiring disclosure of material accounting policy information and clarifying changes in accounting policies vs estimates, with no material effect[21] - Adopted amendments to IAS 12, clarifying recognition of deferred taxes on transactions where both assets and liabilities are recognized (e.g., leases), with no material effect[22] - Adopted amendments to IAS 12 regarding International Tax Reform - Pillar Two Model Rules, providing temporary relief from accounting for deferred income taxes, with no material effect expected[23] 2. Capital structure financial policies The company's capital management objective is to maintain a flexible capital structure that optimizes cost and availability of capital at acceptable risk levels, including owners' equity, long-term debt, and cash - Capital management objective is to maintain a flexible capital structure that optimizes cost and availability of capital at acceptable risk levels[24] - Capital includes owners' equity (excluding AOCI), long-term debt (including credit facilities and hedging assets/liabilities), and cash and cash equivalents[25] - Amended and expanded existing credit facility to an aggregate $2.0 billion (comprising $800 million revolving credit and $1.2 billion term loans) in connection with the WillowTree acquisition[27] Consolidated results of operations focused This section details revenue disaggregation, share-based compensation, interest expense, income tax, and earnings per share, providing insights into operational performance 3. Revenue Revenue is disaggregated by industry vertical, including Tech and Games, Communications and Media, and Healthcare, as well as by geographic region, showing varied performance across segments Revenue by Industry Vertical (millions USD) | Industry Vertical (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Tech and Games | $301 | $289 | $885 | $856 | | Communications and Media | $155 | $150 | $465 | $432 | | Healthcare | $38 | $11 | $115 | $34 | | Total Revenue | $663 | $615 | $2,016 | $1,838 | Revenue by Geographic Region (millions USD) | Geographic Region (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Europe | $202 | $211 | $625 | $667 | | North America | $184 | $158 | $583 | $456 | | Asia-Pacific | $162 | $149 | $474 | $441 | | Central America and others | $115 | $97 | $334 | $274 | 4. Share-based compensation This note details the company's restricted share unit and share option award plans, along with other compensation arrangements like Unit Appreciation Rights and performance earn-outs for acquisitions RSU Activity (units) | RSU Activity (units) | 9 Months Ended Sep 30, 2023 | | :------------------- | :-------------------------- | | Outstanding, beginning of period | 1,605,821 | | Granted | 1,111,894 | | Vested | (400,990) | | Exercised | (743,976) | | Forfeited | (61,346) | | Outstanding, Sep 30, 2023 | 2,255,379 | - Granted Unit Appreciation Rights (UARs) to WillowTree employees with a maximum payout of $120 million, vesting in three annual tranches starting fiscal 2026, settled in cash or subordinate voting shares[35] - Provided performance earn-outs of approximately $12 million for other acquisitions, payable in fiscal 2025, settled in cash or subordinate voting shares[36] 4.(a) Restricted share unit plan Restricted share unit awards granted beginning January 1, 2021, were equity-settled, with activity detailed for the nine-month period ended September 30, 2023 - Restricted share unit awards granted beginning January 1, 2021, were equity-settled[30] 4.(b) Share option award plan Share option awards granted beginning January 1, 2021, were equity-settled, with detailed activity for outstanding, vested, exercised, and forfeited options - Share option awards granted beginning January 1, 2021, were equity-settled[32] Share Option Activity (units) | Share Option Activity (units) | 9 Months Ended Sep 30, 2023 | | :---------------------------- | :-------------------------- | | Outstanding, beginning of period | 2,677,297 | | Vested | (234,075) | | Exercised | (124,337) | | Forfeited | (16,177) | | Outstanding, Sep 30, 2023 | 2,536,783 | 4.(c) Other The company granted Unit Appreciation Rights to WillowTree employees with a maximum payout of $120 million and provided performance earn-outs for other acquisitions - Granted Unit Appreciation Rights (UARs) to WillowTree employees with a maximum payout of $120 million, vesting in three annual tranches exercisable beginning in fiscal 2026[35] - Acquired two businesses and provided performance earn-outs to certain employees, with a maximum payout of approximately $12 million payable in fiscal 2025[36] 5. Interest expense Total interest expense significantly increased for both the three-month and nine-month periods ended September 30, 2023, primarily due to higher interest on long-term debt Interest Expense (millions USD) | Interest Expense (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Interest on long-term debt | $27 | $6 | $78 | $17 | | Interest on lease liabilities | $7 | $3 | $17 | $10 | | Interest accretion on provisions| $3 | $0 | $9 | $0 | | Total Interest Expense | $38 | $10 | $107 | $29 | 6. Income taxes The company reported a total income tax recovery for the nine-month period ended September 30, 2023, contrasting with an expense in the prior year, influenced by various effective tax rate factors Income Tax (millions USD) | Income Tax (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Current income tax expense (recovery) | $18 | $30 | $43 | $74 | | Deferred income tax expense (recovery) | $(15) | $(4) | $(52) | $(4) | | Total Income Tax expense (recovery) | $3 | $26 | $(9) | $70 | Effective Tax Rate Factors (9 Months Ended Sep 30, 2023) | Effective Tax Rate Factors (9 Months Ended Sep 30, 2023) | Impact on Rate | | :------------------------------------------------------- | :------------- | | Income taxes computed at applicable statutory income tax rates | (101.0)% | | Non-deductible items | 14.3% | | Withholding and other taxes | 158.1% | | Foreign tax differential | (114.3)% | | Adjustments for prior periods | (114.3)% | | Effective Income Tax Rate | (128.6)% | 7. Earnings per share Basic and diluted earnings per share significantly decreased for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year EPS (USD) | EPS (USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic EPS | $0.03 | $0.22 | $0.06 | $0.56 | | Diluted EPS | $0.03 | $0.22 | $0.06 | $0.55 | - Diluted EPS calculation includes potential dilutive effects from share-based compensation awards and provisions for written put options, using the treasury stock method[42] Consolidated financial position focused This section provides detailed breakdowns of accounts receivable, financial instruments, property, plant and equipment, intangible assets and goodwill, provisions, and long-term debt 8. Accounts receivable Total accounts receivable increased from $428 million at December 31, 2022, to $494 million at September 30, 2023, with a corresponding increase in the allowance for doubtful accounts Accounts Receivable (millions USD) | Accounts Receivable (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :--------------------------------- | :----------- | :----------- | | Accounts receivable – billed | $273 | $223 | | Accounts receivable – unbilled | $195 | $201 | | Other receivables | $28 | $5 | | Total | $494 | $428 | | Allowance for doubtful accounts | $(2) | $(1) | - Allowance for doubtful accounts is determined based on current economic conditions, historical information, reasons for past due accounts, and line of business[45] 9. Financial instruments The company uses derivative financial instruments to manage currency and interest rate risks, with all derivatives measured at fair value using Level 2 observable inputs - Derivative financial instruments are used to manage exposure to currency risks (Euro business acquisition, Philippine peso purchases) and interest rate risk (non-fixed rate credit facility amounts)[48][50] - All derivative financial instruments measured at fair value on a recurring basis use significant other observable inputs (Level 2)[49] 10. Property, plant and equipment The net book value of property, plant and equipment increased from $449 million at December 31, 2022, to $494 million at September 30, 2023, including additions from acquisitions Property, Plant & Equipment (millions USD) | Property, Plant & Equipment (millions USD) | Dec 31, 2022 | Sep 30, 2023 | | :----------------------------------------- | :----------- | :----------- | | Owned assets (Net book value) | $233 | $249 | | Right-of-use lease assets (Net book value) | $216 | $245 | | Total Net Book Value | $449 | $494 | | Additions from acquisition | - | $34 | 11. Intangible assets and goodwill This note details the significant increase in intangible assets and goodwill, primarily driven by the acquisition of WillowTree, a full-service digital product provider 11.(a) Intangible assets and goodwill Total intangible assets and goodwill increased significantly from $2,358 million at December 31, 2022, to $3,522 million at September 30, 2023, largely due to acquisitions Intangible Assets & Goodwill (millions USD) | Intangible Assets & Goodwill (millions USD) | Dec 31, 2022 | Sep 30, 2023 | | :---------------------------------------- | :----------- | :----------- | | Customer relationships (Net book value) | $887 | $1,384 | | Goodwill | $1,350 | $1,951 | | Total Intangible Assets and Goodwill | $2,358 | $3,522 | | Additions from acquisition | - | $1,302 | 11.(b) Business acquisitions The company acquired an 86% equity interest in WillowTree for $1,175 million, resulting in $608 million in goodwill, and expanded operations into Morocco and South Africa through other acquisitions - Acquired 86% equity interest of WillowTree on January 3, 2023, a full-service digital product provider, for a total purchase consideration of $1,175 million[55][57] - The WillowTree acquisition resulted in $608 million in goodwill, primarily due to the acquired business's earnings capacity exceeding its net tangible and intangible assets[59][67] WillowTree Financial Impact (millions USD) | WillowTree Financial Impact (millions USD) | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Revenue | $42 | $145 | | Net Loss | $(29) | $(80) | - Completed acquisition of two businesses expanding customer experience operations into Morocco and South Africa for $2 million, with no goodwill recognized[63] 12. Provisions Total provisions significantly increased from $3 million at January 1, 2023, to $212 million at September 30, 2023, primarily due to a $194 million provision for written put options related to the WillowTree acquisition Provisions (millions USD) | Provisions (millions USD) | Jan 1, 2023 | Sep 30, 2023 | | :------------------------ | :---------- | :----------- | | Total Provisions | $3 | $212 | | Additions | - | $209 | | Written put options | - | $204 | - A $194 million provision for written put options was established in connection with the WillowTree acquisition to acquire the non-controlling interest, measured at the present value of estimated redemption amounts[69] 13. Long-term debt This note details the company's long-term debt, including the amended and expanded credit facility used to fund the WillowTree acquisition, and provides a schedule of contractual maturities 13.(a) Credit facility The credit facility was amended and expanded to $2.0 billion on January 3, 2023, to partially fund the WillowTree acquisition, with the company in compliance with all financial covenants - Amended and expanded credit facility to $2.0 billion (comprising $800 million revolving and $1.2 billion term loan) on January 3, 2023, to partially fund the WillowTree acquisition[71] Credit Facility (millions USD) | Credit Facility (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------- | :----------- | :----------- | | Total Outstanding | $1,535 | $742 | | Effective Interest Rate | 7.42% | 6.67% | - The company was in compliance with all financial covenants, including Net Debt to EBITDA ratio (max 4.25:1.00 for 2023) and EBITDA to Debt Service ratio (min 1.50:1.00)[74][75] 13.(b) Long-term debt maturities The schedule of undiscounted contractual maturities for long-term debt and leases indicates significant obligations extending to 2028 and thereafter Long-term Debt Maturities (millions USD) | Fiscal Year Ending Dec 31 | Long-term debt, excluding leases (millions USD) | Leases (millions USD) | Total (millions USD) | | :------------------------ | :-------------------------------------------- | :-------------------- | :------------------- | | 2023 (remainder) | $15 | $11 | $30 |\ | 2024 | $60 | $41 | $117 |\ | 2025 | $60 | $31 | $109 |\ | 2026 | $60 | $26 | $105 |\ | 2027 | $60 | $24 | $90 |\ | 2028 and thereafter | $1,280 | $45 | $1,353 |\ | Undiscounted contractual maturities | $1,988 | $255 | $2,343 | 14. Share capital Share capital includes 200 million multiple voting shares and 74 million subordinate voting shares outstanding as of September 30, 2023, with additional shares reserved for compensation plans Share Capital (millions) | Share Capital (millions) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------- | :----------- | :----------- | | Multiple Voting Shares | 200 | 200 | | Subordinate Voting Shares| 74 | 67 | - 17 million authorized but unissued subordinate voting shares are reserved for share-based compensation plans, and 5 million for the employee share purchase plan[77] 15. Contingent liabilities The company provides indemnification in certain transactions and is party to various legal proceedings, with inherently uncertain outcomes that could adversely affect financial condition - Provides indemnification in conjunction with certain transactions, with no maximum limit in some cases, but historically has not made significant payments. No liability recorded as of September 30, 2023[78] - Party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect operations and financial condition if resolved against the company for amounts exceeding estimates[79] 15.(a) Indemnification obligations The company provides indemnification in conjunction with certain transactions, with no maximum limit on some obligations, but historically has not made significant payments - The company provides indemnification in conjunction with certain transactions, with no maximum limit on some obligations, but historically has not made significant payments[78] 15.(b) Claims and lawsuits The company is party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect financial condition - The company is party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect financial condition[79] Other This section details related party transactions, including those with TELUS Corporation and key management personnel, and provides additional financial information on customer revenue concentration and cash flow components 16. Related party transactions This note details transactions with TELUS Corporation subsidiaries, BPEA EQT, and key management personnel, including revenues, purchases, and share-based compensation expenses 16.(a) Transactions with TELUS Corporation Revenues from services provided to TELUS Corporation subsidiaries increased, while goods and services purchased decreased, resulting in a net change in balance due to affiliated companies Transactions with TELUS Corporation Subsidiaries (millions USD) | Transactions with TELUS Corporation Subsidiaries (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenues from services provided to | $133 | $108 | $394 | $302 | | Goods and services purchased from | $(6) | $(8) | $(17) | $(20) | | Net change in balance | $(76) | $8 | $(84) | $(13) | | Due to affiliated companies (end of period) | $150 | $81 | $150 | $81 | 16.(b) Transactions with BPEA EQT There were no balances or recurring transactions with BPEA EQT, and the shareholders' agreement was amended to remove BPEA's rights regarding director nomination - No balances due to or from, or recurring transactions with BPEA EQT during the three- and nine-month periods ended September 30, 2023 and 2022[84] - Amended shareholders' agreement on March 9, 2023, to eliminate initial post-IPO transition requirements and remove BPEA's rights regarding director nomination and observer appointments[83] 16.(c) Transactions with key management personnel Share-based compensation expense for key management personnel was $1 million for the three months and $12 million for the nine months ended September 30, 2023 Share-based Compensation Expense (millions USD) | Share-based Compensation Expense (millions USD) | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2023 | | :---------------------------------------------- | :-------------------------- | :-------------------------- | | Key Management Personnel | $1 | $12 | 17. Additional financial information This note provides further details on customer revenue concentration, accounts payable and accrued liabilities, non-cash operating working capital, and changes in financing liabilities 17.(a) Statements of income and other comprehensive income This section highlights major customer revenue concentration, with TELUS Corporation, Google, and a leading social media company being significant contributors Major Customer Revenue Concentration (9 Months Ended Sep 30, 2023) | Major Customer Revenue Concentration (9 Months Ended Sep 30, 2023) | % of Consolidated Revenue | | :--------------------------------------------------------------- | :------------------------ | | TELUS Corporation | 19.6% | | Google | 12.5% | | Leading social media company | 11.8% | 17.(b) Statements of financial position Accounts payable and accrued liabilities increased from $289 million at December 31, 2022, to $301 million at September 30, 2023, driven by accrued liabilities and payroll Accounts Payable & Accrued Liabilities (millions USD) | Accounts Payable & Accrued Liabilities (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------- | :----------- | :----------- | | Trade accounts payable | $38 | $39 | | Accrued liabilities | $113 | $110 | | Payroll and other employee-related liabilities | $135 | $129 | | Total | $301 | $289 | 17.(c) Statements of cash flows—operating activities and investing activities This section details the net change in non-cash operating working capital and cash payments for capital assets, providing insights into cash flow components Net Change in Non-Cash Operating Working Capital (millions USD) | Net Change in Non-Cash Operating Working Capital (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Accounts receivable | $(15) | $(2) | $(9) | $(30) | | Due to and from affiliated companies, net | $76 | $0 | $84 | $21 | | Total | $66 | $17 | $37 | $(19) | Cash Payments for Capital Assets (millions USD) | Cash Payments for Capital Assets (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Property, plant and equipment | $(23) | $(24) | $(57) | $(71) | | Intangible assets | $(3) | $(2) | $(9) | $(9) | | Total | $(20) | $(26) | $(58) | $(76) | 17.(d) Changes in liabilities arising from financing activities Long-term debt increased from $964 million at the beginning of 2023 to $1,792 million by September 30, 2023, primarily due to credit facility issuances Changes in Long-term Debt (millions USD) | Changes in Long-term Debt (millions USD) | Beginning of Period (Jan 1, 2023) | Issued or received | Repayments or payments | End of Period (Sep 30, 2023) | | :--------------------------------------- | :-------------------------------- | :----------------- | :--------------------- | :--------------------------- | | Credit facility | $742 | $1,076 | $(283) | $1,535 | | Lease liabilities | $236 | $0 | $(63) | $269 | | Total Long-term Debt | $964 | $1,076 | $(435) | $1,792 |