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Debt And Credit Facilities | 12 Months Ended
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Dec. 31, 2018
FINANCING (INCOME) EXPENSES |
Debt and Credit Facilities | 19. DEBT AND CREDIT FACILITIES Debt and credit facilities are comprised of the following: Short-Term Debt
($ millions) |  | December 31 2018 |  | December 31 2017 |
Commercial paper(1) |  | 3 231 |  | 2 136 |
(1) The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2018 was 2.88% (December 31, 2017 – 1.56%). Long-Term Debt
($ millions) |  | December 31 2018 |  | December 31 2017 |  |
Fixed-term debt(2)(3) |  |  |  |  |  |
| 7.75% Notes, due 2019 (US$140)(4) |  | 191 |  | 288 |  |
| 3.10% Series 5 Medium Term Notes, due 2021 |  | 749 |  | 749 |  |
| 9.25% Debentures, due 2021 (US$300) |  | 431 |  | 406 |  |
| 9.40% Notes, due 2021 (US$220)(4)(5) |  | 315 |  | 298 |  |
| 4.50% Notes, due 2022 (US$182)(4) |  | 234 |  | 212 |  |
| 3.60% Notes, due 2024 (US$750) |  | 1 020 |  | 936 |  |
| 3.00% Series 5 Medium Term Notes, due 2026 |  | 698 |  | 698 |  |
| 7.875% Debentures, due 2026 (US$275) |  | 393 |  | 365 |  |
| 8.20% Notes, due 2027 (US$59)(4) |  | 87 |  | 81 |  |
| 7.00% Debentures, due 2028 (US$250) |  | 346 |  | 319 |  |
| 7.15% Notes, due 2032 (US$500) |  | 681 |  | 626 |  |
| 5.35% Notes, due 2033 (US$300) |  | 379 |  | 344 |  |
| 5.95% Notes, due 2034 (US$500) |  | 680 |  | 625 |  |
| 5.95% Notes, due 2035 (US$600) |  | 786 |  | 718 |  |
| 5.39% Series 4 Medium Term Notes, due 2037 |  | 599 |  | 599 |  |
| 6.50% Notes, due 2038 (US$1 150) |  | 1 565 |  | 1 439 |  |
| 6.80% Notes, due 2038 (US$900) |  | 1 249 |  | 1 151 |  |
| 6.85% Notes, due 2039 (US$750) |  | 1 021 |  | 938 |  |
| 6.00% Notes, due 2042 (US$152)(4) |  | 158 |  | 140 |  |
| 4.34% Series 5 Medium Term Notes, due 2046 |  | 300 |  | 300 |  |
| 4.00% Notes, due 2047 (US$750)(6) |  | 1 018 |  | 936 |  |
Total unsecured long-term debt |  | 12 900 |  | 12 168 |  |
Finance leases(7) |  | 1 260 |  | 1 319 |  |
Deferred financing costs |  | (41 | ) | (44 | ) |
|  | 14 119 |  | 13 443 |  |
Current portion of long-term debt |  |  |  |  |  |
| Finance leases |  | (38 | ) | (71 | ) |
| Long-term debt |  | (191 | ) | — |  |
|  | (229 | ) | (71 | ) |
Total long-term debt |  | 13 890 |  | 13 372 |  |
(2) The value of debt includes the unamortized balance of premiums or discounts. (3) Certain securities are redeemable at the option of the company. (4) Debt acquired through the acquisition of Canadian Oil Sands Limited (COS). (5) Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%. (6) During the fourth quarter of 2017, the company issued US$750 million of senior unsecured notes maturing on November 15, 2047. The notes have a coupon of 4.00% and were priced at $99.498 per note for an effective yield of 4.029%. Interest is paid semi-annually. (7) Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062. During the fourth quarter of 2018, the company completed an early retirement of US$83 million (book value of $109 million) of subsidiary debt acquired through the acquisition of COS with a coupon of 7.75% originally scheduled to mature on May 15, 2019 for US$88 million ($116 million). The early retirement payment included US$3 million ($4 million) of accrued interest, resulting in a debt extinguishment loss of $3 million ($2 million after-tax). During the second quarter of 2017, the company redeemed its US$1.250 billion (book value of $1.700 billion) senior unsecured notes originally scheduled to mature on June 1, 2018 for US$1.344 billion ($1.830 billion), including US$31 million ($42 million) of accrued interest. In conjunction with the early retirement of the notes, the company also realized gains of $62 million on foreign currency hedges, resulting in an overall debt extinguishment loss of $25 million ($10 million after-tax). During the fourth quarter of 2017, the company redeemed its US$600 million (book value of $771 million) senior unsecured notes with a coupon of 6.05% originally scheduled to mature on May 15, 2018 for US$614 million ($788 million), including US$3 million ($4 million) of accrued interest. The company also redeemed its $700 million senior unsecured Series 4 Medium Term notes with a coupon of 5.80% originally scheduled to mature on May 22, 2018 for $715 million, including $3 million of accrued interest. The company realized an overall debt extinguishment loss of $26 million ($18 million after-tax). Scheduled Debt Repayments Scheduled principal repayments as at December 31, 2018 for finance leases, short-term debt and long-term debt are as follows:
($ millions) |  | Repayment |
2019 |  | 3 459 |
2020 |  | 39 |
2021 |  | 1 501 |
2022 |  | 295 |
2023 |  | 53 |
Thereafter |  | 12 108 |
|  | 17 455 |
Credit Facilities A summary of available and unutilized credit facilities is as follows:
($ millions) |  | 2018 |  |
Fully revolving and expires in 2021 |  | 4 000 |  |
Fully revolving and expires in 2020 |  | 2 729 |  |
Fully revolving and expires in 2019/2020 |  | 1 537 |  |
Can be terminated at any time at the option of the lenders |  | 132 |  |
Total credit facilities |  | 8 398 |  |
Credit facilities supporting outstanding commercial paper |  | (3 231 | ) |
Credit facilities supporting standby letters of credit(1) |  | (1 269 | ) |
Total unutilized credit facilities(2) |  | 3 898 |  |
(1) To reduce costs, the company supported certain credit facilities with $108 million cash collateral as at December 31, 2018 (December 31, 2017 – $733 million). (2) Available credit facilities for liquidity purposes at December 31, 2018 decreased to $3.608 billion, compared to $4.489 billion at December 31, 2017.

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