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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2020
FINANCING EXPENSES |
Debt and credit facilities are comprised of: | Short-Term Debt
($ millions) |  | December 31 2020 |  | December 31 2019 |
Commercial paper(1) |  | 3 566 |  | 2 155 |
(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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2020 was 0.39% (December 31, 2019 – 2.05%).
Long-Term Debt
($ millions) |  | December 31 2020 |  | December 31 2019 |  |
Fixed-term debt(2)(3) |  |  |  |  |  |
| 3.10% Series 5 Medium Term Notes, due 2021 |  | 748 |  | 749 |  |
| 9.25% Debentures, due 2021 (US$300) |  | 389 |  | 403 |  |
| 9.40% Notes, due 2021 (US$220)(4)(5) |  | 281 |  | 292 |  |
| 4.50% Notes, due 2022 (US$182)(4) |  | 224 |  | 225 |  |
| 2.80% Notes, due 2023 (US$450) |  | 574 |  | — |  |
| 3.60% Notes, due 2024 (US$750) |  | 953 |  | 968 |  |
| 3.10% Notes, due 2025 (US$550) |  | 701 |  | — |  |
| 3.00% Series 5 Medium Term Notes, due 2026 |  | 699 |  | 698 |  |
| 7.875% Debentures, due 2026 (US$275) |  | 364 |  | 372 |  |
| 8.20% Notes, due 2027 (US$59)(4) |  | 79 |  | 82 |  |
| 7.00% Debentures, due 2028 (US$250) |  | 323 |  | 329 |  |
| 3.10% Series 6 Medium Term Notes, due 2029 |  | 748 |  | 750 |  |
| 5.00% Series 7 Medium Term Notes, due 2030 |  | 1 247 |  | — |  |
| 7.15% Notes, due 2032 (US$500) |  | 637 |  | 647 |  |
| 5.35% Notes, due 2033 (US$300) |  | 356 |  | 361 |  |
| 5.95% Notes, due 2034 (US$500) |  | 636 |  | 646 |  |
| 5.95% Notes, due 2035 (US$600) |  | 736 |  | 747 |  |
| 5.39% Series 4 Medium Term Notes, due 2037 |  | 599 |  | 599 |  |
| 6.50% Notes, due 2038 (US$1 150) |  | 1 464 |  | 1 487 |  |
| 6.80% Notes, due 2038 (US$900) |  | 1 167 |  | 1 186 |  |
| 6.85% Notes, due 2039 (US$750) |  | 953 |  | 969 |  |
| 6.00% Notes, due 2042 (US$152)(4) |  | 149 |  | 150 |  |
| 4.34% Series 5 Medium Term Notes, due 2046 |  | 300 |  | 300 |  |
| 4.00% Notes, due 2047 (US$750) |  | 952 |  | 967 |  |
Total unsecured long-term debt |  | 15 279 |  | 12 927 |  |
Lease liabilities(6) |  | 2 908 |  | 2 931 |  |
Deferred financing costs |  | (54 | ) | (43 | ) |
|  | 18 133 |  | 15 815 |  |
Current portion of long-term debt and lease liabilities |  |  |  |  |  |
| Lease liabilities |  | (272 | ) | (310 | ) |
| Long-term debt |  | (1 413 | ) | — |  |
|  | (1 685 | ) | (310 | ) |
Total long-term lease liabilities |  | 2 636 |  | 2 621 |  |
Total long-term debt |  | 13 812 |  | 12 884 |  |
(2) | The value of debt includes the unamortized balance of premiums or discounts.
(3) | Certain securities are redeemable at the option of the company.
(4) | Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).
(5) | Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%.
(6) | Interest rates range from 1.1% to 14.2% and maturity dates range from 2021 to 2062.
Scheduled principal repayments for leases liabilities, short term debt and long term debt |
($ millions) |  | Repayment |
2021 |  | 5 290 |
2022 |  | 494 |
2023 |  | 786 |
2024 |  | 1 148 |
2025 |  | 877 |
Thereafter |  | 13 184 |
|  | 21 779 |
Summary of available and unutilized credit facilities |
($ millions) |  | 2020 |  |
Fully revolving and expires in 2023 |  | 3 500 |  |
Fully revolving and expires in 2022 |  | 7 064 |  |
Fully revolving and expires in 2021 |  | 380 |  |
Can be terminated at any time at the option of the lenders |  | 130 |  |
Total credit facilities |  | 11 074 |  |
Credit facilities supporting outstanding commercial paper |  | (3 566 | ) |
Credit facilities supporting standby letters of credit |  | (1 158 | ) |
Total unutilized credit facilities(1) |  | 6 350 |  |
(1) | Available credit facilities for liquidity purposes at December 31, 2020 increased to $6.043 billion, compared to $4.701 billion at December 31, 2019.

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