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Debt and Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt and Credit Facilities |
Schedule of short and long term debt | Debt and credit facilities are comprised of the following: Short-Term Debt
​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31
($ millions) | ​ | 2023 | ​ | 2022
Commercial paper(1) |  | 494 |  | 2 807
| (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 $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2023 was 5.57% (December 31, 2022 – 4.93%).
Long-Term Debt
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2023 | ​ | 2022 |
Fixed-term debt(2)(3) | ​ | ​ | ​ | ​ | ​
5.60% Series 9 Medium Term Notes, due 2025 | ​ | 1 000 | ​ | - | ​
5.40% Series 10 Medium Term Notes, due 2026 | ​ | 500 | ​ | - | ​
3.00% Series 5 Medium Term Notes, due 2026 |  | 115 |  | 115 | ​
7.875% Debentures, due 2026 (US$275) |  | 369 |  | 381 | ​
8.20% Notes, due 2027 (US$59)(4) |  | 57 |  | 61 | ​
7.00% Debentures, due 2028 (US$250) |  | 333 |  | 342 | ​
3.10% Series 6 Medium Term Notes, due 2029 | ​ | 79 | ​ | 79 | ​
5.00% Series 7 Medium Term Notes, due 2030 | ​ | 154 | ​ | 154 | ​
7.15% Notes, due 2032 (US$500) |  | 659 |  | 676 | ​
5.35% Notes, due 2033 (US$300) |  | 153 |  | 161 | ​
5.95% Notes, due 2034 (US$500) |  | 659 |  | 675 | ​
5.95% Notes, due 2035 (US$600) |  | 262 |  | 268 | ​
5.39% Series 4 Medium Term Notes, due 2037 |  | 279 |  | 279 | ​
6.50% Notes, due 2038 (US$1 150) |  | 1 516 |  | 1 553 | ​
6.80% Notes, due 2038 (US$900) |  | 1 204 |  | 1 235 | ​
6.85% Notes, due 2039 (US$750) |  | 988 |  | 1 013 | ​
6.00% Notes, due 2042 (US$152)(4) |  | 42 |  | 35 | ​
4.34% Series 5 Medium Term Notes, due 2046 | ​ | 300 | ​ | 300 | ​
4.00% Notes, due 2047 (US$750) |  | 987 |  | 1 011 | ​
3.95% Series 8 Medium Term Notes, due 2051 | ​ | 493 | ​ | 493 | ​
3.75% Notes, due 2051 (US$750) |  | 980 |  | 1 009 | ​
Total unsecured long-term debt |  | 11 129 |  | 9 840 | ​
​ | ​ | ​ | ​ | ​ | ​
Lease liabilities(5) | ​ | 3 826 | ​ | 3 012 | ​
Deferred financing costs |  | (42) |  | (40) | ​
​ |  | 14 913 |  | 12 812 | ​
Current portion of long-term debt and lease liabilities | ​ | ​ | ​ | ​ | ​
Lease liabilities | ​ | (348) | ​ | (317) | ​
Long-term debt | ​ | - | ​ | - | ​
​ |  | (348) |  | (317) | ​
Total long-term lease liabilities | ​ | 3 478 | ​ | 2 695 | ​
Total long-term debt |  | 11 087 |  | 9 800 | ​
(2) | The value of debt includes the unamortized balance of premiums or discounts.
(3) | Certain securities are redeemable at the option of the company.
(4) | Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).
(5) | Interest rates range from 0.9% to 13.4% and maturity dates range from 2024 to 2062.
​
Scheduled principal repayments for leases liabilities, short term debt and long term debt | Scheduled principal repayments as at December 31, 2023 for lease liabilities, short-term debt and long-term debt are as follows:
​ | ​ | ​ | ​
($ millions) |  | Repayment |
2024 |  | 842 | ​
2025 |  | 1 310 | ​
2026 |  | 1 246 | ​
2027 |  | 307 | ​
2028 |  | 570 | ​
Thereafter |  | 11 132 | ​
​ |  | 15 407 | ​
​
Summary of available and unutilized credit facilities | A summary of available and unutilized credit facilities is as follows:
​ | ​ | ​ | ​
($ millions) |  | 2023 |
Fully revolving and expiring in 2026 |  | 5 451 | ​
Can be terminated at any time at the option of the lenders |  | 1 520 | ​
Total credit facilities |  | 6 971 | ​
Credit facilities supporting outstanding commercial paper |  | (494) | ​
Credit facilities supporting standby letters of credit |  | (944) | ​
Total unutilized credit facilities(1) |  | 5 533 | ​
​
| (1) | Available credit facilities for liquidity purposes at December 31, 2023 increased to $4.957 billion, compared to $2.900 billion at December 31, 2022.

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