DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2020

FINANCING EXPENSES

Debt and credit facilities are comprised of:

Short-Term Debt

($ millions)	December 31 2020	December 31 2019
Commercial paper(1)	3 566	2 155

(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, 2020 was 0.39% (December 31, 2019 – 2.05%).

Long-Term Debt

($ millions)		December 31 2020		December 31 2019
Fixed-term debt(2)(3)
	3.10% Series 5 Medium Term Notes, due 2021	748		749
	9.25% Debentures, due 2021 (US$300)	389		403
	9.40% Notes, due 2021 (US$220)(4)(5)	281		292
	4.50% Notes, due 2022 (US$182)(4)	224		225
	2.80% Notes, due 2023 (US$450)	574		—
	3.60% Notes, due 2024 (US$750)	953		968
	3.10% Notes, due 2025 (US$550)	701		—
	3.00% Series 5 Medium Term Notes, due 2026	699		698
	7.875% Debentures, due 2026 (US$275)	364		372
	8.20% Notes, due 2027 (US$59)(4)	79		82
	7.00% Debentures, due 2028 (US$250)	323		329
	3.10% Series 6 Medium Term Notes, due 2029	748		750
	5.00% Series 7 Medium Term Notes, due 2030	1 247		—
	7.15% Notes, due 2032 (US$500)	637		647
	5.35% Notes, due 2033 (US$300)	356		361
	5.95% Notes, due 2034 (US$500)	636		646
	5.95% Notes, due 2035 (US$600)	736		747
	5.39% Series 4 Medium Term Notes, due 2037	599		599
	6.50% Notes, due 2038 (US$1 150)	1 464		1 487
	6.80% Notes, due 2038 (US$900)	1 167		1 186
	6.85% Notes, due 2039 (US$750)	953		969
	6.00% Notes, due 2042 (US$152)(4)	149		150
	4.34% Series 5 Medium Term Notes, due 2046	300		300
	4.00% Notes, due 2047 (US$750)	952		967
Total unsecured long-term debt		15 279		12 927
Lease liabilities(6)		2 908		2 931
Deferred financing costs		(54	)	(43	)
		18 133		15 815
Current portion of long-term debt and lease liabilities
	Lease liabilities	(272	)	(310	)
	Long-term debt	(1 413	)	—
		(1 685	)	(310	)
Total long-term lease liabilities		2 636		2 621
Total long-term debt		13 812		12 884

(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)	Interest rates range from 1.1% to 14.2% and maturity dates range from 2021 to 2062.

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

($ millions)	Repayment
2021	5 290
2022	494
2023	786
2024	1 148
2025	877
Thereafter	13 184
	21 779

Summary of available and unutilized credit facilities

($ millions)	2020
Fully revolving and expires in 2023	3 500
Fully revolving and expires in 2022	7 064
Fully revolving and expires in 2021	380
Can be terminated at any time at the option of the lenders	130
Total credit facilities	11 074
Credit facilities supporting outstanding commercial paper	(3 566	)
Credit facilities supporting standby letters of credit	(1 158	)
Total unutilized credit facilities(1)	6 350

(1) Available credit facilities for liquidity purposes at December 31, 2020 increased to $6.043 billion, compared to $4.701 billion at December 31, 2019.