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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
DEBT AND CREDIT FACILITIES |
Debt and credit facilities are comprised of: | Short-Term Debt
($ millions) |  | December 31 2019 |  | December 31 2018 |
Commercial paper(1) |  | 2 155 |  | 3 231 |
(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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2019 was 2.05% (December 31, 2018 – 2.88%).
Long-Term Debt
($ millions) |  | December 31 2019 |  | December 31 2018 |  |
Fixed-term debt(2)(3) |  |  |  |  |  |
| 7.75% Notes, due 2019 (US$140)(4) |  | — |  | 191 |  |
| 3.10% Series 5 Medium Term Notes, due 2021 |  | 749 |  | 749 |  |
| 9.25% Debentures, due 2021 (US$300) |  | 403 |  | 431 |  |
| 9.40% Notes, due 2021 (US$220)(4)(5) |  | 292 |  | 315 |  |
| 4.50% Notes, due 2022 (US$182)(4) |  | 225 |  | 234 |  |
| 3.60% Notes, due 2024 (US$750) |  | 968 |  | 1 020 |  |
| 3.00% Series 5 Medium Term Notes, due 2026 |  | 698 |  | 698 |  |
| 7.875% Debentures, due 2026 (US$275) |  | 372 |  | 393 |  |
| 8.20% Notes, due 2027 (US$59)(4) |  | 82 |  | 87 |  |
| 7.00% Debentures, due 2028 (US$250) |  | 329 |  | 346 |  |
| 3.10% Series 6 Medium Term Notes, due 2029 |  | 750 |  | — |  |
| 7.15% Notes, due 2032 (US$500) |  | 647 |  | 681 |  |
| 5.35% Notes, due 2033 (US$300) |  | 361 |  | 379 |  |
| 5.95% Notes, due 2034 (US$500) |  | 646 |  | 680 |  |
| 5.95% Notes, due 2035 (US$600) |  | 747 |  | 786 |  |
| 5.39% Series 4 Medium Term Notes, due 2037 |  | 599 |  | 599 |  |
| 6.50% Notes, due 2038 (US$1 150) |  | 1 487 |  | 1 565 |  |
| 6.80% Notes, due 2038 (US$900) |  | 1 186 |  | 1 249 |  |
| 6.85% Notes, due 2039 (US$750) |  | 969 |  | 1 021 |  |
| 6.00% Notes, due 2042 (US$152)(4) |  | 150 |  | 158 |  |
| 4.34% Series 5 Medium Term Notes, due 2046 |  | 300 |  | 300 |  |
| 4.00% Notes, due 2047 (US$750) |  | 967 |  | 1 018 |  |
Total unsecured long-term debt |  | 12 927 |  | 12 900 |  |
Finance leases(6)(7) |  | — |  | 1 260 |  |
Lease liabilities(8) (note 5) |  | 2 931 |  | — |  |
Deferred financing costs |  | (43 | ) | (41 | ) |
|  | 15 815 |  | 14 119 |  |
Current portion of long-term debt and lease liabilities |  |  |  |  |  |
| Finance leases(6) |  | — |  | (38 | ) |
| Lease liabilities (note 5) |  | (310 | ) | — |  |
| Long-term debt |  | — |  | (191 | ) |
|  | (310 | ) | (229 | ) |
Total long-term lease liabilities |  | 2 621 |  | — |  |
Total long-term debt |  | 12 884 |  | 13 890 |  |
(2) | The value of debt includes the unamortized balance of premiums or discounts.
(3) | Certain securities are redeemable at the option of the company.
(4) | Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).
(5) | Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%.
(6) | The company adopted IFRS 16 on January 1, 2019 using the modified retrospective transition approach and, therefore, prior periods have not been restated. Refer to note 5 for further information.
(7) | Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062.
(8) | Interest rates range from 2.0% to 14.2% and maturity dates range from 2020 to 2062.
Scheduled principal repayments for leases liabilities, short term debt and long term debt |
($ millions) |  | Repayment |
2020 |  | 2 457 |
2021 |  | 1 699 |
2022 |  | 451 |
2023 |  | 175 |
2024 |  | 1 139 |
Thereafter |  | 12 132 |
|  | 18 053 |
Summary of available and unutilized credit facilities |
($ millions) |  | 2019 |  |
Fully revolving and expires in 2023 |  | 3 500 |  |
Fully revolving and expires in 2022 |  | 3 241 |  |
Fully revolving and expires in 2021 |  | 1 455 |  |
Can be terminated at any time at the option of the lenders |  | 132 |  |
Total credit facilities |  | 8 328 |  |
Credit facilities supporting outstanding commercial paper |  | (2 155 | ) |
Credit facilities supporting standby letters of credit(1) |  | (1 284 | ) |
Total unutilized credit facilities(2) |  | 4 889 |  |
(1) | To reduce costs, the company supported certain credit facilities with $206 million cash collateral as at December 31, 2019 (December 31, 2018 – $108 million).
(2) | Available credit facilities for liquidity purposes at December 31, 2019 increased to $4.701 billion, compared to $3.608 billion at December 31, 2018.

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