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FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2021
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
Summary of changes in the fair value of non designated derivatives | ​
​ | ​ | ​ | ​ | ​ | ​
($ millions) | ​ | 2021 | ​ | 2020 |
Fair value outstanding, beginning of year |  | (121) |  | (39) | ​
Cash settlements – paid (received) during the year |  | 178 | ​ | (257) | ​
Changes in fair value recognized in earnings during the year (note 7) |  | (155) | ​ | 175 | ​
Fair value outstanding, end of year |  | (98) |  | (121) | ​
Schedule 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 | ​ | 90 | ​ | - | ​ | 153 | ​
Accounts payable |  | (202) | ​ | (72) | ​ | - | ​ | (274) | ​
Balance at December 31, 2020 |  | (139) |  | 18 |  | - |  | (121) | ​
Accounts receivable |  | 35 | ​ | 88 | ​ | - | ​ | 123 | ​
Accounts payable |  | (134) | ​ | (87) | ​ | - | ​ | (221) | ​
Balance at December 31, 2021 |  | (99) |  | 1 |  | - |  | (98) | ​
Schedule of offsetting financial assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Liabilities | ​ | Net Amounts |
($ millions) | ​ | Assets | ​ | Offset | ​ | Presented |
Fair value of derivative assets |  | 2 890 | ​ | (2 737) | ​ | 153 | ​
Accounts receivable |  | 2 999 | ​ | (1 398) | ​ | 1 601 | ​
Balance at December 31, 2020 |  | 5 889 |  | (4 135) |  | 1 754 | ​
Fair value of derivative assets |  | 6 527 | ​ | (6 404) | ​ | 123 | ​
Accounts receivable |  | 5 048 | ​ | (2 734) | ​ | 2 314 | ​
Balance at December 31, 2021 |  | 11 575 |  | (9 138) |  | 2 437 | ​
Schedule of offsetting financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Assets | ​ | Net Amounts |
($ millions) | ​ | Liabilities | ​ | Offset | ​ | Presented |
Fair value of derivative liabilities |  | (3 011) | ​ | 2 737 | ​ | (274) | ​
Accounts payable |  | (2 385) | ​ | 1 398 | ​ | (987) | ​
Balance at December 31, 2020 |  | (5 396) |  | 4 135 |  | (1 261) | ​
Fair value of derivative liabilities |  | (6 625) | ​ | 6 404 | ​ | (221) | ​
Accounts payable |  | (4 205) | ​ | 2 734 | ​ | (1 471) | ​
Balance at December 31, 2021 |  | (10 830) |  | 9 138 |  | (1 692) | ​
Schedule of maturities for trade and other payables and debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trade and |  | Gross Derivative |  | ​ |  | Lease |
($ millions) | ​ | Other Payables(1) | ​ | Liabilities(2) | ​ | Debt(3) | ​ | Liabilities |
Within one year |  | 4 410 | ​ | 2 849 |  | 5 773 | ​ | 474 | ​
2 to 3 years |  | 37 |  | 162 |  | 2 233 | ​ | 771 | ​
4 to 5 years |  | 37 |  | - |  | 3 009 | ​ | 631 | ​
Over 5 years |  | - |  | - |  | 17 834 | ​ | 2 779 | ​
​ |  | 4 484 |  | 3 011 |  | 28 849 | ​ | 4 655 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trade and |  | Gross Derivative |  | ​ |  | Lease |
($ millions) | ​ | Other Payables(1) | ​ | Liabilities(2) | ​ | Debt(3) |  | Liabilities |
Within one year |  | 6 282 | ​ | 6 466 |  | 2 253 | ​ | 459 | ​
2 to 3 years |  | 37 |  | 159 |  | 2 015 | ​ | 779 | ​
4 to 5 years |  | 37 |  | - |  | 3 127 | ​ | 660 | ​
Over 5 years |  | - |  | - |  | 18 836 | ​ | 2 633 | ​
​ |  | 6 356 |  | 6 625 |  | 26 231 | ​ | 4 531 | ​
​
(1) | Trade and other payables exclude net derivative liabilities of $221 million (2020 – $274 million).
(2) | Gross derivative liabilities of $6.625 billion (2020 – $3.011 billion) are offset by gross derivative assets of $6.404 billion (2020 – $2.737 billion), resulting in a net amount of $221 million (2020 – $274 million).
(3) | Debt includes short-term debt, long-term debt and interest payments on fixed-term debt.

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