Debt (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Detailed Information About Borrowings


($ in millions)	December 31, 2018									December 31, 2017
	Face			Carrying			Fair			Face			Carrying			Fair
	Value			Value			Value			Value			Value			Value
	(US$)			(CAD$)			(CAD$)			(US$)			(CAD$)			(CAD$)
2.5% notes due February 2018	$	–		$	–		$	–		$	22		$	28		$	28
4.5% notes due January 2021 (a)(b)		117			159			159			220			274			285
4.75% notes due January 2022 (a)(b)		202			275			275			672			841			884
3.75% notes due February 2023 (a)(b)		220			295			286			646			804			818
8.5% notes due June 2024		600			819			883			600			753			853
6.125% notes due October 2035		609			818			802			609			751			865
6.0% notes due August 2040		490			666			621			491			613			686
6.25% notes due July 2041		795			1,072			1,031			795			986			1,144
5.2% notes due March 2042		399			537			465			399			494			502
5.4% notes due February 2043		377			509			449			377			468			481

		3,809			5,150			4,971			4,831			6,012			6,546
Antamina term loan due April 2020		23			31			31			23			28			28
Finance lease liabilities (c)		248			338			338			250			313			313
Other		—			—			—			13			16			16

		4,080			5,519			5,340			5,117			6,369			6,903
Less current portion of debt		(24	)		(32	)		(32	)		(45	)		(55	)		(55	)

	$	4,056		$	5,487		$	5,308		$	5,072		$	6,314		$	6,848

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, 2018			December 31, 2017
Undiscounted minimum finance lease payments:
Less than one year	$	50		$	51
One to five years		147			134
Thereafter		556			554

		753			739
Effect of discounting		(415	)		(426	)

Present value of minimum finance lease payments – total finance lease liabilities		338			313
Less current portion		(32	)		(27	)

Long-term finance lease liabilities	$	306		$	286

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, 2018		December 31, 2017
Less than one year	$	46	$	48
One to five years		114		106
Thereafter		178		159

Total	$	338	$	313

Scheduled Principal Payments

At December 31, 2018, the scheduled principal payments excluding finance lease liabilities (c), during the next five years and thereafter are as follows:


($ in millions)	US$		CAD$ Equivalent
2019	$	—	$	—
2020		23		31
2021		117		159
2022		202		275
2023		220		300
Thereafter		3,270		4,462

	$	3,832	$	5,227

Summary of Debt Continuity

g)	Debt Continuity


($ in millions)	US$						CAD$ Equivalent
	2018			2017			2018			2017
As at January 1	$	5,077		$	6,213		$	6,369		$	8,343
Cash flows
Scheduled debt repayments		(22	)		(49	)		(28	)		(64	)
Debt repurchases		(1,015	)		(1,356	)		(1,328	)		(1,831	)
Finance lease payments (c)		(42	)		(26	)		(54	)		(34	)
Non-cash changes
Loss on debt repurchases (a)(b)		20			105			26			141
Changes in foreign exchange rates		(20	)		—			472			(424	)
Finance lease liabilities (c)		60			187			78			234
Finance fees and discount amortization		—			3			1			4
Other		(12	)		—			(17	)		—

As at December 31	$	4,046		$	5,077		$	5,519		$	6,369