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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2022
Debt and Credit Facilities |
Debt and Credit Facilities | 21. Debt and Credit Facilities Debt and credit facilities are comprised of the following: Short-Term Debt
​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31
($ millions) | ​ | 2022 | ​ | 2021
Commercial paper(1) |  | 2 807 |  | 1 284
(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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2022 was 4.93% (December 31, 2021 - 0.33%).
Long-Term Debt
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2022 | ​ | 2021 |
Fixed-term debt(2)(3) | ​ | ​ | ​ | ​ | ​
4.50% Notes, due 2022 (US$182)(4) |  | - |  | 231 | ​
2.80% Notes, due 2023 (US$450) | ​ | - | ​ | 569 | ​
3.10% Notes, due 2025 (US$550) | ​ | - | ​ | 696 | ​
3.00% Series 5 Medium Term Notes, due 2026 |  | 115 |  | 699 | ​
7.875% Debentures, due 2026 (US$275) |  | 381 |  | 359 | ​
8.20% Notes, due 2027 (US$59)(4) |  | 61 |  | 78 | ​
7.00% Debentures, due 2028 (US$250) |  | 342 |  | 320 | ​
3.10% Series 6 Medium Term Notes, due 2029 | ​ | 79 | ​ | 748 | ​
5.00% Series 7 Medium Term Notes, due 2030 | ​ | 154 | ​ | 1 247 | ​
7.15% Notes, due 2032 (US$500) |  | 676 |  | 631 | ​
5.35% Notes, due 2033 (US$300) |  | 161 |  | 355 | ​
5.95% Notes, due 2034 (US$500) |  | 675 |  | 630 | ​
5.95% Notes, due 2035 (US$600) |  | 268 |  | 731 | ​
5.39% Series 4 Medium Term Notes, due 2037 |  | 279 |  | 599 | ​
6.50% Notes, due 2038 (US$1 150) |  | 1 553 |  | 1 451 | ​
6.80% Notes, due 2038 (US$900) |  | 1 235 |  | 1 156 | ​
6.85% Notes, due 2039 (US$750) |  | 1 013 |  | 946 | ​
6.00% Notes, due 2042 (US$152)(4) |  | 35 |  | 149 | ​
4.34% Series 5 Medium Term Notes, due 2046 | ​ | 300 | ​ | 300 | ​
4.00% Notes, due 2047 (US$750) |  | 1 011 |  | 945 | ​
3.95% Series 8 Medium Term Notes, due 2051 | ​ | 493 | ​ | 493 | ​
3.75% Notes, due 2051 (US$750) |  | 1 009 |  | 945 | ​
Total unsecured long-term debt |  | 9 840 |  | 14 278 | ​
​ | ​ | ​ | ​ | ​ | ​
Lease liabilities(5) | ​ | 3 012 | ​ | 2 850 | ​
Deferred financing costs |  | (40) |  | (58) | ​
​ |  | 12 812 |  | 17 070 | ​
Current portion of long-term debt and lease liabilities | ​ | ​ | ​ | ​ | ​
Lease liabilities | ​ | (317) | ​ | (310) | ​
Long-term debt | ​ | - | ​ | (231) | ​
​ |  | (317) |  | (541) | ​
Total long-term lease liabilities | ​ | 2 695 | ​ | 2 540 | ​
Total long-term debt |  | 9 800 |  | 13 989 | ​
(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) | Interest rates range from 0.4% to 13.4% and maturity dates range from 2023 to 2062.
​ In the fourth quarter of 2022, the company executed a debt tender offer pursuant to which it repaid $3.6 billion aggregate principal amount of debt at an amount below par of $51 million plus accrued and unpaid interest. As a result of the extinguishment, the company incurred non-cash charges of $83 million related to accelerated amortization. This resulted in a total loss on extinguishment of long-term debt of $32 million. The general terms of the notes that were extinguished are as follows:
| ● | 3.00% Series 5 Medium Term Notes, due 2026, with a principal amount of $700 million (partial repayment of $585 million);
| ● | 8.20% Notes, due 2027, with a principal amount of US$59 million (partial repayment of US$16 million);
| ● | 3.10% Series 6 Medium Term Notes, due 2029, with a principal amount of $750 million (partial repayment of $671 million);
| ● | 5.00% Series 7 Medium Term Notes, due 2030, with a principal amount of $1.3 billion (partial repayment of $1.1 billion);
| ● | 5.35% Notes, due 2033, with a principal amount of US$300 million (partial repayment of US$178 million);
| ● | 5.95% Notes, due 2035, with a principal amount of US$600 million (partial repayment of US$401 million);
| ● | 5.39% Series 4 Medium Term Notes, due 2037, with a principal amount of $600 million (partial repayment of $321 million); and
| ● | 6.00% Notes, due 2042, with a principal amount of US$142 million (partial repayment of US$110 million).
In the second quarter of 2022, the company completed an early redemption, at par, of its outstanding US$450 million 2.80% notes and US $550 million 3.10% notes, originally due in 2023 and 2025, respectively. The company also completed a partial redemption, at par, for US$10.2 million of its outstanding US$152 million 6.00% notes, due in 2042. In the first quarter of 2022, the company completed an early redemption of its outstanding US$182 million 4.50% notes, originally scheduled to mature in the second quarter of 2022. During the fourth quarter of 2021, the company repaid its US$300 million (book value of $371 million) senior unsecured notes at maturity with a coupon of 9.25%, for US$314 million ($388 million), including US$14 million ($17 million) of accrued interest. In the third quarter of 2021, the company completed an early redemption of its US$750 million (book value of $951 million) senior unsecured notes with a coupon interest of 3.60% originally scheduled to mature on December 1, 2024, for US$822 million ($1.0 billion), including US$9 million ($11 million) of accrued interest, resulting in a debt extinguishment loss of $80 million ($60 million after tax). On March 4, 2021, the company issued US$750 million of senior unsecured notes maturing on March 4, 2051. The notes have a coupon of 3.75% and were priced at US$99.518 per US$100 principal amount for an effective yield of 3.777%. The company also issued $500 million of senior unsecured Series 8 medium-term notes on March 4, 2021, maturing on March 4, 2051. The notes have a coupon of 3.95% and were priced at $98.546 per $100 principal amount for an effective yield of 4.034%. Interest on the 3.75% and 3.95% notes is paid semi-annually. In the first quarter of 2021, the company completed an early redemption of its $750 million senior unsecured Series 5 medium-term notes with a coupon of 3.10%, originally scheduled to mature on November 26, 2021, for $770 million, including $8 million of accrued interest, resulting in a debt extinguishment loss of $12 million ($9 million after-tax). The company also completed an early redemption of its US$220 million (book value of $278 million) senior unsecured notes with a coupon of 9.40%, originally scheduled to mature on September 1, 2021, for US$230 million ($290 million), including US$2 million ($2 million) of accrued interest, resulting in a debt extinguishment loss of $10 million ($8 million after-tax). Scheduled Debt Repayments Scheduled principal repayments as at December 31, 2022 for lease liabilities, short-term debt and long-term debt are as follows:
​ | ​ | ​ | ​
($ millions) |  | Repayment |
2023 |  | 3 124 | ​
2024 |  | 264 | ​
2025 |  | 241 | ​
2026 |  | 691 | ​
2027 |  | 244 | ​
Thereafter |  | 11 101 | ​
​ |  | 15 665 | ​
​ Credit Facilities A summary of available and unutilized credit facilities is as follows:
​ | ​ | ​ | ​
($ millions) |  | 2022 |
Fully revolving and expires in 2026 |  | 3 000 | ​
Fully revolving and expires in 2025 |  | 2 707 | ​
Can be terminated at any time at the option of the lenders |  | 1 520 | ​
Total credit facilities |  | 7 227 | ​
Credit facilities supporting outstanding commercial paper |  | (2 807) | ​
Credit facilities supporting standby letters of credit |  | (1 148) | ​
Total unutilized credit facilities(1) |  | 3 272 | ​
​
| (1) | Available credit facilities for liquidity purposes at December 31, 2022 decreased to $2.900 billion, compared to $4.247 billion at December 31, 2021.

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