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Provisions | 12 Months Ended
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Dec. 31, 2022
Provisions |
Provisions | 24. Provisions ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Decommissioning |  | ​ |  | ​ |  | ​ |
($ millions) | ​ | and Restoration(1) | ​ | Royalties | ​ | Other(2) | ​ | Total |
At December 31, 2020 |  | 10 044 |  | 71 |  | 467 |  | 10 582 | ​
Liabilities incurred |  | 104 | ​ | 137 | ​ | 171 | ​ | 412 | ​
Change in discount rate |  | (1 260) | ​ | - | ​ | - | ​ | (1 260) | ​
Changes in estimates |  | (76) | ​ | (12) | ​ | (13) | ​ | (101) | ​
Liabilities settled |  | (263) | ​ | 26 | ​ | (84) | ​ | (321) | ​
Accretion |  | 304 | ​ | - | ​ | - | ​ | 304 | ​
Foreign exchange |  | (61) | ​ | - | ​ | - | ​ | (61) | ​
At December 31, 2021 |  | 8 792 | ​ | 222 | ​ | 541 | ​ | 9 555 | ​
Less: current portion |  | (266) | ​ | (222) | ​ | (291) | ​ | (779) | ​
​ |  | 8 526 |  | - |  | 250 |  | 8 776 | ​
At December 31, 2021 |  | 8 792 |  | 222 |  | 541 |  | 9 555 | ​
Liabilities incurred |  | 114 | ​ | 89 | ​ | 3 | ​ | 206 | ​
Change in discount rate |  | (2 456) | ​ | - | ​ | - | ​ | (2 456) | ​
Changes in estimates |  | 3 596 | ​ | (4) | ​ | 69 | ​ | 3 661 | ​
Liabilities settled |  | (314) | ​ | (125) | ​ | (332) | ​ | (771) | ​
Accretion |  | 316 | ​ | - | ​ | - | ​ | 316 | ​
Asset disposals |  | 62 | ​ | - | ​ | - | ​ | 62 | ​
Reclassified to assets held for sale (note 33) | ​ | (226) | ​ | - | ​ | - | ​ | (226) | ​
Foreign exchange |  | 17 | ​ | - | ​ | - | ​ | 17 | ​
At December 31, 2022 |  | 9 901 |  | 182 |  | 281 |  | 10 364 | ​
Less: current portion |  | (337) | ​ | (182) | ​ | (45) | ​ | (564) | ​
​ |  | 9 564 |  | - |  | 236 |  | 9 800 | ​
​
(1) | Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted and uninflated amount of estimated future cash flows required to settle the obligations at December 31, 2022 was approximately $22.4 billion (December 31, 2021 – $13.8 billion). A $3.6 billion increase in the estimated discounted cash flows was recognized at December 31, 2022, and was primarily related to water treatment costs for mining assets. A weighted average credit-adjusted risk-free interest rate of 5.50% was used to discount the provision recognized at December 31, 2022 (December 31, 2021 – 3.70%). The credit-adjusted risk-free interest rate used reflects the expected time frame of the provisions. Payments to settle the decommissioning and restoration provisions occur on an ongoing basis and will continue over the lives of the operating assets, which can exceed 50 years.
(2) | Includes legal and environmental provisions, a restructuring provision remaining for $11 million (December 31, 2021 - $88 million). Liabilities settled in 2022 include a payment to the Keystone XL pipeline project for $187 million (after-tax $142 million).
Sensitivities Changes to the discount rate would have the following impact on Decommissioning and Restoration liabilities:
​ | ​ | ​ | ​ | ​ | ​
As at December 31 |  | 2022 |  | 2021 |
1% Increase |  | (1 594) |  | (1 497) | ​
1% Decrease |  | 2 131 |  | 2 113 | ​
​

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