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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
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 |  | 2022 |  |  | 2021 |
3.050% Senior notes (1),(2) |  | August 27, 2020 |  | August 27, 2060 |  | US$ 1,155 |  | $ | 1,559 |  |  | $ | 1,455 |
5.375% Senior notes (1),(3) |  | March 4, 2016 |  | March 4, 2046 |  | US$ 750 |  |  | 1,004 |  |  |  | 939 |
3.703% Senior notes (1),(4) |  | March 16, 2022 |  | March 16, 2032 |  | US$ 750 |  |  | 1,011 |  |  |  | – |
2.396% Senior notes (1),(5) |  | June 1, 2020 |  | June 1, 2027 |  | US$ 200 |  |  | 270 |  |  |  | 253 |
2.484% Senior notes (1),(5) |  | May 19, 2020 |  | May 19, 2027 |  | US$ 500 |  |  | 674 |  |  |  | 630 |
3.527% Senior notes (1),(3) |  | December 2, 2016 |  | December 2, 2026 |  | US$ 270 |  |  | 365 |  |  |  | 342 |
4.150% Senior notes (1),(3) |  | March 4, 2016 |  | March 4, 2026 |  | US$ 1,000 |  |  | 1,351 |  |  |  | 1,263 |
Total |  |  |  |  |  |  |  | $ | 6,234 |  |  | $ | 4,882 |
(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) | MFC may redeem the notes 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. Issue costs are amortized to the earliest par redemption date.
(3) | 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, from redemption date to the respective maturity date, plus a specified number of basis points. The specified number of basis points is as follows: 5.375% -40 bps, 3.527% - 20 bps, and 4.150% - 35 bps. Issue costs are amortized over the term of the debt.
(4) | Issued by MFC during the first quarter, interest is payable semi-annually. The Company 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, from redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest. Issue costs are amortized over the term of the debt.
(5) | 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, from redemption date to two months before the respective maturity date, plus a specified number of basis points. The specified number of basis points is as follows: 2.396% - 30 bps, and 2.484% - 30 bps. Issuance costs are amortized over the term of the debt.
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 |
2022 |  | $ | – |  |  | $ | – |  |  | $ | 2,661 |  |  | $ | 3,573 |  |  | $ | 6,234 |
2021 |  |  | – |  |  |  | – |  |  |  | 1,605 |  |  |  | 3,277 |  |  |  | 4,882 |

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