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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt
16.
DEBT
Short-term borrowings
 
[a]
Credit Facilities
On May 26, 2023, the Company extended the maturity date of its $800 million
364-day
syndicated revolving credit facility from June 24, 2023 to June 24, 2024. The facility can be drawn in U.S. dollars or Canadian dollars. The Company had not borrowed any funds under this credit facility as at December 31, 2023 and 2022.
 
[b]
Commercial Paper Program
The Company has a U.S. commercial paper program [the “U.S. Program”] and a euro-commercial paper program [the “euro-Program”]. Under the U.S. Program, the Company may issue U.S. commercial paper notes [“the U.S. notes”] up to a maximum aggregate amount of U.S. $2 billion. Under the euro-Program, the Company may issue euro-commercial paper notes [the “euro notes”] up to a maximum aggregate amount of €500 million or its equivalent in alternative currencies. The U.S. notes and the euro notes are guaranteed by the Company’s existing global credit facility. As at December 31, 2023, $299 million of U.S. notes were outstanding, with a weighted average interest rate of 5.57% and $210 million of Euro notes were outstanding, with a weighted average interest rate of 4.02%. Maturities on amounts outstanding are less than three months. No amounts were outstanding as at December 31, 2022.
Long-term borrowings
 
[a]
The Company’s long-term debt, net of unamortized issuance costs, is substantially uncollateralized and consists of the following:
 
    
2023
      2022  
Senior Notes
[note 16 [c]]
      
$750 million Senior Notes due 2024 at 3.625%
   
$
750
 
      749  
$650 million Senior Notes due 2025 at 4.150%
   
 
648
 
      647  
$300 million Senior Notes due 2026 at 5.980%
   
 
298
 
      —   
€600 million Senior Notes due 2027 at 1.500%
   
 
662
 
      640  
$750 million Senior Notes due 2030 at 2.450%
   
 
745
 
      744  
Cdn$350 million Senior Notes due 2031 at 4.950%
   
 
263
 
      —   
€550 million Senior Notes due 2032 at 4.375%
   
 
604
 
      —   
$500 million Senior Notes due 2033 at 5.500%
   
 
495
 
      —   
€550 million Senior Notes due 2023 at 1.900%
   
 
— 
 
      588  
Bank term debt at a weighted average interest rate of 5.99% [2022 – 3.98%], denominated primarily in USD and Chinese Renminbi
[note 16 [d]]
   
 
510
 
      114  
Government loans at a weighted average interest rate of 0.12% [2022 – 0.12%], denominated primarily in Canadian dollar and euro
   
 
8
 
      8  
Other
   
 
11
 
      11  
  
 
 
     
 
 
  
  
 
4,994
 
      3,501  
Less due within one year
   
 
819
 
      654  
  
 
 
     
 
 
  
  
$
4,175
 
    $ 2,847  
  
 
 
     
 
 
  
 
[b]
Future principal repayments on long-term debt are estimated to be as follows:
 
2024
   
$
819
 
2025
   
 
693
 
2026
   
 
408
 
2027
   
 
666
 
2028
   
 
301
 
Thereafter
   
 
2,125
 
  
 
 
  
  
$
5,012
 
  
 
 
  
 
[c]
During the first quarter of 2023, the Company issued the following Senior Notes:

 
  
Issuance Date
  
Maturity Date
Cdn$350 million Senior Notes at 4.950%    March 10, 2023    January 31, 2031
€550 million Senior Notes at 4.375%    March 17, 2023    March 17, 2032
$300 million Senior Notes at 5.980%    March 21, 2023    March 21, 2026
$500 million Senior Notes at 5.500%    March 21, 2023    March 21, 2033
All of the Senior Notes pay a fixed rate of interest semi-annually except for the €550 million and €600 million Senior Notes which pay a fixed rate of interest annually. The Senior Notes are unsecured obligations and do not include any financial covenants. The Company may redeem the Senior Notes in whole or in part at any time, at specified redemption prices determined in accordance with the terms of each of the respective indentures governing the Senior Notes.
 
[d]
On March 6, 2023, the Company entered into a syndicated, unsecured, delayed draw term loan [the “Term Loan”] with a
3-year
tranche of $800 million and
5-year
tranche of $600 million. During the second quarter of 2023, the Company drew $100 million from the
3-year
tranche and $300 million from the
5-year
tranche of the Term Loan. The amounts are drawn in advances of 1, 3 or
6-month
loans and may be rolled over until the end of the
3-
and
5-year
terms. The remaining balance of the facility was subsequently cancelled.
 
[e]
On April 27, 2023, the Company amended its $2.7 billion syndicated revolving credit facility, including to: (i) extend the maturity date from June 24, 2027 to June 24, 2028, and (ii) cancel the $150 million Asian tranche and allocate the equivalent amount to the Canadian tranche. The Company had limited borrowing under this credit facility. The facility also includes a $150 million Mexican tranche and a tranche for Canada, U.S. and Europe, which is fully transferable between jurisdictions and can be drawn in U.S. dollars, Canadian dollars or Euros. As at December 31, 2023, there was no amount outstanding [2022—$1 million].
 
[f]
Interest expense, net includes:
 
    
2023
      2022  
Interest expense
      
Current
   
$
80
 
    $ 25  
Long-term
   
 
162
 
      101  
  
 
 
     
 
 
  
  
 
242
 
      126  
Interest income
   
 
(86
) 
      (45 ) 
  
 
 
     
 
 
  
Interest expense, net
   
$
156
 
    $ 81  
  
 
 
     
 
 
  
 
[g]
Interest paid in cash was $242 million
 
for the year ended December 31, 2023 [2022 - $128 million].