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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2019
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
Summary of changes in the fair value of non designated derivatives |
($ millions) |  | 2019 |  | 2018 |  |
Fair value outstanding, beginning of year |  | 60 |  | (105 | ) |
| Cash Settlements – received during the year |  | (254 | ) | (90 | ) |
| Changes in fair value recognized in earnings during the year (note 7) |  | 155 |  | 255 |  |
Fair value outstanding, end of year |  | (39 | ) | 60 |  |
Summary of derivative financial instrument assets and liabilities and assets available for sale measured at fair value |
($ millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  |
| Accounts receivable |  | 63 |  | 152 |  | — |  | 215 |  |
| Accounts payable |  | (43 | ) | (112 | ) | — |  | (155 | ) |
Balance at December 31, 2018 |  | 20 |  | 40 |  | — |  | 60 |  |
| Accounts receivable |  | 33 |  | 61 |  | — |  | 94 |  |
| Accounts payable |  | (66 | ) | (67 | ) | — |  | (133 | ) |
Balance at December 31, 2019 |  | (33 | ) | (6 | ) | — |  | (39 | ) |
Summary of offsetting financial assets |
($ millions) |  | Gross Assets |  | Gross Liabilities Offset |  | Net Amounts Presented |
Fair value of derivative assets |  | 1 599 |  | (1 384 | ) | 215 |
Accounts receivable |  | 1 837 |  | (882 | ) | 955 |
Balance at December 31, 2018 |  | 3 436 |  | (2 266 | ) | 1 170 |
Fair value of derivative assets |  | 1 737 |  | (1 643 | ) | 94 |
Accounts receivable |  | 2 860 |  | (1 289 | ) | 1 571 |
Balance at December 31, 2019 |  | 4 597 |  | (2 932 | ) | 1 665 |
Summary of offsetting financial liabilities |
($ millions) |  | Gross Liabilities |  | Gross Assets Offset |  | Net Amounts Presented |  |
Fair value of derivative liabilities |  | (1 539 | ) | 1 384 |  | (155 | ) |
Accounts payable |  | (1 798 | ) | 882 |  | (916 | ) |
Balance at December 31, 2018 |  | (3 337 | ) | 2 266 |  | (1 071 | ) |
Fair value of derivative liabilities |  | (1 776 | ) | 1 643 |  | (133 | ) |
Accounts payable |  | (2 532 | ) | 1 289 |  | (1 243 | ) |
Balance at December 31, 2019 |  | (4 308 | ) | 2 932 |  | (1 376 | ) |
Timing of cash outflows related to trade and other payables and debt |
|  | December 31, 2018 |
($ millions) |  | Trade and Other Payables(1) |  | Gross Derivative Liabilities(2) |  | Debt(3) |
Within one year |  | 5 492 |  | 1 539 |  | 4 314 |
1 to 3 years |  | 42 |  | — |  | 3 362 |
3 to 5 years |  | 42 |  | — |  | 1 827 |
Over 5 years |  | — |  | — |  | 20 611 |
|  | 5 576 |  | 1 539 |  | 30 114 |
|  | December 31, 2019 |
($ millions) |  | Trade and Other Payables(1) |  | Gross Derivative Liabilities(2) |  | Debt(3) |  | Lease Liabilities(4) |
Within one year |  | 6 422 |  | 1 568 |  | 2 877 |  | 470 |
1 to 3 years |  | 39 |  | 208 |  | 2 991 |  | 796 |
3 to 5 years |  | 40 |  | — |  | 2 220 |  | 616 |
Over 5 years |  | — |  | — |  | 17 183 |  | 2 960 |
|  | 6 501 |  | 1 776 |  | 25 271 |  | 4 842 |
(1) | Trade and other payables exclude net derivative liabilities of $133 million (2018 – $155 million).
(2) | Gross derivative liabilities of $1 776 million (2018 – $1 539 million) are offset by gross derivative assets of $1 643 million (2018 – $1 384 million), resulting in a net amount of $133 million (2018 – $155 million).
(3) | 2018 debt includes short-term debt, long-term debt, finance leases and interest payments on fixed-term debt and commercial paper. 2019 debt excludes lease liabilities.
(4) | The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.

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