☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Canada | 98-0377957 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Common Shares | ENB | New York Stock Exchange | ||||||||
6.375% Fixed-to-Floating Subordinated Notes Series 2018-B due 2078 | ENBA | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||||||
Non-Accelerated Filer | ☐ | Smaller reporting company | ☐ | ||||||||||||
Emerging growth company | ☐ |
PAGE | |||||||||||||
PART I | |||||||||||||
Item 1. | |||||||||||||
Item 1A. | |||||||||||||
Item 1B. | |||||||||||||
Item 2. | |||||||||||||
Item 3. | |||||||||||||
Item 4. | |||||||||||||
PART II | |||||||||||||
Item 5. | |||||||||||||
Item 6. | |||||||||||||
Item 7. | |||||||||||||
Item 7A. | |||||||||||||
Item 8. | |||||||||||||
Item 9. | |||||||||||||
Item 9A. | |||||||||||||
Item 9B. | |||||||||||||
Item 9C. | |||||||||||||
PART III | |||||||||||||
Item 10. | |||||||||||||
Item 11. | |||||||||||||
Item 12. | |||||||||||||
Item 13. | |||||||||||||
Item 14. | |||||||||||||
PART IV | |||||||||||||
Item 15. | |||||||||||||
Item 16. | |||||||||||||
Signatures |
Pamela L. Carter ![]() Age 71 Franklin, Tennessee, USA Independent Director since February 27, 2017 Latest date of retirement May 2025 2020 annual meeting votes for: 85.23% | Ms. Carter was the Vice President of Cummins Inc. and President of Cummins Distribution Business, a division of Cummins Inc., a designer, manufacturer and marketer of diesel engines and related components and power systems, from 2008 until her retirement in 2015. Ms. Carter joined Cummins Inc. in 1997 as Vice President – General Counsel and Corporate Secretary and held various management positions within Cummins. Prior to joining Cummins Inc., Ms. Carter served in the private practice of law as partner and associate and in various capacities with the State of Indiana, including Parliamentarian in the Indiana House of Representatives, Deputy Chief-of-Staff to governor Evan Bayh, Executive Assistant for Health Policy & Human Services and Securities Enforcement Attorney for the Office of the Secretary of State. She served as the Attorney General for the State of Indiana from 1993 to 1997 and was the first African-American woman to be elected state attorney general in the U.S.A. Ms. Carter holds a BA (Bachelor of Arts) from the University of Detroit, MSW (Master of Social Work) from the University of Michigan, J.D. (Doctor of Jurisprudence) from McKinney School of Law, Indiana University, and Public Administration from Harvard Kennedy School. Ms. Carter received a 2018 Sandra Day O’Connor Board Excellence Award honoring her for her demonstrated commitment to board excellence and diversity. She also received an award as one of the top 100 board members from NACD in 2018 and top 25 director from Black Enterprise, 2018. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Corporate Social Responsibility | 4 out of 4 | 100% | ||||||||||||||||
Governance (Chair) | 3 out of 4 | 75% | ||||||||||||||||
Human Resources & Compensation 2 | 2 out of 2 | 100% | ||||||||||||||||
Total | 15 out of 16 | 94% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
44,639 | 11,744 | $2,494,943 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Hewlett Packard Enterprise Company (public technology company) | Director Chair, human resources and compensation committee Member, audit committee | |||||||||||||||||
Broadridge Financial Solutions, Inc. (public financial services company) | Director Chair, audit committee Member, governance and nominating committee | |||||||||||||||||
Former U.S.-listed company directorships (last 5 years) | ||||||||||||||||||
CSX Corporation | ||||||||||||||||||
Spectra Energy Corp |
Marcel R. Coutu ![]() Age 67 Calgary, Alberta, Canada Independent Director since July 28, 2014 Latest date of retirement May 2029 2020 annual meeting votes for: 89.05% | Mr. Coutu was the Chairman of Syncrude Canada Ltd. (integrated oil sands project) from 2003 to 2014 and was the President and Chief Executive Officer of Canadian Oil Sands Limited from 2001 until January 2014. From 1999 to 2001, he was Senior Vice President and Chief Financial Officer of Gulf Canada Resources Limited. Prior to 1999, Mr. Coutu held various executive positions with TransCanada PipeLines Limited and various positions in the areas of corporate finance, investment banking and mining and oil and gas exploration and development. Mr. Coutu holds an HBSc (Bachelor of Science, Honours Earth Science) from the University of Waterloo and an MBA (Master of Business Administration) from the University of Western Ontario. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 5 out of 6 | 83% | ||||||||||||||||
Audit, Finance & Risk | 5 out of 5 | 100% | ||||||||||||||||
Human Resources & Compensation | 4 out of 4 | 100% | ||||||||||||||||
Total | 14 out of 15 | 93% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
46,900 | 39,090 | $3,805,069 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Brookfield Asset Management Inc. (public global asset management company) | Director Chair, audit committee Member, management resources and compensation committee | |||||||||||||||||
Power Corporation of Canada (public international management and holding company) | Director Member, audit committee and human resources committee | |||||||||||||||||
The Great-West Lifeco Inc. (public international financial services holding company that is an indirect subsidiary of Power Corporation of Canada) | Director Member, governance and nominating committee, human resources committee and investment committee | |||||||||||||||||
IGM Financial Inc. (public personal financial services company that is an indirect subsidiary of Power Corporation of Canada) | Director Member, human resources committee | |||||||||||||||||
Not-for-profit 7 | ||||||||||||||||||
Calgary Stampede Foundation | Director |
Susan M. Cunningham ![]() Age 65 Houston, Texas, USA Independent Director since February 13, 2019 Latest date of retirement May 2031 2020 annual meeting votes for: 97.37% | Ms. Cunningham has been an Advisor for Darcy Partners (consulting firm) since 2017. From 2014 to 2017, Ms. Cunningham was Executive Vice President, EHSR (Environment, Health, Safety, Regulatory) and New Frontiers (global exploration, new ventures, geoscience and business innovation) at Noble Energy, Inc. From 2001 to 2013, she held various senior management roles with Noble Energy, Inc. Prior thereto, Ms. Cunningham held positions with Texaco U.S.A., Statoil Energy, Inc. and Amoco Corporation. Ms. Cunningham holds a BA in Geology and Geography from McMaster University and is a graduate of Rice University’s Executive Management Program. She was also Chairman of the OTC (Offshore Technology Conference) from 2010 to 2011. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Corporate Social Responsibility (Chair) 8 | 2 out of 2 | 100% | ||||||||||||||||
Human Resources & Compensation | 4 out of 4 | 100% | ||||||||||||||||
Safety & Reliability | 4 out of 4 | 100% | ||||||||||||||||
Total | 16 out of 16 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
2,581 | 7,827 | $460,564 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Oil Search Limited (public oil and gas exploration and production) | Director Member, audit and financial risk committee, sustainability committee and project and technology committee | |||||||||||||||||
Whiting Petroleum Corporation (public oil and gas exploration and production) | Director Chair, ESG committee Member, audit committee |
Gregory L. Ebel ![]() Age 56 Houston, Texas, USA Independent Director since February 27, 2017 Latest date of retirement May 2039 2020 annual meeting votes for: 91.77% | Mr. Ebel served as Chairman, President and Chief Executive Officer of Spectra Energy Corp (“Spectra Energy”) from January 1, 2009 to February 27, 2017 at which time he became a Director of Enbridge and Chair of the Enbridge Board. Prior to that time, Mr. Ebel served as Spectra Energy’s Group Executive and Chief Financial Officer beginning in January 2007. He served as President of Union Gas Limited from January 2005 until January 2007, and Vice President, Investor & Shareholder Relations of Duke Energy Corporation from November 2002 until January 2005. Mr. Ebel joined Duke Energy in March 2002 as Managing Director of Mergers and Acquisitions in connection with Duke Energy’s acquisition of Westcoast Energy Inc. Mr. Ebel holds a BA (Bachelor of Arts, Honours) from York University and is a graduate of the Advanced Management Program at the Harvard Business School. | |||||||||||||||||||||
Enbridge Board/Board committee memberships 9 | 2020 meeting attendance 1 | |||||||||||||||||||||
Board of Directors (Chair) | 6 out of 6 | 100% | ||||||||||||||||||||
Total | 6 out of 6 | 100% | ||||||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||||||
Enbridge shares | DSUs 4 | Stock Options 10 | Total market value of Enbridge shares & DSUs (excluding stock options) 5 | Minimum required 6 | ||||||||||||||||||
651,845 | 32,217 | 405,408 | $30,269,732 | $925,880 | ||||||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||||||
Public 7 | ||||||||||||||||||||||
The Mosaic Company (public producer and marketer of concentrated phosphate and potash) | Chair of the Board Member, audit committee and corporate governance and nominating committee | |||||||||||||||||||||
Baker Hughes Company (public supplier of oilfield services and products) | Director Chair, audit committee Member, governance and corporate responsibility committee | |||||||||||||||||||||
Former U.S.-listed company directorships (last 5 years) | ||||||||||||||||||||||
Spectra Energy Corp |
J. Herb England ![]() Age 74 Naples, Florida, USA Independent Director since January 1, 2007 Latest date of retirement May 2022 2020 annual meeting votes for: 96.74% | Mr. England has been Chair & Chief Executive Officer of Stahlman-England Irrigation Inc. (contracting company) in southwest Florida since 2000. From 1993 to 1997, Mr. England was the Chair, President & Chief Executive Officer of Sweet Ripe Drinks Ltd. (fruit beverage manufacturing company). Prior to 1993, Mr. England held various executive positions with John Labatt Limited (brewing company) and its operating companies, including the position of Chief Executive Officer of Labatt Brewing Company – Prairie Region (brewing company), Catelli Inc. (food manufacturing company) and Johanna Dairies Inc. (dairy company). In 1993, Mr. England retired as Senior Vice President, Finance and Corporate Development & Chief Financial Officer of John Labatt Limited. Mr. England holds a BA (Bachelor of Arts) from the Royal Military College of Canada and an MBA (Master of Business Administration) from York University. He also has a CA (Chartered Accountant) designation. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Audit, Finance & Risk | 5 out of 5 | 100% | ||||||||||||||||
Corporate Social Responsibility 11 | 2 out of 2 | 100% | ||||||||||||||||
Governance | 4 out of 4 | 100% | ||||||||||||||||
Total | 17 out of 17 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
37,306 | 86,576 | $5,481,792 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
FuelCell Energy, Inc. (public fuel cell company in which Enbridge holds a small interest) | Chair of the Board Member, audit and finance committee and nominating and governance committee | |||||||||||||||||
Private 7 | ||||||||||||||||||
Stahlman - England Irrigation Inc. (private contracting company) | Chair of the Board Chief executive officer | |||||||||||||||||
USA Grading Inc. (private excavating, grading and underground utilities company) | Director | |||||||||||||||||
Former U.S.-listed company directorships (last 5 years) | ||||||||||||||||||
Enbridge Energy Management, LLC |
Gregory J. Goff ![]() Age 64 San Antonio, Texas, USA Independent Director since February 11, 2020 Latest date of retirement May 2032 2020 annual meeting votes for: 99.57% | Mr. Goff was Executive Vice Chairman of Marathon Petroleum Corporation from October 2018 until his retirement in December 2019. He was President and Chief Executive Officer of Andeavor (an integrated downstream energy company) from 2010 to 2018 and Chairman from December 2014 to 2018. Prior thereto, Mr. Goff held a number of senior leadership positions with ConocoPhillips Corporation (an oil and gas exploration and production company). Mr. Goff holds a B.S. (Bachelor of Science) and an MBA (Master of Business Administration) from the University of Utah. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Governance 12 | 2 out of 2 | 100% | ||||||||||||||||
Human Resources & Compensation 12 | 2 out of 2 | 100% | ||||||||||||||||
Total | 10 out of 10 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
- | 3,644 | $161,230 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Avient Corporation (formerly PolyOne Corporation) (public company producing specialty polymers) | Director Chair, EHS committee Member, governance and corporate responsibility committee |
V. Maureen Kempston Darkes ![]() Age 72 Toronto, Ontario, Canada Lauderdale-by-the-Sea, Florida, USA Independent Director since November 2, 2010 Latest date of retirement May 2024 2020 annual meeting votes for: 97.25% | Ms. Kempston Darkes is the retired Group Vice President and President Latin America, Africa and Middle East, General Motors Corporation (automotive corporation and vehicle manufacturer). From 1994 to 2001, she was the President and General Manager of General Motors of Canada Limited and Vice President of General Motors Corporation. Ms. Kempston Darkes holds a BA (Bachelor of Arts) and an LLB (Bachelor of Laws), both from the University of Toronto. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Corporate Social Responsibility 13 | 2 out of 2 | 100% | ||||||||||||||||
Human Resources & Compensation (Chair) | 4 out of 4 | 100% | ||||||||||||||||
Safety & Reliability | 4 out of 4 | 100% | ||||||||||||||||
Total | 16 out of 16 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
21,735 | 57,789 | $3,518,945 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Brookfield Asset Management Inc. (public global asset management company) | Director Chair, risk management committee Member, management resources and compensation committee | |||||||||||||||||
Canadian National Railway Company 14 (public railway company) | Director Chair, strategic planning committee Member, audit committee, finance committee and pension and investment committee | |||||||||||||||||
Former U.S.-listed company directorships (last 5 years) | ||||||||||||||||||
| Schlumberger Limited | | |
Teresa S. Madden ![]() Age 65 Boulder, Colorado, USA Independent Director since February 12, 2019 Latest date of retirement May 2031 2020 annual meeting votes for: 98.59% | Ms. Madden was the Executive Vice President and Chief Financial Officer of Xcel Energy, Inc., an electric and natural gas utility, from 2011 until her retirement in 2016. She joined Xcel in 2003 as Vice President, Finance, Customer & Field Operations and was named Vice President and Controller in 2004. Prior thereto, Ms. Madden held positions with Rogue Wave Software, Inc. as well as New Century Energies and Public Service Company of Colorado, predecessor companies of Xcel Energy. Ms. Madden holds a BS (Bachelor of Science) in Accounting from Colorado State University and an MBA (Master of Business Administration) from Regis University. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Audit, Finance & Risk (Chair) | 5 out of 5 | 100% | ||||||||||||||||
Governance | 4 out of 4 | 100% | ||||||||||||||||
Total | 15 out of 15 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
1,000 | 7,934 | $395,338 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
The Cooper Companies, Inc. (public medical device company) | Director Member, audit committee | |||||||||||||||||
| Former U.S.-listed company directorships (last 5 years) | | ||||||||||||||||
| Peabody Energy Corp. | | |
Al Monaco ![]() Age 61 Calgary, Alberta, Canada Not Independent Director since February 27, 2012 Latest date of retirement May 2035 2020 annual meeting votes for: 97.99% | Mr. Monaco joined Enbridge in 1995 and has held increasingly senior positions. He has been President & Chief Executive Officer of Enbridge since October 1, 2012 and served as Director and President of Enbridge from February 27, 2012 to September 30, 2012. Mr. Monaco holds an MBA (Master of Business Administration) from the University of Calgary and has a Chartered Professional Accountant designation. | |||||||||||||||||
Enbridge Board/Board committee memberships 15 | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | Stock Options | Total market value of Enbridge shares (excluding stock options) 5 | Minimum required 16 | |||||||||||||||
920,699 | 4,465,600 | $40,740,931 | N/A | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Weyerhaeuser Company (public timberlands company and wood products manufacturer) | Director Member, compensation committee | |||||||||||||||||
Private 7 | ||||||||||||||||||
DCP Midstream, LLC (a private 50/50 joint venture between Enbridge and Phillips 66 and the general partner of DCP Midstream GP, LLC, the general partner of DCP Midstream GP, LP, the general partner of DCP Midstream Partners, LP, a midstream master limited partnership with public unitholders) | Director Member, human resources and compensation committee | |||||||||||||||||
Not-for-profit 7 | ||||||||||||||||||
American Petroleum Institute (not-for-profit | Director Member, executive committee and finance committee | |||||||||||||||||
Business Council of Canada (not-for-profit, non-partisan organization composed of CEOs of Canada’s leading enterprises) | Member | |||||||||||||||||
Business Council of Alberta | Member | |||||||||||||||||
U.S. National Petroleum Council | Member | |||||||||||||||||
Catalyst Canada Advisory Board | Member |
Stephen S. Poloz ![]() Age 65 Ottawa, Ontario, Canada Independent Director since June 4, 2020 Latest date of retirement May 2031 | Mr. Poloz was Governor of the Bank of Canada from June 3, 2013 until completion of his seven-year term on June 2, 2020. He also served as Chairman for the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). Mr. Poloz held a number of senior positions with the Bank prior thereto. Mr. Poloz served as managing editor of The International Bank Credit Analyst, the flagship publication of BCA Research and is the former President & Chief Executive Officer of Export Development Canada. Mr. Poloz holds a BA (Bachelor of Arts) (Honours) from Queen’s University and MA (Master of Arts) (Economics) and PhD (Doctor of Philosophy) (Economics), both from the University of Western Ontario. He is a Certified International Trade Professional and a graduate of Columbia University’s Senior Executive Program. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors 17 | 3 out of 3 | 100% | ||||||||||||||||
Audit, Finance & Risk 17 | 2 out of 2 | 100% | ||||||||||||||||
Safety & Reliability 17 | 1 out of 1 | 100% | ||||||||||||||||
Total | 6 out of 6 | 100% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
- | 2,676 | $118,398 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
CGI Inc. (public IT and business consulting services company) | Director Member, audit and risk management committee |
Dan C. Tutcher ![]() Age 72 Houston, Texas, USA Independent Director since May 3, 2006 Latest date of retirement May 2024 2020 annual meeting votes for: 97.81% | Mr. Tutcher is on the Board of Directors of Gulf Capital Bank, where he is Chairman of Governance Committee. Mr. Tutcher was Managing Director, Public Securities on the Energy Infrastructure Equities team for Brookfield’s Public Securities Group from October 2018 until February 2021. Prior to joining Brookfield in 2018, Mr. Tutcher was President & Chair of the Board of Trustees of Center Coast MLP & Infrastructure Fund since 2013 and a Principal in Center Coast Capital Advisors L.P. since its inception in 2007. He was the Group Vice President, Transportation South of Enbridge, as well as President of Enbridge Energy Company, Inc. (general partner of former Enbridge sponsored affiliate Enbridge Energy Partners, L.P.) and Enbridge Energy Management, L.L.C. (another former Enbridge sponsored vehicle) from May 2001 until May 1, 2006. From 1992 to May 2001, he was the Chair of the Board of Directors, President & Chief Executive Officer of Midcoast Energy Resources, Inc. Mr. Tutcher holds a BBA (Bachelor of Business Administration) from Washburn University. | |||||||||||||||||
Enbridge Board/Board committee memberships | 2020 meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 6 | 100% | ||||||||||||||||
Corporate Social Responsibility | 3 out of 4 | 75% | ||||||||||||||||
Safety & Reliability (Chair) | 3 out of 4 | 75% | ||||||||||||||||
Total | 12 out of 14 | 86% | ||||||||||||||||
Enbridge securities held 3 | ||||||||||||||||||
Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||||
637,523 | 138,662 | $34,346,186 | $925,880 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Private 7 | ||||||||||||||||||
Gulf Capital Bank | Director Chair, governance committee | |||||||||||||||||
Former U.S.-listed company directorships (last 5 years) | ||||||||||||||||||
Center Coast MLP & Infrastructure Fund |
AFUDC | Allowance for funds used during construction | |||||||||||||||
Aii | Athabasca Indigenous Investments Limited Partnership | |||||||||||||||
AOCI | Accumulated other comprehensive income/(loss) | |||||||||||||||
ARO | Asset retirement obligations | |||||||||||||||
ASC | Accounting Standards Codification | |||||||||||||||
ASU | Accounting Standards Update | |||||||||||||||
Aux Sable | US Midstream ownership interest in Aux Sable Liquid Products LP, Aux Sable Midstream LLC, Aux Sable Canada LP | |||||||||||||||
BC | British Columbia | |||||||||||||||
bcf/d | Billion cubic feet per day | |||||||||||||||
the Board | Board of Directors | |||||||||||||||
Cactus II Pipeline, LLC | ||||||||||||||||
Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019 | ||||||||||||||||
DAPL | Dakota Access Pipeline | |||||||||||||||
Dawn | An extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub | |||||||||||||||
DCP | DCP Midstream, LP | |||||||||||||||
Earnings before interest, income taxes and depreciation and amortization | ||||||||||||||||
Enbridge Energy Partners, L.P. | ||||||||||||||||
EIEC | Enbridge Ingleside Energy Center | |||||||||||||||
Environmental Impact Statement | ||||||||||||||||
Enbridge Gas Inc. | ||||||||||||||||
EPS | Emission Performance Standards | |||||||||||||||
Exchange Act | United States Securities Exchange Act of 1934 | |||||||||||||||
Federal Energy Regulatory Commission | ||||||||||||||||
GHG | Greenhouse gas | |||||||||||||||
H2 | Hydrogen gas | |||||||||||||||
IJT | International Joint Tariff | |||||||||||||||
IR | Incentive Regulation | |||||||||||||||
L3R | Line 3 Replacement | |||||||||||||||
LMCI | Land Matters Consultation Initiative | |||||||||||||||
LNG | Liquefied natural gas | |||||||||||||||
Magic Valley | Magic Valley Wind Farm | |||||||||||||||
M&N | Maritimes & Northeast Pipeline | |||||||||||||||
M&N Canada | Canadian portion of our Maritimes & Northeast Pipeline | |||||||
the Court | United States District Court for the Western District of Wisconsin | |||||||
MD&A | Management’s Discussion and Analysis | |||||||
MW | Megawatts | |||||||
NCIB | Normal course issuer bid | |||||||
NEXUS | NEXUS Gas Transmission Pipeline | |||||||
NGL | Natural gas liquids | |||||||
Noverco | Noverco Inc. | |||||||
NYSE | New York Stock Exchange | |||||||
OBPS | Output-based pricing system | |||||||
OCI | Other comprehensive income/(loss) | |||||||
OEB | Ontario Energy Board | |||||||
OPEB | Other postretirement benefit obligations | |||||||
P66 | Phillips 66 | |||||||
the Partnerships | Spectra Energy Partners, LP and Energy Energy Partners, L.P | |||||||
PennEast | PennEast Pipeline Company, L.L.C. | |||||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | |||||||
PPA | Power purchase agreement | |||||||
PSU | Performance Stock Units | |||||||
the Reservation | Bad River Reservation | |||||||
RNG | Renewable natural gas | |||||||
ROE | Return on equity | |||||||
ROU | Right-of-use | |||||||
RSU | Restricted Stock Units | |||||||
SEC | US Securities and Exchange Commission | |||||||
SEP | Spectra Energy Partners, LP | |||||||
SESH | Southeast Supply Header, L.L.C. | |||||||
Spectra Energy | Spectra Energy Corp | |||||||
Texas Eastern | Texas Eastern Transmission, L.P. | |||||||
TGE | Tri Global Energy, LLC | |||||||
TSX | Toronto Stock Exchange | |||||||
UK | The United Kingdom | |||||||
US | United States of America | |||||||
US GAAP | Generally accepted accounting principles in the United States of America | |||||||
Vector | Vector Pipeline L.P. | |||||||
VIEs | Variable interest entities | |||||||
Westcoast | Westcoast Energy Inc. | |||||||
Woodfibre | Woodfibre LNG Limited Partnership |
Name | Age | Position | ||||||
Gregory L. Ebel | 58 | President & Chief Executive Officer | ||||||
Vern D. Yu | 56 | Executive Vice President, Corporate Development, Chief Financial Officer & President, New Energy Technologies | ||||||
Colin K. Gruending | 53 | Executive Vice President & President, Liquids Pipelines | ||||||
Cynthia L. Hansen | 58 | Executive Vice President & President, Gas Transmission and Midstream | ||||||
Byron C. Neiles | 57 | Executive Vice President & Chief Administrative Officer | ||||||
Robert R. Rooney | 66 | Executive Vice President & Chief Legal Officer | ||||||
Matthew A. Akman | 55 | Senior Vice President, Corporate Strategy & President, Power | ||||||
Michele E. Harradence | 54 | Senior Vice President & President, Gas Distribution | ||||||
Laura J. Sayavedra | 55 | Senior Vice President, Safety & Reliability, Projects and Unify |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs1 | |||||||||||||||||||
October 2022 | Finance & Risk Committee | Social Responsibility Committee | Committee | Resources & Compensation Committee | Reliability Committee | ||||||||||||||||||
— | N/A | — | 28,324,366 | ||||||||||||||||||||
November 2022 | |||||||||||||||||||||||
— | N/A | — | 28,324,366 | ||||||||||||||||||||
December 2022 (December 1 | |||||||||||||||||||||||
— | N/A | — | 28,324,366 | ||||||||||||||||||||
January 1, 2018 | December 31, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
Enbridge Inc. | 100.00 | 91.90 | 118.86 | 100.80 | 131.30 | 149.54 | ||||||||||||||
S&P/TSX Composite | 100.00 | 91.11 | 111.96 | 118.23 | 147.89 | 139.25 | ||||||||||||||
S&P 500 Index | 100.00 | 95.62 | 125.72 | 148.85 | 191.58 | 156.88 | ||||||||||||||
US Peers1 | 100.00 | 94.80 | 114.97 | 98.40 | 121.17 | 134.17 | ||||||||||||||
Canadian Peers | 100.00 | 92.00 | 120.56 | 99.72 | 124.49 | 129.22 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Segment earnings/(loss) before interest, income taxes and depreciation and amortization1 | |||||||||||
Liquids Pipelines | 8,364 | 7,897 | 7,683 | ||||||||
Gas Transmission and Midstream | 3,126 | 3,671 | 1,087 | ||||||||
Gas Distribution and Storage | 1,827 | 2,117 | 1,748 | ||||||||
Renewable Power Generation | 262 | 508 | 523 | ||||||||
Energy Services | (417) | (313) | (236) | ||||||||
Eliminations and Other | (1,124) | 356 | (113) | ||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 12,038 | 14,236 | 10,692 | ||||||||
Depreciation and amortization | (4,317) | (3,852) | (3,712) | ||||||||
Interest expense | (3,179) | (2,655) | (2,790) | ||||||||
Income tax expense | (1,604) | (1,415) | (774) | ||||||||
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 65 | (125) | (53) | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Earnings attributable to common shareholders | 2,589 | 5,816 | 2,983 | ||||||||
Earnings per common share attributable to common shareholders | 1.28 | 2.87 | 1.48 | ||||||||
Diluted earnings per common share attributable to common shareholders | 1.28 | 2.87 | 1.48 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 8,364 | 7,897 | 7,683 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 3,126 | 3,671 | 1,087 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 1,827 | 2,117 | 1,748 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 262 | 508 | 523 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1 | (417) | (313) | (236) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1 | (1,124) | 356 | (113) |
Enbridge's Ownership Interest | Estimated Capital Cost1 | Expenditures to Date2 | Status2 | Expected In-Service Date | ||||||||||||||||
(Canadian dollars, unless stated otherwise) | ||||||||||||||||||||
GAS TRANSMISSION AND MIDSTREAM | ||||||||||||||||||||
1. | Vito Gas & Oil | 100 | % | US$0.3 billion | US$0.2 billion | Complete | In-service | |||||||||||||
2. | Texas Eastern Venice Extension Project | 100 | % | US$0.4 billion | US$0.1 billion | Pre-construction | 2023 - 2024 | |||||||||||||
3. | Texas Eastern Modernization | 100 | % | US$0.4 billion | No significant expenditures to date | Pre-construction | 2024 - 2025 | |||||||||||||
4. | T-North Expansion | 100 | % | $1.2 billion | No significant expenditures to date | Pre-construction | 2026 | |||||||||||||
5. | Woodfibre LNG Project3 | 30 | % | US$1.5 billion | No significant expenditures to date | Pre-construction | 2027 | |||||||||||||
6. | T-South Expansion | 100 | % | $3.6 billion | No significant expenditures to date | Pre-construction | 2028 | |||||||||||||
RENEWABLE POWER GENERATION | ||||||||||||||||||||
7. | Saint-Nazaire France Offshore Wind Project4 | 25.5 | % | $0.9 billion | $0.9 billion | Complete | In-service | |||||||||||||
(€0.6 billion) | (€0.6 billion) | |||||||||||||||||||
8. | Fécamp Offshore Wind Project5 | 17.9 | % | $0.7 billion | $0.4 billion | Under construction | 2023 | |||||||||||||
(€0.5 billion) | (€0.3 billion) | |||||||||||||||||||
9. | Calvados Offshore Wind Project4 | 21.7 | % | $0.9 billion | $0.3 billion | Under construction | 2025 | |||||||||||||
(€0.6 billion) | (€0.2 billion) |
Entity | Issuance date | Type of issuance | Amount | |||||||||||||||||||||||||||||
Enbridge Inc. | January 2022 | Fixed-to-fixed subordinated notes | $750 | |||||||||||||||||||||||||||||
February 2022 | ||||||||||||||||||||||||||||||||
Enbridge Inc. | February 2022 | Senior notes | US$900 | |||||||||||||||||||||||||||||
September 2022 | ||||||||||||||||||||||||||||||||
Enbridge Inc. | November 2022 | Medium-term notes | $1,100 | |||||||||||||||||||||||||||||
November 2022 | ||||||||||||||||||||||||||||||||
Enbridge Gas Inc. | August 2022 | Medium-term notes | $650 | |||||||||||||||||||||||||||||
December 2022 | ||||||||||||||||||||||||||||||||
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2023-2027 | 10,987 | 7,984 | 3,003 | ||||||||||
Enbridge (U.S.) Inc. | 2024-2027 | 8,604 | 4,199 | 4,405 | ||||||||||
Enbridge Pipelines Inc. | 2024 | 2,000 | 312 | 1,688 | ||||||||||
Enbridge Gas Inc. | 2024 | 2,000 | 2,000 | — | ||||||||||
Total committed credit facilities | 23,591 | 14,495 | 9,096 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | 11,230 | 9,256 | 9,781 | ||||||||
Investing activities | (5,270) | (10,657) | (5,177) | ||||||||
Financing activities | (5,428) | 1,236 | (4,770) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 55 | (5) | (20) | ||||||||
Net change in cash and cash equivalents and restricted cash | 587 | (170) | (186) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Liquids Pipelines | 1,418 | 4,051 | 2,032 | ||||||||
Gas Transmission and Midstream | 1,647 | 2,353 | 2,066 | ||||||||
Gas Distribution and Storage | 1,499 | 1,343 | 1,134 | ||||||||
Renewable Power Generation | 50 | 16 | 81 | ||||||||
Energy Services | — | 1 | 2 | ||||||||
Eliminations and Other | 33 | 54 | 90 | ||||||||
Total capital expenditures | 4,647 | 7,818 | 5,405 |
Dividend Rate | Dividend1 | Per Share Base Redemption Value2 | Redemption and Conversion Option Date2,3 | Right to Convert Into3,4 | |||||||||||||
(Canadian dollars, unless otherwise stated) | |||||||||||||||||
Preference Shares, Series A | 5.50 | % | $1.37500 | $25 | — | — | |||||||||||
Preference Shares, Series B5 | 5.20 | % | $1.30052 | $25 | June 1, 2027 | Series C | |||||||||||
Preference Shares, Series D | 4.46 | % | $1.11500 | $25 | March 1, 2023 | Series E | |||||||||||
Preference Shares, Series F | 4.69 | % | $1.17224 | $25 | June 1, 2023 | Series G | |||||||||||
Preference Shares, Series H | 4.38 | % | $1.09400 | $25 | September 1, 2023 | Series I | |||||||||||
Preference Shares, Series L6 | 5.86 | % | US$1.46448 | US$25 | September 1, 2027 | Series M | |||||||||||
Preference Shares, Series N | 5.09 | % | $1.27152 | $25 | December 1, 2023 | Series O | |||||||||||
Preference Shares, Series P | 4.38 | % | $1.09476 | $25 | March 1, 2024 | Series Q | |||||||||||
Preference Shares, Series R | 4.07 | % | $1.01825 | $25 | June 1, 2024 | Series S | |||||||||||
Preference Shares, Series 1 | 5.95 | % | US$1.48728 | US$25 | June 1, 2023 | Series 2 | |||||||||||
Preference Shares, Series 3 | 3.74 | % | $0.93425 | $25 | September 1, 2024 | Series 4 | |||||||||||
Preference Shares, Series 5 | 5.38 | % | US$1.34383 | US$25 | March 1, 2024 | Series 6 | |||||||||||
Preference Shares, Series 7 | 4.45 | % | $1.11224 | $25 | March 1, 2024 | Series 8 | |||||||||||
Preference Shares, Series 9 | 4.10 | % | $1.02424 | $25 | December 1, 2024 | Series 10 | |||||||||||
Preference Shares, Series 11 | 3.94 | % | $0.98452 | $25 | March 1, 2025 | Series 12 | |||||||||||
Preference Shares, Series 13 | 3.04 | % | $0.76076 | $25 | June 1, 2025 | Series 14 | |||||||||||
Preference Shares, Series 15 | 2.98 | % | $0.74576 | $25 | September 1, 2025 | Series 16 | |||||||||||
Preference Shares, Series 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 |
Dividend per share | |||||||
Common Shares1 | $0.88750 | ||||||
Preference Shares, Series A | $0.34375 | ||||||
$0.32513 | public company | ||||||
Preference Shares, Series D | $0.27875 | ||||||
Preference Shares, Series F | $0.29306 | ||||||
Preference Shares, Series H | $0.27350 | ||||||
US$0.36612 | |||||||
$0.31788 | |||||||
Preference Shares, Series P | $0.27369 | ||||||
Preference Shares, Series R | $0.25456 | ||||||
Preference Shares, Series 1 | US$0.37182 | ||||||
Preference Shares, Series 3 | $0.23356 | ||||||
Preference Shares, Series 5 | US$0.33596 | ||||||
Preference Shares, Series 7 | $0.27806 | ||||||
Preference Shares, Series 9 | $0.25606 | ||||||
Preference Shares, Series 11 | $0.24613 | ||||||
Preference Shares, Series 13 | $0.19019 | ||||||
Preference Shares, Series 15 | $0.18644 | ||||||
Preference Shares, Series 19 | $0.30625 |
SEP Notes1 | EEP Notes2 | |||||
were: | 5.875% Notes due 2025 | |||||
3.500% Senior Notes due 2025 | 5.950% Notes due 2033 | |||||
3.375% Senior Notes due 2026 | 6.300% Notes due 2034 | |||||
5.950% Senior Notes due 2043 | 7.500% Notes due 2038 | |||||
4.500% Senior Notes due 2045 | 5.500% Notes due 2040 | |||||
7.375% Notes due 2045 | ||||||
![]() | USD Denominated1 | |||||||
Floating Rate Senior Notes due 2023 | 3.940% Senior Notes due 2023 | |||||||
Floating Rate Senior Notes due 2024 | 3.940% Senior Notes due 2023 | |||||||
4.000% Senior Notes due 2023 | 3.950% Senior Notes due 2024 | |||||||
0.550% Senior Notes due 2023 | 2.440% Senior Notes due 2025 | |||||||
3.500% Senior Notes due 2024 | 3.200% Senior Notes due 2027 | |||||||
2.150% Senior Notes due 2024 | 5.700% Senior Notes due 2027 | |||||||
2.500% Senior Notes due 2025 | 6.100% Senior Notes due 2028 | |||||||
2.500% Senior Notes due 2025 | 2.990% Senior Notes due 2029 | |||||||
4.250% Senior Notes due 2026 | 7.220% Senior Notes due 2030 | |||||||
1.600% Senior Notes due 2026 | 7.200% Senior Notes due 2032 | |||||||
3.700% Senior Notes due 2027 | 6.100% Sustainability-Linked Senior Notes due 2032 | |||||||
3.125% Senior Notes due 2029 | 3.100% Sustainability-Linked Senior Notes due 2033 | |||||||
2.500% Sustainability-Linked Senior Notes due 2033 | 5.570% Senior Notes due 2035 | |||||||
4.500% Senior Notes due 2044 | 5.750% Senior Notes due 2039 | |||||||
5.500% Senior Notes due 2046 | 5.120% Senior Notes due 2040 | |||||||
4.000% Senior Notes due 2049 | 4.240% Senior Notes due 2042 | |||||||
3.400% Senior Notes due 2051 | 4.570% Senior Notes due 2044 | |||||||
![]() | 4.870% Senior Notes due 2044 | |||||||
![]() | 4.100% Senior Notes due 2051 | |||||||
![]() | 6.510% Senior Notes due 2052 | |||||||
4.560% Senior Notes due 2064 | ||||||||
![]() | ||||||||
![]() |
2022 | ||||||
(millions of Canadian dollars) | ||||||
(179) | ||||||
1,921 | ||||||
1,507 | ||||||
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Cash and cash equivalents | 425 | 12 | ||||||
Accounts receivable from affiliates | 2,486 | 3,442 | ||||||
Short-term loans receivable from affiliates | 5,232 | 4,947 | ||||||
Other current assets | 969 | 593 | ||||||
Long-term loans receivable from affiliates | 43,873 | 51,983 | ||||||
Other long-term assets | 4,111 | 3,732 | ||||||
Accounts payable to affiliates | 1,375 | 1,982 | ||||||
Short-term loans payable to affiliates | 1,745 | 2,891 | ||||||
Other current liabilities | 8,752 | 8,110 | ||||||
Long-term loans payable to affiliates | 37,626 | 41,370 | ||||||
Other long-term liabilities | 47,447 | 41,353 |
Canada | United States | ||||||||||||||||||||||
Obligation | Expense | Obligation | Expense | ||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Pension | |||||||||||||||||||||||
Decrease in discount rate | 243 | 27 | 49 | 3 | |||||||||||||||||||
Decrease in expected return on assets | — | 23 | — | 6 | |||||||||||||||||||
Decrease in rate of salary increase | (47) | (11) | (5) | (1) | |||||||||||||||||||
OPEB | |||||||||||||||||||||||
Decrease in discount rate | 13 | 1 | 5 | — | |||||||||||||||||||
Decrease in expected return on assets | N/A | N/A | — | 1 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Operating revenues | |||||||||||
Commodity sales | 29,150 | 26,873 | 19,259 | ||||||||
Gas distribution sales | 5,653 | 4,026 | 3,663 | ||||||||
Transportation and other services | 18,506 | 16,172 | 16,165 | ||||||||
Total operating revenues (Note 4) | 53,309 | 47,071 | 39,087 | ||||||||
Operating expenses | |||||||||||
Commodity costs | 28,942 | 26,608 | 18,890 | ||||||||
Gas distribution costs | 3,647 | 2,094 | 1,779 | ||||||||
Operating and administrative | 8,219 | 6,712 | 6,749 | ||||||||
Depreciation and amortization | 4,317 | 3,852 | 3,712 | ||||||||
Impairment of long-lived assets | 541 | — | — | ||||||||
Impairment of goodwill (Note 16) | 2,465 | — | — | ||||||||
Total operating expenses | 48,131 | 39,266 | 31,130 | ||||||||
Operating income | 5,178 | 7,805 | 7,957 | ||||||||
Income from equity investments (Note 13) | 2,056 | 1,711 | 1,136 | ||||||||
Impairment of equity investments (Note 13) | — | (111) | (2,351) | ||||||||
Gain on joint venture merger transaction (Note 13) | 1,076 | — | — | ||||||||
Other income/(expense) (Note 28) | (589) | 979 | 238 | ||||||||
Interest expense (Note 18) | (3,179) | (2,655) | (2,790) | ||||||||
Earnings before income taxes | 4,542 | 7,729 | 4,190 | ||||||||
Income tax expense (Note 25) | (1,604) | (1,415) | (774) | ||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
(Earnings)/loss attributable to noncontrolling interests | 65 | (125) | (53) | ||||||||
Earnings attributable to controlling interests | 3,003 | 6,189 | 3,363 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Earnings attributable to common shareholders | 2,589 | 5,816 | 2,983 | ||||||||
Earnings per common share attributable to common shareholders (Note 6) | 1.28 | 2.87 | 1.48 | ||||||||
Diluted earnings per common share attributable to common shareholders (Note 6) | 1.28 | 2.87 | 1.48 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Change in unrealized gain/(loss) on cash flow hedges | 847 | 162 | (457) | ||||||||
Change in unrealized gain/(loss) on net investment hedges | (971) | 49 | 102 | ||||||||
Other comprehensive loss from equity investees | (6) | (12) | (1) | ||||||||
Excluded components of fair value hedges | (35) | (5) | 5 | ||||||||
Reclassification to earnings of loss on cash flow hedges | 143 | 235 | 198 | ||||||||
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (10) | 21 | 13 | ||||||||
Reclassification to earnings of (gain)/loss on equity investees | 16 | (62) | — | ||||||||
Actuarial gain/(loss) on pension and OPEB | 312 | 394 | (167) | ||||||||
Foreign currency translation adjustments | 4,406 | (507) | (853) | ||||||||
Other comprehensive income/(loss), net of tax | 4,702 | 275 | (1,160) | ||||||||
Comprehensive income | 7,640 | 6,589 | 2,256 | ||||||||
Comprehensive income attributable to noncontrolling interests | (21) | (95) | (22) | ||||||||
Comprehensive income attributable to controlling interests | 7,619 | 6,494 | 2,234 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Comprehensive income attributable to common shareholders | 7,205 | 6,121 | 1,854 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Preference shares (Note 21) | |||||||||||
Balance at beginning of year | 7,747 | 7,747 | 7,747 | ||||||||
Redemption of preference shares | (929) | — | — | ||||||||
Balance at end of year | 6,818 | 7,747 | 7,747 | ||||||||
Common shares (Note 21) | |||||||||||
Balance at beginning of year | 64,799 | 64,768 | 64,746 | ||||||||
Shares issued on exercise of stock options | 53 | 31 | 22 | ||||||||
Share purchases at stated value | (88) | — | — | ||||||||
Other | (4) | — | — | ||||||||
Balance at end of year | 64,760 | 64,799 | 64,768 | ||||||||
Additional paid-in capital | |||||||||||
Balance at beginning of year | 365 | 277 | 187 | ||||||||
Stock-based compensation | 36 | 28 | 30 | ||||||||
Purchase of noncontrolling interest | (43) | — | — | ||||||||
Options exercised | (50) | (23) | (21) | ||||||||
Change in reciprocal interest | — | 98 | 76 | ||||||||
Other | (33) | (15) | 5 | ||||||||
Balance at end of year | 275 | 365 | 277 | ||||||||
Deficit | |||||||||||
Balance at beginning of year | (10,989) | (9,995) | (6,314) | ||||||||
Earnings attributable to controlling interests | 3,003 | 6,189 | 3,363 | ||||||||
Preference share dividends | (414) | (373) | (380) | ||||||||
Common share dividends declared | (7,023) | (6,818) | (6,612) | ||||||||
Dividends paid to reciprocal shareholder | — | 8 | 17 | ||||||||
Modified retrospective adoption of ASU 2016-13 Financial Instruments - Credit Losses | — | — | (66) | ||||||||
Share purchases in excess of stated value | (63) | — | — | ||||||||
Other | — | — | (3) | ||||||||
Balance at end of year | (15,486) | (10,989) | (9,995) | ||||||||
Accumulated other comprehensive income/(loss) (Note 23) | |||||||||||
Balance at beginning of year | (1,096) | (1,401) | (272) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 4,616 | 305 | (1,129) | ||||||||
Balance at end of year | 3,520 | (1,096) | (1,401) | ||||||||
Reciprocal shareholding | |||||||||||
Balance at beginning of year | — | (29) | (51) | ||||||||
Change in reciprocal interest | — | 29 | 22 | ||||||||
Balance at end of year | — | — | (29) | ||||||||
Total Enbridge Inc. shareholders’ equity | 59,887 | 60,826 | 61,367 | ||||||||
Noncontrolling interests (Note 20) | |||||||||||
Balance at beginning of year | 2,542 | 2,996 | 3,364 | ||||||||
Earnings/(loss) attributable to noncontrolling interests | (65) | 125 | 53 | ||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | |||||||||||
Change in unrealized loss on cash flow hedges | (28) | (15) | (6) | ||||||||
Foreign currency translation adjustments | 114 | (15) | (25) | ||||||||
86 | (30) | (31) | |||||||||
Comprehensive income attributable to noncontrolling interests | 21 | 95 | 22 | ||||||||
Distributions | (259) | (271) | (300) | ||||||||
Contributions | 1,105 | 15 | 23 | ||||||||
Redemption of noncontrolling interests | — | (293) | (112) | ||||||||
Purchase of noncontrolling interest | 55 | — | — | ||||||||
Other | 47 | — | (1) | ||||||||
Balance at end of year | 3,511 | 2,542 | 2,996 | ||||||||
Total equity | 63,398 | 63,368 | 64,363 | ||||||||
Dividends paid per common share | 3.44 | 3.34 | 3.24 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | |||||||||||
Earnings | 2,938 | 6,314 | 3,416 | ||||||||
Adjustments to reconcile earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 4,317 | 3,852 | 3,712 | ||||||||
Deferred income tax expense (Note 25) | 957 | 1,091 | 447 | ||||||||
Unrealized derivative fair value (gain)/loss, net (Note 24) | 1,280 | (173) | (756) | ||||||||
Income from equity investments (Note 13) | (2,056) | (1,711) | (1,136) | ||||||||
Distributions from equity investments | 1,827 | 1,630 | 1,392 | ||||||||
Impairment of long-lived assets | 541 | — | — | ||||||||
Impairment of equity investments (Note 13) | — | 111 | 2,351 | ||||||||
Impairment of goodwill (Note 16) | 2,465 | — | — | ||||||||
Gain on joint venture merger transaction (Note 13) | (1,076) | — | — | ||||||||
(Gain)/loss on dispositions | 12 | (319) | (6) | ||||||||
Other | 37 | (73) | 268 | ||||||||
Changes in operating assets and liabilities (Note 29) | (12) | (1,466) | 93 | ||||||||
Net cash provided by operating activities | 11,230 | 9,256 | 9,781 | ||||||||
Investing activities | |||||||||||
Capital expenditures | (4,647) | (7,818) | (5,405) | ||||||||
Long-term investments and restricted long-term investments | (1,041) | (640) | (487) | ||||||||
Distributions from equity investments in excess of cumulative earnings | 763 | 533 | 705 | ||||||||
Additions to intangible assets | (174) | (275) | (215) | ||||||||
Acquisitions | (828) | (3,785) | (24) | ||||||||
Proceeds from joint venture merger transaction (Note 13) | 522 | — | — | ||||||||
Proceeds from dispositions | — | 1,263 | 265 | ||||||||
Affiliate loans, net | 135 | 65 | (16) | ||||||||
Net cash used in investing activities | (5,270) | (10,657) | (5,177) | ||||||||
Financing activities | |||||||||||
Net change in short-term borrowings | 481 | 394 | 223 | ||||||||
Net change in commercial paper and credit facility draws | (1,333) | 2,960 | 1,542 | ||||||||
Debenture and term note issues, net of issue costs | 7,547 | 8,032 | 5,230 | ||||||||
Debenture and term note repayments | (4,198) | (2,264) | (4,463) | ||||||||
Sale of noncontrolling interest in subsidiary (Note 8) | 1,092 | — | — | ||||||||
Contributions from noncontrolling interests | 13 | 15 | 23 | ||||||||
Distributions to noncontrolling interests | (259) | (271) | (300) | ||||||||
Common shares issued | 3 | 5 | 5 | ||||||||
Common shares repurchased | (151) | — | — | ||||||||
Preference share dividends | (338) | (367) | (380) | ||||||||
Common share dividends | (6,968) | (6,766) | (6,560) | ||||||||
Redemption of preference shares | (1,003) | — | — | ||||||||
Redemption of preferred shares held by subsidiary | — | (415) | — | ||||||||
Other | (314) | (87) | (90) | ||||||||
Net cash provided by/(used in) financing activities | (5,428) | 1,236 | (4,770) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 55 | (5) | (20) | ||||||||
Net change in cash and cash equivalents and restricted cash | 587 | (170) | (186) | ||||||||
Cash and cash equivalents and restricted cash at beginning of year | 320 | 490 | 676 | ||||||||
Cash and cash equivalents and restricted cash at end of year | 907 | 320 | 490 | ||||||||
Supplementary cash flow information | |||||||||||
Cash paid for income taxes | 495 | 489 | 524 | ||||||||
Cash paid for interest, net of amount capitalized | 2,920 | 2,427 | 2,538 | ||||||||
Property, plant and equipment and intangible assets non-cash accruals | 937 | 831 | 801 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 861 | 286 | ||||||
Restricted cash | 46 | 34 | ||||||
Accounts receivable and other (Note 9) | 8,871 | 6,862 | ||||||
Accounts receivable from affiliates | 114 | 107 | ||||||
Inventory (Note 10) | 2,255 | 1,670 | ||||||
12,147 | 8,959 | |||||||
Property, plant and equipment, net (Note 11) | 104,460 | 100,067 | ||||||
Long-term investments (Note 13) | 15,936 | 13,324 | ||||||
Restricted long-term investments (Note 14) | 593 | 630 | ||||||
Deferred amounts and other assets | 9,542 | 8,613 | ||||||
Intangible assets, net (Note 15) | 4,018 | 4,008 | ||||||
Goodwill (Note 16) | 32,440 | 32,775 | ||||||
Deferred income taxes (Note 25) | 472 | 488 | ||||||
Total assets | 179,608 | 168,864 | ||||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Short-term borrowings (Note 18) | 1,996 | 1,515 | ||||||
Accounts payable and other (Note 17) | 11,392 | 9,767 | ||||||
Accounts payable to affiliates | 105 | 90 | ||||||
Interest payable | 763 | 693 | ||||||
Current portion of long-term debt (Note 18) | 6,045 | 6,164 | ||||||
20,301 | 18,229 | |||||||
Long-term debt (Note 18) | 72,939 | 67,961 | ||||||
Other long-term liabilities | 9,189 | 7,617 | ||||||
Deferred income taxes (Note 25) | 13,781 | 11,689 | ||||||
116,210 | 105,496 | |||||||
Commitments and contingencies (Note 31) | ||||||||
Equity | ||||||||
Share capital (Note 21) | ||||||||
Preference shares | 6,818 | 7,747 | ||||||
Common shares (2,025 and 2,026 outstanding at December 31, 2022 and 2021, respectively) | 64,760 | 64,799 | ||||||
Additional paid-in capital | 275 | 365 | ||||||
Deficit | (15,486) | (10,989) | ||||||
Accumulated other comprehensive income/(loss) (Note 23) | 3,520 | (1,096) | ||||||
Total Enbridge Inc. shareholders’ equity | 59,887 | 60,826 | ||||||
Noncontrolling interests (Note 20) | 3,511 | 2,542 | ||||||
63,398 | 63,368 | |||||||
Total liabilities and equity | 179,608 | 168,864 |
PAGE | ||||||||
1. | Business Overview | |||||||
2. | Significant Accounting Policies | |||||||
3. | Changes in Accounting Policies | |||||||
4. | Revenue | |||||||
5. | Segmented Information | |||||||
6. | Earnings per Common Share | |||||||
7. | Regulatory Matters | |||||||
8. | Acquisitions and Dispositions | |||||||
9. | Accounts Receivable and Other | |||||||
10. | Inventory | |||||||
11. | Property, Plant and Equipment | |||||||
12. | Variable Interest Entities | |||||||
13. | Long-Term Investments | |||||||
14. | Restricted Long-Term Investments | |||||||
15. | Intangible Assets | |||||||
16. | Goodwill | |||||||
17. | Accounts Payable and Other | |||||||
18. | Debt | |||||||
19. | Asset Retirement Obligations | |||||||
20. | Noncontrolling Interests | |||||||
21. | Share Capital | |||||||
22. | Stock Option and Stock Unit Plans | |||||||
23. | Components of Accumulated Other Comprehensive Income/(Loss) | |||||||
24. | Risk Management and Financial Instruments | |||||||
25. | Income Taxes | |||||||
26. | Pension and Other Postretirement Benefits | |||||||
27. | Leases | |||||||
28. | Other Income/(Expense) | |||||||
29. | Changes in Operating Assets and Liabilities | |||||||
30. | Related Party Transactions | |||||||
31. | Commitments and Contingencies | |||||||
32. | Guarantees | |||||||
33. | Quarterly Financial Data (Unaudited) |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2022 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 11,283 | 5,012 | 782 | — | — | — | 17,077 | ||||||||||||||||
Storage and other revenue | 235 | 350 | 308 | — | — | — | 893 | ||||||||||||||||
Gas gathering and processing revenue | — | 22 | — | — | — | — | 22 | ||||||||||||||||
Gas distribution revenue | — | — | 5,643 | — | — | — | 5,643 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 281 | — | — | 281 | ||||||||||||||||
Total revenue from contracts with customers | 11,518 | 5,384 | 6,733 | 281 | — | — | 23,916 | ||||||||||||||||
Commodity sales | — | — | — | — | 29,150 | — | 29,150 | ||||||||||||||||
Other revenue1,2 | (81) | 39 | (20) | 305 | — | — | 243 | ||||||||||||||||
Intersegment revenue | 615 | 3 | 16 | (4) | 25 | (655) | — | ||||||||||||||||
Total revenue | 12,052 | 5,426 | 6,729 | 582 | 29,175 | (655) | 53,309 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 9,492 | 4,364 | 676 | — | — | — | 14,532 | ||||||||||||||||
Storage and other revenue | 147 | 255 | 246 | — | — | — | 648 | ||||||||||||||||
Gas gathering and processing revenue | — | 49 | — | — | — | — | 49 | ||||||||||||||||
Gas distribution revenue | — | — | 4,026 | — | — | — | 4,026 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 177 | — | — | 177 | ||||||||||||||||
Total revenue from contracts with customers | 9,639 | 4,668 | 4,948 | 177 | — | — | 19,432 | ||||||||||||||||
Commodity sales | — | — | — | — | 26,873 | — | 26,873 | ||||||||||||||||
Other revenue1,2 | 375 | 42 | 13 | 336 | — | — | 766 | ||||||||||||||||
Intersegment revenue | 567 | 1 | 19 | (1) | 44 | (630) | — | ||||||||||||||||
Total revenue | 10,581 | 4,711 | 4,980 | 512 | 26,917 | (630) | 47,071 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 9,161 | 4,523 | 674 | — | — | — | 14,358 | ||||||||||||||||
Storage and other revenue | 94 | 274 | 203 | — | — | — | 571 | ||||||||||||||||
Gas gathering and processing revenue | — | 27 | — | — | — | — | 27 | ||||||||||||||||
Gas distribution revenue | — | — | 3,663 | — | — | — | 3,663 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 198 | — | — | 198 | ||||||||||||||||
Total revenue from contracts with customers | 9,255 | 4,824 | 4,540 | 198 | — | — | 18,817 | ||||||||||||||||
Commodity sales | — | — | — | — | 19,259 | — | 19,259 | ||||||||||||||||
Other revenue1,2 | 584 | 44 | 17 | 389 | — | (23) | 1,011 | ||||||||||||||||
Intersegment revenue | 584 | 2 | 12 | — | 24 | (622) | — | ||||||||||||||||
Total revenue | 10,423 | 4,870 | 4,569 | 587 | 19,283 | (645) | 39,087 |
Contract Receivables | Contract Assets | Contract Liabilities | |||||||||
(millions of Canadian dollars) | |||||||||||
Balance as at December 31, 2022 | 3,183 | 230 | 2,241 | ||||||||
Balance as at December 31, 2021 | 2,369 | 213 | 1,898 |
Segment | Nature of Performance Obligation | ||||||
Liquids Pipelines | •Transportation and storage of crude oil and natural gas liquids (NGL) | ||||||
Gas Transmission and Midstream | •Transportation, storage, gathering, compression and treating of natural gas | ||||||
•Supply and delivery of natural gas | |||||||
•Transportation of natural gas | |||||||
•Storage of natural gas | |||||||
Renewable Power Generation | •Generation and transmission of electricity | ||||||
•Delivery of electricity from renewable energy generation facilities |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time | — | — | 127 | — | 127 | |||||||||||||||
Revenue from products and services transferred over time1 | 11,518 | 5,384 | 6,606 | 281 | 23,789 | |||||||||||||||
Total revenue from contracts with customers | 11,518 | 5,384 | 6,733 | 281 | 23,916 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time | — | — | 70 | — | 70 | |||||||||||||||
Revenue from products and services transferred over time1 | 9,639 | 4,668 | 4,878 | 177 | 19,362 | |||||||||||||||
Total revenue from contracts with customers | 9,639 | 4,668 | 4,948 | 177 | 19,432 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time | — | — | 60 | — | 60 | |||||||||||||||
Revenue from products and services transferred over time1 | 9,255 | 4,824 | 4,480 | 198 | 18,757 | |||||||||||||||
Total revenue from contracts with customers | 9,255 | 4,824 | 4,540 | 198 | 18,817 |
Year ended December 31, 2022 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues (Note 4) | 12,052 | 5,426 | 6,729 | 582 | 29,175 | (655) | 53,309 | ||||||||||||||||
Commodity and gas distribution costs | — | — | (3,693) | (16) | (29,525) | 645 | (32,589) | ||||||||||||||||
Operating and administrative | (4,287) | (2,254) | (1,289) | (255) | (49) | (85) | (8,219) | ||||||||||||||||
Impairment of long-lived assets | (245) | — | — | (235) | (13) | (48) | (541) | ||||||||||||||||
Impairment of goodwill (Note 16) | — | (2,465) | — | — | — | — | (2,465) | ||||||||||||||||
Income/(loss) from equity investments (Note 13) | 785 | 1,133 | 1 | 141 | — | (4) | 2,056 | ||||||||||||||||
Gain on joint venture merger transaction (Note 13) | — | 1,076 | — | — | — | — | 1,076 | ||||||||||||||||
Other income/(expense) (Note 28) | 59 | 210 | 79 | 45 | (5) | (977) | (589) | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 8,364 | 3,126 | 1,827 | 262 | (417) | (1,124) | 12,038 | ||||||||||||||||
Depreciation and amortization | (4,317) | ||||||||||||||||||||||
Interest expense (Note 18) | (3,179) | ||||||||||||||||||||||
Income tax expense (Note 25) | (1,604) | ||||||||||||||||||||||
Earnings | 2,938 | ||||||||||||||||||||||
Capital expenditures1 | 1,418 | 1,690 | 1,499 | 50 | — | 33 | 4,690 | ||||||||||||||||
Total property, plant and equipment, net (Note 11) | 53,567 | 29,666 | 17,857 | 3,082 | 6 | 282 | 104,460 |
Year ended December 31, 2021 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues (Note 4) | 10,581 | 4,711 | 4,980 | 512 | 26,917 | (630) | 47,071 | ||||||||||||||||
Commodity and gas distribution costs | (25) | — | (2,147) | — | (27,174) | 644 | (28,702) | ||||||||||||||||
Operating and administrative | (3,431) | (1,877) | (1,143) | (180) | (48) | (33) | (6,712) | ||||||||||||||||
Income/(loss) from equity investments (Note 13) | 759 | 813 | 42 | 101 | — | (4) | 1,711 | ||||||||||||||||
Impairment of equity investments (Note 13) | — | (111) | — | — | — | — | (111) | ||||||||||||||||
Other income/(expense) (Note 28) | 13 | 135 | 385 | 75 | (8) | 379 | 979 | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 7,897 | 3,671 | 2,117 | 508 | (313) | 356 | 14,236 | ||||||||||||||||
Depreciation and amortization | (3,852) | ||||||||||||||||||||||
Interest expense (Note 18) | (2,655) | ||||||||||||||||||||||
Income tax expense (Note 25) | (1,415) | ||||||||||||||||||||||
Earnings | 6,314 | ||||||||||||||||||||||
Capital expenditures1 | 4,051 | 2,420 | 1,343 | 16 | 1 | 54 | 7,885 | ||||||||||||||||
Total property, plant and equipment, net (Note 11) | 52,530 | 27,028 | 16,904 | 3,315 | 23 | 267 | 100,067 |
Year ended December 31, 2020 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues (Note 4) | 10,423 | 4,870 | 4,569 | 587 | 19,283 | (645) | 39,087 | ||||||||||||||||
Commodity and gas distribution costs | (20) | — | (1,810) | (2) | (19,450) | 613 | (20,669) | ||||||||||||||||
Operating and administrative | (3,331) | (1,859) | (1,091) | (191) | (67) | (210) | (6,749) | ||||||||||||||||
Income/(loss) from equity investments (Note 13) | 558 | 479 | 9 | 94 | (3) | (1) | 1,136 | ||||||||||||||||
Impairment of equity investments (Note 13) | — | (2,351) | — | — | — | — | (2,351) | ||||||||||||||||
Other income/(expense) (Note 28) | 53 | (52) | 71 | 35 | 1 | 130 | 238 | ||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | 7,683 | 1,087 | 1,748 | 523 | (236) | (113) | 10,692 | ||||||||||||||||
Depreciation and amortization | (3,712) | ||||||||||||||||||||||
Interest expense (Note 18) | (2,790) | ||||||||||||||||||||||
Income tax expense (Note 25) | (774) | ||||||||||||||||||||||
Earnings | 3,416 | ||||||||||||||||||||||
Capital expenditures1 | 2,033 | 2,130 | 1,134 | 81 | 2 | 90 | 5,470 | ||||||||||||||||
Total property, plant and equipment, net | 48,799 | 25,745 | 16,079 | 3,495 | 24 | 429 | 94,571 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Canada | 27,498 | 20,474 | 16,453 | ||||||||
US | 25,811 | 26,597 | 22,634 | ||||||||
53,309 | 47,071 | 39,087 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Canada | 47,602 | 47,102 | ||||||
US | 56,858 | 52,965 | ||||||
104,460 | 100,067 |
December 31, | 2022 | 2021 | 2020 | ||||||||
(number of shares in millions) | |||||||||||
Weighted average shares outstanding | 2,025 | 2,023 | 2,020 | ||||||||
Effect of dilutive options and RSUs | 4 | 2 | 1 | ||||||||
Diluted weighted average shares outstanding | 2,029 | 2,025 | 2,021 |
December 31, | 2022 | 2021 | Recovery/Refund Period Ends | ||||||||
(millions of Canadian dollars) | |||||||||||
Current regulatory assets | |||||||||||
Purchase gas variance | 190 | 15 | 2023 | ||||||||
Under-recovery of fuel costs | 109 | 114 | 2023 | ||||||||
Other current regulatory assets | 305 | 130 | 2023 | ||||||||
Total current regulatory assets1 (Note 9) | 604 | 259 | |||||||||
Long-term regulatory assets | |||||||||||
Deferred income taxes2 | 4,473 | 4,176 | Various | ||||||||
Long-term debt3 | 378 | 398 | 2032-2046 | ||||||||
Negative salvage4 | 265 | 243 | Various | ||||||||
Purchase gas variance | 244 | 215 | 2024 | ||||||||
Accounting policy changes5 | 219 | 157 | Various | ||||||||
Pension plan receivable6 | 40 | 78 | Various | ||||||||
Other long-term regulatory assets | 244 | 339 | Various | ||||||||
Total long-term regulatory assets1 | 5,863 | 5,606 | |||||||||
Total regulatory assets | 6,467 | 5,865 | |||||||||
Current regulatory liabilities | |||||||||||
Other current regulatory liabilities | 167 | 106 | 2023 | ||||||||
Total current regulatory liabilities7 | 167 | 106 | |||||||||
Long-term regulatory liabilities | |||||||||||
Future removal and site restoration reserves8 | 1,615 | 1,543 | Various | ||||||||
Regulatory liability related to US income taxes9 | 918 | 895 | 2050-2072 | ||||||||
Pipeline future abandonment costs (Note 14) | 610 | 649 | Various | ||||||||
Pension plan payable6 | 231 | — | Various | ||||||||
Other long-term regulatory liabilities | 250 | 234 | Various | ||||||||
Total long-term regulatory liabilities7 | 3,624 | 3,321 | |||||||||
Total regulatory liabilities | 3,791 | 3,427 |
Executive | Annual base salary increase 1 | Base salary reduction 2 | Short-term incentive payment | Medium-term incentive award | Long-term incentive award | |||||||||||||||
Al Monaco | 5% | -15% | 207% | 520% | 130% | |||||||||||||||
Colin K. Gruending | 25% 3 | -10% | 130% | 320% | 80% | |||||||||||||||
John K. Whelen | 3% | -10% | 127% | 320% | 80% | |||||||||||||||
William T. Yardley | 3% | -10% | 121% | 320% | 80% | |||||||||||||||
Vern D. Yu | 20% 3 | -10% | 114% | 320% | 80% | |||||||||||||||
Robert R. Rooney | 5% | -10% | 114% | 280% | 70% |
September 27, 2022 | ||||||||||
(millions of Canadian dollars) | ||||||||||
Fair value of net assets acquired: | ||||||||||
Current assets | 5 | |||||||||
Property, plant and equipment | 3 | |||||||||
Long-term investments | 8 | |||||||||
Intangible assets (a) | 117 | |||||||||
Long-term assets | 3 | |||||||||
Current liabilities | 61 | |||||||||
Long-term debt (Note 18) | 18 | |||||||||
Long-term liabilities (b) | 105 | |||||||||
Goodwill (c) | 392 | |||||||||
Purchase price: | ||||||||||
Cash | 295 | |||||||||
Contingent consideration (d) | ||||||||||
49 | |||||
344 | |||||
October 12, 2021 | ||||||||||
(millions of Canadian dollars) | ||||||||||
62 | ||
1,480 | ||
“at risk”. |
Executive | Base salary at January 1, 2020 1 | April 1, 2020 increase % | Base salary at April 1, 2020 1 | June 1, 2020 reduction % | Base salary at December 31, 2020 1 | Total % change in base salary in 2020 | ||||||||||||||||||
Al Monaco | $ | 1,630,000 | 5% | $ | 1,712,000 | -15% | $ | 1,455,200 | -11% | |||||||||||||||
Colin K. Gruending | $ | 525,000 | 25% | $ | 656,300 | -10% | $ | 590,670 | 13% | |||||||||||||||
John K. Whelen | $ | 641,200 | 3% | $ | 660,400 | -10% | $ | 594,360 | -7% | |||||||||||||||
William T. Yardley | $ | 725,290 | 3% | $ | 747,075 | -10% | $ | 672,367 | -7% | |||||||||||||||
Vern D. Yu | $ | 569,300 | 20% | $ | 683,200 | -10% | $ | 614,880 | 8% | |||||||||||||||
Robert R. Rooney | $ | 569,300 | 5% | $ | 597,800 | -10% | $ | 538,020 | -5% |
Executive | 2020 target STIP (% of base salary) | 2020 target STIP 1 2 | Performance Measure Weighting | 2019 target STIP (% of base salary) | ||||||||||||||||||||
Corporate | Business Unit | Individual | ||||||||||||||||||||||
Al Monaco | 145 | % | $ | 2,241,900 | 60 | % | 20 | % | 20 | % | 140 | % | ||||||||||||
Colin K. Gruending | 90 | % | $ | 528,370 | 60 | % | 20 | % | 20 | % | 80 | % | ||||||||||||
John K. Whelen 3 | 90 | % | $ | 488,240 | 60 | % | 20 | % | 20 | % | 80 | % | ||||||||||||
William T. Yardley | 90 | % | $ | 630,020 | 40 | % | 40 | % | 20 | % | 80 | % | ||||||||||||
Vern D. Yu | 90 | % | $ | 555,120 | 40 | % | 40 | % | 20 | % | 80 | % | ||||||||||||
Robert R. Rooney | 80 | % | $ | 445,920 | 60 | % | 20 | % | 20 | % | 75 | % |
427 | |||||
Intangible assets (c) | 1,781 | ||||
Current liabilities | 59 | ||||
Long-term liabilities | 17 | ||||
Goodwill (d) | 268 | ||||
Purchase price: | |||||
Cash | 3,755 | ||||
Contingent consideration (e) | 187 | ||||
3,942 | |||||
Year ended December 31, | 2021 | 2020 | ||||||
(unaudited; millions of Canadian dollars) | ||||||||
Operating revenues | 47,339 | 39,435 | ||||||
Earnings attributable to common shareholders1,2 | 5,771 | 2,938 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Trade receivables and unbilled revenues1 | 5,616 | 4,957 | ||||||
Short-term portion of derivative assets (Note 24) | 1,015 | 529 | ||||||
Regulatory assets (Note 7) | 604 | 259 | ||||||
Gas imbalance | 461 | 276 | ||||||
Taxes receivable | 323 | 407 | ||||||
Other | 852 | 434 | ||||||
8,871 | 6,862 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Natural gas | 1,491 | 953 | ||||||
Crude oil | 652 | 624 | ||||||
Other | 112 | 93 | ||||||
2,255 | 1,670 |
Weighted Average | |||||||||||
December 31, | Depreciation Rate | 2022 | 2021 | ||||||||
(millions of Canadian dollars) | |||||||||||
Pipelines | 2.9 | % | 66,528 | 62,997 | |||||||
Facilities and equipment | 3.5 | % | 37,028 | 34,331 | |||||||
Land and right-of-way1 | 2.2 | % | 3,637 | 3,320 | |||||||
Gas mains, services and other | 2.6 | % | 14,491 | 13,606 | |||||||
Storage | 2.3 | % | 3,477 | 3,099 | |||||||
Wind turbines, solar panels and other | 4.1 | % | 4,912 | 4,912 | |||||||
Other | 8.5 | % | 1,611 | 1,507 | |||||||
Under construction | — | % | 2,316 | 2,268 | |||||||
Total property, plant and equipment | 134,000 | 126,040 | |||||||||
Total accumulated depreciation | (29,540) | (25,973) | |||||||||
Property, plant and equipment, net | 104,460 | 100,067 |
December 31, | 20221 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Assets | ||||||||
Cash and cash equivalents | 426 | 247 | ||||||
Restricted cash | 12 | 4 | ||||||
Accounts receivable and other | 199 | 99 | ||||||
Accounts receivable from affiliates | 23 | — | ||||||
Inventory | 12 | 9 | ||||||
672 | 359 | |||||||
Property, plant and equipment, net | 7,707 | 3,052 | ||||||
Long-term investments | 14 | 16 | ||||||
Restricted long-term investments | 98 | 101 | ||||||
Deferred amounts and other assets | 158 | 2 | ||||||
Intangible assets, net | 102 | 108 | ||||||
8,751 | 3,638 | |||||||
Liabilities | ||||||||
Accounts payable and other | 251 | 84 | ||||||
Accounts payable to affiliates | 21 | — | ||||||
272 | 84 | |||||||
Other long-term liabilities | 859 | 182 | ||||||
Deferred income taxes | 5 | 5 | ||||||
1,136 | 271 | |||||||
7,615 | 3,367 |
Carrying Amount of | Maximum Exposure to | |||||||
December 31, 2022 | the VIE | Loss | ||||||
(millions of Canadian dollars) | ||||||||
Aux Sable Liquid Products L.P.1 | 91 | 117 | ||||||
EIH S.á r.l.2 | 37 | 637 | ||||||
Rampion Offshore Wind Limited3 | 413 | 468 | ||||||
Vector Pipeline L.P.4 | 195 | 325 | ||||||
Woodfibre LNG Limited Partnership5,6 | 635 | 2,476 | ||||||
Other7 | 245 | 443 | ||||||
1,616 | 4,466 |
Carrying Amount of | Maximum Exposure to | |||||||
December 31, 2021 | the VIE | Loss | ||||||
(millions of Canadian dollars) | ||||||||
Aux Sable Liquid Products L.P.1 | 113 | 195 | ||||||
EIH S.á r.l.2 | 38 | 664 | ||||||
Enbridge Renewable Infrastructure Investments S.á r.l.8,9 | 54 | 2,121 | ||||||
Rampion Offshore Wind Limited3 | 450 | 508 | ||||||
Vector Pipeline L.P.4 | 189 | 374 | ||||||
Other7 | 210 | 426 | ||||||
1,054 | 4,288 |
Ownership | |||||||||||
December 31, | Interest | 2022 | 2021 | ||||||||
(millions of Canadian dollars) | |||||||||||
EQUITY INVESTMENTS | |||||||||||
Liquids Pipelines | |||||||||||
MarEn Bakken Company LLC1 | 75.0 | % | 1,968 | 1,752 | |||||||
DCP Midstream, LLC (Class B Units)2 | 90.0 | % | 1,394 | 469 | |||||||
Seaway Crude Holdings LLC | 50.0 | % | 2,744 | 2,634 | |||||||
Illinois Extension Pipeline Company, L.L.C.3 | 65.0 | % | 622 | 593 | |||||||
Cactus II Pipeline LLC4 | 30.0 | % | 658 | 434 | |||||||
Other | 30.0% - 43.8% | 76 | 71 | ||||||||
Gas Transmission and Midstream | |||||||||||
Alliance Pipeline5 | 50.0 | % | 430 | 504 | |||||||
Aux Sable6 | 42.7% - 50.0% | 214 | 238 | ||||||||
DCP Midstream, LLC (Class A Units)7 | 23.4 | % | 317 | 397 | |||||||
Gulfstream Natural Gas System, L.L.C. | 50.0 | % | 1,274 | 1,180 | |||||||
Nexus Gas Transmission, LLC | 50.0 | % | 1,813 | 1,724 | |||||||
Sabal Trail Transmission, LLC | 50.0 | % | 1,535 | 1,464 | |||||||
Southeast Supply Header, LLC | 50.0 | % | 86 | 82 | |||||||
Steckman Ridge, LP | 50.0 | % | 91 | 88 | |||||||
Vector Pipeline8 | 60.0 | % | 195 | 189 | |||||||
Woodfibre LNG Limited Partnership | 30.0 | % | 635 | — | |||||||
Offshore - various joint ventures | 22.0% - 74.3% | 314 | 309 | ||||||||
Other | 20.0% - 33.3% | — | 14 | ||||||||
Gas Distribution and Storage | |||||||||||
Other | 47.6% - 50.0% | 20 | 20 | ||||||||
Renewable Power Generation | |||||||||||
EIH S.à.r.l.9 | 51.0 | % | 37 | 38 | |||||||
Enbridge Renewable Infrastructure Investments S.à.r.l. | 51.0 | % | 163 | 54 | |||||||
Rampion Offshore Wind Limited | 24.9 | % | 413 | 450 | |||||||
NextBridge Infrastructure LP | 25.0 | % | 241 | 186 | |||||||
Other | 15.8% - 50.0% | 107 | 92 | ||||||||
OTHER LONG-TERM INVESTMENTS | |||||||||||
Gas Transmission and Midstream | |||||||||||
Fairwood Peninsula Energy Corporation | 22 | 20 | |||||||||
Gas Distribution and Storage | |||||||||||
Oakville Enterprises Corporation10 | 48 | — | |||||||||
Renewable Power Generation | |||||||||||
Emerging Technologies and Other | 31 | 32 | |||||||||
Eliminations and Other | |||||||||||
Other11 | 488 | 290 | |||||||||
15,936 | 13,324 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
Operating revenues | 27,043 | 20,021 | 14,096 | ||||||||||||||||||||||||||
Operating expenses | 23,043 | 16,706 | 12,411 | ||||||||||||||||||||||||||
Earnings | 4,334 | 3,022 | 2,324 | ||||||||||||||||||||||||||
Earnings attributable to Enbridge | 2,056 | 1,711 | 1,136 |
December 31, | 2022 | 2021 | ||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Current assets | 4,196 | 3,639 | ||||||||||||||||||
Non-current assets | 53,405 | 44,863 | ||||||||||||||||||
Current liabilities | 4,843 | 3,741 | ||||||||||||||||||
Non-current liabilities | 18,595 | 16,979 | ||||||||||||||||||
Noncontrolling interests | 3,785 | 3,786 |
Executive | Corporate multiplier | x | Weight | + | Business Unit multiplier | x | Weight | + | Individual multiplier | x | Weight | = | Overall multiplier | |||||||||||||||||||||||||||||||||||||||
Al Monaco | 1.27 | x | 60 | % | + | 1.34 | x | 20 | % | + | 2.00 | x | 20 | % | = | 1.43 | ||||||||||||||||||||||||||||||||||||
Colin K. Gruending | 1.27 | x | 60 | % | + | 1.50 | x | 20 | % | + | 1.90 | x | 20 | % | = | 1.44 | ||||||||||||||||||||||||||||||||||||
John K. Whelen | 1.27 | x | 60 | % | + | 1.56 | x | 20 | % | + | 1.70 | x | 20 | % | = | 1.41 | ||||||||||||||||||||||||||||||||||||
William T. Yardley | 1.27 | x | 40 | % | + | 1.15 | x | 40 | % | + | 1.90 | x | 20 | % | = | 1.35 | ||||||||||||||||||||||||||||||||||||
Vern D. Yu | 1.27 | x | 40 | % | + | 0.95 | x | 40 | % | + | 1.90 | x | 20 | % | = | 1.27 | ||||||||||||||||||||||||||||||||||||
Robert R. Rooney | 1.27 | x | 60 | % | + | 1.50 | x | 20 | % | + | 1.80 | x | 20 | % | = | 1.42 |
Executive | Base salary 1 2 ($) | x | STIP target (%) | x | Overall multiplier | = | Calculated award ($) 1 | Actual award ($) 1 | ||||||||||||||||||||||||
Al Monaco | 1,546,139 | x | 145 | % | x | 1.43 | = | 3,205,919 | 3,205,919 | |||||||||||||||||||||||
Colin K. Gruending | 587,074 | x | 90 | % | x | 1.44 | = | 761,904 | 761,904 | |||||||||||||||||||||||
John K. Whelen | 542,492 | x | 90 | % | x | 1.41 | = | 690,766 | 690,766 | |||||||||||||||||||||||
William T. Yardley | 700,018 | x | 90 | % | x | 1.35 | = | 849,262 | 849,262 | |||||||||||||||||||||||
Vern D. Yu | 616,801 | x | 90 | % | x | 1.27 | = | 703,893 | 703,893 | |||||||||||||||||||||||
Robert R. Rooney | 557,394 | x | 80 | % | x | 1.42 | = | 634,091 | 634,091 |
Executive | Total 2020 target medium- and long- term incentives | Annual grant | ||||||||||||
PSUs | RSUs | ISOs | ||||||||||||
Al Monaco | 650 | % | 390% | 130 | % | 130 | % | |||||||
Colin K. Gruending | 400 | % | 240% | 80 | % | 80 | % | |||||||
John K. Whelen | 400 | % | 240% | 80 | % | 80 | % | |||||||
William T. Yardley | 400 | % | 240% | 80 | % | 80 | % | |||||||
Vern D. Yu | 400 | % | 240% | 80 | % | 80 | % | |||||||
Robert R. Rooney | 350 | % | 210% | 70 | % | 70 | % |
December 31, 2022 | Weighted Average Amortization Rate | Cost | Accumulated Amortization | Net | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Software | 10.9 | % | 2,019 | (1,042) | 977 | |||||||||
Power purchase agreements | 4.2 | % | 64 | (23) | 41 | |||||||||
Project agreement1 | 4.0 | % | 163 | (36) | 127 | |||||||||
Customer relationships | 8.6 | % | 2,701 | (459) | 2,242 | |||||||||
Other intangible assets | 5.9 | % | 621 | (148) | 473 | |||||||||
Under development | — | % | 158 | — | 158 | |||||||||
5,726 | (1,708) | 4,018 |
December 31, 2021 | Weighted Average Amortization Rate | Cost | Accumulated Amortization | Net | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Software | 12.0 | % | 2,067 | (1,148) | 919 | |||||||||
Power purchase agreements | 4.5 | % | 63 | (21) | 42 | |||||||||
Project agreement1 | 4.0 | % | 152 | (27) | 125 | |||||||||
Customer relationships | 8.5 | % | 2,532 | (215) | 2,317 | |||||||||
Other intangible assets | 3.9 | % | 475 | (116) | 359 | |||||||||
Under development | — | % | 246 | — | 246 | |||||||||
5,535 | (1,527) | 4,008 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Consolidated | ||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Balance at January 1, 2021 | 7,828 | 19,480 | 5,378 | — | 2 | 32,688 | |||||||||||||||||
Foreign exchange and other | (55) | (145) | — | — | — | (200) | |||||||||||||||||
Acquisition3 | 268 | — | 19 | — | — | 287 | |||||||||||||||||
Balance at December 31, 20211,2 | 8,041 | 19,335 | 5,397 | — | 2 | 32,775 | |||||||||||||||||
Impairment | — | (2,465) | — | — | — | (2,465) | |||||||||||||||||
Foreign exchange and other | 506 | 1,236 | — | (4) | — | 1,738 | |||||||||||||||||
Acquisition4 | — | — | — | 392 | — | 392 | |||||||||||||||||
Balance at December 31, 20221,2 | 8,547 | 18,106 | 5,397 | 388 | 2 | 32,440 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Trade payables and operating accrued liabilities | 5,235 | 4,470 | ||||||
Dividends payable | 1,825 | 1,773 | ||||||
Current deferred credits | 1,056 | 853 | ||||||
Construction payables and contractor holdbacks | 937 | 844 | ||||||
Current derivative liabilities (Note 24) | 898 | 717 | ||||||
Taxes payable | 683 | 478 | ||||||
Other | 758 | 632 | ||||||
11,392 | 9,767 |
December 31, | Weighted Average Interest Rate9 | Maturity | 2022 | 2021 | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
US dollar senior notes | 3.5 | % | 2023 - 2051 | 12,060 | 10,992 | |||||||||
Medium-term notes | 3.8 | % | 2023 - 2064 | 8,223 | 8,123 | |||||||||
Sustainability-linked bonds | 2.0 | % | 2032 - 2033 | 3,355 | 2,363 | |||||||||
Fixed-to-fixed subordinated term notes1 | 4.1 | % | 2080 - 2083 | 3,596 | 1,263 | |||||||||
Fixed-to-floating rate subordinated term notes2 | 5.9 | % | 2077 - 2078 | 6,736 | 6,442 | |||||||||
Floating rate notes3 | 2023 - 2024 | 1,491 | 1,579 | |||||||||||
Commercial paper and credit facility draws | 4.8 | % | 2023 - 2027 | 7,984 | 7,837 | |||||||||
Other4 | 15 | 5 | ||||||||||||
Enbridge (U.S.) Inc. | ||||||||||||||
Commercial paper and credit facility draws | 4.5 | % | 2024 - 2027 | 4,199 | 4,845 | |||||||||
Other4 | 7 | 7 | ||||||||||||
Enbridge Energy Partners, L.P. | ||||||||||||||
Senior notes | 6.5 | % | 2025 - 2045 | 3,320 | 3,095 | |||||||||
Enbridge Gas Inc. | ||||||||||||||
Medium-term notes | 4.1 | % | 2023 - 2052 | 9,535 | 9,010 | |||||||||
Debentures | 9.1 | % | 2024 - 2025 | 210 | 210 | |||||||||
Commercial paper and credit facility draws | 4.5 | % | 2024 | 2,000 | 1,515 | |||||||||
Other4 | 1 | — | ||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | ||||||||||||||
Senior notes | 4.0 | % | 2040 | 921 | 949 | |||||||||
Enbridge Pipelines Inc. | ||||||||||||||
Medium-term notes5 | 4.2 | % | 2023 - 2051 | 5,425 | 5,575 | |||||||||
Debentures | 8.2 | % | 2024 | 200 | 200 | |||||||||
Commercial paper and credit facility draws | 4.6 | % | 2024 | 312 | 667 | |||||||||
Enbridge Southern Lights LP | ||||||||||||||
Senior notes | 4.0 | % | 2040 | 222 | 240 | |||||||||
Spectra Energy Capital, LLC | ||||||||||||||
Senior notes | 7.0 | % | 2032 - 2038 | 234 | 218 | |||||||||
Algonquin Gas Transmission, LLC | ||||||||||||||
Senior notes | 3.3 | % | 2024 - 2029 | 1,152 | 1,074 | |||||||||
East Tennessee Natural Gas, LLC | ||||||||||||||
Senior notes | 3.1 | % | 2024 | 258 | 240 | |||||||||
Texas Eastern Transmission, LP | ||||||||||||||
Senior notes | 3.3 | % | 2028 - 2048 | 3,455 | 3,095 | |||||||||
Spectra Energy Partners, LP | ||||||||||||||
Senior notes | 4.3 | % | 2024 - 2045 | 4,336 | 4,042 | |||||||||
Tri Global Energy, LLC | ||||||||||||||
Senior notes | 12.7 | % | 2024 | 18 | — | |||||||||
Westcoast Energy Inc. | ||||||||||||||
Medium-term notes | 4.9 | % | 2024 - 2041 | 1,225 | 1,475 | |||||||||
Debentures | 8.1 | % | 2025 - 2026 | 275 | 275 | |||||||||
Fair value adjustment | 608 | 667 | ||||||||||||
Other6 | (393) | (363) | ||||||||||||
Total debt7 | 80,980 | 75,640 | ||||||||||||
Current maturities | (6,045) | (6,164) | ||||||||||||
Short-term borrowings8 | (1,996) | (1,515) | ||||||||||||
Long-term debt | 72,939 | 67,961 |
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2023-2027 | 10,987 | 7,984 | 3,003 | ||||||||||
Enbridge (U.S.) Inc. | 2024-2027 | 8,604 | 4,199 | 4,405 | ||||||||||
Enbridge Pipelines Inc. | 2024 | 2,000 | 312 | 1,688 | ||||||||||
Enbridge Gas Inc. | 2024 | 2,000 | 2,000 | — | ||||||||||
Total committed credit facilities | 23,591 | 14,495 | 9,096 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
January 2022 | 5.00% | fixed-to-fixed subordinated notes due January 20821 | $750 | |||||||||||
February 2022 | Floating rate senior notes due February 20242 | US$600 | ||||||||||||
February 2022 | 2.15% | senior notes due February 2024 | US$400 | |||||||||||
February 2022 | 2.50% | senior notes due February 2025 | US$500 | |||||||||||
September 2022 | 7.38% | fixed-to-fixed subordinated notes due January 20833 | US$500 | |||||||||||
September 2022 | 7.63% | fixed-to-fixed subordinated notes due January 20834 | US$600 | |||||||||||
November 2022 | 5.70% | medium-term notes due November 2027 | $600 | |||||||||||
November 2022 | 6.10% | sustainability-linked medium-term notes due November 20325 | $900 | |||||||||||
November 2022 | 6.51% | medium-term notes due November 2052 | $500 | |||||||||||
Enbridge Gas Inc. | ||||||||||||||
August 2022 | 4.15% | medium-term notes due August 2032 | $325 | |||||||||||
August 2022 | 4.55% | medium-term notes due August 2052 | $325 | |||||||||||
Texas Eastern Transmission LP | ||||||||||||||
December 2022 | 6.20% | senior notes due December 2032 | US$600 |
Company | Repayment Date | Principal Amount | ||||||||||||
(millions of Canadian dollars, unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
February 2022 | Floating rate notes1 | US$750 | ||||||||||||
February 2022 | 4.85% | medium-term notes | $200 | |||||||||||
July 2022 | 2.90% | senior notes | US$700 | |||||||||||
December 2022 | 3.19% | medium-term notes | $350 | |||||||||||
December 2022 | 3.19% | medium-term notes | $450 | |||||||||||
Enbridge Gas Inc. | ||||||||||||||
April 2022 | 4.85% | medium-term notes | $125 | |||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | ||||||||||||||
June and December 2022 | 3.98% | senior notes | US$72 | |||||||||||
Enbridge Pipelines Inc. | ||||||||||||||
November 2022 | 2.93% | medium-term notes | $150 | |||||||||||
Enbridge Southern Lights LP | ||||||||||||||
June and December 2022 | 4.01% | senior notes | $18 | |||||||||||
Texas Eastern Transmission, LP | ||||||||||||||
October 2022 | 2.80% | senior notes | US$500 | |||||||||||
Westcoast Energy Inc. | ||||||||||||||
December 2022 | 3.12% | medium-term notes | $250 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Debentures and term notes | 2,910 | 2,806 | 2,873 | ||||||||
Commercial paper and credit facility draws | 388 | 114 | 163 | ||||||||
Amortization of fair value adjustment | (45) | (50) | (54) | ||||||||
Capitalized interest | (74) | (215) | (192) | ||||||||
3,179 | 2,655 | 2,790 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Obligations at beginning of year | 502 | 496 | ||||||
Liabilities incurred | 30 | — | ||||||
Liabilities settled | (126) | (67) | ||||||
Change in estimate and other | 51 | 70 | ||||||
Foreign currency translation adjustment | 24 | (3) | ||||||
Accretion expense | 7 | 6 | ||||||
Obligations at end of year | 488 | 502 | ||||||
Presented as follows: | ||||||||
Accounts payable and other | 83 | 160 | ||||||
Other long-term liabilities | 405 | 342 | ||||||
488 | 502 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Algonquin Gas Transmission, LLC | 400 | 377 | ||||||
Enbridge Athabasca Midstream Investor Limited Partnership1 | 1,106 | — | ||||||
Maritimes & Northeast Pipeline, L.L.C. | 582 | 546 | ||||||
Renewable energy assets | 1,302 | 1,503 | ||||||
Westcoast Energy Inc.2 | 117 | 116 | ||||||
Other | 4 | — | ||||||
3,511 | 2,542 |
2022 | 2021 | 2020 | ||||||||||||||||||
December 31, | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount | ||||||||||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||||||||||||||
Balance at beginning of year | 2,026 | 64,799 | 2,026 | 64,768 | 2,025 | 64,746 | ||||||||||||||
Shares issued on exercise of stock options | 2 | 53 | — | 31 | 1 | 22 | ||||||||||||||
Share purchases at stated value1 | (3) | (88) | — | — | — | — | ||||||||||||||
Other | — | (4) | — | — | — | — | ||||||||||||||
Balance at end of year | 2,025 | 64,760 | 2,026 | 64,799 | 2,026 | 64,768 |
2022 | 2021 | 2020 | ||||||||||||||||||
Number | Number | Number | ||||||||||||||||||
December 31, | of Shares | Amount | of Shares | Amount | of Shares | Amount | ||||||||||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||||||||||||||
Preference Shares, Series A | 5 | 125 | 5 | 125 | 5 | 125 | ||||||||||||||
Preference Shares, Series B | 20 | 500 | 18 | 457 | 18 | 457 | ||||||||||||||
Preference Shares, Series C1 | — | — | 2 | 43 | 2 | 43 | ||||||||||||||
Preference Shares, Series D | 18 | 450 | 18 | 450 | 18 | 450 | ||||||||||||||
Preference Shares, Series F | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Preference Shares, Series H | 14 | 350 | 14 | 350 | 14 | 350 | ||||||||||||||
Preference Shares, Series J2 | — | — | 8 | 199 | 8 | 199 | ||||||||||||||
Preference Shares, Series L | 16 | 411 | 16 | 411 | 16 | 411 | ||||||||||||||
Preference Shares, Series N | 18 | 450 | 18 | 450 | 18 | 450 | ||||||||||||||
Preference Shares, Series P | 16 | 400 | 16 | 400 | 16 | 400 | ||||||||||||||
Preference Shares, Series R | 16 | 400 | 16 | 400 | 16 | 400 | ||||||||||||||
Preference Shares, Series 1 | 16 | 411 | 16 | 411 | 16 | 411 | ||||||||||||||
Preference Shares, Series 3 | 24 | 600 | 24 | 600 | 24 | 600 | ||||||||||||||
Preference Shares, Series 5 | 8 | 206 | 8 | 206 | 8 | 206 | ||||||||||||||
Preference Shares, Series 7 | 10 | 250 | 10 | 250 | 10 | 250 | ||||||||||||||
Preference Shares, Series 9 | 11 | 275 | 11 | 275 | 11 | 275 | ||||||||||||||
Preference Shares, Series 11 | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Preference Shares, Series 13 | 14 | 350 | 14 | 350 | 14 | 350 | ||||||||||||||
Preference Shares, Series 15 | 11 | 275 | 11 | 275 | 11 | 275 | ||||||||||||||
Preference Shares, Series 173 | — | — | 30 | 750 | 30 | 750 | ||||||||||||||
Preference Shares, Series 19 | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Issuance costs | (135) | (155) | (155) | |||||||||||||||||
Balance at end of year | 6,818 | 7,747 | 7,747 |
Dividend Rate | Dividend1 | Per Share Base Redemption Value2 | Redemption and Conversion Option Date2,3 | Right to Convert Into3,4 | |||||||||||||
(Canadian dollars unless otherwise stated) | |||||||||||||||||
Preference Shares, Series A | 5.50 | % | $1.37500 | $25 | — | — | |||||||||||
Preference Shares, Series B5 | 5.20 | % | $1.30052 | $25 | June 1, 2027 | Series C | |||||||||||
Preference Shares, Series D | 4.46 | % | $1.11500 | $25 | March 1, 2023 | Series E | |||||||||||
Preference Shares, Series F | 4.69 | % | $1.17224 | $25 | June 1, 2023 | Series G | |||||||||||
Preference Shares, Series H | 4.38 | % | $1.09400 | $25 | September 1, 2023 | Series I | |||||||||||
Preference Shares, Series L6 | 5.86 | % | US$1.46448 | US$25 | September 1, 2027 | Series M | |||||||||||
Preference Shares, Series N | 5.09 | % | $1.27152 | $25 | December 1, 2023 | Series O | |||||||||||
Preference Shares, Series P | 4.38 | % | $1.09476 | $25 | March 1, 2024 | Series Q | |||||||||||
Preference Shares, Series R | 4.07 | % | $1.01825 | $25 | June 1, 2024 | Series S | |||||||||||
Preference Shares, Series 1 | 5.95 | % | US$1.48728 | US$25 | June 1, 2023 | Series 2 | |||||||||||
Preference Shares, Series 3 | 3.74 | % | $0.93425 | $25 | September 1, 2024 | Series 4 | |||||||||||
Preference Shares, Series 5 | 5.38 | % | US$1.34383 | US$25 | March 1, 2024 | Series 6 | |||||||||||
Preference Shares, Series 7 | 4.45 | % | $1.11224 | $25 | March 1, 2024 | Series 8 | |||||||||||
Preference Shares, Series 9 | 4.10 | % | $1.02424 | $25 | December 1, 2024 | Series 10 | |||||||||||
Preference Shares, Series 11 | 3.94 | % | $0.98452 | $25 | March 1, 2025 | Series 12 | |||||||||||
Preference Shares, Series 13 | 3.04 | % | $0.76076 | $25 | June 1, 2025 | Series 14 | |||||||||||
Preference Shares, Series 15 | 2.98 | % | $0.74576 | $25 | September 1, 2025 | Series 16 | |||||||||||
Preference Shares, Series 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 | |||||||||||
December 31, 2022 | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||||
(options in thousands; weighted average exercise price in Canadian dollars; intrinsic value in millions of Canadian dollars) | ||||||||||||||
Options outstanding at beginning of year | 34,017 | 49.28 | ||||||||||||
Options granted | 3,430 | 49.58 | ||||||||||||
Options exercised1 | (8,684) | 44.55 | ||||||||||||
Options cancelled or expired | (1,139) | 51.32 | ||||||||||||
Options outstanding at end of year | 27,624 | 48.46 | 5.7 | 133 | ||||||||||
Options vested at end of year2 | 17,631 | 49.20 | 4.4 | 84 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
Fair value per option (Canadian dollars)1 | 5.07 | 4.10 | 4.01 | ||||||||
Valuation assumptions | |||||||||||
Expected option term (years)2 | 6 | 6 | 6 | ||||||||
Expected volatility3 | 21.9 | % | 25.5 | % | 18.3 | % | |||||
Expected dividend yield4 | 6.5 | % | 7.6 | % | 5.9 | % | |||||
Risk-free interest rate5 | 1.8 | % | 0.7 | % | 1.3 | % |
Executive | Number of PSUs granted (#) | Grant value (as % of base salary) 1 | ||||||
Al Monaco | 124,500 | 390% | ||||||
Colin K. Gruending | 24,680 | 240% | ||||||
John K. Whelen | 30,140 | 240% | ||||||
William T. Yardley | 35,260 | 240% | ||||||
Vern D. Yu | 26,760 | 240% | ||||||
Robert R. Rooney | 23,410 | 210% |
Executive | Number of RSUs granted (#) | Grant value (as % of base salary) 1 | ||||||
Al Monaco | 41,500 | 130% | ||||||
Colin K. Gruending | 8,230 | 80% | ||||||
John K. Whelen | 10,050 | 80% | ||||||
William T. Yardley | 11,750 | 80% | ||||||
Vern D. Yu | 8,920 | 80% | ||||||
Robert R. Rooney | 7,800 | 70% |
December 31, 2022 | Number | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||
(units in thousands; intrinsic value in millions of Canadian dollars) | |||||||||||
Units outstanding at beginning of year | 3,429 | ||||||||||
Units granted | 1,467 | ||||||||||
Units cancelled | (131) | ||||||||||
Units matured1 | (1,700) | ||||||||||
Dividend reinvestment | 184 | ||||||||||
Units outstanding at end of year | 3,249 | 1.1 | 261 |
Executive | Number of ISOs granted (#) | Grant value (as % of base salary) 1 | ||||||
Al Monaco | 614,200 | 130 | % | |||||
Colin K. Gruending | 121,740 | 80 | % | |||||
John K. Whelen | 148,680 | 80 | % | |||||
William T. Yardley | 129,020 | 80 | % | |||||
Vern D. Yu | 132,010 | 80 | % | |||||
Robert R. Rooney | 115,510 | 70 | % |
Executive | PSUs granted (#) | + | Notionally reinvested dividends (#) | Total PSUs (#) | x | Performance multiplier | x | Final share price 1 2 ($) | = | Payout ($) | ||||||||||||||||||||||||||||||
Al Monaco | 103,590 | + | 22,849 | 126,439 | x | 1.82x | x | 42.26 | = | 9,724,864 | ||||||||||||||||||||||||||||||
Colin K. Gruending | 6,440 | + | 1,421 | 7,861 | x | 1.82x | x | 42.26 | = | 604,577 | ||||||||||||||||||||||||||||||
John K. Whelen | 27,125 | + | 5,983 | 33,108 | x | 1.82x | x | 42.26 | = | 2,546,456 | ||||||||||||||||||||||||||||||
William T. Yardley | 32,070 | + | 7,092 | 39,162 | x | 1.82x | x | 41.88 | = | 2,984,853 | ||||||||||||||||||||||||||||||
Vern D. Yu | 16,440 | + | 3,626 | 20,066 | x | 1.82x | x | 42.26 | = | 1,543,361 | ||||||||||||||||||||||||||||||
Robert R. Rooney | 20,090 | + | 4,431 | 24,521 | x | 1.82x | x | 42.26 | = | 1,886,017 |
Executive | Total phantom stock units (#) | x | Final share price 1 2 ($) | = | Payout ($) 2 3 | |||||||||||||||
William T. Yardley | 17,908 | x | 53.76 | = | 962,820 |
Executive | RSUs granted (#) | + | Notionally reinvested dividends (#) | Total RSUs (#) | x | Final share price 1 ($) | = | Payout ($) | ||||||||
Colin K. Gruending | 4,960 | + | 998 | 5,958 | x | 38.25 | = | 227,877 |
Executive | RSUs granted (#) | + | Notionally reinvested dividends (#) | Total RSUs (#) | x | Final share price 1 2 ($) | = | Payout 2 ($) | ||||||||||||||||||||||||
William T. Yardley | 8,084 | + | 522 | 8,606 | x | 37.61 | = | 323,675 |
December 31, 2022 | Number | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | ||||||||
(units in thousands; intrinsic value in millions of Canadian dollars) | |||||||||||
Units outstanding at beginning of year | 2,705 | ||||||||||
Units granted | 1,400 | ||||||||||
Units cancelled | (134) | ||||||||||
Units matured1 | (602) | ||||||||||
Dividend reinvestment | 196 | ||||||||||
Units outstanding at end of year | 3,565 | 1.0 | 185 |
Cash Flow Hedges | Excluded Components of Fair Value Hedges | Net Investment Hedges | Cumulative Translation Adjustment | Equity Investees | Pension and OPEB Adjustment | Total | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Balance as at January 1, 2022 | (897) | — | (166) | 56 | (5) | (84) | (1,096) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI | 1,125 | (35) | (971) | 4,292 | (6) | 411 | 4,816 | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 186 | — | — | — | — | — | 186 | ||||||||||||||||
Foreign exchange contracts2 | (4) | — | — | — | — | — | (4) | ||||||||||||||||
Other contracts3 | 4 | — | — | — | — | — | 4 | ||||||||||||||||
Amortization of pension and OPEB actuarial gain4 | — | — | — | — | — | (14) | (14) | ||||||||||||||||
Other | — | — | — | — | 16 | — | 16 | ||||||||||||||||
1,311 | (35) | (971) | 4,292 | 10 | 397 | 5,004 | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | (250) | — | — | — | — | (99) | (349) | ||||||||||||||||
Income tax on amounts reclassified to earnings | (43) | — | — | — | — | 4 | (39) | ||||||||||||||||
(293) | — | — | — | — | (95) | (388) | |||||||||||||||||
Balance as at December 31, 2022 | 121 | (35) | (1,137) | 4,348 | 5 | 218 | 3,520 |
Cash Flow Hedges | Excluded Components of Fair Value Hedges | Net Investment Hedges | Cumulative Translation Adjustment | Equity Investees | Pension and OPEB Adjustment | Total | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Balance as at January 1, 2021 | (1,326) | 5 | (215) | 568 | 66 | (499) | (1,401) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI | 238 | (5) | 49 | (492) | (12) | 520 | 298 | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 296 | — | — | — | — | — | 296 | ||||||||||||||||
Commodity contracts5 | 1 | — | — | — | — | — | 1 | ||||||||||||||||
Foreign exchange contracts2 | 5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts3 | 2 | — | — | — | — | — | 2 | ||||||||||||||||
Equity investment disposal | — | — | — | — | (66) | — | (66) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs4 | — | — | — | — | — | 28 | 28 | ||||||||||||||||
Other | 17 | — | — | (20) | 3 | — | — | ||||||||||||||||
559 | (5) | 49 | (512) | (75) | 548 | 564 | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | (61) | — | — | — | — | (126) | (187) | ||||||||||||||||
Income tax on amounts reclassified to earnings | (69) | — | — | — | 4 | (7) | (72) | ||||||||||||||||
(130) | — | — | — | 4 | (133) | (259) | |||||||||||||||||
Balance as at December 31, 2021 | (897) | — | (166) | 56 | (5) | (84) | (1,096) |
Cash Flow Hedges | Excluded Components of Fair Value Hedges | Net Investment Hedges | Cumulative Translation Adjustment | Equity Investees | Pension and OPEB Adjustment | Total | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Balance as at January 1, 2020 | (1,073) | — | (317) | 1,396 | 67 | (345) | (272) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI | (591) | 5 | 115 | (828) | (2) | (221) | (1,522) | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 253 | — | — | — | — | — | 253 | ||||||||||||||||
Foreign exchange contracts2 | 5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts3 | (2) | — | — | — | — | — | (2) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs4 | — | — | — | — | — | 17 | 17 | ||||||||||||||||
(335) | 5 | 115 | (828) | (2) | (204) | (1,249) | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | 140 | — | (13) | — | 1 | 54 | 182 | ||||||||||||||||
Income tax on amounts reclassified to earnings | (58) | — | — | — | — | (4) | (62) | ||||||||||||||||
82 | — | (13) | — | 1 | 50 | 120 | |||||||||||||||||
Balance as at December 31, 2020 | (1,326) | 5 | (215) | 568 | 66 | (499) | (1,401) |
December 31, 2022 | Derivative Instruments Used as Cash Flow Hedges | Derivative Instruments Used as Fair Value Hedges | Non- Qualifying Derivative Instruments | Total Gross Derivative Instruments as Presented | Amounts Available for Offset | Total Net Derivative Instruments | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Accounts receivable and other | |||||||||||||||||||||||
Foreign exchange contracts | — | — | 46 | 46 | (41) | 5 | |||||||||||||||||
Interest rate contracts | 649 | — | 11 | 660 | — | 660 | |||||||||||||||||
Commodity contracts | — | — | 302 | 302 | (182) | 120 | |||||||||||||||||
Other contracts | — | — | 7 | 7 | — | 7 | |||||||||||||||||
649 | — | 366 | 1,015 | (223) | 792 | ||||||||||||||||||
Deferred amounts and other assets | |||||||||||||||||||||||
Foreign exchange contracts | — | 156 | 153 | 309 | (138) | 171 | |||||||||||||||||
Interest rate contracts | 254 | — | — | 254 | — | 254 | |||||||||||||||||
Commodity contracts | — | — | 61 | 61 | (25) | 36 | |||||||||||||||||
Other contracts | 1 | — | 2 | 3 | — | 3 | |||||||||||||||||
255 | 156 | 216 | 627 | (163) | 464 | ||||||||||||||||||
Accounts payable and other | |||||||||||||||||||||||
Foreign exchange contracts | — | (42) | (524) | (566) | 41 | (525) | |||||||||||||||||
Commodity contracts | (48) | — | (284) | (332) | 182 | (150) | |||||||||||||||||
(48) | (42) | (808) | (898) | 223 | (675) | ||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Foreign exchange contracts | — | — | (1,116) | (1,116) | 138 | (978) | |||||||||||||||||
Interest rate contracts | (3) | — | (1) | (4) | — | (4) | |||||||||||||||||
Commodity contracts | (37) | — | (133) | (170) | 25 | (145) | |||||||||||||||||
(40) | — | (1,250) | (1,290) | 163 | (1,127) | ||||||||||||||||||
Total net derivative asset/(liability) | |||||||||||||||||||||||
Foreign exchange contracts | — | 114 | (1,441) | (1,327) | — | (1,327) | |||||||||||||||||
Interest rate contracts | 900 | — | 10 | 910 | — | 910 | |||||||||||||||||
Commodity contracts | (85) | — | (54) | (139) | — | (139) | |||||||||||||||||
Other contracts | 1 | — | 9 | 10 | — | 10 | |||||||||||||||||
816 | 114 | (1,476) | (546) | — | (546) |
December 31, 2021 | Derivative Instruments Used as Cash Flow Hedges | Derivative Instruments Used as Fair Value Hedges | Non- Qualifying Derivative Instruments | Total Gross Derivative Instruments as Presented | Amounts Available for Offset | Total Net Derivative Instruments | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Accounts receivable and other | |||||||||||||||||||||||
Foreign exchange contracts | — | — | 259 | 259 | (41) | 218 | |||||||||||||||||
Interest rate contracts | 64 | — | — | 64 | — | 64 | |||||||||||||||||
Commodity contracts | — | — | 204 | 204 | (129) | 75 | |||||||||||||||||
Other contracts | — | — | 2 | 2 | — | 2 | |||||||||||||||||
64 | — | 465 | 529 | (170) | 359 | ||||||||||||||||||
Deferred amounts and other assets | |||||||||||||||||||||||
Foreign exchange contracts | — | — | 240 | 240 | (61) | 179 | |||||||||||||||||
Interest rate contracts | 88 | — | — | 88 | (1) | 87 | |||||||||||||||||
Commodity contracts | — | — | 29 | 29 | (13) | 16 | |||||||||||||||||
Other contracts | — | — | 3 | 3 | — | 3 | |||||||||||||||||
88 | — | 272 | 360 | (75) | 285 | ||||||||||||||||||
Accounts payable and other | |||||||||||||||||||||||
Foreign exchange contracts | (15) | (112) | (176) | (303) | 41 | (262) | |||||||||||||||||
Interest rate contracts | (150) | — | — | (150) | — | (150) | |||||||||||||||||
Commodity contracts | (14) | — | (250) | (264) | 129 | (135) | |||||||||||||||||
(179) | (112) | (426) | (717) | 170 | (547) | ||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Foreign exchange contracts | — | — | (423) | (423) | 61 | (362) | |||||||||||||||||
Interest rate contracts | (1) | — | (23) | (24) | 1 | (23) | |||||||||||||||||
Commodity contracts | (17) | — | (67) | (84) | 13 | (71) | |||||||||||||||||
(18) | — | (513) | (531) | 75 | (456) | ||||||||||||||||||
Total net derivative asset/(liability) | |||||||||||||||||||||||
Foreign exchange contracts | (15) | (112) | (100) | (227) | — | (227) | |||||||||||||||||
Interest rate contracts | 1 | — | (23) | (22) | — | (22) | |||||||||||||||||
Commodity contracts | (31) | — | (84) | (115) | — | (115) | |||||||||||||||||
Other contracts | — | — | 5 | 5 | — | 5 | |||||||||||||||||
(45) | (112) | (202) | (359) | — | (359) |
2022 | 2021 | ||||||||||||||||||||||||||||||||||
As at December 31, | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Total | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) | 655 | 1,000 | 500 | — | — | — | 2,155 | 2,508 | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) | 8,297 | 6,386 | 4,613 | 4,121 | 2,837 | 1,356 | 27,610 | 25,427 | |||||||||||||||||||||||||||
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) | 29 | 30 | 30 | 28 | 32 | — | 149 | 177 | |||||||||||||||||||||||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro) | 92 | 91 | 86 | 85 | 81 | 262 | 697 | 801 | |||||||||||||||||||||||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) | — | — | 84,800 | — | — | — | 84,800 | 72,500 | |||||||||||||||||||||||||||
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) | 8,698 | 538 | 30 | 26 | 25 | 39 | 9,356 | 597 | |||||||||||||||||||||||||||
Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars) | 5,496 | 1,766 | 589 | — | — | — | 7,851 | 5,279 | |||||||||||||||||||||||||||
Equity contracts (millions of Canadian dollars) | 37 | 31 | 12 | — | — | — | 80 | 67 | |||||||||||||||||||||||||||
Commodity contracts - natural gas (billions of cubic feet) | 52 | 25 | 15 | 1 | — | — | 93 | 199 | |||||||||||||||||||||||||||
Commodity contracts - crude oil (millions of barrels) | 16 | — | — | — | — | — | 16 | 12 | |||||||||||||||||||||||||||
Commodity contracts - power (megawatt per hour (MW/H)) | 26 | (25) | (44) | — | — | — | (14) | 1 | (43) | 1 |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Unrealized gain on derivative | 262 | 8 | ||||||
Unrealized loss on hedged item | (254) | (15) | ||||||
Realized loss on derivative | (110) | (41) | ||||||
Realized gain on hedged item | 85 | 45 |
2022 | 2021 | 2020 | |||||||||
(millions of Canadian dollars) | |||||||||||
Amount of unrealized gain/(loss) recognized in OCI | |||||||||||
Cash flow hedges | |||||||||||
Foreign exchange contracts | 3 | (29) | (1) | ||||||||
Interest rate contracts | 1,151 | 252 | (595) | ||||||||
Commodity contracts | (53) | (28) | 2 | ||||||||
Other contracts | (4) | 1 | (3) | ||||||||
Fair value hedges | |||||||||||
Foreign exchange contracts | (35) | (5) | 5 | ||||||||
Net investment hedges | |||||||||||
Foreign exchange contracts | — | — | 13 | ||||||||
1,062 | 191 | (579) | |||||||||
Amount of (gain)/loss reclassified from AOCI to earnings | |||||||||||
Foreign exchange contracts1 | 13 | 5 | 5 | ||||||||
Interest rate contracts2 | 186 | 296 | 253 | ||||||||
Commodity contracts3 | — | 1 | — | ||||||||
Other contracts3 | 4 | 2 | (2) | ||||||||
203 | 304 | 256 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Foreign exchange contracts1 | (1,344) | 92 | 902 | ||||||||
Interest rate contracts2 | 10 | 2 | (25) | ||||||||
Commodity contracts3 | 50 | 71 | (114) | ||||||||
Other contracts4 | 4 | 8 | (7) | ||||||||
Total unrealized derivative fair value gain/(loss), net | (1,280) | 173 | 756 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Canadian financial institutions | 644 | 424 | ||||||
US financial institutions | 277 | 130 | ||||||
European financial institutions | 334 | 181 | ||||||
Asian financial institutions | 224 | 30 | ||||||
Other1 | 105 | 122 | ||||||
1,584 | 887 |
December 31, 2022 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets | ||||||||||||||
Foreign exchange contracts | — | 46 | — | 46 | ||||||||||
Interest rate contracts | — | 660 | — | 660 | ||||||||||
Commodity contracts | 65 | 90 | 147 | 302 | ||||||||||
Other contracts | — | 7 | — | 7 | ||||||||||
65 | 803 | 147 | 1,015 | |||||||||||
Long-term derivative assets | ||||||||||||||
Foreign exchange contracts | — | 309 | — | 309 | ||||||||||
Interest rate contracts | — | 254 | — | 254 | ||||||||||
Commodity contracts | — | 17 | 44 | 61 | ||||||||||
Other contracts | — | 3 | — | 3 | ||||||||||
— | 583 | 44 | 627 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (566) | — | (566) | ||||||||||
Commodity contracts | (60) | (77) | (195) | (332) | ||||||||||
(60) | (643) | (195) | (898) | |||||||||||
Long-term derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (1,116) | — | (1,116) | ||||||||||
Interest rate contracts | — | (4) | — | (4) | ||||||||||
Commodity contracts | — | (38) | (132) | (170) | ||||||||||
— | (1,158) | (132) | (1,290) | |||||||||||
Total net financial asset/(liability) | ||||||||||||||
Foreign exchange contracts | — | (1,327) | — | (1,327) | ||||||||||
Interest rate contracts | — | 910 | — | 910 | ||||||||||
Commodity contracts | 5 | (8) | (136) | (139) | ||||||||||
Other contracts | — | 10 | — | 10 | ||||||||||
5 | (415) | (136) | (546) |
December 31, 2021 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets | ||||||||||||||
Foreign exchange contracts | — | 259 | — | 259 | ||||||||||
Interest rate contracts | — | 64 | — | 64 | ||||||||||
Commodity contracts | 38 | 71 | 95 | 204 | ||||||||||
Other contracts | — | 2 | — | 2 | ||||||||||
38 | 396 | 95 | 529 | |||||||||||
Long-term derivative assets | ||||||||||||||
Foreign exchange contracts | — | 240 | — | 240 | ||||||||||
Interest rate contracts | — | 88 | — | 88 | ||||||||||
Commodity contracts | — | 21 | 8 | 29 | ||||||||||
Other contracts | — | 3 | — | 3 | ||||||||||
— | 352 | 8 | 360 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (303) | — | (303) | ||||||||||
Interest rate contracts | — | (150) | — | (150) | ||||||||||
Commodity contracts | (52) | (66) | (146) | (264) | ||||||||||
(52) | (519) | (146) | (717) | |||||||||||
Long-term derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (423) | — | (423) | ||||||||||
Interest rate contracts | — | (24) | — | (24) | ||||||||||
Commodity contracts | — | (19) | (65) | (84) | ||||||||||
— | (466) | (65) | (531) | |||||||||||
Total net financial asset/(liability) | ||||||||||||||
Foreign exchange contracts | — | (227) | — | (227) | ||||||||||
Interest rate contracts | — | (22) | — | (22) | ||||||||||
Commodity contracts | (14) | 7 | (108) | (115) | ||||||||||
Other contracts | — | 5 | — | 5 | ||||||||||
(14) | (237) | (108) | (359) |
December 31, 2022 | Fair Value | Unobservable Input | Minimum Price | Maximum Price | Weighted Average Price | Unit of Measurement | ||||||||||||||
(fair value in millions of Canadian dollars) | ||||||||||||||||||||
Commodity contracts - financial1 | ||||||||||||||||||||
Natural gas | (35) | Forward gas price | 4.57 | 34.56 | 6.25 | $/mmbtu2 | ||||||||||||||
Crude | (4) | Forward crude price | 71.10 | 105.22 | 83.26 | $/barrel | ||||||||||||||
Power | (71) | Forward power price | 36.63 | 364.00 | 103.30 | $/MW/H | ||||||||||||||
Commodity contracts - physical1 | ||||||||||||||||||||
Natural gas | (41) | Forward gas price | 1.67 | 33.89 | 6.00 | $/mmbtu2 | ||||||||||||||
Crude | (2) | Forward crude price | 64.43 | 116.60 | 86.25 | $/barrel | ||||||||||||||
Power | 17 | Forward power price | 30.49 | 183.88 | 72.48 | $/MW/H | ||||||||||||||
(136) |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Level 3 net derivative liability at beginning of period | (108) | (191) | ||||||
Total gain/(loss) | ||||||||
Included in earnings1 | 6 | (39) | ||||||
Included in OCI | (54) | (29) | ||||||
Settlements | 20 | 151 | ||||||
Level 3 net derivative liability at end of period | (136) | (108) |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | 4,542 | 7,729 | 4,190 | ||||||||
Canadian federal statutory income tax rate | 15 | % | 15 | % | 15 | % | |||||
Expected federal taxes at statutory rate | 681 | 1,159 | 629 | ||||||||
Increase/(decrease) resulting from: | |||||||||||
Provincial and state income taxes1 | 108 | 228 | 288 | ||||||||
Foreign and other statutory rate differentials2 | 295 | 134 | (53) | ||||||||
Effects of rate-regulated accounting3 | (122) | (139) | (145) | ||||||||
Foreign allowable interest deductions | — | — | (4) | ||||||||
Part VI.1 tax, net of federal Part I deduction4 | 76 | 73 | 76 | ||||||||
US Minimum Tax5 | 107 | — | 44 | ||||||||
Non-taxable portion of gain on sale of investment6 | — | (23) | — | ||||||||
Valuation allowance | 6 | 5 | (6) | ||||||||
Accounting impairment of non-deductible goodwill7 | 370 | — | — | ||||||||
Noncontrolling interests8 | 9 | (17) | (8) | ||||||||
Other9 | 74 | (5) | (47) | ||||||||
Income tax expense | 1,604 | 1,415 | 774 | ||||||||
Effective income tax rate | 35.3 | % | 18.3 | % | 18.5 | % |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | |||||||||||
Canada | 583 | 3,399 | 2,789 | ||||||||
US | 2,865 | 3,336 | 407 | ||||||||
Other | 1,094 | 994 | 994 | ||||||||
4,542 | 7,729 | 4,190 | |||||||||
Current income taxes | |||||||||||
Canada | 360 | 162 | 165 | ||||||||
US | 201 | 80 | 64 | ||||||||
Other | 86 | 82 | 98 | ||||||||
647 | 324 | 327 | |||||||||
Deferred income taxes | |||||||||||
Canada | (358) | 344 | 378 | ||||||||
US | 1,309 | 741 | 66 | ||||||||
Other | 6 | 6 | 3 | ||||||||
957 | 1,091 | 447 | |||||||||
Income tax expense | 1,604 | 1,415 | 774 |
December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Deferred income tax liabilities | ||||||||
Property, plant and equipment | (9,096) | (8,721) | ||||||
Investments | (7,099) | (6,097) | ||||||
Regulatory assets | (1,291) | (1,245) | ||||||
Pension and OPEB plans | (30) | — | ||||||
Other | (46) | (208) | ||||||
Total deferred income tax liabilities | (17,562) | (16,271) | ||||||
Deferred income tax assets | ||||||||
Financial instruments | 456 | 315 | ||||||
Pension and OPEB plans | — | 110 | ||||||
Loss carryforwards | 2,259 | 3,081 | ||||||
Other | 1,753 | 1,648 | ||||||
Total deferred income tax assets | 4,468 | 5,154 | ||||||
Less valuation allowance | (215) | (84) | ||||||
Total deferred income tax assets, net | 4,253 | 5,070 | ||||||
Net deferred income tax liabilities | (13,309) | (11,201) | ||||||
Presented as follows: | ||||||||
Total deferred income tax assets | 472 | 488 | ||||||
Total deferred income tax liabilities | (13,781) | (11,689) | ||||||
Net deferred income tax liabilities | (13,309) | (11,201) |
Year ended December 31, | 2022 | 2021 | ||||||
(millions of Canadian dollars) | ||||||||
Unrecognized tax benefits at beginning of year | 76 | 121 | ||||||
Gross increases for tax positions of current year | — | 1 | ||||||
Gross decreases for tax positions of prior year | (17) | (26) | ||||||
Change in translation of foreign currency | 1 | (1) | ||||||
Lapses of statute of limitations | (5) | (19) | ||||||
Unrecognized tax benefits at end of year | 55 | 76 |
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Executive 8 | Credited service (years) | Annual benefits payable | Accrued obligation at Jan 1, 2020 ($) | Compensatory change 1 ($) | Non- compensatory change 2 ($) | Accrued obligation at Dec 31, 2020 ($) | ||||||||||||||||||||||
At year end ($) | At age 65 ($) | |||||||||||||||||||||||||||
A | B | C | A+B+C | |||||||||||||||||||||||||
Al Monaco 3 | 22.08 | 1,463,000 | 1,625,000 | 26,182,000 | 1,462,000 | 2,333,000 | 29,977,000 | |||||||||||||||||||||
Colin K. Gruending 4 | 17.25 | 232,000 | 530,000 | 4,681,000 | 1,017,000 | 675,000 | 6,373,000 | |||||||||||||||||||||
John K. Whelen 5 | 23.03 | 447,000 | 447,000 | 8,039,000 | 525,000 | 1,438,000 | 10,002,000 | |||||||||||||||||||||
William T. Yardley 6 7 | 20.13 | 201,000 | 363,000 | 2,778,000 | 396,000 | 289,000 | 3,463,000 | |||||||||||||||||||||
Vern D. Yu | 19.75 | 343,000 | 525,000 | 6,368,000 | 1,177,000 | 877,000 | 8,422,000 | |||||||||||||||||||||
Robert R. Rooney | 3.92 | 67,000 | 86,000 | 895,000 | 349,000 | 136,000 | 1,380,000 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | 4,600 | 4,855 | 1,184 | 1,243 | |||||||||||||
Service cost | 131 | 139 | 43 | 44 | |||||||||||||
Interest cost | 127 | 101 | 24 | 17 | |||||||||||||
Participant contributions | 29 | 28 | — | — | |||||||||||||
Actuarial gain1 | (1,069) | (329) | (201) | (21) | |||||||||||||
Benefits paid | (187) | (194) | (94) | (84) | |||||||||||||
Foreign currency exchange rate changes | — | — | 77 | (11) | |||||||||||||
Other | (1) | — | (4) | (4) | |||||||||||||
Projected benefit obligation at end of year2 | 3,630 | 4,600 | 1,029 | 1,184 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | 4,536 | 4,077 | 1,160 | 1,062 | |||||||||||||
Actual return/(loss) on plan assets | (235) | 505 | (64) | 151 | |||||||||||||
Employer contributions3 | 91 | 120 | 4 | 43 | |||||||||||||
Participant contributions | 29 | 28 | — | — | |||||||||||||
Benefits paid | (187) | (194) | (94) | (84) | |||||||||||||
Foreign currency exchange rate changes | — | — | 78 | (8) | |||||||||||||
Other | — | — | (4) | (4) | |||||||||||||
Fair value of plan assets at end of year4 | 4,234 | 4,536 | 1,080 | 1,160 | |||||||||||||
Overfunded/(underfunded) status at end of year | 604 | (64) | 51 | (24) | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | 764 | 250 | 141 | 98 | |||||||||||||
Accounts payable and other | (9) | (9) | (5) | (4) | |||||||||||||
Other long-term liabilities | (151) | (305) | (85) | (118) | |||||||||||||
604 | (64) | 51 | (24) |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Accumulated benefit obligation | 360 | 440 | 89 | 115 | |||||||||||||
Fair value of plan assets | 218 | 247 | — | — |
Canada | US | ||||||||||||||||
December 31, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Projected benefit obligation | 377 | 1,272 | 90 | 121 | |||||||||||||
Fair value of plan assets | 218 | 1,020 | — | — |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial (gain)/loss | (64) | 226 | 40 | 92 | |||||||||||||
Prior service (credit)/cost | — | — | 1 | (1) | |||||||||||||
Total amount recognized in AOCI1 | (64) | 226 | 41 | 91 |
Canada | US | |||||||||||||||||||||||||
Year ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||||||||
Service cost | 131 | 139 | 148 | 43 | 44 | 44 | ||||||||||||||||||||
Interest cost1 | 127 | 101 | 128 | 24 | 17 | 31 | ||||||||||||||||||||
Expected return on plan assets1 | (295) | (252) | (260) | (85) | (73) | (88) | ||||||||||||||||||||
Amortization/settlement of net actuarial loss1 | 8 | 54 | 42 | — | 11 | 1 | ||||||||||||||||||||
Amortization/curtailment of prior service credit1 | — | — | — | (2) | — | (1) | ||||||||||||||||||||
Net periodic benefit (credit)/cost | (29) | 42 | 58 | (20) | (1) | (13) | ||||||||||||||||||||
Defined contribution benefit cost | 10 | 7 | 6 | — | — | — | ||||||||||||||||||||
Net pension (credit)/cost recognized in Earnings | (19) | 49 | 64 | (20) | (1) | (13) | ||||||||||||||||||||
Amount recognized in OCI: | ||||||||||||||||||||||||||
Amortization/settlement of net actuarial loss | (2) | (25) | (21) | — | (11) | (1) | ||||||||||||||||||||
Amortization/curtailment of prior service credit | — | — | — | 2 | — | 1 | ||||||||||||||||||||
Net actuarial (gain)/loss arising during the year | (288) | (291) | 118 | (52) | (99) | 100 | ||||||||||||||||||||
Total amount recognized in OCI | (290) | (316) | 97 | (50) | (110) | 100 | ||||||||||||||||||||
Total amount recognized in Comprehensive income | (309) | (267) | 161 | (70) | (111) | 87 |
Canada | US | ||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||
Projected benefit obligation | |||||||||||||||||||||||
Discount rate | 5.1 | % | 3.2 | % | 2.6 | % | 4.9 | % | 2.6 | % | 2.2 | % | |||||||||||
Rate of salary increase | 2.9 | % | 2.9 | % | 2.3 | % | 2.8 | % | 2.8 | % | 2.7 | % | |||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | 4.3 | % | 4.3 | % | 4.3 | % | ||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.2 | % | 2.6 | % | 3.0 | % | 2.6 | % | 2.2 | % | 3.0 | % | |||||||||||
Rate of return on plan assets | 6.6 | % | 6.2 | % | 6.8 | % | 7.4 | % | 7.3 | % | 7.9 | % | |||||||||||
Rate of salary increase | 2.9 | % | 2.3 | % | 3.2 | % | 2.8 | % | 2.7 | % | 2.9 | % | |||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | 4.3 | % | 4.3 | % | 4.5 | % |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in accumulated postretirement benefit obligation | |||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year | 274 | 321 | 173 | 254 | |||||||||||||
Service cost | 4 | 6 | 1 | 1 | |||||||||||||
Interest cost | 7 | 7 | 3 | 3 | |||||||||||||
Participant contributions | — | — | 6 | 8 | |||||||||||||
Actuarial gain1 | (66) | (51) | (37) | (69) | |||||||||||||
Benefits paid | (8) | (9) | (21) | (22) | |||||||||||||
Foreign currency exchange rate changes | — | — | 11 | (3) | |||||||||||||
Other | — | — | — | 1 | |||||||||||||
Accumulated postretirement benefit obligation at end of year | 211 | 274 | 136 | 173 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | — | — | 201 | 188 | |||||||||||||
Actual return/(loss) on plan assets | — | — | (21) | 22 | |||||||||||||
Employer contributions | 8 | 9 | 7 | 6 | |||||||||||||
Participant contributions | — | — | 6 | 8 | |||||||||||||
Benefits paid | (8) | (9) | (21) | (22) | |||||||||||||
Foreign currency exchange rate changes | — | — | 13 | (3) | |||||||||||||
Other | — | — | — | 2 | |||||||||||||
Fair value of plan assets at end of year | — | — | 185 | 201 | |||||||||||||
Overfunded/(underfunded) status at end of year | (211) | (274) | 49 | 28 | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | — | — | 75 | 71 | |||||||||||||
Accounts payable and other | (12) | (12) | — | — | |||||||||||||
Other long-term liabilities | (199) | (262) | (26) | (43) | |||||||||||||
(211) | (274) | 49 | 28 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Accumulated benefit obligation | 211 | 274 | 76 | 94 | |||||||||||||
Fair value of plan assets | — | — | 50 | 51 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial gain | (101) | (35) | (102) | (104) | |||||||||||||
Prior service credit | (1) | (1) | (30) | (37) | |||||||||||||
Total amount recognized in AOCI1 | (102) | (36) | (132) | (141) |
Canada | US | ||||||||||||||||||||||
Year ended December 31, | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Service cost | 4 | 6 | 5 | 1 | 1 | 2 | |||||||||||||||||
Interest cost1 | 7 | 7 | 8 | 3 | 3 | 7 | |||||||||||||||||
Expected return on plan assets1 | — | — | — | (12) | (10) | (12) | |||||||||||||||||
Amortization/settlement of net actuarial gain1 | (1) | — | (1) | (6) | (1) | (1) | |||||||||||||||||
Amortization/curtailment of prior service credit1 | — | — | — | (7) | (7) | (2) | |||||||||||||||||
Net periodic benefit (credit)/cost recognized in Earnings | 10 | 13 | 12 | (21) | (14) | (6) | |||||||||||||||||
Amount recognized in OCI: | |||||||||||||||||||||||
Amortization/settlement of net actuarial gain | 1 | — | 1 | 6 | 1 | 1 | |||||||||||||||||
Amortization/curtailment of prior service credit | — | — | — | 7 | 7 | 2 | |||||||||||||||||
Net actuarial (gain)/loss arising during the year | (67) | (50) | 21 | (4) | (80) | 15 | |||||||||||||||||
Prior service credit | — | — | — | — | — | (33) | |||||||||||||||||
Total amount recognized in OCI | (66) | (50) | 22 | 9 | (72) | (15) | |||||||||||||||||
Total amount recognized in Comprehensive income | (56) | (37) | 34 | (12) | (86) | (21) |
Canada | US | ||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||
Accumulated postretirement benefit obligation | |||||||||||||||||||||||
Discount rate | 5.3 | % | 3.2 | % | 2.6 | % | 4.9 | % | 2.4 | % | 2.0 | % | |||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.2 | % | 2.6 | % | 3.1 | % | 2.4 | % | 2.0 | % | 2.8 | % | |||||||||||
Rate of return on plan assets | N/A | N/A | N/A | 6.0 | % | 6.0 | % | 6.7 | % |
Canada | US1 | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Health care cost trend rate assumed for next year | 4.0 | % | 4.0 | % | 4.7 | % | 7.0 | % | |||||||||
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4.0 | % | 4.0 | % | 3.3 | % | 4.5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2021 - 2045 | 2037 |
Canada | US | ||||||||||||||||||||||
Target | December 31, | Target | December 31, | ||||||||||||||||||||
Asset Category | Allocation | 2022 | 2021 | Allocation | 2022 | 2021 | |||||||||||||||||
Equity securities | 43.8 | % | 38.2 | % | 46.7 | % | 45.0 | % | 38.3 | % | 52.5 | % | |||||||||||
Fixed income securities | 28.4 | % | 31.7 | % | 29.8 | % | 20.0 | % | 20.5 | % | 18.4 | % | |||||||||||
Alternatives1 | 27.8 | % | 30.1 | % | 23.5 | % | 35.0 | % | 41.2 | % | 29.1 | % |
Canada | US | ||||||||||||||||||||||||||||
Level 11 | Level 22 | Level 33 | Total | Level 11 | Level 22 | Level 33 | Total | ||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 272 | — | — | 272 | 13 | — | — | 13 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | — | 355 | — | 355 | — | — | — | — | |||||||||||||||||||||
Global | — | 1,263 | — | 1,263 | — | 414 | — | 414 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 201 | 435 | — | 636 | — | 87 | — | 87 | |||||||||||||||||||||
Corporate | — | 433 | — | 433 | — | 121 | — | 121 | |||||||||||||||||||||
Alternatives4 | — | — | 1,291 | 1,291 | — | — | 445 | 445 | |||||||||||||||||||||
Forward currency contracts | — | (16) | — | (16) | — | — | — | — | |||||||||||||||||||||
Total pension plan assets at fair value | 473 | 2,470 | 1,291 | 4,234 | 13 | 622 | 445 | 1,080 | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 180 | — | — | 180 | 10 | — | — | 10 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | 198 | 228 | — | 426 | — | — | — | — | |||||||||||||||||||||
US | 1 | — | — | 1 | — | — | — | — | |||||||||||||||||||||
Global | — | 1,693 | — | 1,693 | — | 609 | — | 609 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 258 | 459 | — | 717 | — | 86 | — | 86 | |||||||||||||||||||||
Corporate | — | 453 | — | 453 | — | 118 | — | 118 | |||||||||||||||||||||
Alternatives4 | — | — | 1,064 | 1,064 | — | — | 337 | 337 | |||||||||||||||||||||
Forward currency contracts | — | 2 | — | 2 | — | — | — | — | |||||||||||||||||||||
Total pension plan assets at fair value | 637 | 2,835 | 1,064 | 4,536 | 10 | 813 | 337 | 1,160 |
Canada | US | ||||||||||||||||
December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | 1,064 | 912 | 337 | 289 | |||||||||||||
Unrealized and realized gains | 155 | 77 | 78 | 38 | |||||||||||||
Purchases and settlements, net | 72 | 75 | 30 | 10 | |||||||||||||
Balance at end of year | 1,291 | 1,064 | 445 | 337 |
Level 11 | Level 22 | Level 33 | Total | ||||||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 2 | — | — | 2 | |||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
US | — | 34 | — | 34 | |||||||||||||||||||||||||
Global | — | 62 | — | 62 | |||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 46 | 5 | — | 51 | |||||||||||||||||||||||||
Corporate | — | 8 | — | 8 | |||||||||||||||||||||||||
Alternatives4 | — | — | 28 | 28 | |||||||||||||||||||||||||
Total OPEB plan assets at fair value | 48 | 109 | 28 | 185 | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 4 | — | — | 4 | |||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
US | — | 39 | — | 39 | |||||||||||||||||||||||||
Global | — | 75 | — | 75 | |||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 47 | 6 | — | 53 | |||||||||||||||||||||||||
Corporate | — | 8 | — | 8 | |||||||||||||||||||||||||
Alternatives4 | — | — | 22 | 22 | |||||||||||||||||||||||||
Total OPEB plan assets at fair value | 51 | 128 | 22 | 201 |
December 31, | 2022 | 2021 | |||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | 22 | 22 | |||||||||||||||
Unrealized and realized gains | 4 | 2 | |||||||||||||||
Purchases and settlements, net | 2 | (2) | |||||||||||||||
Balance at end of year | 28 | 22 |
Year ending December 31, | 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Pension | ||||||||||||||||||||
Canada | 204 | 210 | 216 | 221 | 226 | 1,208 | ||||||||||||||
US | 88 | 87 | 87 | 88 | 90 | 424 | ||||||||||||||
OPEB | ||||||||||||||||||||
Canada | 12 | 12 | 13 | 13 | 13 | 68 | ||||||||||||||
US | 16 | 15 | 14 | 13 | 12 | 49 |
December 31, 2022 | December 31, 2021 | |||||||
(millions of Canadian dollars, except lease term and discount rate) | ||||||||
Operating leases1 | ||||||||
Operating lease right-of-use assets, net2 | 680 | 645 | ||||||
Operating lease liabilities - current3 | 87 | 92 | ||||||
Operating lease liabilities - long-term3 | 677 | 612 | ||||||
Total operating lease liabilities | 764 | 704 | ||||||
Finance leases | ||||||||
Finance lease right-of-use assets, net4 | 62 | 49 | ||||||
Finance lease liabilities - current5 | 17 | 13 | ||||||
Finance lease liabilities - long-term3 | 39 | 33 | ||||||
Total finance lease liabilities | 56 | 46 | ||||||
Weighted average remaining lease term | ||||||||
Operating leases | 12 years | 12 years | ||||||
Finance leases | 5 years | 7 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | 4.2 | % | 4.1 | % | ||||
Finance leases | 4.4 | % | 3.8 | % |
Operating leases | Finance leases | |||||||
(millions of Canadian dollars) | ||||||||
2023 | 109 | 19 | ||||||
2024 | 110 | 16 | ||||||
2025 | 104 | 8 | ||||||
2026 | 90 | 8 | ||||||
2027 | 82 | 1 | ||||||
Thereafter | 489 | 10 | ||||||
Total undiscounted lease payments | 984 | 62 | ||||||
Less imputed interest | (220) | (6) | ||||||
Total | 764 | 56 |
Executive | Accumulated value at Jan 1, 2020 ($) | Compensatory change 1 ($) | Accumulated value at Dec 31, 2020 ($) | |||||||||
Al Monaco | 72,413 | - | 77,811 | |||||||||
Colin K. Gruending | 79,400 | - | 82,499 | |||||||||
John K. Whelen | 79,579 | - | 83,086 | |||||||||
Vern D. Yu | 79,916 | - | 84,966 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating lease income | 266 | 263 | 265 | ||||||||
Variable lease income | 321 | 333 | 361 | ||||||||
Total lease income1 | 587 | 596 | 626 |
Operating leases | |||||
(millions of Canadian dollars) | |||||
2023 | 227 | ||||
2024 | 215 | ||||
2025 | 204 | ||||
2026 | 198 | ||||
2027 | 201 | ||||
Thereafter | 1,832 | ||||
Future lease payments | 2,877 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Gain/(loss) on dispositions | (12) | 319 | (17) | ||||||||
Realized foreign currency gain/(loss) | 92 | 126 | (10) | ||||||||
Unrealized foreign currency gain/(loss) | (1,094) | 160 | 191 | ||||||||
Net defined pension and OPEB credit | 239 | 150 | 148 | ||||||||
Other | 186 | 224 | (74) | ||||||||
(589) | 979 | 238 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Accounts receivable and other | (967) | (1,228) | 1,546 | ||||||||
Accounts receivable from affiliates | 17 | (38) | 8 | ||||||||
Inventory | (599) | (118) | (254) | ||||||||
Deferred amounts and other assets | 1 | (195) | (586) | ||||||||
Accounts payable and other | 1,100 | 87 | (770) | ||||||||
Accounts payable to affiliates | 16 | 52 | 1 | ||||||||
Interest payable | 58 | 43 | 31 | ||||||||
Other long-term liabilities | 362 | (69) | 117 | ||||||||
(12) | (1,466) | 93 |
Year ended December 31, | 2022 | 2021 | 2020 | ||||||||
(millions of Canadian dollars) | |||||||||||
Transportation and other revenues | 185 | 237 | 219 | ||||||||
Commodity sales | 51 | 20 | 21 | ||||||||
Operating and administrative1 | 503 | 380 | 338 | ||||||||
Commodity costs2 | 778 | 790 | 518 | ||||||||
Gas distribution costs | 136 | 131 | 135 |
Total | Less than 1 year | 2 years | 3 years | 4 years | 5 years | Thereafter | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Annual debt maturities1 | 78,742 | 6,024 | 8,220 | 6,051 | 3,730 | 10,344 | 44,373 | ||||||||||||||||
Purchase of services, pipe and other materials, including transportation2 | 10,661 | 3,553 | 1,513 | 1,070 | 1,001 | 767 | 2,757 | ||||||||||||||||
Maintenance agreements3 | 536 | 53 | 53 | 53 | 53 | 55 | 269 | ||||||||||||||||
Right-of-ways commitments | 1,474 | 45 | 45 | 46 | 46 | 46 | 1,246 | ||||||||||||||||
Total | 91,413 | 9,675 | 9,831 | 7,220 | 4,830 | 11,212 | 48,645 |
Nature of work | Approximate fees in 2020 ($) | Approximate fees in 2019 ($) | ||||||||
Executive compensation related fees 1 | 296,735 | 296,632 | ||||||||
All other fees 2 | 5,658,518 | 6,148,371 | ||||||||
Total | 5,955,253 | 6,445,003 |
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | |||||||||||||||||
2022 | |||||||||||||||||
Operating revenues | 15,097 | 13,215 | 11,573 | 13,424 | 53,309 | ||||||||||||
Operating income/(loss) | 2,420 | 1,520 | 1,778 | (540) | 5,178 | ||||||||||||
Earnings/(loss) | 2,057 | 607 | 1,383 | (1,109) | 2,938 | ||||||||||||
Earnings/(loss) attributable to controlling interests | 2,029 | 595 | 1,362 | (983) | 3,003 | ||||||||||||
Earnings/(loss) attributable to common shareholders | 1,927 | 450 | 1,279 | (1,067) | 2,589 | ||||||||||||
Earnings/(loss) per common share | |||||||||||||||||
Basic | 0.95 | 0.22 | 0.63 | (0.53) | 1.28 | ||||||||||||
Diluted | 0.95 | 0.22 | 0.63 | (0.53) | 1.28 | ||||||||||||
2021 | |||||||||||||||||
Operating revenues | 12,187 | 10,948 | 11,466 | 12,470 | 47,071 | ||||||||||||
Operating income | 2,548 | 1,816 | 1,388 | 2,053 | 7,805 | ||||||||||||
Earnings | 2,014 | 1,521 | 814 | 1,965 | 6,314 | ||||||||||||
Earnings attributable to controlling interests | 1,992 | 1,484 | 780 | 1,933 | 6,189 | ||||||||||||
Earnings attributable to common shareholders | 1,900 | 1,394 | 682 | 1,840 | 5,816 | ||||||||||||
Earnings per common share | |||||||||||||||||
Basic | 0.94 | 0.69 | 0.34 | 0.91 | 2.87 | ||||||||||||
Diluted | 0.94 | 0.69 | 0.34 | 0.91 | 2.87 |
Name and principal position 1 | Year | Salary ($) | Stock- based awards 2 ($) | Option- based awards 3 ($) | Non- equity incentive plan compen- sation 4 | Pension value 5 ($) | All other compen- sation 6 ($) | Total ($) | ||||||||||||||||||||||||||||||||
Al Monaco President & Chief Executive Officer | 2020 | 1,546,139 | 8,475,960 | 2,303,250 | 3,205,919 | 1,462,000 | 61,568 | 17,054,836 | ||||||||||||||||||||||||||||||||
2019 | 1,592,878 | 6,129,560 | 3,327,732 | 3,687,712 | 3,195,000 | 60,502 | 17,993,384 | |||||||||||||||||||||||||||||||||
2018 | 1,479,450 | 4,439,868 | 2,777,446 | 3,473,453 | 1,141,000 | 68,509 | 13,379,726 | |||||||||||||||||||||||||||||||||
Colin K. Gruending Executive Vice President & Chief Financial Officer | 2020 | 587,074 | 1,680,385 | 456,525 | 761,904 | 1,017,000 | 12,032 | 4,514,919 | ||||||||||||||||||||||||||||||||
2019 | 467,122 | 1,225,912 | 316,315 | 583,360 | 1,498,000 | 25,460 | 4,116,169 | |||||||||||||||||||||||||||||||||
2018 | 361,656 | 496,675 | 172,549 | 338,078 | 421,000 | 231,272 | 2,021,230 | |||||||||||||||||||||||||||||||||
John K. Whelen Former Executive Vice President | 2020 | 542,492 | 2,052,101 | 557,550 | 690,766 | 525,000 | 73,105 | 4,441,015 | ||||||||||||||||||||||||||||||||
2019 | 635,849 | 1,604,385 | 870,883 | 821,199 | 645,000 | 17,568 | 4,594,884 | |||||||||||||||||||||||||||||||||
2018 | 619,500 | 1,244,477 | 758,499 | 886,132 | 126,000 | 33,466 | 3,668,074 | |||||||||||||||||||||||||||||||||
William T. Yardley Executive Vice President & President, Gas Transmission & Midstream | 2020 | 700,018 | 2,320,853 | 598,335 | 849,262 | 396,000 | 32,065 | 4,896,533 | ||||||||||||||||||||||||||||||||
2019 | 732,029 | 3,828,546 | 1,069,747 | 767,701 | 351,400 | 32,993 | 6,782,416 | |||||||||||||||||||||||||||||||||
2018 | 751,161 | 1,570,650 | 847,539 | 968,697 | 359,000 | 32,958 | 4,530,005 | |||||||||||||||||||||||||||||||||
Vern D. Yu Executive Vice President & President, Liquids Pipelines | 2020 | 616,801 | 1,821,821 | 495,038 | 703,893 | 1,177,000 | 22,579 | 4,837,131 | ||||||||||||||||||||||||||||||||
2019 | 564,541 | 1,424,276 | 773,196 | 711,996 | 1,478,000 | 22,648 | 4,974,657 | |||||||||||||||||||||||||||||||||
2018 | 450,000 | 723,196 | 440,752 | 900,000 | 122,000 | 29,030 | 2,664,978 | |||||||||||||||||||||||||||||||||
Robert R. Rooney Executive Vice President & Chief Legal Officer | 2020 | 557,394 | 1,593,583 | 433,163 | 634,091 | 349,000 | 18,167 | 3,585,397 | ||||||||||||||||||||||||||||||||
2019 | 564,541 | 1,139,225 | 618,565 | 689,992 | 286,000 | 10,283 | 3,308,606 | |||||||||||||||||||||||||||||||||
2018 | 550,000 | 883,759 | 538,734 | 729,299 | 236,000 | 20,742 | 2,958,534 |
Year granted | C$ | US$ | ||||||||
2020 | 51.06 | 38.75 | ||||||||
2019 | 48.81 | 36.97 | ||||||||
2018 | 43.99 | 38.59 |
February 2020 | February 2019 | February 2018 | ||||||||||||||||||||||||||||
Assumptions | C$ | US$ | C$ | US$ | C$ | US$ | ||||||||||||||||||||||||
Expected option term | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | ||||||||||||||||||||||||
Expected volatility | 17.587% | 20.283% | 18.318% | 21.802% | 21.077% | 21.893% | ||||||||||||||||||||||||
Expected dividend yield | 5.847% | 5.847% | 5.961% | 5.961% | 6.377% | 6.377% | ||||||||||||||||||||||||
Risk free interest rate | 1.314% | 1.416% | 1.615% | 2.333% | 2.088% | 2.694% | ||||||||||||||||||||||||
Exercise price | $55.54 | $41.97 | $48.30 | $36.71 | $43.02 | $33.97 | ||||||||||||||||||||||||
Option value | $3.75 | $3.64 | $4.03 | $4.07 | $3.82 | $3.40 |
Executive | Matching contribution under retirement savings plan ($) | Excess flexible benefit credit a ($) | Unused vacation ($) | Personal use of company aircraft ($) | Parking ($) | Other benefits b ($) | Total ($) | ||||||||||||||||||||||||||||
Al Monaco | - | 40,854 | - | 7,865 | 6,108 | 6,741 | 61,568 | ||||||||||||||||||||||||||||
Colin K. Gruending | - | 7,232 | - | - | 4,800 | - | 12,032 | ||||||||||||||||||||||||||||
John K. Whelen | - | 4,244 | 59,817 | - | 4,200 | 4,844 | 73,105 | ||||||||||||||||||||||||||||
William T. Yardley | 21,786 | - | - | 8,950 | - | 1,329 | 32,065 | ||||||||||||||||||||||||||||
Vern D. Yu | - | 12,083 | - | - | 4,800 | 5,696 | 22,579 | ||||||||||||||||||||||||||||
Robert R. Rooney | - | 11,872 | - | - | 4,800 | 1,495 | 18,167 |
Option-based awards 1 | Share-based awards | |||||||||||||||||||||||||||||||
Number of securities underlying unexercised options (#) | Option exercise price 2 ($) | Option expiry date | Value of in-the-money unexercised options 3 | Number of units that have not vested 4 5 (#) | Market or payout value of units not vested 3 ($) | Market or value of vested share-based awards not paid out or distributed 3 6 ($) | ||||||||||||||||||||||||||
Named executive officer | Vested ($) | Unvested ($) | ||||||||||||||||||||||||||||||
Al Monaco | 614,200 | 55.54 | 2/20/2030 | 0 | 0 | 43,966 | 1,789,860 | |||||||||||||||||||||||||
825,740 | 48.30 | 2/21/2029 | 0 | 0 | 131,898 | 5,369,580 | ||||||||||||||||||||||||||
727,080 | 43.02 | 2/27/2028 | 0 | 0 | 141,635 | 5,765,960 | ||||||||||||||||||||||||||
584,000 | 55.84 | 2/28/2027 | 0 | 0 | - | - | 9,724,864 | |||||||||||||||||||||||||
365,000 | 44.06 | 3/1/2026 | 0 | 0 | ||||||||||||||||||||||||||||
196,000 | 59.08 | 3/2/2025 | 0 | 0 | ||||||||||||||||||||||||||||
199,000 | 48.81 | 3/13/2024 | 0 | 0 | ||||||||||||||||||||||||||||
229,000 | 44.83 | 2/27/2023 | 0 | 0 | ||||||||||||||||||||||||||||
147,500 | 38.34 | 3/2/2022 | 349,575 | 0 | ||||||||||||||||||||||||||||
Colin K. Gruending | 121,740 | 55.54 | 2/20/2030 | 0 | 0 | 8,719 | 354,953 | |||||||||||||||||||||||||
78,490 | 48.30 | 2/21/2029 | 0 | 0 | 26,147 | 1,064,428 | ||||||||||||||||||||||||||
45,170 | 43.02 | 2/27/2028 | 0 | 0 | 28,108 | 1,144,261 | ||||||||||||||||||||||||||
48,670 | 55.84 | 2/28/2027 | 0 | 0 | - | - | 604,577 | |||||||||||||||||||||||||
64,600 | 44.06 | 3/1/2026 | 0 | 0 | ||||||||||||||||||||||||||||
64,780 | 59.08 | 3/2/2025 | 0 | 0 | ||||||||||||||||||||||||||||
66,500 | 48.81 | 3/13/2024 | 0 | 0 | ||||||||||||||||||||||||||||
72,000 | 44.83 | 2/27/2023 | 0 | 0 | ||||||||||||||||||||||||||||
69,750 | 38.34 | 3/2/2022 | 165,308 | 0 | ||||||||||||||||||||||||||||
John K. Whelen | 148,680 | 55.54 | 11/15/2025 | 0 | 0 | 2,772 | 112,848 | |||||||||||||||||||||||||
216,100 | 48.30 | 11/15/2023 | 0 | 0 | 9,749 | 396,900 | ||||||||||||||||||||||||||
198,560 | 43.02 | 11/15/2023 | 0 | 0 | 23,432 | 953,936 | ||||||||||||||||||||||||||
152,910 | 55.84 | 11/15/2023 | 0 | 0 | - | - | 2,546,456 | |||||||||||||||||||||||||
82,430 | 44.06 | 11/15/2023 | 0 | 0 | ||||||||||||||||||||||||||||
109,670 | 59.08 | 11/15/2023 | 0 | 0 | ||||||||||||||||||||||||||||
92,700 | 48.81 | 11/15/2023 | 0 | 0 | ||||||||||||||||||||||||||||
78,550 | 44.83 | 2/27/2023 | 0 | 0 | ||||||||||||||||||||||||||||
77,050 | 38.34 | 3/2/2022 | 182,609 | 0 | ||||||||||||||||||||||||||||
84,000 | 28.78 | 2/14/2021 | 1,002,540 | 0 | ||||||||||||||||||||||||||||
William T. Yardley | 129,020 | US41.97 | 2/20/2030 | 0 | 0 | 12,448 | 507,343 | |||||||||||||||||||||||||
202,700 | US36.71 | 2/21/2029 | 0 | 0 | 37,355 | 1,522,460 | ||||||||||||||||||||||||||
182,520 | US33.97 | 2/27/2028 | 0 | 0 | 44,312 | 1,806,034 | ||||||||||||||||||||||||||
56,580 | US41.64 | 2/28/2027 | 0 | 0 | 36,471 | 7 | 1,486,427 | |||||||||||||||||||||||||
58,941 | US28.87 | 2/16/2026 | 234,292 | 0 | - | - | 2,984,853 | |||||||||||||||||||||||||
Vern D. Yu | 132,010 | 55.54 | 2/20/2030 | 0 | 0 | 9,450 | 384,712 | |||||||||||||||||||||||||
191,860 | 48.30 | 2/21/2029 | 0 | 0 | 28,350 | 1,154,136 | ||||||||||||||||||||||||||
115,380 | 43.02 | 2/27/2028 | 0 | 0 | 32,911 | 1,339,789 | ||||||||||||||||||||||||||
93,300 | 55.84 | 2/28/2027 | 0 | 0 | - | - | 1,543,361 | |||||||||||||||||||||||||
96,750 | 44.06 | 3/1/2026 | 0 | 0 | ||||||||||||||||||||||||||||
82,340 | 59.08 | 3/2/2025 | 0 | 0 | ||||||||||||||||||||||||||||
83,350 | 48.81 | 3/13/2024 | 0 | 0 | ||||||||||||||||||||||||||||
83,250 | 44.83 | 2/27/2023 | 0 | 0 | ||||||||||||||||||||||||||||
64,350 | 38.34 | 3/2/2022 | 152,510 | 0 | ||||||||||||||||||||||||||||
Robert R. Rooney | 115,510 | 55.54 | 2/20/2030 | 0 | 0 | 8,264 | 336,407 | |||||||||||||||||||||||||
153,490 | 48.30 | 2/21/2029 | 0 | 0 | 24,801 | 1,009,654 | ||||||||||||||||||||||||||
141,030 | 43.02 | 2/27/2028 | 0 | 0 | 26,324 | 1,071,648 | ||||||||||||||||||||||||||
167,200 | 55.84 | 2/28/2027 | 0 | 0 | - | - | 1,886,017 |
Executive | Value vested during the year | Value earned during the year | ||||||||||
Option-based awards 1 2 ($) | Share-based awards 1 3 ($) | Non-equity incentive plan 1 4 ($) | ||||||||||
Al Monaco | 3,406,926 | 9,724,864 | 3,205,919 | |||||||||
Colin K. Gruending | 321,146 | 832,454 | 5 | 761,904 | ||||||||
John K. Whelen | 888,481 | 2,546,456 | 690,766 | |||||||||
William T. Yardley | 333,142 | 4,271,348 | 6 | 849,262 | ||||||||
Vern D. Yu | 704,506 | 1,543,361 | 703,893 | |||||||||
Robert R. Rooney | 544,704 | 1,886,017 | 634,091 |
Grant date | Grant price | 2020 vesting date | Closing price on 2020 vesting date | |||||||||
2/29/2016 | $44.06 | 2/28/2020 | $49.96 | |||||||||
2/28/2017 | $55.84 | 2/28/2020 | $49.96 | |||||||||
2/28/2017 | US$41.64 | 2/28/2020 | US$37.43 | |||||||||
2/27/2018 | $43.02 | 2/27/2020 | $50.84 | |||||||||
2/27/2018 | US$33.97 | 2/27/2020 | US$37.66 | |||||||||
2/21/2019 | $48.30 | 2/21/2020 | $55.31 | |||||||||
2/21/2019 | US$36.71 | 2/21/2020 | US$41.87 |
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Named executive officer 1 | Triggering event 2 | Base salary 3 ($) | Short- term incentive 4 ($) | Medium- term incentive 5 ($) | Long- term incentive 6 ($) | Pension 7 ($) | Benefits 8 ($) | Total payout ($) | ||||||||||||||||||||||
Al Monaco | CIC | - | - | - | - | - | - | 0 | ||||||||||||||||||||||
Death | - | - | 12,925,401 | - | - | 55,969 | 12,981,370 | |||||||||||||||||||||||
Retirement | - | - | 5,883,086 | - | - | 55,969 | 5,939,056 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 55,969 | 55,969 | |||||||||||||||||||||||
Involuntary termination without cause | 4,365,600 | 10,741,747 | 12,925,401 | - | 3,771,000 | 252,009 | 32,055,757 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 4,365,600 | 10,741,747 | 12,925,401 | - | 3,771,000 | 252,009 | 32,055,757 | |||||||||||||||||||||||
Colin K. Gruending | CIC | - | - | - | - | - | - | 0 | ||||||||||||||||||||||
Death | - | - | 3,707,902 | - | - | 22,718 | 3,730,620 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 22,718 | 22,718 | |||||||||||||||||||||||
Involuntary termination without cause | 1,181,340 | 921,438 | 3,691,385 | - | 1,551,000 | 88,954 | 7,434,117 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,181,340 | 921,438 | 3,691,385 | - | 1,551,000 | 88,954 | 7,434,117 | |||||||||||||||||||||||
John K. Whelen 9 | Retirement | - | - | 709,308 | - | - | 59,817 | 769,125 | ||||||||||||||||||||||
William T. Yardley | CIC | - | - | - | - | - | - | 0 | ||||||||||||||||||||||
Death | - | - | 5,322,264 | - | - | 25,860 | 5,348,124 | |||||||||||||||||||||||
Retirement | - | - | 2,597,159 | - | - | 25,860 | 2,623,019 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 25,860 | 25,860 | |||||||||||||||||||||||
Involuntary termination without cause | 1,344,735 | 2,212,254 | 5,298,656 | - | 837,000 | 94,914 | 9,787,559 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,344,735 | 2,212,254 | 5,298,656 | - | 837,000 | 94,914 | 9,787,559 | |||||||||||||||||||||||
Vern D. Yu | CIC | - | - | - | - | - | - | 0 | ||||||||||||||||||||||
Death | - | - | 2,878,638 | - | - | 23,649 | 2,902,287 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 23,649 | 23,649 | |||||||||||||||||||||||
Involuntary termination without cause | 1,229,760 | 1,611,996 | 2,860,736 | - | 2,159,000 | 100,581 | 7,962,073 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,229,760 | 1,611,996 | 2,860,736 | - | 2,159,000 | 100,581 | 7,962,073 | |||||||||||||||||||||||
Robert R. Rooney | CIC | - | - | - | - | - | - | 0 | ||||||||||||||||||||||
Death | - | - | 2,417,709 | - | - | 20,693 | 2,438,402 | |||||||||||||||||||||||
Retirement | - | - | 1,098,013 | - | - | 20,693 | 1,118,706 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 20,693 | 20,693 | |||||||||||||||||||||||
Involuntary termination without cause | 1,076,040 | 1,419,291 | 2,402,055 | - | 971,000 | 87,933 | 5,956,319 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,076,040 | 1,419,291 | 2,402,055 | - | 971,000 | 87,933 | 5,956,319 |
A | B | C | ||||||||||
Plans approved by security holders | Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | Weighted-average exercise price of outstanding options, warrants and rights ($) | Number of securities remaining available for future issue under equity compensation plans (excluding securities reflected in column A) (#) | |||||||||
2019 LTIP | 11,683,418 | 50.91 | 3 4 | 38,016,582 | ||||||||
Prior stock option plans 1 | 24,146,312 | 48.82 | 3 | — | ||||||||
Spectra 2007 LTIP 2 | 775,806 | 36.78 | 3 | — | ||||||||
| 1.8770% of total issued and outstanding Enbridge shares | |
Awards outstanding | # outstanding | % of total issued and outstanding Enbridge shares | ||||||
2019 LTIP | 11,683,418 | 0.5768 | ||||||
Incentive stock option plan | 24,146,312 | 1.1922 | ||||||
Performance stock option plan | 0 | 0.0000 | ||||||
Spectra 2007 LTIP – stock options 1 | 775,806 | 0.0383 |
Awards outstanding | 2020 | 2019 | 2018 | |||
2019 LTIP | 0.2529% | 0.3348% | — | |||
Incentive stock option plan 1 | — | — | 0.3350% | |||
Performance stock option plan 2 | — | — | — | |||
Spectra 2007 LTIP – stock options 3 | — | — | — |
Spectra Energy options | Spectra Energy phantom units | Total Enbridge shares issuable under Spectra 2007 LTIP | Percentage of issued and outstanding Enbridge shares | |||
775,806 | 0 | 775,806 | 0.0383% |
(not retirement eligible) | ||
(retirement eligible) | ||
2020 Directors’ Compensation Plan retainers 1 | ||||||||||||||||||||||||||||||||||||
Annual amount (US$) | Cash | Enbridge shares | DSUs | Cash | Enbridge shares | DSUs | ||||||||||||||||||||||||||||||
Compensation component | Before minimum share ownership | After minimum share ownership | ||||||||||||||||||||||||||||||||||
Board retainer | 285,000 (until May 31 242,250 (from June 1 | ) ) | ![]() | ![]() | ||||||||||||||||||||||||||||||||
Additional retainers | ||||||||||||||||||||||||||||||||||||
Chair of the Board retainer | 265,000 (until May 31 225,250 (from June 1 | ) ) | ||||||||||||||||||||||||||||||||||
Board committee chair retainer | Up to 50% | Up to 50% | | 50% to 100% | | Up to 65% | Up to 65% | | 35% to 100% | | ||||||||||||||||||||||||||
• Audit, Finance & Risk | 25,000 | |||||||||||||||||||||||||||||||||||
• Human Resources & Compensation | 20,000 | |||||||||||||||||||||||||||||||||||
• Safety & Reliability | 15,000 | |||||||||||||||||||||||||||||||||||
• Corporate Social Responsibility | 15,000 | |||||||||||||||||||||||||||||||||||
• Governance | 15,000 | |||||||||||||||||||||||||||||||||||
Travel Fee | 1,500 | 100% | - | - | 100% | - | - |
Director | Cash (%) | Enbridge shares (%) | DSUs (%) | |||
Pamela L. Carter | 40 | 25 | 35 | |||
Marcel R. Coutu | - | - | 100 | |||
Susan M. Cunningham | 30 | 20 | 50 | |||
Gregory L. Ebel | 50 | - | 50 | |||
J. Herb England | - | 65 | 35 | |||
Gregory J. Goff | 50 | - | 50 | |||
V. Maureen Kempston Darkes | - | - | 100 | |||
Teresa S. Madden | 50 | - | 50 | |||
Al Monaco 1 | - | - | - | |||
Stephen S. Poloz | 30 | - | 70 | |||
Dan C. Tutcher | - | - | 100 | |||
Former Directors | ||||||
Charles W. Fischer 2 | 50 | - | 50 | |||
Catherine L. Williams 3 | 20 | 40 | 40 |
Share based awards 2 | All other compensation | Total | ||||||||||||||||||||||||||||||||||
Fees earned 1 (cash) | Enbridge Shares 3 | DSUs 3 | Other fees 4 | Dividends on DSUs 5 | ||||||||||||||||||||||||||||||||
Director | ($) | (#) | ($) | (#) | ($) | ($) | (#) | ($) | ($) | |||||||||||||||||||||||||||
Pamela L. Carter | 147,200 | 2,080 | 92,000 | 2,915 | 128,800 | 2,073 | 78 | 3,279 | 373,353 | |||||||||||||||||||||||||||
Marcel R. Coutu | - | - | - | 7,872 | 347,987 | - | 211 | 8,881 | 356,868 | |||||||||||||||||||||||||||
Susan M. Cunningham | 108,261 | 1,634 | 72,174 | 4,090 | 180,435 | 2,073 | 108 | 4,536 | 367,479 | |||||||||||||||||||||||||||
Gregory L. Ebel | 335,777 | - | - | 7,596 | 335,777 | 20,793 | 204 | 8,569 | 700,916 | |||||||||||||||||||||||||||
J. Herb England | - | 5,274 | 233,916 | 2,841 | 125,955 | 2,073 | 78 | 3,281 | 365,226 | |||||||||||||||||||||||||||
Gregory J. Goff | 151,270 | - | - | 3,486 | 151,270 | 2,073 | 82 | 3,428 | 308,041 | |||||||||||||||||||||||||||
V. Maureen Kempston Darkes | - | - | - | 8,430 | 372,295 | 2,073 | 225 | 9,433 | 383,801 | |||||||||||||||||||||||||||
Teresa S. Madden | 184,729 | - | - | 4,193 | 184,729 | 2,073 | 110 | 4,600 | 376,131 | |||||||||||||||||||||||||||
Al Monaco 6 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Stephen S. Poloz | 75,521 | - | - | 2,602 | 106,723 | - | 22 | 911 | 183,155 | |||||||||||||||||||||||||||
Dan C. Tutcher | - | - | - | 8,083 | 356,614 | - | 213 | 8,947 | 365,561 | |||||||||||||||||||||||||||
Former Directors | ||||||||||||||||||||||||||||||||||||
Charles W. Fischer 7 | 100,259 | - | - | 2,124 | 100,259 | - | 17 | 757 | 201,275 | |||||||||||||||||||||||||||
Catherine L. Williams 8 | 38,605 | 1,181 | 57,155 | 1,182 | 57,155 | - | 13 | 575 | 153,491 |
Director | Enbridge shares (#) | Enbridge stock options (#) | DSUs(#) | Total Enbridge shares + DSUs (#) | Market (at risk) value of equity holdings (C$) 1,2 | |||||||||||||||
Pamela L. Carter | ||||||||||||||||||||
2021 | 44,639 | - | 11,744 | 56,383 | 2,494,943 | |||||||||||||||
2020 | 42,559 | - | 8,056 | 50,615 | 2,576,810 | |||||||||||||||
Change | 2,080 | - | 3,688 | 5,768 | (81,867 | ) | ||||||||||||||
Marcel R. Coutu | ||||||||||||||||||||
2021 | 46,900 | - | 39,090 | 85,990 | 3,805,069 | |||||||||||||||
2020 | 29,400 | - | 28,595 | 57,995 | 2,952,525 | |||||||||||||||
Change | 17,500 | - | 10,495 | 27,995 | 852,544 | |||||||||||||||
Susan M. Cunningham | ||||||||||||||||||||
2021 | 2,581 | - | 7,827 | 10,408 | 460,564 | |||||||||||||||
2020 | 947 | - | 3,281 | 4,228 | 215,247 | |||||||||||||||
Change | 1,634 | - | 4,546 | 6,180 | 245,317 | |||||||||||||||
Gregory L. Ebel 3 | ||||||||||||||||||||
2021 | 651,845 | 405,408 | 32,217 | 684,062 | 30,269,732 | |||||||||||||||
2020 | 651,845 | 405,408 | 22,489 | 674,334 | 34,330,344 | |||||||||||||||
Change | - | - | 9,728 | 9,728 | (4,060,612 | ) | ||||||||||||||
J. Herb England | ||||||||||||||||||||
2021 | 37,306 | - | 86,576 | 123,882 | 5,481,792 | |||||||||||||||
2020 | 32,032 | - | 77,530 | 109,562 | 5,577,801 | |||||||||||||||
Change | 5,274 | - | 9,046 | 14,320 | (96,010 | ) | ||||||||||||||
Gregory J. Goff | ||||||||||||||||||||
2021 | - | - | 3,644 | 3,644 | 161,230 | |||||||||||||||
2020 | - | - | - | - | - | |||||||||||||||
Change | - | - | 3,644 | 3,644 | 161,230 | |||||||||||||||
V. Maureen Kempston Darkes | ||||||||||||||||||||
2021 | 21,735 | - | 57,789 | 79,524 | 3,518,945 | |||||||||||||||
2020 | 21,735 | - | 45,396 | 67,131 | 3,417,639 | |||||||||||||||
Change | - | - | 12,393 | 12,393 | 101,306 | |||||||||||||||
Teresa S. Madden | ||||||||||||||||||||
2021 | 1,000 | - | 7,934 | 8,934 | 395,338 | |||||||||||||||
2020 | - | - | 3,281 | 3,281 | 167,036 | |||||||||||||||
Change | 1,000 | - | 4,653 | 5,653 | 228,303 | |||||||||||||||
Al Monaco 4 | ||||||||||||||||||||
2021 | 920,699 | 4,465,600 | - | 920,699 | 40,740,931 | |||||||||||||||
2020 | 876,512 | 3,987,520 | - | 876,512 | 44,623,226 | |||||||||||||||
Change | 44,187 | 478,080 | - | 44,187 | (3,882,295 | ) | ||||||||||||||
Stephen S. Poloz | ||||||||||||||||||||
2021 | - | - | 2,676 | 2,676 | 118,398 | |||||||||||||||
2020 | - | - | - | - | - | |||||||||||||||
Change | - | - | 2,676 | 2,676 | 118,398 | |||||||||||||||
Dan C. Tutcher | ||||||||||||||||||||
2021 | 637,523 | - | 138,662 | 776,185 | 34,346,186 | |||||||||||||||
2020 | 637,523 | - | 120,743 | 758,266 | 38,603,322 | |||||||||||||||
Change | - | - | 17,919 | 17,919 | (4,257,136 | ) | ||||||||||||||
Total | ||||||||||||||||||||
2021 | 2,364,228 | 4,871,008 | 388,159 | 2,752,387 | 121,793,128 | |||||||||||||||
2020 | 2,292,553 | 4,392,928 | 309,371 | 2,601,924 | 132,463,951 | |||||||||||||||
Change | 71,675 | 478,080 | 78,788 | 150,463 | (10,670,823 | ) |
Name of beneficial owner | Number of Enbridge shares held | Number of Enbridge shares acquirable within 60 days | Total Enbridge shares beneficially owned | Percent of common shares outstanding | ||||||||||||
Pamela L. Carter | 44,639 | - 1 | 44,639 | * | ||||||||||||
Marcel R. Coutu | 46,900 | - | 46,900 | * | ||||||||||||
Susan M. Cunningham | 2,581 | - | 2,581 | * | ||||||||||||
Gregory L. Ebel | 651,845 | 405,408 | 1,057,253 | * | ||||||||||||
J. Herb England | 37,306 | - 1 | 37,306 | * | ||||||||||||
Gregory J. Goff | - | - | - | * | ||||||||||||
V. Maureen Kempston Darkes | 21,735 | - | 21,735 | * | ||||||||||||
Teresa S. Madden | 1,000 | - | 1,000 | * | ||||||||||||
Al Monaco | 920,699 | 2,832,230 | 3,752,929 | * | ||||||||||||
Stephen S. Poloz | - | - | - | |||||||||||||
Dan C. Tutcher | 637,523 | - | 637,523 | * | ||||||||||||
Colin K. Gruending | 59,432 | 489,859 | 549,291 | * | ||||||||||||
Robert R. Rooney | 48,656 | 378,596 | 427,252 | * | ||||||||||||
William T. Yardley | 122,012 | 386,016 | 508,028 | * | ||||||||||||
Vern D. Yu | 164,753 | 718,808 | 883,561 | * | ||||||||||||
John K. Whelen | 204,203 | 887,450 | 1,091,653 | * | ||||||||||||
All current executive officers and directors as a group 2 | 3,083,199 | 6,824,589 | 9,907,788 | * |
2020 (C$) | 2019 (C$) | Description of fee category | ||||
Audit fees | 14,764,000 | 16,928,000 | Represents the aggregate fees for audit services. | |||
Audit-related fees | 816,000 | 431,000 | Represents the aggregate fees for assurance and related services by the company’s auditors that are reasonably related to the performance of the audit or review of the company’s financial statements and are not included under “Audit fees”. During fiscal years 2020 and 2019, the services provided in this category include services related to prospectus offerings. | |||
Tax fees | 1,417,000 | 1,993,000 | Represents the aggregate fees for professional services rendered by the company’s auditors for tax compliance, tax advice and tax planning. | |||
All other fees | 366,000 | 320,000 | Represents the aggregate fees for products and services provided by the company’s auditors other than those services reported under “Audit fees”, “Audit-related fees” and “Tax fees”. During fiscal years 2020 and 2019, these fees include those related to French translation work. | |||
Total fees | 17,363,000 | 19,672,000 |
Exhibit No. | Name of Exhibit | |||||||
3.1 | Articles of Continuance of the Corporation, dated December 15, 1987 (incorporated by reference to Exhibit 2.1(a) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.2 | Certificate of Amendment, dated August 2, 1989, to the Articles of the Corporation (incorporated by reference to Exhibit 2.1(b) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.3 | Articles of Amendment of the Corporation, dated April 30, 1992 (incorporated by reference to Exhibit 2.1(c) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.4 | Articles of Amendment of the Corporation, dated July 2, 1992 (incorporated by reference to Exhibit 2.1(d) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.5 | Articles of Amendment of the Corporation, dated August 6, 1992 (incorporated by reference to Exhibit 2.1(e) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.6 | Articles of Arrangement of the Corporation dated December 18, 1992, attaching the Arrangement Agreement, dated December 15, 1992 (incorporated by reference to Exhibit 2.1(f) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.7 | Certificate of Amendment of the Corporation (notarial certified copy), dated December 18, 1992 (incorporated by reference to Exhibit 2.1(g) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.8 | Articles of Amendment of the Corporation, dated May 5, 1994 (incorporated by reference to Exhibit 2.1(h) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.9 | Certificate of Amendment, dated October 7, 1998 (incorporated by reference to Exhibit 2.1(i) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.10 | Certificate of Amendment, dated November 24, 1998 (incorporated by reference to Exhibit 2.1(j) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.11 | Certificate of Amendment, dated April 29, 1999 (incorporated by reference to Exhibit 2.1(k) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. | ||||||||
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101 | * | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II. Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K | ||||||
104 | * | Cover Page Interactive |
ENBRIDGE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | February 10, 2023 | By: | /s/ Gregory L. Ebel | ||||||||
Gregory L. Ebel | |||||||||||
President and Chief Executive Officer |
/s/ Gregory L. Ebel | /s/ Vern D. Yu | |||||||||||||
Gregory L. Ebel President, Chief Executive Officer and Director (Principal Executive Officer) | Vern D. Yu (Principal Financial Officer) | |||||||||||||
/s/ Patrick R. Murray | ||||||||||||||
Senior Vice President and Chief (Principal Accounting Officer) | Pamela L. Carter Chair of the Board of Directors | |||||||||||||
/s/ Mayank (Mike) M. Ashar | /s/ Gaurdie E. Banister | |||||||||||||
Mayank (Mike) M. Ashar Director | Gaurdie E. Banister Director | |||||||||||||
/s/ Susan M. Cunningham | /s/ Jason B. Few | |||||||||||||
Susan M. Cunningham Director | Jason B. Few | |||||||||||||
/s/ Teresa S. Madden | /s/ Stephen S. Poloz | |||||||||||||
Teresa S. Madden Director | Stephen S. Poloz Director | |||||||||||||
/s/ S. Jane Rowe | /s/ Dan C. Tutcher | |||||||||||||
S. Jane Rowe Director | Dan C. Tutcher Director | |||||||||||||
/s/ Steven W. Williams | ||||||||||||||
Steven W. Williams Director |