Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ENBRIDGE INC | |
Entity Central Index Key | 0000895728 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,023,709,816 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating revenues | ||
Total operating revenues (Note 3) | $ 12,856 | $ 12,726 |
Operating expenses | ||
Operating and administrative | 1,625 | 1,641 |
Depreciation and amortization | 840 | 824 |
Impairment of long-lived assets | 0 | 1,062 |
Total operating expenses | 10,237 | 11,848 |
Operating income | 2,619 | 878 |
Income from equity investments | 413 | 335 |
Other income/(expense) | ||
Net foreign currency gain/(loss) | 214 | (185) |
Other | 46 | 65 |
Interest expense | (685) | (656) |
Earnings before income taxes | 2,607 | 437 |
Income tax (expense)/recovery (Note 12) | (584) | 73 |
Earnings | 2,023 | 510 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | (37) | 24 |
Earnings attributable to controlling interests | 1,986 | 534 |
Preference share dividends | (95) | (89) |
Earnings attributable to common shareholders | $ 1,891 | $ 445 |
Earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ 0.94 | $ 0.26 |
Diluted earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ 0.94 | $ 0.26 |
Commodity | ||
Operating revenues | ||
Total operating revenues (Note 3) | $ 6,632 | $ 7,268 |
Operating expenses | ||
Cost of goods and services sold | 6,565 | 6,997 |
Gas Distribution | ||
Operating revenues | ||
Total operating revenues (Note 3) | 1,876 | 1,926 |
Operating expenses | ||
Cost of goods and services sold | 1,207 | 1,324 |
Transportation and other services | ||
Operating revenues | ||
Total operating revenues (Note 3) | $ 4,348 | $ 3,532 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Earnings | $ 2,023 | $ 510 |
Other comprehensive income/(loss), net of tax | ||
Change in unrealized gain/(loss) on cash flow hedges | (192) | |
Change in unrealized gain/(loss) on cash flow hedges | 66 | |
Change in unrealized gain/(loss) on net investment hedges | 94 | (184) |
Other comprehensive income from equity investees | 12 | 14 |
Reclassification to earnings of (gain)/loss on cash flow hedges | 11 | |
Reclassification to earnings of (gain)/loss on cash flow hedges | 37 | |
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | 38 | (39) |
Foreign currency translation adjustments | (1,291) | 1,579 |
Other comprehensive income/(loss), net of tax | (1,328) | 1,473 |
Comprehensive income | 695 | 1,983 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 13 | (147) |
Comprehensive income attributable to controlling interests | 708 | 1,836 |
Preference share dividends | (95) | (89) |
Comprehensive income attributable to common shareholders | $ 613 | $ 1,747 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY $ in Millions, $ in Millions | CAD ($)$ / shares | Preferred share investmentCAD ($) | Common sharesCAD ($) | Additional paid-in capitalUSD ($) | Additional paid-in capitalCAD ($) | Retained earnings/(deficit)CAD ($) | Accumulated other comprehensive incomeCAD ($) | Reciprocal shareholdingCAD ($) | Total Enbridge Inc. shareholders' equityCAD ($) | Noncontrolling interestsCAD ($) |
Balance at Dec. 31, 2017 | $ 7,747 | $ 50,737 | $ 3,194 | $ (2,468) | $ (973) | $ (102) | $ 7,597 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividend Reinvestment and Share Purchase Plan | 374 | |||||||||
Options exercised | 16 | (6) | ||||||||
Stock-based compensation | 17 | |||||||||
Dilution gain on Spectra Energy Partners, LP restructuring | 1,136 | |||||||||
Dilution loss and other | (28) | |||||||||
Earnings attributable to controlling interests | $ 534 | 534 | ||||||||
Preference share dividends | (89) | |||||||||
Dividends paid to reciprocal shareholder | 7 | |||||||||
Redemption value adjustment attributable to redeemable noncontrolling interests | 120 | |||||||||
Other | (15) | |||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,302 | |||||||||
Earnings attributable to noncontrolling interests | 23 | |||||||||
Change in unrealized gain/(loss) on cash flow hedges | 4 | |||||||||
Foreign currency translation adjustments | 152 | |||||||||
Reclassification to earnings of loss on cash flow hedges | 8 | |||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | 164 | |||||||||
Comprehensive income attributable to noncontrolling interests | 187 | |||||||||
Spectra Energy Partners, LP restructuring | (1,486) | |||||||||
Contributions | 8 | |||||||||
Distributions | (209) | |||||||||
Balance at Mar. 31, 2018 | $ 67,514 | 7,747 | 51,127 | 4,313 | (1,982) | 329 | (102) | $ 61,432 | 6,082 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ / shares | $ 0.671 | |||||||||
Earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ / shares | 0.26 | |||||||||
Diluted earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ / shares | $ 0.26 | |||||||||
Balance at Dec. 31, 2018 | $ 73,435 | 7,747 | 64,677 | $ 0 | (5,538) | 2,672 | (88) | 3,965 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Options exercised | 51 | (43) | ||||||||
Stock-based compensation | 4 | |||||||||
Change in reciprocal interest | 109 | |||||||||
Dilution loss and other | 2 | |||||||||
Earnings attributable to controlling interests | 1,986 | 1,986 | ||||||||
Preference share dividends | (95) | |||||||||
Dividends paid to reciprocal shareholder | 5 | |||||||||
Other | 2 | 55 | 5 | |||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (1,278) | |||||||||
Change in reciprocal interest | 37 | |||||||||
Earnings attributable to noncontrolling interests | 37 | |||||||||
Change in unrealized gain/(loss) on cash flow hedges | (1) | |||||||||
Foreign currency translation adjustments | (49) | |||||||||
Reclassification to earnings of loss on cash flow hedges | 0 | |||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | (50) | |||||||||
Comprehensive income attributable to noncontrolling interests | (13) | |||||||||
Contributions | 3 | |||||||||
Distributions | (46) | |||||||||
Redemption of preferred shares held by subsidiary (Note 10) | (300) | |||||||||
Balance at Mar. 31, 2019 | $ 73,919 | $ 7,747 | $ 64,728 | $ 72 | $ (3,640) | $ 1,449 | $ (51) | $ 70,305 | $ 3,614 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ / shares | $ 0.738 | |||||||||
Earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ / shares | 0.94 | |||||||||
Diluted earnings per common share attributable to common shareholders (Note 5) (in Canadian dollars per share) | $ / shares | $ 0.94 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Earnings | $ 2,023 | $ 510 |
Adjustments to reconcile earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 840 | 824 |
Deferred income tax (recovery)/expense | 435 | (147) |
Changes in unrealized (gain)/loss on derivative instruments, net (Note 11) | (538) | 260 |
Earnings from equity investments | (413) | (335) |
Distributions from equity investments | 466 | 320 |
Impairment of long-lived assets | 0 | 1,062 |
Other | 30 | 78 |
Changes in operating assets and liabilities | (667) | 622 |
Net cash provided by operating activities | 2,176 | 3,194 |
Investing activities | ||
Capital expenditures | (1,612) | (1,635) |
Long-term investments and restricted long-term investments | (565) | (222) |
Distributions from equity investments in excess of cumulative earnings | 139 | 57 |
Additions to intangible assets | (26) | (258) |
Affiliate loans, net | (84) | (10) |
Net cash used in investing activities | (2,148) | (2,068) |
Financing activities | ||
Net change in short-term borrowings | (154) | (443) |
Net change in commercial paper and credit facility draws | 2,773 | (465) |
Debenture and term note issues, net of issue costs | 1,195 | 2,061 |
Debenture and term note repayments | (1,789) | (996) |
Debt extinguishment costs | 0 | (63) |
Contributions from noncontrolling interests | 3 | 8 |
Distributions to noncontrolling interests | (46) | (209) |
Contributions from redeemable noncontrolling interests | 0 | 20 |
Distributions to redeemable noncontrolling interests | 0 | (84) |
Common shares issued | 18 | 13 |
Preference share dividends | (90) | (87) |
Common share dividends | (1,486) | (764) |
Redemption of preferred shares held by subsidiary (Note 10) | (300) | 0 |
Other | (25) | 0 |
Net cash provided by/(used in) financing activities | 99 | (1,009) |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (7) | 19 |
Net increase in cash and cash equivalents and restricted cash | 120 | 136 |
Cash and cash equivalents and restricted cash at beginning of period | 637 | 587 |
Cash and cash equivalents and restricted cash at end of period | $ 757 | $ 723 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 702 | $ 518 |
Restricted cash | 55 | 119 |
Accounts receivable and other | 6,486 | 6,517 |
Accounts receivable from affiliates | 92 | 79 |
Inventory | 1,047 | 1,339 |
Total current assets | 8,382 | 8,572 |
Property, plant and equipment, net | 93,875 | 94,540 |
Long-term investments | 16,902 | 16,707 |
Restricted long-term investments | 356 | 323 |
Deferred amounts and other assets | 9,505 | 8,558 |
Intangible assets, net | 2,301 | 2,372 |
Goodwill | 33,895 | 34,459 |
Deferred income taxes | 1,292 | 1,374 |
Total assets | 166,508 | 166,905 |
Current liabilities | ||
Short-term borrowings | 870 | 1,024 |
Accounts payable and other | 7,331 | 9,863 |
Accounts payable to affiliates | 30 | 40 |
Interest payable | 573 | 669 |
Current portion of long-term debt | 4,321 | 3,259 |
Total current liabilities | 13,125 | 14,855 |
Long-term debt | 60,680 | 60,327 |
Other long-term liabilities | 9,044 | 8,834 |
Deferred income taxes | 9,740 | 9,454 |
Total liabilities | 92,589 | 93,470 |
Contingencies (Note 15) | ||
Share capital | ||
Preference shares | 7,747 | 7,747 |
Common shares (2,024 and 2,022 outstanding at March 31, 2019 and December 31, 2018, respectively) | 64,728 | 64,677 |
Additional paid-in capital | 72 | 0 |
Deficit | (3,640) | (5,538) |
Accumulated other comprehensive income (Note 9) | 1,449 | 2,672 |
Reciprocal shareholding | (51) | (88) |
Total Enbridge Inc. shareholders’ equity | 70,305 | 69,470 |
Noncontrolling interests | 3,614 | 3,965 |
Total equity | 73,919 | 73,435 |
Total liabilities and equity | $ 166,508 | $ 166,905 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding (in shares) | 2,024 | 2,022 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements of Enbridge Inc. ("we", "our", "us" and "Enbridge") have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and Regulation S-X for interim consolidated financial information. They do not include all of the information and notes required by U.S. GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited updated consolidated financial statements and notes for the year ended December 31, 2018 , as filed on Form 8-K with the Securities and Exchange Commission on May 10, 2019. In the opinion of management, the interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements follow the same significant accounting policies as those included in our audited updated consolidated financial statements for the year ended December 31, 2018 , except for the adoption of new standards (Note 2) . Amounts are stated in Canadian dollars unless otherwise noted. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
CHANGES IN ACCOUNTING POLICIES | CHANGES IN ACCOUNTING POLICIES ADOPTION OF NEW STANDARDS Cloud Computing Arrangements Effective January 1, 2019, we adopted Accounting Standards Update (ASU) 2018-15 on a prospective basis. The new standard was issued to provide guidance on the accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The ASU specifies that an entity would apply Accounting Standards Codification (ASC) 350-40, Internal-use software, to determine which implementation costs related to a hosting arrangement that is a service contract should be capitalized and which should be expensed. The amendments in the update also require that the capitalized costs be amortized on a straight-line basis generally over the term of the arrangement and presented in the same income statement line as fees paid for the hosting service, in addition to specifying that the capitalized costs must be presented on the same balance sheet line as the prepayment of fees related to the hosting arrangement. The ASU requires similar consistency in classifications from a cash flow statement perspective. The adoption of this ASU did not have a material impact on our consolidated financial statements. Improvements to Accounting for Hedging Activities Effective January 1, 2019, we adopted ASU 2017-12 on a modified retrospective basis. The new standard was issued with the objective of better aligning a company’s risk management activities and the resulting hedge accounting reflected in the financial statements. The amendments allow cash flow hedging of contractually specified components in financial and non-financial items. As a result of the new standard, hedge ineffectiveness will no longer be measured or recorded, and hedging instruments’ fair value changes will be recorded in the same income statement line as the hedged item. The adoption of this accounting update did not have a material impact on our consolidated financial statements. Amending the Amortization Period for Certain Callable Debt Securities Purchased at a Premium Effective January 1, 2019, we adopted ASU 2017-08 on a modified retrospective basis. The new standard was issued with the intent of shortening the amortization period to the earliest call date for certain callable debt securities held at a premium. The adoption of this accounting update did not have a material impact on our consolidated financial statements. Recognition of Leases Effective January 1, 2019 we adopted ASU 2016-02 Leases (Topic 842) using the modified retrospective approach. We recognize an arrangement as a lease when a customer has the right to obtain substantially all of the economic benefits from the use of an asset, as well as the right to direct the use of the asset. We recognize right-of-use (ROU) assets and the related lease liabilities on the statement of financial position for operating lease arrangements with a term of 12 months or longer. We do not separate non-lease components from the associated lease components of our lessee contracts and account for both components as a single lease component. We combine lease and non-lease components within a contract for operating lessor leases when certain conditions are met. ROU assets are assessed for impairment using the same approach as is applied for other long-lived assets, as described under the Impairment section of the Significant Accounting Policies Note 2 in the annual consolidated financial statements. Lease liabilities and ROU assets require the use of judgment and estimates, which are applied in determining the term of a lease, appropriate discount rates, whether an arrangement contains a lease, whether there are any indicators of impairment for ROU assets and whether any ROU assets should be grouped with other long-lived assets for impairment testing. In adopting Topic 842, we elected the package of practical expedients permitted under the transition guidance. The election to apply the package of practical expedients allows an entity to not apply the new lease standard to the prior year comparative periods in the year of adoption. The application of the package of practical expedients also permits entities not to reassess whether any expired or existing contracts contain leases in accordance with the new guidance, lease classifications, and whether initial direct costs capitalized under current guidance continue to meet the definition of initial direct costs under the new guidance. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements that had commenced prior to January 1, 2019. On January 1, 2019, ROU assets and corresponding lease liabilities of $771 million were recorded in connection with the adoption of Topic 842. When added to the $85 million of pre-existing liabilities relating to operating leases for which we no longer utilize the leased assets, total lease liabilities at January 1, 2019 were $856 million . All lease liabilities were measured using a weighted average discount rate of 4.32% . The adoption of this standard had no impact to the Consolidated Statements of Earnings, Comprehensive Income, Changes in Equity or Cash Flows during the period. FUTURE ACCOUNTING POLICY CHANGES Clarifying Interaction between Collaborative Arrangements and Revenue from Contracts with Customers In November 2018, ASU 2018-18 was issued to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. ASU 2018-18 also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. Improvements to Related Party Guidance for Variable Interest Entities ASU 2018-17 was issued in October 2018 to improve the related party guidance on determining whether fees paid to decision makers and service providers (“decision-maker fees”) are variable interests. Under the new guidance, reporting entities must consider indirect interests held through related parties in common control arrangements on a proportionate basis, rather than as the equivalent of a direct interest in its entirety, when determining if a decision maker’s fees constitute a variable interest. The accounting update is effective January 1, 2020 and must be applied on a retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Disclosure Effectiveness In August 2018, the Financial Accounting Standards Board issued two amendments as a part of its disclosure framework project aimed to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-14 was issued in August 2018 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendment modifies the current guidance by adding and removing several disclosure requirements while also clarifying the guidance on current disclosure requirements. ASU 2018-14 is effective January 1, 2021 and entities are permitted to adopt the standard early. We are currently assessing the impact of the new standard on our consolidated financial statements. ASU 2018-13 was issued to improve the disclosure requirements for fair value measurements by eliminating and modifying some disclosures, while also adding new disclosures. This update is effective January 1, 2020, however entities are permitted to early adopt the eliminated or modified disclosures. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Credit Losses ASU 2016-13 was issued in June 2016 with the intent of providing financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Current treatment uses the incurred loss methodology for recognizing credit losses that delay the recognition until it is probable a loss has been incurred. The accounting update adds a new impairment model, known as the current expected credit loss model, which is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses, which the Financial Accounting Standards Board believes will result in more timely recognition of such losses. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES Effective January 1, 2019, we renamed the Green Power and Transmission segment to Renewable Power Generation and Transmission. The presentation of the prior years' tables has been revised in order to align with the current presentation. REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenues 2,214 1,137 249 — — — 3,600 Storage and other revenues 27 53 54 — — — 134 Gas gathering and processing revenues — 116 — — — — 116 Gas distribution revenue — — 1,856 — — — 1,856 Electricity and transmission revenues — — — 50 — — 50 Total revenue from contracts with customers 2,241 1,306 2,159 50 — — 5,756 Commodity sales — — — — 6,632 — 6,632 Other revenues 1,2 340 10 29 102 6 (19 ) 468 Intersegment revenues 77 2 3 — 35 (117 ) — Total revenues 2,658 1,318 2,191 152 6,673 (136 ) 12,856 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenues 2,058 952 239 — — — 3,249 Storage and other revenues 40 60 66 — — — 166 Gas gathering and processing revenues — 205 — — — — 205 Gas distribution revenues — — 1,926 — — — 1,926 Electricity and transmission revenues — — — 57 — — 57 Commodity sales — 693 — — — — 693 Total revenue from contracts with customers 2,098 1,910 2,231 57 — — 6,296 Commodity sales — — — — 6,575 — 6,575 Other revenues 1, 2 (269 ) 25 2 100 — (3 ) (145 ) Intersegment revenues 80 2 4 — 57 (143 ) — Total revenues 1,909 1,937 2,237 157 6,632 (146 ) 12,726 1 Includes mark-to-market gains/(losses) from our hedging program. 2 Includes revenues from lease contracts, refer to Note 14 Leases. We disaggregate revenues into categories which represent our principal performance obligations within each business segment because these revenues categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenues information for management to consider in evaluating performance. Contract Balances Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at December 31, 2018 1,929 191 1,297 Balance as at March 31, 2019 2,338 191 1,262 Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenues which has been recognized in advance of payments received for performance obligations we have fulfilled (or partially fulfilled) and prior to the point in time at which our right to the payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to the consideration becomes unconditional. Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenues recognized during the three months ended March 31, 2019 included in contract liabilities at the beginning of the period is $92 million . Increases in contract liabilities from cash received, net of amounts recognized as revenues during the three months ended March 31, 2019 were $74 million . Performance Obligations There was no material revenues recognized in the three months ended March 31, 2019 from performance obligations satisfied in previous periods. Revenues to be Recognized from Unfulfilled Performance Obligations Total revenues from performance obligations expected to be fulfilled in future periods is $66.7 billion , of which $5.3 billion and $5.8 billion is expected to be recognized during the nine months ending December 31, 2019 , and the year ending December 31, 2020 , respectively. The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above. Recognition and Measurement of Revenues Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time 1 — — 17 — — 17 Revenues from products and services transferred over time 2 2,241 1,306 2,142 50 — 5,739 Total revenue from contracts with customers 2,241 1,306 2,159 50 — 5,756 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time 1 — 693 25 — — 718 Revenues from products and services transferred over time 2 2,098 1,217 2,206 57 — 5,578 Total revenue from contracts with customers 2,098 1,910 2,231 57 — 6,296 1 Revenues from sales of crude oil, natural gas and NGLs. 2 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Revenues 2,658 1,318 2,191 152 6,673 (136 ) 12,856 Commodity and gas distribution costs (6 ) — (1,264 ) (1 ) (6,629 ) 128 (7,772 ) Operating and administrative (801 ) (513 ) (294 ) (42 ) (33 ) 58 (1,625 ) Income/(loss) from equity investments 197 197 11 14 (7 ) 1 413 Other income 24 18 18 1 2 197 260 Earnings before interest, income taxes, and depreciation and amortization 2,072 1,020 662 124 6 248 4,132 Depreciation and amortization (840 ) Interest expense (685 ) Income tax expense (584 ) Earnings 2,023 Capital expenditures 1 1,020 394 173 14 1 25 1,627 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (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 ) Impairment of long-lived assets (144 ) (913 ) — — — (5 ) (1,062 ) Income 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 expenditures 1 615 825 183 14 — 6 1,643 1 |
EARNINGS PER COMMON SHARE AND D
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE | EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE BASIC Earnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding has been reduced by our pro-rata weighted average interest in our own common shares of 6 million and 13 million for the three months ended March 31, 2019 and 2018 , resulting from our reciprocal investment in Noverco Inc. DILUTED The treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options would be used to purchase common shares at the average market price during the period. Weighted average shares outstanding used to calculate basic and diluted earnings per share are as follows: Three months ended 2019 2018 (number of common shares in millions) Weighted average shares outstanding 2,016 1,685 Effect of dilutive options 3 4 Diluted weighted average shares outstanding 2,019 1,689 For the three months ended March 31, 2019 and 2018 , 10,495,198 and 29,882,142 , respectively, anti-dilutive stock options with a weighted average exercise price of $55.32 and $49.80 , respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On April 23, 2019, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2019, to shareholders of record on May 15, 2019. Dividend per share Common Shares $0.73800 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.21340 Preference Shares, Series C 1 $0.25395 Preference Shares, Series D $0.27875 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 Preference Shares, Series J US$0.30540 Preference Shares, Series L US$0.30993 Preference Shares, Series N $0.31788 Preference Shares, Series P 2 $0.27369 Preference Shares, Series R $0.25000 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.25000 Preference Shares, Series 5 3 US$0.33596 Preference Shares, Series 7 4 $0.27806 Preference Shares, Series 9 $0.27500 Preference Shares, Series 11 $0.27500 Preference Shares, Series 13 $0.27500 Preference Shares, Series 15 $0.27500 Preference Shares, Series 17 $0.32188 Preference Shares, Series 19 $0.30625 1 The quarterly dividend per share paid on Series C was decreased to $0.25395 from $0.25459 on March 1, 2019, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares. 2 The quarterly dividend per share paid on Series P was increased to $0.27369 from $0.25000 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. 3 The quarterly dividend per share paid on Series 5 was increased to US$0.33596 from US$0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. 4 The quarterly dividend per share paid on Series 7 was increased to $0.27806 from $0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. |
AQUISITIONS AND DISPOSITIONS
AQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
AQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS In January 2019, through our wholly-owned subsidiary Enbridge Pipelines (Athabasca) Inc., we acquired 75 kilometers of existing pipeline and tankage infrastructure (collectively, the Cheecham Assets) from Athabasca Oil Corporation for cash consideration of approximately $265 million , all of which was allocated to property, plant and equipment. The Cheecham Assets are a part of our Liquids Pipelines segment. The cash consideration is included in capital expenditures on our Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . ASSETS HELD FOR SALE Enbridge Gas New Brunswick In December 2018, we entered into an agreement for the sale of Enbridge Gas New Brunswick Limited Partnership and Enbridge Gas New Brunswick Inc. (collectively, EGNB) to Liberty Utilities (Canada) LP, a wholly-owned subsidiary of Algonquin Power and Utilities Corp., for a cash purchase price of $331 million , subject to customary closing adjustments. EGNB operates and maintains natural gas distribution pipelines in southern New Brunswick, and its related assets are included in our Gas Distribution segment. Subject to certain regulatory approvals and customary closing conditions, the transaction is expected to close in 2019. Canadian Natural Gas Gathering and Processing Businesses On July 4, 2018, we entered into agreements to sell our Canadian natural gas gathering and processing businesses to Brookfield Infrastructure Partners L.P. and its institutional partners for a cash purchase price of approximately $4.3 billion , subject to customary closing adjustments. Separate agreements were entered into for those facilities currently governed by provincial regulations and those governed by federal regulations. On October 1, 2018, we closed the sale of the provincially regulated facilities for proceeds of approximately $2.5 billion . Subject to certain regulatory approvals and customary closing conditions, the sale of the federally regulated facilities is expected to close in mid-2019 for proceeds of approximately $1.8 billion . Line 10 Crude Oil Pipeline In the first quarter of 2018, we satisfied the conditions as set out in our agreements for the sale of our Line 10 crude oil pipeline (Line 10), which originates near Hamilton, Ontario and terminates at West Seneca, New York. Our wholly-owned subsidiaries, Enbridge Pipelines Inc. and Enbridge Energy Partners, L.P. (EEP), own the Canadian and United States portions of Line 10. Subject to certain regulatory approvals and customary closing conditions, the transaction is expected to close in 2019. St. Lawrence Gas Company, Inc. In August 2017, we entered into an agreement to sell the issued and outstanding shares of St. Lawrence Gas Company, Inc. for cash proceeds of approximately $94 million ( US$70 million ). Subject to regulatory approval and certain pre-closing conditions, the transaction is expected to close in 2019. The table below summarizes the presentation of net assets held for sale in our Consolidated Statements of Financial Position: March 31, 2019 December 31, 2018 (millions of Canadian dollars) Accounts receivable and other (current assets held for sale) 101 117 Deferred amounts and other assets (long-term assets held for sale) 1 2,415 2,383 Accounts payable and other (current liabilities held for sale) (55 ) (63 ) Other long-term liabilities (long-term liabilities held for sale) (99 ) (96 ) Net assets held for sale 2,362 2,341 1 Included within Deferred amounts and other assets at March 31, 2019 and December 31, 2018 respectively is property, plant and equipment of $2.2 billion and $2.1 billion |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2019 | |
VARIABLE INTEREST ENTITIES | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Gray Oak Holdings LLC In December 2018, Enbridge acquired an effective 22.8% interest in the Gray Oak crude oil pipeline through acquisition of a 35% membership interest in Gray Oak Holdings LLC (Gray Oak Holdings), which will construct and operate the Gray Oak crude oil pipeline from Texas to the Gulf coast of the United States. Gray Oak Holdings is a variable interest entity (VIE) as it does not have sufficient equity at risk to finance its activities and requires subordinated financial support from Enbridge and other partners. We have determined that we do not have the power to direct the activities of Gray Oak Holdings that most significantly impact the VIE’s economic performance. Specifically, the power to direct the activities of the VIE is shared amongst the partners. Each partner has representatives that make up an executive committee that makes the significant decisions for the VIE and none of the partners may make major decisions unilaterally. Therefore, the VIE is accounted for as an unconsolidated VIE. As at March 31, 2019 and December 31, 2018, the carrying amount of the investment in Gray Oak Holdings was $455 million and nil , respectively. Enbridge's maximum exposure to loss as at March 31, 2019 was approximately $931 million and primarily consists of our portion of the project construction costs. On March 29, 2019, we and our partners of the Gray Oak Holdings investment executed a loan agreement to loan up to a maximum of US$1,230 million to the investment to finance the construction of the Gray Oak crude oil pipeline. The amount committed by us is US$280 million |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, Spectra Energy Partners, LP (SEP) and EEP (together, the Partnerships), pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. See Note 16 - Condensed Consolidating Financial Information for further discussion. CREDIT FACILITIES The following table provides details of our committed credit facilities as at March 31, 2019 : Maturity Total Facilities Draws 1 Available (millions of Canadian dollars) Enbridge Inc. 2019-2024 6,137 4,319 1,818 Enbridge (U.S.) Inc. 2021-2024 7,348 5,252 2,096 Enbridge Pipelines Inc. 2020 3,000 1,513 1,487 Enbridge Gas Inc. 2019-2021 2,017 879 1,138 Total committed credit facilities 18,502 11,963 6,539 1 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. On February 7, 2019 and February 8, 2019, we terminated certain Canadian and United States dollar credit facilities, including facilities held by Enbridge, EGI, EEP and SEP. We also increased existing facilities or obtained new facilities to replace the terminated ones under Enbridge, Enbridge (U.S.) Inc. and EGI. As a result, our total credit facility availability increased by approximately $444 million . In addition to the committed credit facilities noted above, we maintain $800 million of uncommitted demand credit facilities, of which $516 million were unutilized as at March 31, 2019 . As at December 31, 2018, we had $807 million of uncommitted credit facilities, of which $548 million were unutilized. Our credit facilities carry a weighted average standby fee of 0.1% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2020 to 2024. As at March 31, 2019 and December 31, 2018 , commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year of $10,689 million and $7,967 million , respectively, were supported by the availability of long-term committed credit facilities and therefore have been classified as long-term debt. LONG-TERM DEBT ISSUANCES During the three months ended March 31, 2019 , we completed the following long-term debt issuances: Company Issue Date Principal Amount (millions of Canadian dollars) Enbridge Pipelines Inc. February 2019 3.52% medium-term notes due February 2029 $600 February 2019 4.33% medium-term notes due February 2049 $600 LONG-TERM DEBT REPAYMENTS During the three months ended March 31, 2019 , we completed the following long-term debt repayments : Company Retirement/ Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. Repayment February 2019 4.10% medium-term notes $300 Enbridge Energy Partners, L.P. Redemption February 2019 8.05% fixed/floating rate junior subordinated notes due 2067 US$400 Repayment March 2019 9.88% senior notes US$500 Westcoast Energy Inc. Repayment January 2019 5.60% medium-term notes $250 January 2019 5.60% medium-term notes $50 SUBORDINATED TERM NOTES As at March 31, 2019 and December 31, 2018 , our fixed-to-floating subordinated term notes had a principal value of $6,675 million and $7,317 million, respectively. FAIR VALUE ADJUSTMENT As at March 31, 2019 , the net fair value adjustment for total debt assumed in the Spectra Energy merger transaction was $930 million . During the three months ended March 31, 2019 , the amortization of the fair value adjustment, recorded as a reduction to Interest expense in the Consolidated Statements of Earnings, was $17 million . DEBT COVENANTS Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at March 31, 2019 |
COMPONENTS OF ACCUMULATED OTHER
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated Other Comprehensive Income (AOCI) attributable to our common shareholders for the three months ended March 31, 2019 and 2018 are as follows: Cash Flow Hedges Net Investment Hedges Cumulative Translation Adjustment Equity Investees Pension and OPEB Adjustment Total (millions of Canadian dollars) Balance as at January 1, 2019 (770 ) (598 ) 4,323 34 (317 ) 2,672 Other comprehensive income/(loss) retained in AOCI (312 ) 109 (1,242 ) 8 — (1,437 ) Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 32 — — — — 32 Foreign exchange contracts 3 2 — — — — 2 Other contracts 4 (9 ) — — — — (9 ) Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — 53 53 (287 ) 109 (1,242 ) 8 53 (1,359 ) Tax impact Income tax on amounts retained in AOCI 121 (15 ) — 4 — 110 Income tax on amounts reclassified to earnings (14 ) — — — (15 ) (29 ) 107 (15 ) — 4 (15 ) 81 Other — — — — 55 55 Balance as at March 31, 2019 (950 ) (504 ) 3,081 46 (224 ) 1,449 Cash Flow Hedges Net Investment Hedges Cumulative Translation Adjustment Equity Investees Pension and OPEB Adjustment Total (millions of Canadian dollars) Balance as 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 contracts 1 28 — — — — 28 Commodity contracts 2 (1 ) — — — — (1 ) Foreign exchange contracts 3 4 — — — — 4 Other contracts 4 9 — — — — 9 Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — (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 as at March 31, 2018 (554 ) (323 ) 1,502 20 (316 ) 329 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Commodity costs in the Consolidated Statements of Earnings. 3 Reported within Other income/(expense) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 5 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Preferred Shares Redemption On March 20, 2019, Westcoast Energy Inc. exercised its right to redeem all of its outstanding 5.5% Cumulative Redeemable First Preferred Shares, Series 7 ("Series 7 Shares") and all of its outstanding 5.6% Cumulative Redeemable First Preferred Shares, Series 8 ("Series 8 Shares") at a price of $25.00 per Series 7 Share and $25.00 per Series 8 Share, respectively, for a total payment of $300 million . In addition, payment of $4 million was made for all accrued and unpaid dividends. As a result, we recorded a $300 million |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS MARKET RISK Our earnings, cash flows and Other Comprehensive Income (OCI) are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price (collectively, market risks). Formal risk management policies, processes and systems have been designed to mitigate these risks. The following summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below. Foreign Exchange Risk We generate certain revenues, incur expenses, and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dollars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability. We employ financial derivative instruments to hedge foreign currency denominated earnings exposure. A combination of qualifying and non-qualifying derivative instruments is used to hedge anticipated foreign currency denominated revenues and expenses, and to manage variability in cash flows. We hedge certain net investments in United States dollar denominated investments and subsidiaries using foreign currency derivatives and United States dollar denominated debt. Interest Rate Risk Our earnings and cash flows are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. Pay fixed-receive floating interest rate swaps may be used to hedge against the effect of future interest rate movements. We have implemented a program to significantly mitigate the impact of short-term interest rate volatility on interest expense via execution of floating to fixed interest rate swaps with an average swap rate of 2.8% . We are exposed to changes in the fair value of fixed rate debt that arise as a result of the changes in market interest rates. Pay floating-receive fixed interest rate swaps are used, when applicable, to hedge against future changes to the fair value of fixed rate debt which mitigates the impact of fluctuations in the fair value of fixed rate debt via execution of fixed to floating interest rate swaps. As at March 31, 2019, we do not have any pay floating-receive fixed interest rate swaps outstanding. Our earnings and cash flows are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. Forward starting interest rate swaps are used to hedge against the effect of future interest rate movements. We have established a program within some of our subsidiaries to mitigate our exposure to long-term interest rate variability on select forecast term debt issuances via execution of floating to fixed interest rate swaps with an average swap rate of 3% . We also monitor our debt portfolio mix of fixed and variable rate debt instruments to manage a consolidated portfolio of floating rate debt within the Board of Directors approved policy limit of a maximum of 30% of floating rate debt as a percentage of total debt outstanding. We primarily use qualifying derivative instruments to manage interest rate risk. Commodity Price Risk Our earnings and cash flows are exposed to changes in commodity prices as a result of our ownership interests in certain assets and investments, as well as through the activities of our energy services subsidiaries. These commodities include natural gas, crude oil, power and NGL. We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use primarily non-qualifying derivative instruments to manage commodity price risk. Equity Price Risk Equity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through revaluation of the outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, restricted share units. We use a combination of qualifying and non-qualifying derivative instruments to manage equity price risk. TOTAL DERIVATIVE INSTRUMENTS The following table summarizes the Consolidated Statements of Financial Position location and carrying value of our derivative instruments. We generally have a policy of entering into individual International Swaps and Derivatives Association, Inc. agreements, or other similar derivative agreements, with the majority of our financial derivative counterparties. These agreements provide for the net settlement of derivative instruments outstanding with specific counterparties in the event of bankruptcy or other significant credit events, and reduce our credit risk exposure on financial derivative asset positions outstanding with the counterparties in those circumstances. The following table summarizes the maximum potential settlement amounts in the event of these specific circumstances. All amounts are presented gross in the Consolidated Statements of Financial Position. March 31, 2019 Derivative Instruments Used as Cash Flow Hedges Derivative Instruments Used as Net Investment 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 — — 26 26 (26 ) — Interest rate contracts 7 — — 7 — 7 Commodity contracts 1 — 171 172 (77 ) 95 8 — 197 205 (103 ) 102 Deferred amounts and other assets Foreign exchange contracts 13 — 37 50 (36 ) 14 Interest rate contracts — — — — — — Commodity contracts 17 — 18 35 (22 ) 13 Other contracts 1 — 1 2 — 2 31 — 56 87 (58 ) 29 Accounts payable and other Foreign exchange contracts (5 ) — (501 ) (506 ) 26 (480 ) Interest rate contracts (150 ) — — (150 ) — (150 ) Commodity contracts — — (289 ) (289 ) 77 (212 ) Other contracts — — (1 ) (1 ) — (1 ) (155 ) — (791 ) (946 ) 103 (843 ) Other long-term liabilities Foreign exchange contracts — (14 ) (1,666 ) (1,680 ) 36 (1,644 ) Interest rate contracts (374 ) — — (374 ) — (374 ) Commodity contracts — — (152 ) (152 ) 22 (130 ) Other contracts — — — — — — (374 ) (14 ) (1,818 ) (2,206 ) 58 (2,148 ) Total net derivative asset/(liability) Foreign exchange contracts 8 (14 ) (2,104 ) (2,110 ) — (2,110 ) Interest rate contracts (517 ) — — (517 ) — (517 ) Commodity contracts 18 — (252 ) (234 ) — (234 ) Other contracts 1 — — 1 — 1 (490 ) (14 ) (2,356 ) (2,860 ) — (2,860 ) December 31, 2018 Derivative Instruments Used as Cash Flow Hedges Derivative Instruments Used as Net Investment 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 — — 47 47 (37 ) 10 Interest rate contracts 22 — — 22 (2 ) 20 Commodity contracts 2 — 427 429 (114 ) 315 24 — 474 498 (153 ) 345 Deferred amounts and other assets Foreign exchange contracts 23 — 39 62 (39 ) 23 Interest rate contracts 5 — — 5 — 5 Commodity contracts 19 — 33 52 (21 ) 31 47 — 72 119 (60 ) 59 Accounts payable and other Foreign exchange contracts (5 ) — (610 ) (615 ) 37 (578 ) Interest rate contracts (163 ) — (178 ) (341 ) 2 (339 ) Commodity contracts — — (273 ) (273 ) 114 (159 ) Other contracts (1 ) — (4 ) (5 ) — (5 ) (169 ) — (1,065 ) (1,234 ) 153 (1,081 ) Other long-term liabilities Foreign exchange contracts (1 ) (15 ) (2,196 ) (2,212 ) 39 (2,173 ) Interest rate contracts (201 ) — — (201 ) — (201 ) Commodity contracts — — (178 ) (178 ) 21 (157 ) Other contracts (1 ) — (1 ) (2 ) — (2 ) (203 ) (15 ) (2,375 ) (2,593 ) 60 (2,533 ) Total net derivative asset/(liability) Foreign exchange contracts 17 (15 ) (2,720 ) (2,718 ) — (2,718 ) Interest rate contracts (337 ) — (178 ) (515 ) — (515 ) Commodity contracts 21 — 9 30 — 30 Other contracts (2 ) — (5 ) (7 ) — (7 ) (301 ) (15 ) (2,894 ) (3,210 ) — (3,210 ) The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments. March 31, 2019 2019 2020 2021 2022 2023 Thereafter 1 Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars) 895 1 — — — — Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars) 3,839 4,893 3,608 1,944 1,804 1,856 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 86 25 27 28 29 120 Foreign exchange contracts - Euro forwards - purchase (millions of Euro) 168 — — — — — Foreign exchange contracts - Euro forwards - sell (millions of Euro) — 23 94 94 92 606 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) 6,629 6,178 4,142 407 48 156 Interest rate contracts - long-term receive fixed rate (millions of Canadian dollars) — — — — — — Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 2,537 3,142 1,584 — — — Equity contracts (millions of Canadian dollars) 32 20 — — — — Commodity contracts - natural gas (billions of cubic feet) (75 ) (15 ) — (84 ) 1 — Commodity contracts - crude oil (millions of barrels) 4 (2 ) — — — — Commodity contracts - NGL (millions of barrels) 1 — — — — — Commodity contracts - power (megawatt per hour) (MW/H)) 98 80 (3 ) (43 ) (43 ) (43 ) 1 As at March 31, 2019 , thereafter includes an average net purchase/(sell) of power of (43) MW/H for 2024 through 2025 . The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income The following table presents the effect of cash flow hedges and net investment hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes: Three months ended 2019 2018 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts (10 ) 21 Interest rate contracts (296 ) 100 Commodity contracts (3 ) (2 ) Other contracts 12 (14 ) Net investment hedges Foreign exchange contracts 1 16 (296 ) 121 Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 2 (1 ) Interest rate contracts 2 32 40 Commodity contracts 3 — (1 ) Other contracts 4 (9 ) 9 25 47 1 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. Effective January 1, 2019 hedge ineffectiveness will no longer be measured or recorded. See Note 2 Changes in Accounting Policies. 3 Reported within Transportation and other services revenues, Commodity sales revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. We estimate that a loss of $36 million of AOCI related to unrealized cash flow hedges will be reclassified to earnings in the next 12 months. Actual amounts reclassified to earnings depend on the foreign exchange rates, interest rates and commodity prices in effect when derivative contracts that are currently outstanding mature. For all forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is 33 months as at March 31, 2019 . Fair Value Derivatives For interest rate derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is included in Interest expense in the Consolidated Statements of Earnings. Three months ended 2019 1 2018 (millions of Canadian dollars) Unrealized gain/(loss) on derivative — (8 ) Unrealized gain/(loss) on hedged item — 8 Realized gain/(loss) on derivative — (3 ) Realized gain/(loss) on hedged item — 3 1. For the three months ended March 31, 2019, there are no outstanding fair value hedges. Non-Qualifying Derivatives The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives: Three months ended 2019 2018 (millions of Canadian dollars) Foreign exchange contracts 1 616 (424 ) Interest rate contracts 2 178 (2 ) Commodity contracts 3 (261 ) 175 Other contracts 4 5 (9 ) Total unrealized derivative fair value gain/(loss), net 538 (260 ) 1 For the respective three months ended periods, reported within Transportation and other services revenues ( 2019 - $352 million gain ; 2018 - $297 million loss ) and Net foreign currency gain/(loss) ( 2019 - $264 million gain ; 2018 - $127 million loss ) in the Consolidated Statements of Earnings. 2 Reported as an (increase)/decrease within Interest expense in the Consolidated Statements of Earnings. 3 For the respective three months ended periods, reported within Transportation and other services revenues ( 2019 - $26 million loss ; 2018 - $1 million loss ), Commodity sales ( 2019 - $642 million loss ; 2018 - $82 million gain ), Commodity costs ( 2019 - $398 million gain ; 2018 - $84 million gain ) and Operating and administrative expense ( 2019 - $9 million gain ; 2018 - $10 million gain ) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. LIQUIDITY RISK Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12 month rolling time period to determine whether sufficient funds will be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. We also maintain current shelf prospectuses with securities regulators which enables, subject to market conditions, ready access to either the Canadian or United States public capital markets. In addition, we maintain sufficient liquidity through committed credit facilities with a diversified group of banks and institutions which, if necessary, enables us to fund all anticipated requirements for approximately one year without accessing the capital markets. We are in compliance with all the terms and conditions of our committed credit facility agreements and term debt indentures as at March 31, 2019 . As a result, all credit facilities are available to us and the banks are obligated to fund and have been funding us under the terms of the facilities. CREDIT RISK Entering into derivative instruments may result in exposure to credit risk from the possibility that a counterparty will default on its contractual obligations. In order to mitigate this risk, we enter into risk management transactions primarily with institutions that possess strong investment grade credit ratings. Credit risk relating to derivative counterparties is mitigated through maintenance and monitoring of credit exposure limits and contractual requirements, netting arrangements, and ongoing monitoring of counterparty credit exposure using external credit rating services and other analytical tools. We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments: March 31, December 31, (millions of Canadian dollars) Canadian financial institutions 21 28 United States financial institutions 51 107 European financial institutions 58 84 Asian financial institutions — 6 Other 1 132 337 262 562 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. As at March 31, 2019 , we provided letters of credit totaling nil in lieu of providing cash collateral to our counterparties pursuant to the terms of the relevant International Swaps and Derivatives Association (ISDA) agreements. We held no cash collateral on derivative asset exposures as at March 31, 2019 and December 31, 2018 . Gross derivative balances have been presented without the effects of collateral posted. Derivative assets are adjusted for non-performance risk of our counterparties using their credit default swap spread rates, and are reflected at fair value. For derivative liabilities, our non-performance risk is considered in the valuation. Credit risk also arises from trade and other long-term receivables, and is mitigated through credit exposure limits and contractual requirements, assessment of credit ratings and netting arrangements. Within EGI, credit risk is mitigated by the utilities' large and diversified customer base and the ability to recover an estimate for doubtful accounts through the ratemaking process. We actively monitor the financial strength of large industrial customers, and in select cases, have obtained additional security to minimize the risk of default on receivables. Generally, we classify and provide for receivables older than 30 days as past due. The maximum exposure to credit risk related to non-derivative financial assets is their carrying value. FAIR VALUE MEASUREMENTS Our financial assets and liabilities measured at fair value on a recurring basis include derivative instruments. We also disclose the fair value of other financial instruments not measured at fair value. The fair value of financial instruments reflects our best estimates of market value based on generally accepted valuation techniques or models and is supported by observable market prices and rates. When such values are not available, we use discounted cash flow analysis from applicable yield curves based on observable market inputs to estimate fair value. FAIR VALUE OF FINANCIAL INSTRUMENTS We categorize our derivative instruments measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Level 1 Level 1 includes derivatives measured at fair value based on unadjusted quoted prices for identical assets and liabilities in active markets that are accessible at the measurement date. An active market for a derivative is considered to be a market where transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 instruments consist primarily of exchange-traded derivatives used to mitigate the risk of crude oil price fluctuations. Level 2 Level 2 includes derivative valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Derivatives in this category are valued using models or other industry standard valuation techniques derived from observable market data. Such valuation techniques include inputs such as quoted forward prices, time value, volatility factors and broker quotes that can be observed or corroborated in the market for the entire duration of the derivative. Derivatives valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter foreign exchange forward and cross currency swap contracts, interest rate swaps, physical forward commodity contracts, as well as commodity swaps and options for which observable inputs can be obtained. We have also categorized the fair value of our held to maturity preferred share investment and long-term debt as Level 2. The fair value of our held to maturity preferred share investment is primarily based on the yield of certain Government of Canada bonds. The fair value of our long-term debt is based on quoted market prices for instruments of similar yield, credit risk and tenor. Level 3 Level 3 includes derivative valuations based on inputs which are less observable, unavailable or where the observable data does not support a significant portion of the derivatives’ fair value. Generally, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on extrapolation of observable future prices and rates. Derivatives valued using Level 3 inputs primarily include long-dated derivative power contracts and NGL and natural gas contracts, basis swaps, commodity swaps, power and energy swaps, as well as options. We do not have any other financial instruments categorized in Level 3. We use the most observable inputs available to estimate the fair value of our derivatives. When possible, we estimate the fair value of our derivatives based on quoted market prices. If quoted market prices are not available, we use estimates from third party brokers. For non-exchange traded derivatives classified in Levels 2 and 3, we use standard valuation techniques to calculate the estimated fair value. These methods include discounted cash flows for forwards and swaps and Black-Scholes-Merton pricing models for options. Depending on the type of derivative and nature of the underlying risk, we use observable market prices (interest, foreign exchange, commodity and share price) and volatility as primary inputs to these valuation techniques. Finally, we consider our own credit default swap spread as well as the credit default swap spreads associated with our counterparties in our estimation of fair value. We have categorized our derivative assets and liabilities measured at fair value as follows: March 31, 2019 Level 1 Level 2 Level 3 Total Gross Derivative Instruments (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 26 — 26 Interest rate contracts — 7 — 7 Commodity contracts 3 10 159 172 3 43 159 205 Long-term derivative assets Foreign exchange contracts — 50 — 50 Commodity contracts — 13 22 35 Other contracts — 2 — 2 — 65 22 87 Financial liabilities Current derivative liabilities Foreign exchange contracts — (506 ) — (506 ) Interest rate contracts — (150 ) — (150 ) Commodity contracts (7 ) (16 ) (266 ) (289 ) Other contracts — (1 ) — (1 ) (7 ) (673 ) (266 ) (946 ) Long-term derivative liabilities Foreign exchange contracts — (1,680 ) — (1,680 ) Interest rate contracts — (374 ) — (374 ) Commodity contracts — (15 ) (137 ) (152 ) — (2,069 ) (137 ) (2,206 ) Total net financial liabilities Foreign exchange contracts — (2,110 ) — (2,110 ) Interest rate contracts — (517 ) — (517 ) Commodity contracts (4 ) (8 ) (222 ) (234 ) Other contracts — 1 — 1 (4 ) (2,634 ) (222 ) (2,860 ) December 31, 2018 Level 1 Level 2 Level 3 Total Gross Derivative Instruments (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 47 — 47 Interest rate contracts — 22 — 22 Commodity contracts 24 45 360 429 24 114 360 498 Long-term derivative assets Foreign exchange contracts — 62 — 62 Interest rate contracts — 5 — 5 Commodity contracts — 30 22 52 — 97 22 119 Financial liabilities Current derivative liabilities Foreign exchange contracts — (615 ) — (615 ) Interest rate contracts — (341 ) — (341 ) Commodity contracts (7 ) (28 ) (238 ) (273 ) Other contracts — (5 ) — (5 ) (7 ) (989 ) (238 ) (1,234 ) Long-term derivative liabilities Foreign exchange contracts — (2,212 ) — (2,212 ) Interest rate contracts — (201 ) — (201 ) Commodity contracts — (23 ) (155 ) (178 ) Other contracts — (2 ) — (2 ) — (2,438 ) (155 ) (2,593 ) Total net financial liabilities Foreign exchange contracts — (2,718 ) — (2,718 ) Interest rate contracts — (515 ) — (515 ) Commodity contracts 17 24 (11 ) 30 Other contracts — (7 ) — (7 ) 17 (3,216 ) (11 ) (3,210 ) The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: March 31, 2019 Fair Value Unobservable Input Minimum Price Maximum Price Weighted Average Price Unit of Measurement (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (18 ) Forward gas price 2.55 5.17 3.47 $/mmbtu 2 Crude 38 Forward crude price 42.96 166.19 69.21 $/barrel Power (82 ) Forward power price 30.79 71.28 50.21 $/MW/H Commodity contracts - physical 1 Natural gas (125 ) Forward gas price 1.22 5.17 2.25 $/mmbtu 2 Crude (37 ) Forward crude price 33.12 127.36 76.83 $/barrel NGL 2 Forward NGL price 0.17 1.11 0.37 $/gallon (222 ) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 One million British thermal units (mmbtu). If adjusted, the significant unobservable inputs disclosed in the table above would have a direct impact on the fair value of our Level 3 derivative instruments. The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments include forward commodity prices, and for option contracts, price volatility. Changes in forward commodity prices could result in significantly different fair values for our Level 3 derivatives. Changes in price volatility would change the value of the option contracts. Generally, a change in the estimate of forward commodity prices is unrelated to a change in the estimate of price volatility. Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Three months ended 2019 2018 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (11 ) (387 ) Total gain/(loss) Included in earnings 1 (52 ) 31 Included in OCI (3 ) (3 ) Settlements (156 ) 154 Level 3 net derivative liability at end of period (222 ) (205 ) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. Our policy is to recognize transfers as at the last day of the reporting period. There were no transfers between levels as at March 31, 2019 or December 31, 2018 . FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS Our other long-term investments in other entities with no actively quoted prices are classified as Fair Value Measurement Alternative (FVMA) investments and are recorded at cost less impairment (if any), plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The carrying value of FVMA other long-term investments totaled $101 million and $102 million as at March 31, 2019 and December 31, 2018 , respectively. We have Restricted long-term investments held in trust totaling $356 million and $323 million as at March 31, 2019 and December 31, 2018 , respectively, which are recognized at fair value. We have a held to maturity preferred share investment carried at its amortized cost of $582 million and $478 million as at March 31, 2019 and December 31, 2018 , respectively. These preferred shares are entitled to a cumulative preferred dividend based on the yield of 10 -year Government of Canada bonds plus a margin of 4.38% . The fair value of this preferred share investment approximates its face value of $582 million and $580 million as at March 31, 2019 and December 31, 2018 respectively. As at March 31, 2019 and December 31, 2018 , our long-term debt had a carrying value of $65.3 billion and $63.9 billion , respectively, before debt issuance costs and a fair value of $68.9 billion and $64.4 billion , respectively. We also have noncurrent notes receivable carried at book value recorded in Deferred amounts and other assets in the Consolidated Statements of Financial Position. As at March 31, 2019 and December 31, 2018 , the noncurrent notes receivable had a carrying value of $95 million and $97 million , respectively, and a fair value of $95 million and $97 million , respectively. The fair value of other financial assets and liabilities other than derivative instruments, other long-term investments, restricted long-term investments, long-term debt and non-current notes receivable described above approximate their cost due to the short period to maturity. NET INVESTMENT HEDGES We have designated a portion of our United States dollar denominated debt, as well as a portfolio of foreign exchange forward contracts, as a hedge of our net investment in United States dollar denominated investments and subsidiaries. During the three months ended March 31, 2019 and 2018 , we recognized an unrealized foreign exchange gain of $108 million and an unrealized foreign exchange loss of $194 million , respectively, on the translation of United States dollar denominated debt and unrealized gains of $1 million and $15 million , respectively, on the change in fair value of our outstanding foreign exchange forward contracts in OCI. During the three months ended March 31, 2019 and 2018 , we recognized realized losses of nil and $23 million , respectively, in OCI associated with the settlement of foreign exchange forward contracts and recognized realized losses of nil and $11 million , respectively, in OCI associated with the settlement of United States dollar denominated debt that had matured during the period. There was no ineffectiveness during the three months ended March 31, 2019 and 2018 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the three months ended March 31, 2019 and 2018 were 22.4% and (16.7)% , respectively. The period-over-period increase in the effective income tax rate is due to the effects of rate-regulated accounting for income taxes and other permanent items relative to the increase in earnings for the three months ended March 31, 2019 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS Three months ended 2019 2018 (millions of Canadian dollars) Service cost 51 65 Interest cost 51 45 Expected return on plan assets (84 ) (82 ) Amortization of actuarial loss 8 7 Amortization of prior service costs (1 ) (1 ) Net periodic benefit costs 25 34 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES We incur operating lease expense related primarily to real estate, pipelines, storage and equipment. Our operating leases have remaining lease terms of one month to 29 years . For the three months ended March 31, 2019 , we incurred operating lease expenses of $28 million . Operating lease expenses are reported under Operating and administrative expenses on the Consolidated Statements of Earnings. For the three months ended March 31, 2019 , operating lease payments to settle lease liabilities were $31 million . Operating lease payments are reported under operating activities in the Consolidated Statements of Cash Flows. Supplemental Statements of Financial Position Information March 31, 2019 January 1, 2019 (millions of Canadian dollars, except lease term and discount rate) Operating leases Operating lease right-of-use assets, net 1 745 771 Operating lease liabilities - current 2 67 86 Operating lease liabilities - long-term 3 757 770 Total operating lease liabilities 824 856 Weighted average remaining lease term Operating leases 14 years 14 years Weighted average discount rate Operating leases 4.3 % 4.3 % 1 Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 2 Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position. 3 Long-term lease liabilities are reported under Other long-term liabilities in the Consolidated Statements of Financial Position. As at March 31, 2019 , we have operating lease commitments as detailed below: Operating leases (millions of Canadian dollars) 2019 1 83 2020 116 2021 94 2022 89 2023 79 Thereafter 663 Total undiscounted lease payments 1,124 Less imputed interest (300 ) Total operating lease commitments 824 1 For the nine months remaining in the 2019 fiscal year. LESSOR We have operating leases primarily related to natural gas and crude oil storage and processing facilities, rail cars, and wind power generation assets. Our leases have remaining lease terms of 9 months to 24 years . Three months ended (millions of Canadian dollars) Operating lease income 64 Variable lease income 100 Total lease income 164 The following table sets out future minimum lease payments expected to be received under lease contracts where we are the lessor: Operating leases (millions of Canadian dollars) 2019 1 192 2020 216 2021 189 2022 186 2023 178 Thereafter 2,395 Total undiscounted lease payments 3,356 1 |
LEASES | LEASES We incur operating lease expense related primarily to real estate, pipelines, storage and equipment. Our operating leases have remaining lease terms of one month to 29 years . For the three months ended March 31, 2019 , we incurred operating lease expenses of $28 million . Operating lease expenses are reported under Operating and administrative expenses on the Consolidated Statements of Earnings. For the three months ended March 31, 2019 , operating lease payments to settle lease liabilities were $31 million . Operating lease payments are reported under operating activities in the Consolidated Statements of Cash Flows. Supplemental Statements of Financial Position Information March 31, 2019 January 1, 2019 (millions of Canadian dollars, except lease term and discount rate) Operating leases Operating lease right-of-use assets, net 1 745 771 Operating lease liabilities - current 2 67 86 Operating lease liabilities - long-term 3 757 770 Total operating lease liabilities 824 856 Weighted average remaining lease term Operating leases 14 years 14 years Weighted average discount rate Operating leases 4.3 % 4.3 % 1 Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 2 Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position. 3 Long-term lease liabilities are reported under Other long-term liabilities in the Consolidated Statements of Financial Position. As at March 31, 2019 , we have operating lease commitments as detailed below: Operating leases (millions of Canadian dollars) 2019 1 83 2020 116 2021 94 2022 89 2023 79 Thereafter 663 Total undiscounted lease payments 1,124 Less imputed interest (300 ) Total operating lease commitments 824 1 For the nine months remaining in the 2019 fiscal year. LESSOR We have operating leases primarily related to natural gas and crude oil storage and processing facilities, rail cars, and wind power generation assets. Our leases have remaining lease terms of 9 months to 24 years . Three months ended (millions of Canadian dollars) Operating lease income 64 Variable lease income 100 Total lease income 164 The following table sets out future minimum lease payments expected to be received under lease contracts where we are the lessor: Operating leases (millions of Canadian dollars) 2019 1 192 2020 216 2021 189 2022 186 2023 178 Thereafter 2,395 Total undiscounted lease payments 3,356 1 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2019 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | CONTINGENCIES We and our subsidiaries are involved in various other legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits by special interest groups. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our interim consolidated financial position or results of operations. TAX MATTERS |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED CONSOLIDATING FINACIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION On January 22, 2019, Enbridge entered into supplemental indentures with its wholly-owned subsidiaries, the Partnerships, pursuant to which Enbridge fully and unconditionally guaranteed, on a senior unsecured basis, the payment obligations of the Partnerships with respect to the outstanding series of notes issued under the respective indentures of the Partnerships. Concurrently, the Partnerships entered into a subsidiary guarantee agreement pursuant to which they guaranteed, on a senior unsecured basis, the outstanding series of senior notes of Enbridge. As a result of the guarantees, holders of any of the outstanding guaranteed notes of the Partnerships are in the same position with respect to the net assets, income and cash flows of Enbridge as holders of Enbridge's outstanding guaranteed notes, and vice versa. Other than the Partnerships, Enbridge subsidiaries (including the subsidiaries of the Partnerships, collectively, the Subsidiary Non-Guarantors), are not parties to the subsidiary guarantee agreement and have not otherwise guaranteed any of Enbridge's outstanding series of senior notes. Consenting SEP notes and EEP notes under Guarantee SEP Notes 1 EEP Notes 2 Floating Rate Senior Notes due 2020 5.200% Notes due 2020 4.600% Senior Notes due 2021 4.375% Notes due 2020 4.750% Senior Notes due 2024 4.200% Notes due 2021 3.500% Senior Notes due 2025 5.875% Notes due 2025 3.375% Senior Notes due 2026 5.950% Notes due 2033 5.950% Senior Notes due 2043 6.300% Notes due 2034 4.500% Senior Notes due 2045 7.500% Notes due 2038 5.500% Notes due 2040 7.375% Notes due 2045 1 As at March 31, 2019, the aggregate outstanding principal amount of SEP notes was approximately US$3.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of EEP notes was approximately US$4.0 billion . Enbridge Notes under Guarantees USD Denominated 1 CAD Denominated 2 Senior Floating Rate Notes due 2020 Senior Floating Rate Notes due 2019 Senior Floating Rate Notes due 2020 4.770% Senior Notes due 2019 2.900% Senior Notes due 2022 4.530% Senior Notes due 2020 4.000% Senior Notes due 2023 4.850% Senior Notes due 2020 3.500% Senior Notes due 2024 4.260% Senior Notes due 2021 4.250% Senior Notes due 2026 3.160% Senior Notes due 2021 3.700% Senior Notes due 2027 4.850% Senior Notes due 2022 4.500% Senior Notes due 2044 3.190% Senior Notes due 2022 5.500% Senior Notes due 2046 3.940% Senior Notes due 2023 3.940% Senior Notes due 2023 3.950% Senior Notes due 2024 3.200% Senior Notes due 2027 6.100% Senior Notes due 2028 7.220% Senior Notes due 2030 7.200% Senior Notes due 2032 5.570% Senior Notes due 2035 5.750% Senior Notes due 2039 5.120% Senior Notes due 2040 4.240% Senior Notes due 2042 4.570% Senior Notes due 2044 4.870% Senior Notes due 2044 4.560% Senior Notes due 2064 1 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge United States dollar denominated notes was approximately US$5.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge Canadian dollar denominated notes was approximately $7.8 billion . In accordance with Rule 3-10 of the SEC's Regulation S-X, which provides an exemption from the reporting requirements of the Securities Exchange Act of 1934 for subsidiary issuers of guaranteed securities and subsidiary guarantors, in lieu of filing separate financial statements for each of the Partnerships, we have included the accompanying condensed consolidating financial information with separate columns representing the following: 1. Enbridge Inc., the Parent Issuer and Guarantor; 2. SEP, a Subsidiary Issuer and Guarantor; 3. EEP, a Subsidiary Issuer and Guarantor; 4. Subsidiary Non-Guarantors, as defined herein; 5. Consolidating and elimination entries required to consolidate the Parent Issuer and Guarantor and its subsidiaries, including the Subsidiary Issuers and Guarantors, and 6. Enbridge Inc. and subsidiaries on a consolidated basis. For the purposes of the condensed consolidating financial information only, investments in subsidiaries are accounted for under the equity method. In addition, the Condensed Consolidating Statements of Cash Flows present the intercompany loan and distribution activity, as well as cash collection and payments made on behalf of our subsidiaries, as cash activities. These intercompany investments and related activities eliminate on consolidation and are presented separately only for the purpose of the accompanying Condensed Consolidating Statements. Condensed Consolidating Statements of Earnings and Comprehensive Income for the three months ended March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 6,632 — 6,632 Gas distribution sales — — — 1,876 — 1,876 Transportation and other services — — — 4,348 — 4,348 Total operating revenues — — — 12,856 — 12,856 Operating Expenses Commodity costs — — — 6,565 — 6,565 Gas distribution costs — — — 1,207 — 1,207 Operating and administrative (34 ) 2 1 1,656 — 1,625 Depreciation and amortization 15 — — 825 — 840 Total operating expenses (19 ) 2 1 10,253 — 10,237 Operating income/(loss) 19 (2 ) (1 ) 2,603 — 2,619 Income/(loss) from equity investments 59 31 — 382 (59 ) 413 Equity earnings from consolidated subsidiaries 774 398 263 493 (1,928 ) — Other Net foreign currency gain/(loss) 1,221 — — (103 ) (904 ) 214 Other, including other income from affiliates 330 — 41 123 (448 ) 46 Interest expense (308 ) (94 ) (158 ) (583 ) 458 (685 ) Earnings before income taxes 2,095 333 145 2,915 (2,881 ) 2,607 Income tax expense (109 ) 15 — (596 ) 106 (584 ) Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — (37 ) (37 ) Earnings attributable to controlling interests 1,986 348 145 2,319 (2,812 ) 1,986 Preference share dividends (95 ) — — — — (95 ) Earnings attributable to common shareholders 1,891 348 145 2,319 (2,812 ) 1,891 Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Total other comprehensive income/(loss) (1,278 ) (16 ) 15 (720 ) 671 (1,328 ) Comprehensive income 708 332 160 1,599 (2,104 ) 695 Comprehensive loss attributable to noncontrolling interests — — — — 13 13 Comprehensive income attributable to controlling interests 708 332 160 1,599 (2,091 ) 708 Condensed Consolidating Statements of Earnings and Comprehensive Income for the three months ended March 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 7,268 — 7,268 Gas distribution sales — — — 1,926 — 1,926 Transportation and other services — — — 3,532 — 3,532 Total operating revenues — — — 12,726 — 12,726 Operating Expenses Commodity costs — — — 6,997 — 6,997 Gas distribution costs — — — 1,324 — 1,324 Operating and administrative 67 1 4 1,569 — 1,641 Depreciation and amortization 14 — — 810 — 824 Impairment of long-lived assets — — — 1,062 — 1,062 Total operating expenses 81 1 4 11,762 — 11,848 Operating income/(loss) (81 ) (1 ) (4 ) 964 — 878 Income from equity investments 17 34 — 300 (16 ) 335 Equity earnings from consolidated subsidiaries 707 551 203 608 (2,069 ) — Other Net foreign currency gain/(loss) (199 ) 2 — (58 ) 70 (185 ) Other, including other income/(expense) from affiliates 246 1 30 39 (251 ) 65 Interest expense (243 ) (72 ) (136 ) (479 ) 274 (656 ) Earnings before income taxes 447 515 93 1,374 (1,992 ) 437 Income tax recovery/(expense) 87 — — (23 ) 9 73 Earnings 534 515 93 1,351 (1,983 ) 510 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — 24 24 Earnings attributable to controlling interests 534 515 93 1,351 (1,959 ) 534 Preference share dividends (89 ) — — — — (89 ) Earnings attributable to common shareholders 445 515 93 1,351 (1,959 ) 445 Earnings 534 515 93 1,351 (1,983 ) 510 Total other comprehensive income 1,302 19 8 253 (109 ) 1,473 Comprehensive income 1,836 534 101 1,604 (2,092 ) 1,983 Comprehensive income attributable to noncontrolling interests — — — — (147 ) (147 ) Comprehensive income attributable to controlling interests 1,836 534 101 1,604 (2,239 ) 1,836 Condensed Consolidating Statements of Financial Position as at March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Assets Current assets Cash and cash equivalents — 5 7 690 — 702 Restricted cash 9 — — 46 — 55 Accounts receivable and other 283 1 — 6,202 — 6,486 Accounts receivable from affiliates 586 — 31 79 (604 ) 92 Short-term loans receivable from affiliates 3,527 — 3,838 5,871 (13,236 ) — Inventory — — — 1,047 — 1,047 4,405 6 3,876 13,935 (13,840 ) 8,382 Property, plant and equipment, net 166 — — 93,709 — 93,875 Long-term loans receivable from affiliates 26,504 73 2,472 15,524 (44,573 ) — Investments in subsidiaries 78,271 19,741 6,209 15,032 (119,253 ) — Long-term investments 4,619 961 — 14,890 (3,568 ) 16,902 Restricted long-term investments — — — 356 — 356 Deferred amounts and other assets 1,491 1 8 9,412 (1,407 ) 9,505 Intangible assets, net 219 — — 2,082 — 2,301 Goodwill — — — 33,895 — 33,895 Deferred income taxes 744 — — 220 328 1,292 Total assets 116,419 20,782 12,565 199,055 (182,313 ) 166,508 Liabilities and equity Current liabilities Short-term borrowings — — — 870 — 870 Accounts payable and other 756 19 14 6,552 (10 ) 7,331 Accounts payable to affiliates 935 509 80 (891 ) (603 ) 30 Interest payable 227 25 92 229 — 573 Short-term loans payable to affiliates 426 2,985 2,458 7,367 (13,236 ) — Current portion of long-term debt 2,979 — 668 674 — 4,321 5,323 3,538 3,312 14,801 (13,849 ) 13,125 Long-term debt 23,519 5,095 4,565 27,501 — 60,680 Other long-term liabilities 2,145 8 22 8,276 (1,407 ) 9,044 Long-term loans payable to affiliates 15,076 — 1,470 28,027 (44,573 ) — Deferred income taxes — 304 — 13,821 (4,385 ) 9,740 46,063 8,945 9,369 92,426 (64,214 ) 92,589 Equity Controlling interests 1 70,356 11,837 3,196 106,629 (121,713 ) 70,305 Noncontrolling interests — — — — 3,614 3,614 70,356 11,837 3,196 106,629 (118,099 ) 73,919 Total liabilities and equity 116,419 20,782 12,565 199,055 (182,313 ) 166,508 1 Equity attributable to controlling interests for parent issuer and guarantor excludes reciprocal shareholding balance included within consolidating and elimination adjustments. Condensed Consolidating Statements of Financial Position as at December 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Assets Current assets Cash and cash equivalents — 16 — 502 — 518 Restricted cash 9 — — 110 — 119 Accounts receivable and other 283 15 8 6,211 — 6,517 Accounts receivable from affiliates 726 — 13 (142 ) (518 ) 79 Short-term loans receivable from affiliates 3,943 — 3,689 653 (8,285 ) — Inventory — — — 1,339 — 1,339 4,961 31 3,710 8,673 (8,803 ) 8,572 Property, plant and equipment, net 140 — — 94,400 — 94,540 Long-term loans receivable from affiliates 10,318 73 2,539 1,344 (14,274 ) — Investments in subsidiaries 78,474 19,777 6,363 15,567 (120,181 ) — Long-term investments 4,561 987 — 14,841 (3,682 ) 16,707 Restricted long-term investments — — — 323 — 323 Deferred amounts and other assets 1,700 9 17 8,558 (1,726 ) 8,558 Intangible assets, net 234 — — 2,138 — 2,372 Goodwill — — — 34,459 — 34,459 Deferred income taxes 817 — — 229 328 1,374 Total assets 101,205 20,877 12,629 180,532 (148,338 ) 166,905 Liabilities and equity Current liabilities Short-term borrowings — — — 1,024 — 1,024 Accounts payable and other 2,742 7 34 7,086 (6 ) 9,863 Accounts payable to affiliates 946 233 56 (677 ) (518 ) 40 Interest payable 283 56 105 225 — 669 Short-term loans payable to affiliates 426 682 — 7,177 (8,285 ) — Current portion of long-term debt 1,853 — 683 723 — 3,259 6,250 978 878 15,558 (8,809 ) 14,855 Long-term debt 22,893 7,276 6,943 23,215 — 60,327 Other long-term liabilities 2,428 2 30 8,100 (1,726 ) 8,834 Long-term loans payable to affiliates 76 — 1,502 12,696 (14,274 ) — Deferred income taxes — 331 — 13,523 (4,400 ) 9,454 31,647 8,587 9,353 73,092 (29,209 ) 93,470 Equity Controlling interests 1 69,558 12,290 3,276 107,440 (123,094 ) 69,470 Noncontrolling interests — — — — 3,965 3,965 69,558 12,290 3,276 107,440 (119,129 ) 73,435 Total liabilities and equity 101,205 20,877 12,629 180,532 (148,338 ) 166,905 1 Equity attributable to controlling interests for parent issuer and guarantor excludes reciprocal shareholding balance included within consolidating and elimination adjustments. Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Net cash provided by/(used in) operating activities (415 ) 232 (1,418 ) 4,566 (789 ) 2,176 Investing activities Capital expenditures (24 ) — — (1,588 ) — (1,612 ) Long-term investments and restricted long-term investments — (2 ) — (563 ) — (565 ) Distributions from equity investments in excess of cumulative earnings — 7 536 132 (536 ) 139 Additions to intangible assets (16 ) — — (10 ) — (26 ) Affiliate loans, net — — — (84 ) — (84 ) Contributions to subsidiaries (2,331 ) — — — 2,331 — Return of share capital from subsidiaries 3,121 — — — (3,121 ) — Advances to affiliates (19,908 ) — (618 ) (21,542 ) 42,068 — Repayment of advances to affiliates 3,996 — 382 1,638 (6,016 ) — Net cash provided by/(used in) investing activities (15,162 ) 5 300 (22,017 ) 34,726 (2,148 ) Financing activities Net change in short-term borrowings — — — (154 ) — (154 ) Net change in commercial paper and credit facility draws 2,312 (2,010 ) — 2,471 — 2,773 Debenture and term note issues, net of issue costs — — — 1,195 — 1,195 Debenture and term note repayments (300 ) — (1,189 ) (300 ) — (1,789 ) Contributions from noncontrolling interests — — — — 3 3 Distributions to noncontrolling interests — — — — (46 ) (46 ) Contributions from parents — — — 2,331 (2,331 ) — Distributions to parents — (505 ) (162 ) (3,822 ) 4,489 — Redemption of preferred shares — — — (300 ) — (300 ) Common shares issued 18 — — — — 18 Preference share dividends (90 ) — — — — (90 ) Common share dividends (1,513 ) — — 27 — (1,486 ) Advances from affiliates 15,150 3,498 2,894 20,526 (42,068 ) — Repayment of advances from affiliates — (1,226 ) (412 ) (4,378 ) 6,016 — Other — (5 ) (6 ) (14 ) — (25 ) Net cash (used in)/provided by financing activities 15,577 (248 ) 1,125 17,582 (33,937 ) 99 Effect of translation of foreign denominated cash and cash equivalents and restricted cash — — — (7 ) — (7 ) Net increase/(decrease) in cash and cash equivalents and restricted cash — (11 ) 7 124 — 120 Cash and cash equivalents and restricted cash at beginning of period 9 16 — 612 — 637 Cash and cash equivalents and restricted cash at end of period 9 5 7 736 — 757 Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Net cash (used in)/provided by operating activities (135 ) 803 (331 ) 3,224 (367 ) 3,194 Investing activities Capital expenditures (5 ) — — (1,630 ) — (1,635 ) Long-term investments and restricted long-term investments (16 ) (5 ) — (217 ) 16 (222 ) Distributions from equity investments in excess of cumulative earnings 336 15 488 42 (824 ) 57 Additions to intangible assets (6 ) — — (252 ) — (258 ) Affiliate loans, net — — — (10 ) — (10 ) Contributions to subsidiaries (69 ) (77 ) (5 ) — 151 — Advances to affiliates (401 ) — (496 ) (2,233 ) 3,130 — Repayment of advances to affiliates — 506 548 1,890 (2,944 ) — Net cash (used in)/provided by investing activities (161 ) 439 535 (2,410 ) (471 ) (2,068 ) Financing activities Net change in short-term borrowings — — — (443 ) — (443 ) Net change in commercial paper and credit facility draws (105 ) (756 ) (218 ) 614 — (465 ) Debenture and term note issues, net of issue costs 1,080 — — 981 — 2,061 Debenture and term note repayments — — — (996 ) — (996 ) Debt extinguishment costs — — — (63 ) — (63 ) Contributions from noncontrolling interests — — — — 8 8 Distributions to noncontrolling interests — — — — (209 ) (209 ) Contributions from redeemable noncontrolling interests — — — — 20 20 Distributions to redeemable noncontrolling interests — — — — (84 ) (84 ) Contributions from parents — — — 151 (151 ) — Distributions to parents — (453 ) (163 ) (824 ) 1,440 — Common shares issued 13 — — — — 13 Preference share dividends (87 ) — — — — (87 ) Common share dividends (764 ) — — — — (764 ) Advances from affiliates 209 — 2,024 897 (3,130 ) — Repayment of advances from affiliates (43 ) — (1,847 ) (1,054 ) 2,944 — Net cash provided by/(used in) financing activities 303 (1,209 ) (204 ) (737 ) 838 (1,009 ) Effect of translation of foreign denominated cash and cash equivalents and restricted cash — — — 19 — 19 Net increase in cash and cash equivalents and restricted cash 7 33 — 96 — 136 Cash and cash equivalents and restricted cash at beginning of period 2 14 — 571 — 587 Cash and cash equivalents and restricted cash at end of period 9 47 — 667 — 723 |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
ADOPTION OF NEW STANDARDS and FUTURE ACCOUNTING POLICY CHANGES | ADOPTION OF NEW STANDARDS Cloud Computing Arrangements Effective January 1, 2019, we adopted Accounting Standards Update (ASU) 2018-15 on a prospective basis. The new standard was issued to provide guidance on the accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The ASU specifies that an entity would apply Accounting Standards Codification (ASC) 350-40, Internal-use software, to determine which implementation costs related to a hosting arrangement that is a service contract should be capitalized and which should be expensed. The amendments in the update also require that the capitalized costs be amortized on a straight-line basis generally over the term of the arrangement and presented in the same income statement line as fees paid for the hosting service, in addition to specifying that the capitalized costs must be presented on the same balance sheet line as the prepayment of fees related to the hosting arrangement. The ASU requires similar consistency in classifications from a cash flow statement perspective. The adoption of this ASU did not have a material impact on our consolidated financial statements. Improvements to Accounting for Hedging Activities Effective January 1, 2019, we adopted ASU 2017-12 on a modified retrospective basis. The new standard was issued with the objective of better aligning a company’s risk management activities and the resulting hedge accounting reflected in the financial statements. The amendments allow cash flow hedging of contractually specified components in financial and non-financial items. As a result of the new standard, hedge ineffectiveness will no longer be measured or recorded, and hedging instruments’ fair value changes will be recorded in the same income statement line as the hedged item. The adoption of this accounting update did not have a material impact on our consolidated financial statements. Amending the Amortization Period for Certain Callable Debt Securities Purchased at a Premium Effective January 1, 2019, we adopted ASU 2017-08 on a modified retrospective basis. The new standard was issued with the intent of shortening the amortization period to the earliest call date for certain callable debt securities held at a premium. The adoption of this accounting update did not have a material impact on our consolidated financial statements. Recognition of Leases Effective January 1, 2019 we adopted ASU 2016-02 Leases (Topic 842) using the modified retrospective approach. We recognize an arrangement as a lease when a customer has the right to obtain substantially all of the economic benefits from the use of an asset, as well as the right to direct the use of the asset. We recognize right-of-use (ROU) assets and the related lease liabilities on the statement of financial position for operating lease arrangements with a term of 12 months or longer. We do not separate non-lease components from the associated lease components of our lessee contracts and account for both components as a single lease component. We combine lease and non-lease components within a contract for operating lessor leases when certain conditions are met. ROU assets are assessed for impairment using the same approach as is applied for other long-lived assets, as described under the Impairment section of the Significant Accounting Policies Note 2 in the annual consolidated financial statements. Lease liabilities and ROU assets require the use of judgment and estimates, which are applied in determining the term of a lease, appropriate discount rates, whether an arrangement contains a lease, whether there are any indicators of impairment for ROU assets and whether any ROU assets should be grouped with other long-lived assets for impairment testing. In adopting Topic 842, we elected the package of practical expedients permitted under the transition guidance. The election to apply the package of practical expedients allows an entity to not apply the new lease standard to the prior year comparative periods in the year of adoption. The application of the package of practical expedients also permits entities not to reassess whether any expired or existing contracts contain leases in accordance with the new guidance, lease classifications, and whether initial direct costs capitalized under current guidance continue to meet the definition of initial direct costs under the new guidance. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements that had commenced prior to January 1, 2019. On January 1, 2019, ROU assets and corresponding lease liabilities of $771 million were recorded in connection with the adoption of Topic 842. When added to the $85 million of pre-existing liabilities relating to operating leases for which we no longer utilize the leased assets, total lease liabilities at January 1, 2019 were $856 million . All lease liabilities were measured using a weighted average discount rate of 4.32% . The adoption of this standard had no impact to the Consolidated Statements of Earnings, Comprehensive Income, Changes in Equity or Cash Flows during the period. FUTURE ACCOUNTING POLICY CHANGES Clarifying Interaction between Collaborative Arrangements and Revenue from Contracts with Customers In November 2018, ASU 2018-18 was issued to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. ASU 2018-18 also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. Improvements to Related Party Guidance for Variable Interest Entities ASU 2018-17 was issued in October 2018 to improve the related party guidance on determining whether fees paid to decision makers and service providers (“decision-maker fees”) are variable interests. Under the new guidance, reporting entities must consider indirect interests held through related parties in common control arrangements on a proportionate basis, rather than as the equivalent of a direct interest in its entirety, when determining if a decision maker’s fees constitute a variable interest. The accounting update is effective January 1, 2020 and must be applied on a retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Disclosure Effectiveness In August 2018, the Financial Accounting Standards Board issued two amendments as a part of its disclosure framework project aimed to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-14 was issued in August 2018 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendment modifies the current guidance by adding and removing several disclosure requirements while also clarifying the guidance on current disclosure requirements. ASU 2018-14 is effective January 1, 2021 and entities are permitted to adopt the standard early. We are currently assessing the impact of the new standard on our consolidated financial statements. ASU 2018-13 was issued to improve the disclosure requirements for fair value measurements by eliminating and modifying some disclosures, while also adding new disclosures. This update is effective January 1, 2020, however entities are permitted to early adopt the eliminated or modified disclosures. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Credit Losses ASU 2016-13 was issued in June 2016 with the intent of providing financial statement users with more useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. Current treatment uses the incurred loss methodology for recognizing credit losses that delay the recognition until it is probable a loss has been incurred. The accounting update adds a new impairment model, known as the current expected credit loss model, which is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses, which the Financial Accounting Standards Board believes will result in more timely recognition of such losses. |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenues 2,214 1,137 249 — — — 3,600 Storage and other revenues 27 53 54 — — — 134 Gas gathering and processing revenues — 116 — — — — 116 Gas distribution revenue — — 1,856 — — — 1,856 Electricity and transmission revenues — — — 50 — — 50 Total revenue from contracts with customers 2,241 1,306 2,159 50 — — 5,756 Commodity sales — — — — 6,632 — 6,632 Other revenues 1,2 340 10 29 102 6 (19 ) 468 Intersegment revenues 77 2 3 — 35 (117 ) — Total revenues 2,658 1,318 2,191 152 6,673 (136 ) 12,856 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenues 2,058 952 239 — — — 3,249 Storage and other revenues 40 60 66 — — — 166 Gas gathering and processing revenues — 205 — — — — 205 Gas distribution revenues — — 1,926 — — — 1,926 Electricity and transmission revenues — — — 57 — — 57 Commodity sales — 693 — — — — 693 Total revenue from contracts with customers 2,098 1,910 2,231 57 — — 6,296 Commodity sales — — — — 6,575 — 6,575 Other revenues 1, 2 (269 ) 25 2 100 — (3 ) (145 ) Intersegment revenues 80 2 4 — 57 (143 ) — Total revenues 1,909 1,937 2,237 157 6,632 (146 ) 12,726 1 Includes mark-to-market gains/(losses) from our hedging program. 2 Includes revenues from lease contracts, refer to Note 14 Leases. |
Contract with Customer, Asset and Liability | Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at December 31, 2018 1,929 191 1,297 Balance as at March 31, 2019 2,338 191 1,262 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time 1 — — 17 — — 17 Revenues from products and services transferred over time 2 2,241 1,306 2,142 50 — 5,739 Total revenue from contracts with customers 2,241 1,306 2,159 50 — 5,756 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time 1 — 693 25 — — 718 Revenues from products and services transferred over time 2 2,098 1,217 2,206 57 — 5,578 Total revenue from contracts with customers 2,098 1,910 2,231 57 — 6,296 1 Revenues from sales of crude oil, natural gas and NGLs. 2 Revenues from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales. |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of reporting information by segment | Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Revenues 2,658 1,318 2,191 152 6,673 (136 ) 12,856 Commodity and gas distribution costs (6 ) — (1,264 ) (1 ) (6,629 ) 128 (7,772 ) Operating and administrative (801 ) (513 ) (294 ) (42 ) (33 ) 58 (1,625 ) Income/(loss) from equity investments 197 197 11 14 (7 ) 1 413 Other income 24 18 18 1 2 197 260 Earnings before interest, income taxes, and depreciation and amortization 2,072 1,020 662 124 6 248 4,132 Depreciation and amortization (840 ) Interest expense (685 ) Income tax expense (584 ) Earnings 2,023 Capital expenditures 1 1,020 394 173 14 1 25 1,627 Liquids Pipelines Gas Transmission and Midstream Gas Distribution Renewable Power Generation and Transmission Energy Services Eliminations and Other Consolidated Three months ended (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 ) Impairment of long-lived assets (144 ) (913 ) — — — (5 ) (1,062 ) Income 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 expenditures 1 615 825 183 14 — 6 1,643 1 |
EARNINGS PER COMMON SHARE AND_2
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Preferred Stock Characteristics by Class | Dividend per share Common Shares $0.73800 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.21340 Preference Shares, Series C 1 $0.25395 Preference Shares, Series D $0.27875 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 Preference Shares, Series J US$0.30540 Preference Shares, Series L US$0.30993 Preference Shares, Series N $0.31788 Preference Shares, Series P 2 $0.27369 Preference Shares, Series R $0.25000 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.25000 Preference Shares, Series 5 3 US$0.33596 Preference Shares, Series 7 4 $0.27806 Preference Shares, Series 9 $0.27500 Preference Shares, Series 11 $0.27500 Preference Shares, Series 13 $0.27500 Preference Shares, Series 15 $0.27500 Preference Shares, Series 17 $0.32188 Preference Shares, Series 19 $0.30625 1 The quarterly dividend per share paid on Series C was decreased to $0.25395 from $0.25459 on March 1, 2019, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares. 2 The quarterly dividend per share paid on Series P was increased to $0.27369 from $0.25000 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. 3 The quarterly dividend per share paid on Series 5 was increased to US$0.33596 from US$0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. 4 The quarterly dividend per share paid on Series 7 was increased to $0.27806 from $0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter. |
Schedule of weighted average shares outstanding used to calculate basic and diluted earnings per common share | Weighted average shares outstanding used to calculate basic and diluted earnings per share are as follows: Three months ended 2019 2018 (number of common shares in millions) Weighted average shares outstanding 2,016 1,685 Effect of dilutive options 3 4 Diluted weighted average shares outstanding 2,019 1,689 |
AQUISITIONS AND DISPOSITIONS (T
AQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The table below summarizes the presentation of net assets held for sale in our Consolidated Statements of Financial Position: March 31, 2019 December 31, 2018 (millions of Canadian dollars) Accounts receivable and other (current assets held for sale) 101 117 Deferred amounts and other assets (long-term assets held for sale) 1 2,415 2,383 Accounts payable and other (current liabilities held for sale) (55 ) (63 ) Other long-term liabilities (long-term liabilities held for sale) (99 ) (96 ) Net assets held for sale 2,362 2,341 1 Included within Deferred amounts and other assets at March 31, 2019 and December 31, 2018 respectively is property, plant and equipment of $2.2 billion and $2.1 billion . |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of credit facilities | The following table provides details of our committed credit facilities as at March 31, 2019 : Maturity Total Facilities Draws 1 Available (millions of Canadian dollars) Enbridge Inc. 2019-2024 6,137 4,319 1,818 Enbridge (U.S.) Inc. 2021-2024 7,348 5,252 2,096 Enbridge Pipelines Inc. 2020 3,000 1,513 1,487 Enbridge Gas Inc. 2019-2021 2,017 879 1,138 Total committed credit facilities 18,502 11,963 6,539 1 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. |
Schedule of Long-term Debt Instruments | During the three months ended March 31, 2019 , we completed the following long-term debt issuances: Company Issue Date Principal Amount (millions of Canadian dollars) Enbridge Pipelines Inc. February 2019 3.52% medium-term notes due February 2029 $600 February 2019 4.33% medium-term notes due February 2049 $600 SEP Notes 1 EEP Notes 2 Floating Rate Senior Notes due 2020 5.200% Notes due 2020 4.600% Senior Notes due 2021 4.375% Notes due 2020 4.750% Senior Notes due 2024 4.200% Notes due 2021 3.500% Senior Notes due 2025 5.875% Notes due 2025 3.375% Senior Notes due 2026 5.950% Notes due 2033 5.950% Senior Notes due 2043 6.300% Notes due 2034 4.500% Senior Notes due 2045 7.500% Notes due 2038 5.500% Notes due 2040 7.375% Notes due 2045 1 As at March 31, 2019, the aggregate outstanding principal amount of SEP notes was approximately US$3.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of EEP notes was approximately US$4.0 billion USD Denominated 1 CAD Denominated 2 Senior Floating Rate Notes due 2020 Senior Floating Rate Notes due 2019 Senior Floating Rate Notes due 2020 4.770% Senior Notes due 2019 2.900% Senior Notes due 2022 4.530% Senior Notes due 2020 4.000% Senior Notes due 2023 4.850% Senior Notes due 2020 3.500% Senior Notes due 2024 4.260% Senior Notes due 2021 4.250% Senior Notes due 2026 3.160% Senior Notes due 2021 3.700% Senior Notes due 2027 4.850% Senior Notes due 2022 4.500% Senior Notes due 2044 3.190% Senior Notes due 2022 5.500% Senior Notes due 2046 3.940% Senior Notes due 2023 3.940% Senior Notes due 2023 3.950% Senior Notes due 2024 3.200% Senior Notes due 2027 6.100% Senior Notes due 2028 7.220% Senior Notes due 2030 7.200% Senior Notes due 2032 5.570% Senior Notes due 2035 5.750% Senior Notes due 2039 5.120% Senior Notes due 2040 4.240% Senior Notes due 2042 4.570% Senior Notes due 2044 4.870% Senior Notes due 2044 4.560% Senior Notes due 2064 1 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge United States dollar denominated notes was approximately US$5.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge Canadian dollar denominated notes was approximately $7.8 billion |
Schedule of Repayment of Debt | During the three months ended March 31, 2019 , we completed the following long-term debt repayments : Company Retirement/ Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. Repayment February 2019 4.10% medium-term notes $300 Enbridge Energy Partners, L.P. Redemption February 2019 8.05% fixed/floating rate junior subordinated notes due 2067 US$400 Repayment March 2019 9.88% senior notes US$500 Westcoast Energy Inc. Repayment January 2019 5.60% medium-term notes $250 January 2019 5.60% medium-term notes $50 |
COMPONENTS OF ACCUMULATED OTH_2
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of changes in AOCI attributable to Enbridge Inc. common shareholders | Changes in Accumulated Other Comprehensive Income (AOCI) attributable to our common shareholders for the three months ended March 31, 2019 and 2018 are as follows: Cash Flow Hedges Net Investment Hedges Cumulative Translation Adjustment Equity Investees Pension and OPEB Adjustment Total (millions of Canadian dollars) Balance as at January 1, 2019 (770 ) (598 ) 4,323 34 (317 ) 2,672 Other comprehensive income/(loss) retained in AOCI (312 ) 109 (1,242 ) 8 — (1,437 ) Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 32 — — — — 32 Foreign exchange contracts 3 2 — — — — 2 Other contracts 4 (9 ) — — — — (9 ) Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — 53 53 (287 ) 109 (1,242 ) 8 53 (1,359 ) Tax impact Income tax on amounts retained in AOCI 121 (15 ) — 4 — 110 Income tax on amounts reclassified to earnings (14 ) — — — (15 ) (29 ) 107 (15 ) — 4 (15 ) 81 Other — — — — 55 55 Balance as at March 31, 2019 (950 ) (504 ) 3,081 46 (224 ) 1,449 Cash Flow Hedges Net Investment Hedges Cumulative Translation Adjustment Equity Investees Pension and OPEB Adjustment Total (millions of Canadian dollars) Balance as 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 contracts 1 28 — — — — 28 Commodity contracts 2 (1 ) — — — — (1 ) Foreign exchange contracts 3 4 — — — — 4 Other contracts 4 9 — — — — 9 Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — (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 as at March 31, 2018 (554 ) (323 ) 1,502 20 (316 ) 329 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Commodity costs in the Consolidated Statements of Earnings. 3 Reported within Other income/(expense) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 5 |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Consolidated Statements of Financial Position location and carrying value of derivative instruments | March 31, 2019 Derivative Instruments Used as Cash Flow Hedges Derivative Instruments Used as Net Investment 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 — — 26 26 (26 ) — Interest rate contracts 7 — — 7 — 7 Commodity contracts 1 — 171 172 (77 ) 95 8 — 197 205 (103 ) 102 Deferred amounts and other assets Foreign exchange contracts 13 — 37 50 (36 ) 14 Interest rate contracts — — — — — — Commodity contracts 17 — 18 35 (22 ) 13 Other contracts 1 — 1 2 — 2 31 — 56 87 (58 ) 29 Accounts payable and other Foreign exchange contracts (5 ) — (501 ) (506 ) 26 (480 ) Interest rate contracts (150 ) — — (150 ) — (150 ) Commodity contracts — — (289 ) (289 ) 77 (212 ) Other contracts — — (1 ) (1 ) — (1 ) (155 ) — (791 ) (946 ) 103 (843 ) Other long-term liabilities Foreign exchange contracts — (14 ) (1,666 ) (1,680 ) 36 (1,644 ) Interest rate contracts (374 ) — — (374 ) — (374 ) Commodity contracts — — (152 ) (152 ) 22 (130 ) Other contracts — — — — — — (374 ) (14 ) (1,818 ) (2,206 ) 58 (2,148 ) Total net derivative asset/(liability) Foreign exchange contracts 8 (14 ) (2,104 ) (2,110 ) — (2,110 ) Interest rate contracts (517 ) — — (517 ) — (517 ) Commodity contracts 18 — (252 ) (234 ) — (234 ) Other contracts 1 — — 1 — 1 (490 ) (14 ) (2,356 ) (2,860 ) — (2,860 ) December 31, 2018 Derivative Instruments Used as Cash Flow Hedges Derivative Instruments Used as Net Investment 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 — — 47 47 (37 ) 10 Interest rate contracts 22 — — 22 (2 ) 20 Commodity contracts 2 — 427 429 (114 ) 315 24 — 474 498 (153 ) 345 Deferred amounts and other assets Foreign exchange contracts 23 — 39 62 (39 ) 23 Interest rate contracts 5 — — 5 — 5 Commodity contracts 19 — 33 52 (21 ) 31 47 — 72 119 (60 ) 59 Accounts payable and other Foreign exchange contracts (5 ) — (610 ) (615 ) 37 (578 ) Interest rate contracts (163 ) — (178 ) (341 ) 2 (339 ) Commodity contracts — — (273 ) (273 ) 114 (159 ) Other contracts (1 ) — (4 ) (5 ) — (5 ) (169 ) — (1,065 ) (1,234 ) 153 (1,081 ) Other long-term liabilities Foreign exchange contracts (1 ) (15 ) (2,196 ) (2,212 ) 39 (2,173 ) Interest rate contracts (201 ) — — (201 ) — (201 ) Commodity contracts — — (178 ) (178 ) 21 (157 ) Other contracts (1 ) — (1 ) (2 ) — (2 ) (203 ) (15 ) (2,375 ) (2,593 ) 60 (2,533 ) Total net derivative asset/(liability) Foreign exchange contracts 17 (15 ) (2,720 ) (2,718 ) — (2,718 ) Interest rate contracts (337 ) — (178 ) (515 ) — (515 ) Commodity contracts 21 — 9 30 — 30 Other contracts (2 ) — (5 ) (7 ) — (7 ) (301 ) (15 ) (2,894 ) (3,210 ) — (3,210 ) |
Summary of the maturity and notional principal or quantity outstanding related to derivative instruments | The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments. March 31, 2019 2019 2020 2021 2022 2023 Thereafter 1 Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars) 895 1 — — — — Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars) 3,839 4,893 3,608 1,944 1,804 1,856 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 86 25 27 28 29 120 Foreign exchange contracts - Euro forwards - purchase (millions of Euro) 168 — — — — — Foreign exchange contracts - Euro forwards - sell (millions of Euro) — 23 94 94 92 606 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) 6,629 6,178 4,142 407 48 156 Interest rate contracts - long-term receive fixed rate (millions of Canadian dollars) — — — — — — Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 2,537 3,142 1,584 — — — Equity contracts (millions of Canadian dollars) 32 20 — — — — Commodity contracts - natural gas (billions of cubic feet) (75 ) (15 ) — (84 ) 1 — Commodity contracts - crude oil (millions of barrels) 4 (2 ) — — — — Commodity contracts - NGL (millions of barrels) 1 — — — — — Commodity contracts - power (megawatt per hour) (MW/H)) 98 80 (3 ) (43 ) (43 ) (43 ) 1 As at March 31, 2019 , thereafter includes an average net purchase/(sell) of power of (43) MW/H for 2024 through 2025 |
Schedule of effect of cash flow hedges and net investment hedges on consolidated earnings and consolidated comprehensive income, before income taxes | Three months ended 2019 1 2018 (millions of Canadian dollars) Unrealized gain/(loss) on derivative — (8 ) Unrealized gain/(loss) on hedged item — 8 Realized gain/(loss) on derivative — (3 ) Realized gain/(loss) on hedged item — 3 1. Three months ended 2019 2018 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts (10 ) 21 Interest rate contracts (296 ) 100 Commodity contracts (3 ) (2 ) Other contracts 12 (14 ) Net investment hedges Foreign exchange contracts 1 16 (296 ) 121 Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 2 (1 ) Interest rate contracts 2 32 40 Commodity contracts 3 — (1 ) Other contracts 4 (9 ) 9 25 47 1 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. Effective January 1, 2019 hedge ineffectiveness will no longer be measured or recorded. See Note 2 Changes in Accounting Policies. 3 Reported within Transportation and other services revenues, Commodity sales revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. 4 |
Schedule of unrealized gains and losses associated with changes in the fair value of non-qualifying derivatives | The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives: Three months ended 2019 2018 (millions of Canadian dollars) Foreign exchange contracts 1 616 (424 ) Interest rate contracts 2 178 (2 ) Commodity contracts 3 (261 ) 175 Other contracts 4 5 (9 ) Total unrealized derivative fair value gain/(loss), net 538 (260 ) 1 For the respective three months ended periods, reported within Transportation and other services revenues ( 2019 - $352 million gain ; 2018 - $297 million loss ) and Net foreign currency gain/(loss) ( 2019 - $264 million gain ; 2018 - $127 million loss ) in the Consolidated Statements of Earnings. 2 Reported as an (increase)/decrease within Interest expense in the Consolidated Statements of Earnings. 3 For the respective three months ended periods, reported within Transportation and other services revenues ( 2019 - $26 million loss ; 2018 - $1 million loss ), Commodity sales ( 2019 - $642 million loss ; 2018 - $82 million gain ), Commodity costs ( 2019 - $398 million gain ; 2018 - $84 million gain ) and Operating and administrative expense ( 2019 - $9 million gain ; 2018 - $10 million gain ) in the Consolidated Statements of Earnings. 4 |
Schedule of group credit concentrations and maximum credit exposure, with respect to derivative instruments | We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments: March 31, December 31, (millions of Canadian dollars) Canadian financial institutions 21 28 United States financial institutions 51 107 European financial institutions 58 84 Asian financial institutions — 6 Other 1 132 337 262 562 1 |
Schedule of derivative assets and liabilities measured at fair value | We have categorized our derivative assets and liabilities measured at fair value as follows: March 31, 2019 Level 1 Level 2 Level 3 Total Gross Derivative Instruments (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 26 — 26 Interest rate contracts — 7 — 7 Commodity contracts 3 10 159 172 3 43 159 205 Long-term derivative assets Foreign exchange contracts — 50 — 50 Commodity contracts — 13 22 35 Other contracts — 2 — 2 — 65 22 87 Financial liabilities Current derivative liabilities Foreign exchange contracts — (506 ) — (506 ) Interest rate contracts — (150 ) — (150 ) Commodity contracts (7 ) (16 ) (266 ) (289 ) Other contracts — (1 ) — (1 ) (7 ) (673 ) (266 ) (946 ) Long-term derivative liabilities Foreign exchange contracts — (1,680 ) — (1,680 ) Interest rate contracts — (374 ) — (374 ) Commodity contracts — (15 ) (137 ) (152 ) — (2,069 ) (137 ) (2,206 ) Total net financial liabilities Foreign exchange contracts — (2,110 ) — (2,110 ) Interest rate contracts — (517 ) — (517 ) Commodity contracts (4 ) (8 ) (222 ) (234 ) Other contracts — 1 — 1 (4 ) (2,634 ) (222 ) (2,860 ) December 31, 2018 Level 1 Level 2 Level 3 Total Gross Derivative Instruments (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 47 — 47 Interest rate contracts — 22 — 22 Commodity contracts 24 45 360 429 24 114 360 498 Long-term derivative assets Foreign exchange contracts — 62 — 62 Interest rate contracts — 5 — 5 Commodity contracts — 30 22 52 — 97 22 119 Financial liabilities Current derivative liabilities Foreign exchange contracts — (615 ) — (615 ) Interest rate contracts — (341 ) — (341 ) Commodity contracts (7 ) (28 ) (238 ) (273 ) Other contracts — (5 ) — (5 ) (7 ) (989 ) (238 ) (1,234 ) Long-term derivative liabilities Foreign exchange contracts — (2,212 ) — (2,212 ) Interest rate contracts — (201 ) — (201 ) Commodity contracts — (23 ) (155 ) (178 ) Other contracts — (2 ) — (2 ) — (2,438 ) (155 ) (2,593 ) Total net financial liabilities Foreign exchange contracts — (2,718 ) — (2,718 ) Interest rate contracts — (515 ) — (515 ) Commodity contracts 17 24 (11 ) 30 Other contracts — (7 ) — (7 ) 17 (3,216 ) (11 ) (3,210 ) |
Schedule of significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: March 31, 2019 Fair Value Unobservable Input Minimum Price Maximum Price Weighted Average Price Unit of Measurement (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (18 ) Forward gas price 2.55 5.17 3.47 $/mmbtu 2 Crude 38 Forward crude price 42.96 166.19 69.21 $/barrel Power (82 ) Forward power price 30.79 71.28 50.21 $/MW/H Commodity contracts - physical 1 Natural gas (125 ) Forward gas price 1.22 5.17 2.25 $/mmbtu 2 Crude (37 ) Forward crude price 33.12 127.36 76.83 $/barrel NGL 2 Forward NGL price 0.17 1.11 0.37 $/gallon (222 ) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 |
Schedule of changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy | Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Three months ended 2019 2018 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (11 ) (387 ) Total gain/(loss) Included in earnings 1 (52 ) 31 Included in OCI (3 ) (3 ) Settlements (156 ) 154 Level 3 net derivative liability at end of period (222 ) (205 ) 1 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs recognized | Three months ended 2019 2018 (millions of Canadian dollars) Service cost 51 65 Interest cost 51 45 Expected return on plan assets (84 ) (82 ) Amortization of actuarial loss 8 7 Amortization of prior service costs (1 ) (1 ) Net periodic benefit costs 25 34 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Supplemental Statements of Financial Position Information March 31, 2019 January 1, 2019 (millions of Canadian dollars, except lease term and discount rate) Operating leases Operating lease right-of-use assets, net 1 745 771 Operating lease liabilities - current 2 67 86 Operating lease liabilities - long-term 3 757 770 Total operating lease liabilities 824 856 Weighted average remaining lease term Operating leases 14 years 14 years Weighted average discount rate Operating leases 4.3 % 4.3 % 1 Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 2 Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position. 3 Long-term lease liabilities are reported under Other long-term liabilities in the Consolidated Statements of Financial Position. |
Lessee, Operating Lease, Liability, Maturity | As at March 31, 2019 , we have operating lease commitments as detailed below: Operating leases (millions of Canadian dollars) 2019 1 83 2020 116 2021 94 2022 89 2023 79 Thereafter 663 Total undiscounted lease payments 1,124 Less imputed interest (300 ) Total operating lease commitments 824 1 For the nine months remaining in the 2019 fiscal year. |
Operating Lease, Lease Income | Three months ended (millions of Canadian dollars) Operating lease income 64 Variable lease income 100 Total lease income 164 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table sets out future minimum lease payments expected to be received under lease contracts where we are the lessor: Operating leases (millions of Canadian dollars) 2019 1 192 2020 216 2021 189 2022 186 2023 178 Thereafter 2,395 Total undiscounted lease payments 3,356 1 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | During the three months ended March 31, 2019 , we completed the following long-term debt issuances: Company Issue Date Principal Amount (millions of Canadian dollars) Enbridge Pipelines Inc. February 2019 3.52% medium-term notes due February 2029 $600 February 2019 4.33% medium-term notes due February 2049 $600 SEP Notes 1 EEP Notes 2 Floating Rate Senior Notes due 2020 5.200% Notes due 2020 4.600% Senior Notes due 2021 4.375% Notes due 2020 4.750% Senior Notes due 2024 4.200% Notes due 2021 3.500% Senior Notes due 2025 5.875% Notes due 2025 3.375% Senior Notes due 2026 5.950% Notes due 2033 5.950% Senior Notes due 2043 6.300% Notes due 2034 4.500% Senior Notes due 2045 7.500% Notes due 2038 5.500% Notes due 2040 7.375% Notes due 2045 1 As at March 31, 2019, the aggregate outstanding principal amount of SEP notes was approximately US$3.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of EEP notes was approximately US$4.0 billion USD Denominated 1 CAD Denominated 2 Senior Floating Rate Notes due 2020 Senior Floating Rate Notes due 2019 Senior Floating Rate Notes due 2020 4.770% Senior Notes due 2019 2.900% Senior Notes due 2022 4.530% Senior Notes due 2020 4.000% Senior Notes due 2023 4.850% Senior Notes due 2020 3.500% Senior Notes due 2024 4.260% Senior Notes due 2021 4.250% Senior Notes due 2026 3.160% Senior Notes due 2021 3.700% Senior Notes due 2027 4.850% Senior Notes due 2022 4.500% Senior Notes due 2044 3.190% Senior Notes due 2022 5.500% Senior Notes due 2046 3.940% Senior Notes due 2023 3.940% Senior Notes due 2023 3.950% Senior Notes due 2024 3.200% Senior Notes due 2027 6.100% Senior Notes due 2028 7.220% Senior Notes due 2030 7.200% Senior Notes due 2032 5.570% Senior Notes due 2035 5.750% Senior Notes due 2039 5.120% Senior Notes due 2040 4.240% Senior Notes due 2042 4.570% Senior Notes due 2044 4.870% Senior Notes due 2044 4.560% Senior Notes due 2064 1 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge United States dollar denominated notes was approximately US$5.9 billion . 2 As at March 31, 2019, the aggregate outstanding principal amount of the Enbridge Canadian dollar denominated notes was approximately $7.8 billion |
Condensed Income Statement | Condensed Consolidating Statements of Earnings and Comprehensive Income for the three months ended March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 6,632 — 6,632 Gas distribution sales — — — 1,876 — 1,876 Transportation and other services — — — 4,348 — 4,348 Total operating revenues — — — 12,856 — 12,856 Operating Expenses Commodity costs — — — 6,565 — 6,565 Gas distribution costs — — — 1,207 — 1,207 Operating and administrative (34 ) 2 1 1,656 — 1,625 Depreciation and amortization 15 — — 825 — 840 Total operating expenses (19 ) 2 1 10,253 — 10,237 Operating income/(loss) 19 (2 ) (1 ) 2,603 — 2,619 Income/(loss) from equity investments 59 31 — 382 (59 ) 413 Equity earnings from consolidated subsidiaries 774 398 263 493 (1,928 ) — Other Net foreign currency gain/(loss) 1,221 — — (103 ) (904 ) 214 Other, including other income from affiliates 330 — 41 123 (448 ) 46 Interest expense (308 ) (94 ) (158 ) (583 ) 458 (685 ) Earnings before income taxes 2,095 333 145 2,915 (2,881 ) 2,607 Income tax expense (109 ) 15 — (596 ) 106 (584 ) Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — (37 ) (37 ) Earnings attributable to controlling interests 1,986 348 145 2,319 (2,812 ) 1,986 Preference share dividends (95 ) — — — — (95 ) Earnings attributable to common shareholders 1,891 348 145 2,319 (2,812 ) 1,891 Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Total other comprehensive income/(loss) (1,278 ) (16 ) 15 (720 ) 671 (1,328 ) Comprehensive income 708 332 160 1,599 (2,104 ) 695 Comprehensive loss attributable to noncontrolling interests — — — — 13 13 Comprehensive income attributable to controlling interests 708 332 160 1,599 (2,091 ) 708 Condensed Consolidating Statements of Earnings and Comprehensive Income for the three months ended March 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 7,268 — 7,268 Gas distribution sales — — — 1,926 — 1,926 Transportation and other services — — — 3,532 — 3,532 Total operating revenues — — — 12,726 — 12,726 Operating Expenses Commodity costs — — — 6,997 — 6,997 Gas distribution costs — — — 1,324 — 1,324 Operating and administrative 67 1 4 1,569 — 1,641 Depreciation and amortization 14 — — 810 — 824 Impairment of long-lived assets — — — 1,062 — 1,062 Total operating expenses 81 1 4 11,762 — 11,848 Operating income/(loss) (81 ) (1 ) (4 ) 964 — 878 Income from equity investments 17 34 — 300 (16 ) 335 Equity earnings from consolidated subsidiaries 707 551 203 608 (2,069 ) — Other Net foreign currency gain/(loss) (199 ) 2 — (58 ) 70 (185 ) Other, including other income/(expense) from affiliates 246 1 30 39 (251 ) 65 Interest expense (243 ) (72 ) (136 ) (479 ) 274 (656 ) Earnings before income taxes 447 515 93 1,374 (1,992 ) 437 Income tax recovery/(expense) 87 — — (23 ) 9 73 Earnings 534 515 93 1,351 (1,983 ) 510 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — 24 24 Earnings attributable to controlling interests 534 515 93 1,351 (1,959 ) 534 Preference share dividends (89 ) — — — — (89 ) Earnings attributable to common shareholders 445 515 93 1,351 (1,959 ) 445 Earnings 534 515 93 1,351 (1,983 ) 510 Total other comprehensive income 1,302 19 8 253 (109 ) 1,473 Comprehensive income 1,836 534 101 1,604 (2,092 ) 1,983 Comprehensive income attributable to noncontrolling interests — — — — (147 ) (147 ) Comprehensive income attributable to controlling interests 1,836 534 101 1,604 (2,239 ) 1,836 |
Condensed Statement of Comprehensive Income | Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 6,632 — 6,632 Gas distribution sales — — — 1,876 — 1,876 Transportation and other services — — — 4,348 — 4,348 Total operating revenues — — — 12,856 — 12,856 Operating Expenses Commodity costs — — — 6,565 — 6,565 Gas distribution costs — — — 1,207 — 1,207 Operating and administrative (34 ) 2 1 1,656 — 1,625 Depreciation and amortization 15 — — 825 — 840 Total operating expenses (19 ) 2 1 10,253 — 10,237 Operating income/(loss) 19 (2 ) (1 ) 2,603 — 2,619 Income/(loss) from equity investments 59 31 — 382 (59 ) 413 Equity earnings from consolidated subsidiaries 774 398 263 493 (1,928 ) — Other Net foreign currency gain/(loss) 1,221 — — (103 ) (904 ) 214 Other, including other income from affiliates 330 — 41 123 (448 ) 46 Interest expense (308 ) (94 ) (158 ) (583 ) 458 (685 ) Earnings before income taxes 2,095 333 145 2,915 (2,881 ) 2,607 Income tax expense (109 ) 15 — (596 ) 106 (584 ) Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — (37 ) (37 ) Earnings attributable to controlling interests 1,986 348 145 2,319 (2,812 ) 1,986 Preference share dividends (95 ) — — — — (95 ) Earnings attributable to common shareholders 1,891 348 145 2,319 (2,812 ) 1,891 Earnings 1,986 348 145 2,319 (2,775 ) 2,023 Total other comprehensive income/(loss) (1,278 ) (16 ) 15 (720 ) 671 (1,328 ) Comprehensive income 708 332 160 1,599 (2,104 ) 695 Comprehensive loss attributable to noncontrolling interests — — — — 13 13 Comprehensive income attributable to controlling interests 708 332 160 1,599 (2,091 ) 708 Condensed Consolidating Statements of Earnings and Comprehensive Income for the three months ended March 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Operating revenues Commodity sales — — — 7,268 — 7,268 Gas distribution sales — — — 1,926 — 1,926 Transportation and other services — — — 3,532 — 3,532 Total operating revenues — — — 12,726 — 12,726 Operating Expenses Commodity costs — — — 6,997 — 6,997 Gas distribution costs — — — 1,324 — 1,324 Operating and administrative 67 1 4 1,569 — 1,641 Depreciation and amortization 14 — — 810 — 824 Impairment of long-lived assets — — — 1,062 — 1,062 Total operating expenses 81 1 4 11,762 — 11,848 Operating income/(loss) (81 ) (1 ) (4 ) 964 — 878 Income from equity investments 17 34 — 300 (16 ) 335 Equity earnings from consolidated subsidiaries 707 551 203 608 (2,069 ) — Other Net foreign currency gain/(loss) (199 ) 2 — (58 ) 70 (185 ) Other, including other income/(expense) from affiliates 246 1 30 39 (251 ) 65 Interest expense (243 ) (72 ) (136 ) (479 ) 274 (656 ) Earnings before income taxes 447 515 93 1,374 (1,992 ) 437 Income tax recovery/(expense) 87 — — (23 ) 9 73 Earnings 534 515 93 1,351 (1,983 ) 510 Earnings attributable to noncontrolling interests and redeemable noncontrolling interests — — — — 24 24 Earnings attributable to controlling interests 534 515 93 1,351 (1,959 ) 534 Preference share dividends (89 ) — — — — (89 ) Earnings attributable to common shareholders 445 515 93 1,351 (1,959 ) 445 Earnings 534 515 93 1,351 (1,983 ) 510 Total other comprehensive income 1,302 19 8 253 (109 ) 1,473 Comprehensive income 1,836 534 101 1,604 (2,092 ) 1,983 Comprehensive income attributable to noncontrolling interests — — — — (147 ) (147 ) Comprehensive income attributable to controlling interests 1,836 534 101 1,604 (2,239 ) 1,836 |
Condensed Balance Sheet | Condensed Consolidating Statements of Financial Position as at March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Assets Current assets Cash and cash equivalents — 5 7 690 — 702 Restricted cash 9 — — 46 — 55 Accounts receivable and other 283 1 — 6,202 — 6,486 Accounts receivable from affiliates 586 — 31 79 (604 ) 92 Short-term loans receivable from affiliates 3,527 — 3,838 5,871 (13,236 ) — Inventory — — — 1,047 — 1,047 4,405 6 3,876 13,935 (13,840 ) 8,382 Property, plant and equipment, net 166 — — 93,709 — 93,875 Long-term loans receivable from affiliates 26,504 73 2,472 15,524 (44,573 ) — Investments in subsidiaries 78,271 19,741 6,209 15,032 (119,253 ) — Long-term investments 4,619 961 — 14,890 (3,568 ) 16,902 Restricted long-term investments — — — 356 — 356 Deferred amounts and other assets 1,491 1 8 9,412 (1,407 ) 9,505 Intangible assets, net 219 — — 2,082 — 2,301 Goodwill — — — 33,895 — 33,895 Deferred income taxes 744 — — 220 328 1,292 Total assets 116,419 20,782 12,565 199,055 (182,313 ) 166,508 Liabilities and equity Current liabilities Short-term borrowings — — — 870 — 870 Accounts payable and other 756 19 14 6,552 (10 ) 7,331 Accounts payable to affiliates 935 509 80 (891 ) (603 ) 30 Interest payable 227 25 92 229 — 573 Short-term loans payable to affiliates 426 2,985 2,458 7,367 (13,236 ) — Current portion of long-term debt 2,979 — 668 674 — 4,321 5,323 3,538 3,312 14,801 (13,849 ) 13,125 Long-term debt 23,519 5,095 4,565 27,501 — 60,680 Other long-term liabilities 2,145 8 22 8,276 (1,407 ) 9,044 Long-term loans payable to affiliates 15,076 — 1,470 28,027 (44,573 ) — Deferred income taxes — 304 — 13,821 (4,385 ) 9,740 46,063 8,945 9,369 92,426 (64,214 ) 92,589 Equity Controlling interests 1 70,356 11,837 3,196 106,629 (121,713 ) 70,305 Noncontrolling interests — — — — 3,614 3,614 70,356 11,837 3,196 106,629 (118,099 ) 73,919 Total liabilities and equity 116,419 20,782 12,565 199,055 (182,313 ) 166,508 1 Equity attributable to controlling interests for parent issuer and guarantor excludes reciprocal shareholding balance included within consolidating and elimination adjustments. Condensed Consolidating Statements of Financial Position as at December 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Assets Current assets Cash and cash equivalents — 16 — 502 — 518 Restricted cash 9 — — 110 — 119 Accounts receivable and other 283 15 8 6,211 — 6,517 Accounts receivable from affiliates 726 — 13 (142 ) (518 ) 79 Short-term loans receivable from affiliates 3,943 — 3,689 653 (8,285 ) — Inventory — — — 1,339 — 1,339 4,961 31 3,710 8,673 (8,803 ) 8,572 Property, plant and equipment, net 140 — — 94,400 — 94,540 Long-term loans receivable from affiliates 10,318 73 2,539 1,344 (14,274 ) — Investments in subsidiaries 78,474 19,777 6,363 15,567 (120,181 ) — Long-term investments 4,561 987 — 14,841 (3,682 ) 16,707 Restricted long-term investments — — — 323 — 323 Deferred amounts and other assets 1,700 9 17 8,558 (1,726 ) 8,558 Intangible assets, net 234 — — 2,138 — 2,372 Goodwill — — — 34,459 — 34,459 Deferred income taxes 817 — — 229 328 1,374 Total assets 101,205 20,877 12,629 180,532 (148,338 ) 166,905 Liabilities and equity Current liabilities Short-term borrowings — — — 1,024 — 1,024 Accounts payable and other 2,742 7 34 7,086 (6 ) 9,863 Accounts payable to affiliates 946 233 56 (677 ) (518 ) 40 Interest payable 283 56 105 225 — 669 Short-term loans payable to affiliates 426 682 — 7,177 (8,285 ) — Current portion of long-term debt 1,853 — 683 723 — 3,259 6,250 978 878 15,558 (8,809 ) 14,855 Long-term debt 22,893 7,276 6,943 23,215 — 60,327 Other long-term liabilities 2,428 2 30 8,100 (1,726 ) 8,834 Long-term loans payable to affiliates 76 — 1,502 12,696 (14,274 ) — Deferred income taxes — 331 — 13,523 (4,400 ) 9,454 31,647 8,587 9,353 73,092 (29,209 ) 93,470 Equity Controlling interests 1 69,558 12,290 3,276 107,440 (123,094 ) 69,470 Noncontrolling interests — — — — 3,965 3,965 69,558 12,290 3,276 107,440 (119,129 ) 73,435 Total liabilities and equity 101,205 20,877 12,629 180,532 (148,338 ) 166,905 1 Equity attributable to controlling interests for parent issuer and guarantor excludes reciprocal shareholding balance included within consolidating and elimination adjustments. |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2019 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Net cash provided by/(used in) operating activities (415 ) 232 (1,418 ) 4,566 (789 ) 2,176 Investing activities Capital expenditures (24 ) — — (1,588 ) — (1,612 ) Long-term investments and restricted long-term investments — (2 ) — (563 ) — (565 ) Distributions from equity investments in excess of cumulative earnings — 7 536 132 (536 ) 139 Additions to intangible assets (16 ) — — (10 ) — (26 ) Affiliate loans, net — — — (84 ) — (84 ) Contributions to subsidiaries (2,331 ) — — — 2,331 — Return of share capital from subsidiaries 3,121 — — — (3,121 ) — Advances to affiliates (19,908 ) — (618 ) (21,542 ) 42,068 — Repayment of advances to affiliates 3,996 — 382 1,638 (6,016 ) — Net cash provided by/(used in) investing activities (15,162 ) 5 300 (22,017 ) 34,726 (2,148 ) Financing activities Net change in short-term borrowings — — — (154 ) — (154 ) Net change in commercial paper and credit facility draws 2,312 (2,010 ) — 2,471 — 2,773 Debenture and term note issues, net of issue costs — — — 1,195 — 1,195 Debenture and term note repayments (300 ) — (1,189 ) (300 ) — (1,789 ) Contributions from noncontrolling interests — — — — 3 3 Distributions to noncontrolling interests — — — — (46 ) (46 ) Contributions from parents — — — 2,331 (2,331 ) — Distributions to parents — (505 ) (162 ) (3,822 ) 4,489 — Redemption of preferred shares — — — (300 ) — (300 ) Common shares issued 18 — — — — 18 Preference share dividends (90 ) — — — — (90 ) Common share dividends (1,513 ) — — 27 — (1,486 ) Advances from affiliates 15,150 3,498 2,894 20,526 (42,068 ) — Repayment of advances from affiliates — (1,226 ) (412 ) (4,378 ) 6,016 — Other — (5 ) (6 ) (14 ) — (25 ) Net cash (used in)/provided by financing activities 15,577 (248 ) 1,125 17,582 (33,937 ) 99 Effect of translation of foreign denominated cash and cash equivalents and restricted cash — — — (7 ) — (7 ) Net increase/(decrease) in cash and cash equivalents and restricted cash — (11 ) 7 124 — 120 Cash and cash equivalents and restricted cash at beginning of period 9 16 — 612 — 637 Cash and cash equivalents and restricted cash at end of period 9 5 7 736 — 757 Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2018 Parent Issuer and Guarantor Subsidiary Issuer and Guarantor - SEP Subsidiary Issuer and Guarantor - EEP Subsidiary Non-Guarantors Consolidating and elimination adjustments Consolidated - Enbridge (millions of Canadian dollars) Net cash (used in)/provided by operating activities (135 ) 803 (331 ) 3,224 (367 ) 3,194 Investing activities Capital expenditures (5 ) — — (1,630 ) — (1,635 ) Long-term investments and restricted long-term investments (16 ) (5 ) — (217 ) 16 (222 ) Distributions from equity investments in excess of cumulative earnings 336 15 488 42 (824 ) 57 Additions to intangible assets (6 ) — — (252 ) — (258 ) Affiliate loans, net — — — (10 ) — (10 ) Contributions to subsidiaries (69 ) (77 ) (5 ) — 151 — Advances to affiliates (401 ) — (496 ) (2,233 ) 3,130 — Repayment of advances to affiliates — 506 548 1,890 (2,944 ) — Net cash (used in)/provided by investing activities (161 ) 439 535 (2,410 ) (471 ) (2,068 ) Financing activities Net change in short-term borrowings — — — (443 ) — (443 ) Net change in commercial paper and credit facility draws (105 ) (756 ) (218 ) 614 — (465 ) Debenture and term note issues, net of issue costs 1,080 — — 981 — 2,061 Debenture and term note repayments — — — (996 ) — (996 ) Debt extinguishment costs — — — (63 ) — (63 ) Contributions from noncontrolling interests — — — — 8 8 Distributions to noncontrolling interests — — — — (209 ) (209 ) Contributions from redeemable noncontrolling interests — — — — 20 20 Distributions to redeemable noncontrolling interests — — — — (84 ) (84 ) Contributions from parents — — — 151 (151 ) — Distributions to parents — (453 ) (163 ) (824 ) 1,440 — Common shares issued 13 — — — — 13 Preference share dividends (87 ) — — — — (87 ) Common share dividends (764 ) — — — — (764 ) Advances from affiliates 209 — 2,024 897 (3,130 ) — Repayment of advances from affiliates (43 ) — (1,847 ) (1,054 ) 2,944 — Net cash provided by/(used in) financing activities 303 (1,209 ) (204 ) (737 ) 838 (1,009 ) Effect of translation of foreign denominated cash and cash equivalents and restricted cash — — — 19 — 19 Net increase in cash and cash equivalents and restricted cash 7 33 — 96 — 136 Cash and cash equivalents and restricted cash at beginning of period 2 14 — 571 — 587 Cash and cash equivalents and restricted cash at end of period 9 47 — 667 — 723 |
CHANGES IN ACCOUNTING POLICIE_2
CHANGES IN ACCOUNTING POLICIES (Details) - CAD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets, net | $ 771 | $ 745 |
Lease impairment | 85 | |
Operating lease liability | $ 856 | $ 824 |
Weighted average discount rate, percent | 4.30% | 4.30% |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets, net | $ 771 | |
Operating lease liability | $ 856 | |
Weighted average discount rate, percent | 4.32% |
REVENUES (Details)
REVENUES (Details) $ in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 5,756 | $ 6,296 | ||
Revenues | 12,856 | 12,726 | ||
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 17 | 718 | ||
Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 5,739 | 5,578 | ||
Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,600 | 3,249 | ||
Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 134 | 166 | ||
Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 116 | 205 | ||
Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,856 | 1,926 | ||
Revenues | 1,876 | 1,926 | ||
Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 57 | ||
Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 693 | |||
Revenue not from contract with customers | 6,632 | 6,575 | ||
Revenues | 6,632 | 7,268 | ||
Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 468 | (145) | ||
Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,241 | 2,098 | ||
Liquids Pipelines | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Liquids Pipelines | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,241 | 2,098 | ||
Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,306 | 1,910 | ||
Gas Transmission and Midstream | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 693 | ||
Gas Transmission and Midstream | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,306 | 1,217 | ||
Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,159 | 2,231 | ||
Gas Distribution | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 17 | 25 | ||
Gas Distribution | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,142 | 2,206 | ||
Renewable Power Generation and Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 57 | ||
Renewable Power Generation and Transmission | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Renewable Power Generation and Transmission | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 57 | ||
Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Energy Services | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Energy Services | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,241 | 2,098 | ||
Revenues | 2,658 | 1,909 | ||
Business segments | Liquids Pipelines | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,214 | 2,058 | ||
Business segments | Liquids Pipelines | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 27 | 40 | ||
Business segments | Liquids Pipelines | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Liquids Pipelines | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Liquids Pipelines | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Liquids Pipelines | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | |||
Revenue not from contract with customers | 0 | 0 | ||
Business segments | Liquids Pipelines | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 340 | (269) | ||
Business segments | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,306 | 1,910 | ||
Revenues | 1,318 | 1,937 | ||
Business segments | Gas Transmission and Midstream | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,137 | 952 | ||
Business segments | Gas Transmission and Midstream | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 53 | 60 | ||
Business segments | Gas Transmission and Midstream | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 116 | 205 | ||
Business segments | Gas Transmission and Midstream | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Gas Transmission and Midstream | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Gas Transmission and Midstream | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 693 | |||
Revenue not from contract with customers | 0 | 0 | ||
Business segments | Gas Transmission and Midstream | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 10 | 25 | ||
Business segments | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,159 | 2,231 | ||
Revenues | 2,191 | 2,237 | ||
Business segments | Gas Distribution | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 249 | 239 | ||
Business segments | Gas Distribution | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 54 | 66 | ||
Business segments | Gas Distribution | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Gas Distribution | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,856 | 1,926 | ||
Business segments | Gas Distribution | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Gas Distribution | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | |||
Revenue not from contract with customers | 0 | 0 | ||
Business segments | Gas Distribution | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 29 | 2 | ||
Business segments | Renewable Power Generation and Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 57 | ||
Revenues | 152 | 157 | ||
Business segments | Renewable Power Generation and Transmission | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Renewable Power Generation and Transmission | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Renewable Power Generation and Transmission | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Renewable Power Generation and Transmission | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Renewable Power Generation and Transmission | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 57 | ||
Business segments | Renewable Power Generation and Transmission | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | |||
Revenue not from contract with customers | 0 | 0 | ||
Business segments | Renewable Power Generation and Transmission | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 102 | 100 | ||
Business segments | Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Revenues | 6,673 | 6,632 | ||
Business segments | Energy Services | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Energy Services | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Energy Services | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Energy Services | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Energy Services | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Business segments | Energy Services | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | |||
Revenue not from contract with customers | 6,632 | 6,575 | ||
Business segments | Energy Services | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 6 | 0 | ||
Eliminations and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 0 | $ 0 | ||
Revenues | (136) | (146) | ||
Eliminations and Other | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Eliminations and Other | Storage and Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Eliminations and Other | Gas Gathering and Processing Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Eliminations and Other | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | ||
Eliminations and Other | Electricity and Transmission Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 0 | 0 | ||
Eliminations and Other | Commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 0 | |||
Revenue not from contract with customers | 0 | 0 | ||
Eliminations and Other | Other Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (19) | (3) | ||
Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (117) | (143) | ||
Revenues | (136) | (146) | ||
Intersegment Eliminations | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 77 | 80 | ||
Intersegment Eliminations | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 2 | 2 | ||
Intersegment Eliminations | Gas Distribution | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 3 | 4 | ||
Intersegment Eliminations | Renewable Power Generation and Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | ||
Intersegment Eliminations | Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | $ 35 | $ 57 |
REVENUES - Contract Balances (D
REVENUES - Contract Balances (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 2,338 | $ 1,929 |
Contract with customer, asset | 191 | 191 |
Contract with customer, liability | $ 1,262 | $ 1,297 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019CAD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized | $ 92 |
Increase (decrease) in contract with customers, liability | 74 |
Remaining performance obligation | 66,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,300 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,800 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segmented Information | ||
Revenues | $ 12,856 | $ 12,726 |
Commodity and gas distribution costs | (7,772) | (8,321) |
Operating and administrative | (1,625) | (1,641) |
Asset impairment | 0 | (1,062) |
Income/(loss) from equity investments | 413 | 335 |
Other | 260 | (120) |
Earnings/(loss) before interest and income taxes | 4,132 | 1,917 |
Depreciation and amortization | (840) | (824) |
Interest expense | (685) | (656) |
Income tax recovery/(expense) | (584) | 73 |
Earnings | 2,023 | 510 |
Capital expenditures | 1,627 | 1,643 |
Intersegment Eliminations | ||
Segmented Information | ||
Revenues | (136) | (146) |
Commodity and gas distribution costs | 128 | 146 |
Operating and administrative | 58 | (97) |
Asset impairment | (5) | |
Income/(loss) from equity investments | 1 | 0 |
Other | 197 | (177) |
Earnings/(loss) before interest and income taxes | 248 | (279) |
Capital expenditures | 25 | 6 |
Liquids Pipelines | Business segments | ||
Segmented Information | ||
Revenues | 2,658 | 1,909 |
Commodity and gas distribution costs | (6) | (4) |
Operating and administrative | (801) | (747) |
Asset impairment | (144) | |
Income/(loss) from equity investments | 197 | 131 |
Other | 24 | 11 |
Earnings/(loss) before interest and income taxes | 2,072 | 1,156 |
Capital expenditures | 1,020 | 615 |
Gas Transmission and Midstream | Business segments | ||
Segmented Information | ||
Revenues | 1,318 | 1,937 |
Commodity and gas distribution costs | 0 | (620) |
Operating and administrative | (513) | (507) |
Asset impairment | (913) | |
Income/(loss) from equity investments | 197 | 208 |
Other | 18 | 21 |
Earnings/(loss) before interest and income taxes | 1,020 | 126 |
Capital expenditures | 394 | 825 |
Gas Distribution | Business segments | ||
Segmented Information | ||
Revenues | 2,191 | 2,237 |
Commodity and gas distribution costs | (1,264) | (1,388) |
Operating and administrative | (294) | (248) |
Asset impairment | 0 | |
Income/(loss) from equity investments | 11 | 17 |
Other | 18 | 18 |
Earnings/(loss) before interest and income taxes | 662 | 636 |
Capital expenditures | 173 | 183 |
Renewable Power Generation and Transmission | Business segments | ||
Segmented Information | ||
Revenues | 152 | 157 |
Commodity and gas distribution costs | (1) | 0 |
Operating and administrative | (42) | (30) |
Asset impairment | 0 | |
Income/(loss) from equity investments | 14 | (25) |
Other | 1 | 7 |
Earnings/(loss) before interest and income taxes | 124 | 109 |
Capital expenditures | 14 | 14 |
Energy Services | Business segments | ||
Segmented Information | ||
Revenues | 6,673 | 6,632 |
Commodity and gas distribution costs | (6,629) | (6,455) |
Operating and administrative | (33) | (12) |
Asset impairment | 0 | |
Income/(loss) from equity investments | (7) | 4 |
Other | 2 | 0 |
Earnings/(loss) before interest and income taxes | 6 | 169 |
Capital expenditures | $ 1 | $ 0 |
EARNINGS PER COMMON SHARE AND_3
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE - Basic (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Prorata weighted average interest in entity's own common shares (in shares) | 6 | 13 |
EARNINGS PER COMMON SHARE AND_4
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE - Diluted (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average number of common shares outstanding diluted | ||
Weighted average common shares outstanding (in shares) | 2,016,000,000 | 1,685,000,000 |
Effect of dilutive options (in shares) | 3,000,000 | 4,000,000 |
Diluted weighted average common shares outstanding (in shares) | 2,019,000,000 | 1,689,000,000 |
Stock options | ||
Weighted average number of common shares outstanding diluted | ||
Antidilutive securities excluded from the diluted earnings per common share calculation (in shares) | 10,495,198 | 29,882,142 |
Weighted average exercise price of antidilutive securities (in Canadian dollars per share) | $ 55.32 | $ 49.80 |
EARNINGS PER COMMON SHARE AND_5
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE - Dividend Per Share (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | |||
Mar. 31, 2019$ / shares | Mar. 31, 2019$ / shares | Feb. 28, 2019$ / shares | Feb. 28, 2019$ / shares | Mar. 31, 2019$ / shares | Mar. 31, 2019$ / shares | |
Common shares | ||||||
Dividends Payable [Line Items] | ||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.73800 | |||||
Preference Shares, Series A | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.34375 | |||||
Preference Shares, Series B | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.21340 | |||||
Preference Shares, Series C | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | $ 0.25395 | $ 0.25459 | 0.25395 | |||
Preference Shares, Series D | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27875 | |||||
Preference Shares, Series F | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.29306 | |||||
Preference Shares, Series H | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27350 | |||||
Preference Shares, Series J | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | $ 0.30540 | |||||
Preference Shares, Series L | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.30993 | |||||
Preference Shares, Series N | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.31788 | |||||
Preference Shares, Series P | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27369 | 0.25000 | 0.27369 | |||
Preference Shares, Series R | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.25000 | |||||
Preference Shares, Series 1 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.37182 | |||||
Preference Shares, Series 3 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.25000 | |||||
Preference Shares, Series 5 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | $ 0.33596 | $ 0.27500 | $ 0.33596 | |||
Preference Shares, Series 7 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | $ 0.27806 | $ 0.27500 | 0.27806 | |||
Preference Shares, Series 9 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27500 | |||||
Preference Shares, Series 11 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27500 | |||||
Preference Shares, Series 13 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27500 | |||||
Preference Shares, Series 15 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.27500 | |||||
Preference Shares, Series 17 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | 0.32188 | |||||
Preference Shares, Series 19 | Preferred share investment | ||||||
Dividends Payable [Line Items] | ||||||
Dividend per share (in dollars per share) | $ 0.30625 |
AQUISITIONS AND DISPOSITIONS -
AQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||||||
Jan. 31, 2019CAD ($) | Aug. 31, 2017USD ($) | Aug. 31, 2017CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Jun. 30, 2019CAD ($) | Dec. 31, 2018CAD ($) | Oct. 01, 2018CAD ($) | Jul. 04, 2018CAD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration for acquisition of property, plant and equipment | $ 265 | $ 1,612 | $ 1,635 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Enbridge Gas New Brunswick | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal group, consideration | $ 331 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Canadian Natural Gas Gathering and Processing Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal group, consideration | $ 4,300 | ||||||||
Disposed of by sale, not discontinued operations | Canadian Natural Gas Gathering and Processing Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal group, consideration | $ 2,500 | ||||||||
Scenario, Forecast | Disposed of by sale, not discontinued operations | Canadian Natural Gas Gathering and Processing Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal group, consideration | $ 1,800 | ||||||||
Enbridge Gas Distribution | Disposal Group, Held-for-sale, Not Discontinued Operations | St. Lawrence Gas Company | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from divestiture of interest in subsidiaries and affiliates | $ 70 | $ 94 |
AQUISITIONS AND DISPOSITIONS _2
AQUISITIONS AND DISPOSITIONS - Assets Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable and other (current assets held for sale) | $ 101 | $ 117 |
Deferred amounts and other assets (long-term assets held for sale) | 2,415 | 2,383 |
Accounts payable and other (current liabilities held for sale) | (55) | (63) |
Other long-term liabilities (long-term liabilities held for sale) | (99) | (96) |
Net assets held for sale | 2,362 | 2,341 |
Property, plant and equipment, noncurrent | $ 2,200 | $ 2,100 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) | 1 Months Ended | ||
Dec. 31, 2018CAD ($) | Mar. 31, 2019CAD ($) | Mar. 29, 2019USD ($) | |
VIE, Not Primary Beneficiary | |||
Variable Interest Entity, Not Primary Beneficiary | |||
Ownership interest in VIE (as a percent) | 22.80% | ||
Carrying amount of investment | $ 0 | $ 455,000,000 | |
VEI, maximum loss exposure, amount | $ 931,000,000 | ||
Gray Oak Holdings LLC | |||
Variable Interest Entity, Not Primary Beneficiary | |||
Ownership interest in VIE (as a percent) | 35.00% | ||
Maximum borrowing capacity | $ 280,000,000 | ||
Gray Oak Holdings LLC and Enbridge Inc | Gray Oak Holdings LLC | |||
Variable Interest Entity, Not Primary Beneficiary | |||
Maximum borrowing capacity | $ 1,230,000,000 |
DEBT - Credit Facilities (Detai
DEBT - Credit Facilities (Details) - Committed credit facilities $ in Millions | Mar. 31, 2019CAD ($) |
CREDIT FACILITIES | |
Total Facilities | $ 18,502 |
Draws | 11,963 |
Available | 6,539 |
Enbridge Inc. | |
CREDIT FACILITIES | |
Total Facilities | 6,137 |
Draws | 4,319 |
Available | 1,818 |
Enbridge (U.S.) Inc. | |
CREDIT FACILITIES | |
Total Facilities | 7,348 |
Draws | 5,252 |
Available | 2,096 |
Enbridge Pipelines Inc. | |
CREDIT FACILITIES | |
Total Facilities | 3,000 |
Draws | 1,513 |
Available | 1,487 |
Union Gas Limited | |
CREDIT FACILITIES | |
Total Facilities | 2,017 |
Draws | 879 |
Available | $ 1,138 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, increase (decrease), net | $ 444,000,000 | |
Commitment fee percentage | 0.10% | |
Long-term debt | $ 60,680,000,000 | $ 60,327,000,000 |
Long-term debt, fair value adjustment | 930,000,000 | |
Amortization of fair value adjustment | 17,000,000 | |
Uncommitted demand credit facilities | ||
Line of Credit Facility [Line Items] | ||
Amount of credit facility | 800,000,000 | 807,000,000 |
Unutilized amount of facility | 516,000,000 | 548,000,000 |
Commercial paper and credit facility draws | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | 10,689,000,000 | 7,967,000,000 |
Subordinated Debt | Fixed To Floating Subordinated Term Notes | ||
Line of Credit Facility [Line Items] | ||
Subordinated debt | $ 6,675,000,000 | $ 7,317,000,000 |
DEBT - Long Term Debt Issuance
DEBT - Long Term Debt Issuance (Details) - Enbridge Pipelines Inc. | Feb. 28, 2019CAD ($) |
3.52% Medium Term Notes Due February 2029 | |
DEBT | |
Face amount of notes issued | $ 600,000,000 |
Interest rate (as a percent) | 3.52% |
4.33% Medium Term Notes Due February 2049 | |
DEBT | |
Face amount of notes issued | $ 600,000,000 |
Interest rate (as a percent) | 4.33% |
DEBT - Long Term Debt Repayment
DEBT - Long Term Debt Repayments (Details) $ in Millions, $ in Millions | 1 Months Ended | |||
Mar. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Feb. 28, 2019CAD ($) | Jan. 31, 2019CAD ($) | |
Enbridge Energy Partners, L.P. | 8.05% Fixed To Floating Rate Junior Subordinated Notes Due 2067 | ||||
DEBT | ||||
Extinguishment of debt | $ 400 | |||
Interest rate (as a percent) | 8.05% | 8.05% | ||
Enbridge Energy Partners, L.P. | 9.88% Senior Notes | ||||
DEBT | ||||
Extinguishment of debt | $ 500 | |||
Interest rate (as a percent) | 9.88% | |||
Westcoast Energy Inc | 5.60% Medium-Term Notes | ||||
DEBT | ||||
Extinguishment of debt | $ 250 | |||
Interest rate (as a percent) | 5.60% | |||
Westcoast Energy Inc | 5.60% Medium-term Notes | ||||
DEBT | ||||
Extinguishment of debt | $ 50 | |||
Enbridge Inc. | 4.10% Medium-Term Notes Due February 2019 | ||||
DEBT | ||||
Extinguishment of debt | $ 300 | |||
Interest rate (as a percent) | 4.10% | 4.10% |
COMPONENTS OF ACCUMULATED OTH_3
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in AOCI | ||
Balance at the beginning of the period | $ 69,470 | |
Other comprehensive income/(loss) retained in AOCI | (1,437) | $ 1,284 |
Other comprehensive (income)/loss reclassified to earnings, cash flow hedges | 25 | |
Other comprehensive (income)/loss reclassified to earnings, pension and OPEB | 53 | (38) |
Total before tax impact | (1,359) | 1,286 |
Income tax on amounts retained in AOCI | 110 | 28 |
Income tax on amounts reclassified to earnings | (29) | (12) |
Tax impact | 81 | 16 |
Other | 55 | |
Balance at the end of the period | 70,305 | |
Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings, cash flow hedges | 32 | |
Other comprehensive income (loss), reclassification adjustment to earnings, cash flow hedge | 28 | |
Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings, cash flow hedges | 0 | |
Other comprehensive income (loss), reclassification adjustment to earnings, cash flow hedge | (1) | |
Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings, cash flow hedges | 2 | |
Other comprehensive income (loss), reclassification adjustment to earnings, cash flow hedge | 4 | |
Other contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings, cash flow hedges | (9) | |
Other comprehensive income (loss), reclassification adjustment to earnings, cash flow hedge | 9 | |
Accumulated other comprehensive income | ||
Changes in AOCI | ||
Balance at the beginning of the period | 2,672 | (973) |
Balance at the end of the period | 1,449 | 329 |
Cash Flow Hedge | ||
Changes in AOCI | ||
Balance at the beginning of the period | (770) | |
Other comprehensive income/(loss) retained in AOCI | (312) | |
Total before tax impact | (287) | |
Income tax on amounts retained in AOCI | 121 | |
Income tax on amounts reclassified to earnings | (14) | |
Tax impact | 107 | |
Balance at the end of the period | (950) | |
Cash Flow Hedge | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 32 | |
Cash Flow Hedge | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 2 | |
Cash Flow Hedge | Other contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | (9) | |
Cash Flow Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (644) | |
Other comprehensive income/(loss) retained in AOCI | 70 | |
Total before tax impact | 110 | |
Income tax on amounts retained in AOCI | (9) | |
Income tax on amounts reclassified to earnings | (11) | |
Tax impact | (20) | |
Balance at the end of the period | (554) | |
Cash Flow Hedges | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 28 | |
Cash Flow Hedges | Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | (1) | |
Cash Flow Hedges | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 4 | |
Cash Flow Hedges | Other contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 9 | |
Net Investment Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (598) | (139) |
Other comprehensive income/(loss) retained in AOCI | 109 | (213) |
Total before tax impact | 109 | (213) |
Income tax on amounts retained in AOCI | (15) | 29 |
Tax impact | (15) | 29 |
Balance at the end of the period | (504) | (323) |
Cumulative Translation Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 4,323 | 77 |
Other comprehensive income/(loss) retained in AOCI | (1,242) | 1,425 |
Total before tax impact | (1,242) | 1,425 |
Balance at the end of the period | 3,081 | 1,502 |
Equity Investees | ||
Changes in AOCI | ||
Balance at the beginning of the period | 34 | 10 |
Other comprehensive income/(loss) retained in AOCI | 8 | 2 |
Total before tax impact | 8 | 2 |
Income tax on amounts retained in AOCI | 4 | 8 |
Tax impact | 4 | 8 |
Balance at the end of the period | 46 | 20 |
Pension and OPEB Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | (317) | (277) |
Other comprehensive (income)/loss reclassified to earnings | 53 | (38) |
Total before tax impact | 53 | (38) |
Income tax on amounts reclassified to earnings | (15) | (1) |
Tax impact | (15) | (1) |
Other | 55 | |
Balance at the end of the period | $ (224) | $ (316) |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) $ / shares in Units, $ in Millions | Mar. 20, 2019CAD ($)$ / shares |
Noncontrolling Interest [Line Items] | |
Dividends | $ 300 |
Noncontrolling interest, period decrease | 300 |
Preferred share investment | |
Noncontrolling Interest [Line Items] | |
Payments of Dividends | $ 4 |
Preferred share investment | Preference Shares, Series 7 | |
Noncontrolling Interest [Line Items] | |
Preferred stock, dividend rate, percentage | 5.50% |
Preferred stock, redemption price per share (in Canadian dollars per share) | $ / shares | $ 25 |
Preferred share investment | Preference Shares, Series 8 | |
Noncontrolling Interest [Line Items] | |
Preferred stock, dividend rate, percentage | 5.60% |
Preferred stock, redemption price per share (in Canadian dollars per share) | $ / shares | $ 25 |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Risk (Details) | 3 Months Ended |
Mar. 31, 2019Number_of_equity | |
Interest rate contracts - short-term borrowings | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Average swap rate, variable (as a percent) | 2.80% |
Interest rate contracts - long-term debt | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Average swap rate, variable (as a percent) | 3.00% |
Equity contracts | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Number of forms of stock-based compensation with equity price risk | 1 |
Maximum | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Floating rate debt as target percentage of total debt outstanding | 30.00% |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Total Derivative Instruments (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | $ (2,860) | $ (3,210) |
Derivative liabilities, Total Net Derivative Instruments | (2,860) | (3,210) |
Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (2,356) | (2,894) |
Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (490) | (301) |
Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (14) | (15) |
Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 205 | 498 |
Derivative assets, Amounts Available for Offset | (103) | (153) |
Derivative assets, Total Net Derivative Instruments | 102 | 345 |
Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 197 | 474 |
Accounts receivable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 8 | 24 |
Accounts receivable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 87 | 119 |
Derivative assets, Amounts Available for Offset | (58) | (60) |
Derivative assets, Total Net Derivative Instruments | 29 | 59 |
Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 56 | 72 |
Deferred amounts and other assets | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 31 | 47 |
Deferred amounts and other assets | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (946) | (1,234) |
Derivative liabilities, Amounts Available for Offset | 103 | 153 |
Derivative liabilities, Total Net Derivative Instruments | (843) | (1,081) |
Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (791) | (1,065) |
Accounts payable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (155) | (169) |
Accounts payable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (2,206) | (2,593) |
Derivative liabilities, Amounts Available for Offset | 58 | 60 |
Derivative liabilities, Total Net Derivative Instruments | (2,148) | (2,533) |
Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,818) | (2,375) |
Other long-term liabilities | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (374) | (203) |
Other long-term liabilities | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (14) | (15) |
Foreign exchange contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (2,110) | (2,718) |
Derivative liabilities, Total Net Derivative Instruments | (2,110) | (2,718) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (2,104) | (2,720) |
Foreign exchange contracts | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 8 | 17 |
Foreign exchange contracts | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (14) | (15) |
Foreign exchange contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 26 | 47 |
Derivative assets, Amounts Available for Offset | (26) | (37) |
Derivative assets, Total Net Derivative Instruments | 0 | 10 |
Foreign exchange contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 26 | 47 |
Foreign exchange contracts | Accounts receivable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Accounts receivable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 50 | 62 |
Derivative assets, Amounts Available for Offset | (36) | (39) |
Derivative assets, Total Net Derivative Instruments | 14 | 23 |
Foreign exchange contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 37 | 39 |
Foreign exchange contracts | Deferred amounts and other assets | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 13 | 23 |
Foreign exchange contracts | Deferred amounts and other assets | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (506) | (615) |
Derivative liabilities, Amounts Available for Offset | 26 | 37 |
Derivative liabilities, Total Net Derivative Instruments | (480) | (578) |
Foreign exchange contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (501) | (610) |
Foreign exchange contracts | Accounts payable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (5) | (5) |
Foreign exchange contracts | Accounts payable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,680) | (2,212) |
Derivative liabilities, Amounts Available for Offset | 36 | 39 |
Derivative liabilities, Total Net Derivative Instruments | (1,644) | (2,173) |
Foreign exchange contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,666) | (2,196) |
Foreign exchange contracts | Other long-term liabilities | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (1) |
Foreign exchange contracts | Other long-term liabilities | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (14) | (15) |
Interest rate contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (517) | (515) |
Derivative liabilities, Total Net Derivative Instruments | (517) | (515) |
Interest rate contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 0 | (178) |
Interest rate contracts | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (517) | (337) |
Interest rate contracts | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 0 | 0 |
Interest rate contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 7 | 22 |
Derivative assets, Amounts Available for Offset | 0 | (2) |
Derivative assets, Total Net Derivative Instruments | 7 | 20 |
Interest rate contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Accounts receivable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 7 | 22 |
Interest rate contracts | Accounts receivable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 5 |
Derivative assets, Amounts Available for Offset | 0 | 0 |
Derivative assets, Total Net Derivative Instruments | 0 | 5 |
Interest rate contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Deferred amounts and other assets | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 5 |
Interest rate contracts | Deferred amounts and other assets | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (150) | (341) |
Derivative liabilities, Amounts Available for Offset | 0 | 2 |
Derivative liabilities, Total Net Derivative Instruments | (150) | (339) |
Interest rate contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (178) |
Interest rate contracts | Accounts payable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (150) | (163) |
Interest rate contracts | Accounts payable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (374) | (201) |
Derivative liabilities, Amounts Available for Offset | 0 | 0 |
Derivative liabilities, Total Net Derivative Instruments | (374) | (201) |
Interest rate contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Other long-term liabilities | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (374) | (201) |
Interest rate contracts | Other long-term liabilities | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (234) | 30 |
Derivative liabilities, Total Net Derivative Instruments | (234) | 30 |
Commodity contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | (252) | 9 |
Commodity contracts | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 18 | 21 |
Commodity contracts | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 0 | 0 |
Commodity contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 172 | 429 |
Derivative assets, Amounts Available for Offset | (77) | (114) |
Derivative assets, Total Net Derivative Instruments | 95 | 315 |
Commodity contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 171 | 427 |
Commodity contracts | Accounts receivable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | 2 |
Commodity contracts | Accounts receivable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 35 | 52 |
Derivative assets, Amounts Available for Offset | (22) | (21) |
Derivative assets, Total Net Derivative Instruments | 13 | 31 |
Commodity contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 18 | 33 |
Commodity contracts | Deferred amounts and other assets | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 17 | 19 |
Commodity contracts | Deferred amounts and other assets | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (289) | (273) |
Derivative liabilities, Amounts Available for Offset | 77 | 114 |
Derivative liabilities, Total Net Derivative Instruments | (212) | (159) |
Commodity contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (289) | (273) |
Commodity contracts | Accounts payable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Accounts payable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (152) | (178) |
Derivative liabilities, Amounts Available for Offset | 22 | 21 |
Derivative liabilities, Total Net Derivative Instruments | (130) | (157) |
Commodity contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (152) | (178) |
Commodity contracts | Other long-term liabilities | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Other long-term liabilities | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 1 | (7) |
Derivative liabilities, Total Net Derivative Instruments | 1 | (7) |
Other contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 0 | (5) |
Other contracts | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 1 | (2) |
Other contracts | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net derivative asset/(liability) | 0 | 0 |
Other contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 2 | |
Other contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | |
Other contracts | Deferred amounts and other assets | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | |
Other contracts | Deferred amounts and other assets | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Other contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1) | (5) |
Derivative liabilities, Amounts Available for Offset | 0 | 0 |
Derivative liabilities, Total Net Derivative Instruments | (1) | (5) |
Other contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1) | (4) |
Other contracts | Accounts payable and other | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (1) |
Other contracts | Accounts payable and other | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (2) |
Derivative liabilities, Amounts Available for Offset | 0 | 0 |
Derivative liabilities, Total Net Derivative Instruments | 0 | (2) |
Other contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (1) |
Other contracts | Other long-term liabilities | Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (1) |
Other contracts | Other long-term liabilities | Net Investment Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Notional Principal or Quantity Information (Details) - Mar. 31, 2019 € in Millions, ¥ in Millions, £ in Millions, MMBbls in Millions, $ in Millions, $ in Millions, Bcf in Billions | USD ($)MWhBcfMMBbls | CAD ($)MWhBcfMMBbls | GBP (£)MWhBcfMMBbls | EUR (€)MWhBcfMMBbls | JPY (¥)MWhBcfMMBbls |
Euro | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2020 | € | € 23 | ||||
2021 | € | 94 | ||||
Foreign exchange contracts - forwards - purchase | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | $ 895 | ||||
2020 | 1 | ||||
Foreign exchange contracts - forwards - purchase | Euro | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | € | 168 | ||||
Foreign exchange contracts - forwards - purchase | Japanese yen | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | ¥ | ¥ 32,662 | ||||
2022 | ¥ | ¥ 20,000 | ||||
Foreign exchange contracts - forwards - sell | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | 3,839 | ||||
2020 | 4,893 | ||||
2021 | 3,608 | ||||
2022 | 1,944 | ||||
2023 | 1,804 | ||||
Thereafter | $ 1,856 | ||||
Foreign exchange contracts - forwards - sell | GBP | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | £ | £ 86 | ||||
2020 | £ | 25 | ||||
2021 | £ | 27 | ||||
2022 | £ | 28 | ||||
2023 | £ | 29 | ||||
Thereafter | £ | £ 120 | ||||
Foreign exchange contracts - forwards - sell | Euro | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2022 | € | 94 | ||||
2023 | € | 92 | ||||
Thereafter | € | € 606 | ||||
Interest rate contracts - short-term borrowings | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | $ 6,629 | ||||
2020 | 6,178 | ||||
2021 | 4,142 | ||||
2022 | 407 | ||||
2023 | 48 | ||||
Thereafter | 156 | ||||
Interest rate contracts - long-term receive fixed rate | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | 0 | ||||
2020 | 0 | ||||
2021 | 0 | ||||
2022 | 0 | ||||
2023 | 0 | ||||
Interest rate contracts - long-term debt pay fixed rate | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | 2,537 | ||||
2020 | 3,142 | ||||
2021 | 1,584 | ||||
Equity contracts | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | 32 | ||||
2020 | $ 20 | ||||
Commodity contracts | Natural gas | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | Bcf | (75) | (75) | (75) | (75) | (75) |
2020 | Bcf | (15) | (15) | (15) | (15) | (15) |
2022 | Bcf | (84) | (84) | (84) | (84) | (84) |
2023 | Bcf | 1 | 1 | 1 | 1 | 1 |
Commodity contracts | Crude oil | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | MMBbls | 4 | 4 | 4 | 4 | 4 |
2020 | MMBbls | (2) | (2) | (2) | (2) | (2) |
Commodity contracts | NGL | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | MMBbls | 1 | 1 | 1 | 1 | 1 |
Commodity contracts | Power | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2019 | MWh | 98 | 98 | 98 | 98 | 98 |
2020 | MWh | 80 | 80 | 80 | 80 | 80 |
2021 | MWh | (3) | (3) | (3) | (3) | (3) |
2022 | MWh | (43) | (43) | (43) | (43) | (43) |
2023 | MWh | (43) | (43) | (43) | (43) | (43) |
Thereafter | MWh | (43) | (43) | (43) | (43) | (43) |
RISK MANAGEMENT AND FINANCIAL_6
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | $ (296) | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | $ 121 | |
Amount of (gain) loss reclassified from AOCI to earnings | 25 | |
Amount of (gain) loss reclassified from AOCI to earnings | 47 | |
Estimated gain of AOCI related to cash flow hedges reclassified to earnings in the next 12 months | $ 36 | |
Period to hedge exposures to the variability of cash flows for all forecasted transactions | 33 months | |
Unrealized gain/(loss) on derivative | (8) | |
Unrealized gain/(loss) on hedged item | 8 | |
Realized gain/(loss) on derivative | (3) | |
Realized gain/(loss) on hedged item | 3 | |
Unrealized gain (loss) on derivatives | $ 538 | (260) |
Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 538 | (260) |
Foreign exchange contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | 2 | |
Amount of (gain) loss reclassified from AOCI to earnings | (1) | |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 616 | (424) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | Transportation and other services | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 352 | (297) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | Other income/(expense) | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 264 | (127) |
Foreign exchange contracts | Cash Flow Hedges | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | (10) | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | 21 | |
Foreign exchange contracts | Net Investment Hedges | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | 1 | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | 16 | |
Interest rate contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | 32 | |
Interest rate contracts | Interest expense | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | 32 | |
Amount of (gain) loss reclassified from AOCI to earnings | 40 | |
Interest rate contracts | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 178 | (2) |
Interest rate contracts | Cash Flow Hedges | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | (296) | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | 100 | |
Commodity contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | 0 | |
Amount of (gain) loss reclassified from AOCI to earnings | (1) | |
Commodity contracts | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (261) | 175 |
Commodity contracts | Non-Qualifying Derivative Instruments | Transportation and other services | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (26) | (1) |
Commodity contracts | Non-Qualifying Derivative Instruments | Commodity | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (642) | 82 |
Commodity contracts | Non-Qualifying Derivative Instruments | Commodity costs | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 398 | 84 |
Commodity contracts | Non-Qualifying Derivative Instruments | Operating and administrative expense | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 9 | 10 |
Commodity contracts | Cash Flow Hedges | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | (3) | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | (2) | |
Other contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | (9) | |
Other contracts | Operating and administrative expense | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of (gain) loss reclassified from AOCI to earnings | (9) | |
Amount of (gain) loss reclassified from AOCI to earnings | 9 | |
Other contracts | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 5 | (9) |
Other contracts | Cash Flow Hedges | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | $ 12 | |
Cash flow hedge, amount of unrealized gain (loss) recognized in OCI | $ (14) |
RISK MANAGEMENT AND FINANCIAL_7
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity and Credit Risk (Details) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
LIQUIDITY RISK AND CREDIT RISK | ||
Rolling time period over which the Company forecasts cash requirements | 12 months | |
Period of anticipated requirements for which the Company maintains sufficient liquidity through committed credit facilities | 1 year | |
Period after which receivables are classified as past due | 30 days | |
Derivative instruments | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 262,000,000 | $ 562,000,000 |
Cash collateral on asset exposure | 0 | 0 |
Derivative instruments | Canadian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 21,000,000 | 28,000,000 |
Derivative instruments | United States financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 51,000,000 | 107,000,000 |
Derivative instruments | European financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 58,000,000 | 84,000,000 |
Derivative instruments | Asian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 0 | 6,000,000 |
Derivative instruments | Other | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 132,000,000 | $ 337,000,000 |
RISK MANAGEMENT AND FINANCIAL_8
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value of Derivatives | ||
Total net derivative asset/(liability) | $ (2,860) | $ (3,210) |
Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Total net derivative asset/(liability) | (2,110) | (2,718) |
Interest rate contracts | ||
Fair Value of Derivatives | ||
Total net derivative asset/(liability) | (517) | (515) |
Commodity contracts | ||
Fair Value of Derivatives | ||
Total net derivative asset/(liability) | (234) | 30 |
Other contracts | ||
Fair Value of Derivatives | ||
Total net derivative asset/(liability) | 1 | (7) |
Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 205 | 498 |
Long-term derivative assets | 87 | 119 |
Current derivative liabilities | (946) | (1,234) |
Long-term derivative liabilities | (2,206) | (2,593) |
Total net derivative asset/(liability) | (2,860) | (3,210) |
Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 26 | 47 |
Long-term derivative assets | 50 | 62 |
Current derivative liabilities | (506) | (615) |
Long-term derivative liabilities | (1,680) | (2,212) |
Total net derivative asset/(liability) | (2,110) | (2,718) |
Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 7 | 22 |
Long-term derivative assets | 5 | |
Current derivative liabilities | (150) | (341) |
Long-term derivative liabilities | (374) | (201) |
Total net derivative asset/(liability) | (517) | (515) |
Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 172 | 429 |
Long-term derivative assets | 35 | 52 |
Current derivative liabilities | (289) | (273) |
Long-term derivative liabilities | (152) | (178) |
Total net derivative asset/(liability) | (234) | 30 |
Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 2 | |
Current derivative liabilities | (1) | (5) |
Long-term derivative liabilities | (2) | |
Total net derivative asset/(liability) | 1 | (7) |
Level 1 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 3 | 24 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (7) | (7) |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | (4) | 17 |
Level 1 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | 0 | 0 |
Level 1 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | 0 | 0 |
Level 1 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 3 | 24 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (7) | (7) |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | (4) | 17 |
Level 1 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 0 | |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | |
Total net derivative asset/(liability) | 0 | 0 |
Level 2 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 43 | 114 |
Long-term derivative assets | 65 | 97 |
Current derivative liabilities | (673) | (989) |
Long-term derivative liabilities | (2,069) | (2,438) |
Total net derivative asset/(liability) | (2,634) | (3,216) |
Level 2 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 26 | 47 |
Long-term derivative assets | 50 | 62 |
Current derivative liabilities | (506) | (615) |
Long-term derivative liabilities | (1,680) | (2,212) |
Total net derivative asset/(liability) | (2,110) | (2,718) |
Level 2 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 7 | 22 |
Long-term derivative assets | 5 | |
Current derivative liabilities | (150) | (341) |
Long-term derivative liabilities | (374) | (201) |
Total net derivative asset/(liability) | (517) | (515) |
Level 2 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 10 | 45 |
Long-term derivative assets | 13 | 30 |
Current derivative liabilities | (16) | (28) |
Long-term derivative liabilities | (15) | (23) |
Total net derivative asset/(liability) | (8) | 24 |
Level 2 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 2 | |
Current derivative liabilities | (1) | (5) |
Long-term derivative liabilities | (2) | |
Total net derivative asset/(liability) | 1 | (7) |
Level 3 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 159 | 360 |
Long-term derivative assets | 22 | 22 |
Current derivative liabilities | (266) | (238) |
Long-term derivative liabilities | (137) | (155) |
Total net derivative asset/(liability) | (222) | (11) |
Level 3 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | 0 | 0 |
Level 3 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net derivative asset/(liability) | 0 | 0 |
Level 3 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 159 | 360 |
Long-term derivative assets | 22 | 22 |
Current derivative liabilities | (266) | (238) |
Long-term derivative liabilities | (137) | (155) |
Total net derivative asset/(liability) | (222) | (11) |
Level 3 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 0 | |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | |
Total net derivative asset/(liability) | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIAL_9
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Level 3 Inputs (Details) $ in Millions | Mar. 31, 2019CAD ($)$ / bbl$ / MWh$ / MillionsofBTU-MMBTU$ / Gallon-gal | Dec. 31, 2018CAD ($) |
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (2,860) | $ (3,210) |
Recurring basis | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (2,860) | (3,210) |
Level 3 | Recurring basis | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (222) | $ (11) |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Natural gas | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 2.55 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Natural gas | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 5.17 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Natural gas | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 3.47 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude oil | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 42.96 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude oil | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 166.19 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude oil | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 69.21 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Power | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MWh | 30.79 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Power | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MWh | 71.28 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Power | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MWh | 50.21 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Natural gas | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 1.22 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Natural gas | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 5.17 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Natural gas | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / MillionsofBTU-MMBTU | 2.25 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude oil | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 33.12 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude oil | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 127.36 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude oil | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / bbl | 76.83 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | NGL | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / Gallon-gal | 0.17 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | NGL | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / Gallon-gal | 1.11 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | NGL | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price | $ / Gallon-gal | 0.37 | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Financial | Natural gas | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (18) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Financial | Crude oil | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | 38 | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Financial | Power | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (82) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Physical | Natural gas | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (125) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Physical | Crude oil | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (37) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Physical | NGL | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ 2 |
RISK MANAGEMENT AND FINANCIA_10
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Level 3 (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in net fair value of derivative assets and liabilities classified as Level 3 | ||
Level 3 net derivative asset/(liability) at beginning of period | $ (11) | $ (387) |
Total gain/(loss) | ||
Included in earnings | (52) | 31 |
Included in OCI | (3) | (3) |
Settlements | (156) | 154 |
Level 3 net derivative liability at end of period | $ (222) | $ (205) |
RISK MANAGEMENT AND FINANCIA_11
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Other Financial Instruments (Details) - CAD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value of Other Financial Instruments | |||
FMVA investments | $ 101,000,000 | $ 102,000,000 | |
Long-term debt, carrying value | 65,300,000,000 | 63,900,000,000 | |
Long-term debt | 68,900,000,000 | 64,400,000,000 | |
Net Investment Hedges | |||
Fair Value of Other Financial Instruments | |||
Unrealized foreign exchange gain (loss) on translation of United States dollar denominated debt | (108,000,000) | $ 194,000,000 | |
Unrealized gain (loss) on change in fair value of outstanding forward exchange forward contracts | 1,000,000 | ||
Unrealized gain (loss) on change in fair value of outstanding forward exchange forward contracts | 15,000,000 | ||
Realized gain (loss) associated with the settlement of foreign exchange forward contracts | 0 | ||
Realized gain (loss) associated with the settlement of foreign exchange forward contracts | (23,000,000) | ||
Realized gain (loss) associated with the settlement of United Stated dollar denominated debt that matured | 0 | (11,000,000) | |
Amount of ineffectiveness | 0 | ||
Amount of ineffectiveness | $ 0 | ||
Preferred share investment | |||
Fair Value of Other Financial Instruments | |||
Held to maturity investment at amortized cost | $ 582,000,000 | 478,000,000 | |
Cumulative dividends based on average yield of Government of Canada bonds, maturity period of bonds | 10 years | ||
Cumulative dividends based on average yield of Government of Canada bonds, spread over reference rate (as a percent) | 4.38% | ||
Held to maturity investment, fair value | $ 582,000,000 | 580,000,000 | |
Carrying value | |||
Fair Value of Other Financial Instruments | |||
Noncurrent notes receivable | 95,000,000 | 97,000,000 | |
Fair Value | |||
Fair Value of Other Financial Instruments | |||
Restricted long-term investments held in trust | 356,000,000 | 323,000,000 | |
Noncurrent notes receivable | $ 95,000,000 | $ 97,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 22.40% | (16.70%) |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 51 | $ 65 |
Interest cost | 51 | 45 |
Expected return on plan assets | (84) | (82) |
Amortization of actuarial loss | 8 | 7 |
Amortization of prior service costs | (1) | (1) |
Net periodic benefit costs | $ 25 | $ 34 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019CAD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease, expense | $ 28 |
Operating lease, payments | $ 31 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease term | 1 month |
Lessor, operating lease, remaining lease term | 9 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, remaining lease term | 29 years |
Lessor, operating lease, remaining lease term | 24 years |
LEASES - Supplemental Statement
LEASES - Supplemental Statements of Financial Position (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 745 | $ 771 |
Operating lease liabilities - current | 67 | 86 |
Operating lease liabilities - long-term | 757 | 770 |
Total operating lease liabilities | $ 824 | $ 856 |
Weighted average remaining lease term | 14 years | 14 years |
Weighted average discount rate | 4.30% | 4.30% |
LEASES - Operating Lease Commit
LEASES - Operating Lease Commitments (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 83 | |
2020 | 116 | |
2021 | 94 | |
2022 | 89 | |
2023 | 79 | |
Thereafter | 663 | |
Total undiscounted lease payments | 1,124 | |
Less imputed interest | (300) | |
Total operating lease commitments | $ 824 | $ 856 |
LEASES - Lessor Lease Income (D
LEASES - Lessor Lease Income (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019CAD ($) | |
Leases [Abstract] | |
Operating lease income | $ 64 |
Variable lease income | 100 |
Total lease income | $ 164 |
LEASES - Lessor Future Expected
LEASES - Lessor Future Expected Lease Payments (Details) $ in Millions | Mar. 31, 2019CAD ($) |
Leases [Abstract] | |
2019 | $ 192 |
2020 | 216 |
2021 | 189 |
2022 | 186 |
2023 | 178 |
Thereafter | 2,395 |
Total undiscounted lease payments | $ 3,356 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Notes under Guarantees (Details) $ in Billions, $ in Billions | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) |
5.200% Notes due 2020 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.20% | 5.20% |
4.375% Notes due 2020 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.375% | 4.375% |
4.200% Notes due 2021 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.20% | 4.20% |
5.875% Notes due 2025 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.875% | 5.875% |
5.950% Notes due 2033 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.95% | 5.95% |
6.300% Notes due 2034 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.30% | 6.30% |
7.500% Notes due 2038 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 7.50% | 7.50% |
5.500% Notes due 2040 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.50% | 5.50% |
7.375% Notes due 2045 | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 7.375% | 7.375% |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 5.9 | $ 7.8 |
Senior Notes | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3.9 | |
Senior Notes | Enbridge Energy Partners, L.P. | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4 | |
Senior Notes | 4.600% Senior Notes due 2021 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.60% | 4.60% |
Senior Notes | 4.750% Senior Notes due 2024 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.75% | 4.75% |
Senior Notes | 3.500% Senior Notes due 2025 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.50% | 3.50% |
Senior Notes | 3.375% Senior Notes due 2026 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.375% | 3.375% |
Senior Notes | 5.950% Senior Notes due 2043 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.95% | 5.95% |
Senior Notes | 4.500% Senior Notes due 2045 | Spectra Energy Partners L P | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.50% | 4.50% |
Senior Notes | 2.900% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 2.90% | 2.90% |
Senior Notes | 4.000% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.00% | 4.00% |
Senior Notes | 3.500% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.50% | 3.50% |
Senior Notes | 4.250% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.25% | 4.25% |
Senior Notes | 3.700% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.70% | 3.70% |
Senior Notes | 4.500% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.50% | 4.50% |
Senior Notes | 5.500% Senior Notes due 2046 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.50% | 5.50% |
Senior Notes | 4.770% Senior Notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.77% | 4.77% |
Senior Notes | 4.530% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.53% | 4.53% |
Senior Notes | 4.850% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.85% | 4.85% |
Senior Notes | 4.260% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.26% | 4.26% |
Senior Notes | 3.160% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.16% | 3.16% |
Senior Notes | 4.850% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.85% | 4.85% |
Senior Notes | 3.190% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.19% | 3.19% |
Senior Notes | 3.940% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.94% | 3.94% |
Senior Notes | 3.950% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.95% | 3.95% |
Senior Notes | 3.200% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.20% | 3.20% |
Senior Notes | 6.100% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.10% | 6.10% |
Senior Notes | 7.220% Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 7.22% | 7.22% |
Senior Notes | 7.200% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 7.20% | 7.20% |
Senior Notes | 5.570% Senior Notes due 2035 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.57% | 5.57% |
Senior Notes | 5.750% Senior Notes due 2039 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.75% | 5.75% |
Senior Notes | 5.120% Senior Notes due 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.12% | 5.12% |
Senior Notes | 4.240% Senior Notes due 2042 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.24% | 4.24% |
Senior Notes | 4.570% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.57% | 4.57% |
Senior Notes | 4.870% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.87% | 4.87% |
Senior Notes | 4.560% Senior Notes due 2064 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.56% | 4.56% |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating revenues | ||
Revenues | $ 12,856 | $ 12,726 |
Operating expenses | ||
Operating and administrative | 1,625 | 1,641 |
Depreciation and amortization | 840 | 824 |
Impairment of long-lived assets | 0 | 1,062 |
Total operating expenses | 10,237 | 11,848 |
Operating income | 2,619 | 878 |
Income from equity investments | 413 | 335 |
Equity earnings from consolidated subsidiaries | 0 | 0 |
Other | ||
Net foreign currency gain/(loss) | 214 | (185) |
Other | 46 | 65 |
Interest expense | (685) | (656) |
Earnings before income taxes | 2,607 | 437 |
Income tax recovery/(expense) | (584) | 73 |
Earnings | 2,023 | 510 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | (37) | 24 |
Earnings attributable to controlling interests | 1,986 | 534 |
Preference share dividends | (95) | (89) |
Earnings attributable to common shareholders | 1,891 | 445 |
Total other comprehensive income/(loss) | (1,328) | 1,473 |
Comprehensive income | 695 | 1,983 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 13 | (147) |
Comprehensive income attributable to controlling interests | 708 | 1,836 |
Consolidation, Eliminations | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Operating and administrative | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Impairment of long-lived assets | 0 | |
Total operating expenses | 0 | 0 |
Operating income | 0 | 0 |
Income from equity investments | (59) | (16) |
Equity earnings from consolidated subsidiaries | (1,928) | (2,069) |
Other | ||
Net foreign currency gain/(loss) | (904) | 70 |
Other | (448) | (251) |
Interest expense | 458 | 274 |
Earnings before income taxes | (2,881) | (1,992) |
Income tax recovery/(expense) | 106 | 9 |
Earnings | (2,775) | (1,983) |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | (37) | 24 |
Earnings attributable to controlling interests | (2,812) | (1,959) |
Preference share dividends | 0 | 0 |
Earnings attributable to common shareholders | (2,812) | (1,959) |
Total other comprehensive income/(loss) | 671 | (109) |
Comprehensive income | (2,104) | (2,092) |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 13 | (147) |
Comprehensive income attributable to controlling interests | (2,091) | (2,239) |
Parent Issuer and Guarantor | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Operating and administrative | (34) | 67 |
Depreciation and amortization | 15 | 14 |
Impairment of long-lived assets | 0 | |
Total operating expenses | (19) | 81 |
Operating income | 19 | (81) |
Income from equity investments | 59 | 17 |
Equity earnings from consolidated subsidiaries | 774 | 707 |
Other | ||
Net foreign currency gain/(loss) | 1,221 | (199) |
Other | 330 | 246 |
Interest expense | (308) | (243) |
Earnings before income taxes | 2,095 | 447 |
Income tax recovery/(expense) | (109) | 87 |
Earnings | 1,986 | 534 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Earnings attributable to controlling interests | 1,986 | 534 |
Preference share dividends | (95) | (89) |
Earnings attributable to common shareholders | 1,891 | 445 |
Total other comprehensive income/(loss) | (1,278) | 1,302 |
Comprehensive income | 708 | 1,836 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to controlling interests | 708 | 1,836 |
Subsidiary Non-Guarantors | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 12,856 | 12,726 |
Operating expenses | ||
Operating and administrative | 1,656 | 1,569 |
Depreciation and amortization | 825 | 810 |
Impairment of long-lived assets | 1,062 | |
Total operating expenses | 10,253 | 11,762 |
Operating income | 2,603 | 964 |
Income from equity investments | 382 | 300 |
Equity earnings from consolidated subsidiaries | 493 | 608 |
Other | ||
Net foreign currency gain/(loss) | (103) | (58) |
Other | 123 | 39 |
Interest expense | (583) | (479) |
Earnings before income taxes | 2,915 | 1,374 |
Income tax recovery/(expense) | (596) | (23) |
Earnings | 2,319 | 1,351 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Earnings attributable to controlling interests | 2,319 | 1,351 |
Preference share dividends | 0 | 0 |
Earnings attributable to common shareholders | 2,319 | 1,351 |
Total other comprehensive income/(loss) | (720) | 253 |
Comprehensive income | 1,599 | 1,604 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to controlling interests | 1,599 | 1,604 |
Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Operating and administrative | 2 | 1 |
Depreciation and amortization | 0 | 0 |
Impairment of long-lived assets | 0 | |
Total operating expenses | 2 | 1 |
Operating income | (2) | (1) |
Income from equity investments | 31 | 34 |
Equity earnings from consolidated subsidiaries | 398 | 551 |
Other | ||
Net foreign currency gain/(loss) | 0 | 2 |
Other | 0 | 1 |
Interest expense | (94) | (72) |
Earnings before income taxes | 333 | 515 |
Income tax recovery/(expense) | 15 | 0 |
Earnings | 348 | 515 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Earnings attributable to controlling interests | 348 | 515 |
Preference share dividends | 0 | 0 |
Earnings attributable to common shareholders | 348 | 515 |
Total other comprehensive income/(loss) | (16) | 19 |
Comprehensive income | 332 | 534 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to controlling interests | 332 | 534 |
Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Operating and administrative | 1 | 4 |
Depreciation and amortization | 0 | 0 |
Impairment of long-lived assets | 0 | |
Total operating expenses | 1 | 4 |
Operating income | (1) | (4) |
Income from equity investments | 0 | 0 |
Equity earnings from consolidated subsidiaries | 263 | 203 |
Other | ||
Net foreign currency gain/(loss) | 0 | 0 |
Other | 41 | 30 |
Interest expense | (158) | (136) |
Earnings before income taxes | 145 | 93 |
Income tax recovery/(expense) | 0 | 0 |
Earnings | 145 | 93 |
(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Earnings attributable to controlling interests | 145 | 93 |
Preference share dividends | 0 | 0 |
Earnings attributable to common shareholders | 145 | 93 |
Total other comprehensive income/(loss) | 15 | 8 |
Comprehensive income | 160 | 101 |
Comprehensive (income)/loss attributable to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to controlling interests | 160 | 101 |
Commodity | ||
Operating revenues | ||
Revenues | 6,632 | 7,268 |
Operating expenses | ||
Cost of goods and services sold | 6,565 | 6,997 |
Commodity | Consolidation, Eliminations | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Commodity | Parent Issuer and Guarantor | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Commodity | Subsidiary Non-Guarantors | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 6,632 | 7,268 |
Operating expenses | ||
Cost of goods and services sold | 6,565 | 6,997 |
Commodity | Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Commodity | Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Gas Distribution | ||
Operating revenues | ||
Revenues | 1,876 | 1,926 |
Operating expenses | ||
Cost of goods and services sold | 1,207 | 1,324 |
Gas Distribution | Consolidation, Eliminations | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Gas Distribution | Parent Issuer and Guarantor | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Gas Distribution | Subsidiary Non-Guarantors | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 1,876 | 1,926 |
Operating expenses | ||
Cost of goods and services sold | 1,207 | 1,324 |
Gas Distribution | Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Gas Distribution | Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Operating expenses | ||
Cost of goods and services sold | 0 | 0 |
Transportation and other services | ||
Operating revenues | ||
Revenues | 4,348 | 3,532 |
Transportation and other services | Consolidation, Eliminations | ||
Operating revenues | ||
Revenues | 0 | 0 |
Transportation and other services | Parent Issuer and Guarantor | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Transportation and other services | Subsidiary Non-Guarantors | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 4,348 | 3,532 |
Transportation and other services | Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | 0 | 0 |
Transportation and other services | Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | ||
Operating revenues | ||
Revenues | $ 0 | $ 0 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statement of Financial Position (Details) - CAD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets | |||
Cash and cash equivalents | $ 702 | $ 518 | |
Restricted cash | 55 | 119 | |
Accounts receivable and other | 6,486 | 6,517 | |
Accounts receivable from affiliates | 92 | 79 | |
Short-term loans receivable from affiliates | 0 | 0 | |
Inventory | 1,047 | 1,339 | |
Total current assets | 8,382 | 8,572 | |
Property, plant and equipment, net | 93,875 | 94,540 | |
Long-term loans receivable from affiliates | 0 | 0 | |
Long-term investments | 0 | 0 | |
Long-term investments | 16,902 | 16,707 | |
Restricted long-term investments | 356 | 323 | |
Deferred amounts and other assets | 9,505 | 8,558 | |
Intangible assets, net | 2,301 | 2,372 | |
Goodwill | 33,895 | 34,459 | |
Deferred income taxes | 1,292 | 1,374 | |
Total assets | 166,508 | 166,905 | |
Current liabilities | |||
Short-term borrowings | 870 | 1,024 | |
Accounts payable and other | 7,331 | 9,863 | |
Accounts payable to affiliates | 30 | 40 | |
Interest payable | 573 | 669 | |
Short-term loans payable to affiliates | 0 | 0 | |
Current portion of long-term debt | 4,321 | 3,259 | |
Total current liabilities | 13,125 | 14,855 | |
Long-term debt | 60,680 | 60,327 | |
Other long-term liabilities | 9,044 | 8,834 | |
Long-term loans payable to affiliates | 0 | 0 | |
Deferred income taxes | 9,740 | 9,454 | |
Total liabilities | 92,589 | 93,470 | |
Equity | |||
Controlling interests | 70,305 | 69,470 | |
Noncontrolling interests | 3,614 | 3,965 | |
Total equity | 73,919 | 73,435 | $ 67,514 |
Total liabilities and equity | 166,508 | 166,905 | |
Consolidation, Eliminations | |||
Current assets | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Accounts receivable and other | 0 | 0 | |
Accounts receivable from affiliates | (604) | (518) | |
Short-term loans receivable from affiliates | (13,236) | (8,285) | |
Inventory | 0 | 0 | |
Total current assets | (13,840) | (8,803) | |
Property, plant and equipment, net | 0 | 0 | |
Long-term loans receivable from affiliates | (44,573) | (14,274) | |
Long-term investments | (119,253) | (120,181) | |
Long-term investments | (3,568) | (3,682) | |
Restricted long-term investments | 0 | 0 | |
Deferred amounts and other assets | (1,407) | (1,726) | |
Intangible assets, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Deferred income taxes | 328 | 328 | |
Total assets | (182,313) | (148,338) | |
Current liabilities | |||
Short-term borrowings | 0 | 0 | |
Accounts payable and other | (10) | (6) | |
Accounts payable to affiliates | (603) | (518) | |
Interest payable | 0 | 0 | |
Short-term loans payable to affiliates | (13,236) | (8,285) | |
Current portion of long-term debt | 0 | 0 | |
Total current liabilities | (13,849) | (8,809) | |
Long-term debt | 0 | 0 | |
Other long-term liabilities | (1,407) | (1,726) | |
Long-term loans payable to affiliates | (44,573) | (14,274) | |
Deferred income taxes | (4,385) | (4,400) | |
Total liabilities | (64,214) | (29,209) | |
Equity | |||
Controlling interests | (121,713) | (123,094) | |
Noncontrolling interests | 3,614 | 3,965 | |
Total equity | (118,099) | (119,129) | |
Total liabilities and equity | (182,313) | (148,338) | |
Parent Issuer and Guarantor | Reportable Legal Entities | |||
Current assets | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 9 | 9 | |
Accounts receivable and other | 283 | 283 | |
Accounts receivable from affiliates | 586 | 726 | |
Short-term loans receivable from affiliates | 3,527 | 3,943 | |
Inventory | 0 | 0 | |
Total current assets | 4,405 | 4,961 | |
Property, plant and equipment, net | 166 | 140 | |
Long-term loans receivable from affiliates | 26,504 | 10,318 | |
Long-term investments | 78,271 | 78,474 | |
Long-term investments | 4,619 | 4,561 | |
Restricted long-term investments | 0 | 0 | |
Deferred amounts and other assets | 1,491 | 1,700 | |
Intangible assets, net | 219 | 234 | |
Goodwill | 0 | 0 | |
Deferred income taxes | 744 | 817 | |
Total assets | 116,419 | 101,205 | |
Current liabilities | |||
Short-term borrowings | 0 | 0 | |
Accounts payable and other | 756 | 2,742 | |
Accounts payable to affiliates | 935 | 946 | |
Interest payable | 227 | 283 | |
Short-term loans payable to affiliates | 426 | 426 | |
Current portion of long-term debt | 2,979 | 1,853 | |
Total current liabilities | 5,323 | 6,250 | |
Long-term debt | 23,519 | 22,893 | |
Other long-term liabilities | 2,145 | 2,428 | |
Long-term loans payable to affiliates | 15,076 | 76 | |
Deferred income taxes | 0 | 0 | |
Total liabilities | 46,063 | 31,647 | |
Equity | |||
Controlling interests | 70,356 | 69,558 | |
Noncontrolling interests | 0 | 0 | |
Total equity | 70,356 | 69,558 | |
Total liabilities and equity | 116,419 | 101,205 | |
Subsidiary Non-Guarantors | Reportable Legal Entities | |||
Current assets | |||
Cash and cash equivalents | 690 | 502 | |
Restricted cash | 46 | 110 | |
Accounts receivable and other | 6,202 | 6,211 | |
Accounts receivable from affiliates | 79 | (142) | |
Short-term loans receivable from affiliates | 5,871 | 653 | |
Inventory | 1,047 | 1,339 | |
Total current assets | 13,935 | 8,673 | |
Property, plant and equipment, net | 93,709 | 94,400 | |
Long-term loans receivable from affiliates | 15,524 | 1,344 | |
Long-term investments | 15,032 | 15,567 | |
Long-term investments | 14,890 | 14,841 | |
Restricted long-term investments | 356 | 323 | |
Deferred amounts and other assets | 9,412 | 8,558 | |
Intangible assets, net | 2,082 | 2,138 | |
Goodwill | 33,895 | 34,459 | |
Deferred income taxes | 220 | 229 | |
Total assets | 199,055 | 180,532 | |
Current liabilities | |||
Short-term borrowings | 870 | 1,024 | |
Accounts payable and other | 6,552 | 7,086 | |
Accounts payable to affiliates | (891) | (677) | |
Interest payable | 229 | 225 | |
Short-term loans payable to affiliates | 7,367 | 7,177 | |
Current portion of long-term debt | 674 | 723 | |
Total current liabilities | 14,801 | 15,558 | |
Long-term debt | 27,501 | 23,215 | |
Other long-term liabilities | 8,276 | 8,100 | |
Long-term loans payable to affiliates | 28,027 | 12,696 | |
Deferred income taxes | 13,821 | 13,523 | |
Total liabilities | 92,426 | 73,092 | |
Equity | |||
Controlling interests | 106,629 | 107,440 | |
Noncontrolling interests | 0 | 0 | |
Total equity | 106,629 | 107,440 | |
Total liabilities and equity | 199,055 | 180,532 | |
Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | |||
Current assets | |||
Cash and cash equivalents | 5 | 16 | |
Restricted cash | 0 | 0 | |
Accounts receivable and other | 1 | 15 | |
Accounts receivable from affiliates | 0 | 0 | |
Short-term loans receivable from affiliates | 0 | 0 | |
Inventory | 0 | 0 | |
Total current assets | 6 | 31 | |
Property, plant and equipment, net | 0 | 0 | |
Long-term loans receivable from affiliates | 73 | 73 | |
Long-term investments | 19,741 | 19,777 | |
Long-term investments | 961 | 987 | |
Restricted long-term investments | 0 | 0 | |
Deferred amounts and other assets | 1 | 9 | |
Intangible assets, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Total assets | 20,782 | 20,877 | |
Current liabilities | |||
Short-term borrowings | 0 | 0 | |
Accounts payable and other | 19 | 7 | |
Accounts payable to affiliates | 509 | 233 | |
Interest payable | 25 | 56 | |
Short-term loans payable to affiliates | 2,985 | 682 | |
Current portion of long-term debt | 0 | 0 | |
Total current liabilities | 3,538 | 978 | |
Long-term debt | 5,095 | 7,276 | |
Other long-term liabilities | 8 | 2 | |
Long-term loans payable to affiliates | 0 | 0 | |
Deferred income taxes | 304 | 331 | |
Total liabilities | 8,945 | 8,587 | |
Equity | |||
Controlling interests | 11,837 | 12,290 | |
Noncontrolling interests | 0 | 0 | |
Total equity | 11,837 | 12,290 | |
Total liabilities and equity | 20,782 | 20,877 | |
Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | |||
Current assets | |||
Cash and cash equivalents | 7 | 0 | |
Restricted cash | 0 | 0 | |
Accounts receivable and other | 0 | 8 | |
Accounts receivable from affiliates | 31 | 13 | |
Short-term loans receivable from affiliates | 3,838 | 3,689 | |
Inventory | 0 | 0 | |
Total current assets | 3,876 | 3,710 | |
Property, plant and equipment, net | 0 | 0 | |
Long-term loans receivable from affiliates | 2,472 | 2,539 | |
Long-term investments | 6,209 | 6,363 | |
Long-term investments | 0 | 0 | |
Restricted long-term investments | 0 | 0 | |
Deferred amounts and other assets | 8 | 17 | |
Intangible assets, net | 0 | 0 | |
Goodwill | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Total assets | 12,565 | 12,629 | |
Current liabilities | |||
Short-term borrowings | 0 | 0 | |
Accounts payable and other | 14 | 34 | |
Accounts payable to affiliates | 80 | 56 | |
Interest payable | 92 | 105 | |
Short-term loans payable to affiliates | 2,458 | 0 | |
Current portion of long-term debt | 668 | 683 | |
Total current liabilities | 3,312 | 878 | |
Long-term debt | 4,565 | 6,943 | |
Other long-term liabilities | 22 | 30 | |
Long-term loans payable to affiliates | 1,470 | 1,502 | |
Deferred income taxes | 0 | 0 | |
Total liabilities | 9,369 | 9,353 | |
Equity | |||
Controlling interests | 3,196 | 3,276 | |
Noncontrolling interests | 0 | 0 | |
Total equity | 3,196 | 3,276 | |
Total liabilities and equity | $ 12,565 | $ 12,629 |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flow (Details) - CAD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 2,176 | $ 3,194 | |
Investing activities | |||
Capital expenditures | $ (265) | (1,612) | (1,635) |
Long-term investments and restricted long-term investments | (565) | (222) | |
Distributions from equity investments in excess of cumulative earnings | 139 | 57 | |
Additions to intangible assets | (26) | (258) | |
Affiliate loans, net | (84) | (10) | |
Contributions to subsidiaries | 0 | 0 | |
Return of share capital from subsidiaries | 0 | ||
Advances to affiliates | 0 | 0 | |
Repayment of advances to affiliates | 0 | 0 | |
Net cash used in investing activities | (2,148) | (2,068) | |
Financing activities | |||
Net change in short-term borrowings | (154) | (443) | |
Net change in commercial paper and credit facility draws | 2,773 | (465) | |
Debenture and term note issues, net of issue costs | 1,195 | 2,061 | |
Debenture and term note repayments | (1,789) | (996) | |
Debt extinguishment costs | 0 | (63) | |
Contributions from noncontrolling interests | 3 | 8 | |
Distributions to noncontrolling interests | (46) | (209) | |
Contributions from redeemable noncontrolling interests | 0 | 20 | |
Distributions to redeemable noncontrolling interests | 0 | (84) | |
Contributions from parents | 0 | 0 | |
Distributions to parents | 0 | 0 | |
Redemption of preferred shares held by subsidiary (Note 10) | (300) | 0 | |
Common shares issued | 18 | 13 | |
Preference share dividends | (90) | (87) | |
Common share dividends | (1,486) | (764) | |
Advances from affiliates | 0 | 0 | |
Repayment of advances from affiliates | 0 | 0 | |
Other | (25) | 0 | |
Net cash provided by/(used in) financing activities | 99 | (1,009) | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (7) | 19 | |
Net increase in cash and cash equivalents and restricted cash | 120 | 136 | |
Cash and cash equivalents and restricted cash at beginning of period | 637 | 637 | 587 |
Cash and cash equivalents and restricted cash at end of period | 757 | 723 | |
Consolidation, Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (789) | (367) | |
Investing activities | |||
Capital expenditures | 0 | 0 | |
Long-term investments and restricted long-term investments | 0 | 16 | |
Distributions from equity investments in excess of cumulative earnings | (536) | (824) | |
Additions to intangible assets | 0 | 0 | |
Affiliate loans, net | 0 | 0 | |
Contributions to subsidiaries | 2,331 | 151 | |
Return of share capital from subsidiaries | (3,121) | ||
Advances to affiliates | 42,068 | 3,130 | |
Repayment of advances to affiliates | (6,016) | (2,944) | |
Net cash used in investing activities | 34,726 | (471) | |
Financing activities | |||
Net change in short-term borrowings | 0 | 0 | |
Net change in commercial paper and credit facility draws | 0 | 0 | |
Debenture and term note issues, net of issue costs | 0 | 0 | |
Debenture and term note repayments | 0 | 0 | |
Debt extinguishment costs | 0 | ||
Contributions from noncontrolling interests | 3 | 8 | |
Distributions to noncontrolling interests | (46) | (209) | |
Contributions from redeemable noncontrolling interests | 20 | ||
Distributions to redeemable noncontrolling interests | (84) | ||
Contributions from parents | (2,331) | (151) | |
Distributions to parents | 4,489 | 1,440 | |
Redemption of preferred shares held by subsidiary (Note 10) | 0 | ||
Common shares issued | 0 | 0 | |
Preference share dividends | 0 | 0 | |
Common share dividends | 0 | 0 | |
Advances from affiliates | (42,068) | (3,130) | |
Repayment of advances from affiliates | 6,016 | 2,944 | |
Other | 0 | ||
Net cash provided by/(used in) financing activities | (33,937) | 838 | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 0 | 0 | |
Net increase in cash and cash equivalents and restricted cash | 0 | 0 | |
Cash and cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents and restricted cash at end of period | 0 | 0 | |
Parent Issuer and Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (415) | (135) | |
Investing activities | |||
Capital expenditures | (24) | (5) | |
Long-term investments and restricted long-term investments | 0 | (16) | |
Distributions from equity investments in excess of cumulative earnings | 0 | 336 | |
Additions to intangible assets | (16) | (6) | |
Affiliate loans, net | 0 | 0 | |
Contributions to subsidiaries | (2,331) | (69) | |
Return of share capital from subsidiaries | 3,121 | ||
Advances to affiliates | (19,908) | (401) | |
Repayment of advances to affiliates | 3,996 | 0 | |
Net cash used in investing activities | (15,162) | (161) | |
Financing activities | |||
Net change in short-term borrowings | 0 | 0 | |
Net change in commercial paper and credit facility draws | 2,312 | (105) | |
Debenture and term note issues, net of issue costs | 0 | 1,080 | |
Debenture and term note repayments | (300) | 0 | |
Debt extinguishment costs | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from redeemable noncontrolling interests | 0 | ||
Distributions to redeemable noncontrolling interests | 0 | ||
Contributions from parents | 0 | 0 | |
Distributions to parents | 0 | 0 | |
Redemption of preferred shares held by subsidiary (Note 10) | 0 | ||
Common shares issued | 18 | 13 | |
Preference share dividends | (90) | (87) | |
Common share dividends | (1,513) | (764) | |
Advances from affiliates | 15,150 | 209 | |
Repayment of advances from affiliates | 0 | (43) | |
Other | 0 | ||
Net cash provided by/(used in) financing activities | 15,577 | 303 | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 0 | 0 | |
Net increase in cash and cash equivalents and restricted cash | 0 | 7 | |
Cash and cash equivalents and restricted cash at beginning of period | 9 | 9 | 2 |
Cash and cash equivalents and restricted cash at end of period | 9 | 9 | |
Subsidiary Non-Guarantors | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 4,566 | 3,224 | |
Investing activities | |||
Capital expenditures | (1,588) | (1,630) | |
Long-term investments and restricted long-term investments | (563) | (217) | |
Distributions from equity investments in excess of cumulative earnings | 132 | 42 | |
Additions to intangible assets | (10) | (252) | |
Affiliate loans, net | (84) | (10) | |
Contributions to subsidiaries | 0 | 0 | |
Return of share capital from subsidiaries | 0 | ||
Advances to affiliates | (21,542) | (2,233) | |
Repayment of advances to affiliates | 1,638 | 1,890 | |
Net cash used in investing activities | (22,017) | (2,410) | |
Financing activities | |||
Net change in short-term borrowings | (154) | (443) | |
Net change in commercial paper and credit facility draws | 2,471 | 614 | |
Debenture and term note issues, net of issue costs | 1,195 | 981 | |
Debenture and term note repayments | (300) | (996) | |
Debt extinguishment costs | (63) | ||
Contributions from noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from redeemable noncontrolling interests | 0 | ||
Distributions to redeemable noncontrolling interests | 0 | ||
Contributions from parents | 2,331 | 151 | |
Distributions to parents | (3,822) | (824) | |
Redemption of preferred shares held by subsidiary (Note 10) | (300) | ||
Common shares issued | 0 | 0 | |
Preference share dividends | 0 | 0 | |
Common share dividends | 27 | 0 | |
Advances from affiliates | 20,526 | 897 | |
Repayment of advances from affiliates | (4,378) | (1,054) | |
Other | (14) | ||
Net cash provided by/(used in) financing activities | 17,582 | (737) | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (7) | 19 | |
Net increase in cash and cash equivalents and restricted cash | 124 | 96 | |
Cash and cash equivalents and restricted cash at beginning of period | 612 | 612 | 571 |
Cash and cash equivalents and restricted cash at end of period | 736 | 667 | |
Spectra Energy Partners L P | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 232 | 803 | |
Investing activities | |||
Capital expenditures | 0 | 0 | |
Long-term investments and restricted long-term investments | (2) | (5) | |
Distributions from equity investments in excess of cumulative earnings | 7 | 15 | |
Additions to intangible assets | 0 | 0 | |
Affiliate loans, net | 0 | 0 | |
Contributions to subsidiaries | 0 | (77) | |
Return of share capital from subsidiaries | 0 | ||
Advances to affiliates | 0 | 0 | |
Repayment of advances to affiliates | 0 | 506 | |
Net cash used in investing activities | 5 | 439 | |
Financing activities | |||
Net change in short-term borrowings | 0 | 0 | |
Net change in commercial paper and credit facility draws | (2,010) | (756) | |
Debenture and term note issues, net of issue costs | 0 | 0 | |
Debenture and term note repayments | 0 | 0 | |
Debt extinguishment costs | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from redeemable noncontrolling interests | 0 | ||
Distributions to redeemable noncontrolling interests | 0 | ||
Contributions from parents | 0 | 0 | |
Distributions to parents | (505) | (453) | |
Redemption of preferred shares held by subsidiary (Note 10) | 0 | ||
Common shares issued | 0 | 0 | |
Preference share dividends | 0 | 0 | |
Common share dividends | 0 | 0 | |
Advances from affiliates | 3,498 | 0 | |
Repayment of advances from affiliates | (1,226) | 0 | |
Other | (5) | ||
Net cash provided by/(used in) financing activities | (248) | (1,209) | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 0 | 0 | |
Net increase in cash and cash equivalents and restricted cash | (11) | 33 | |
Cash and cash equivalents and restricted cash at beginning of period | 16 | 16 | 14 |
Cash and cash equivalents and restricted cash at end of period | 5 | 47 | |
Enbridge Energy Partners, L.P. | Subsidiary Issuer and Guarantor - SEP and EEP | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (1,418) | (331) | |
Investing activities | |||
Capital expenditures | 0 | 0 | |
Long-term investments and restricted long-term investments | 0 | 0 | |
Distributions from equity investments in excess of cumulative earnings | 536 | 488 | |
Additions to intangible assets | 0 | 0 | |
Affiliate loans, net | 0 | 0 | |
Contributions to subsidiaries | 0 | (5) | |
Return of share capital from subsidiaries | 0 | ||
Advances to affiliates | (618) | (496) | |
Repayment of advances to affiliates | 382 | 548 | |
Net cash used in investing activities | 300 | 535 | |
Financing activities | |||
Net change in short-term borrowings | 0 | 0 | |
Net change in commercial paper and credit facility draws | 0 | (218) | |
Debenture and term note issues, net of issue costs | 0 | 0 | |
Debenture and term note repayments | (1,189) | 0 | |
Debt extinguishment costs | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from redeemable noncontrolling interests | 0 | ||
Distributions to redeemable noncontrolling interests | 0 | ||
Contributions from parents | 0 | 0 | |
Distributions to parents | (162) | (163) | |
Redemption of preferred shares held by subsidiary (Note 10) | 0 | ||
Common shares issued | 0 | 0 | |
Preference share dividends | 0 | 0 | |
Common share dividends | 0 | 0 | |
Advances from affiliates | 2,894 | 2,024 | |
Repayment of advances from affiliates | (412) | (1,847) | |
Other | (6) | ||
Net cash provided by/(used in) financing activities | 1,125 | (204) | |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 0 | 0 | |
Net increase in cash and cash equivalents and restricted cash | 7 | 0 | |
Cash and cash equivalents and restricted cash at beginning of period | $ 0 | 0 | 0 |
Cash and cash equivalents and restricted cash at end of period | $ 7 | $ 0 |
Uncategorized Items - ei3311910
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (86,000,000) |