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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
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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 |  | 2020 |  |  | 2019 |
3.050 % Senior notes (1),(2) |  | August 27, 2020 |  | August 27, 2060 |  | US$ 1,155 |  | $ | 1,460 |  |  | $ | – |
4.70 % Senior notes (1) |  | June 23, 2016 |  | June 23, 2046 |  | US$ 1,000 |  |  | 1,265 |  |  |  | 1,290 |
5.375 % Senior notes (1) |  | March 4, 2016 |  | March 4, 2046 |  | US$ 750 |  |  | 943 |  |  |  | 962 |
2.396 % Senior notes (3) |  | June 1, 2020 |  | June 1, 2027 |  | US$ 200 |  |  | 254 |  |  |  | – |
2.484 % Senior notes (1),(3) |  | May 19, 2020 |  | May 19, 2027 |  | US$ 500 |  |  | 632 |  |  |  | – |
3.527 % Senior notes (1) |  | December 2, 2016 |  | December 2, 2026 |  | US$ 270 |  |  | 343 |  |  |  | 350 |
4.150 % Senior notes (1) |  | March 4, 2016 |  | March 4, 2026 |  | US$ 1,000 |  |  | 1,267 |  |  |  | 1,292 |
4.90 % Senior notes (4) |  | September 17, 2010 |  | September 17, 2020 |  | US$ 500 |  |  | – |  |  |  | 649 |
Total |  |  |  |  |  |  |  | $ | 6,164 |  |  | $ | 4,543 |
(1) | 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.
(2) | Issued by MFC during the year, interest is payable semi-annually. The senior notes may be redeemed at the option of MFC in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with accrued and unpaid interest.
(3) | Issued by MFC during the year, interest is payable semi-annually. The senior notes may be redeemed in whole or in part at the option of MFC 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 30 basis points.
(4) | The 4.90% senior notes matured on September 17, 2020 .
Aggregate Maturities of Long-term Debt | (c) Aggregate maturities of long-term debt
As at December 31 |  | Less than 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | Over 5 years |  |  | Total |
2020 |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 6,164 |  |  | $ | 6,164 |
2019 |  |  | 649 |  |  |  | – |  |  |  | – |  |  |  | 3,894 |  |  |  | 4,543 |

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