LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2018



	2018		2017
Canadian dollar denominated debt, unsecured
Bank credit facilities	$	831	$	3,544
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		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		600
4.85% debentures due May 30, 2047	300		300
	6,131		8,844
US dollar denominated debt, unsecured
Bank credit facilities (December 31, 2018 - US$2,954 million; December 31, 2017 - US$1,839 million)	4,031		2,300
Commercial paper (December 31, 2018 - US$104 million; December 31, 2017 - US$500 million)	141		625
US dollar debt securities
1.75% due January 15, 2018 (US$600 million)	—		751
5.90% due February 1, 2018 (US$400 million)	—		501
3.45% due November 15, 2021 (US$500 million)	682		625
2.95% due January 15, 2023 (US$1,000 million)	1,364		1,252
3.80% due April 15, 2024 (US$500 million)	682		625
3.90% due February 1, 2025 (US$600 million)	819		751
3.85% due June 1, 2027 (US$1,250 million)	1,706		1,566
7.20% due January 15, 2032 (US$400 million)	546		501
6.45% due June 30, 2033 (US$350 million)	478		438
5.85% due February 1, 2035 (US$350 million)	478		438
6.50% due February 15, 2037 (US$450 million)	614		563
6.25% due March 15, 2038 (US$1,100 million)	1,501		1,377
6.75% due February 1, 2039 (US$400 million)	546		501
4.95% due June 1, 2047 (US$750 million)	1,023		939
	14,611		13,753
Long-term debt before transaction costs and original issue discounts, net	20,742		22,597
Less: original issue discounts, net ⁽¹⁾	17		18
transaction costs ^{(1) (2)}	102		121
	20,623		22,458
Less: current portion of commercial paper	141		625
current portion of other long-term debt ^{(1) (2)}	1,000		1,252
	$	19,482	$	20,581


(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
2019	$	1,141
2020	$	5,996
2021	$	1,444
2022	$	1,003
2023	$	1,365
Thereafter	$	9,793

The maturity dates of the Company’s financial liabilities were as follows:



	Less than 1 year		1 to less than 2 years		2 to less than 5 years		Thereafter
Accounts payable	$	779	$	—	$	—	$	—
Accrued liabilities	$	2,356	$	—	$	—	$	—
Other long-term liabilities	$	42	$	24	$	69	$	—
Long-term debt ^{(1) (2)}	$	1,141	$	5,996	$	3,812	$	9,793


(1)	Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs.

(2)

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, $836 million; one to less than two years, $755 million; two to less than five years, $1,668 million; and thereafter, $5,327 million. Interest payments were estimated based upon applicable interest and foreign exchange rates as at December 31, 2018.