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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
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Long-Term Debt | Note 9 Long-Term Debt (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 .
The cash amount of interest paid on long-term debt during the year ended December 31, 2020 was $229 (2019 – $216). Issue costs are amortized over the term of the debt. (b) Fair value measurement Fair value of long-term debt instruments is determined using the following hierarchy: Level 1 – Fair value is determined using quoted market prices where available. Level 2 – When quoted market prices are not available, fair value is determined with reference to quoted prices of similar debt instruments or estimated using discounted cash flows based on observable market rates. The Company measures long-term debt at amortized cost in the Consolidated Statements of Financial Position. As at December 31, 2020, the fair value of long-term debt was $7,042 (2019 – $5,078). Fair value of long-term debt was determined using Level 2 valuation techniques (2019 – Level 2). (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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