FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2020

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Summary of changes in the fair value of non designated derivatives

($ millions)		2020		2019
Fair value outstanding, beginning of year		(39	)	60
	Cash Settlements – received during the year	(257	)	(254	)
	Changes in fair value recognized in earnings during the year (note 7)	175		155
Fair value outstanding, end of year		(121	)	(39	)

Summary of derivative financial instrument assets and liabilities and assets available for sale measured at fair value

($ millions)		Level 1		Level 2		Level 3	Total Fair Value
	Accounts receivable	33		61		—	94
	Accounts payable	(66	)	(67	)	—	(133	)
Balance at December 31, 2019		(33	)	(6	)	—	(39	)
	Accounts receivable	63		90		—	153
	Accounts payable	(202	)	(72	)	—	(274	)
Balance at December 31, 2020		(139	)	18		—	(121	)

Summary of offsetting financial assets

($ millions)	Gross Assets	Gross Liabilities Offset		Net Amounts Presented
Fair value of derivative assets	1 737	(1 643	)	94
Accounts receivable	2 860	(1 289	)	1 571
Balance at December 31, 2019	4 597	(2 932	)	1 665
Fair value of derivative assets	2 890	(2 737	)	153
Accounts receivable	2 999	(1 398	)	1 601
Balance at December 31, 2020	5 889	(4 135	)	1 754

Summary of offsetting financial liabilities

($ millions)	Gross Liabilities		Gross Assets Offset	Net Amounts Presented
Fair value of derivative liabilities	(1 776	)	1 643	(133	)
Accounts payable	(2 532	)	1 289	(1 243	)
Balance at December 31, 2019	(4 308	)	2 932	(1 376	)
Fair value of derivative liabilities	(3 011	)	2 737	(274	)
Accounts payable	(2 385	)	1 398	(987	)
Balance at December 31, 2020	(5 396	)	4 135	(1 261	)

Timing of cash outflows related to trade and other payables and debt

	December 31, 2019
($ millions)	Trade and Other Payables(1)	Gross Derivative Liabilities(2)	Debt(3)	Lease Liabilities
Within one year	6 422	1 568	2 877	470
2 to 3 years	39	208	2 991	796
4 to 5 years	40	—	2 220	616
Over 5 years	—	—	17 183	2 960
	6 501	1 776	25 271	4 842

	December 31, 2020
($ millions)	Trade and Other Payables(1)	Gross Derivative Liabilities(2)	Debt(3)	Lease Liabilities
Within one year	4 410	2 849	5 773	474
2 to 3 years	37	162	2 233	771
4 to 5 years	37	—	3 009	631
Over 5 years	—	—	17 834	2 779
	4 484	3 011	28 849	4 655

(1)	Trade and other payables exclude net derivative liabilities of $274 million (2019 – $133 million).
(2)	Gross derivative liabilities of $3 011 million (2019 – $1 776 million) are offset by gross derivative assets of $2 737 million (2019 – $1 643 million), resulting in a net amount of $274 million (2019 – $133 million).
(3)	Debt includes short-term debt, long-term debt and interest payments on fixed-term debt and commercial paper.