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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Summary of Long-term Debt
 2024

2023
Canadian dollar denominated debt, unsecured 

 
Medium-term notes



3.55% debentures due June 3, 2024
$— 

$320 
3.42% debentures due December 1, 2026
441 

441 
2.50% debentures due January 17, 2028
225 225 
4.15% debentures due December 15, 2031
500 — 
4.85% debentures due May 30, 2047
300 

300 
 1,466 1,286 
US dollar denominated debt, unsecured  
Bank credit facilities (December 31, 2024 – US$3,393 million;
December 31, 2023 – US$nil)
4,888 

— 
Commercial paper (December 31, 2024 – US$467 million;
December 31, 2023 – US$nil)
672 

— 
US dollar debt securities



3.80% due April 15, 2024 (US$500 million)
— 

660 
3.90% due February 1, 2025 (US$600 million)
864 

792 
2.05% due July 15, 2025 (US$600 million)
864 792 
3.85% due June 1, 2027 (US$1,250 million)
1,801 

1,651 
5.00% due December 15, 2029 (US$750 million)
1,080 — 
2.95% due July 15, 2030 (US$500 million)
720 660 
7.20% due January 15, 2032 (US$400 million)
576 

528 
6.45% due June 30, 2033 (US$350 million)
504 

462 
5.40% due December 15, 2034 (US$750 million)
1,080 — 
5.85% due February 1, 2035 (US$350 million)
504 

462 
6.50% due February 15, 2037 (US$450 million)
649 

594 
6.25% due March 15, 2038 (US$1,100 million)
1,585 

1,453 
6.75% due February 1, 2039 (US$400 million)
576 

528 
4.95% due June 1, 2047 (US$750 million)
1,080 

991 
 17,443 9,573 
Long-term debt before transaction costs and original issue discounts, net18,909 10,859 
Less: original issue discounts, net (1)
12 

11 
 transaction costs (1) (2)
78 

49 
 18,819 10,799 
Less: current portion of commercial paper672 

— 
 current portion of long-term debt (1) (2)
1,728 

980 
 $16,419 $9,819 
(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:
YearRepayment
2025$2,400 
2026$941 
2027$5,905 
2028$509 
2029$1,080 
Thereafter$8,074 
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$1,079 $— $— $— 
Accrued liabilities$4,525 $— $— $— 
Long-term debt (1)
$2,400 $941 $7,494 $8,074 
Other long-term liabilities (2)
$263 $187 $405 $617 
Interest and other financing expense (3)
$1,024 $951 $1,978 $3,574 
(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, $255 million; one to less than two years, $187 million; two to less than five years, $405 million; and thereafter, $617 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, 2024.