63  / SERVICE EXCELLENCE Contractual Commitments Certain Other Financial Commitments Letters of Credit Capital Commitments Critical Accounting Estimates The accompanying table indicates the Company’s obligations and commitments to make future payments for contracts, such as debt, leases, and commercial arrangements as at December 31, 2019. $^{(1)}$ Residual value guarantees on certain leased equipment with a maximum exposure of $2 million are not included in the minimum payments shown above, as management believes that CP will not be required to make payments under these residual guarantees. $^{(2)}$ Includes expected cash payments for environmental remediation, post-retirement benefits, workers’ compensation benefits, long-term disability benefits, pension benefit payments for the Company’s non-registered supplemental pension plan, and certain other long-term liabilities. Projected payments for post-retirement benefits, workers’ compensation benefits, and long-term disability benefits include the anticipated payments for years 2020 to 2029. Pension contributions for the Company’s registered pension plans are not included due to the volatility in calculating them. Pension payments are discussed further in Critical Accounting Estimates of this Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. In addition to the financial commitments mentioned above, the Company is party to certain other financial commitments discussed below. Letters of credit are obtained mainly to provide security to third parties under the terms of various agreements, including the supplemental pension plan. CP is liable for these contractual amounts in the case of non-performance under these agreements. Letters of credit are accommodated through a revolving credit facility and the Company’s bilateral letter of credit facilities. The Company remains committed to maintaining the current high level of quality of our capital assets in pursuing sustainable growth. As part of this commitment, CP has entered into contracts with suppliers to make various capital purchases related to track and rolling stock programs. Payments for these commitments are due in 2020 through 2032. These expenditures are expected to be financed by cash generated from operations or by issuing new debt. The accompanying table indicates the Company’s commitments to make future payments for letters of credit and capital expenditures as at December 31, 2019. To prepare the Consolidated Financial Statements that conform with GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reported periods. Using the most current information available, the Company reviews estimates on an ongoing basis, including those related to environmental liabilities, pensions and other benefits, property, plant and equipment, deferred income taxes, and personal injury and other claims liabilities. The development, selection and disclosure of these estimates, and this Management's Discussion and Analysis of Financial Condition and Results of Operations, have been reviewed by the Board of Directors’ Audit and Finance Committee, which is composed entirely of independent directors. Payments due by period (in millions) Total 2020 2021 & 2022 2023 & 2024 Thereafter Certain other financial commitments Letters of credit $ 80 $ 80 $ — $ — $ — Capital commitments 664 332 200 61 71 Total certain other financial commitments $ 744 $ 412 $ 200 $ 61 $ 71 Payments due by period (in millions) Total 2020 2021 & 2022 2023 & 2024 Thereafter Contractual commitments Interest on long-term debt and finance leases $ 11,117 $ 431 $ 804 $ 690 $ 9,192 Long-term debt 8,692 592 842 568 6,690 Finance leases 151 7 113 13 18 Operating leases (1) 395 80 106 79 130 Supplier purchase 3,090 699 1,295 727 369 Other long-term liabilities (2) 495 53 102 99 241 Total contractual commitments $ 23,940 $ 1,862 $ 3,262 $ 2,176 $ 16,640