financing costs (Tables)

6 Months Ended

Jun. 30, 2022

financing costs

Schedule of financing costs

		Three months				Six months
Periods ended June 30 (millions)	Note	2022		2021		2022		2021
Interest expense
Interest on long-term debt, excluding lease liabilities – gross		$	179	$	172	$	348	$	343
Interest on long-term debt, excluding lease liabilities – capitalized 1			(12)		—		(27)		—
Interest on long-term debt, excluding lease liabilities			167		172		321		343
Interest on lease liabilities	19		17		17		33		34
Interest on short-term borrowings and other			3		4		7		7
Interest accretion on provisions	25		5		6		8		11
			192		199		369		395
Employee defined benefit plans net interest	15		2		7		4		13
Foreign exchange			(17)		(1)		(16)		5
Virtual power purchase agreements unrealized change in forward element			(80)		—		(80)		—
			97		205		277		413
Interest income			—		(2)		(1)		(3)
		$	97	$	203	$	276	$	410
Net interest cost	3					$	379	$	397
Interest on long-term debt, excluding lease liabilities – capitalized 1							(27)		—
Employee defined benefit plans net interest							4		13
Virtual power purchase agreements unrealized change in forward element							(80)		—
						$	276	$	410

1 Interest on long-term debt, excluding lease liabilities, at a composite rate of 3.10% was capitalized to intangible assets with indefinite lives during the period.