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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments and Risk Management |
Summary of changes in the fair value of non designated derivatives | The changes in the fair value of non-designated derivatives are as follows:
​ | ​ | ​ | ​ | ​ | ​
($ millions) | ​ | 2022 | ​ | 2021 |
Fair value outstanding, beginning of year |  | (98) |  | (121) | ​
Cash settlements – paid during the year |  | 220 | ​ | 178 | ​
Changes in fair value recognized in earnings during the year (note 7) |  | (187) | ​ | (155) | ​
Fair value outstanding, end of year |  | (65) |  | (98) | ​
​
Schedule of derivative financial instrument assets and liabilities and assets available for sale measured at fair value | The following table presents the company’s derivative financial instrument assets and liabilities measured at fair value for each hierarchy level as at December 31, 2022 and 2021.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |
Accounts receivable |  | 35 | ​ | 88 | ​ | - | ​ | 123 | ​
Accounts payable |  | (134) | ​ | (87) | ​ | - | ​ | (221) | ​
Balance at December 31, 2021 |  | (99) |  | 1 |  | - |  | (98) | ​
Accounts receivable |  | 36 | ​ | 107 | ​ | - | ​ | 143 | ​
Accounts payable |  | (85) | ​ | (123) | ​ | - | ​ | (208) | ​
Balance at December 31, 2022 |  | (49) |  | (16) |  | - |  | (65) | ​
​
Schedule of offsetting financial assets | Financial Assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Liabilities | ​ | Net Amounts |
($ millions) | ​ | Assets | ​ | Offset | ​ | Presented |
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 | ​
Fair value of derivative assets |  | 4 305 | ​ | (4 162) | ​ | 143 | ​
Accounts receivable |  | 10 349 | ​ | (8 633) | ​ | 1 716 | ​
Balance at December 31, 2022 |  | 14 654 |  | (12 795) |  | 1 859 | ​
​
Schedule of offsetting financial liabilities | Financial Liabilities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Assets | ​ | Net Amounts |
($ millions) | ​ | Liabilities | ​ | Offset | ​ | Presented |
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) | ​
Fair value of derivative liabilities |  | (4 370) | ​ | 4 162 | ​ | (208) | ​
Accounts payable |  | (10 036) | ​ | 8 633 | ​ | (1 403) | ​
Balance at December 31, 2022 |  | (14 406) |  | 12 795 |  | (1 611) | ​
​
Schedule of maturities for trade and other payables and debt | The following table shows the timing of cash outflows related to trade and other payables and debt.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trade and |  | Gross Derivative |  | ​ |  | Lease |
($ millions) | ​ | Other Payables(1) | ​ | Liabilities(2) | ​ | Debt(3) |  | Liabilities |
Within one year |  | 7 959 | ​ | 3 824 |  | 3 375 | ​ | 477 | ​
2 to 3 years |  | 39 |  | 546 |  | 1 066 | ​ | 807 | ​
4 to 5 years |  | 39 |  | - |  | 1 541 | ​ | 652 | ​
Over 5 years |  | - |  | - |  | 16 317 | ​ | 3 047 | ​
​ |  | 8 037 |  | 4 370 |  | 22 299 | ​ | 4 983 | ​
​
(1) | Trade and other payables exclude net derivative liabilities of $208 million (2021 – $221 million).
(2) | Gross derivative liabilities of $4.370 billion (2021 – $6.625 billion) are offset by gross derivative assets of $4.162 billion (2021 – $6.404 billion), resulting in a net amount of $208 million (2021 – $221 million).
(3) | Debt includes short-term debt, long-term debt and interest payments on fixed-term debt.

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