Debt (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Scheduled Principal Payments

($ in millions)	December 31, 2020						December 31, 2019
	Face Value (US$)		Carrying Value (CAD$)		Fair Value (CAD$)		Face Value (US$)		Carrying Value (CAD$)		Fair Value (CAD$)
4.5% notes due January 2021 (b)	$	—	$	—	$	—	$	117	$	152	$	155
4.75% notes due January 2022 (b)	150		190		195		202		262		273
3.75% notes due February 2023 (b)	108		139		144		220		289		298
3.9% notes due July 2030 (a)	550		690		781		—		—		—
6.125% notes due October 2035	609		764		1,005		609		779		932
6.0% notes due August 2040	490		622		782		490		634		712
6.25% notes due July 2041	795		1,001		1,309		795		1,021		1,187
5.2% notes due March 2042	399		502		596		399		512		537
5.4% notes due February 2043	377		475		571		377		484		520
	3,478		4,383		5,383		3,209		4,133		4,614
QB2 project financing facility (c)	1,147		1,423		1,459		—		—		—
Revolving credit facilities (d)	262		334		334		—		—		—
Antamina credit facilities (e)	90		115		115		23		29		29
	$	4,977	$	6,255	$	7,291	$	3,232	$	4,162	$	4,643
Less current portion of debt	(90)		(115)		(115)		(23)		(29)		(29)
	$	4,887	$	6,140	$	7,176	$	3,209	$	4,133	$	4,614

Amounts outstanding under the facility bear interest at LIBOR plus an applicable margin.

($ in millions)	December 31, 2020						December 31, 2019
	Face Value (US$)		Carrying Value (CAD$)		Fair Value (CAD$)		Face Value (US$)		Carrying Value (CAD$)		Fair Value (CAD$)
QB2 Advances from SMM/SC	$	739	$	934	$	941	$	708	$	912	$	912

Schedule of Maturity Analysis for Non-Derivative Financial Liabilities

At December 31, 2020, the scheduled principal payments during the next five years and thereafter are as follows:

($ in millions)	US$		CAD$ Equivalent
2021	$	90	$	115
2022	150		190
2023	243		310
2024	397		505
2025	135		172
Thereafter	3,962		5,045
	$	4,977	$	6,337

Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2020 are as follows:

(CAD$ in millions)	Less Than 1 Year		2–3 Years		4–5 Years		More Than 5 Years		Total
Trade accounts payable and other liabilities	$	2,736	$	—	$	—	$	—	$	2,736
Debt (Note 19(f))	115		500		677		5,045		6,337
Lease liabilities	146		175		130		706		1,157
QB2 advances from SMM/SC	—		—		—		941		941
Other liabilities	—		193		21		54		268
Estimated interest payments on debt	270		530		528		3,088		4,416
Estimated interest payments on QB2 advances from SMM/SC	—		—		—		1,202		1,202
Estimated interest payments on lease and other liabilities	12		11		7		38		68

Summary of Debt Continuity

Debt Continuity

($ in millions)	US$				CAD$ Equivalent
	2020		2019		2020		2019
As at January 1	$	3,204	$	3,798	$	4,162	$	5,181
Cash flows
Issuance of debt	1,802		—		2,426		—
Debt redemption or purchase	(315)		(638)		(426)		(835)
Scheduled debt repayments	(23)		—		(31)		—
Revolving credit facilities	262		—		363		—
Non-cash changes
Loss on debt redemption or purchase	8		38		11		50
Changes in foreign exchange rates	—		—		(216)		(244)
Finance fees and discount amortization	(29)		—		(39)		—
Other	4		6		5		10
As at December 31	$	4,913	$	3,204	$	6,255	$	4,162

The continuity for the advances is as follows:

($ in millions)	US$				CAD$ Equivalent
	2020		2019		2020		2019
As at January 1	$	702	$	—	$	912	$	—
Cash flows
Advances	31		708		41		946
Finance fees paid	—		(6)		—		(8)
Non-cash changes
Finance fee amortization	1		—		1		—
Changes in foreign exchange rates	—		—		(20)		(26)
As at December 31	$	734	$	702	$	934	$	912