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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | ​ | 2023 | ​ | 2022 |
Fair value outstanding, beginning of year |  | (65) |  | (98) | ​
Changes in fair value recognized in earnings during the year (note 7) |  | 25 | ​ | (187) | ​
Cash settlements - paid (received) during the year |  | 20 | ​ | 220 | ​
Fair value outstanding, end of year |  | (20) |  | (65) | ​
​
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, 2023 and 2022.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |
Accounts receivable |  | 36 | ​ | 107 | ​ | - | ​ | 143 | ​
Accounts payable |  | (85) | ​ | (123) | ​ | - | ​ | (208) | ​
Balance at December 31, 2022 |  | (49) |  | (16) |  | - |  | (65) | ​
Accounts receivable |  | 41 | ​ | 24 | ​ | - | ​ | 65 | ​
Accounts payable |  | (51) | ​ | (34) | ​ | - | ​ | (85) | ​
Balance at December 31, 2023 |  | (10) |  | (10) |  | - |  | (20) | ​
​
Schedule of offsetting financial assets | Financial Assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Liabilities | ​ | Net Amounts |
($ millions) | ​ | Assets | ​ | Offset | ​ | Presented |
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 | ​
Fair value of derivative assets |  | 7 098 | ​ | (7 033) | ​ | 65 | ​
Accounts receivable |  | 9 971 | ​ | (6 897) | ​ | 3 074 | ​
Balance at December 31, 2023 |  | 17 069 |  | (13 930) |  | 3 139 | ​
​
Schedule of offsetting financial liabilities | Financial Liabilities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Gross |  | ​ |
​ | ​ | Gross | ​ | Assets | ​ | Net Amounts |
($ millions) | ​ | Liabilities | ​ | Offset | ​ | Presented |
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) | ​
Fair value of derivative liabilities |  | (7 118) | ​ | 7 033 | ​ | (85) | ​
Accounts payable |  | (8 966) | ​ | 6 897 | ​ | (2 069) | ​
Balance at December 31, 2023 |  | (16 084) |  | 13 930 |  | (2 154) | ​
​
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, 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 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trade and |  | Gross Derivative |  | ​ |  | Lease |
($ millions) | ​ | Other Payables(1) | ​ | Liabilities(2) | ​ | Debt(3) |  | Liabilities |
Within one year |  | 7 646 | ​ | 6 586 |  | 1 132 | ​ | 561 | ​
2 to 3 years |  | 53 |  | 532 |  | 3 184 | ​ | 991 | ​
4 to 5 years |  | 1 |  | - |  | 1 425 | ​ | 846 | ​
Over 5 years |  | - |  | - |  | 14 175 | ​ | 4 038 | ​
​ |  | 7 700 |  | 7 118 |  | 19 916 | ​ | 6 436 | ​
​
(1) | Trade and other payables exclude net derivative liabilities of $85 million (2022 – $208 million).
(2) | Gross derivative liabilities of $7.118 billion (2022 – $4.370 billion) are offset by gross derivative assets of $7.033 billion (2022 – $4.162 billion), resulting in a net amount of $85 million (2022 – $208 million).
(3) | Debt includes short-term debt, long-term debt and interest payments on fixed-term debt.

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