10-Q |
☒ | QUARTERLY 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 |
ENBRIDGE INC. | ||||||||
(Exact Name of Registrant as Specified in Its Charter) | ||||||||
Canada | ||||||||
(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 Rate Subordinated Notes Series 2018-B due 2078 | ENBA | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | |||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
AOCI | Accumulated other comprehensive | ||||
ASU | Accounting Standards Update | ||||
EBITDA | Earnings before interest, income taxes and depreciation and amortization | ||||
EEP | Enbridge Energy Partners, L.P. | ||||
Exchange Act | United States Securities Exchange Act of 1934, as amended | ||||
L3R | Line 3 Replacement | ||||
LNG | Liquified natural gas | ||||
NGL | Natural gas liquids | ||||
OCI | Other comprehensive income/(loss) | ||||
Other postretirement benefits | |||||
SEP | Spectra Energy Partners, LP | ||||
Texas Eastern | Texas Eastern Transmission, LP | ||||
the | Spectra Energy | ||||
US | United States of America | ||||
US$ | Unites States dollars | ||||
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||
2018 | 2017 | 2022 | 2021 | ||||||||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | (unaudited; millions of Canadian dollars, except per share amounts) | ||||||||||||||||||||
Operating revenues | Operating revenues | ||||||||||||||||||||
Commodity sales | 7,268 | 6,866 | Commodity sales | 8,325 | 6,429 | ||||||||||||||||
Gas distribution sales | 1,926 | 1,363 | Gas distribution sales | 2,098 | 1,540 | ||||||||||||||||
Transportation and other services | 3,532 | 2,917 | Transportation and other services | 4,674 | 4,168 | ||||||||||||||||
Total operating revenues (Note 3) | 12,726 | 11,146 | Total operating revenues (Note 3) | 15,097 | 12,137 | ||||||||||||||||
Operating expenses | Operating expenses | ||||||||||||||||||||
Commodity costs | 6,997 | 6,550 | Commodity costs | 8,291 | 6,198 | ||||||||||||||||
Gas distribution costs | 1,324 | 1,015 | Gas distribution costs | 1,456 | 950 | ||||||||||||||||
Operating and administrative | 1,641 | 1,551 | Operating and administrative | 1,875 | 1,559 | ||||||||||||||||
Depreciation and amortization | 824 | 672 | Depreciation and amortization | 1,055 | 932 | ||||||||||||||||
Asset impairment (Note 6) | 1,062 | — | |||||||||||||||||||
Total operating expenses | 11,848 | 9,788 | Total operating expenses | 12,677 | 9,639 | ||||||||||||||||
Operating income | 878 | 1,358 | Operating income | 2,420 | 2,498 | ||||||||||||||||
Income from equity investments | 335 | 236 | Income from equity investments | 491 | 395 | ||||||||||||||||
Other income/(expense) | |||||||||||||||||||||
Net foreign currency loss | (185 | ) | (5 | ) | |||||||||||||||||
Other income | Other income | ||||||||||||||||||||
Net foreign currency gain | Net foreign currency gain | 369 | 152 | ||||||||||||||||||
Other | 65 | 40 | Other | 89 | 109 | ||||||||||||||||
Interest expense | (656 | ) | (486 | ) | Interest expense | (719) | (657) | ||||||||||||||
Earnings before income taxes | 437 | 1,143 | Earnings before income taxes | 2,650 | 2,497 | ||||||||||||||||
Income tax recovery/(expense) (Note 11) | 73 | (198 | ) | ||||||||||||||||||
Income tax expense (Note 9) | Income tax expense (Note 9) | (593) | (483) | ||||||||||||||||||
Earnings | 510 | 945 | Earnings | 2,057 | 2,014 | ||||||||||||||||
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 24 | (224 | ) | ||||||||||||||||||
Earnings attributable to noncontrolling interests | Earnings attributable to noncontrolling interests | (28) | (22) | ||||||||||||||||||
Earnings attributable to controlling interests | 534 | 721 | Earnings attributable to controlling interests | 2,029 | 1,992 | ||||||||||||||||
Preference share dividends | (89 | ) | (83 | ) | Preference share dividends | (102) | (92) | ||||||||||||||
Earnings attributable to common shareholders | 445 | 638 | Earnings attributable to common shareholders | 1,927 | 1,900 | ||||||||||||||||
Earnings per common share attributable to common shareholders (Note 5) | 0.26 | 0.54 | Earnings per common share attributable to common shareholders (Note 5) | 0.95 | 0.94 | ||||||||||||||||
Diluted earnings per common share attributable to common shareholders (Note 5) | 0.26 | 0.54 | Diluted earnings per common share attributable to common shareholders (Note 5) | 0.95 | 0.94 |
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||
2018 | 2017 | 2022 | 2021 | ||||||||||||||||||
(unaudited; millions of Canadian dollars) | (unaudited; millions of Canadian dollars) | ||||||||||||||||||||
Earnings | 510 | 945 | Earnings | 2,057 | 2,014 | ||||||||||||||||
Other comprehensive income/(loss), net of tax | Other comprehensive income/(loss), net of tax | ||||||||||||||||||||
Change in unrealized gain/(loss) on cash flow hedges | 66 | (2 | ) | ||||||||||||||||||
Change in unrealized gain/(loss) on net investment hedges | (184 | ) | 49 | ||||||||||||||||||
Other comprehensive income from equity investees | 14 | 6 | |||||||||||||||||||
Change in unrealized gain on cash flow hedges | Change in unrealized gain on cash flow hedges | 294 | 370 | ||||||||||||||||||
Change in unrealized gain on net investment hedges | Change in unrealized gain on net investment hedges | 133 | 93 | ||||||||||||||||||
Other comprehensive loss from equity investees | Other comprehensive loss from equity investees | — | (22) | ||||||||||||||||||
Excluded components of fair value hedges | Excluded components of fair value hedges | (1) | (1) | ||||||||||||||||||
Reclassification to earnings of loss on cash flow hedges | 37 | 41 | Reclassification to earnings of loss on cash flow hedges | 57 | 52 | ||||||||||||||||
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (39 | ) | 4 | Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (2) | 5 | |||||||||||||||
Foreign currency translation adjustments | 1,579 | 432 | Foreign currency translation adjustments | (708) | (796) | ||||||||||||||||
Other comprehensive income, net of tax | 1,473 | 530 | |||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | (227) | (299) | ||||||||||||||||||
Comprehensive income | 1,983 | 1,475 | Comprehensive income | 1,830 | 1,715 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests | (147 | ) | (374 | ) | |||||||||||||||||
Comprehensive (income)/loss attributable to noncontrolling interests | Comprehensive (income)/loss attributable to noncontrolling interests | (13) | 3 | ||||||||||||||||||
Comprehensive income attributable to controlling interests | 1,836 | 1,101 | Comprehensive income attributable to controlling interests | 1,817 | 1,718 | ||||||||||||||||
Preference share dividends | (89 | ) | (83 | ) | Preference share dividends | (102) | (92) | ||||||||||||||
Comprehensive income attributable to common shareholders | 1,747 | 1,018 | Comprehensive income attributable to common shareholders | 1,715 | 1,626 |
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||
2018 | 2017 | 2022 | 2021 | ||||||||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | (unaudited; millions of Canadian dollars, except per share amounts) | ||||||||||||||||||||
Preference shares | Preference shares | ||||||||||||||||||||
Balance at beginning and end of period | 7,747 | 7,255 | |||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | 7,747 | 7,747 | ||||||||||||||||||
Redemption of preference shares | Redemption of preference shares | (737) | — | ||||||||||||||||||
Balance at end of period | Balance at end of period | 7,010 | 7,747 | ||||||||||||||||||
Common shares | Common shares | ||||||||||||||||||||
Balance at beginning of period | 50,737 | 10,492 | Balance at beginning of period | 64,799 | 64,768 | ||||||||||||||||
Common shares issued in Merger Transaction | — | 37,428 | |||||||||||||||||||
Dividend Reinvestment and Share Purchase Plan | 374 | 194 | |||||||||||||||||||
Shares issued on exercise of stock options | 16 | 33 | Shares issued on exercise of stock options | 36 | 4 | ||||||||||||||||
Share purchases at stated value | Share purchases at stated value | (30) | — | ||||||||||||||||||
Other | Other | (4) | — | ||||||||||||||||||
Balance at end of period | 51,127 | 48,147 | Balance at end of period | 64,801 | 64,772 | ||||||||||||||||
Additional paid-in capital | Additional paid-in capital | ||||||||||||||||||||
Balance at beginning of period | 3,194 | 3,399 | Balance at beginning of period | 365 | 277 | ||||||||||||||||
Stock-based compensation | 17 | 35 | Stock-based compensation | 13 | 11 | ||||||||||||||||
Fair value of outstanding earned stock-based compensation from Merger Transaction | — | 77 | |||||||||||||||||||
Options exercised | (6 | ) | (49 | ) | Options exercised | (34) | (3) | ||||||||||||||
Dilution gain on Spectra Energy Partners, LP restructuring (Note 9) | 1,136 | — | |||||||||||||||||||
Dilution loss and other | (28 | ) | (36 | ) | |||||||||||||||||
Change in reciprocal interest | Change in reciprocal interest | — | 39 | ||||||||||||||||||
Other | Other | (28) | — | ||||||||||||||||||
Balance at end of period | 4,313 | 3,426 | Balance at end of period | 316 | 324 | ||||||||||||||||
Deficit | Deficit | ||||||||||||||||||||
Balance at beginning of period | (2,468 | ) | (716 | ) | Balance at beginning of period | (10,989) | (9,995) | ||||||||||||||
Earnings attributable to controlling interests | 534 | 721 | Earnings attributable to controlling interests | 2,029 | 1,992 | ||||||||||||||||
Preference share dividends | (89 | ) | (83 | ) | Preference share dividends | (102) | (92) | ||||||||||||||
Common share dividends declared | — | (548 | ) | ||||||||||||||||||
Dividends paid to reciprocal shareholder | 7 | 7 | Dividends paid to reciprocal shareholder | — | 3 | ||||||||||||||||
Retrospective adoption of accounting standard (Note 2) | (86 | ) | — | ||||||||||||||||||
Redemption value adjustment attributable to redeemable noncontrolling interests | 120 | 152 | |||||||||||||||||||
Adjustment for the recognition of unutilized tax deductions for stock-based compensation expense | — | 41 | |||||||||||||||||||
Share purchases in excess of stated value | Share purchases in excess of stated value | (20) | — | ||||||||||||||||||
Other | Other | — | (1) | ||||||||||||||||||
Balance at end of period | (1,982 | ) | (426 | ) | Balance at end of period | (9,082) | (8,093) | ||||||||||||||
Accumulated other comprehensive income/(loss) (Note 8) | |||||||||||||||||||||
Accumulated other comprehensive loss (Note 7) | Accumulated other comprehensive loss (Note 7) | ||||||||||||||||||||
Balance at beginning of period | (973 | ) | 1,058 | Balance at beginning of period | (1,096) | (1,401) | |||||||||||||||
Other comprehensive income attributable to common shareholders, net of tax | 1,302 | 380 | |||||||||||||||||||
Other comprehensive loss attributable to common shareholders, net of tax | Other comprehensive loss attributable to common shareholders, net of tax | (212) | (274) | ||||||||||||||||||
Balance at end of period | 329 | 1,438 | Balance at end of period | (1,308) | (1,675) | ||||||||||||||||
Reciprocal shareholding | Reciprocal shareholding | ||||||||||||||||||||
Balance at beginning and end of period | (102 | ) | (102 | ) | |||||||||||||||||
Balance at beginning of period | Balance at beginning of period | — | (29) | ||||||||||||||||||
Change in reciprocal interest | Change in reciprocal interest | — | 12 | ||||||||||||||||||
Balance at end of period | Balance at end of period | — | (17) | ||||||||||||||||||
Total Enbridge Inc. shareholders’ equity | 61,432 | 59,738 | Total Enbridge Inc. shareholders’ equity | 61,737 | 63,058 | ||||||||||||||||
Noncontrolling interests | Noncontrolling interests | ||||||||||||||||||||
Balance at beginning of period | 7,597 | 577 | Balance at beginning of period | 2,542 | 2,996 | ||||||||||||||||
Earnings attributable to noncontrolling interests | 23 | 192 | Earnings attributable to noncontrolling interests | 28 | 22 | ||||||||||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | ||||||||||||||||||||
Change in unrealized gain/(loss) on cash flow hedges | 4 | (1 | ) | Change in unrealized gain/(loss) on cash flow hedges | 2 | (3) | |||||||||||||||
Foreign currency translation adjustments | 152 | 141 | Foreign currency translation adjustments | (17) | (22) | ||||||||||||||||
Reclassification to earnings of loss on cash flow hedges | 8 | 10 | |||||||||||||||||||
164 | 150 | (15) | (25) | ||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 187 | 342 | |||||||||||||||||||
Noncontrolling interests resulting from Merger Transaction | — | 8,792 | |||||||||||||||||||
Enbridge Energy Company, Inc. common control transaction | — | 43 | |||||||||||||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | Comprehensive income/(loss) attributable to noncontrolling interests | 13 | (3) | ||||||||||||||||||
Distributions | (209 | ) | (191 | ) | Distributions | (60) | (66) | ||||||||||||||
Contributions | 8 | 215 | Contributions | 6 | 3 | ||||||||||||||||
Spectra Energy Partners, LP restructuring (Note 9) | (1,486 | ) | — | ||||||||||||||||||
Other | (15 | ) | 3 | Other | 35 | — | |||||||||||||||
Balance at end of period | 6,082 | 9,781 | Balance at end of period | 2,536 | 2,930 | ||||||||||||||||
Total equity | 67,514 | 69,519 | Total equity | 64,273 | 65,988 | ||||||||||||||||
Dividends paid per common share | 0.671 | 0.583 | Dividends paid per common share | 0.860 | 0.835 |
Three months ended March 31, | Three months ended March 31, | |||||||||||
2018 | 2017 | 2022 | 2021 | |||||||||
(unaudited; millions of Canadian dollars) | (unaudited; millions of Canadian dollars) | |||||||||||
Operating activities | Operating activities | |||||||||||
Earnings | 510 | 945 | Earnings | 2,057 | 2,014 | |||||||
Adjustments to reconcile earnings to net cash provided by operating activities: | Adjustments to reconcile earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 824 | 672 | Depreciation and amortization | 1,055 | 932 | |||||||
Deferred income tax expense | (147 | ) | 161 | Deferred income tax expense | 423 | 369 | ||||||
Changes in unrealized (gain)/loss on derivative instruments, net (Note 10) | 260 | (418 | ) | |||||||||
Earnings from equity investments | (335 | ) | (236 | ) | ||||||||
Unrealized derivative fair value gain, net (Note 8) | Unrealized derivative fair value gain, net (Note 8) | (369) | (315) | |||||||||
Income from equity investments | Income from equity investments | (491) | (395) | |||||||||
Distributions from equity investments | 320 | 214 | Distributions from equity investments | 394 | 388 | |||||||
Asset impairment | 1,062 | — | ||||||||||
Gain on dispositions | — | (14 | ) | |||||||||
(Gain)/loss on dispositions | (Gain)/loss on dispositions | 2 | (41) | |||||||||
Other | 78 | 112 | Other | 120 | 30 | |||||||
Changes in operating assets and liabilities | 622 | 340 | Changes in operating assets and liabilities | (252) | (418) | |||||||
Net cash provided by operating activities | 3,194 | 1,776 | Net cash provided by operating activities | 2,939 | 2,564 | |||||||
Investing activities | Investing activities | |||||||||||
Capital expenditures | (1,635 | ) | (1,642 | ) | Capital expenditures | (1,048) | (2,059) | |||||
Long-term investments | (209 | ) | (2,537 | ) | ||||||||
Long-term investments and restricted long-term investments | Long-term investments and restricted long-term investments | (314) | (61) | |||||||||
Distributions from equity investments in excess of cumulative earnings | 57 | 11 | Distributions from equity investments in excess of cumulative earnings | 97 | 61 | |||||||
Restricted long-term investments | (13 | ) | (15 | ) | ||||||||
Additions to intangible assets | (258 | ) | (233 | ) | Additions to intangible assets | (53) | (65) | |||||
Cash acquired in Merger Transaction | — | 681 | ||||||||||
Proceeds from dispositions | — | 289 | ||||||||||
Proceeds from disposition | Proceeds from disposition | — | 122 | |||||||||
Affiliate loans, net | (10 | ) | (2 | ) | Affiliate loans, net | — | 44 | |||||
Net cash used in investing activities | (2,068 | ) | (3,448 | ) | Net cash used in investing activities | (1,318) | (1,958) | |||||
Financing activities | Financing activities | |||||||||||
Net change in short-term borrowings | (443 | ) | 110 | Net change in short-term borrowings | 89 | (27) | ||||||
Net change in commercial paper and credit facility draws | (465 | ) | 2,662 | Net change in commercial paper and credit facility draws | (283) | 1,727 | ||||||
Debenture and term note issues, net of issue costs | 2,061 | — | Debenture and term note issues, net of issue costs | 2,643 | 629 | |||||||
Debenture and term note repayments | (996 | ) | (513 | ) | Debenture and term note repayments | (1,155) | (912) | |||||
Debt extinguishment costs | (63 | ) | — | |||||||||
Contributions from noncontrolling interests | 8 | 215 | Contributions from noncontrolling interests | 6 | 3 | |||||||
Distributions to noncontrolling interests | (209 | ) | (271 | ) | Distributions to noncontrolling interests | (60) | (66) | |||||
Contributions from redeemable noncontrolling interests | 20 | 11 | ||||||||||
Distributions to redeemable noncontrolling interests | (84 | ) | (54 | ) | ||||||||
Common shares issued | 13 | 4 | Common shares issued | 2 | — | |||||||
Common shares repurchased | Common shares repurchased | (50) | — | |||||||||
Preference share dividends | (87 | ) | (83 | ) | Preference share dividends | (91) | (92) | |||||
Common share dividends | (764 | ) | (768 | ) | Common share dividends | (1,742) | (1,691) | |||||
Net cash provided by/(used in) financing activities | (1,009 | ) | 1,313 | |||||||||
Redemption of preferred shares held by subsidiary | Redemption of preferred shares held by subsidiary | — | (115) | |||||||||
Redemption of preference shares | Redemption of preference shares | (750) | — | |||||||||
Other | Other | (92) | (21) | |||||||||
Net cash used in financing activities | Net cash used in financing activities | (1,483) | (565) | |||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 19 | (9 | ) | Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (4) | (7) | ||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 136 | (368 | ) | |||||||||
Net increase in cash and cash equivalents and restricted cash | Net increase in cash and cash equivalents and restricted cash | 134 | 34 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 587 | 1,562 | Cash and cash equivalents and restricted cash at beginning of period | 320 | 490 | |||||||
Cash and cash equivalents and restricted cash at end of period | 723 | 1,194 | Cash and cash equivalents and restricted cash at end of period | 454 | 524 | |||||||
Supplementary cash flow information | ||||||||||||
Property, plant and equipment non-cash accruals | 754 | 1,019 |
March 31, 2018 | December 31, 2017 | March 31, 2022 | December 31, 2021 | |||||||||
(unaudited; millions of Canadian dollars; number of shares in millions) | (unaudited; millions of Canadian dollars; number of shares in millions) | |||||||||||
Assets | Assets | |||||||||||
Current assets | Current assets | |||||||||||
Cash and cash equivalents | 610 | 480 | Cash and cash equivalents | 413 | 286 | |||||||
Restricted cash | 113 | 107 | Restricted cash | 41 | 34 | |||||||
Accounts receivable and other | 6,271 | 7,053 | Accounts receivable and other | 8,408 | 6,862 | |||||||
Accounts receivable from affiliates | 48 | 47 | Accounts receivable from affiliates | 220 | 107 | |||||||
Inventory | 872 | 1,528 | Inventory | 1,212 | 1,670 | |||||||
7,914 | 9,215 | 10,294 | 8,959 | |||||||||
Property, plant and equipment, net | 92,521 | 90,711 | Property, plant and equipment, net | 99,346 | 100,067 | |||||||
Long-term investments | 17,360 | 16,644 | Long-term investments | 13,361 | 13,324 | |||||||
Restricted long-term investments | 280 | 267 | Restricted long-term investments | 594 | 630 | |||||||
Deferred amounts and other assets | 5,614 | 6,442 | Deferred amounts and other assets | 9,123 | 8,613 | |||||||
Intangible assets, net | 3,455 | 3,267 | Intangible assets, net | 3,895 | 4,008 | |||||||
Goodwill | 35,168 | 34,457 | Goodwill | 32,503 | 32,775 | |||||||
Deferred income taxes | 1,182 | 1,090 | Deferred income taxes | 275 | 488 | |||||||
Total assets | 163,494 | 162,093 | Total assets | 169,391 | 168,864 | |||||||
Liabilities and equity | Liabilities and equity | |||||||||||
Current liabilities | Current liabilities | |||||||||||
Short-term borrowings | 1,004 | 1,444 | Short-term borrowings | 1,604 | 1,515 | |||||||
Accounts payable and other | 6,823 | 9,478 | Accounts payable and other | 8,512 | 9,767 | |||||||
Accounts payable to affiliates | 168 | 157 | Accounts payable to affiliates | 112 | 90 | |||||||
Interest payable | 592 | 634 | Interest payable | 605 | 693 | |||||||
Environmental liabilities | 33 | 40 | ||||||||||
Current portion of long-term debt | 4,152 | 2,871 | Current portion of long-term debt | 4,379 | 6,164 | |||||||
12,772 | 14,624 | 15,212 | 18,229 | |||||||||
Long-term debt | 61,191 | 60,865 | Long-term debt | 70,490 | 67,961 | |||||||
Other long-term liabilities | 8,390 | 7,510 | Other long-term liabilities | 7,431 | 7,617 | |||||||
Deferred income taxes | 9,812 | 9,295 | Deferred income taxes | 11,985 | 11,689 | |||||||
92,165 | 92,294 | 105,118 | 105,496 | |||||||||
Contingencies (Note 13) | ||||||||||||
Redeemable noncontrolling interests | 3,815 | 4,067 | ||||||||||
Contingencies (Note 11) | Contingencies (Note 11) | 0 | 0 | |||||||||
Equity | Equity | |||||||||||
Share capital | Share capital | |||||||||||
Preference shares | 7,747 | 7,747 | Preference shares | 7,010 | 7,747 | |||||||
Common shares (1,705 and 1,695 outstanding at March 31, 2018 and December 31, 2017, respectively) | 51,127 | 50,737 | ||||||||||
Common shares (2,026 outstanding at March 31, 2022 and December 31, 2021) | Common shares (2,026 outstanding at March 31, 2022 and December 31, 2021) | 64,801 | 64,799 | |||||||||
Additional paid-in capital | 4,313 | 3,194 | Additional paid-in capital | 316 | 365 | |||||||
Deficit | (1,982 | ) | (2,468 | ) | Deficit | (9,082) | (10,989) | |||||
Accumulated other comprehensive income/(loss) (Note 8) | 329 | (973 | ) | |||||||||
Reciprocal shareholding | (102 | ) | (102 | ) | ||||||||
Total Enbridge Inc. shareholders’ equity | 61,432 | 58,135 | ||||||||||
Accumulated other comprehensive loss (Note 7) | Accumulated other comprehensive loss (Note 7) | (1,308) | (1,096) | |||||||||
Total Enbridge Inc. shareholders' equity | Total Enbridge Inc. shareholders' equity | 61,737 | 60,826 | |||||||||
Noncontrolling interests | 6,082 | 7,597 | Noncontrolling interests | 2,536 | 2,542 | |||||||
67,514 | 65,732 | 64,273 | 63,368 | |||||||||
Total liabilities and equity | 163,494 | 162,093 | Total liabilities and equity | 169,391 | 168,864 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 2,685 | 1,194 | 251 | — | — | — | 4,130 | ||||||||||||||||
Storage and other revenue | 51 | 84 | 47 | — | — | — | 182 | ||||||||||||||||
Gas gathering and processing revenue | — | 15 | — | — | — | — | 15 | ||||||||||||||||
Gas distribution revenue | — | — | 2,098 | — | — | — | 2,098 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 62 | — | — | 62 | ||||||||||||||||
Total revenue from contracts with customers | 2,736 | 1,293 | 2,396 | 62 | — | — | 6,487 | ||||||||||||||||
Commodity sales | — | — | — | — | 8,325 | — | 8,325 | ||||||||||||||||
Other revenue1,2 | 178 | 7 | 4 | 94 | 2 | — | 285 | ||||||||||||||||
Intersegment revenue | 141 | — | 11 | — | 10 | (162) | — | ||||||||||||||||
Total revenue | 3,055 | 1,300 | 2,411 | 156 | 8,337 | (162) | 15,097 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 2,329 | 1,121 | 216 | — | — | — | 3,666 | ||||||||||||||||
Storage and other revenue | 26 | 74 | 58 | — | — | — | 158 | ||||||||||||||||
Gas gathering and processing revenue | — | 7 | — | — | — | — | 7 | ||||||||||||||||
Gas distribution revenue | — | — | 1,534 | — | — | — | 1,534 | ||||||||||||||||
Electricity and transmission revenue | — | — | — | 26 | — | — | 26 | ||||||||||||||||
Total revenue from contracts with customers | 2,355 | 1,202 | 1,808 | 26 | — | — | 5,391 | ||||||||||||||||
Commodity sales | — | — | — | — | 6,429 | — | 6,429 | ||||||||||||||||
Other revenue1,2 | 212 | 12 | 6 | 91 | — | (4) | 317 | ||||||||||||||||
Intersegment revenue | 132 | — | 9 | — | 4 | (145) | — | ||||||||||||||||
Total revenue | 2,699 | 1,214 | 1,823 | 117 | 6,433 | (149) | 12,137 |
Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018 | ||||
(millions of Canadian dollars) | ||||||
Assets | ||||||
Deferred amounts and other assets1,2 | 6,442 | (170 | ) | 6,272 | ||
Property, plant and equipment, net2 | 90,711 | 112 | 90,823 | |||
Liabilities and equity | ||||||
Accounts payable and other1,2 | 9,478 | 62 | 9,540 | |||
Other long-term liabilities2 | 7,510 | 66 | 7,576 | |||
Deferred income taxes1,2 | 9,295 | (62 | ) | 9,233 | ||
Redeemable noncontrolling interests1,2 | 4,067 | (38 | ) | 4,029 | ||
Deficit1,2 | (2,468 | ) | (86 | ) | (2,554 | ) |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution | Green Power and Transmission | Energy Services | Eliminations and Other | Consolidated | ||||||||
Three months ended March 31, 2018 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||
Transportation revenue | 2,058 | 952 | 239 | — | — | — | 3,249 | |||||||
Storage and other revenue | 40 | 60 | 66 | — | — | — | 166 | |||||||
Gas gathering and processing revenue | — | 205 | — | — | — | — | 205 | |||||||
Gas distribution revenue | — | — | 1,926 | — | — | — | 1,926 | |||||||
Electricity and transmission revenue | — | — | — | 154 | — | — | 154 | |||||||
Commodity sales | — | 693 | — | — | — | — | 693 | |||||||
Total revenue from contracts with customers | 2,098 | 1,910 | 2,231 | 154 | — | — | 6,393 | |||||||
Commodity sales | — | — | — | — | 6,575 | — | 6,575 | |||||||
Other revenue1 | (269 | ) | 25 | 2 | 3 | — | (3 | ) | (242 | ) | ||||
Intersegment revenue | 80 | 2 | 4 | — | 57 | (143 | ) | — | ||||||
Total revenue | 1,909 | 1,937 | 2,237 | 157 | 6,632 | (146 | ) | 12,726 |
Contract Receivables | Contract Assets | Contract Liabilities | |||||||||
(millions of Canadian dollars) | |||||||||||
Balance as at March 31, 2022 | 2,784 | 216 | 1,913 | ||||||||
Balance as at December 31, 2021 | 2,369 | 213 | 1,898 |
Receivables | Contract Assets | Contract Liabilities | ||||
(millions of Canadian dollars) | ||||||
Balance at adoption date | 2,475 | 290 | 992 | |||
Balance at reporting date | 2,533 | 290 | 1,008 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time | — | — | 16 | — | 16 | |||||||||||||||
Revenue from products and services transferred over time1 | 2,736 | 1,293 | 2,380 | 62 | 6,471 | |||||||||||||||
Total revenue from contracts with customers | 2,736 | 1,293 | 2,396 | 62 | 6,487 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution | Green Power and Transmission | Energy Services | Consolidated | |||||||
Three months ended March 31, 2018 | ||||||||||||
(millions of Canadian dollars) | ||||||||||||
Revenue from products transferred at a point in time1 | — | 693 | 25 | — | — | 718 | ||||||
Revenue from products and services transferred over time2 | 2,098 | 1,217 | 2,206 | 154 | — | 5,675 | ||||||
Total revenue from contracts with customers | 2,098 | 1,910 | 2,231 | 154 | — | 6,393 |
1 Revenue from crude oil |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Operating revenues | 3,055 | 1,300 | 2,411 | 156 | 8,337 | (162) | 15,097 | ||||||||||||||||
Commodity and gas distribution costs | (11) | — | (1,468) | (4) | (8,427) | 163 | (9,747) | ||||||||||||||||
Operating and administrative | (947) | (530) | (299) | (48) | (14) | (37) | (1,875) | ||||||||||||||||
Income from equity investments | 215 | 221 | — | 55 | — | — | 491 | ||||||||||||||||
Other income | 17 | 23 | 21 | 3 | 3 | 391 | 458 | ||||||||||||||||
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 2,329 | 1,014 | 665 | 162 | (101) | 355 | 4,424 | ||||||||||||||||
Depreciation and amortization | (1,055) | ||||||||||||||||||||||
Interest expense | (719) | ||||||||||||||||||||||
Income tax expense | (593) | ||||||||||||||||||||||
Earnings | 2,057 | ||||||||||||||||||||||
Capital expenditures1 | 545 | 229 | 266 | 6 | — | 12 | 1,058 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Operating revenues | 2,699 | 1,214 | 1,823 | 117 | 6,433 | (149) | 12,137 | ||||||||||||||||
Commodity and gas distribution costs | (3) | — | (958) | — | (6,353) | 166 | (7,148) | ||||||||||||||||
Operating and administrative | (819) | (434) | (272) | (43) | (14) | 23 | (1,559) | ||||||||||||||||
Income from equity investments | 154 | 182 | 22 | 37 | — | — | 395 | ||||||||||||||||
Other income/(expense) | 8 | 11 | 19 | 45 | (2) | 180 | 261 | ||||||||||||||||
Earnings before interest, income taxes, and depreciation and amortization | 2,039 | 973 | 634 | 156 | 64 | 220 | 4,086 | ||||||||||||||||
Depreciation and amortization | (932) | ||||||||||||||||||||||
Interest expense | (657) | ||||||||||||||||||||||
Income tax expense | (483) | ||||||||||||||||||||||
Earnings | 2,014 | ||||||||||||||||||||||
Capital expenditures1 | 1,195 | 482 | 219 | 5 | — | 12 | 1,913 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution | Green Power and Transmission | Energy Services | Eliminations and Other | Consolidated | ||||||||
Three months ended March 31, 2018 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||
Revenues | 1,909 | 1,937 | 2,237 | 157 | 6,632 | (146 | ) | 12,726 | ||||||
Commodity and gas distribution costs | (4 | ) | (620 | ) | (1,388 | ) | — | (6,455 | ) | 146 | (8,321 | ) | ||
Operating and administrative | (747 | ) | (507 | ) | (248 | ) | (30 | ) | (12 | ) | (97 | ) | (1,641 | ) |
Asset impairment | (144 | ) | (913 | ) | — | — | — | (5 | ) | (1,062 | ) | |||
Income/(loss) from equity investments | 131 | 208 | 17 | (25 | ) | 4 | — | 335 | ||||||
Other income/(expense) | 11 | 21 | 18 | 7 | — | (177 | ) | (120 | ) | |||||
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,156 | 126 | 636 | 109 | 169 | (279 | ) | 1,917 | ||||||
Depreciation and amortization | (824 | ) | ||||||||||||
Interest expense | (656 | ) | ||||||||||||
Income tax recovery | 73 | |||||||||||||
Earnings | 510 | |||||||||||||
Capital expenditures1 | 615 | 825 | 183 | 14 | — | 6 | 1,643 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution | Green Power and Transmission | Energy Services | Eliminations and Other | Consolidated | ||||||||
Three months ended March 31, 2017 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||
Revenues | 2,155 | 1,235 | 1,584 | 137 | 6,133 | (98 | ) | 11,146 | ||||||
Commodity and gas distribution costs | (3 | ) | (647 | ) | (1,046 | ) | 1 | (5,968 | ) | 98 | (7,565 | ) | ||
Operating and administrative | (760 | ) | (254 | ) | (189 | ) | (40 | ) | (12 | ) | (296 | ) | (1,551 | ) |
Income from equity investments | 86 | 110 | 36 | 2 | 2 | — | 236 | |||||||
Other income/(expense) | 2 | 31 | 2 | 1 | 1 | (2 | ) | 35 | ||||||
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,480 | 475 | 387 | 101 | 156 | (298 | ) | 2,301 | ||||||
Depreciation and amortization | (672 | ) | ||||||||||||
Interest expense | (486 | ) | ||||||||||||
Income tax expense | (198 | ) | ||||||||||||
Earnings | 945 | |||||||||||||
Capital expenditures1 | 654 | 655 | 183 | 114 | — | 59 | 1,665 |
March 31, 2018 | December 31, 2017 | |||
(millions of Canadian dollars) | ||||
Liquids Pipelines | 64,842 | 63,881 | ||
Gas Transmission and Midstream | 61,880 | 60,745 | ||
Gas Distribution | 25,784 | 25,956 | ||
Green Power and Transmission | 6,466 | 6,289 | ||
Energy Services | 1,628 | 2,514 | ||
Eliminations and Other | 2,894 | 2,708 | ||
163,494 | 162,093 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(number of shares in millions) | |||||||||||||||||
Weighted average shares outstanding | 2,026 | 2,022 | |||||||||||||||
Effect of dilutive options | 3 | 1 | |||||||||||||||
Diluted weighted average shares outstanding | 2,029 | 2,023 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(number of common shares in millions) | ||||
Weighted average shares outstanding | 1,685 | 1,177 | ||
Effect of dilutive options | 4 | 10 | ||
Diluted weighted average shares outstanding | 1,689 | 1,187 |
Dividend per share | |||||
Common Shares1 | $0.86000 | ||||
Preference Shares, Series A | $0.34375 | ||||
Preference Shares, Series B | $0.21340 | ||||
Preference Shares, Series C2 | $0.18400 | ||||
Preference Shares, Series D | $0.27875 | ||||
Preference Shares, Series F | $0.29306 | ||||
Preference Shares, Series H | $0.27350 | ||||
Preference Shares, Series J3 | US$0.30540 | ||||
Preference Shares, Series L | US$0.30993 | ||||
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 | ||||
March 31, 2018 | December 31, 2017 | |||
(millions of Canadian dollars) | ||||
Accounts receivable and other (current assets held for sale) | 305 | 424 | ||
Deferred amounts and other assets (long-term assets held for sale) | 422 | 1,190 | ||
Accounts payable and other (current liabilities held for sale) | (233 | ) | (315 | ) |
Other long-term liabilities (long-term liabilities held for sale) | (37 | ) | (34 | ) |
Net assets held for sale | 457 | 1,265 |
March 31, 2018 | |||||||
Maturity | Total Facilities | Draws1 | Available | ||||
(millions of Canadian dollars) | |||||||
Enbridge Inc.2 | 2019-2022 | 6,644 | 2,616 | 4,028 | |||
Enbridge (U.S.) Inc. | 2019 | 2,469 | 1,142 | 1,327 | |||
Enbridge Energy Partners, L.P.3 | 2019-2022 | 3,385 | 1,660 | 1,725 | |||
Enbridge Gas Distribution Inc. (EGD) | 2019 | 1,017 | 884 | 133 | |||
Enbridge Income Fund | 2020 | 1,500 | 566 | 934 | |||
Enbridge Pipelines Inc. | 2019 | 3,000 | 1,730 | 1,270 | |||
Spectra Energy Partners, LP4 | 2022 | 3,223 | 2,135 | 1,088 | |||
Union Gas Limited (Union Gas) | 2021 | 700 | 130 | 570 | |||
Total committed credit facilities | 21,938 | 10,863 | 11,075 |
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2022 - 2026 | 7,616 | 7,012 | 604 | ||||||||||
Enbridge (U.S.) Inc. | 2023 - 2026 | 6,870 | 5,351 | 1,519 | ||||||||||
Enbridge Pipelines Inc. | 2023 | 3,000 | 627 | 2,373 | ||||||||||
Enbridge Gas Inc. | 2023 | 2,000 | 1,604 | 396 | ||||||||||
Total committed credit facilities | 19,486 | 14,594 | 4,892 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
January 2022 | 5.00% | hybrid fixed-to-fixed subordinated notes due January 2082 | $750 | |||||||||||
February 2022 | Floating rate senior notes due February 20241 | US$600 | ||||||||||||
February 2022 | 2.15% | senior notes due February 2024 | US$400 | |||||||||||
February 2022 | 2.50% | senior notes due February 2025 | US$500 | |||||||||||
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 | |||||||||||
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 | 384 | (1) | 133 | (691) | — | — | (175) | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 76 | — | — | — | — | — | 76 | ||||||||||||||||
Commodity contracts2 | — | — | — | — | — | — | — | ||||||||||||||||
Foreign exchange contracts3 | (4) | — | — | — | — | — | (4) | ||||||||||||||||
Other contracts4 | 2 | — | — | — | — | — | 2 | ||||||||||||||||
Amortization of pension and OPEB actuarial gain5 | — | — | — | — | — | (3) | (3) | ||||||||||||||||
458 | (1) | 133 | (691) | — | (3) | (104) | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | (92) | — | — | — | — | — | (92) | ||||||||||||||||
Income tax on amounts reclassified to earnings | (17) | — | — | — | — | 1 | (16) | ||||||||||||||||
(109) | — | — | — | — | 1 | (108) | |||||||||||||||||
Balance as at March 31, 2022 | (548) | (1) | (33) | (635) | (5) | (86) | (1,308) |
Cash Flow Hedges | Net Investment Hedges | Cumulative Translation Adjustment | Equity Investees | Pension and OPEB Adjustment | Total | |||||||
(millions of Canadian dollars) | ||||||||||||
Balance at January 1, 2018 | (644 | ) | (139 | ) | 77 | 10 | (277 | ) | (973 | ) | ||
Other comprehensive income/(loss) retained in AOCI | 70 | (213 | ) | 1,425 | 2 | — | 1,284 | |||||
Other comprehensive (income)/loss reclassified to earnings | ||||||||||||
Interest rate contracts1 | 28 | — | — | — | — | 28 | ||||||
Commodity contracts2 | (1 | ) | — | — | — | — | (1 | ) | ||||
Foreign exchange contracts3 | 4 | — | — | — | — | 4 | ||||||
Other contracts4 | 9 | — | — | — | — | 9 | ||||||
Amortization of pension and OPEB actuarial loss and prior service costs5 | — | — | — | — | (38 | ) | (38 | ) | ||||
110 | (213 | ) | 1,425 | 2 | (38 | ) | 1,286 | |||||
Tax impact | ||||||||||||
Income tax on amounts retained in AOCI | (9 | ) | 29 | — | 8 | — | 28 | |||||
Income tax on amounts reclassified to earnings | (11 | ) | — | — | — | (1 | ) | (12 | ) | |||
(20 | ) | 29 | — | 8 | (1 | ) | 16 | |||||
Balance at March 31, 2018 | (554 | ) | (323 | ) | 1,502 | 20 | (316 | ) | 329 |
Cash Flow Hedges | Net Investment Hedges | Cumulative Translation Adjustment | Equity Investees | Pension and OPEB Adjustment | Total | |||||||
(millions of Canadian dollars) | ||||||||||||
Balance at January 1, 2017 | (746 | ) | (629 | ) | 2,700 | 37 | (304 | ) | 1,058 | |||
Other comprehensive income/(loss) retained in AOCI | (1 | ) | 50 | 293 | 5 | — | 347 | |||||
Other comprehensive (income)/loss reclassified to earnings | ||||||||||||
Interest rate contracts1 | 31 | — | — | — | — | 31 | ||||||
Commodity contracts2 | (2 | ) | — | — | — | — | (2 | ) | ||||
Other contracts4 | 9 | — | — | — | — | 9 | ||||||
Amortization of pension and OPEB actuarial loss and prior service costs5 | — | — | — | — | 6 | 6 | ||||||
37 | 50 | 293 | 5 | 6 | 391 | |||||||
Tax impact | ||||||||||||
Income tax on amounts retained in AOCI | (1 | ) | (1 | ) | — | 1 | — | (1 | ) | |||
Income tax on amounts reclassified to earnings | (8 | ) | — | — | — | (2 | ) | (10 | ) | |||
(9 | ) | (1 | ) | — | 1 | (2 | ) | (11 | ) | |||
Balance at March 31, 2017 | (718 | ) | (580 | ) | 2,993 | 43 | (300 | ) | 1,438 |
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 | 493 | (1) | 105 | (774) | (26) | — | (203) | ||||||||||||||||
Other comprehensive loss/(income) reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1 | 63 | — | — | — | — | — | 63 | ||||||||||||||||
Commodity contracts2 | 1 | — | — | — | — | — | 1 | ||||||||||||||||
Foreign exchange contracts3 | 1 | — | — | — | — | — | 1 | ||||||||||||||||
Amortization of pension and OPEB actuarial loss5 | — | — | — | — | — | 7 | 7 | ||||||||||||||||
Other | 17 | — | — | (20) | 3 | — | — | ||||||||||||||||
575 | (1) | 105 | (794) | (23) | 7 | (131) | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | (120) | — | (12) | — | 4 | — | (128) | ||||||||||||||||
Income tax on amounts reclassified to earnings | (13) | — | — | — | — | (2) | (15) | ||||||||||||||||
(133) | — | (12) | — | 4 | (2) | (143) | |||||||||||||||||
Balance as at March 31, 2021 | (884) | 4 | (122) | (226) | 47 | (494) | (1,675) |
March 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 | — | — | 342 | 342 | (52) | 290 | |||||||||||||||||
Interest rate contracts | 149 | — | — | 149 | — | 149 | |||||||||||||||||
Commodity contracts | — | — | 274 | 274 | (186) | 88 | |||||||||||||||||
Other contracts | 3 | — | 7 | 10 | — | 10 | |||||||||||||||||
152 | — | 623 | 775 | (238) | 537 | ||||||||||||||||||
Deferred amounts and other assets | |||||||||||||||||||||||
Foreign exchange contracts | — | — | 470 | 470 | (142) | 328 | |||||||||||||||||
Interest rate contracts | 283 | — | — | 283 | — | 283 | |||||||||||||||||
Commodity contracts | — | — | 56 | 56 | (23) | 33 | |||||||||||||||||
Other contracts | 3 | — | 2 | 5 | — | 5 | |||||||||||||||||
286 | — | 528 | 814 | (165) | 649 | ||||||||||||||||||
Accounts payable and other | |||||||||||||||||||||||
Foreign exchange contracts | — | — | (187) | (187) | 52 | (135) | |||||||||||||||||
Interest rate contracts | (28) | — | (23) | (51) | — | (51) | |||||||||||||||||
Commodity contracts | (14) | — | (381) | (395) | 186 | (209) | |||||||||||||||||
(42) | — | (591) | (633) | 238 | (395) | ||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Foreign exchange contracts | — | (37) | (292) | (329) | 142 | (187) | |||||||||||||||||
Interest rate contracts | (4) | — | — | (4) | — | (4) | |||||||||||||||||
Commodity contracts | (13) | — | (96) | (109) | 23 | (86) | |||||||||||||||||
(17) | (37) | (388) | (442) | 165 | (277) | ||||||||||||||||||
Total net derivative assets/(liabilities) | |||||||||||||||||||||||
Foreign exchange contracts | — | (37) | 333 | 296 | — | 296 | |||||||||||||||||
Interest rate contracts | 400 | — | (23) | 377 | — | 377 | |||||||||||||||||
Commodity contracts | (27) | — | (147) | (174) | — | (174) | |||||||||||||||||
Other contracts | 6 | — | 9 | 15 | — | 15 | |||||||||||||||||
379 | (37) | 172 | 514 | — | 514 |
March 31, 2018 | Derivative Instruments Used as Cash Flow Hedges | Derivative Instruments Used as Net Investment 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 | ||||||||||||||||||||||||||||||
December 31, 2021 | 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) | (millions of Canadian dollars) | ||||||||||||||||||||||||||||||||||||
Accounts receivable and other | Accounts receivable and other | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 3 | — | 131 | 134 | (70 | ) | 64 | Foreign exchange contracts | — | — | 259 | 259 | (41) | 218 | ||||||||||||||||||||||
Interest rate contracts | 27 | — | — | — | 27 | (5 | ) | 22 | Interest rate contracts | 64 | — | — | 64 | — | 64 | ||||||||||||||||||||||
Commodity contracts | — | — | — | 100 | 100 | (34 | ) | 66 | Commodity contracts | — | — | 204 | 204 | (129) | 75 | ||||||||||||||||||||||
Other contracts | Other contracts | — | — | 2 | 2 | — | 2 | ||||||||||||||||||||||||||||||
27 | 3 | — | 231 | 261 | (109 | ) | 152 | 64 | — | 465 | 529 | (170) | 359 | ||||||||||||||||||||||||
Deferred amounts and other assets | Deferred amounts and other assets | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 18 | — | — | 92 | 110 | (58 | ) | 52 | Foreign exchange contracts | — | — | 240 | 240 | (61) | 179 | ||||||||||||||||||||||
Interest rate contracts | 15 | — | — | — | 15 | — | 15 | Interest rate contracts | 88 | — | — | 88 | (1) | 87 | |||||||||||||||||||||||
Commodity contracts | 19 | — | — | 3 | 22 | (19 | ) | 3 | Commodity contracts | — | — | 29 | 29 | (13) | 16 | ||||||||||||||||||||||
Other contracts | — | — | — | — | — | — | — | Other contracts | — | — | 3 | 3 | — | 3 | |||||||||||||||||||||||
52 | — | — | 95 | 147 | (77 | ) | 70 | 88 | — | 272 | 360 | (75) | 285 | ||||||||||||||||||||||||
Accounts payable and other | Accounts payable and other | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | (5 | ) | (23 | ) | — | (327 | ) | (355 | ) | 70 | (285 | ) | Foreign exchange contracts | (15) | (112) | (176) | (303) | 41 | (262) | ||||||||||||||||||
Interest rate contracts | (112 | ) | — | (9 | ) | (185 | ) | (306 | ) | 5 | (301 | ) | Interest rate contracts | (150) | — | — | (150) | — | (150) | ||||||||||||||||||
Commodity contracts | (2 | ) | — | — | (244 | ) | (246 | ) | 34 | (212 | ) | Commodity contracts | (14) | — | (250) | (264) | 129 | (135) | |||||||||||||||||||
Other contracts | (2 | ) | — | — | (8 | ) | (10 | ) | — | (10 | ) | ||||||||||||||||||||||||||
(121 | ) | (23 | ) | (9 | ) | (764 | ) | (917 | ) | 109 | (808 | ) | (179) | (112) | (426) | (717) | 170 | (547) | |||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | (10 | ) | — | (1,650 | ) | (1,660 | ) | 58 | (1,602 | ) | Foreign exchange contracts | — | — | (423) | (423) | 61 | (362) | |||||||||||||||||||
Interest rate contracts | (20 | ) | — | (2 | ) | — | (22 | ) | — | (22 | ) | Interest rate contracts | (1) | — | (23) | (24) | 1 | (23) | |||||||||||||||||||
Commodity contracts | — | — | — | (160 | ) | (160 | ) | 19 | (141 | ) | Commodity contracts | (17) | — | (67) | (84) | 13 | (71) | ||||||||||||||||||||
Other contracts | (5 | ) | — | — | (3 | ) | (8 | ) | — | (8 | ) | ||||||||||||||||||||||||||
(25 | ) | (10 | ) | (2 | ) | (1,813 | ) | (1,850 | ) | 77 | (1,773 | ) | |||||||||||||||||||||||||
Total net derivative asset/(liability) | |||||||||||||||||||||||||||||||||||||
(18) | — | (513) | (531) | 75 | (456) | ||||||||||||||||||||||||||||||||
Total net derivative assets/(liabilities) | Total net derivative assets/(liabilities) | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 13 | (30 | ) | — | (1,754 | ) | (1,771 | ) | — | (1,771 | ) | Foreign exchange contracts | (15) | (112) | (100) | (227) | — | (227) | |||||||||||||||||||
Interest rate contracts | (90 | ) | — | (11 | ) | (185 | ) | (286 | ) | — | (286 | ) | Interest rate contracts | 1 | — | (23) | (22) | — | (22) | ||||||||||||||||||
Commodity contracts | 17 | — | — | (301 | ) | (284 | ) | — | (284 | ) | Commodity contracts | (31) | — | (84) | (115) | — | (115) | ||||||||||||||||||||
Other contracts | (7 | ) | — | — | (11 | ) | (18 | ) | — | (18 | ) | Other contracts | — | — | 5 | 5 | — | 5 | |||||||||||||||||||
(67 | ) | (30 | ) | (11 | ) | (2,251 | ) | (2,359 | ) | — | (2,359 | ) | (45) | (112) | (202) | (359) | — | (359) |
December 31, 2017 | Derivative Instruments Used as Cash Flow Hedges | Derivative Instruments Used as Net Investment 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 | 1 | 4 | — | 138 | 143 | (83 | ) | 60 | ||||||
Interest rate contracts | 6 | — | 2 | — | 8 | (3 | ) | 5 | ||||||
Commodity contracts | 2 | — | — | 143 | 145 | (64 | ) | 81 | ||||||
9 | 4 | 2 | 281 | 296 | (150 | ) | 146 | |||||||
Deferred amounts and other assets | 2 | |||||||||||||
Foreign exchange contracts | 1 | 1 | — | 143 | 145 | (125 | ) | 20 | ||||||
Interest rate contracts | 7 | — | 6 | — | 13 | (2 | ) | 11 | ||||||
Commodity contracts | 17 | — | — | 6 | 23 | (19 | ) | 4 | ||||||
25 | 1 | 6 | 149 | 181 | (146 | ) | 35 | |||||||
Accounts payable and other | ||||||||||||||
Foreign exchange contracts | (5 | ) | (42 | ) | — | (312 | ) | (359 | ) | 83 | (276 | ) | ||
Interest rate contracts | (140 | ) | — | (6 | ) | (183 | ) | (329 | ) | 3 | (326 | ) | ||
Commodity contracts | — | — | — | (439 | ) | (439 | ) | 64 | (375 | ) | ||||
Other contracts | (1 | ) | — | — | (2 | ) | (3 | ) | — | (3 | ) | |||
(146 | ) | (42 | ) | (6 | ) | (936 | ) | (1,130 | ) | 150 | (980 | ) | ||
Other long-term liabilities | ||||||||||||||
Foreign exchange contracts | (4 | ) | (9 | ) | — | (1,299 | ) | (1,312 | ) | 125 | (1,187 | ) | ||
Interest rate contracts | (38 | ) | — | (2 | ) | — | (40 | ) | 2 | (38 | ) | |||
Commodity contracts | — | — | — | (186 | ) | (186 | ) | 19 | (167 | ) | ||||
Other contracts | (1 | ) | — | — | — | (1 | ) | — | (1 | ) | ||||
(43 | ) | (9 | ) | (2 | ) | (1,485 | ) | (1,539 | ) | 146 | (1,393 | ) | ||
Total net derivative asset/(liability) | -2 | |||||||||||||
Foreign exchange contracts | (7 | ) | (46 | ) | — | (1,330 | ) | (1,383 | ) | — | (1,383 | ) | ||
Interest rate contracts | (165 | ) | — | — | (183 | ) | (348 | ) | — | (348 | ) | |||
Commodity contracts | 19 | — | — | (476 | ) | (457 | ) | — | (457 | ) | ||||
Other contracts | (2 | ) | — | — | (2 | ) | (4 | ) | — | (4 | ) | |||
(155 | ) | (46 | ) | — | (1,991 | ) | (2,192 | ) | — | (2,192 | ) |
March 31, 2018 | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter1 | ||||||
Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars) | 544 | 2 | 1 | — | — | — | ||||||
Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars) | 3,215 | 3,247 | 3,258 | 1,689 | 1,676 | 3,489 | ||||||
Foreign exchange contracts - British pound (GBP) forwards - purchase (millions of GBP) | — | — | — | — | — | — | ||||||
Foreign exchange contracts - GBP forwards - sell (millions of GBP) | — | 89 | 25 | 27 | 28 | 149 | ||||||
Foreign exchange contracts - Euro forwards - purchase (millions of Euro) | 264 | 375 | — | — | — | — | ||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro) | — | — | 35 | 169 | 169 | 889 | ||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) | — | 32,662 | — | — | 20,000 | — | ||||||
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) | 3,749 | 2,100 | 527 | 109 | 93 | 203 | ||||||
Interest rate contracts - long-term receive fixed rate (millions of Canadian dollars) | 728 | 580 | 553 | 188 | 102 | — | ||||||
Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) | 2,242 | 800 | 447 | — | — | — | ||||||
Equity contracts (millions of Canadian dollars) | 40 | 37 | 8 | — | — | — | ||||||
Commodity contracts - natural gas (billions of cubic feet) | (16 | ) | (57 | ) | (23 | ) | (2 | ) | 14 | 2 | ||
Commodity contracts - crude oil (millions of barrels) | 1 | 2 | — | — | — | — | ||||||
Commodity contracts - NGL (millions of barrels) | (10 | ) | (1 | ) | — | — | — | — | ||||
Commodity contracts - power (megawatt per hour) (MW/H)) | 60 | 64 | 66 | (3 | ) | (43 | ) | (43 | ) |
March 31, 2022 | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) | 848 | — | 1,000 | 500 | — | — | 2,348 | |||||||||||||||||||
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) | 7,544 | 5,794 | 4,544 | 3,372 | 2,772 | 492 | 24,518 | |||||||||||||||||||
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) | 21 | 29 | 30 | 30 | 28 | 32 | 170 | |||||||||||||||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro) | 95 | 92 | 91 | 86 | 85 | 343 | 792 | |||||||||||||||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) | 52,500 | — | — | — | — | — | 52,500 | |||||||||||||||||||
Interest rate contracts - short-term debt pay fixed rate (millions of Canadian dollars) | 536 | 796 | 128 | 30 | 26 | 64 | 1,580 | |||||||||||||||||||
Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) | 2,549 | 2,587 | 1,687 | 562 | — | — | 7,385 | |||||||||||||||||||
Equity contracts (millions of Canadian dollars) | — | 26 | 21 | — | — | — | 47 | |||||||||||||||||||
Commodity contracts - natural gas (billions of cubic feet)1 | 172 | 33 | 13 | 11 | — | — | 229 | |||||||||||||||||||
Commodity contracts - crude oil (millions of barrels)1 | 10 | (1) | — | — | — | — | 9 | |||||||||||||||||||
Commodity contracts - power (megawatt per hour) (MW/H) | (14) | (43) | (43) | (43) | — | — | (37) | 2 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Unrealized gain/(loss) on derivative | 76 | (3) | |||||||||||||||
Unrealized loss on hedged item | (87) | (4) | |||||||||||||||
Realized loss on derivative | (75) | (39) | |||||||||||||||
Realized gain on hedged item | 85 | 45 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Amount of unrealized gain/(loss) recognized in OCI | ||||
Cash flow hedges | ||||
Foreign exchange contracts | 21 | (2 | ) | |
Interest rate contracts | 100 | (14 | ) | |
Commodity contracts | (2 | ) | 21 | |
Other contracts | (14 | ) | (9 | ) |
Net investment hedges | ||||
Foreign exchange contracts | 16 | 8 | ||
121 | 4 | |||
Amount of (gain)/loss reclassified from AOCI to earnings (effective portion) | ||||
Foreign exchange contracts1 | (1 | ) | 1 | |
Interest rate contracts2 | 41 | 48 | ||
Commodity contracts3 | (1 | ) | (2 | ) |
Other contracts4 | 9 | 9 | ||
48 | 56 | |||
Amount of (gain)/loss reclassified from AOCI to earnings (ineffective portion and amount excluded from effectiveness testing) | ||||
Interest rate contracts2 | (1 | ) | 2 | |
(1 | ) | 2 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Amount of unrealized gain/(loss) recognized in OCI | |||||||||||||||||
Cash flow hedges | |||||||||||||||||
Foreign exchange contracts | 2 | (20) | |||||||||||||||
Interest rate contracts | 377 | 497 | |||||||||||||||
Commodity contracts | 4 | (8) | |||||||||||||||
Other contracts | 3 | 3 | |||||||||||||||
Fair value hedges | |||||||||||||||||
Foreign exchange contracts | (1) | (1) | |||||||||||||||
385 | 471 | ||||||||||||||||
Amount of loss reclassified from AOCI to earnings | |||||||||||||||||
Foreign exchange contracts1 | 13 | 1 | |||||||||||||||
Interest rate contracts2 | 76 | 63 | |||||||||||||||
Commodity contracts | — | 1 | |||||||||||||||
Other contracts3 | 2 | — | |||||||||||||||
91 | 65 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Foreign exchange contracts1 | 433 | 236 | |||||||||||||||
Interest rate contracts2 | — | 2 | |||||||||||||||
Commodity contracts3 | (68) | 72 | |||||||||||||||
Other contracts4 | 4 | 5 | |||||||||||||||
Total unrealized derivative fair value gain/(loss), net | 369 | 315 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Foreign exchange contracts1 | (424 | ) | 273 | |
Interest rate contracts2 | (2 | ) | (18 | ) |
Commodity contracts3 | 175 | 163 | ||
Other contracts4 | (9 | ) | — | |
Total unrealized derivative fair value gain/(loss), net | (260 | ) | 418 |
March 31, 2018 | December 31, 2017 | March 31, 2022 | December 31, 2021 | |||||||||
(millions of Canadian dollars) | (millions of Canadian dollars) | |||||||||||
Canadian financial institutions | 49 | 82 | Canadian financial institutions | 800 | 424 | |||||||
United States financial institutions | 29 | 19 | ||||||||||
US financial institutions | US financial institutions | 210 | 130 | |||||||||
European financial institutions | 143 | 145 | European financial institutions | 347 | 181 | |||||||
Asian financial institutions | 15 | 2 | Asian financial institutions | 66 | 30 | |||||||
Other1 | 72 | 137 | Other1 | 161 | 122 | |||||||
308 | 385 | 1,584 | 887 |
March 31, 2018 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||||||||||
March 31, 2022 | March 31, 2022 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | |||||||||||||||||
(millions of Canadian dollars) | (millions of Canadian dollars) | |||||||||||||||||||||
Financial assets | Financial assets | |||||||||||||||||||||
Current derivative assets | Current derivative assets | |||||||||||||||||||||
Foreign exchange contracts | — | 134 | — | 134 | Foreign exchange contracts | — | 342 | — | 342 | |||||||||||||
Interest rate contracts | — | 27 | — | 27 | Interest rate contracts | — | 149 | — | 149 | |||||||||||||
Commodity contracts | — | 18 | 82 | 100 | Commodity contracts | 36 | 172 | 66 | 274 | |||||||||||||
Other contracts | Other contracts | — | 10 | — | 10 | |||||||||||||||||
— | 179 | 82 | 261 | 36 | 673 | 66 | 775 | |||||||||||||||
Long-term derivative assets | Long-term derivative assets | |||||||||||||||||||||
Foreign exchange contracts | — | 110 | — | 110 | Foreign exchange contracts | — | 470 | — | 470 | |||||||||||||
Interest rate contracts | — | 15 | — | 15 | Interest rate contracts | — | 283 | — | 283 | |||||||||||||
Commodity contracts | — | 1 | 21 | 22 | Commodity contracts | — | 24 | 32 | 56 | |||||||||||||
Other contracts | — | — | — | — | Other contracts | — | 5 | — | 5 | |||||||||||||
— | 126 | 21 | 147 | — | 782 | 32 | 814 | |||||||||||||||
Financial liabilities | Financial liabilities | |||||||||||||||||||||
Current derivative liabilities | Current derivative liabilities | |||||||||||||||||||||
Foreign exchange contracts | — | (355 | ) | — | (355 | ) | Foreign exchange contracts | — | (187) | — | (187) | |||||||||||
Interest rate contracts | — | (306 | ) | — | (306 | ) | Interest rate contracts | — | (51) | — | (51) | |||||||||||
Commodity contracts | (6 | ) | (88 | ) | (152 | ) | (246 | ) | Commodity contracts | (27) | (168) | (200) | (395) | |||||||||
Other contracts | — | (10 | ) | — | (10 | ) | ||||||||||||||||
(6 | ) | (759 | ) | (152 | ) | (917 | ) | (27) | (406) | (200) | (633) | |||||||||||
Long-term derivative liabilities | Long-term derivative liabilities | |||||||||||||||||||||
Foreign exchange contracts | — | (1,660 | ) | — | (1,660 | ) | Foreign exchange contracts | — | (329) | — | (329) | |||||||||||
Interest rate contracts | — | (22 | ) | — | (22 | ) | Interest rate contracts | — | (4) | — | (4) | |||||||||||
Commodity contracts | — | (4 | ) | (156 | ) | (160 | ) | Commodity contracts | — | (31) | (78) | (109) | ||||||||||
Other contracts | — | (8 | ) | — | (8 | ) | ||||||||||||||||
— | (1,694 | ) | (156 | ) | (1,850 | ) | ||||||||||||||||
Total net financial liabilities | ||||||||||||||||||||||
— | (364) | (78) | (442) | |||||||||||||||||||
Total net financial assets/(liabilities) | Total net financial assets/(liabilities) | |||||||||||||||||||||
Foreign exchange contracts | — | (1,771 | ) | — | (1,771 | ) | Foreign exchange contracts | — | 296 | — | 296 | |||||||||||
Interest rate contracts | — | (286 | ) | — | (286 | ) | Interest rate contracts | — | 377 | — | 377 | |||||||||||
Commodity contracts | (6 | ) | (73 | ) | (205 | ) | (284 | ) | Commodity contracts | 9 | (3) | (180) | (174) | |||||||||
Other contracts | — | (18 | ) | — | (18 | ) | Other contracts | — | 15 | — | 15 | |||||||||||
(6 | ) | (2,148 | ) | (205 | ) | (2,359 | ) | 9 | 685 | (180) | 514 |
December 31, 2017 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||||||||||
December 31, 2021 | December 31, 2021 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | |||||||||||||||||
(millions of Canadian dollars) | (millions of Canadian dollars) | |||||||||||||||||||||
Financial assets | Financial assets | |||||||||||||||||||||
Current derivative assets | Current derivative assets | |||||||||||||||||||||
Foreign exchange contracts | — | 143 | — | 143 | Foreign exchange contracts | — | 259 | — | 259 | |||||||||||||
Interest rate contracts | — | 8 | — | 8 | Interest rate contracts | — | 64 | — | 64 | |||||||||||||
Commodity contracts | 1 | 30 | 114 | 145 | Commodity contracts | 38 | 71 | 95 | 204 | |||||||||||||
Other contracts | Other contracts | — | 2 | — | 2 | |||||||||||||||||
1 | 181 | 114 | 296 | 38 | 396 | 95 | 529 | |||||||||||||||
Long-term derivative assets | Long-term derivative assets | |||||||||||||||||||||
Foreign exchange contracts | — | 145 | — | 145 | Foreign exchange contracts | — | 240 | — | 240 | |||||||||||||
Interest rate contracts | — | 13 | — | 13 | Interest rate contracts | — | 88 | — | 88 | |||||||||||||
Commodity contracts | — | 2 | 21 | 23 | Commodity contracts | — | 21 | 8 | 29 | |||||||||||||
Other contracts | Other contracts | — | 3 | — | 3 | |||||||||||||||||
— | 160 | 21 | 181 | — | 352 | 8 | 360 | |||||||||||||||
Financial liabilities | Financial liabilities | |||||||||||||||||||||
Current derivative liabilities | Current derivative liabilities | |||||||||||||||||||||
Foreign exchange contracts | — | (359 | ) | — | (359 | ) | Foreign exchange contracts | — | (303) | — | (303) | |||||||||||
Interest rate contracts | — | (329 | ) | — | (329 | ) | Interest rate contracts | — | (150) | — | (150) | |||||||||||
Commodity contracts | (13 | ) | (87 | ) | (339 | ) | (439 | ) | Commodity contracts | (52) | (66) | (146) | (264) | |||||||||
Other contracts | — | (3 | ) | — | (3 | ) | ||||||||||||||||
(13 | ) | (778 | ) | (339 | ) | (1,130 | ) | (52) | (519) | (146) | (717) | |||||||||||
Long-term derivative liabilities | Long-term derivative liabilities | |||||||||||||||||||||
Foreign exchange contracts | — | (1,312 | ) | — | (1,312 | ) | Foreign exchange contracts | — | (423) | — | (423) | |||||||||||
Interest rate contracts | — | (40 | ) | — | (40 | ) | Interest rate contracts | — | (24) | — | (24) | |||||||||||
Commodity contracts | — | (3 | ) | (183 | ) | (186 | ) | Commodity contracts | — | (19) | (65) | (84) | ||||||||||
Other contracts | — | (1 | ) | — | (1 | ) | ||||||||||||||||
— | (1,356 | ) | (183 | ) | (1,539 | ) | ||||||||||||||||
Total net financial liabilities | ||||||||||||||||||||||
— | (466) | (65) | (531) | |||||||||||||||||||
Total net financial assets/(liabilities) | Total net financial assets/(liabilities) | |||||||||||||||||||||
Foreign exchange contracts | — | (1,383 | ) | — | (1,383 | ) | Foreign exchange contracts | — | (227) | — | (227) | |||||||||||
Interest rate contracts | — | (348 | ) | — | (348 | ) | Interest rate contracts | — | (22) | — | (22) | |||||||||||
Commodity contracts | (12 | ) | (58 | ) | (387 | ) | (457 | ) | Commodity contracts | (14) | 7 | (108) | (115) | |||||||||
Other contracts | — | (4 | ) | — | (4 | ) | Other contracts | — | 5 | — | 5 | |||||||||||
(12 | ) | (1,793 | ) | (387 | ) | (2,192 | ) | (14) | (237) | (108) | (359) |
March 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 | 5 | Forward gas price | 3.94 | 9.60 | 6.24 | $/mmbtu2 | ||||||||||||||
Crude | (3) | Forward crude price | 83.47 | 124.49 | 106.20 | $/barrel | ||||||||||||||
Power | (54) | Forward power price | 22.33 | 121.08 | 77.14 | $/MW/H | ||||||||||||||
Commodity contracts - physical1 | ||||||||||||||||||||
Natural gas | (97) | Forward gas price | 3.48 | 15.02 | 6.23 | $/mmbtu2 | ||||||||||||||
Crude | (31) | Forward crude price | 97.55 | 139.67 | 118.41 | $/barrel | ||||||||||||||
(180) |
March 31, 2018 | Fair Value | Unobservable Input | Minimum Price/Volatility | Maximum Price/Volatility | Weighted Average Price | Unit of Measurement | ||||
(fair value in millions of Canadian dollars) | ||||||||||
Commodity contracts - financial1 | ||||||||||
Natural gas | 9 | Forward gas price | 2.49 | 4.25 | 3.20 | $/mmbtu3 | ||||
Crude | (4 | ) | Forward crude price | 48.92 | 63.73 | 53.07 | $/barrel | |||
NGL | (4 | ) | Forward NGL price | 0.34 | 1.83 | 1.29 | $/gallon | |||
Power | (100 | ) | Forward power price | 14.30 | 76.27 | 52.00 | $/MW/H | |||
Commodity contracts - physical1 | ||||||||||
Natural gas | (81 | ) | Forward gas price | 0.78 | 4.91 | 2.57 | $/mmbtu3 | |||
Crude | (29 | ) | Forward crude price | 38.01 | 91.27 | 75.29 | $/barrel | |||
NGL | 5 | Forward NGL price | 0.34 | 1.88 | 0.86 | $/gallon | ||||
Commodity options2 | ||||||||||
Crude | (1 | ) | Option volatility | 22 | % | 24 | % | 23 | % | |
NGL | — | Option volatility | — | % | — | % | — | % | ||
Power | — | Option volatility | 23 | % | 26 | % | 24 | % | ||
(205 | ) |
Three months ended March 31, | ||||||||
2022 | 2021 | |||||||
(millions of Canadian dollars) | ||||||||
Level 3 net derivative liability at beginning of period | (108) | (191) | ||||||
Total gain/(loss) | ||||||||
Included in earnings1 | (52) | (72) | ||||||
Included in OCI | 4 | (5) | ||||||
Settlements | (24) | 149 | ||||||
Level 3 net derivative liability at end of period | (180) | (119) |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Level 3 net derivative liability at beginning of period | (387 | ) | (295 | ) |
Total gain/(loss) | ||||
Included in earnings1 | 31 | 83 | ||
Included in OCI | (3 | ) | 19 | |
Settlements | 154 | 70 | ||
Level 3 net derivative liability at end of period | (205 | ) | (123 | ) |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Service cost | 45 | 48 | |||||||||||||||
Interest cost1 | 41 | 32 | |||||||||||||||
Expected return on plan assets1 | (98) | (84) | |||||||||||||||
Amortization of actuarial (gain)/loss1 | (1) | 14 | |||||||||||||||
Net periodic benefit (credit)/cost | (13) | 10 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Service cost | 65 | 54 | ||
Interest cost | 45 | 32 | ||
Expected return on plan assets | (82 | ) | (51 | ) |
Amortization of prior service costs | (1 | ) | — | |
Amortization of actuarial loss | 7 | 9 | ||
Net periodic benefit costs | 34 | 44 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||||||||
Segment earnings/(loss) before interest, income taxes and depreciation and amortization1 | |||||||||||||||||
Liquids Pipelines | 2,329 | 2,039 | |||||||||||||||
Gas Transmission and Midstream | 1,014 | 973 | |||||||||||||||
Gas Distribution and Storage | 665 | 634 | |||||||||||||||
Renewable Power Generation | 162 | 156 | |||||||||||||||
Energy Services | (101) | 64 | |||||||||||||||
Eliminations and Other | 355 | 220 | |||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 4,424 | 4,086 | |||||||||||||||
Depreciation and amortization | (1,055) | (932) | |||||||||||||||
Interest expense | (719) | (657) | |||||||||||||||
Income tax expense | (593) | (483) | |||||||||||||||
Earnings attributable to noncontrolling interests | (28) | (22) | |||||||||||||||
Preference share dividends | (102) | (92) | |||||||||||||||
Earnings attributable to common shareholders | 1,927 | 1,900 | |||||||||||||||
Earnings per common share attributable to common shareholders | 0.95 | 0.94 | |||||||||||||||
Diluted earnings per common share attributable to common shareholders | 0.95 | 0.94 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars, except per share amounts) | ||||
Segment earnings/(loss) before interest, income taxes and depreciation and amortization | ||||
Liquids Pipelines | 1,156 | 1,480 | ||
Gas Transmission and Midstream | 126 | 475 | ||
Gas Distribution | 636 | 387 | ||
Green Power and Transmission | 109 | 101 | ||
Energy Services | 169 | 156 | ||
Eliminations and Other | (279 | ) | (298 | ) |
Depreciation and amortization | (824 | ) | (672 | ) |
Interest expense | (656 | ) | (486 | ) |
Income tax expense | 73 | (198 | ) | |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 24 | (224 | ) | |
Preference share dividends | (89 | ) | (83 | ) |
Earnings attributable to common shareholders | 445 | 638 | ||
Earnings per common share | 0.26 | 0.54 | ||
Diluted earnings per common share | 0.26 | 0.54 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 2,329 | 2,039 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Earnings before interest, income taxes and depreciation and amortization | 1,156 | 1,480 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 1,014 | 973 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Earnings before interest, income taxes and depreciation and amortization | 126 | 475 |
Three months ended March 31, | Three months ended March 31, | ||||||||||||||||||||
2018 | 2017 | 2022 | 2021 | ||||||||||||||||||
(millions of Canadian dollars) | (millions of Canadian dollars) | ||||||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization | 636 | 387 | |||||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | Earnings before interest, income taxes and depreciation and amortization1 | 665 | 634 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 162 | 156 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Earnings before interest, income taxes and depreciation and amortization | 109 | 101 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization1 | (101) | 64 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Earnings before interest, income taxes and depreciation and amortization | 169 | 156 |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization1 | 355 | 220 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Loss before interest, income taxes and depreciation and amortization | (279 | ) | (298 | ) |
Enbridge's Ownership Interest | Estimated Capital Cost1 | Expenditures to Date2 | Status2 | Expected In-Service Date | ||||||||||||||||||||||
(Canadian dollars, unless stated otherwise) | (Canadian dollars, unless stated otherwise) | |||||||||||||||||||||||||
Enbridge's Ownership Interest | Estimated Capital Cost1 | Expenditures to Date2 | Status | Expected In-Service Date | ||||||||||||||||||||||
(Canadian dollars, unless stated otherwise) | ||||||||||||||||||||||||||
LIQUIDS PIPELINES | ||||||||||||||||||||||||||
GAS TRANSMISSION AND MIDSTREAM | GAS TRANSMISSION AND MIDSTREAM | |||||||||||||||||||||||||
1. | Canadian Line 3 Replacement Program (the Fund Group)3 | 100% | $5.3 billion | $2.5 billion | Under construction | 2H - 2019 | 1. | Gulfstream Phase VI | 50 | % | US$0.1 billion | Under construction | 3Q - 2022 | |||||||||||||
2. | U.S. Line 3 Replacement Program (EEP)4 | 100% | US$2.9 billion | US$0.8 billion | Pre-construction5 | 2H - 2019 | 2. | Vito Gas & Oil | 100 | % | US$0.3 billion | US$0.2 billion | Under construction | 4Q - 2022 | ||||||||||||
3. | Other - United States6 | 100% | US$0.4 billion | Substantially complete | 2H - 2019 | 3. | Texas Eastern Modernization | 100 | % | US$0.4 billion | No significant expenditures to date | Pre-construction | 2024 - 2025 | |||||||||||||
4. | Other - Canada | 100% | $0.1 billion | No significant expenditures to date | Under construction | Q2 - 2018 | 4. | Appalachia to Market II | 100 | % | US$0.1 billion | No significant expenditures to date | Pre-construction | 2025 | ||||||||||||
GAS TRANSMISSION AND MIDSTREAM | ||||||||||||||||||||||||||
GAS DISTRIBUTION AND STORAGE | GAS DISTRIBUTION AND STORAGE | |||||||||||||||||||||||||
5. | Atlantic Bridge (SEP) | 100% | US$0.5 billion | US$0.4 billion | Under construction | Q4 - 2018 | 5. | Storage Enhancements | 100 | % | $0.1 billion | No significant expenditures to date | Under construction | 2H - 2022 | ||||||||||||
6. | NEXUS (SEP) | 50% | US$1.3 billion | US$0.7 billion | Under construction | Q3 - 2018 | 6. | System Enhancement Projects | 100 | % | $0.3 billion | No significant expenditures to date | Various stages | 2022 - 2023 | ||||||||||||
7. | Reliability and Maintainability Project | 100% | $0.5 billion | $0.4 billion | Under construction | Q3 - 2018 | 7. | Natural Gas Expansion Program3 | 100 | % | $0.1 billion | No significant expenditures to date | Pre-construction | 2022 - 2027 | ||||||||||||
8. | Valley Crossing Pipeline | 100% | US$1.6 billion | US$1.4 billion | Under construction | Q4 - 2018 | 8. | Panhandle Regional Expansion | 100 | % | $0.3 billion | No significant expenditures to date | Pre-construction | 2023 - 2024 | ||||||||||||
RENEWABLE POWER GENERATION | RENEWABLE POWER GENERATION | |||||||||||||||||||||||||
9. | Spruce Ridge Program | 100% | $0.5 billion | $0.1 billion | Pre-construction | 2H - 2019 | 9. | East-West Tie Line | 25.0 | % | $0.2 billion | Complete | In service | |||||||||||||
10. | T-South Expansion Program | 100% | $1.0 billion | No significant expenditures to date | Pre-construction | 2H - 2020 | 10. | Solar Self-Power Projects | 100 | % | US$0.2 billion | No significant expenditures to date | Under construction | 2022 - 2023 | ||||||||||||
11. | Other - United States7 | 100% | UStd.7 billion | US$0.9 billion | Various stages | 2018 - 2019 | 11. | Saint-Nazaire France Offshore Wind Project4 | 25.5 | % | $0.9 billion | $0.5 billion | Under construction | Q4 - 2022 | ||||||||||||
11. | (€0.6 billion) | (€0.4 billion) | ||||||||||||||||||||||||
Other - Canada8 | 100% | $0.6 billion | Complete | In service | 12. | Provence Grand Large Floating Offshore Wind Project5 | 25 | % | $0.1 billion | No significant expenditures to date | Under construction6 | 2023 | ||||||||||||||
GREEN POWER AND TRANSMISSION | ||||||||||||||||||||||||||
12. | 12. | Provence Grand Large Floating Offshore Wind Project5 | 25 | % | (€0.1 billion) | No significant expenditures to date | Under construction6 | 2023 | ||||||||||||||||||
$0.7 billion | ||||||||||||||||||||||||||
13. | Rampion Offshore Wind Project | 24.9% | $0.8 billion (£0.37 billion) | $0.6 billion (£0.3 billion) | Under construction | Q2 - 2018 | 13. | Fécamp Offshore Wind Project7 | 17.9 | % | (€0.5 billion) | (€0.2 billion) | Under construction | 2023 | ||||||||||||
14. | Hohe See Offshore Wind Project and Expansion | 50% | td.1 billion (€1.34 billion) | $0.8 billion (€0.6 billion) | Under construction | 2H - 2019 | $0.9 billion | $0.2 billion | ||||||||||||||||||
14. | 14. | Calvados Offshore Wind Project7 | 21.7 | % | (€0.6 billion) | (€0.2 billion) | Under construction | 2024 |
March 31, 2018 | |||||||
Maturity Dates | Total Facilities | Draws1 | Available | ||||
(millions of Canadian dollars) | |||||||
Enbridge Inc.2 | 2019-2022 | 6,644 | 2,616 | 4,028 | |||
Enbridge (U.S.) Inc. | 2019 | 2,469 | 1,142 | 1,327 | |||
Enbridge Energy Partners, L.P.3 | 2019-2022 | 3,385 | 1,660 | 1,725 | |||
Enbridge Gas Distribution Inc. | 2019 | 1,017 | 884 | 133 | |||
Enbridge Income Fund | 2020 | 1,500 | 566 | 934 | |||
Enbridge Pipelines Inc. | 2019 | 3,000 | 1,730 | 1,270 | |||
Spectra Energy Partners, LP4 | 2022 | 3,223 | 2,135 | 1,088 | |||
Union Gas Limited | 2021 | 700 | 130 | 570 | |||
Total committed credit facilities | 21,938 | 10,863 | 11,075 |
Maturity1 | Total Facilities | Draws2 | Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2022 - 2026 | 7,616 | 7,012 | 604 | ||||||||||
Enbridge (U.S.) Inc. | 2023 - 2026 | 6,870 | 5,351 | 1,519 | ||||||||||
Enbridge Pipelines Inc. | 2023 | 3,000 | 627 | 2,373 | ||||||||||
Enbridge Gas Inc. | 2023 | 2,000 | 1,604 | 396 | ||||||||||
Total committed credit facilities | 19,486 | 14,594 | 4,892 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
January 2022 | 5.00% | hybrid fixed-to-fixed subordinated notes due January 2082 | $750 | |||||||||||
February 2022 | Floating rate senior notes due February 20241 | US$600 | ||||||||||||
February 2022 | 2.15% | senior notes due February 2024 | US$400 | |||||||||||
February 2022 | 2.50% | senior notes due February 2025 | US$500 | |||||||||||
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 | |||||||||||
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Operating activities | 2,939 | 2,564 | |||||||||||||||
Investing activities | (1,318) | (1,958) | |||||||||||||||
Financing activities | (1,483) | (565) | |||||||||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (4) | (7) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 134 | 34 |
Three months ended March 31, | ||||
2018 | 2017 | |||
(millions of Canadian dollars) | ||||
Operating activities | 3,194 | 1,776 | ||
Investing activities | (2,068 | ) | (3,448 | ) |
Financing activities | (1,009 | ) | 1,313 | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 19 | (9 | ) | |
Increase/(decrease) in cash and cash equivalents and restricted cash | 136 | (368 | ) |
SEP Notes1 | EEP Notes2 | ||||||
5.875% Notes due 2025 | |||||||
5.950% Notes due 2033 | |||||||
6.300% Notes due 2034 | |||||||
7.500% Notes due 2038 | |||||||
5.500% Notes due 2040 | |||||||
7.375% Notes due 2045 |
USD Denominated1 | |||||
Floating Rate Senior Notes due 2023 | 3.190% Senior Notes due 2022 | ||||
Floating Rate Senior Notes due 2024 | 3.940% Senior Notes due 2023 | ||||
2.900% Senior Notes due 2022 | 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 | 6.100% Senior Notes due 2028 | ||||
2.500% Senior Notes due 2025 | 2.990% Senior Notes due 2029 | ||||
2.500% Senior Notes due 2025 | 7.220% Senior Notes due 2030 | ||||
4.250% Senior Notes due 2026 | 7.200% Senior Notes due 2032 | ||||
1.600% Senior Notes due 2026 | 3.100% Sustainability-Linked Senior Notes due 2033 | ||||
3.700% Senior Notes due 2027 | 5.570% Senior Notes due 2035 | ||||
3.125% Senior Notes due 2029 | 5.750% Senior Notes due 2039 | ||||
2.500% Sustainability-Linked Senior Notes due 2033 | 5.120% Senior Notes due 2040 | ||||
4.500% Senior Notes due 2044 | 4.240% Senior Notes due 2042 | ||||
5.500% Senior Notes due 2046 | 4.570% Senior Notes due 2044 | ||||
4.000% Senior Notes due 2049 | 4.870% Senior Notes due 2044 | ||||
3.400% Senior Notes due 2051 | 4.100% Senior Notes due 2051 | ||||
4.560% Senior Notes due 2064 |
Three months ended March 31, 2022 | ||||||||
(millions of |
(28) | ||||||||
Earnings attributable to | 887 |
March 31, 2022 | December 31, 2021 | |||||||||||||
(millions of Canadian dollars) | ||||||||||||||
Accounts receivable from affiliates | 3,400 | 3,442 | ||||||||||||
Short-term loans receivable from affiliates | 4,645 | 4,947 | ||||||||||||
Other current assets | 631 | 605 | ||||||||||||
Long-term loans receivable from affiliates | 48,731 | 51,983 | ||||||||||||
Other long-term assets | 3,975 | 3,732 | ||||||||||||
Accounts payable to affiliates | 1,971 | 1,982 | ||||||||||||
Short-term loans payable to affiliates | 3,549 | 2,891 | ||||||||||||
Other current liabilities | 4,073 | 8,110 | ||||||||||||
Long-term loans payable to affiliates | 39,043 | 41,370 | ||||||||||||
Other long-term liabilities | 43,606 | 41,353 |
Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018 | ||||
(millions of Canadian dollars) | ||||||
Assets | ||||||
Deferred amounts and other assets1,2 | 6,442 | (170 | ) | 6,272 | ||
Property, plant and equipment, net2 | 90,711 | 112 | 90,823 | |||
Liabilities and equity | ||||||
Accounts payable and other1,2 | 9,478 | 62 | 9,540 | |||
Other long-term liabilities2 | 7,510 | 66 | 7,576 | |||
Deferred income taxes1,2 | 9,295 | (62 | ) | 9,233 | ||
Redeemable noncontrolling interests1,2 | 4,067 | (38 | ) | 4,029 | ||
Deficit1,2 | (2,468 | ) | (86 | ) | (2,554 | ) |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs1 | ||||||||||
January 2022 (January 1 - January 31) | — | N/A | — | 31,062,331 | ||||||||||
February 2022 (February 1 - February 28) | 950,024 | CAD$52.65 (TSX)/ US$41.29 (NYSE) | 950,024 | 30,112,307 | ||||||||||
March 2022 (March 1 - March 31) | — | N/A | — | 30,112,307 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101) |
ENBRIDGE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | May | By: | /s/ Al Monaco | ||||||||
Al Monaco President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: | May | By: | /s/ | ||||||||
Vern D. Yu Executive Vice President, Corporate Development and Chief Financial Officer (Principal Financial Officer) | |||||||||||