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Lease Liabilities | 12 Months Ended
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Dec. 31, 2023
Lease liabilities [abstract] |
Lease Liabilities |
| 2023 |  | 2022
Lease Liabilities, Beginning of Year | 2,836 |  | 2,957
Acquisitions (Note 5) (1) | 33 |  | —
Additions | 57 |  | 25
Interest Expense (Note 7) | 161 |  | 163
Lease Payments | (449) |  | (465)
Divestitures (Note 5) (1) | (11) |  | —
Exchange Rate Movements and Other | 31 |  | 156
Lease Liabilities, End of Year | 2,658 |  | 2,836
Less: Current Portion | 299 |  | 308
Long-Term Portion | 2,359 |  | 2,528
(1)In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s lease liabilities was $11 million. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Company has variable lease payments related to property taxes for real estate contracts. The Company includes extension options in the calculation of lease liabilities when the Company has the right to extend a lease term at its discretion and is reasonably certain to exercise the extension option. The Company does not have any significant termination options and the residual amounts are not material.

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2023-03-23 + Details
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- References No definition available. + Details
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