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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Summary of Long-term Debt |
|  | 2023 |  | 2022
Canadian dollar denominated debt, unsecured |  |  |  |
Medium-term notes |  |  |  |
1.45% debentures due November 16, 2023 |  | $ | — |  |  | $ | 404 |
3.55% debentures due June 3, 2024 |  | 320 |  |  | 332 |
3.42% debentures due December 1, 2026 |  | 441 |  |  | 441 |
2.50% debentures due January 17, 2028 |  | 225 |  |  | 225 |
4.85% debentures due May 30, 2047 |  | 300 |  |  | 300 |
|  | 1,286 |  |  | 1,702 |
US dollar denominated debt, unsecured |  |  |  |
US dollar debt securities |  |  |  |
3.80% due April 15, 2024 (US$500 million) |  | 660 |  |  | 677 |
3.90% due February 1, 2025 (US$600 million) |  | 792 |  |  | 812 |
2.05% due July 15, 2025 (US$600 million) |  | 792 |  |  | 812 |
3.85% due June 1, 2027 (US$1,250 million) |  | 1,651 |  |  | 1,692 |
2.95% due July 15, 2030 (US$500 million) |  | 660 |  |  | 677 |
7.20% due January 15, 2032 (US$400 million) |  | 528 |  |  | 541 |
6.45% due June 30, 2033 (US$350 million) |  | 462 |  |  | 474 |
5.85% due February 1, 2035 (US$350 million) |  | 462 |  |  | 474 |
6.50% due February 15, 2037 (US$450 million) |  | 594 |  |  | 609 |
6.25% due March 15, 2038 (US$1,100 million) |  | 1,453 |  |  | 1,488 |
6.75% due February 1, 2039 (US$400 million) |  | 528 |  |  | 541 |
4.95% due June 1, 2047 (US$750 million) |  | 991 |  |  | 1,015 |
|  | 9,573 |  |  | 9,812 |
Long-term debt before transaction costs and original issue discounts, net |  | 10,859 |  |  | 11,514 |
Less: original issue discounts, net (1) |  | 11 |  |  | 13 |
transaction costs (1) (2) |  | 49 |  |  | 56 |
|  | 10,799 |  |  | 11,445 |
Less: current portion of long-term debt (1) (2) |  | 980 |  |  | 404 |
|  | $ | 9,819 |  |  | $ | 11,041 |
(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
2024 | $ | 980 |
2025 | $ | 1,584 |
2026 | $ | 441 |
2027 | $ | 1,651 |
2028 | $ | 225 |
Thereafter | $ | 5,978 |
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 |  | $ | 1,418 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | $ | 3,534 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term debt (1) |  | $ | 980 |  |  | $ | 1,584 |  |  | $ | 2,317 |  |  | $ | 5,978 |
Other long-term liabilities (2) |  | $ | 302 |  |  | $ | 184 |  |  | $ | 428 |  |  | $ | 645 |
Interest and other financing expense (3) |  | $ | 582 |  |  | $ | 518 |  |  | $ | 1,257 |  |  | $ | 3,362 |
(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, $298 million; one to less than two years, $184 million; two to less than five years, $428 million; and thereafter, $645 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, 2023.

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