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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2018
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Summary of Carrying Value of Long Term Debt Instruments | (a) Carrying value of long-term debt instruments
As at December 31, |  | Issue date |  |  | Maturity date |  |  | Par value |  |  | 2018 |  |  | 2017 |
4.70% Senior notes(1),(3) |  |  | June 23, 2016 |  |  |  | June 23, 2046 |  |  |  | US$ 1,000 |  |  | $ | 1,355 |  |  | $ | 1,246 |
5.375% Senior notes(2),(3) |  |  | March 4, 2016 |  |  |  | March 4, 2046 |  |  |  | US$ 750 |  |  |  | 1,010 |  |  |  | 928 |
3.527% Senior notes(2),(3) |  |  | December 2, 2016 |  |  |  | December 2, 2026 |  |  |  | US$ 270 |  |  |  | 367 |  |  |  | 338 |
4.150% Senior notes(2),(3) |  |  | March 4, 2016 |  |  |  | March 4, 2026 |  |  |  | US$ 1,000 |  |  |  | 1,356 |  |  |  | 1,246 |
4.90% Senior notes(2),(3) |  |  | September 17, 2010 |  |  |  | September 17, 2020 |  |  |  | US$ 500 |  |  |  | 681 |  |  |  | 626 |
5.505% Medium-term notes(4) |  |  | June 26, 2008 |  |  |  | June 26, 2018 |  |  |  | $ 400 |  |  |  | – |  |  |  | 400 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,769 |  |  | $ | 4,784 |
(1) | MFC may redeem the notes in whole, but not in part, on June 23, 2021 and thereafter on every June 23, at a redemption price equal to par, together with accrued and unpaid interest.
(2) | MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a corresponding U.S. Treasury bond plus a specified number of basis points. The specified number of basis points is as follows: 5.375% – 40 bps, 3.527% – 20 bps, 4.150% – 35 bps, and 4.90% – 35 bps.
(3) | These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars.
(4) | On June 26, 2018, the 5.505% Medium term notes matured.
Aggregate Maturities of Long-term Debt | (c) Aggregate maturities of long-term debt
As at December 31, |  | 2018 |  |  | 2017 |
Less than one year |  | $ | – |  |  | $ | 400 |
One to two years |  |  | 681 |  |  |  | – |
Two to three years |  |  | – |  |  |  | 626 |
Greater than five years |  |  | 4,088 |  |  |  | 3,758 |
Total |  | $ | 4,769 |  |  | $ | 4,784 |

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