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Long-term debt | 12 Months Ended
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Dec. 31, 2019
Long-term debt | 15. Long-term debt
millions of Canadian dollars
At December 31 |  |  | 2019 |  |  |  | 2018 |
Long-term debt (a) |  |  | 4,447 |  |  |  | 4,447 |
Finance leases (b) |  |  | 514 |  |  |  | 531 |
Total long-term debt |  |  | 4,961 |  |  |  | 4,978 |
(a) | Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate, Canadian dollar loan from ExxonMobil to the company of up to $7.75 billion at interest equivalent to Canadian market rates. The agreement is effective until June 30, 2025, cancelable if ExxonMobil provides at least 370 days advance written notice.
(b) | Finance leases are primarily associated with transportation facilities and services agreements. The average imputed rate was 7.5 percent in 2019 (2018 – 7.1 percent). Total finance lease obligations also include $18 million in current liabilities (2018 - $27 million). Principal payments on finance leases of approximately $13 million on average per year are due in each of the next four years after December 31, 2020.
In September 2019, the company extended the maturity date of its existing long-term, variable-rate, Canadian dollar loan from ExxonMobil to June 30, 2025. All other terms and conditions remain unchanged.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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