☒ | 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 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 |
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 | Cactus II Pipeline, LLC | |||||||
CER | Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019 | |||||||
CTS | Competitive Toll Settlement | |||||||
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 | |||||||
EBITDA | Earnings before interest, income taxes and depreciation and amortization | |||||||
EEP | Enbridge Energy Partners, L.P. | |||||||
EIEC | Enbridge Ingleside Energy Center | |||||||
EIS | Environmental Impact Statement | |||||||
Enbridge Gas | Enbridge Gas Inc. | |||||||
EPS | Emission Performance Standards | |||||||
ESG | Environment, Social and Governance | |||||||
Exchange Act | United States Securities Exchange Act of 1934 | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
GHG | Greenhouse gas | |||||||
Gray Oak | Gray Oak Pipeline, LLC | |||||||
H2 | Hydrogen gas | |||||||
IJT | International Joint Tariff | |||||||
IR | Incentive Regulation | |||||||
kbpd | Thousand barrels per day | |||||||
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 |
Mayank (Mike) M. Ashar Age 66 Calgary, Alberta, Canada Independent Director since July 29, 2021 Latest date of retirement May 2030 | Mr. Ashar has been Principal at Bison Refining and Trading LLC since 2018. He was previously an Advisor at Reliance Industries Limited from 2016 to 2018 and an Executive Director, Managing Director and Chief Executive Officer of Cairn Energy India Ltd. from 2014 to 2016. Prior to that, Mr. Ashar served as President of Irving Oil Ltd. from 2008 to 2013. He held various senior leadership positions at Suncor Energy Inc. from 1987 to 2008. Mr. Ashar holds an MBA, BA, MEng and BA Sc from University of Toronto. Mr. Ashar is a member of the Institute of Corporate Directors (“ICD”). | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance 1 | |||||||||||||||||
Board of Directors 2 | 4 out of 4 | 100% | ||||||||||||||||
Governance 2 | 3 out of 3 | 100% | ||||||||||||||||
Human Resources & Compensation 2 | 2 out of 2 | 100% | ||||||||||||||||
Total | 9 out of 9 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
64,000 | 3,141 | $3,764,596 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Teck Resources Ltd. (public mining and mineral development company) | Director Member, audit committee and compensation committee |
Gaurdie E. Banister Age 64 Houston, Texas, USA Independent Director since November 4, 2021 Latest date of retirement May 2033 | Mr. Banister was President and CEO of Aera Energy LLC, an oil and gas exploration and production company jointly owned by Shell Oil Company and ExxonMobil from 2007 to 2015. Prior to that, Mr. Banister held various senior leadership positions at Shell from 1980 to 2007. Mr. Banister holds a BA Sc (Metallurgical Engineering) from South Dakota School of Mines and Technology. | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance 1 | |||||||||||||||||
Board of Directors 8 | 2 out of 2 | 100% | ||||||||||||||||
Audit, Finance & Risk 8 | 1 out of 1 | 100% | ||||||||||||||||
Safety & Reliability 8 | 1 out of 1 | 100% | ||||||||||||||||
Total | 4 out of 4 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
16,449 | 1,135 | $985,935 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Dow, Inc. (public materials science company) | Director Member, compensation and leadership development committee and the health, safety, environment & technology committee | |||||||||||||||||
Private 7 | ||||||||||||||||||
Russell Reynolds Associates (private leadership advisory and search firm) | Chair Member, compensation committee | |||||||||||||||||
Different Points of View | Chairman & Chief Executive Officer | |||||||||||||||||
| Former US-listed company directorships (last 5 years) | | ||||||||||||||||
| | Tyson Foods | | | ||||||||||||||
| | Bristow Group Inc. | | | ||||||||||||||
| | Marathon Oil Corporation | | |
Pamela L. Carter Age 72 Franklin, Tennessee, USA Independent Director since February 27, 2017 Latest date of retirement May 2025 2021 annual meeting votes for: 88.92% | 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 | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance 1 | |||||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||||
Sustainability | 5 out of 5 | 100% | ||||||||||||||||
Governance 9 | 5 out of 5 | 100% | ||||||||||||||||
Human Resources & Compensation (Chair) 9 | 5 out of 5 | 100% | ||||||||||||||||
Total | 22 out of 22 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
46,439 | 15,339 | $3,463,892 | $1,080,036 | |||||||||||||||
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 US-listed company directorships (last 5 years) | | |||||||||||||||||
| CSX Corporation | | |
Susan M. Cunningham Age 66 Houston, Texas, USA Independent Director since February 13, 2019 Latest date of retirement May 2031 2021 annual meeting votes for: 97.36% | Ms. Cunningham was an Advisor for Darcy Partners from 2017 to 2019. 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 | Meeting attendance 1 | |||||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||||
Sustainability (Chair) | 5 out of 5 | 100% | ||||||||||||||||
Human Resources & Compensation | 5 out of 5 | 100% | ||||||||||||||||
Safety & Reliability | 5 out of 5 | 100% | ||||||||||||||||
Total | 22 out of 22 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
2,581 | 12,334 | $836,284 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Whiting Petroleum Corporation (public oil and gas exploration and production) | Director Chair, ESG committee Member, audit committee | |||||||||||||||||
Former US-listed company directorships (last 5 years) | | |||||||||||||||||
| | Oil Search Limited | | |
Gregory L. Ebel Age 57 Houston, Texas USA Independent Director since February 27, 2017 Latest date of retirement May 2039 2021 annual meeting votes for: 87.20% | Mr. Ebel served as Chairman, President and CEO of Spectra Energy Corp (“Spectra Energy”) from 2009 until February 27, 2017. Prior to that time, Mr. Ebel served as Spectra Energy’s Group Executive and Chief Financial Officer beginning in 2007. He served as President of Union Gas Limited from 2005 until 2007, and Vice President, Investor & Shareholder Relations of Duke Energy Corporation from 2002 until 2005. Mr. Ebel joined Duke Energy in 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. Mr. Ebel has earned the CERT Certificate in Cybersecurity Oversight. This certificate was developed by NACD, Ridge Global, and Carnegie Mellon University’s CERT division. | |||||||||||||||||||
Enbridge Board/Board committee memberships 10 | Meeting attendance 1 | |||||||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||||
| | Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs (excluding stock options) 5,11 | Minimum required 6 | |||||||||||||||
651,845 | 41,708 | $38,887,517 | $1,080,036 | |||||||||||||||||
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 & corporate responsibility committee |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | plans or programs1 | ||||||||||||||||||||||||||||
shares | Enbridge shares & DSUs | required | ||||||||||||||||||||||||||||||
Chair, executive committee | ||||||||||||||||||||||||||||||||
Teresa S. Madden Age 66 Boulder, Colorado, USA Independent Director since February 12, 2019 Latest date of retirement May 2031 2021 annual meeting votes for: 98.36% | 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 | Meeting attendance 1 | |||||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||||
Audit, Finance & Risk (Chair) | 5 out of 5 | 100% | ||||||||||||||||
Governance | 6 out of 6 | 100% | ||||||||||||||||
Total | 18 out of 18 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
1,000 | 12,585 | $761,711 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
The Cooper Companies, Inc. (public medical device company) | Director Chair, audit committee Member, organization and compensation committee | |||||||||||||||||
| Former US-listed company directorships (last 5 years) | | ||||||||||||||||
| Peabody Energy Corp. | | |
Al Monaco Age 62 Calgary, Alberta, Canada Not Independent Director since February 27, 2012 Latest date of retirement May 2035 2021 annual meeting votes for: 98.33% | 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 12 | Meeting attendance 1 | |||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||
| | Enbridge shares | Total market value of Enbridge shares (excluding stock options) 5 | Minimum required 13 | ||||||||||||
962,571 | $53,971,356 | 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 Chair, finance committee Member, executive committee | |||||||||||||
| | Business Council of Canada (not-for-profit, non-partisan organization composed ofCEOs of Canada’s leading enterprises) | Director | |||||||||||||
| | Business Council of Alberta | Member | |||||||||||||
| | U.S. National Petroleum Council | Member | |||||||||||||
| | Catalyst Canada Advisory Board | Member | |
Stephen S. Poloz Age 66 Ottawa, Ontario, Canada Independent Director since June 4, 2020 Latest date of retirement May 2031 2021 annual meeting votes for: 99.53% | Mr. Poloz was Governor of the Bank of Canada from 2013 to 2020, in which capacity he served as Chair of the Board of Directors, and on the Board of Directors of the Bank for International Settlements (BIS). Prior to this, Mr. Poloz spent 14 years with Export Development Canada, in various roles including Chief Economist, Head of Lending, and President & Chief Executive Officer. He previously spent 5 years as managing editor of The International Bank Credit Analyst at BCA Research, and 14 years at the Bank of Canada in economic research and forecasting. He holds an Honours BA in Economics from Queen’s University, and an MA and PhD in Economics from the University of Western Ontario. He is a Certified International Trade Professional and a graduate of Columbia University’s Senior Executive Program. He is also author of The Next Age of Uncertainty: How the World Can Adapt to a Riskier Future, published by Penguin Random House Canada. | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance 1 | |||||||||||||||||
Board of Directors | 7 out of 7 | 100% | ||||||||||||||||
Audit, Finance & Risk | 5 out of 5 | 100% | ||||||||||||||||
Governance (Chair) 14 | 1 out of 1 | 100% | ||||||||||||||||
Safety & Reliability | 5 out of 5 | 100% | ||||||||||||||||
Total | 18 out of 18 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| | Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | |||||||||||||
- | 8,140 | $456,410 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
CGI Inc. (public IT and business consulting services company) | Director Member, audit and risk management committee | |||||||||||||||||
Private 7 | ||||||||||||||||||
Omni Conversion Technologies Inc. (private waste conversion company) | Director Chair, governance and talent committee |
S. Jane Rowe Age 62 Toronto, Ontario, Canada Independent Director since November 4, 2021 Latest date of retirement May 2034 | Ms. Rowe has been Vice Chair, Investments, Ontario Teachers’ Pension Plan since 2020. From 2019 to 2020, she was Executive Managing Director, Equities, Ontario Teachers, an independent organization responsible for administering and managing the assets of the Ontario Teachers’ Pension Plan. Prior to that, she was Senior Managing Director, Ontario Teachers’ Private Capital from 2010 to 2019. Ms. Rowe held several executive positions at Scotiabank from 1987 to 2010, including President and Chief Executive Officer of Scotia Mortgage Corporation and Roynat Capital Inc. Ms. Rowe holds an MBA (Master of Business Administration) from York University, Schulich School of Business, ON and a BCom (Hon.) (Bachelor of Commerce) from Memorial University. Ms. Rowe is a member of the ICD. | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance 1 | |||||||||||||||||
Board of Directors 15 | 2 out of 2 | 100% | ||||||||||||||||
Governance 15 | 1 out of 1 | 100% | ||||||||||||||||
Human Resources & Compensation 15 | 1 out of 1 | 100% | ||||||||||||||||
Total | 4 out of 4 | 100% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
5,783 | 567 | $356,045 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
TD Bank Financial Group | Director Member, audit committee | |||||||||||||||||
Private 7 | ||||||||||||||||||
CFPT Trustee Inc. | Director Chair, human resources and compensation committee Member, audit committee | |||||||||||||||||
Camelot UK Lotteries Limited | Director Member, audit committee and remuneration committee | |||||||||||||||||
Camelot Business Solutions Limited | Director | |||||||||||||||||
Premier Lotteries Investments UK Limited | Director | |||||||||||||||||
Premier Lotteries Capital UK Limited | Director | |||||||||||||||||
Premier Lotteries UK Limited | Director |
Dan C. Tutcher Age 73 Houston, Texas, USA Independent Director since May 3, 2006 Latest date of retirement May 2024 2021 annual meeting votes for: 98.18% | Mr. Tutcher is on the Board of Directors of Gulf Capital Bank, where he is Chairman of the 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 | Meeting attendance 1 | |||||||||||||||||
Board of Directors | 6 out of 7 | 86% | ||||||||||||||||
Sustainability | 4 out of 5 | 80% | ||||||||||||||||
Safety & Reliability (Chair) | 4 out of 5 | 80% | ||||||||||||||||
Total | 14 out of 17 | 82% | ||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
650,649 | 156,248 | $45,242,715 | $1,080,036 | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Private 7 | ||||||||||||||||||
Gulf Capital Bank | Director Chair, governance committee | |||||||||||||||||
| Former US-listed company directorships (last 5 years) | | ||||||||||||||||
| Center Coast MLP & Infrastructure Fund | | | |||||||||||||||
Steven W. Williams Age 66 Calgary, Alberta, Canada Independent Mr. Williams is a new Board candidate proposed for election to the Board Latest date of retirement, if elected, May 2031 | Mr. Williams was President & CEO of Suncor Energy Inc. from 2012 to 2019 and President from 2011 to 2018. Mr. Williams held various senior leadership positions at Suncor beginning in 2002 when he was appointed Executive Vice President, Corporate Development and Chief Financial Officer. He was also Executive Vice President, Oil Sands from 2003 to 2007 and Chief Operating Officer from 2007 to 2011. Mr. Williams has more than 40 years of international energy industry experience, including 18 years at Esso/Exxon. Mr. Williams holds a BSc (Honours) from Exeter University. He also completed the Business Economics Programme at Oxford University and the Advanced Management Program at Harvard Business School. Mr. Williams is a member of the ICD. | |||||||||||||||||
Enbridge Board/Board committee memberships | Meeting attendance | |||||||||||||||||
N/A | N/A | |||||||||||||||||
Enbridge shares and DSUs held 3 | ||||||||||||||||||
| Enbridge shares | DSUs 4 | Total market value of Enbridge shares & DSUs 5 | Minimum required 6 | ||||||||||||||
5,000 | - | $280,350 | N/A | |||||||||||||||
Other board/board committee memberships 7 | ||||||||||||||||||
Public 7 | ||||||||||||||||||
Alcoa Inc. (public aluminum manufacturing company) | Chair of the Board |
Finance & Risk Committee | Committee | Committee | Resources & Compensation Committee | Reliability Committee | ||||||||||||||||
October 2022 | ||||||||||||||||||||
— | N/A | — | 28,324,366 | |||||||||||||||||
(November 1 | ||||||||||||||||||||
— | N/A | — | 28,324,366 | |||||||||||||||||
December 2022 | ||||||||||||||||||||
— | 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 | |||||||||||||||||||||||||||||
(in millions of Canadian dollars, unless stated otherwise) | ||||||||||||||||||||||||||||||||
January 2022 | Fixed-to-fixed subordinated notes | $750 | ||||||||||||||||||||||||||||||
Enbridge Inc. | February 2022 | Floating rate senior notes | US$600 | |||||||||||||||||||||||||||||
February 2022 | ||||||||||||||||||||||||||||||||
Enbridge Inc. | September 2022 | Fixed-to-fixed subordinated notes | US$1,100 | |||||||||||||||||||||||||||||
November 2022 | Medium-term notes | |||||||||||||||||||||||||||||||
Enbridge Inc. | November 2022 | Sustainability-linked medium-term notes | $900 | |||||||||||||||||||||||||||||
August 2022 | ||||||||||||||||||||||||||||||||
Texas Eastern Transmission LP | December 2022 | Senior notes | ||||||||||||||||||||||||||||||
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 |
Executive | Base salary at April 1, 2020 1 | Market $ increase April 1, 2021 2 | Base salary at December 31, 2021 1,3 | |||||||||
Al Monaco | $ | 1,712,000 | $ | 1,712,000 | ||||||||
Vern D. Yu | $ | 683,200 | $ | 23,900 | $ | 707,100 | ||||||
Colin K. Gruending | $ | 656,300 | $ | 23,000 | $ | 679,300 | ||||||
William T. Yardley | $ | 740,714 | $ | 740,714 | ||||||||
Robert R. Rooney | $ | 597,800 | $ | 597,800 | ||||||||
Cynthia L. Hansen | $ | 543,400 | $ | 543,400 |
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 |
Executive | Short-term incentive payment | Medium-term incentive award 1 | Long-term incentive award 1 | Special retention award | ||||||||||||
Al Monaco | 270 | % | 520 | % | 130 | % | ||||||||||
Vern D. Yu | 151 | % | 320 | % | 80 | % | 293 | % | ||||||||
Colin K. Gruending | 157 | % | 320 | % | 80 | % | ||||||||||
William T. Yardley | 155 | % | 320 | % | 80 | % | ||||||||||
Robert R. Rooney | 141 | % | 280 | % | 70 | % | ||||||||||
Cynthia L. Hansen | 145 | % | 280 | % | 70 | % |
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 | |||||||||
Preference Shares, Series B2 | $0.32513 | ||||||||
Executive | Base salary at April 1, 2020 1 | Reduction % at June 1, 2020 | Reduced base salary at June 1, 2020 1 | Restored % at April 1, 2021 2 | Align to market April 1, 2021 3 | Base salary at December 31, 2021 1 | ||||||||||||||||||
Al Monaco | $ | 1,712,000 | -15.00 | % | $ | 1,455,200 | 17.65 | % | — | $ | 1,712,000 | |||||||||||||
Vern D. Yu | $ | 683,200 | -10.00 | % | $ | 614,880 | 11.11 | % | 3.89 | % | $ | 707,100 | ||||||||||||
Colin K. Gruending | $ | 656,300 | -10.00 | % | $ | 590,670 | 11.11 | % | 3.89 | % | $ | 679,300 | ||||||||||||
William T. Yardley | $ | 740,714 | -10.00 | % | $ | 666,643 | 11.11 | % | — | $ | 740,714 | |||||||||||||
Robert R. Rooney | $ | 597,800 | -10.00 | % | $ | 538,020 | 11.11 | % | — | $ | 597,800 | |||||||||||||
Cynthia L. Hansen | $ | 543,400 | -10.00 | % | $ | 489,060 | 11.11 | % | — | $ | 543,400 |
Executive | 2021 target STIP (% of base salary) | 2021 target STIP 1 | Performance Measure Weighting | |||||||||||
Corporate | Business Unit | Individual | ||||||||||||
Al Monaco 2 | 145% | $ | 2,482,400 | 60% | 30% | 10% | ||||||||
Vern D. Yu 3 | 90% | $ | 636,390 | 45% | 45% | 10% | ||||||||
Colin K. Gruending 4 | 90% | $ | 611,370 | 55% | 35% | 10% | ||||||||
William T. Yardley | 90% | $ | 666,643 | 40% | 50% | 10% | ||||||||
Robert R. Rooney | 80% | $ | 478,240 | 60% | 30% | 10% | ||||||||
Cynthia L. Hansen | 80% | $ | 434,720 | 40% | 50% | 10% |
2021 corporate STIP metric | DCF per share 1 | Performance multiplier 2 | ||||||||
Threshold (guidance minimum) | $ | 4.70 | 0.5x | |||||||
Target (guidance midpoint) | $ | 4.85 | 1.0x | |||||||
Maximum (guidance maximum) | $ | 5.00 | 2.0x | |||||||
Actual | $ | 4.99 | 1.93x |
0.27875 | |||||||
Preference Shares, Series F | $0.29306 | ||||||
Executive | Corporate multiplier | x | Weight | + | Business unit multiplier | x | Weight | + | Individual multiplier | x | Weight | = | Overall multiplier | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Al Monaco | 1.93 | x | 60 | % | + | 1.65 | x | 30 | % | + | 2.10 | x | 10 | % | = | 1.86 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vern D. Yu | 1.93 | x | 45 | % | + | 1.37 | x | 45 | % | + | 2.00 | x | 10 | % | = | 1.68 | |||||||||||||||||||||||||||||||||||||||||||||||||
Colin K. Gruending | 1.93 | x | 55 | % | + | 1.38 | x | 35 | % | + | 1.95 | x | 10 | % | = | 1.74 | |||||||||||||||||||||||||||||||||||||||||||||||||
William T. Yardley | 1.93 | x | 40 | % | + | 1.49 | x | 50 | % | + | 2.00 | x | 10 | % | = | 1.72 | |||||||||||||||||||||||||||||||||||||||||||||||||
Robert R. Rooney | 1.93 | x | 60 | % | + | 1.39 | x | 30 | % | + | 1.90 | x | 10 | % | = | 1.77 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cynthia L. Hansen | 1.93 | x | 40 | % | + | 1.70 | x | 50 | % | + | 1.95 | x | 10 | % | = | 1.82 |
Executive | Base salary 1 ($) | x | STIP target (%) | x | Overall multiplier | = | Calculated award ($) 1 | Actual award ($) 1 | ||||||||||||||||||||||||||||||||
Al Monaco | 1,712,000 | x | 145 | % | x | 1.86 | = | 4,624,711 | 4,624,711 | |||||||||||||||||||||||||||||||
Vern D. Yu | 707,100 | x | 90 | % | x | 1.68 | = | 1,071,046 | 1,071,046 | |||||||||||||||||||||||||||||||
Colin K. Gruending | 679,300 | x | 90 | % | x | 1.74 | = | 1,063,171 | 1,063,171 | |||||||||||||||||||||||||||||||
William T. Yardley | 740,714 | x | 90 | % | x | 1.72 | = | 1,144,625 | 1,144,625 | |||||||||||||||||||||||||||||||
Robert R. Rooney | 597,800 | x | 80 | % | x | 1.77 | = | 844,094 | 844,094 | |||||||||||||||||||||||||||||||
Cynthia L. Hansen | 543,400 | x | 80 | % | x | 1.82 | = | 789,886 | 789,886 |
Executive | Total 2021 target medium- and long- term incentives | Annual grant | ||||||||||||||
PSUs | RSUs | ISOs | ||||||||||||||
Al Monaco | 650% | 390% | 130% | 130% | ||||||||||||
Vern D. Yu | 400% | 240% | 80% | 80% | ||||||||||||
Colin K. Gruending | 400% | 240% | 80% | 80% | ||||||||||||
William T. Yardley | 400% | 240% | 80% | 80% | ||||||||||||
Robert R. Rooney | 350% | 210% | 70% | 70% | ||||||||||||
Cynthia L. Hansen | 350% | 210% | 70% | 70% |
Executive | Number of PSUs granted (#) | Grant value (as % of base salary) 1 | ||||||||
Al Monaco | 157,880 | 390% | ||||||||
Vern D. Yu | 38,770 | 240% | ||||||||
Colin K. Gruending | 37,250 | 240% | ||||||||
William T. Yardley | 42,800 | 240% | ||||||||
Robert R. Rooney | 29,690 | 210% | ||||||||
Cynthia L. Hansen | 26,980 | 210% |
Executive | Number of RSUs granted (#) | Grant value (as % of base salary) 1 | ||||||||
Al Monaco | 52,630 | 130% | ||||||||
Vern D. Yu | 12,920 | 80% | ||||||||
Colin K. Gruending | 12,420 | 80% | ||||||||
William T. Yardley | 14,270 | 80% | ||||||||
Robert R. Rooney | 9,900 | 70% | ||||||||
Cynthia L. Hansen | 8,990 | 70% |
Executive | Number of RSUs granted (#) | Grant value (as % of base salary) | ||||||||
Vern D. Yu | 44,803 | 293% |
Executive | Number of ISOs granted (#) | Grant value (as % of base salary) 1 | ||||||||
Al Monaco | 578,080 | 130% | ||||||||
Vern D. Yu | 141,960 | 80% | ||||||||
Colin K. Gruending | 136,370 | 80% | ||||||||
William T. Yardley | 125,430 | 80% | ||||||||
Robert R. Rooney | 108,690 | 70% | ||||||||
Cynthia L. Hansen | 98,800 | 70% |
Executive | PSUs granted (#) | + | Notionally reinvested dividends (#) | Total PSUs (#) | x | Performance multiplier | x | Final share price 1 2 | = | Payout ($) | ||||||||||||||||||||||||
Al Monaco | 125,580 | + | 26,557 | 152,137 | x | 1.43x | x | 53.03 | = | 11,536,994 | ||||||||||||||||||||||||
Vern D. Yu | 29,180 | + | 6,171 | 35,351 | x | 1.43x | x | 53.03 | = | 2,680,757 | ||||||||||||||||||||||||
Colin K. Gruending | 25,116 | + | 5,076 | 30,192 | x | 1.43x | x | 53.03 | = | 2,289,528 | ||||||||||||||||||||||||
William T. Yardley | 39,290 | + | 8,308 | 47,598 | x | 1.43x | x | 52.51 | = | 3,574,174 | ||||||||||||||||||||||||
Robert R. Rooney | 23,340 | + | 4,936 | 28,276 | x | 1.43x | x | 53.03 | = | 2,144,238 | ||||||||||||||||||||||||
Cynthia L. Hansen | 19,100 | + | 4,039 | 23,139 | x | 1.43x | x | 53.03 | = | 1,754,711 |
Executive | RSUs vested (#) | + | Notionally reinvested dividends (#) | Total RSUs (#) | x | Final share price 1 2 ($) | = | Payout 2 ($) | ||||||||
William T. Yardley | 8,084 | + | 1,209 | 9,293 | x | 48.14 | = | 447,412 |
Executive 7 | Credited service (years) | Annual benefits payable | Accrued obligation at Jan 1, 2021 ($) | Compensatory change 1 ($) | Non- compensatory change 2 ($) | Accrued obligation at Dec 31, 2021 ($) | ||||||||||||||||||||||||||
At year end ($) | At age 65 ($) | |||||||||||||||||||||||||||||||
A | B | C | A+B+C | |||||||||||||||||||||||||||||
Al Monaco 3 | 23.08 | 1,634,000 | 1,750,000 | 29,977,000 | 1,576,000 | -2,755,000 | 28,798,000 | |||||||||||||||||||||||||
Vern D. Yu | 20.75 | 413,000 | 604,000 | 8,422,000 | 1,047,000 | -515,000 | 8,954,000 | |||||||||||||||||||||||||
Colin K. Gruending 4 | 18.25 | 318,000 | 609,000 | 6,373,000 | 1,191,000 | -553,000 | 7,011,000 | |||||||||||||||||||||||||
William T. Yardley 5,6 | 21.13 | 217,000 | 378,000 | 3,463,000 | 647,000 | -171,000 | 3,939,000 | |||||||||||||||||||||||||
Robert R. Rooney | 4.92 | 92,000 | 92,000 | 1,380,000 | 413,000 | -111,000 | 1,682,000 | |||||||||||||||||||||||||
Cynthia L. Hansen | 16.42 | 279,000 | 366,000 | 5,281,000 | 743,000 | -435,000 | 5,589,000 |
Executive | Accumulated value at Jan 1, 2021 ($) | Compensatory change 1 ($) | Accumulated value at Dec 31, 2021 ($) | ||||||||||||
Al Monaco | 77,811 | - | 91,279 | ||||||||||||
Vern D. Yu | 84,966 | - | 102,061 | ||||||||||||
Colin K. Gruending | 82,499 | - | 103,304 | ||||||||||||
Cynthia L. Hansen | 164,202 | - | 177,812 |
Nature of work | Approximate fees in 2021 ($) | Approximate fees in 2020 ($) | ||||||
Executive compensation related fees 1 | 360,744 | 296,735 | ||||||
All other fees 2 | 6,772,312 | 5,658,518 | ||||||
Total | 7,133,056 | 5,955,253 |
$0.27350 | |||||
US$0.36612 | |||||
Preference Shares, Series N | $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 | ||||
$0.30625 | |||||
Company 1 | Revenue ($ millions) | EBIT ($ millions) | Total Assets ($ millions) | Market value ($ millions) | Enterprise value ($ millions) | |||||||||||||||
Enbridge | 38,877 | 7,536 | 160,276 | 100,093 | 180,846 | |||||||||||||||
Median | 24,662 | 4,355 | 84,616 | 60,530 | 104,715 | |||||||||||||||
Percentile rank 2 | 84% | 91% | 87% | 71% | 81% |
Name and principal position | Year | Salary ($) | Stock- based awards 1 ($) | Option- based awards 2 ($) | Non- equity incentive plan compen- sation 3 | Pension value 4 ($) | All other compen- sation 5 ($) | Total ($) | ||||||||||||||||||||||||
Al Monaco President & Chief Executive Officer | 2021 | 1,648,679 | 8,902,468 | 2,219,827 | 4,624,711 | 1,576,000 | 68,283 | 19,039,968 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Vern D. Yu Executive Vice President & Chief Financial Officer | 2021 | 684,361 | 4,185,976 | 545,126 | 1,071,046 | 1,047,000 | 28,093 | 7,561,602 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Colin K. Gruending Executive Vice President & President, Liquids Pipelines | 2021 | 657,446 | 2,100,544 | 523,661 | 1,063,171 | 1,191,000 | 18,960 | 5,554,782 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
William T. Yardley Executive Vice President & President, Gas Transmission & Midstream | 2021 | 722,450 | 2,370,346 | 584,655 | 1,144,625 | 647,000 | 55,998 | 5,525,074 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Robert R. Rooney Executive Vice President & Chief Legal Officer | 2021 | 583,060 | 1,674,261 | 417,370 | 844,094 | 413,000 | 24,316 | 3,956,101 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Cynthia L. Hansen Executive Vice President & President, Gas Distribution & Storage | 2021 | 530,001 | 1,521,171 | 379,392 | 789,886 | 743,000 | 11,666 | 3,975,116 | ||||||||||||||||||||||||
2020 | 506,673 | 1,448,572 | 393,750 | 635,570 | 354,000 | 4,290 | 3,342,855 | |||||||||||||||||||||||||
2019 | 500,856 | 932,271 | 506,087 | 652,116 | 628,000 | 10,395 | 3,229,725 |
Year granted | C$ | US$ | ||||||||
2021 | 42.29 | 32.88 | ||||||||
2020 | 51.06 | 38.75 | ||||||||
2019 | 48.81 | 36.97 |
Assumptions | February 2021 | February 2020 | February 2019 | |||||||||||||||||||||||||||
C$ | US$ | C$ | US$ | C$ | US$ | |||||||||||||||||||||||||
Expected option term | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | ||||||||||||||||||||||||
Expected volatility | 24.840% | 27.656% | 17.587% | 20.283% | 18.318% | 21.802% | ||||||||||||||||||||||||
Expected dividend yield | 7.6417% | 7.641% | 5.847% | 5.847% | 5.961% | 5.961% | ||||||||||||||||||||||||
Risk free interest rate | 0.735% | 0.793% | 1.314% | 1.416% | 1.615% | 2.333% | ||||||||||||||||||||||||
Exercise price | $43.81 | $34.52 | $55.54 | $41.97 | $48.30 | $36.71 | ||||||||||||||||||||||||
Option value | $3.84 | $3.69 | $3.75 | $3.64 | $4.03 | $4.07 |
Executive | Matching contribution under retirement savings plan ($) | Excess flexible benefit credit a ($) | Personal use of company aircraft ($) | Parking ($) | Other benefits b ($) | Total ($) | ||||||||||||||||||||||||
Al Monaco | - | 47,999 | 9,831 | 6,108 | 4,345 | 68,283 | ||||||||||||||||||||||||
Vern D. Yu | - | 16,821 | - | 4,800 | 6,472 | 28,093 | ||||||||||||||||||||||||
Colin K. Gruending | - | 12,201 | - | 4,800 | 1,959 | 18,960 | ||||||||||||||||||||||||
William T. Yardley | 21,980 | - | 30,792 | - | 3,226 | 55,998 | ||||||||||||||||||||||||
Robert R. Rooney | - | 17,617 | - | 4,800 | 1,899 | 24,316 | ||||||||||||||||||||||||
Cynthia L. Hansen | - | 6,213 | - | - | 5,453 | 11,666 |
Option-based awards 1 | Share-based awards | |||||||||||||||||||||||||||||||||||||||
Grant date | Number of securities underlying unexercised options (#) | Option exercise price 2 ($) | Option expiry date | Value of in-the-money unexercised options | Plan type | Number of units that have not vested (#) | Market or payout value of units not vested 3 ($) | Market or value of vested share-based awards not paid out or distributed 4 ($) | ||||||||||||||||||||||||||||||||
Named executive officer | Vested ($) | Unvested ($) | ||||||||||||||||||||||||||||||||||||||
Al Monaco | 2/18/2021 | 578,080 | 43.81 | 2/18/2031 | 0 | 3,237,248 | ||||||||||||||||||||||||||||||||||
2/20/2020 | 614,200 | 55.54 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||||
2/21/2019 | 825,740 | 48.30 | 2/21/2029 | 458,286 | 458,286 | |||||||||||||||||||||||||||||||||||
2/27/2018 | 727,080 | 43.02 | 2/27/2028 | 3,484,531 | 1,161,510 | |||||||||||||||||||||||||||||||||||
2/28/2017 | 584,000 | 55.84 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/1/2016 | 365,000 | 44.06 | 3/1/2026 | 1,952,750 | 0 | |||||||||||||||||||||||||||||||||||
3/2/2015 | 196,000 | 59.08 | 3/2/2025 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/13/2014 | 199,000 | 48.81 | 3/13/2024 | 119,400 | 0 | |||||||||||||||||||||||||||||||||||
2/27/2013 | 229,000 | 44.83 | 2/27/2023 | 1,048,820 | 0 | |||||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 55,463 | 2,740,410 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 47,226 | 2,333,444 | |||||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 166,377 | 8,220,709 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 141,678 | 7,000,331 | |||||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 11,536,994 | ||||||||||||||||||||||||||||||||||||
Vern D. Yu | 2/18/2021 | 141,960 | 43.81 | 2/18/2031 | 0 | 794,976 | ||||||||||||||||||||||||||||||||||
2/20/2020 | 132,010 | 55.54 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||||
2/21/2019 | 191,860 | 48.30 | 2/21/2029 | 106,482 | 106,482 | |||||||||||||||||||||||||||||||||||
2/27/2018 | 115,380 | 43.02 | 2/27/2028 | 552,959 | 184,320 | |||||||||||||||||||||||||||||||||||
2/28/2017 | 93,300 | 55.84 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/1/2016 | 96,750 | 44.06 | 3/1/2026 | 517,612 | 0 | |||||||||||||||||||||||||||||||||||
3/2/2015 | 82,340 | 59.08 | 3/2/2025 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/13/2014 | 83,350 | 48.81 | 3/13/2024 | 50,010 | 0 | |||||||||||||||||||||||||||||||||||
2/27/2013 | 83,250 | 44.83 | 2/27/2023 | 381,285 | 0 | |||||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 47,214 5 | 2,332,863 | |||||||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 13,615 | 672,736 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 10,151 | 501,550 | |||||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 40,857 | 2,018,729 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 30,452 | 1,504,649 | |||||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 2,680,757 | ||||||||||||||||||||||||||||||||||||
Colin K. Gruending | 2/18/2021 | 136,370 | 43.81 | 2/18/2031 | 0 | 763,672 | ||||||||||||||||||||||||||||||||||
2/20/2020 | 121,740 | 55.54 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||||
2/21/2019 | 78,490 | 48.30 | 2/21/2029 | 43,562 | 43,562 | |||||||||||||||||||||||||||||||||||
2/27/2018 | 45,170 | 43.02 | 2/27/2028 | 216,480 | 72,156 | |||||||||||||||||||||||||||||||||||
2/28/2017 | 48,670 | 55.84 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/1/2016 | 64,600 | 44.06 | 3/1/2026 | 345,610 | 0 | |||||||||||||||||||||||||||||||||||
3/2/2015 | 64,780 | 59.08 | 3/2/2025 | 0 | 0 | |||||||||||||||||||||||||||||||||||
3/13/2014 | 66,500 | 48.81 | 3/13/2024 | 39,900 | 0 | |||||||||||||||||||||||||||||||||||
2/27/2013 | 72,000 | 44.83 | 2/27/2023 | 329,760 | 0 | |||||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 13,088 | 646,701 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 9,366 | 462,753 | |||||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 39,255 | 1,939,583 | |||||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 28,085 | 1,387,696 | |||||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 2,289,528 |
Option-based awards 1 | Share-based awards | |||||||||||||||||||||||||||||||||||||
Grant date | Number of securities underlying unexercised options (#) | Option exercise price 2 ($) | Option expiry date | Value of in-the-money unexercised options | Plan type | Number of units that have not vested (#) | Market or payout value of units not vested 3 ($) | Market or value of vested share-based awards not paid out or distributed 4 ($) | ||||||||||||||||||||||||||||||
Named executive officer | Vested ($) | Unvested ($) | ||||||||||||||||||||||||||||||||||||
William T. Yardley | 2/18/2021 | 125,430 | US34.52 | 2/18/2031 | 0 | 722,446 | ||||||||||||||||||||||||||||||||
2/20/2020 | 129,020 | US41.97 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||
2/21/2019 | 202,700 | US36.71 | 2/21/2029 | 303,397 | 303,397 | |||||||||||||||||||||||||||||||||
2/27/2018 | 182,520 | US33.97 | 2/27/2028 | 883,552 | 294,517 | |||||||||||||||||||||||||||||||||
2/28/2017 | 56,580 | US41.64 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 15,038 | 742,361 | |||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 13,371 | 660,069 | |||||||||||||||||||||||||||||||||||
5/8/2019 | RSU | 29,381 6 | 1,450,433 | |||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 45,103 | 2,226,563 | |||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 40,124 | 1,980,770 | |||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 3,574,174 | ||||||||||||||||||||||||||||||||||
Robert R. Rooney | 2/18/2021 | 108,690 | 43.81 | 2/18/2031 | 0 | 608,664 | ||||||||||||||||||||||||||||||||
2/20/2020 | 115,510 | 55.54 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||
2/21/2019 | 153,490 | 48.30 | 2/21/2029 | 85,187 | 85,187 | |||||||||||||||||||||||||||||||||
2/27/2018 | 141,030 | 43.02 | 2/27/2028 | 675,889 | 225,292 | |||||||||||||||||||||||||||||||||
2/28/2017 | 167,200 | 55.84 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 10,433 | 515,487 | |||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 8,876 | 438,575 | |||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 31,288 | 1,545,939 | |||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 26,640 | 1,316,287 | |||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 2,144,238 | ||||||||||||||||||||||||||||||||||
Cynthia L. Hansen | 2/18/2021 | 98,800 | 43.81 | 2/18/2031 | 0 | 553,280 | ||||||||||||||||||||||||||||||||
2/20/2020 | 105,000 | 55.54 | 2/20/2030 | 0 | 0 | |||||||||||||||||||||||||||||||||
2/21/2019 | 125,580 | 48.30 | 2/21/2029 | 69,697 | 69,697 | |||||||||||||||||||||||||||||||||
2/27/2018 | 115,380 | 43.02 | 2/27/2028 | 552,959 | 184,320 | |||||||||||||||||||||||||||||||||
2/28/2017 | 89,190 | 55.84 | 2/28/2027 | 0 | 0 | |||||||||||||||||||||||||||||||||
3/1/2016 | 79,030 | 44.06 | 3/1/2026 | 422,811 | 0 | |||||||||||||||||||||||||||||||||
3/2/2015 | 74,340 | 59.08 | 3/2/2025 | 0 | 0 | |||||||||||||||||||||||||||||||||
3/13/2014 | 83,350 | 48.81 | 3/13/2024 | 50,010 | 0 | |||||||||||||||||||||||||||||||||
2/27/2013 | 83,250 | 44.83 | 2/27/2023 | 381,285 | 0 | |||||||||||||||||||||||||||||||||
2/18/2021 | RSU | 9,474 | 468,103 | |||||||||||||||||||||||||||||||||||
2/20/2020 | RSU | 8,068 | 398,653 | |||||||||||||||||||||||||||||||||||
2/18/2021 | PSU | 28,432 | 1,404,831 | |||||||||||||||||||||||||||||||||||
2/20/2020 | PSU | 24,216 | 1,196,522 | |||||||||||||||||||||||||||||||||||
2/21/2019 | PSU | - | - | 1,754,711 |
Executive | Value vested during the year | Value earned during the year | |||||||||||||
Option-based awards 1,2 ($) | Share-based awards 1,3 ($) | Non-equity incentive plan1,4 ($) | |||||||||||||
Al Monaco | - | 11,536,994 | 4,624,711 | ||||||||||||
Vern D. Yu | - | 2,680,757 | 1,071,046 | ||||||||||||
Colin K. Gruending | - | 2,289,528 | 1,063,171 | ||||||||||||
William T. Yardley | - | 4,021,586 | 5 | 1,144,625 | |||||||||||
Robert R. Rooney | - | 2,144,238 | 844,094 | ||||||||||||
Cynthia L. Hansen | - | 1,754,711 | 789,886 |
Grant date | Grant price | 2021 vesting date | Closing price on 2021 vesting date | ||||||||||||
2/28/2017 | $55.84 | 2/28/2021 | $42.98 | ||||||||||||
2/28/2017 | US$41.64 | 2/28/2021 | US$33.81 | ||||||||||||
2/27/2018 | $43.02 | 2/27/2021 | $42.98 | ||||||||||||
2/27/2018 | US$33.97 | 2/27/2021 | US$33.81 | ||||||||||||
2/21/2019 | $48.30 | 2/21/2021 | $43.70 | ||||||||||||
2/21/2019 | US$36.71 | 2/21/2021 | US$34.66 | ||||||||||||
2/20/2020 | $55.54 | 2/20/2021 | $43.70 | ||||||||||||
2/20/2020 | US$41.97 | 2/20/2021 | US$34.66 |
4.750% Senior Notes due 2024 | 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 | ||||||||||||||||
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 | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||
Operating loss | (179) | |||||||||||||||
Earnings | 1,921 | |||||||||||||||
Earnings attributable to common shareholders | 1,507 |
Named executive officer | Triggering event 1 | Base salary 2 ($) | Short- term incentive 3 ($) | Medium- term incentive 4 ($) | Long- term incentive 5 ($) | Pension 6 ($) | Benefits 7 ($) | Total payout ($) | ||||||||||||||||||||||
Al Monaco | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 20,294,894 | 4,857,044 | - | 65,846 | 25,217,784 | |||||||||||||||||||||||
Retirement | - | - | 9,277,339 | 4,857,044 | - | 65,846 | 14,200,229 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 65,846 | 65,846 | |||||||||||||||||||||||
Involuntary termination without cause | 5,136,000 | 10,340,447 | 20,294,894 | 4,857,044 | 524,000 | 286,486 | 41,438,871 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 5,136,000 | 10,340,447 | 20,294,894 | 4,857,044 | 524,000 | 286,486 | 41,438,871 | |||||||||||||||||||||||
Vern D. Yu | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 7,030,527 | 1,085,778 | - | 27,196 | 8,143,501 | |||||||||||||||||||||||
Retirement | - | - | 2,767,516 | 1,085,778 | - | 27,196 | 3,880,490 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 27,196 | 27,196 | |||||||||||||||||||||||
Involuntary termination without cause | 1,414,200 | 1,415,889 | 6,896,030 | 1,085,778 | 3,706,000 | 112,636 | 14,630,533 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,414,200 | 1,415,889 | 7,030,527 | 1,085,778 | 3,706,000 | 112,636 | 14,765,030 | |||||||||||||||||||||||
Colin K. Gruending | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 4,436,734 | 879,390 | - | 26,127 | 5,342,251 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 26,127 | 26,127 | |||||||||||||||||||||||
Involuntary termination without cause | 1,358,600 | 1,345,264 | 4,407,794 | 879,390 | 1,468,000 | 103,897 | 9,562,945 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,358,600 | 1,345,264 | 4,436,734 | 879,390 | 1,468,000 | 103,897 | 9,591,885 | |||||||||||||||||||||||
William T. Yardley | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 7,060,195 | 1,320,460 | - | 28,489 | 8,409,144 | |||||||||||||||||||||||
Retirement | - | - | 3,866,379 | 1,320,460 | - | 28,489 | 5,215,328 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 28,489 | 28,489 | |||||||||||||||||||||||
Involuntary termination without cause | 1,481,428 | 1,616,963 | 7,026,975 | 1,320,460 | 956,000 | 101,593 | 12,503,419 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,481,428 | 1,616,963 | 7,060,195 | 1,320,460 | 956,000 | 101,593 | 12,536,639 |
Named executive officer | Triggering event 1 | Base salary 2 ($) | Short- term incentive 3 ($) | Medium- term incentive 4 ($) | Long- term incentive 5 ($) | Pension 6 ($) | Benefits 7 ($) | Total payout ($) | ||||||||||||||||||||||
Robert R. Rooney | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 3,816,288 | 919,143 | - | 22,992 | 4,758,423 | |||||||||||||||||||||||
Retirement | - | - | 1,744,434 | 919,143 | - | 22,992 | 2,686,569 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 22,992 | 22,992 | |||||||||||||||||||||||
Involuntary termination without cause | 1,195,600 | 1,324,083 | 3,793,220 | 919,143 | 844,000 | 95,324 | 8,171,370 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,195,600 | 1,324,083 | 3,816,288 | 919,143 | 844,000 | 95,324 | 8,194,438 | |||||||||||||||||||||||
Cynthia L. Hansen | CIC | - | - | - | - | - | - | - | ||||||||||||||||||||||
Death | - | - | 3,468,110 | 807,296 | - | 20,900 | 4,296,306 | |||||||||||||||||||||||
Retirement | - | - | 1,585,429 | 807,296 | - | 20,900 | 2,413,625 | |||||||||||||||||||||||
Voluntary or for cause termination | - | - | - | - | - | 20,900 | 20,900 | |||||||||||||||||||||||
Involuntary termination without cause | 1,086,800 | 1,287,686 | 3,447,163 | 807,296 | 927,000 | 87,524 | 7,643,469 | |||||||||||||||||||||||
Involuntary or good reason termination after a CIC | 1,086,800 | 1,287,686 | 3,468,110 | 807,296 | 927,000 | 87,524 | 7,664,416 |
A | B | C | |||||||||||||
Plans approved by security holders | Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | Weighted-average exercise price of outstanding options, warrants and rights ($) | Number of securities remaining available for future issue under equity compensation plans (excluding securities reflected in column A) (#) | ||||||||||||
2019 LTIP | 15,448,382 | 49.00 3,4 | 33,689,782 | ||||||||||||
Prior stock option plans 1 | 19,338,344 | 49.85 3 | - | ||||||||||||
Spectra 2007 LTIP 2 | 673,091 | 36.47 3 | - | ||||||||||||
| 1.6628% of total issued and outstanding Enbridge shares | |
Stock options outstanding | # outstanding | % of total issued and outstanding Enbridge shares | ||||||||
2019 LTIP | 15,448,382 | 0.7625 | % | |||||||
Incentive stock option plan | 19,338,344 | 0.9544 | % | |||||||
Spectra 2007 LTIP – stock options 1 | 673,091 | 0.0332 | % |
Stock options outstanding | 2021 | 2020 | 2019 | ||||||||||||
2019 LTIP | 0.2232 | % | 0.2529 | % | 0.3348 | % | |||||||||
Incentive stock option plan 1 | - | - | - | ||||||||||||
Performance stock option plan 2 | - | - | - | ||||||||||||
Spectra 2007 LTIP – stock options 3 | - | - | - |
Spectra Energy options | Total Enbridge shares issuable under Spectra 2007 LTIP | Percentage of issued and outstanding Enbridge shares | ||||
673,091 | 673,091 | 0.0332% |
(not retirement eligible) | ||
(retirement eligible) | ||
2021 Directors’ Compensation Plan retainers | ||||||||||||||||||||||||||||||||||||
Annual amount (US$) | Cash | Enbridge shares | DSUs | Cash | Enbridge shares | DSUs | ||||||||||||||||||||||||||||||
Compensation component | Before minimum share ownership is met | After minimum share ownership is met | ||||||||||||||||||||||||||||||||||
Board retainer | 285,000 | |||||||||||||||||||||||||||||||||||
Additional retainers | ||||||||||||||||||||||||||||||||||||
Chair of the Board retainer | 265,000 | |||||||||||||||||||||||||||||||||||
Board committee chair retainer | Up to 50% | Up to 50% | | 50% to 100% | | Up to 65% | Up to 65% | | 35% to 100% | | ||||||||||||||||||||||||||
• Audit, Finance & Risk | 25,000 | |||||||||||||||||||||||||||||||||||
• Human Resources & Compensation | 20,000 | |||||||||||||||||||||||||||||||||||
• Safety & Reliability | 15,000 | |||||||||||||||||||||||||||||||||||
• Sustainability | 15,000 | |||||||||||||||||||||||||||||||||||
• Governance | 15,000 | |||||||||||||||||||||||||||||||||||
Travel Fee | 1,500 | 100% | - | - | 100% | - | - |
Director | Cash (%) | Enbridge shares (%) | DSUs (%) | |||||||||
Mayank M. Ashar | - | - | 100 | |||||||||
Gaurdie E. Banister | - | - | 100 | |||||||||
Pamela L. Carter | 40 | 25 | 35 | |||||||||
Susan M. Cunningham | 50 | - | 50 | |||||||||
Gregory L. Ebel | 50 | - | 50 | |||||||||
J. Herb England | - | 65 | 35 | |||||||||
Teresa S. Madden | 50 | - | 50 | |||||||||
Al Monaco 1 | - | - | - | |||||||||
Stephen S. Poloz | 30 | - | 70 | |||||||||
S. Jane Rowe | - | 50 | 50 | |||||||||
Dan C. Tutcher | - | - | 100 | |||||||||
Former Directors 2 | ||||||||||||
Marcel R. Coutu | - | - | 100 | |||||||||
Gregory J. Goff | 50 | - | 50 | |||||||||
V. Maureen Kempston Darkes | - | - | 100 |
Share based awards 2 | All other compensation | Total | ||||||||||||||||||||||||||||||||||
Fees earned 1 (cash) | Enbridge Shares 3 | DSUs 3 | Other fees 4 | Dividends on DSUs 5 | ||||||||||||||||||||||||||||||||
Director | ($) | (#) | ($) | (#) | ($) | ($) | (#) | ($) | ($) | |||||||||||||||||||||||||||
Mayank M. Ashar | - | - | - | 3,070 | 153,725 | 1,922 | 21 | 1,048 | 156,695 | |||||||||||||||||||||||||||
Gaurdie E. Banister | - | - | - | 1,117 | 56,189 | - | - | - | 56,189 | |||||||||||||||||||||||||||
Pamela L. Carter | 150,048 | 1,800 | 85,943 | 2,664 | 127,073 | 1,898 | 68 | 3,342 | 368,304 | |||||||||||||||||||||||||||
Susan M. Cunningham | 181,286 | - | - | 3,800 | 181,286 | 1,898 | 98 | 4,774 | 369,245 | |||||||||||||||||||||||||||
Gregory L. Ebel | 331,711 | - | - | 6,953 | 331,711 | 1,898 | 179 | 8,715 | 674,035 | |||||||||||||||||||||||||||
J. Herb England | - | 4,682 | 223,452 | 2,522 | 120,321 | 3,820 | 65 | 3,161 | 350,755 | |||||||||||||||||||||||||||
Teresa S. Madden | 187,553 | - | - | 3,932 | 187,553 | 1,922 | 101 | 4,946 | 381,975 | |||||||||||||||||||||||||||
Al Monaco 6 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Stephen S. Poloz | 103,576 | - | - | 5,064 | 241,676 | 3,820 | 130 | 6,323 | 355,395 | |||||||||||||||||||||||||||
S. Jane Rowe | - | 558 | 28,094 | 558 | 28,094 | - | - | - | 56,189 | |||||||||||||||||||||||||||
Dan C. Tutcher | - | - | - | 7,601 | 362,573 | - | 196 | 9,548 | 372,121 | |||||||||||||||||||||||||||
Former Directors 7 | ||||||||||||||||||||||||||||||||||||
Marcel R. Coutu | - | - | - | 5,949 | 280,561 | 1,898 | 185 | 9,032 | 291,491 | |||||||||||||||||||||||||||
Gregory J. Goff | 67,886 | - | - | 1,718 | 67,886 | - | 15 | 720 | 136,493 | |||||||||||||||||||||||||||
V. Maureen Kempston Darkes | - | - | - | 6,388 | 301,191 | - | 199 | 9,721 | 310,912 |
Director | Enbridge shares (#) | DSUs (#) | Total Enbridge shares + DSUs (#) | Market (at risk) value of equity holdings ($) 1,2 | ||||||||||||
Mayank M. Ashar | ||||||||||||||||
2022 | 64,000 | 3,141 | 67,141 | 3,764,596 | ||||||||||||
2021 | - | - | - | - | ||||||||||||
Change | +64,000 | +3,141 | +67,141 | +3,764,596 | ||||||||||||
Gaurdie E. Banister | ||||||||||||||||
2022 | 16,449 | 1,135 | 17,584 | 985,935 | ||||||||||||
2021 | - | - | - | - | ||||||||||||
Change | +16,449 | +1,135 | +17,584 | +985,935 | ||||||||||||
Pamela L. Carter | ||||||||||||||||
2022 | 46,439 | 15,339 | 61,778 | 3,463,892 | ||||||||||||
2021 | 44,639 | 11,526 | 56,165 | 2,485,301 | ||||||||||||
Change | +1,800 | +3,813 | +5,613 | +978,591 | ||||||||||||
Susan M. Cunningham | ||||||||||||||||
2022 | 2,581 | 12,334 | 14,915 | 836,284 | ||||||||||||
2021 | 2,581 | 7,682 | 10,263 | 454,138 | ||||||||||||
Change | - | +4,652 | +4,652 | +382,146 | ||||||||||||
Gregory L. Ebel | ||||||||||||||||
2022 | 651,845 | 41,708 | 693,553 | 38,887,517 | ||||||||||||
2021 | 651,845 | 31,619 | 683,464 | 30,243,282 | ||||||||||||
Change | - | +10,089 | +10,089 | +8,644,235 | ||||||||||||
J. Herb England | ||||||||||||||||
2022 | 41,988 | 95,239 | 137,227 | 7,694,318 | ||||||||||||
2021 | 37,306 | 84,970 | 122,276 | 5,410,713 | ||||||||||||
Change | +4,682 | +10,269 | +14,951 | +2,283,605 | ||||||||||||
Teresa S. Madden | ||||||||||||||||
2022 | 1,000 | 12,585 | 13,585 | 761,711 | ||||||||||||
2021 | 1,000 | 7,787 | 8,787 | 388,825 | ||||||||||||
Change | - | +4,798 | +4,798 | +372,886 | ||||||||||||
Al Monaco 3 | ||||||||||||||||
2022 | 962,571 | - | 962,571 | 53,971,356 | ||||||||||||
2021 | 918,762 | - | 918,762 | 40,655,219 | ||||||||||||
Change | +43,809 | - | +43,809 | +13,316,137 | ||||||||||||
Stephen S. Poloz | ||||||||||||||||
2022 | - | 8,140 | 8,140 | 456,410 | ||||||||||||
2021 | - | 2,627 | 2,627 | 116,245 | ||||||||||||
Change | - | +5,513 | +5,513 | +340,165 | ||||||||||||
S. Jane Rowe | ||||||||||||||||
2022 | 5,783 | 567 | 6,350 | 356,045 | ||||||||||||
2021 | - | - | - | - | ||||||||||||
Change | +5,783 | +567 | +6,350 | +356,045 | ||||||||||||
Dan C. Tutcher | ||||||||||||||||
2022 | 650,649 | 156,248 | 806,897 | 45,242,715 | ||||||||||||
2021 | 637,523 | 136,090 | 773,613 | 34,232,375 | ||||||||||||
Change | +13,126 | +20,158 | +33,284 | +11,010,340 | ||||||||||||
Total | ||||||||||||||||
2022 | 2,443,305 | 346,436 | 2,789,741 | 156,420,778 | ||||||||||||
2021 | 2,293,656 | 282,301 | 2,575,957 | 113,986,097 | ||||||||||||
Change | +149,649 | +64,135 | +213,784 | +42,434,681 |
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 | ||||
•Transportation of NGL | |||||
•Sale of crude oil, natural gas and NGL | |||||
Gas Distribution and Storage | •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 |
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) | |||||
Fair value of net assets acquired: | |||||
Current assets | 62 | ||||
Property, plant and equipment (a) | 1,480 | ||||
Long-term investments (b) | 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 |
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 | % |
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 |
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 |
Year ended December 31, | ||||||||
2021 | 2020 | |||||||
(unaudited, millions of Canadian dollars) | ||||||||
Cash provided by operating activities | 9,256 | 9,781 | ||||||
Adjusted for changes in operating assets and liabilities 1 | 1,616 | (93 | ) | |||||
10,872 | 9,688 | |||||||
Distributions to noncontrolling interests and redeemable noncontrolling interests | (271 | ) | (300 | ) | ||||
Preference share dividends | (367 | ) | (380 | ) | ||||
Maintenance capital expenditures 2 | (686 | ) | (915 | ) | ||||
Significant adjustment items: | ||||||||
Other receipts of cash not recognized in revenue 3 | 127 | 292 | ||||||
Employee severance, transition and transformation costs | 147 | 335 | ||||||
Distributions from equity investments in excess of cumulative earnings 4 | 418 | 675 | ||||||
Other items | (199 | ) | 45 | |||||
DCF | 10,041 | 9,440 | ||||||
Adjusting items in respect of: | ||||||||
For STIP calculation purposes, normalizations including (but not limited to) the net accretive impact of financing and strategic actions not contemplated at the time of target setting expressed in DCF | 54 | 33 | ||||||
Total DCF adjusted for 2021 STIP award determinations | 10,095 | 9,473 | ||||||
DCF | 10,041 | 9,440 | ||||||
Adjusting items in respect of: | ||||||||
For 2019 PSU calculation purposes, normalizations including (but not limited to) the net accretive impact of financing and strategic actions not contemplated at the time of the grant expressed in DCF | 155 | 408 | ||||||
Total DCF adjusted for 2019 PSU payout determinations | 10,196 | 9,848 |
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 |
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 |
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 |
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 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 | ||||||||||||
Mayank M. Ashar | 64,000 | - | 64,000 | * | ||||||||||||
Gaurdie E. Banister | 16,449 | - | 16,449 | * | ||||||||||||
Pamela L. Carter 1 | 46,439 | - | 46,439 | * | ||||||||||||
Susan M. Cunningham | 2,581 | - | 2,581 | * | ||||||||||||
Gregory L. Ebel | 651,845 | 405,408 | 1,057,253 | * | ||||||||||||
J. Herb England 1 | 41,988 | - | 41,988 | * | ||||||||||||
Jason B. Few 2 | - | - | - | * | ||||||||||||
Teresa S. Madden | 1,000 | - | 1,000 | * | ||||||||||||
Al Monaco | 962,571 | 3,371,005 | 4,333,576 | * | ||||||||||||
Stephen S. Poloz | - | - | - | * | ||||||||||||
S. Jane Rowe 1 | 5,783 | - | 5,783 | * | ||||||||||||
Dan C. Tutcher | 650,649 | - | 650,649 | * | ||||||||||||
Steven W. Williams 2 | 5,000 | - | 5,000 | * | ||||||||||||
Colin K. Gruending | 77,910 | 465,551 | 543,461 | * | ||||||||||||
Robert R. Rooney | 56,251 | 508,276 | 564,527 | * | ||||||||||||
William T. Yardley | 105,184 | 364,473 | 469,657 | * | ||||||||||||
Vern D. Yu | 174,975 | 757,760 | 932,735 | * | ||||||||||||
Cynthia Hansen | 214,688 | 529,325 | 744,013 | * | ||||||||||||
All current executive officers and directors as a group 3 | 3,077,313 | 6,401,798 | 9,479,111 | * |
Name and address of beneficial owner | Aggregate number of Enbridge shares beneficially owned | Percent of Enbridge shares outstanding | ||||
BlackRock, Inc. 55 East 52 nd StreetNew York, NT 10055 1 | 105,484,148 | 5.2% |
2021 (C$) | 2020 (C$) | Description of fee category | ||||
Audit fees | 15,763,000 | 14,764,000 | Represents the aggregate fees for audit services. | |||
Audit-related fees | 710,000 | 816,000 | 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 2021 and 2020, the services provided in this category include due diligence related to prospectus offerings and purchase price allocations. | |||
Tax fees | 1,774,000 | 1,417,000 | Represents the aggregate fees for professional services rendered by the Company’s auditors for tax compliance, tax advice and tax planning. | |||
All other fees | 352,000 | 366,000 | 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 2021 and 2020, these fees include those related to French translation work. | |||
Total fees | 18,599,000 | 17,363,000 |
Exhibit No. | Name of Exhibit | |||||||
3.1 | Articles of Continuance of the Corporation, dated December 15, 1987 (incorporated by reference to Exhibit | |||||||
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 Executive Vice President, Corporate Development, Chief Financial Officer and President, New Energy Technologies (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 Director | |||||||||||||
/s/ Teresa S. Madden | /s/ Stephen S. Poloz | |||||||||||||
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 |