Long-term debt (Tables)

12 Months Ended

Dec. 31, 2020


millions of Canadian dollars
At December 31	2020	2019
Long-term debt (a)	4,447	4,447
Finance leases (b)	510	514
Total long-term debt	4,957	4,961

(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 7.3 percent in 2020 (2019 – 7.5 percent). Total finance lease obligations also include $16 million in current liabilities (2019 - $18 million). Principal payments on finance leases of approximately $15 million on average per year are due in each of the next four years after December 31, 2021.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details