Debt (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments [Abstract]

Scheduled Principal Payments

($ in millions)	December 31, 2021						December 31, 2020
	Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)		Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)
4.75% notes due January 2022 (b)	$	150	$	190	$	190	$	150	$	195	$	190
3.75% notes due February 2023 (b)	108		140		137		108		144		139
3.9% notes due July 2030 (a)	550		751		688		550		781		690
6.125% notes due October 2035	609		1,005		761		609		1,005		764
6.0% notes due August 2040	490		795		620		490		782		622
6.25% notes due July 2041	795		1,349		997		795		1,309		1,001
5.2% notes due March 2042	399		602		500		399		596		502
5.4% notes due February 2043	377		586		473		377		571		475
	3,478		5,418		4,366		3,478		5,383		4,383
QB2 project financing facility (c)	2,252		2,929		2,785		1,147		1,459		1,423
Revolving credit facilities (d)	—		—		—		262		334		334
Antamina loan agreements (e)	176		223		223		90		115		115
	$	5,906	$	8,570	$	7,374	$	4,977	$	7,291	$	6,255
Less current portion of debt	(168)		(213)		(213)		(90)		(115)		(115)
	$	5,738	$	8,357	$	7,161	$	4,887	$	7,176	$	6,140

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

($ in millions)	December 31, 2021						December 31, 2020
	Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)		Face Value (US$)		Fair Value (CAD$)		Carrying Value (CAD$)
QB2 Advances from SMM/SC	$	1,003	$	1,288	$	1,263	$	739	$	941	$	934

Schedule of Maturity Analysis for Non-Derivative Financial Liabilities

At December 31, 2021, scheduled principal payments during the next five years and thereafter are as follows:

($ in millions)	US$		CAD$ Equivalent
2022	$	168	$	213
2023	373		472
2024	265		336
2025	265		336
2026	422		536
Thereafter	4,413		5,594
	$	5,906	$	7,487

Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2021 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	$	3,045	$	—	$	—	$	—	$	3,045
Debt (Note 18(f))	213		808		872		5,594		7,487
Lease liabilities	154		191		172		611		1,128
Obligation to Neptune Bulk Terminals	—		26		144		—		170
ENAMI preferential dividend liability	—		43		16		46		105
QB2 advances from SMM/SC	—		—		—		1,271		1,271
QB2 variable consideration to IMSA	—		63		63		—		126
Other liabilities	—		139		56		37		232
Estimated interest payments on debt	277		623		601		2,907		4,408
Estimated interest payments on QB2 advances    from SMM/SC	—		—		—		1,753		1,753
Estimated interest payments on lease and other    liabilities	16		24		12		30		82

Summary of Debt Continuity

Debt Continuity

($ in millions)	US$				CAD$ Equivalent
	2021		2020		2021		2020
As at January 1	$	4,913	$	3,204	$	6,255	$	4,162
Cash flows
Proceeds from debt	1,305		1,802		1,639		2,426
Redemption, purchase or repayment of debt	(124)		(338)		(155)		(457)
Revolving credit facilities	(262)		262		(335)		363
Non-cash changes
Loss on debt redemption or purchase	—		8		—		11
Changes in foreign exchange rates	—		—		(10)		(216)
Finance fees and discount amortization	(29)		(29)		(36)		(39)
Other	13		4		16		5
As at December 31	$	5,816	$	4,913	$	7,374	$	6,255

QB2 Advances from SMM/SC Carrying Value Continuity

($ in millions)	US$				CAD$ Equivalent
	2021		2020		2021		2020
As at January 1	$	734	$	702	$	934	$	912
Cash flows
Advances	262		31		326		41
Non-cash changes
Finance fee amortization	1		1		1		1
Changes in foreign exchange rates	—		—		2		(20)
As at December 31	$	997	$	734	$	1,263	$	934