DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2019

DEBT AND CREDIT FACILITIES

Debt and credit facilities are comprised of:

Short-Term Debt

($ millions)	December 31 2019	December 31 2018
Commercial paper(1)	2 155	3 231

(1) The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2019 was 2.05% (December 31, 2018 – 2.88%).

Long-Term Debt

($ millions)		December 31 2019		December 31 2018
Fixed-term debt(2)(3)
	7.75% Notes, due 2019 (US$140)(4)	—		191
	3.10% Series 5 Medium Term Notes, due 2021	749		749
	9.25% Debentures, due 2021 (US$300)	403		431
	9.40% Notes, due 2021 (US$220)(4)(5)	292		315
	4.50% Notes, due 2022 (US$182)(4)	225		234
	3.60% Notes, due 2024 (US$750)	968		1 020
	3.00% Series 5 Medium Term Notes, due 2026	698		698
	7.875% Debentures, due 2026 (US$275)	372		393
	8.20% Notes, due 2027 (US$59)(4)	82		87
	7.00% Debentures, due 2028 (US$250)	329		346
	3.10% Series 6 Medium Term Notes, due 2029	750		—
	7.15% Notes, due 2032 (US$500)	647		681
	5.35% Notes, due 2033 (US$300)	361		379
	5.95% Notes, due 2034 (US$500)	646		680
	5.95% Notes, due 2035 (US$600)	747		786
	5.39% Series 4 Medium Term Notes, due 2037	599		599
	6.50% Notes, due 2038 (US$1 150)	1 487		1 565
	6.80% Notes, due 2038 (US$900)	1 186		1 249
	6.85% Notes, due 2039 (US$750)	969		1 021
	6.00% Notes, due 2042 (US$152)(4)	150		158
	4.34% Series 5 Medium Term Notes, due 2046	300		300
	4.00% Notes, due 2047 (US$750)	967		1 018
Total unsecured long-term debt		12 927		12 900
Finance leases(6)(7)		—		1 260
Lease liabilities(8) (note 5)		2 931		—
Deferred financing costs		(43	)	(41	)
		15 815		14 119
Current portion of long-term debt and lease liabilities
	Finance leases(6)	—		(38	)
	Lease liabilities (note 5)	(310	)	—
	Long-term debt	—		(191	)
		(310	)	(229	)
Total long-term lease liabilities		2 621		—
Total long-term debt		12 884		13 890

(2)	The value of debt includes the unamortized balance of premiums or discounts.
(3)	Certain securities are redeemable at the option of the company.
(4)	Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).
(5)	Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%.
(6)	The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.
(7)	Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062.
(8)	Interest rates range from 2.0% to 14.2% and maturity dates range from 2020 to 2062.

Scheduled principal repayments for leases liabilities, short term debt and long term debt

($ millions)	Repayment
2020	2 457
2021	1 699
2022	451
2023	175
2024	1 139
Thereafter	12 132
	18 053

Summary of available and unutilized credit facilities

($ millions)	2019
Fully revolving and expires in 2023	3 500
Fully revolving and expires in 2022	3 241
Fully revolving and expires in 2021	1 455
Can be terminated at any time at the option of the lenders	132
Total credit facilities	8 328
Credit facilities supporting outstanding commercial paper	(2 155	)
Credit facilities supporting standby letters of credit(1)	(1 284	)
Total unutilized credit facilities(2)	4 889

(1)	To reduce costs, the company supported certain credit facilities with $206 million cash collateral as at December 31, 2019 (December 31, 2018 – $108 million).
(2)	Available credit facilities for liquidity purposes at December 31, 2019 increased to $4.701 billion, compared to $3.608 billion at December 31, 2018.