Debt (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Detailed Information About Borrowings


	December 31, 2017									December 31, 2016
($ in millions)	Face Value (US$)			Carrying Value (CAD$)			Fair Value (CAD$)			Face Value (US$)			Carrying Value (CAD$)			Fair Value (CAD$)
3.15% notes due January 2017	$	—		$	—		$	—		$	34		$	45		$	45
3.85% notes due August 2017		—			—			—			16			21			21
2.5% notes due February 2018		22			28			28			22			30			30
3.0% notes due March 2019 (a)		—			—			—			278			372			375
4.5% notes due January 2021 (a)		220			274			285			500			668			685
8.0% notes due June 2021 (a)(b)		—			—			—			650			866			963
4.75% notes due January 2022 (a)		672			841			884			700			936			951
3.75% notes due February 2023 (a)(b)		646			804			818			670			891			858
8.5% notes due June 2024 (b)		600			753			853			600			806			935
6.125% notes due October 2035 (b)		609			751			865			609			804			801
6.0% notes due August 2040 (b)		491			613			686			491			658			623
6.25% notes due July 2041 (b)		795			986			1,144			795			1,055			1,043
5.2% notes due March 2042 (b)		399			494			502			399			528			477
5.4% notes due February 2043 (b)		377			468			481			377			500			450

		4,831			6,012			6,546			6,141			8,180			8,257
Antamina term loan due April 2020		23			28			28			23			30			30
Finance lease liabilities (c)		250			313			313			86			115			115
Other		13			16			16			13			18			18

		5,117			6,369			6,903			6,263			8,343			8,420
Less current portion of debt		(45	)		(55	)		(55	)		(74	)		(99	)		(99	)

	$	5,072		$	6,314		$	6,848		$	6,189		$	8,244		$	8,321

Summary of Minimum Lease Payments of Finance Lease Liabilities and Effect of Discounting

Minimum lease payments in respect of finance lease liabilities and the effect of discounting are as follows:


(CAD$ in millions)	December 31, 2017			December 31, 2016
Undiscounted minimum finance lease payments:
Less than one year	$	51		$	34
One to five years		134			43
Thereafter		554			62

		739			139
Effect of discounting		(426	)		(24	)

Present value of minimum finance lease payments — total finance lease liabilities		313			115
Less current portion		(27	)		(33	)

Long-term finance lease liabilities	$	286		$	82

Summary of Present Value of Finance Lease Liabilities and Their Expected Timing of Payment

The present value of finance lease liabilities and their expected timing of payment are as follows:


(CAD$ in millions)	December 31, 2017		December 31, 2016
Less than one year	$	48	$	34
One to five years		106		39
Thereafter		159		42

Total	$	313	$	115

Scheduled Principal Payments

At December 31, 2017, the scheduled principal payments excluding finance lease liabilities (c), during the next five years and thereafter are as follows:


($ in millions)	US$		CAD$ Equivalent
2018	$	22	$	28
2019		—		—
2020		23		28
2021		220		275
2022		672		844
Thereafter		3,930		4,930

	$	4,867	$	6,105

Summary of Debt Continuity

g)	Debt Continuity


	US$						CAD$ Equivalent
($ in millions)	2017			2016			2017			2016
As at January 1	$	6,213		$	6,961		$	8,343		$	9,634
Cash flows
Issuance of debt		—			1,227			—			1,567
Scheduled debt repayments		(49	)		—			(64	)		—
Debt repurchases		(1,356	)		(1,960	)		(1,831	)		(2,531	)
Finance lease payments (c)		(26	)		(22	)		(34	)		(29	)
Non-cash changes
Issuance of debt		—			17			—			22
Loss (gain) on debt repurchases (a)(b)		105			(37	)		141			(49	)
Changes in foreign exchange rates		—			—			(424	)		(308	)
Finance lease liabilities (c)		187			21			234			28
Finance fees and discount amortization		3			6			4			9

As at December 31	$	5,077		$	6,213		$	6,369		$	8,343