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LONG-TERM DEBT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Financial Instruments [Abstract] |
Summary of long-term debt |
|  | 2017 |  |  | 2016 |
Canadian dollar denominated debt, unsecured |  |  |  |
Bank credit facilities |  | $ | 3,544 |  |  | $ | 2,758 |
Medium-term notes |  |  |  |  |
3.05% debentures due June 19, 2019 |  | 500 |  |  | 500 |
2.60% debentures due December 3, 2019 |  | 500 |  |  | 500 |
2.05% debentures due June 1, 2020 |  | 900 |  |  | — |
2.89% debentures due August 14, 2020 |  | 1,000 |  |  | 1,000 |
3.31% debentures due February 11, 2022 |  | 1,000 |  |  | 1,000 |
3.55% debentures due June 3, 2024 |  | 500 |  |  | 500 |
3.42% debentures due December 1, 2026 |  | 600 |  |  | — |
4.85% debentures due May 30, 2047 |  | 300 |  |  | — |
|  | 8,844 |  |  | 6,258 |
US dollar denominated debt, unsecured |  |  |  |
Bank credit facilities (December 31, 2017 - US$1,839 million; December 31, 2016 - US$905 million) |  | 2,300 |  |  | 1,213 |
Commercial paper (December 31, 2017 - US$500 million; December 31, 2016 - US$250 million) |  | 625 |  |  | 336 |
US dollar debt securities |  |  |  |  |
5.70% due May 15, 2017 (US$1,100 million) |  | — |  |  | 1,477 |
1.75% due January 15, 2018 (US$600 million) |  | 751 |  |  | 806 |
5.90% due February 1, 2018 (US$400 million) |  | 501 |  |  | 537 |
3.45% due November 15, 2021 (US$500 million) |  | 625 |  |  | 671 |
2.95% due January 15, 2023 (US$1,000 million) |  | 1,252 |  |  | — |
3.80% due April 15, 2024 (US$500 million) |  | 625 |  |  | 671 |
3.90% due February 1, 2025 (US$600 million) |  | 751 |  |  | 806 |
3.85% due June 1, 2027 (US$1,250 million) |  | 1,566 |  |  | — |
7.20% due January 15, 2032 (US$400 million) |  | 501 |  |  | 537 |
6.45% due June 30, 2033 (US$350 million) |  | 438 |  |  | 470 |
5.85% due February 1, 2035 (US$350 million) |  | 438 |  |  | 470 |
6.50% due February 15, 2037 (US$450 million) |  | 563 |  |  | 604 |
6.25% due March 15, 2038 (US$1,100 million) |  | 1,377 |  |  | 1,477 |
6.75% due February 1, 2039 (US$400 million) |  | 501 |  |  | 537 |
4.95% due June 1, 2047 (US$750 million) |  | 939 |  |  | — |
|  | 13,753 |  |  | 10,612 |
Long-term debt before transaction costs and original issue discounts, net |  | 22,597 |  |  | 16,870 |
Less: original issue discounts, net (1) |  | 18 |  |  | 10 |
transaction costs (1) (2) |  | 121 |  |  | 55 |
|  | 22,458 |  |  | 16,805 |
Less: current portion of commercial paper |  | 625 |  |  | 336 |
current portion of other long-term debt (1) (2) |  | 1,252 |  |  | 1,476 |
|  | $ | 20,581 |  |  | $ | 14,993 |
(1) | The Company has included unamortized original issue discounts and premiums, and directly attributable transaction costs in the carrying amount of the outstanding debt.
(2) | Transaction costs primarily represent underwriting commissions charged as a percentage of the related debt offerings, as well as legal, rating agency and other professional fees.
Schedule of debt repayments | Scheduled debt repayments are as follows:
Year | Repayment |
2018 | $ | 2,027 |
2019 | $ | 4,228 |
2020 | $ | 4,231 |
2021 | $ | 760 |
2022 | $ | 1,000 |
Thereafter | $ | 10,351 |
The maturity dates for financial liabilities were as follows:
|  | Less than 1 year |  |  | 1 to less than 2 years |  |  | 2 to less than 5 years |  |  | Thereafter |
Accounts payable |  | $ | 775 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | $ | 2,597 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other long-term liabilities (1) |  | $ | 572 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term debt (2) (3) |  | $ | 2,027 |  |  | $ | 4,228 |  |  | $ | 5,991 |  |  | $ | 10,351 |
(1) | Includes $469 million (US$375 million) of deferred purchase consideration payable to Marathon in March 2018.
(2) | Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs.
(3) | In addition to the financial liabilities disclosed above, estimated interest and other financing payments related to long-term debt are as follows: less than one year, $842 million; one to less than two years, $755 million; two to less than five years, $1,712 million; and thereafter, $5,384 million. Interest payments were estimated based upon applicable interest and foreign exchange rates as at December 31, 2017.

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