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Long-Term Debt (Tables)
 12 Months Ended
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