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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
Summary of Long-term Debt
 
2022

2021
Canadian dollar denominated debt, unsecured
 

 
Medium-term notes



3.31% debentures due February 11, 2022
$— 

$1,000 
1.45% debentures due November 16, 2023
404 500 
3.55% debentures due June 3, 2024
332 

500 
3.42% debentures due December 1, 2026
441 

600 
2.50% debentures due January 17, 2028
225 300 
4.85% debentures due May 30, 2047
300 

300 
 
1,702 3,200 
US dollar denominated debt, unsecured
 
 
Bank credit facilities (December 31, 2022 – US$nil;
December 31, 2021 – US$901 million)
— 

1,140 
US dollar debt securities



2.95% due January 15, 2023 (US$1,000 million)
— 

1,266 
3.80% due April 15, 2024 (US$500 million)
677 

633 
3.90% due February 1, 2025 (US$600 million)
812 

759 
2.05% due July 15, 2025 (US$600 million)
812 759 
3.85% due June 1, 2027 (US$1,250 million)
1,692 

1,582 
2.95% due July 15, 2030 (US$500 million)
677 633 
7.20% due January 15, 2032 (US$400 million)
541 

506 
6.45% due June 30, 2033 (US$350 million)
474 

443 
5.85% due February 1, 2035 (US$350 million)
474 

443 
6.50% due February 15, 2037 (US$450 million)
609 

570 
6.25% due March 15, 2038 (US$1,100 million)
1,488 

1,392 
6.75% due February 1, 2039 (US$400 million)
541 

506 
4.95% due June 1, 2047 (US$750 million)
1,015 

949 
 
9,812 11,581 
Long-term debt before transaction costs and original issue discounts, net
11,514 14,781 
Less: original issue discounts, net (1)
13 

15 
transaction costs (1) (2)
56 

72 
 
11,445 14,694 
Less: current portion of other long-term debt (1) (2)
404 

1,000 
 
$11,041 $13,694 
(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
2023$404 
2024$1,009 
2025$1,624 
2026$441 
2027$1,692 
Thereafter
$6,344 
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
$1,341 $— $— $— 
Accrued liabilities
$4,209 $— $— $— 
Long-term debt (1)
$404 $1,009 $3,757 $6,344 
Other long-term liabilities (2)
$247 $156 $416 $724 
Interest and other financing expense (3)
$584 $577 $1,410 $3,790 
(1)Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs.
(2)Lease payments included within other long-term liabilities reflect principal payments only and are as follows; less than one year, $244 million; one to less than two years, $156 million; two to less than five years, $416 million; and thereafter, $724 million.
(3)Includes interest and other financing expense on long-term debt and other long-term liabilities. Payments were estimated based upon applicable interest and foreign exchange rates at December 31, 2022.