Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-10934 | |
Entity Registrant Name | ENBRIDGE INC. | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 98-0377957 | |
Entity Address, Address Line One | 200, 425 - 1st Street S.W. | |
Entity Address, City or Town | Calgary | |
Entity Address, State or Province | AB | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | T2P 3L8 | |
City Area Code | 403 | |
Local Phone Number | 231-3900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,025,962,505 | |
Entity Central Index Key | 0000895728 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Common shares | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares | |
Trading Symbol | ENB | |
Security Exchange Name | NYSE | |
6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078 | |
Trading Symbol | ENBA | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating revenues | ||||
Total operating revenues | $ 11,466 | $ 9,110 | $ 34,551 | $ 29,079 |
Operating expenses | ||||
Operating and administrative | 1,667 | 1,554 | 4,710 | 4,955 |
Depreciation and amortization | 944 | 935 | 2,805 | 2,766 |
Total operating expenses | 10,078 | 7,015 | 28,849 | 23,373 |
Operating income/(loss) | 1,388 | 2,095 | 5,702 | 5,706 |
Income from equity investments | 440 | 315 | 1,187 | 805 |
Impairment of equity investments (Note 8) | (111) | (615) | (111) | (2,351) |
Other income/(expense) | ||||
Net foreign currency gain/(loss) | (165) | 173 | 146 | (257) |
Other | 109 | 85 | 300 | (8) |
Interest expense | (648) | (718) | (1,923) | (2,105) |
Earnings before income taxes | 1,013 | 1,335 | 5,301 | 1,790 |
Income tax expense (Note 10) | (199) | (231) | (952) | (273) |
Earnings | 814 | 1,104 | 4,349 | 1,517 |
Earnings attributable to noncontrolling interests | (34) | (20) | (93) | (25) |
Earnings attributable to controlling interests | 780 | 1,084 | 4,256 | 1,492 |
Preference share dividends | (98) | (94) | (280) | (284) |
Earnings attributable to common shareholders | $ 682 | $ 990 | $ 3,976 | $ 1,208 |
Earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.34 | $ 0.49 | $ 1.97 | $ 0.60 |
Diluted earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.34 | $ 0.49 | $ 1.96 | $ 0.60 |
Commodity sales | ||||
Operating revenues | ||||
Total operating revenues | $ 7,279 | $ 4,595 | $ 20,042 | $ 14,920 |
Operating expenses | ||||
Commodity costs and Gas distribution costs | 7,347 | 4,443 | 19,975 | 14,464 |
Transportation and other services | ||||
Operating revenues | ||||
Total operating revenues | 3,695 | 4,075 | 11,740 | 11,609 |
Gas distribution revenue | ||||
Operating revenues | ||||
Total operating revenues | 492 | 440 | 2,769 | 2,550 |
Operating expenses | ||||
Commodity costs and Gas distribution costs | $ 120 | $ 83 | $ 1,359 | $ 1,188 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Earnings | $ 814 | $ 1,104 | $ 4,349 | $ 1,517 |
Other comprehensive income/(loss), net of tax | ||||
Change in unrealized gain/(loss) on cash flow hedges | (16) | 29 | 197 | (532) |
Change in unrealized gain/(loss) on net investment hedges | (206) | 154 | 16 | (221) |
Other comprehensive income/(loss) from equity investees | (30) | (14) | (28) | 6 |
Excluded components of fair value hedges | (1) | (1) | (3) | 7 |
Reclassification to earnings of loss on cash flow hedges | 55 | 58 | 168 | 138 |
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | 5 | 3 | 16 | 10 |
Foreign currency translation adjustments | 1,281 | (1,119) | (350) | 1,817 |
Other comprehensive income/(loss), net of tax | 1,088 | (890) | 16 | 1,225 |
Comprehensive income | 1,902 | 214 | 4,365 | 2,742 |
Comprehensive (income)/loss attributable to noncontrolling interests | (62) | 16 | (68) | (79) |
Comprehensive income attributable to controlling interests | 1,840 | 230 | 4,297 | 2,663 |
Preference share dividends | (98) | (94) | (280) | (284) |
Comprehensive income attributable to common shareholders | $ 1,742 | $ 136 | $ 4,017 | $ 2,379 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Millions | Total | Preference shares | Common shares | Additional paid-in capital | Deficit | Accumulated other comprehensive income (loss) | Reciprocal shareholding | Total Enbridge Inc. shareholders’ equity | Noncontrolling interests | Adoption of ASU 2016-13 Financial Instruments - Credit LossesDeficit |
Balance at the beginning of the period at Dec. 31, 2019 | $ 7,747 | $ 64,746 | $ 187 | $ (6,314) | $ (272) | $ (51) | $ 3,364 | $ (66) | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Options exercised | 18 | (19) | ||||||||
Stock-based compensation | 25 | |||||||||
Change in reciprocal interest | 66 | 22 | ||||||||
Other | 6 | |||||||||
Earnings attributable to controlling interests | $ 1,492 | 1,492 | ||||||||
Preference share dividends | (284) | |||||||||
Dividends paid to reciprocal shareholder | 14 | |||||||||
Common share dividends declared | (3,281) | |||||||||
Other | (3) | (1) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,171 | |||||||||
Earnings attributable to noncontrolling interests | 25 | |||||||||
Change in unrealized loss on cash flow hedges | (3) | |||||||||
Foreign currency translation adjustments | 57 | |||||||||
Contributions | 21 | |||||||||
Distributions | (232) | |||||||||
Redemption of preferred shares held by subsidiary | 0 | |||||||||
Balance at the end of the period at Sep. 30, 2020 | $ 68,435 | 7,747 | 64,764 | 265 | (8,442) | 899 | (29) | $ 65,204 | 3,231 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ 2.430 | |||||||||
Balance at the beginning of the period at Jun. 30, 2020 | 7,747 | 64,763 | 207 | (7,797) | 1,753 | (47) | 3,315 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Options exercised | 1 | (1) | ||||||||
Stock-based compensation | 6 | |||||||||
Change in reciprocal interest | $ 54 | 18 | ||||||||
Other | (1) | |||||||||
Earnings attributable to controlling interests | 1,084 | 1,084 | ||||||||
Preference share dividends | (94) | |||||||||
Dividends paid to reciprocal shareholder | 4 | |||||||||
Common share dividends declared | (1,640) | |||||||||
Other | 1 | (1) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (854) | |||||||||
Earnings attributable to noncontrolling interests | 20 | |||||||||
Change in unrealized loss on cash flow hedges | 0 | |||||||||
Foreign currency translation adjustments | (36) | |||||||||
Contributions | 1 | |||||||||
Distributions | (68) | |||||||||
Redemption of preferred shares held by subsidiary | 0 | |||||||||
Balance at the end of the period at Sep. 30, 2020 | $ 68,435 | 7,747 | 64,764 | 265 | (8,442) | 899 | (29) | 65,204 | 3,231 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ 0.810 | |||||||||
Balance at the beginning of the period at Dec. 31, 2020 | $ 64,363 | 7,747 | 64,768 | 277 | (9,995) | (1,401) | (29) | 2,996 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Options exercised | 22 | (15) | ||||||||
Stock-based compensation | 23 | |||||||||
Change in reciprocal interest | 39 | 12 | ||||||||
Other | 0 | |||||||||
Earnings attributable to controlling interests | 4,256 | 4,256 | ||||||||
Preference share dividends | (280) | |||||||||
Dividends paid to reciprocal shareholder | 6 | |||||||||
Common share dividends declared | (3,384) | |||||||||
Other | 0 | 1 | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 41 | |||||||||
Earnings attributable to noncontrolling interests | 93 | |||||||||
Change in unrealized loss on cash flow hedges | (15) | |||||||||
Foreign currency translation adjustments | (10) | |||||||||
Contributions | 13 | |||||||||
Distributions | (210) | |||||||||
Redemption of preferred shares held by subsidiary | (293) | |||||||||
Balance at the end of the period at Sep. 30, 2021 | $ 64,662 | 7,747 | 64,790 | 324 | (9,397) | (1,360) | (17) | 62,087 | 2,575 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ 2.505 | |||||||||
Balance at the beginning of the period at Jun. 30, 2021 | 7,747 | 64,780 | 324 | (8,388) | (2,420) | (17) | 2,870 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Options exercised | 10 | (7) | ||||||||
Stock-based compensation | 7 | |||||||||
Change in reciprocal interest | 0 | 0 | ||||||||
Other | 0 | |||||||||
Earnings attributable to controlling interests | $ 780 | 780 | ||||||||
Preference share dividends | (98) | |||||||||
Dividends paid to reciprocal shareholder | 1 | |||||||||
Common share dividends declared | (1,692) | |||||||||
Other | 0 | (1) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,060 | |||||||||
Earnings attributable to noncontrolling interests | 34 | |||||||||
Change in unrealized loss on cash flow hedges | (9) | |||||||||
Foreign currency translation adjustments | 37 | |||||||||
Contributions | 4 | |||||||||
Distributions | (67) | |||||||||
Redemption of preferred shares held by subsidiary | (293) | |||||||||
Balance at the end of the period at Sep. 30, 2021 | $ 64,662 | $ 7,747 | $ 64,790 | $ 324 | $ (9,397) | $ (1,360) | $ (17) | $ 62,087 | $ 2,575 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Dividends paid per common share (in Canadian dollars per share) | $ 0.835 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Earnings | $ 4,349 | $ 1,517 |
Adjustments to reconcile earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 2,805 | 2,766 |
Deferred income tax expense/(recovery) | 789 | (82) |
Unrealized derivative fair value loss, net (Note 9) | 86 | 200 |
Income from equity investments | (1,187) | (805) |
Distributions from equity investments | 1,197 | 1,145 |
Impairment of equity investments (Note 8) | 111 | 2,351 |
Gain on disposition | (41) | 0 |
Other | (87) | 222 |
Changes in operating assets and liabilities | (1,068) | 213 |
Net cash provided by operating activities | 6,954 | 7,527 |
Investing activities | ||
Capital expenditures | (5,475) | (3,790) |
Long-term investments and restricted long-term investments | (241) | (413) |
Distributions from equity investments in excess of cumulative earnings | 295 | 438 |
Additions to intangible assets | (185) | (154) |
Proceeds from disposition | 122 | 265 |
Affiliate loans, net | 19 | 10 |
Other | (30) | 0 |
Net cash used in investing activities | (5,495) | (3,644) |
Financing activities | ||
Net change in short-term borrowings | 84 | 71 |
Net change in commercial paper and credit facility draws | (32) | 231 |
Debenture and term note issues, net of issue costs | 6,135 | 4,834 |
Debenture and term note repayments | (1,888) | (3,517) |
Contributions from noncontrolling interests | 13 | 21 |
Distributions to noncontrolling interests | (210) | (232) |
Common shares issued | 3 | 3 |
Preference share dividends | (274) | (284) |
Common share dividends | (5,074) | (4,920) |
Redemption of preferred shares held by subsidiary | (115) | 0 |
Other | (64) | (52) |
Net cash used in financing activities | (1,422) | (3,845) |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (12) | (22) |
Net increase in cash and cash equivalents and restricted cash | 25 | 16 |
Cash and cash equivalents and restricted cash at beginning of period | 490 | 676 |
Cash and cash equivalents and restricted cash at end of period | $ 515 | $ 692 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 451 | $ 452 |
Restricted cash | 64 | 38 |
Accounts receivable and other | 6,378 | 5,258 |
Accounts receivable from affiliates | 170 | 66 |
Inventory | 1,495 | 1,536 |
Total current assets | 8,558 | 7,350 |
Property, plant and equipment, net | 98,097 | 94,571 |
Long-term investments | 13,489 | 13,818 |
Restricted long-term investments | 575 | 553 |
Deferred amounts and other assets | 8,413 | 8,446 |
Intangible assets, net | 2,212 | 2,080 |
Goodwill | 32,573 | 32,688 |
Deferred income taxes | 615 | 770 |
Total assets | 164,532 | 160,276 |
Current liabilities | ||
Short-term borrowings | 1,205 | 1,121 |
Accounts payable and other | 8,754 | 9,228 |
Accounts payable to affiliates | 170 | 22 |
Interest payable | 619 | 651 |
Current portion of long-term debt | 4,693 | 2,957 |
Total current liabilities | 15,441 | 13,979 |
Long-term debt | 65,036 | 62,819 |
Other long-term liabilities | 8,116 | 8,783 |
Deferred income taxes | 11,277 | 10,332 |
Total liabilities | 99,870 | 95,913 |
Contingencies (Note 12) | ||
Share capital | ||
Preference shares | 7,747 | 7,747 |
Common shares (2,026 outstanding at September 30, 2021 and December 31, 2020) | 64,790 | 64,768 |
Additional paid-in capital | 324 | 277 |
Deficit | (9,397) | (9,995) |
Accumulated other comprehensive loss (Note 7) | (1,360) | (1,401) |
Reciprocal shareholding | (17) | (29) |
Total Enbridge Inc. shareholders’ equity | 62,087 | 61,367 |
Noncontrolling interests | 2,575 | 2,996 |
Total equity | 64,662 | 64,363 |
Total liabilities and equity | $ 164,532 | $ 160,276 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares shares in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding (in shares) | 2,026 | 2,026 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
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 (US GAAP) and Regulation S-X for interim consolidated financial information. They do not include all of the information and notes required by US GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited consolidated financial statements and notes for the year ended December 31, 2020. 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 consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards (Note 2) . Amounts are stated in Canadian dollars unless otherwise noted. Our operations and earnings for interim periods can be affected by seasonal fluctuations within the gas distribution utility businesses, as well as other factors such as supply of and demand for crude oil and natural gas, and may not be indicative of annual results. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
CHANGES IN ACCOUNTING POLICIES | CHANGES IN ACCOUNTING POLICIES ADOPTION OF NEW ACCOUNTING STANDARDS Reference Rate Reform For eligible hedging relationships existing as at January 1, 2021 and prospectively, we have applied the optional expedient in Accounting Standards Update (ASU) 2020-04 whereby the modification of the hedging instrument does not result in an automatic hedging relationship de-designation. The adoption of this ASU did not have a material impact on our consolidated financial statements. Clarifying Interaction Between Equity Securities, Equity Method Investments and Derivatives Effective January 1, 2021, we adopted ASU 2020-01 on a prospective basis. The new standard was issued in January 2020 and clarifies that observable transactions should be considered for the purpose of applying the measurement alternative in accordance with Accounting Standards Codification (ASC) 321 Investments - Equity Securities immediately before the application or upon discontinuance of the equity method of accounting. Furthermore, the ASU clarifies that forward contracts or purchased options on equity securities are not out of scope of ASC 815 Derivatives and Hedging guidance only because, upon the contracts’ exercise, the equity securities could be accounted for under the equity method of accounting or fair value option. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Income Taxes Effective January 1, 2021, we adopted ASU 2019-12 on a prospective basis. The new standard was issued in December 2019 with the intent of simplifying the accounting for income taxes. The accounting update removes certain exceptions to the general principles in ASC 740 Income Taxes as well as provides simplification by clarifying and amending existing guidance. The adoption of this ASU did not have a material impact on our consolidated financial statements. FUTURE ACCOUNTING POLICY CHANGES Accounting for Certain Lessor Leases with Variable Lease Payments ASU 2021-05 was issued in July 2021 to amend lessor accounting for certain leases with variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a loss at lease commencement if classified as a sales-type or a direct financing lease. The ASU amends the classification requirements of such leases for lessors to result in an operating lease classification. ASU 2021-05 is effective January 1, 2022 and can be applied either retrospectively or prospectively with early adoption permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Modifications or Exchanges of Certain Equity-Classified Contracts ASU 2021-04 was issued in May 2021 to clarify issuer accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The ASU requires an issuer to determine the accounting for the modification or exchange based on the economic substance of the modification or exchange. ASU 2021-04 is effective January 1, 2022 and should be applied prospectively. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ASU 2020-06 was issued in August 2020 to simplify accounting for certain financial instruments. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for all convertible instruments and an update for instruments that can be settled in either cash or shares. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Contract Assets and Liabilities from Contracts with Customers in a Business Combination ASU 2021-08 was issued in October 2021 to amend business combination accounting specific to contract assets and contract liabilities resulting from contracts with customers, requiring measurement in accordance with ASC 606. The ASU is also applicable to contract assets and contract liabilities from other contracts to which ASC 606 applies, such as contract liabilities from the sale of nonfinancial assets within the scope of ASC 610-20. ASU 2021-08 is effective January 1, 2023 and should be applied prospectively with early adoption permitted. Early adoption requires retrospective application for business combinations with an acquisition date in the year of early application. We are currently assessing the impact of the new standard on our consolidated financial statements. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenue 2,340 1,081 128 — — — 3,549 Storage and other revenue 33 58 50 — — — 141 Gas gathering and processing revenue — 15 — — — — 15 Gas distribution revenue — — 496 — — — 496 Electricity and transmission revenue — — — 44 — — 44 Total revenue from contracts with customers 2,373 1,154 674 44 — — 4,245 Commodity sales — — — — 7,279 — 7,279 Other revenue 1,2 (143) 4 24 78 (1) (20) (58) Intersegment revenue 140 1 (11) — 12 (142) — Total revenue 2,370 1,159 687 122 7,290 (162) 11,466 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenue 2,234 1,077 128 — — — 3,439 Storage and other revenue 22 64 51 — — — 137 Gas gathering and processing revenue — 7 — — — — 7 Gas distribution revenue — — 448 — — — 448 Electricity and transmission revenue — — — 46 — — 46 Total revenue from contracts with customers 2,256 1,148 627 46 — — 4,077 Commodity sales — — — — 4,595 — 4,595 Other revenue 1,2 360 14 (8) 80 (3) (5) 438 Intersegment revenue 157 — 2 — 4 (163) — Total revenue 2,773 1,162 621 126 4,596 (168) 9,110 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Transportation revenue 6,826 3,248 494 — — — 10,568 Storage and other revenue 96 195 159 — — — 450 Gas gathering and processing revenue — 32 — — — — 32 Gas distribution revenue — — 2,755 — — — 2,755 Electricity and transmission revenue — — — 125 — — 125 Total revenue from contracts with customers 6,922 3,475 3,408 125 — — 13,930 Commodity sales — — — — 20,042 — 20,042 Other revenue 1,2 284 25 42 246 — (18) 579 Intersegment revenue 410 1 13 — 26 (450) — Total revenue 7,616 3,501 3,463 371 20,068 (468) 34,551 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Transportation revenue 6,815 3,458 494 — — — 10,767 Storage and other revenue 72 209 154 — — — 435 Gas gathering and processing revenue — 19 — — — — 19 Gas distribution revenue — — 2,551 — — — 2,551 Electricity and transmission revenue — — — 150 — — 150 Total revenue from contracts with customers 6,887 3,686 3,199 150 — — 13,922 Commodity sales — — — — 14,920 — 14,920 Other revenue 1,2 (59) 35 (1) 279 1 (18) 237 Intersegment revenue 424 1 8 — 22 (455) — Total revenue 7,252 3,722 3,206 429 14,943 (473) 29,079 1 Includes mark-to-market gains/(losses) from our hedging program for the three months ended September 30, 2021 and 2020 of $225 million mark-to-market loss and $276 million mark-to-market gain, respectively. For the nine months ended September 30, 2021 and 2020, Other revenue includes a $36 million mark-to-market gain and $298 million mark-to-market loss, respectively. 2 Includes revenues from lease contracts for the three months ended September 30, 2021 and 2020 of $140 million and $144 million, respectively and for the nine months ended September 30, 2021 and 2020 of $442 million and $459 million, respectively. We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance. Contract Balances Contract Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at September 30, 2021 1,673 212 1,842 Balance as at December 31, 2020 2,042 226 1,815 Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenues which have 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 payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive 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. Revenue recognized during the three and nine months ended September 30, 2021 included in contract liabilities at the beginning of the period was $44 million and $269 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2021 were $154 million and $299 million, respectively. Performance Obligations There were no material revenues recognized in the three and nine months ended September 30, 2021 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 are $55.6 billion, of which $1.7 billion and $5.6 billion are expected to be recognized during the remaining three months ending December 31, 2021 and the year ending December 31, 2022, 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 revenue 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, revenue from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above. Variable Consideration During the three months ended September 30, 2021, revenue for the Canadian Mainline has been recognized in accordance with the terms of the Competitive Tolling Settlement, which expired on June 30, 2021. The tolls in place on June 30, 2021 continue on an interim basis until a new Canadian Mainline commercial arrangement is implemented and are subject to finalization and adjustment applicable to the interim period, if any. Due to the uncertainty of adjustment to tolling pursuant to a Canada Energy Regulator decision and potential customer negotiations, the interim toll revenue recognized during the three months ended September 30, 2021 is considered variable consideration. We do not expect a significant adjustment to revenue when the uncertainty is resolved. Recognition and Measurement of Revenues Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 13 — 13 Revenues from products and services transferred over time 1 2,373 1,154 661 44 4,232 Total revenue from contracts with customers 2,373 1,154 674 44 4,245 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 15 — 15 Revenues from products and services transferred over time 1 2,256 1,148 612 46 4,062 Total revenue from contracts with customers 2,256 1,148 627 46 4,077 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Nine months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 47 — 47 Revenues from products and services transferred over time 1 6,922 3,475 3,361 125 13,883 Total revenue from contracts with customers 6,922 3,475 3,408 125 13,930 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Nine months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 45 — 45 Revenues from products and services transferred over time 1 6,887 3,686 3,154 150 13,877 Total revenue from contracts with customers 6,887 3,686 3,199 150 13,922 1 Includes 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
SEGMENTED INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Revenues 2,370 1,159 687 122 7,290 (162) 11,466 Commodity and gas distribution costs (6) — (135) — (7,485) 159 (7,467) Operating and administrative (919) (445) (280) (51) (13) 41 (1,667) Income/(loss) from equity investments 226 211 (12) 15 — — 440 Impairment of equity investments — (111) — — — — (111) Other income/(expense) 2 70 22 5 4 (159) (56) Earnings/(loss) before interest, income taxes, and depreciation and amortization 1,673 884 282 91 (204) (121) 2,605 Depreciation and amortization (944) Interest expense (648) Income tax expense (199) Earnings 814 Capital expenditures 1 1,053 602 359 — 1 18 2,033 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended September 30, 2020 (millions of Canadian dollars) Revenues 2,773 1,162 621 126 4,596 (168) 9,110 Commodity and gas distribution costs (5) — (87) — (4,613) 179 (4,526) Operating and administrative (811) (432) (243) (57) (15) 4 (1,554) Income/(loss) from equity investments 118 191 (13) 22 (3) — 315 Impairment of equity investments — (615) — — — — (615) Other income 15 28 20 2 1 192 258 Earnings/(loss) before interest, income taxes, and depreciation and amortization 2,090 334 298 93 (34) 207 2,988 Depreciation and amortization (935) Interest expense (718) Income tax expense (231) Earnings 1,104 Capital expenditures 1 442 642 339 11 1 22 1,457 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Revenues 7,616 3,501 3,463 371 20,068 (468) 34,551 Commodity and gas distribution costs (16) — (1,392) — (20,405) 479 (21,334) Operating and administrative (2,411) (1,303) (794) (131) (36) (35) (4,710) Income from equity investments 560 525 37 65 — — 1,187 Impairment of equity investments — (111) — — — — (111) Other income/(expense) 7 113 60 57 (6) 215 446 Earnings/(loss) before interest, income taxes, and depreciation and amortization 5,756 2,725 1,374 362 (379) 191 10,029 Depreciation and amortization (2,805) Interest expense (1,923) Income tax expense (952) Earnings 4,349 Capital expenditures 1 2,976 1,631 878 7 1 39 5,532 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Revenues 7,252 3,722 3,206 429 14,943 (473) 29,079 Commodity and gas distribution costs (13) — (1,213) — (14,877) 451 (15,652) Operating and administrative (2,458) (1,377) (761) (144) (72) (143) (4,955) Income from equity investments 463 284 2 59 (3) — 805 Impairment of equity investments — (2,351) — — — — (2,351) Other income/(expense) 36 (48) 51 32 (3) (333) (265) Earnings/(loss) before interest, income taxes, and depreciation and amortization 5,280 230 1,285 376 (12) (498) 6,661 Depreciation and amortization (2,766) Interest expense (2,105) Income tax expense (273) Earnings 1,517 Capital expenditures 1 1,503 1,462 765 41 2 63 3,836 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND D
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE AND DIVIDENDS 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 approximately 2 million for the three and nine months ended September 30, 2021, compared to 5 million for the three and nine months ended September 30, 2020, resulting from our reciprocal investment in Noverco Inc. (Noverco). 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 Nine months ended 2021 2020 2021 2020 (number of shares in millions) Weighted average shares outstanding 2,024 2,021 2,023 2,020 Effect of dilutive options 2 — 2 1 Diluted weighted average shares outstanding 2,026 2,021 2,025 2,021 For the three months ended September 30, 2021 and 2020, 13.3 million and 34.1 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $56.16 and $50.55, respectively, were excluded from the diluted earnings per common share calculation. For the nine months ended September 30, 2021 and 2020, 20.5 million and 28.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $52.19 and $51.85, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On November 3, 2021, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2021 to shareholders of record on November 15, 2021. Dividend per share Common Shares 1 $0.83500 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.21340 Preference Shares, Series C 2 $0.16081 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 $0.27369 Preference Shares, Series R $0.25456 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.33596 Preference Shares, Series 7 $0.27806 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 17 $0.32188 Preference Shares, Series 19 $0.30625 1 The quarterly dividend per common share was increased 3% to $0.835 from $0.81, effective March 1, 2021. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at September 30, 2021: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2022-2026 9,169 7,378 1,791 Enbridge (U.S.) Inc. 2023-2026 6,968 2,515 4,453 Enbridge Pipelines Inc. 2023 3,000 469 2,531 Enbridge Gas Inc. 2023 2,000 1,205 795 Total committed credit facilities 21,137 11,567 9,570 1 Maturity date is inclusive of the one-year term out option for certain credit facilities. 2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability-linked credit facility for $1.0 billion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 billion. On February 25, 2021, two term loans with an aggregate total of US$500 million were repaid with proceeds from a floating rate notes issuance. On July 22 and 23, 2021, we renewed approximately $8.0 billion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 billion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023. In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $868 million was unutilized as at September 30, 2021. As at December 31, 2020, we had $849 million of uncommitted demand letter of credit facilities, of which $533 million was 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 2022 to 2026. As at September 30, 2021 and December 31, 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $8.3 billion and $9.9 billion, 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 nine months ended September 30, 2021, we completed the following long-term debt issuances totaling US$2.4 billion and $3.2 billion: Company Issue Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2021 Floating rate notes due February 2023 1 US$500 June 2021 2.50% Sustainability-Linked senior notes due August 2033 US$1,000 June 2021 3.40% senior notes due August 2051 US$500 September 2021 3.10% Sustainability-Linked medium-term notes due September 2033 $1,100 September 2021 4.10% medium-term notes due September 2051 $400 Enbridge Gas Inc. September 2021 2.35% medium-term notes due September 2031 $475 September 2021 3.20% medium-term notes due September 2051 $425 Enbridge Pipelines Inc. May 2021 2.82% medium-term notes due May 2031 $400 May 2021 4.20% medium-term notes due May 2051 $400 Spectra Energy Partners, LP September 2021 2.50% senior notes due September 2031 2 US$400 1 Notes mature in two years and carry an interest rate set to equal Secured Overnight Financing Rate plus a margin of 40 basis points. 2 Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of Spectra Energy Partners, LP. On October 4, 2021, we closed a three tranche offering of aggregate US$1.5 billion senior notes consisting of US$500 million 0.55% 2-year notes, US$500 million 1.60% 5-year notes, and a US$500 million re-opening of the 3.40% 2051 notes issued in June 2021. Each tranche is payable semi-annually in arrears and matures on October 4, 2023, October 4, 2026, and August 1, 2051, respectively. LONG-TERM DEBT REPAYMENTS During the nine months ended September 30, 2021, we completed the following long-term debt repayments totaling $808 million and US$880 million: Company Repayment Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2021 4.26% medium-term notes $200 March 2021 3.16% medium-term notes $400 Enbridge Energy Partners, L.P. June 2021 4.20% senior notes US$600 Enbridge Gas Inc. May 2021 2.76% medium-term notes $200 Enbridge Pipelines (Southern Lights) L.L.C. June 2021 3.98% senior notes US$30 Enbridge Southern Lights LP June 2021 4.01% senior notes $8 Spectra Energy Partners, LP March 2021 4.60% senior notes US$250 SUBORDINATED TERM NOTES As at September 30, 2021 and December 31, 2020, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $7.7 billion and $7.8 billion, respectively. FAIR VALUE ADJUSTMENT As at September 30, 2021 and December 31, 2020, the net fair value adjustments to total debt assumed in a historical acquisition were $687 million and $750 million, respectively. During the three months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million and $13 million, respectively. During the nine months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $36 million and $42 million, respectively. 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 September 30, 2021, we were in compliance with all covenant provisions. |
COMPONENTS OF ACCUMULATED OTHER
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in Accumulated other comprehensive loss (AOCI) attributable to our common shareholders for the nine months ended September 30, 2021 and 2020 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2021 (1,326) 5 (215) 568 66 (499) (1,401) Other comprehensive income/(loss) retained in AOCI 284 (3) 18 (340) (33) — (74) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 218 — — — — — 218 Commodity contracts 2 (4) — — — — — (4) Foreign exchange contracts 3 4 — — — — — 4 Other contracts 4 1 — — — — — 1 Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — — 21 21 Other 17 — — (20) 3 — — 520 (3) 18 (360) (30) 21 166 Tax impact Income tax on amounts retained in AOCI (72) — (2) — 5 — (69) Income tax on amounts reclassified to earnings (51) — — — — (5) (56) (123) — (2) — 5 (5) (125) Balance as at September 30, 2021 (929) 2 (199) 208 41 (483) (1,360) Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2020 (1,073) — (317) 1,396 67 (345) (272) Other comprehensive income/(loss) retained in AOCI (696) 7 (228) 1,760 8 — 851 Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 179 — — — — — 179 Commodity contracts 2 (1) — — — — — (1) Foreign exchange contracts 3 3 — — — — — 3 Other contracts 4 (1) — — — — — (1) Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — — 13 13 (516) 7 (228) 1,760 8 13 1,044 Tax impact Income tax on amounts retained in AOCI 167 — 7 — (2) — 172 Income tax on amounts reclassified to earnings (42) — — — — (3) (45) 125 — 7 — (2) (3) 127 Balance as at September 30, 2020 (1,464) 7 (538) 3,156 73 (335) 899 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues, Commodity sales revenue, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 5 These components are included in the computation of net periodic benefit costs and are reported within Other income/(expense) in the Consolidated Statements of Earnings. |
IMPAIRMENT OF EQUITY INVESTMENT
IMPAIRMENT OF EQUITY INVESTMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
IMPAIRMENT OF EQUITY INVESTMENTS | IMPAIRMENT OF EQUITY INVESTMENTS PennEast Pipeline Company, L.L.C. PennEast Pipeline Company, L.L.C. (PennEast) is a joint venture formed to develop a natural gas transmission pipeline to serve local distribution companies and power generators in Southeastern Pennsylvania and New Jersey, is owned 20% by Enbridge, and is recorded as an equity method investment. During the three months ended September 30, 2021, PennEast determined further development of the project was no longer viable and further development of the project has ceased. As a result, we recorded an other than temporary impairment loss of $111 million on our investment for the three and nine months ended September 30, 2021 based on the estimated fair value of our share of the net assets. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $11 million and $116 million, respectively. Steckman Ridge, LP Steckman Ridge, LP (Steckman) is engaged in the storage of natural gas, is owned 50% by Enbridge, and is recorded as an equity method investment. In the third quarter of 2020, Steckman’s forecasted performance was adjusted for the expectation that future available capacity will be re-contracted at lower than expected rates and an other than temporary impairment loss on our investment of $221 million for the three and nine months ended September 30, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $88 million and $90 million, respectively. Southeast Supply Header, L.L.C. Southeast Supply Header, L.L.C. (SESH) provides natural gas transmission services from east Texas and northern Louisiana to the southeast markets of the Gulf Coast. SESH is owned 50% by Enbridge and is recorded as an equity method investment. In the third quarter of 2020, SESH's forecasted performance was revised to reflect downward revisions to future negotiated rates as well as higher than expected available capacity levels, caused primarily by a significant contract expiry. An other than temporary impairment loss on our investment of $394 million for the three and nine months ended September 30, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $83 million and $84 million, respectively. DCP Midstream, LLC DCP Midstream, LLC (DCP Midstream), a 50% owned equity method investment of Enbridge, holds an equity interest in DCP Midstream, LP. A decline in the market price of DCP Midstream, LP’s publicly traded units during the first quarter of 2020 resulted in an other than temporary impairment loss on our investment in DCP Midstream of $1.7 billion for the nine months ended September 30, 2020. In addition, we incurred losses of $324 million through our equity earnings pick up in relation to asset and goodwill impairment losses recorded by DCP Midstream, LP during the nine months ended September 30, 2020. The carrying value of our investment in DCP Midstream as at September 30, 2021 and December 31, 2020 was $298 million and $331 million, respectively. Our investments in PennEast, Steckman, SESH, and DCP Midstream form part of our Gas Transmission and Midstream segment. The impairment losses were recorded within Impairment of equity investments in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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/(loss) (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 cash flow, fair value 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 (US) dollar denominated investments and subsidiaries using foreign currency derivatives and US 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. We 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. 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 3.2%. 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 September 30, 2021, 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 1.9%. 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. COVID-19 PANDEMIC RISK The spread of the COVID-19 pandemic has caused significant volatility in Canada, the US and international markets. While we have taken proactive measures to deliver energy safely and reliably during this pandemic, given the ongoing dynamic nature of the circumstances surrounding COVID-19, including ongoing uncertainty as to the duration of the pandemic and corresponding public health measures, the impact of this pandemic and the ongoing recovery on our business remains uncertain. TOTAL 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. September 30, 2021 Derivative Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — — 225 225 (31) 194 Commodity contracts — — — 320 320 (278) 42 Other contracts 1 — — 7 8 — 8 1 — — 552 553 (309) 244 Deferred amounts and other assets Foreign exchange contracts — — — 248 248 (86) 162 Interest rate contracts 168 — — — 168 (25) 143 Commodity contracts — — — 83 83 (61) 22 Other contracts 1 — — 2 3 — 3 169 — — 333 502 (172) 330 Accounts payable and other Foreign exchange contracts (8) — (105) (148) (261) 31 (230) Interest rate contracts (37) — — 2 (35) — (35) Commodity contracts (14) — — (535) (549) 278 (271) (59) — (105) (681) (845) 309 (536) Other long-term liabilities Foreign exchange contracts — — — (499) (499) 86 (413) Interest rate contracts (115) — — (23) (138) 25 (113) Commodity contracts (18) — — (131) (149) 61 (88) (133) — — (653) (786) 172 (614) Total net derivative assets/(liabilities) Foreign exchange contracts (8) — (105) (174) (287) — (287) Interest rate contracts 16 — — (21) (5) — (5) Commodity contracts (32) — — (263) (295) — (295) Other contracts 2 — — 9 11 — 11 (22) — (105) (449) (576) — (576) December 31, 2020 Derivative Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — — 180 180 (28) 152 Commodity contracts — — — 143 143 (81) 62 — — — 323 323 (109) 214 Deferred amounts and other assets Foreign exchange contracts 14 — — 452 466 (218) 248 Interest rate contracts 56 — — — 56 (25) 31 Commodity contracts — — — 39 39 (9) 30 70 — — 491 561 (252) 309 Accounts payable and other Foreign exchange contracts (5) — (29) (151) (185) 28 (157) Interest rate contracts (423) — — (2) (425) — (425) Commodity contracts (2) — — (278) (280) 81 (199) Other contracts (1) — — (3) (4) — (4) (431) — (29) (434) (894) 109 (785) Other long-term liabilities Foreign exchange contracts — — (87) (673) (760) 218 (542) Interest rate contracts (218) — — (23) (241) 25 (216) Commodity contracts (1) — — (57) (58) 9 (49) (219) — (87) (753) (1,059) 252 (807) Total net derivative assets/(liabilities) Foreign exchange contracts 9 — (116) (192) (299) — (299) Interest rate contracts (585) — — (25) (610) — (610) Commodity contracts (3) — — (153) (156) — (156) Other contracts (1) — — (3) (4) — (4) (580) — (116) (373) (1,069) — (1,069) The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments. September 30, 2021 2021 2022 2023 2024 2025 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 1,357 1,750 — — — — 3,107 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 2,210 6,354 3,784 2,480 1,290 672 16,790 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 62 28 29 30 30 60 239 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 38 94 92 91 86 428 829 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — 72,500 — — — — 72,500 Interest rate contracts - short-term debt pay fixed rate (millions of Canadian dollars) 992 395 47 35 30 90 1,589 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) — 1,987 1,333 — — — 3,320 Equity contracts (millions of Canadian dollars) 40 19 26 20 — — 105 Commodity contracts - natural gas (billions of cubic feet) 2 19 55 15 4 10 (16) 87 Commodity contracts - crude oil (millions of barrels) 2 12 2 — — — — 14 Commodity contracts - power (megawatt per hour) (MW/H) (18) (43) (43) (43) (43) — (42) 1 1 Total is an average net purchase/(sale) of power. 2 Total is a net purchase/(sale) of underlying commodity. Fair Value Derivatives For foreign exchange 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 Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Unrealized gain/(loss) on derivative 50 (60) 15 25 Unrealized gain/(loss) on hedged item (50) 59 (22) (6) Realized loss on derivative (1) — (40) (12) Realized gain on hedged item — — 45 — The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income The following table presents the effect of cash flow hedges, fair value hedges and net investment hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes: Three months ended Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts 4 — (21) 6 Interest rate contracts (1) 41 293 (709) Commodity contracts (21) (1) (25) 8 Other contracts (2) — 2 (6) Fair value hedges Foreign exchange contracts (1) (1) (3) 7 Net investment hedges Foreign exchange contracts — 17 — 13 (21) 56 246 (681) Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 1 1 4 3 Interest rate contracts 2 76 76 218 179 Commodity contracts (4) (1) (4) (1) Other contracts 3 — (1) 1 (1) 73 75 219 180 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. 3 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. We estimate that a loss of $59 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 27 months as at September 30, 2021. 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 Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Foreign exchange contracts 1 (436) 571 18 (186) Interest rate contracts 2 2 (13) 4 (28) Commodity contracts 3 (102) 69 (120) 25 Other contracts 4 2 (3) 12 (11) Total unrealized derivative fair value gain/(loss), net (534) 624 (86) (200) 1 For the respective nine months ended periods, reported within Transportation and other services revenues (2021 - $71 million gain; 2020 - $87 million loss) and Net foreign currency gain/(loss) (2021 - $53 million loss; 2020 - $99 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 nine months ended periods, reported within Transportation and other services revenues (2021 - nil; 2020 - $8 million gain), Commodity sales (2021 - $5 million loss; 2020 - $176 million loss), Commodity costs (2021 - $124 million loss; 2020 - $195 million gain) and Operating and administrative expense (2021 - $8 million gain; 2020 - $2 million loss) 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 ready access to either the Canadian or US public capital markets, subject to market conditions. 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 September 30, 2021. 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: September 30, December 31, (millions of Canadian dollars) Canadian financial institutions 471 481 US financial institutions 240 99 European financial institutions 176 28 Asian financial institutions 24 167 Other 1 124 97 1,035 872 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. As at September 30, 2021, 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 agreements. We held no cash collateral on derivative asset exposures as at September 30, 2021 and December 31, 2020. 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 Enbridge Gas Inc., credit risk is mitigated by the utility's large and diversified customer base and the ability to recover an estimate for expected credit losses 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 utilize a loss allowance matrix which contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations to measure lifetime expected credit losses of receivables. 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 available-for-sale preferred share investment and long-term debt as Level 2. The fair value of our available-for-sale preferred share investment is based on the redemption value, which equals the face value plus accrued and unpaid interest periodically reset based on market interest rates. 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, NGL and natural gas contracts, basis swaps, commodity swaps, and power and energy swaps. 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) 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: September 30, 2021 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 225 — 225 Commodity contracts 129 150 41 320 Other contracts — 8 — 8 129 383 41 553 Long-term derivative assets Foreign exchange contracts — 248 — 248 Interest rate contracts — 168 — 168 Commodity contracts 32 46 5 83 Other contracts — 3 — 3 32 465 5 502 Financial liabilities Current derivative liabilities Foreign exchange contracts — (261) — (261) Interest rate contracts — (35) — (35) Commodity contracts (149) (200) (200) (549) (149) (496) (200) (845) Long-term derivative liabilities Foreign exchange contracts — (499) — (499) Interest rate contracts — (138) — (138) Commodity contracts (35) (34) (80) (149) (35) (671) (80) (786) Total net financial assets/(liabilities) Foreign exchange contracts — (287) — (287) Interest rate contracts — (5) — (5) Commodity contracts (23) (38) (234) (295) Other contracts — 11 — 11 (23) (319) (234) (576) December 31, 2020 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 180 — 180 Commodity contracts 43 33 67 143 43 213 67 323 Long-term derivative assets Foreign exchange contracts — 466 — 466 Interest rate contracts — 56 — 56 Commodity contracts 1 24 14 39 1 546 14 561 Financial liabilities Current derivative liabilities Foreign exchange contracts — (185) — (185) Interest rate contracts — (425) — (425) Commodity contracts (39) (18) (223) (280) Other contracts — (4) — (4) (39) (632) (223) (894) Long-term derivative liabilities Foreign exchange contracts — (760) — (760) Interest rate contracts — (241) — (241) Commodity contracts (1) (8) (49) (58) (1) (1,009) (49) (1,059) Total net financial assets/(liabilities) Foreign exchange contracts — (299) — (299) Interest rate contracts — (610) — (610) Commodity contracts 4 31 (191) (156) Other contracts — (4) — (4) 4 (882) (191) (1,069) The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: September 30, 2021 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (20) Forward gas price 3.34 9.66 4.95 $/mmbtu 2 Crude (2) Forward crude price 68.14 94.91 81.51 $/barrel NGL — Forward NGL price $/gallon Power (65) Forward power price 37.91 128.70 76.20 $/MW/H Commodity contracts - physical 1 Natural gas (94) Forward gas price 2.86 9.85 6.30 $/mmbtu 2 Crude (53) Forward crude price 75.66 96.75 90.70 $/barrel NGL — Forward NGL price — — — $/gallon (234) 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. Changes in forward commodity prices could result in significantly different fair values for our Level 3 derivatives. Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Nine months ended 2021 2020 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (191) (69) Total gain/(loss) Included in earnings 1 (181) (40) Included in OCI (29) 7 Settlements 167 38 Level 3 net derivative liability at end of period (234) (64) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. There were no transfers into or out of Level 3 as at September 30, 2021 or December 31, 2020. NET INVESTMENT HEDGES We currently have designated a portion of our US dollar denominated debt, as well as a portfolio of foreign exchange forward contracts in prior periods, as a hedge of our net investment in US dollar denominated investments and subsidiaries. During the nine months ended September 30, 2021 and 2020, we recognized an unrealized foreign exchange gain of $18 million and a loss of $226 million, respectively, on the translation of US dollar denominated debt and unrealized gain of nil and $13 million, respectively, on the change in fair value of our outstanding foreign exchange forward contracts in OCI. During the nine months ended September 30, 2021 and 2020, we recognized realized losses of nil and $15 million, respectively, in OCI associated with the settlement of foreign exchange forward contracts or with the settlement of US dollar denominated debt that had matured during the period. FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS Certain 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. The carrying value of FVMA investments totaled $52 million as at September 30, 2021 and December 31, 2020. We have Restricted long-term investments held in trust totaling $575 million and $553 million as at September 30, 2021 and December 31, 2020, respectively, which are recognized at fair value. During the nine months ended September 30, 2021, we entered into a definitive agreement to sell our 38.9% noncontrolling interest in Noverco, which is comprised of both common shares and preferred shares. Historically, the preferred shares have been classified as held-to-maturity and carried at amortized cost. As a result of our intent to sell our interest in Noverco, the preferred shares were reclassified from held-to-maturity to available-for-sale at fair value during the second quarter of 2021. The fair value of the preferred shares was $580 million and $567 million as at September 30, 2021 and December 31, 2020, respectively. There were no gains or losses recognized in OCI on reclassification. As at September 30, 2021 and December 31, 2020, our long-term debt had a carrying value of $70.0 billion and $66.1 billion, respectively, before debt issuance costs and a fair value of $76.5 billion and $75.1 billion, respectively. We also have non-current notes receivable carried at book value and recorded in Deferred amounts and other assets in the Consolidated Statements of Financial Position. As at September 30, 2021 and December 31, 2020, the non-current notes receivable had a carrying value of $1.0 billion and $1.1 billion, respectively, which also approximates their fair value. The fair value of financial assets and liabilities other than derivative instruments, long-term investments, restricted long-term investments, long-term debt and non-current notes receivable described above approximate their carrying value due to the short period to maturity. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the three months ended September 30, 2021 and 2020 were 19.6% and 17.3%, respectively, and for the nine months ended September 30, 2021 and 2020 were 18.0% and 15.3%, respectively. The period-over-period increases in the effective income tax rates are due to the effect of rate-regulated accounting for income taxes, the benefit of foreign tax rate differentials and an adjustment related to regulatory balances from prior year. The increase is partially offset by a reduction in US minimum tax and the release of previously recognized uncertain tax positions. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (millions of Canadian dollars) Service cost 48 50 144 150 Interest cost 32 44 96 131 Expected return on plan assets (84) (90) (252) (270) Amortization of actuarial loss and prior service costs 14 9 42 28 Net periodic benefit costs 10 13 30 39 For the three and nine months ended September 30, 2020, we incurred nil and $236 million in severance costs related to our voluntary workforce reduction program. For the three and nine months ended September 30, 2021, there were no such costs incurred. Severance costs are included in Operating and administrative expense in the Consolidated Statements of Earnings. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | CONTINGENCIES We and our subsidiaries are involved in various 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. 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 We and our subsidiaries maintain tax liabilities related to uncertain tax positions. While fully supportable in our view, these tax positions, if challenged by tax authorities, may not be fully sustained on review. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On October 12, 2021, through a wholly-owned US subsidiary, we acquired all of the outstanding membership interests in Moda Midstream Operating, LLC (Moda) for US$3 billion of cash plus contingent consideration dependent on performance of the assets (the Acquisition). The Acquisition is also subject to customary closing and working capital adjustments. Moda owns and operates a light crude export platform with very large crude carrier capability. The Acquisition aligns with and advances our US Gulf Coast export strategy and enables connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins. We will account for the Acquisition using the acquisition method as prescribed by ASC 805 Business Combinations . The acquired assets and assumed liabilities will be recorded at their estimated fair values as at the date of acquisition, with any remaining amount allocated to goodwill. Due to the proximity of the acquisition date to the release date of our interim consolidated financial statements, we have not performed our initial accounting for the Acquisition. The preliminary purchase price allocation will be disclosed in the fourth quarter of 2021 after asset and liability valuations become available. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
ADOPTION OF NEW ACCOUNTING STANDARDS and FUTURE ACCOUNTING POLICY CHANGES | ADOPTION OF NEW ACCOUNTING STANDARDS Reference Rate Reform For eligible hedging relationships existing as at January 1, 2021 and prospectively, we have applied the optional expedient in Accounting Standards Update (ASU) 2020-04 whereby the modification of the hedging instrument does not result in an automatic hedging relationship de-designation. The adoption of this ASU did not have a material impact on our consolidated financial statements. Clarifying Interaction Between Equity Securities, Equity Method Investments and Derivatives Effective January 1, 2021, we adopted ASU 2020-01 on a prospective basis. The new standard was issued in January 2020 and clarifies that observable transactions should be considered for the purpose of applying the measurement alternative in accordance with Accounting Standards Codification (ASC) 321 Investments - Equity Securities immediately before the application or upon discontinuance of the equity method of accounting. Furthermore, the ASU clarifies that forward contracts or purchased options on equity securities are not out of scope of ASC 815 Derivatives and Hedging guidance only because, upon the contracts’ exercise, the equity securities could be accounted for under the equity method of accounting or fair value option. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Income Taxes Effective January 1, 2021, we adopted ASU 2019-12 on a prospective basis. The new standard was issued in December 2019 with the intent of simplifying the accounting for income taxes. The accounting update removes certain exceptions to the general principles in ASC 740 Income Taxes as well as provides simplification by clarifying and amending existing guidance. The adoption of this ASU did not have a material impact on our consolidated financial statements. FUTURE ACCOUNTING POLICY CHANGES Accounting for Certain Lessor Leases with Variable Lease Payments ASU 2021-05 was issued in July 2021 to amend lessor accounting for certain leases with variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a loss at lease commencement if classified as a sales-type or a direct financing lease. The ASU amends the classification requirements of such leases for lessors to result in an operating lease classification. ASU 2021-05 is effective January 1, 2022 and can be applied either retrospectively or prospectively with early adoption permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Modifications or Exchanges of Certain Equity-Classified Contracts ASU 2021-04 was issued in May 2021 to clarify issuer accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The ASU requires an issuer to determine the accounting for the modification or exchange based on the economic substance of the modification or exchange. ASU 2021-04 is effective January 1, 2022 and should be applied prospectively. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ASU 2020-06 was issued in August 2020 to simplify accounting for certain financial instruments. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for all convertible instruments and an update for instruments that can be settled in either cash or shares. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements. Accounting for Contract Assets and Liabilities from Contracts with Customers in a Business Combination ASU 2021-08 was issued in October 2021 to amend business combination accounting specific to contract assets and contract liabilities resulting from contracts with customers, requiring measurement in accordance with ASC 606. The ASU is also applicable to contract assets and contract liabilities from other contracts to which ASC 606 applies, such as contract liabilities from the sale of nonfinancial assets within the scope of ASC 610-20. ASU 2021-08 is effective January 1, 2023 and should be applied prospectively with early adoption permitted. Early adoption requires retrospective application for business combinations with an acquisition date in the year of early application. We are currently assessing the impact of the new standard on our consolidated financial statements. |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Major Products and Services Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenue 2,340 1,081 128 — — — 3,549 Storage and other revenue 33 58 50 — — — 141 Gas gathering and processing revenue — 15 — — — — 15 Gas distribution revenue — — 496 — — — 496 Electricity and transmission revenue — — — 44 — — 44 Total revenue from contracts with customers 2,373 1,154 674 44 — — 4,245 Commodity sales — — — — 7,279 — 7,279 Other revenue 1,2 (143) 4 24 78 (1) (20) (58) Intersegment revenue 140 1 (11) — 12 (142) — Total revenue 2,370 1,159 687 122 7,290 (162) 11,466 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenue 2,234 1,077 128 — — — 3,439 Storage and other revenue 22 64 51 — — — 137 Gas gathering and processing revenue — 7 — — — — 7 Gas distribution revenue — — 448 — — — 448 Electricity and transmission revenue — — — 46 — — 46 Total revenue from contracts with customers 2,256 1,148 627 46 — — 4,077 Commodity sales — — — — 4,595 — 4,595 Other revenue 1,2 360 14 (8) 80 (3) (5) 438 Intersegment revenue 157 — 2 — 4 (163) — Total revenue 2,773 1,162 621 126 4,596 (168) 9,110 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Transportation revenue 6,826 3,248 494 — — — 10,568 Storage and other revenue 96 195 159 — — — 450 Gas gathering and processing revenue — 32 — — — — 32 Gas distribution revenue — — 2,755 — — — 2,755 Electricity and transmission revenue — — — 125 — — 125 Total revenue from contracts with customers 6,922 3,475 3,408 125 — — 13,930 Commodity sales — — — — 20,042 — 20,042 Other revenue 1,2 284 25 42 246 — (18) 579 Intersegment revenue 410 1 13 — 26 (450) — Total revenue 7,616 3,501 3,463 371 20,068 (468) 34,551 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Transportation revenue 6,815 3,458 494 — — — 10,767 Storage and other revenue 72 209 154 — — — 435 Gas gathering and processing revenue — 19 — — — — 19 Gas distribution revenue — — 2,551 — — — 2,551 Electricity and transmission revenue — — — 150 — — 150 Total revenue from contracts with customers 6,887 3,686 3,199 150 — — 13,922 Commodity sales — — — — 14,920 — 14,920 Other revenue 1,2 (59) 35 (1) 279 1 (18) 237 Intersegment revenue 424 1 8 — 22 (455) — Total revenue 7,252 3,722 3,206 429 14,943 (473) 29,079 1 Includes mark-to-market gains/(losses) from our hedging program for the three months ended September 30, 2021 and 2020 of $225 million mark-to-market loss and $276 million mark-to-market gain, respectively. For the nine months ended September 30, 2021 and 2020, Other revenue includes a $36 million mark-to-market gain and $298 million mark-to-market loss, respectively. 2 Includes revenues from lease contracts for the three months ended September 30, 2021 and 2020 of $140 million and $144 million, respectively and for the nine months ended September 30, 2021 and 2020 of $442 million and $459 million, respectively. Recognition and Measurement of Revenues Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 13 — 13 Revenues from products and services transferred over time 1 2,373 1,154 661 44 4,232 Total revenue from contracts with customers 2,373 1,154 674 44 4,245 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 15 — 15 Revenues from products and services transferred over time 1 2,256 1,148 612 46 4,062 Total revenue from contracts with customers 2,256 1,148 627 46 4,077 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Nine months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 47 — 47 Revenues from products and services transferred over time 1 6,922 3,475 3,361 125 13,883 Total revenue from contracts with customers 6,922 3,475 3,408 125 13,930 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Nine months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 45 — 45 Revenues from products and services transferred over time 1 6,887 3,686 3,154 150 13,877 Total revenue from contracts with customers 6,887 3,686 3,199 150 13,922 1 Includes 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. |
Contract with customer, asset and liability | Contract Balances Contract Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at September 30, 2021 1,673 212 1,842 Balance as at December 31, 2020 2,042 226 1,815 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of reporting information by segment | Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Revenues 2,370 1,159 687 122 7,290 (162) 11,466 Commodity and gas distribution costs (6) — (135) — (7,485) 159 (7,467) Operating and administrative (919) (445) (280) (51) (13) 41 (1,667) Income/(loss) from equity investments 226 211 (12) 15 — — 440 Impairment of equity investments — (111) — — — — (111) Other income/(expense) 2 70 22 5 4 (159) (56) Earnings/(loss) before interest, income taxes, and depreciation and amortization 1,673 884 282 91 (204) (121) 2,605 Depreciation and amortization (944) Interest expense (648) Income tax expense (199) Earnings 814 Capital expenditures 1 1,053 602 359 — 1 18 2,033 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended September 30, 2020 (millions of Canadian dollars) Revenues 2,773 1,162 621 126 4,596 (168) 9,110 Commodity and gas distribution costs (5) — (87) — (4,613) 179 (4,526) Operating and administrative (811) (432) (243) (57) (15) 4 (1,554) Income/(loss) from equity investments 118 191 (13) 22 (3) — 315 Impairment of equity investments — (615) — — — — (615) Other income 15 28 20 2 1 192 258 Earnings/(loss) before interest, income taxes, and depreciation and amortization 2,090 334 298 93 (34) 207 2,988 Depreciation and amortization (935) Interest expense (718) Income tax expense (231) Earnings 1,104 Capital expenditures 1 442 642 339 11 1 22 1,457 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Revenues 7,616 3,501 3,463 371 20,068 (468) 34,551 Commodity and gas distribution costs (16) — (1,392) — (20,405) 479 (21,334) Operating and administrative (2,411) (1,303) (794) (131) (36) (35) (4,710) Income from equity investments 560 525 37 65 — — 1,187 Impairment of equity investments — (111) — — — — (111) Other income/(expense) 7 113 60 57 (6) 215 446 Earnings/(loss) before interest, income taxes, and depreciation and amortization 5,756 2,725 1,374 362 (379) 191 10,029 Depreciation and amortization (2,805) Interest expense (1,923) Income tax expense (952) Earnings 4,349 Capital expenditures 1 2,976 1,631 878 7 1 39 5,532 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Nine months ended (millions of Canadian dollars) Revenues 7,252 3,722 3,206 429 14,943 (473) 29,079 Commodity and gas distribution costs (13) — (1,213) — (14,877) 451 (15,652) Operating and administrative (2,458) (1,377) (761) (144) (72) (143) (4,955) Income from equity investments 463 284 2 59 (3) — 805 Impairment of equity investments — (2,351) — — — — (2,351) Other income/(expense) 36 (48) 51 32 (3) (333) (265) Earnings/(loss) before interest, income taxes, and depreciation and amortization 5,280 230 1,285 376 (12) (498) 6,661 Depreciation and amortization (2,766) Interest expense (2,105) Income tax expense (273) Earnings 1,517 Capital expenditures 1 1,503 1,462 765 41 2 63 3,836 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND_2
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
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 Nine months ended 2021 2020 2021 2020 (number of shares in millions) Weighted average shares outstanding 2,024 2,021 2,023 2,020 Effect of dilutive options 2 — 2 1 Diluted weighted average shares outstanding 2,026 2,021 2,025 2,021 |
Schedule of preferred stock characteristics by class | On November 3, 2021, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2021 to shareholders of record on November 15, 2021. Dividend per share Common Shares 1 $0.83500 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.21340 Preference Shares, Series C 2 $0.16081 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 $0.27369 Preference Shares, Series R $0.25456 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.33596 Preference Shares, Series 7 $0.27806 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 17 $0.32188 Preference Shares, Series 19 $0.30625 1 The quarterly dividend per common share was increased 3% to $0.835 from $0.81, effective March 1, 2021. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of credit facilities | The following table provides details of our committed credit facilities as at September 30, 2021: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2022-2026 9,169 7,378 1,791 Enbridge (U.S.) Inc. 2023-2026 6,968 2,515 4,453 Enbridge Pipelines Inc. 2023 3,000 469 2,531 Enbridge Gas Inc. 2023 2,000 1,205 795 Total committed credit facilities 21,137 11,567 9,570 1 Maturity date is inclusive of the one-year term out option for certain credit facilities. 2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities. |
Schedule of long-term debt instruments | During the nine months ended September 30, 2021, we completed the following long-term debt issuances totaling US$2.4 billion and $3.2 billion: Company Issue Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2021 Floating rate notes due February 2023 1 US$500 June 2021 2.50% Sustainability-Linked senior notes due August 2033 US$1,000 June 2021 3.40% senior notes due August 2051 US$500 September 2021 3.10% Sustainability-Linked medium-term notes due September 2033 $1,100 September 2021 4.10% medium-term notes due September 2051 $400 Enbridge Gas Inc. September 2021 2.35% medium-term notes due September 2031 $475 September 2021 3.20% medium-term notes due September 2051 $425 Enbridge Pipelines Inc. May 2021 2.82% medium-term notes due May 2031 $400 May 2021 4.20% medium-term notes due May 2051 $400 Spectra Energy Partners, LP September 2021 2.50% senior notes due September 2031 2 US$400 1 Notes mature in two years and carry an interest rate set to equal Secured Overnight Financing Rate plus a margin of 40 basis points. 2 Issued through Texas Eastern Transmission, LP, a wholly-owned operating subsidiary of Spectra Energy Partners, LP. |
Schedule of repayment of debt | , we completed the following long-term debt repayments totaling $808 million and US$880 million: Company Repayment Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2021 4.26% medium-term notes $200 March 2021 3.16% medium-term notes $400 Enbridge Energy Partners, L.P. June 2021 4.20% senior notes US$600 Enbridge Gas Inc. May 2021 2.76% medium-term notes $200 Enbridge Pipelines (Southern Lights) L.L.C. June 2021 3.98% senior notes US$30 Enbridge Southern Lights LP June 2021 4.01% senior notes $8 Spectra Energy Partners, LP March 2021 4.60% senior notes US$250 |
COMPONENTS OF ACCUMULATED OTH_2
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 loss (AOCI) attributable to our common shareholders for the nine months ended September 30, 2021 and 2020 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2021 (1,326) 5 (215) 568 66 (499) (1,401) Other comprehensive income/(loss) retained in AOCI 284 (3) 18 (340) (33) — (74) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 218 — — — — — 218 Commodity contracts 2 (4) — — — — — (4) Foreign exchange contracts 3 4 — — — — — 4 Other contracts 4 1 — — — — — 1 Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — — 21 21 Other 17 — — (20) 3 — — 520 (3) 18 (360) (30) 21 166 Tax impact Income tax on amounts retained in AOCI (72) — (2) — 5 — (69) Income tax on amounts reclassified to earnings (51) — — — — (5) (56) (123) — (2) — 5 (5) (125) Balance as at September 30, 2021 (929) 2 (199) 208 41 (483) (1,360) Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2020 (1,073) — (317) 1,396 67 (345) (272) Other comprehensive income/(loss) retained in AOCI (696) 7 (228) 1,760 8 — 851 Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 179 — — — — — 179 Commodity contracts 2 (1) — — — — — (1) Foreign exchange contracts 3 3 — — — — — 3 Other contracts 4 (1) — — — — — (1) Amortization of pension and OPEB actuarial loss and prior service costs 5 — — — — — 13 13 (516) 7 (228) 1,760 8 13 1,044 Tax impact Income tax on amounts retained in AOCI 167 — 7 — (2) — 172 Income tax on amounts reclassified to earnings (42) — — — — (3) (45) 125 — 7 — (2) (3) 127 Balance as at September 30, 2020 (1,464) 7 (538) 3,156 73 (335) 899 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues, Commodity sales revenue, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 5 These components are included in the computation of net periodic benefit costs and are reported within Other income/(expense) in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Consolidated Statements of Financial Position location and carrying value of derivative instruments | 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. September 30, 2021 Derivative Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — — 225 225 (31) 194 Commodity contracts — — — 320 320 (278) 42 Other contracts 1 — — 7 8 — 8 1 — — 552 553 (309) 244 Deferred amounts and other assets Foreign exchange contracts — — — 248 248 (86) 162 Interest rate contracts 168 — — — 168 (25) 143 Commodity contracts — — — 83 83 (61) 22 Other contracts 1 — — 2 3 — 3 169 — — 333 502 (172) 330 Accounts payable and other Foreign exchange contracts (8) — (105) (148) (261) 31 (230) Interest rate contracts (37) — — 2 (35) — (35) Commodity contracts (14) — — (535) (549) 278 (271) (59) — (105) (681) (845) 309 (536) Other long-term liabilities Foreign exchange contracts — — — (499) (499) 86 (413) Interest rate contracts (115) — — (23) (138) 25 (113) Commodity contracts (18) — — (131) (149) 61 (88) (133) — — (653) (786) 172 (614) Total net derivative assets/(liabilities) Foreign exchange contracts (8) — (105) (174) (287) — (287) Interest rate contracts 16 — — (21) (5) — (5) Commodity contracts (32) — — (263) (295) — (295) Other contracts 2 — — 9 11 — 11 (22) — (105) (449) (576) — (576) December 31, 2020 Derivative Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — — 180 180 (28) 152 Commodity contracts — — — 143 143 (81) 62 — — — 323 323 (109) 214 Deferred amounts and other assets Foreign exchange contracts 14 — — 452 466 (218) 248 Interest rate contracts 56 — — — 56 (25) 31 Commodity contracts — — — 39 39 (9) 30 70 — — 491 561 (252) 309 Accounts payable and other Foreign exchange contracts (5) — (29) (151) (185) 28 (157) Interest rate contracts (423) — — (2) (425) — (425) Commodity contracts (2) — — (278) (280) 81 (199) Other contracts (1) — — (3) (4) — (4) (431) — (29) (434) (894) 109 (785) Other long-term liabilities Foreign exchange contracts — — (87) (673) (760) 218 (542) Interest rate contracts (218) — — (23) (241) 25 (216) Commodity contracts (1) — — (57) (58) 9 (49) (219) — (87) (753) (1,059) 252 (807) Total net derivative assets/(liabilities) Foreign exchange contracts 9 — (116) (192) (299) — (299) Interest rate contracts (585) — — (25) (610) — (610) Commodity contracts (3) — — (153) (156) — (156) Other contracts (1) — — (3) (4) — (4) (580) — (116) (373) (1,069) — (1,069) |
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. September 30, 2021 2021 2022 2023 2024 2025 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 1,357 1,750 — — — — 3,107 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 2,210 6,354 3,784 2,480 1,290 672 16,790 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 62 28 29 30 30 60 239 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 38 94 92 91 86 428 829 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — 72,500 — — — — 72,500 Interest rate contracts - short-term debt pay fixed rate (millions of Canadian dollars) 992 395 47 35 30 90 1,589 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) — 1,987 1,333 — — — 3,320 Equity contracts (millions of Canadian dollars) 40 19 26 20 — — 105 Commodity contracts - natural gas (billions of cubic feet) 2 19 55 15 4 10 (16) 87 Commodity contracts - crude oil (millions of barrels) 2 12 2 — — — — 14 Commodity contracts - power (megawatt per hour) (MW/H) (18) (43) (43) (43) (43) — (42) 1 1 Total is an average net purchase/(sale) of power. 2 Total is a net purchase/(sale) of underlying commodity. |
Schedule of effect of cash flow hedges and net investment hedges on consolidated earnings and consolidated comprehensive income, before income taxes | For foreign exchange 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 Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Unrealized gain/(loss) on derivative 50 (60) 15 25 Unrealized gain/(loss) on hedged item (50) 59 (22) (6) Realized loss on derivative (1) — (40) (12) Realized gain on hedged item — — 45 — The following table presents the effect of cash flow hedges, fair value hedges and net investment hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes: Three months ended Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts 4 — (21) 6 Interest rate contracts (1) 41 293 (709) Commodity contracts (21) (1) (25) 8 Other contracts (2) — 2 (6) Fair value hedges Foreign exchange contracts (1) (1) (3) 7 Net investment hedges Foreign exchange contracts — 17 — 13 (21) 56 246 (681) Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 1 1 4 3 Interest rate contracts 2 76 76 218 179 Commodity contracts (4) (1) (4) (1) Other contracts 3 — (1) 1 (1) 73 75 219 180 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. 3 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
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 Nine months ended 2021 2020 2021 2020 (millions of Canadian dollars) Foreign exchange contracts 1 (436) 571 18 (186) Interest rate contracts 2 2 (13) 4 (28) Commodity contracts 3 (102) 69 (120) 25 Other contracts 4 2 (3) 12 (11) Total unrealized derivative fair value gain/(loss), net (534) 624 (86) (200) 1 For the respective nine months ended periods, reported within Transportation and other services revenues (2021 - $71 million gain; 2020 - $87 million loss) and Net foreign currency gain/(loss) (2021 - $53 million loss; 2020 - $99 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 nine months ended periods, reported within Transportation and other services revenues (2021 - nil; 2020 - $8 million gain), Commodity sales (2021 - $5 million loss; 2020 - $176 million loss), Commodity costs (2021 - $124 million loss; 2020 - $195 million gain) and Operating and administrative expense (2021 - $8 million gain; 2020 - $2 million loss) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
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: September 30, December 31, (millions of Canadian dollars) Canadian financial institutions 471 481 US financial institutions 240 99 European financial institutions 176 28 Asian financial institutions 24 167 Other 1 124 97 1,035 872 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. |
Schedule of derivative assets and liabilities measured at fair value | We have categorized our derivative assets and liabilities measured at fair value as follows: September 30, 2021 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 225 — 225 Commodity contracts 129 150 41 320 Other contracts — 8 — 8 129 383 41 553 Long-term derivative assets Foreign exchange contracts — 248 — 248 Interest rate contracts — 168 — 168 Commodity contracts 32 46 5 83 Other contracts — 3 — 3 32 465 5 502 Financial liabilities Current derivative liabilities Foreign exchange contracts — (261) — (261) Interest rate contracts — (35) — (35) Commodity contracts (149) (200) (200) (549) (149) (496) (200) (845) Long-term derivative liabilities Foreign exchange contracts — (499) — (499) Interest rate contracts — (138) — (138) Commodity contracts (35) (34) (80) (149) (35) (671) (80) (786) Total net financial assets/(liabilities) Foreign exchange contracts — (287) — (287) Interest rate contracts — (5) — (5) Commodity contracts (23) (38) (234) (295) Other contracts — 11 — 11 (23) (319) (234) (576) December 31, 2020 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 180 — 180 Commodity contracts 43 33 67 143 43 213 67 323 Long-term derivative assets Foreign exchange contracts — 466 — 466 Interest rate contracts — 56 — 56 Commodity contracts 1 24 14 39 1 546 14 561 Financial liabilities Current derivative liabilities Foreign exchange contracts — (185) — (185) Interest rate contracts — (425) — (425) Commodity contracts (39) (18) (223) (280) Other contracts — (4) — (4) (39) (632) (223) (894) Long-term derivative liabilities Foreign exchange contracts — (760) — (760) Interest rate contracts — (241) — (241) Commodity contracts (1) (8) (49) (58) (1) (1,009) (49) (1,059) Total net financial assets/(liabilities) Foreign exchange contracts — (299) — (299) Interest rate contracts — (610) — (610) Commodity contracts 4 31 (191) (156) Other contracts — (4) — (4) 4 (882) (191) (1,069) |
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: September 30, 2021 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (20) Forward gas price 3.34 9.66 4.95 $/mmbtu 2 Crude (2) Forward crude price 68.14 94.91 81.51 $/barrel NGL — Forward NGL price $/gallon Power (65) Forward power price 37.91 128.70 76.20 $/MW/H Commodity contracts - physical 1 Natural gas (94) Forward gas price 2.86 9.85 6.30 $/mmbtu 2 Crude (53) Forward crude price 75.66 96.75 90.70 $/barrel NGL — Forward NGL price — — — $/gallon (234) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 One million British thermal units (mmbtu). |
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: Nine months ended 2021 2020 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (191) (69) Total gain/(loss) Included in earnings 1 (181) (40) Included in OCI (29) 7 Settlements 167 38 Level 3 net derivative liability at end of period (234) (64) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs recognized | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 (millions of Canadian dollars) Service cost 48 50 144 150 Interest cost 32 44 96 131 Expected return on plan assets (84) (90) (252) (270) Amortization of actuarial loss and prior service costs 14 9 42 28 Net periodic benefit costs 10 13 30 39 For the three and nine months ended September 30, 2020, we incurred nil and $236 million in severance costs related to our voluntary workforce reduction program. For the three and nine months ended September 30, 2021, there were no such costs incurred. Severance costs are included in Operating and administrative expense in the Consolidated Statements of Earnings. |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 4,245 | $ 4,077 | $ 13,930 | $ 13,922 |
Total revenues | 11,466 | 9,110 | 34,551 | 29,079 |
Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 13 | 15 | 47 | 45 |
Revenues from products and services transferred over time1 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,232 | 4,062 | 13,883 | 13,877 |
Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,549 | 3,439 | 10,568 | 10,767 |
Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 141 | 137 | 450 | 435 |
Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 15 | 7 | 32 | 19 |
Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 496 | 448 | 2,755 | 2,551 |
Total revenues | 492 | 440 | 2,769 | 2,550 |
Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 44 | 46 | 125 | 150 |
Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 7,279 | 4,595 | 20,042 | 14,920 |
Total revenues | 7,279 | 4,595 | 20,042 | 14,920 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (58) | 438 | 579 | 237 |
Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,373 | 2,256 | 6,922 | 6,887 |
Liquids Pipelines | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Liquids Pipelines | Revenues from products and services transferred over time1 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,373 | 2,256 | 6,922 | 6,887 |
Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,154 | 1,148 | 3,475 | 3,686 |
Gas Transmission and Midstream | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Gas Transmission and Midstream | Revenues from products and services transferred over time1 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,154 | 1,148 | 3,475 | 3,686 |
Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 674 | 627 | 3,408 | 3,199 |
Gas Distribution and Storage | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 13 | 15 | 47 | 45 |
Gas Distribution and Storage | Revenues from products and services transferred over time1 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 661 | 612 | 3,361 | 3,154 |
Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 44 | 46 | 125 | 150 |
Renewable Power Generation | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Renewable Power Generation | Revenues from products and services transferred over time1 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 44 | 46 | 125 | 150 |
Business segments | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,373 | 2,256 | 6,922 | 6,887 |
Total revenues | 2,370 | 2,773 | 7,616 | 7,252 |
Business segments | Liquids Pipelines | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,340 | 2,234 | 6,826 | 6,815 |
Business segments | Liquids Pipelines | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 33 | 22 | 96 | 72 |
Business segments | Liquids Pipelines | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (143) | 360 | 284 | (59) |
Business segments | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,154 | 1,148 | 3,475 | 3,686 |
Total revenues | 1,159 | 1,162 | 3,501 | 3,722 |
Business segments | Gas Transmission and Midstream | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 1,081 | 1,077 | 3,248 | 3,458 |
Business segments | Gas Transmission and Midstream | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 58 | 64 | 195 | 209 |
Business segments | Gas Transmission and Midstream | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 15 | 7 | 32 | 19 |
Business segments | Gas Transmission and Midstream | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission and Midstream | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission and Midstream | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission and Midstream | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 4 | 14 | 25 | 35 |
Business segments | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 674 | 627 | 3,408 | 3,199 |
Total revenues | 687 | 621 | 3,463 | 3,206 |
Business segments | Gas Distribution and Storage | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 128 | 128 | 494 | 494 |
Business segments | Gas Distribution and Storage | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 50 | 51 | 159 | 154 |
Business segments | Gas Distribution and Storage | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 496 | 448 | 2,755 | 2,551 |
Business segments | Gas Distribution and Storage | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 24 | (8) | 42 | (1) |
Business segments | Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 44 | 46 | 125 | 150 |
Total revenues | 122 | 126 | 371 | 429 |
Business segments | Renewable Power Generation | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 44 | 46 | 125 | 150 |
Business segments | Renewable Power Generation | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 78 | 80 | 246 | 279 |
Business segments | Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Total revenues | 7,290 | 4,596 | 20,068 | 14,943 |
Business segments | Energy Services | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 7,279 | 4,595 | 20,042 | 14,920 |
Business segments | Energy Services | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (1) | (3) | 0 | 1 |
Eliminations and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Total revenues | (162) | (168) | (468) | (473) |
Eliminations and Other | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Eliminations and Other | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Eliminations and Other | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Eliminations and Other | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Eliminations and Other | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 0 | 0 | 0 | 0 |
Eliminations and Other | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (20) | (5) | (18) | (18) |
Intersegment revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (142) | (163) | (450) | (455) |
Total revenues | (162) | (168) | (468) | (473) |
Intersegment revenue | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 140 | 157 | 410 | 424 |
Intersegment revenue | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 1 | 0 | 1 | 1 |
Intersegment revenue | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (11) | 2 | 13 | 8 |
Intersegment revenue | Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Intersegment revenue | Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | $ 12 | $ 4 | $ 26 | $ 22 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Mark-to-market gains (losses) from hedging program | $ (225) | $ 276 | $ 36 | $ (298) |
Revenues from lease contracts | 140 | $ 144 | 442 | $ 459 |
Revenue recognized | 44 | 269 | ||
Increase (decrease) in contract with customers, liability | 154 | 299 | ||
Remaining performance obligation | 55,600 | 55,600 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | ||||
Revenue from Contract with Customer [Abstract] | ||||
Remaining performance obligation | $ 1,700 | $ 1,700 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligation, period | 3 months | 3 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue from Contract with Customer [Abstract] | ||||
Remaining performance obligation | $ 5,600 | $ 5,600 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Remaining performance obligation, period | 1 year | 1 year |
REVENUES - Contract Balances (D
REVENUES - Contract Balances (Details) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract Receivables | $ 1,673 | $ 2,042 |
Contract Assets | 212 | 226 |
Contract Liabilities | $ 1,842 | $ 1,815 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segmented Information | ||||
Revenues | $ 11,466 | $ 9,110 | $ 34,551 | $ 29,079 |
Commodity and gas distribution costs | (7,467) | (4,526) | (21,334) | (15,652) |
Operating and administrative | (1,667) | (1,554) | (4,710) | (4,955) |
Income/(loss) from equity investments | 440 | 315 | 1,187 | 805 |
Impairment of equity investments | (111) | (615) | (111) | (2,351) |
Other income/(expense) | (56) | 258 | 446 | (265) |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 2,605 | 2,988 | 10,029 | 6,661 |
Depreciation and amortization | (944) | (935) | (2,805) | (2,766) |
Interest expense | (648) | (718) | (1,923) | (2,105) |
Income tax expense | (199) | (231) | (952) | (273) |
Earnings | 814 | 1,104 | 4,349 | 1,517 |
Capital expenditures | 2,033 | 1,457 | 5,532 | 3,836 |
Eliminations and Other | ||||
Segmented Information | ||||
Revenues | (162) | (168) | (468) | (473) |
Commodity and gas distribution costs | 159 | 179 | 479 | 451 |
Operating and administrative | 41 | 4 | (35) | (143) |
Income/(loss) from equity investments | 0 | 0 | 0 | 0 |
Impairment of equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | (159) | 192 | 215 | (333) |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | (121) | 207 | 191 | (498) |
Capital expenditures | 18 | 22 | 39 | 63 |
Liquids Pipelines | Business segments | ||||
Segmented Information | ||||
Revenues | 2,370 | 2,773 | 7,616 | 7,252 |
Commodity and gas distribution costs | (6) | (5) | (16) | (13) |
Operating and administrative | (919) | (811) | (2,411) | (2,458) |
Income/(loss) from equity investments | 226 | 118 | 560 | 463 |
Impairment of equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | 2 | 15 | 7 | 36 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,673 | 2,090 | 5,756 | 5,280 |
Capital expenditures | 1,053 | 442 | 2,976 | 1,503 |
Gas Transmission and Midstream | Business segments | ||||
Segmented Information | ||||
Revenues | 1,159 | 1,162 | 3,501 | 3,722 |
Commodity and gas distribution costs | 0 | 0 | 0 | 0 |
Operating and administrative | (445) | (432) | (1,303) | (1,377) |
Income/(loss) from equity investments | 211 | 191 | 525 | 284 |
Impairment of equity investments | (111) | (615) | (111) | (2,351) |
Other income/(expense) | 70 | 28 | 113 | (48) |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 884 | 334 | 2,725 | 230 |
Capital expenditures | 602 | 642 | 1,631 | 1,462 |
Gas Distribution and Storage | Business segments | ||||
Segmented Information | ||||
Revenues | 687 | 621 | 3,463 | 3,206 |
Commodity and gas distribution costs | (135) | (87) | (1,392) | (1,213) |
Operating and administrative | (280) | (243) | (794) | (761) |
Income/(loss) from equity investments | (12) | (13) | 37 | 2 |
Impairment of equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | 22 | 20 | 60 | 51 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 282 | 298 | 1,374 | 1,285 |
Capital expenditures | 359 | 339 | 878 | 765 |
Renewable Power Generation | Business segments | ||||
Segmented Information | ||||
Revenues | 122 | 126 | 371 | 429 |
Commodity and gas distribution costs | 0 | 0 | 0 | 0 |
Operating and administrative | (51) | (57) | (131) | (144) |
Income/(loss) from equity investments | 15 | 22 | 65 | 59 |
Impairment of equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | 5 | 2 | 57 | 32 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 91 | 93 | 362 | 376 |
Capital expenditures | 0 | 11 | 7 | 41 |
Energy Services | Business segments | ||||
Segmented Information | ||||
Revenues | 7,290 | 4,596 | 20,068 | 14,943 |
Commodity and gas distribution costs | (7,485) | (4,613) | (20,405) | (14,877) |
Operating and administrative | (13) | (15) | (36) | (72) |
Income/(loss) from equity investments | 0 | (3) | 0 | (3) |
Impairment of equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | 4 | 1 | (6) | (3) |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | (204) | (34) | (379) | (12) |
Capital expenditures | $ 1 | $ 1 | $ 1 | $ 2 |
EARNINGS PER COMMON SHARE AND_3
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Basic (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Pro-rata weighted average interest in entity's own common shares (in shares) | 2 | 5 | 2 | 5 |
EARNINGS PER COMMON SHARE AND_4
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Diluted (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average number of common shares outstanding diluted | ||||
Weighted average shares outstanding (in shares) | 2,024 | 2,021 | 2,023 | 2,020 |
Effect of dilutive options (in shares) | 2 | 0 | 2 | 1 |
Diluted weighted average shares outstanding (in shares) | 2,026 | 2,021 | 2,025 | 2,021 |
Stock options | ||||
Weighted average number of common shares outstanding diluted | ||||
Antidilutive securities excluded from the diluted earnings per common share calculation (in shares) | 13.3 | 34.1 | 20.5 | 28.5 |
Weighted average exercise price of antidilutive securities (in Canadian dollars per share) | $ 56.16 | $ 50.55 | $ 52.19 | $ 51.85 |
EARNINGS PER COMMON SHARE AND_5
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Dividends Per Share (Details) | Nov. 03, 2021$ / shares | Nov. 03, 2021$ / shares | Sep. 01, 2021$ / shares | Jun. 01, 2021$ / shares | Mar. 01, 2021$ / shares | Feb. 28, 2021$ / shares | Aug. 31, 2021$ / shares | May 31, 2021$ / shares |
Dividends Payable [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.835 | $ 0.81 | ||||||
Increase in quarterly dividend per common share (percent) | 3.00% | |||||||
Common shares | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.83500 | |||||||
Preferred share investment | Preference Shares, Series A | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.34375 | |||||||
Preferred share investment | Preference Shares, Series B | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.21340 | |||||||
Preferred share investment | Preference Shares, Series C | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | $ 0.16081 | $ 0.15753 | $ 0.15501 | $ 0.15349 | $ 0.15753 | $ 0.15501 | ||
Preferred share investment | Preference Shares, Series C | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.16081 | |||||||
Preferred share investment | Preference Shares, Series D | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.27875 | |||||||
Preferred share investment | Preference Shares, Series F | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.29306 | |||||||
Preferred share investment | Preference Shares, Series H | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.27350 | |||||||
Preferred share investment | Preference Shares, Series J | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | $ 0.30540 | |||||||
Preferred share investment | Preference Shares, Series L | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.30993 | |||||||
Preferred share investment | Preference Shares, Series N | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.31788 | |||||||
Preferred share investment | Preference Shares, Series P | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.27369 | |||||||
Preferred share investment | Preference Shares, Series R | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.25456 | |||||||
Preferred share investment | Preference Shares, Series 1 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.37182 | |||||||
Preferred share investment | Preference Shares, Series 3 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.23356 | |||||||
Preferred share investment | Preference Shares, Series 5 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | $ 0.33596 | |||||||
Preferred share investment | Preference Shares, Series 7 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.27806 | |||||||
Preferred share investment | Preference Shares, Series 9 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.25606 | |||||||
Preferred share investment | Preference Shares, Series 11 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.24613 | |||||||
Preferred share investment | Preference Shares, Series 13 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.19019 | |||||||
Preferred share investment | Preference Shares, Series 15 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.18644 | |||||||
Preferred share investment | Preference Shares, Series 17 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | 0.32188 | |||||||
Preferred share investment | Preference Shares, Series 19 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividend per share (in dollars per share) | $ 0.30625 |
DEBT - Credit Facilities (Detai
DEBT - Credit Facilities (Details) - Committed credit facilities $ in Thousands | Sep. 30, 2021CAD ($) |
CREDIT FACILITIES | |
Total Facilities | $ 21,137,000 |
Draws | 11,567,000 |
Available | 9,570,000 |
Enbridge (U.S.) Inc. | |
CREDIT FACILITIES | |
Total Facilities | 6,968,000 |
Draws | 2,515,000 |
Available | 4,453,000 |
Enbridge Pipelines Inc. | |
CREDIT FACILITIES | |
Total Facilities | 3,000,000 |
Draws | 469,000 |
Available | 2,531,000 |
Enbridge Gas Inc. | |
CREDIT FACILITIES | |
Total Facilities | 2,000,000 |
Draws | 1,205,000 |
Available | 795,000 |
Enbridge Inc. | |
CREDIT FACILITIES | |
Total Facilities | 9,169,000 |
Draws | 7,378,000 |
Available | $ 1,791,000 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Thousands, $ in Millions | Oct. 04, 2021USD ($)Tranche | Jul. 23, 2021CAD ($) | Feb. 25, 2021USD ($)debt_instrument | Feb. 10, 2021CAD ($) | Feb. 28, 2021USD ($) | Sep. 30, 2021CAD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2021CAD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020CAD ($) |
Line of Credit Facility [Line Items] | |||||||||||||
Principal Amount | $ 808,000 | $ 880 | |||||||||||
Commitment fee percentage | 0.10% | 0.10% | |||||||||||
Long-term debt | $ 65,036,000 | $ 65,036,000 | $ 62,819,000 | ||||||||||
Principal amount of debt | 3,200,000 | 3,200,000 | $ 2,400 | ||||||||||
Long-term debt, fair value adjustment | 687,000 | 687,000 | 750,000 | ||||||||||
Amortization of fair value adjustment | 11,000 | $ 13,000 | 36,000 | $ 42,000 | |||||||||
Term Loan | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Number of term loans repaid | debt_instrument | 2 | ||||||||||||
Principal Amount | $ 500 | ||||||||||||
Subsequent event | Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Principal amount of debt | $ 1,500 | ||||||||||||
Number of tranches | Tranche | 3 | ||||||||||||
Commercial paper and credit facility draws | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term debt | 8,300,000 | 8,300,000 | 9,900,000 | ||||||||||
Fixed-to-floating subordinated term notes | Subordinated term notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Subordinated debt | 7,700,000 | 7,700,000 | |||||||||||
Fixed-to-fixed subordinated term notes | Subordinated term notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Subordinated debt | 7,800,000 | ||||||||||||
Floating rate notes due February 2023 | Enbridge Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 2 years | ||||||||||||
Principal amount of debt | $ 500 | ||||||||||||
Floating rate notes due February 2023 | SOFR | Enbridge Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on variable rate (percent) | 0.40% | ||||||||||||
0.55% 2-Year Senior Notes | Subsequent event | Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 2 years | ||||||||||||
Principal amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 0.55% | ||||||||||||
1.60% 5-Year Senior Notes | Subsequent event | Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 5 years | ||||||||||||
Principal amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 1.60% | ||||||||||||
3.40% senior notes due August 2051 | Enbridge Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Principal amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 3.40% | ||||||||||||
3.40% senior notes due August 2051 | Subsequent event | Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Principal amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 3.40% | ||||||||||||
Committed credit facilities | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Amount of credit facility | 21,137,000 | 21,137,000 | |||||||||||
Unutilized amount of facility | 9,570,000 | $ 9,570,000 | |||||||||||
Committed credit facilities | Enbridge Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term out provision | 1 year | 1 year | |||||||||||
Amount of credit facility | 9,169,000 | $ 9,169,000 | |||||||||||
Unutilized amount of facility | 1,791,000 | $ 1,791,000 | |||||||||||
Committed credit facilities | Enbridge Pipelines Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term out provision | 1 year | 1 year | |||||||||||
Amount of credit facility | 3,000,000 | $ 3,000,000 | |||||||||||
Unutilized amount of facility | 2,531,000 | $ 2,531,000 | |||||||||||
Committed credit facilities | Enbridge Gas Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term out provision | 1 year | 1 year | |||||||||||
Amount of credit facility | 2,000,000 | $ 2,000,000 | |||||||||||
Unutilized amount of facility | 795,000 | $ 795,000 | |||||||||||
Committed credit facilities | Enbridge (U.S.) Inc. | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term out provision | 1 year | 1 year | |||||||||||
Amount of credit facility | 6,968,000 | $ 6,968,000 | |||||||||||
Unutilized amount of facility | 4,453,000 | 4,453,000 | |||||||||||
Revolving credit facility | Sustainability-linked Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 3 years | ||||||||||||
Amount of credit facility | $ 1,000,000 | ||||||||||||
Revolving credit facility | Syndicated Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 1 year | ||||||||||||
Credit facility terminated | $ 3,000,000 | ||||||||||||
Revolving credit facility | 364-Day Extendible Credit Facilities | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term out provision | 1 year | ||||||||||||
Term of debt instrument | 364 days | ||||||||||||
Amount of credit facility | $ 10,000,000 | ||||||||||||
Revolving credit facility | Five-Year Credit Facilities | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 5 years | ||||||||||||
Amount of credit facility | $ 8,000,000 | ||||||||||||
Uncommitted demand credit facilities | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Amount of credit facility | 1,300,000 | 1,300,000 | 849,000 | ||||||||||
Unutilized amount of facility | $ 868,000 | $ 868,000 | $ 533,000 |
DEBT - Long Term Debt Issuance
DEBT - Long Term Debt Issuance (Details) $ in Thousands, $ in Millions | Oct. 04, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021CAD ($) | Jun. 30, 2021USD ($) | May 31, 2021CAD ($) | Feb. 28, 2021USD ($) |
Debt Instrument [Line Items] | ||||||
Principal amount of debt | $ 2,400 | $ 3,200,000 | ||||
Senior Notes | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt | $ 1,500 | |||||
Floating rate notes due February 2023 | Enbridge Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of debt | $ 500 | |||||
2.50% Sustainability-Linked senior notes due August 2033 | Enbridge Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.50% | |||||
Principal amount of debt | $ 1,000 | |||||
3.40% senior notes due August 2051 | Senior Notes | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.40% | |||||
Principal amount of debt | $ 500 | |||||
3.40% senior notes due August 2051 | Enbridge Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.40% | |||||
Principal amount of debt | $ 500 | |||||
3.10% Sustainability-Linked medium-term notes due September 2033 | Enbridge Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.10% | 3.10% | ||||
Principal amount of debt | $ 1,100,000 | |||||
4.10% medium-term notes due September 2051 | Enbridge Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.10% | 4.10% | ||||
Principal amount of debt | $ 400,000 | |||||
2.35% medium-term notes due September 2031 | Enbridge Gas Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.35% | 2.35% | ||||
Principal amount of debt | $ 475,000 | |||||
3.20% medium-term notes due September 2051 | Enbridge Gas Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.20% | 3.20% | ||||
Principal amount of debt | $ 425,000 | |||||
2.82% medium-term notes due May 2031 | Enbridge Pipelines Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.82% | |||||
Principal amount of debt | $ 400,000 | |||||
4.20% medium-term notes due May 2051 | Enbridge Pipelines Inc. | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.20% | |||||
Principal amount of debt | $ 400,000 | |||||
2.50% senior notes due September 2031 | Spectra Energy Partners, LP | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.50% | 2.50% | ||||
Principal amount of debt | $ 400 |
DEBT - Long Term Debt Repayment
DEBT - Long Term Debt Repayments (Details) $ in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2021USD ($) | Jun. 30, 2021CAD ($) | May 31, 2021CAD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021CAD ($) | Feb. 28, 2021CAD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021CAD ($) | |
DEBT | ||||||||
Principal Amount | $ 880 | $ 808 | ||||||
Enbridge Energy Partners, L.P. | 4.20% senior notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 4.20% | 4.20% | ||||||
Principal Amount | $ 600 | |||||||
Enbridge Gas Inc. | 2.76% medium-term notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 2.76% | |||||||
Principal Amount | $ 200 | |||||||
Enbridge Pipelines (Southern Lights) LLC [Member] | 3.98% senior notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 3.98% | 3.98% | ||||||
Principal Amount | $ 30 | |||||||
Enbridge Southern Lights LP [Member] | 4.01% senior notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 4.01% | 4.01% | ||||||
Principal Amount | $ 8 | |||||||
Spectra Energy Partners, LP | 4.60% senior notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 4.60% | 4.60% | ||||||
Principal Amount | $ 250 | |||||||
Enbridge Inc. | 4.26% medium-term notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 4.26% | |||||||
Principal Amount | $ 200 | |||||||
Enbridge Inc. | 3.16% medium-term notes | ||||||||
DEBT | ||||||||
Interest rate (as a percent) | 3.16% | 3.16% | ||||||
Principal Amount | $ 400 |
COMPONENTS OF ACCUMULATED OTH_3
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - CAD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in AOCI | ||
Balance at the beginning of the period | $ 64,363,000 | |
Other comprehensive income/(loss) retained in AOCI | (74,000) | $ 851,000 |
Total before tax impact | 166,000 | 1,044,000 |
Income tax on amounts retained in AOCI | (69,000) | 172,000 |
Income tax on amounts reclassified to earnings | (56,000) | (45,000) |
Tax impact | (125,000) | 127,000 |
Balance at the end of the period | 64,662,000 | 68,435,000 |
Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 218,000 | 179,000 |
Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4,000) | (1,000) |
Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 4,000 | 3,000 |
Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 1,000 | (1,000) |
Total | ||
Changes in AOCI | ||
Balance at the beginning of the period | (1,401,000) | (272,000) |
Balance at the end of the period | (1,360,000) | 899,000 |
Cash Flow Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (1,326,000) | (1,073,000) |
Other comprehensive income/(loss) retained in AOCI | 284,000 | (696,000) |
Other comprehensive loss/(income) reclassified to earnings | 17,000 | |
Total before tax impact | 520,000 | (516,000) |
Income tax on amounts retained in AOCI | (72,000) | 167,000 |
Income tax on amounts reclassified to earnings | (51,000) | (42,000) |
Tax impact | (123,000) | 125,000 |
Balance at the end of the period | (929,000) | (1,464,000) |
Cash Flow Hedges | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 218,000 | 179,000 |
Cash Flow Hedges | Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4,000) | (1,000) |
Cash Flow Hedges | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 4,000 | 3,000 |
Cash Flow Hedges | Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 1,000 | (1,000) |
Excluded Components of Fair Value Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | 5,000 | 0 |
Other comprehensive income/(loss) retained in AOCI | (3,000) | 7,000 |
Total before tax impact | (3,000) | 7,000 |
Income tax on amounts retained in AOCI | 0 | 0 |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | 0 | 0 |
Balance at the end of the period | 2,000 | 7,000 |
Net Investment Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (215,000) | (317,000) |
Other comprehensive income/(loss) retained in AOCI | 18,000 | (228,000) |
Total before tax impact | 18,000 | (228,000) |
Income tax on amounts retained in AOCI | (2,000) | 7,000 |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | (2,000) | 7,000 |
Balance at the end of the period | (199,000) | (538,000) |
Cumulative Translation Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 568,000 | 1,396,000 |
Other comprehensive income/(loss) retained in AOCI | (340,000) | 1,760,000 |
Other comprehensive loss/(income) reclassified to earnings | (20,000) | |
Total before tax impact | (360,000) | 1,760,000 |
Income tax on amounts retained in AOCI | 0 | 0 |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | 0 | 0 |
Balance at the end of the period | 208,000 | 3,156,000 |
Equity Investees | ||
Changes in AOCI | ||
Balance at the beginning of the period | 66,000 | 67,000 |
Other comprehensive income/(loss) retained in AOCI | (33,000) | 8,000 |
Other comprehensive loss/(income) reclassified to earnings | 3,000 | |
Total before tax impact | (30,000) | 8,000 |
Income tax on amounts retained in AOCI | 5,000 | (2,000) |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | 5,000 | (2,000) |
Balance at the end of the period | 41,000 | 73,000 |
Pension and OPEB Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | (499,000) | (345,000) |
Other comprehensive loss/(income) reclassified to earnings | 21,000 | 13,000 |
Total before tax impact | 21,000 | 13,000 |
Income tax on amounts retained in AOCI | 0 | 0 |
Income tax on amounts reclassified to earnings | (5,000) | (3,000) |
Tax impact | (5,000) | (3,000) |
Balance at the end of the period | $ (483,000) | $ (335,000) |
IMPAIRMENT OF EQUITY INVESTME_2
IMPAIRMENT OF EQUITY INVESTMENTS (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment loss on equity method investments | $ 111 | $ 615 | $ 111 | $ 2,351 | |
Loss from equity investments | $ (440) | (315) | $ (1,187) | (805) | |
PennEast Pipeline Company, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest (percent) | 20.00% | 20.00% | |||
Impairment loss on equity method investments | $ 111 | $ 111 | |||
Carrying value of investment | $ 11 | $ 11 | $ 116 | ||
Steckman Ridge, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest (percent) | 50.00% | 50.00% | |||
Impairment loss on equity method investments | 221 | 221 | |||
Carrying value of investment | $ 88 | $ 88 | 90 | ||
Southeast Supply Header, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest (percent) | 50.00% | 50.00% | |||
Impairment loss on equity method investments | $ 394 | 394 | |||
Carrying value of investment | $ 83 | $ 83 | 84 | ||
DCP Midstream, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest (percent) | 50.00% | 50.00% | |||
Impairment loss on equity method investments | 1,700 | ||||
Loss from equity investments | $ 324 | ||||
Carrying value of investment | $ 298 | $ 298 | $ 331 |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Risk (Details) | 9 Months Ended |
Sep. 30, 2021equity_type | |
Interest rate contracts - short-term borrowings | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Floating rate debt as target percentage of total debt outstanding | 30.00% |
Short-term pay fixed-receive floating interest rate swaps | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Average swap rate (percent) | 3.20% |
Average swap rate, variable (as a percent) | 1.90% |
Equity contracts | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Number of forms of stock-based compensation with equity price risk | 1 |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Total Derivative Instruments (Details) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | $ (576) | $ (1,069) |
Derivative liabilities, Total Net Derivative Instruments | (576) | (1,069) |
Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (449) | (373) |
Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (22) | (580) |
Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (105) | (116) |
Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 553 | 323 |
Derivative assets, Amounts Available for Offset | (309) | (109) |
Derivative assets, Total Net Derivative Instruments | 244 | 214 |
Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 552 | 323 |
Accounts receivable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | 0 |
Accounts receivable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Accounts receivable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 502 | 561 |
Derivative assets, Amounts Available for Offset | (172) | (252) |
Derivative assets, Total Net Derivative Instruments | 330 | 309 |
Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 333 | 491 |
Deferred amounts and other assets | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 169 | 70 |
Deferred amounts and other assets | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Deferred amounts and other assets | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (845) | (894) |
Derivative liabilities, Amounts Available for Offset | 309 | 109 |
Derivative liabilities, Total Net Derivative Instruments | (536) | (785) |
Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (681) | (434) |
Accounts payable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (59) | (431) |
Accounts payable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Accounts payable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (105) | (29) |
Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (786) | (1,059) |
Derivative liabilities, Amounts Available for Offset | 172 | 252 |
Derivative liabilities, Total Net Derivative Instruments | (614) | (807) |
Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (653) | (753) |
Other long-term liabilities | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (133) | (219) |
Other long-term liabilities | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other long-term liabilities | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (87) |
Foreign exchange contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (287) | (299) |
Derivative liabilities, Total Net Derivative Instruments | (287) | (299) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (174) | (192) |
Foreign exchange contracts | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (8) | 9 |
Foreign exchange contracts | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Foreign exchange contracts | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (105) | (116) |
Foreign exchange contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 225 | 180 |
Derivative assets, Amounts Available for Offset | (31) | (28) |
Derivative assets, Total Net Derivative Instruments | 194 | 152 |
Foreign exchange contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 225 | 180 |
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 | Accounts receivable and other | Fair value 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 | 248 | 466 |
Derivative assets, Amounts Available for Offset | (86) | (218) |
Derivative assets, Total Net Derivative Instruments | 162 | 248 |
Foreign exchange contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 248 | 452 |
Foreign exchange contracts | Deferred amounts and other assets | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 14 |
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 | Deferred amounts and other assets | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (261) | (185) |
Derivative liabilities, Amounts Available for Offset | 31 | 28 |
Derivative liabilities, Total Net Derivative Instruments | (230) | (157) |
Foreign exchange contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (148) | (151) |
Foreign exchange contracts | Accounts payable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (8) | (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 | Accounts payable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (105) | (29) |
Foreign exchange contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (499) | (760) |
Derivative liabilities, Amounts Available for Offset | 86 | 218 |
Derivative liabilities, Total Net Derivative Instruments | (413) | (542) |
Foreign exchange contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (499) | (673) |
Foreign exchange contracts | Other long-term liabilities | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Other long-term liabilities | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Other long-term liabilities | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (87) |
Interest rate contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (5) | (610) |
Derivative liabilities, Total Net Derivative Instruments | (5) | (610) |
Interest rate contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (21) | (25) |
Interest rate contracts | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 16 | (585) |
Interest rate contracts | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Interest rate contracts | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Interest rate contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 168 | 56 |
Derivative assets, Amounts Available for Offset | (25) | (25) |
Derivative assets, Total Net Derivative Instruments | 143 | 31 |
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 | 168 | 56 |
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 | Deferred amounts and other assets | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (35) | (425) |
Derivative liabilities, Amounts Available for Offset | 0 | 0 |
Derivative liabilities, Total Net Derivative Instruments | (35) | (425) |
Interest rate contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 2 | (2) |
Interest rate contracts | Accounts payable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (37) | (423) |
Interest rate contracts | Accounts payable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Accounts payable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (138) | (241) |
Derivative liabilities, Amounts Available for Offset | 25 | 25 |
Derivative liabilities, Total Net Derivative Instruments | (113) | (216) |
Interest rate contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (23) | (23) |
Interest rate contracts | Other long-term liabilities | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (115) | (218) |
Interest rate contracts | Other long-term liabilities | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Other long-term liabilities | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (295) | (156) |
Derivative liabilities, Total Net Derivative Instruments | (295) | (156) |
Commodity contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (263) | (153) |
Commodity contracts | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (32) | (3) |
Commodity contracts | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Commodity contracts | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Commodity contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 320 | 143 |
Derivative assets, Amounts Available for Offset | (278) | (81) |
Derivative assets, Total Net Derivative Instruments | 42 | 62 |
Commodity contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 320 | 143 |
Commodity contracts | Accounts receivable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Accounts receivable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Accounts receivable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 83 | 39 |
Derivative assets, Amounts Available for Offset | (61) | (9) |
Derivative assets, Total Net Derivative Instruments | 22 | 30 |
Commodity contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 83 | 39 |
Commodity contracts | Deferred amounts and other assets | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Deferred amounts and other assets | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Deferred amounts and other assets | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (549) | (280) |
Derivative liabilities, Amounts Available for Offset | 278 | 81 |
Derivative liabilities, Total Net Derivative Instruments | (271) | (199) |
Commodity contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (535) | (278) |
Commodity contracts | Accounts payable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (14) | (2) |
Commodity contracts | Accounts payable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Accounts payable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (149) | (58) |
Derivative liabilities, Amounts Available for Offset | 61 | 9 |
Derivative liabilities, Total Net Derivative Instruments | (88) | (49) |
Commodity contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (131) | (57) |
Commodity contracts | Other long-term liabilities | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (18) | (1) |
Commodity contracts | Other long-term liabilities | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | Other long-term liabilities | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 11 | (4) |
Derivative liabilities, Total Net Derivative Instruments | 11 | (4) |
Other contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 9 | (3) |
Other contracts | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 2 | (1) |
Other contracts | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Other contracts | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Other contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 8 | |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 8 | |
Other contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 7 | |
Other contracts | Accounts receivable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | |
Other contracts | Accounts receivable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Other contracts | Accounts receivable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Other contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 3 | |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 3 | |
Other contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | |
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 | Deferred amounts and other assets | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | $ 0 | |
Other contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (4) | |
Derivative liabilities, Amounts Available for Offset | 0 | |
Derivative liabilities, Total Net Derivative Instruments | (4) | |
Other contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (3) | |
Other contracts | Accounts payable and other | Cash flow hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1) | |
Other contracts | Accounts payable and other | Net investment hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | |
Other contracts | Accounts payable and other | Fair value hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ 0 |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Notional Principal or Quantity Information (Details) - Sep. 30, 2021 € in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions | USD ($)MWhMMBblsBcf | GBP (£)MWhMMBblsBcf | EUR (€)MWhMMBblsBcf | JPY (¥)MWhMMBblsBcf | CAD ($)MWhMMBblsBcf |
Foreign exchange contracts - forwards - purchase | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | $ 1,357 | ||||
2022 | 1,750 | ||||
2023 | 0 | ||||
2024 | 0 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | 3,107 | ||||
Foreign exchange contracts - forwards - purchase | Japanese yen | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | ÂĄ | ÂĄ 0 | ||||
2022 | ÂĄ | 72,500 | ||||
2023 | ÂĄ | 0 | ||||
2024 | ÂĄ | 0 | ||||
2025 | ÂĄ | 0 | ||||
Thereafter | ÂĄ | 0 | ||||
Derivative Notional Amount Outstanding | ÂĄ | ÂĄ 72,500 | ||||
Foreign exchange contracts - forwards - sell | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | 2,210 | ||||
2022 | 6,354 | ||||
2023 | 3,784 | ||||
2024 | 2,480 | ||||
2025 | 1,290 | ||||
Thereafter | 672 | ||||
Derivative Notional Amount Outstanding | $ 16,790 | ||||
Foreign exchange contracts - forwards - sell | GBP | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | ÂŁ | ÂŁ 62 | ||||
2022 | ÂŁ | 28 | ||||
2023 | ÂŁ | 29 | ||||
2024 | ÂŁ | 30 | ||||
2025 | ÂŁ | 30 | ||||
Thereafter | ÂŁ | 60 | ||||
Derivative Notional Amount Outstanding | ÂŁ | ÂŁ 239 | ||||
Foreign exchange contracts - forwards - sell | Euro | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | € | € 38 | ||||
2022 | € | 94 | ||||
2023 | € | 92 | ||||
2024 | € | 91 | ||||
2025 | € | 86 | ||||
Thereafter | € | 428 | ||||
Derivative Notional Amount Outstanding | € | € 829 | ||||
Interest rate contracts - short-term borrowings | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | $ 992 | ||||
2022 | 395 | ||||
2023 | 47 | ||||
2024 | 35 | ||||
2025 | 30 | ||||
Thereafter | 90 | ||||
Derivative Notional Amount Outstanding | 1,589 | ||||
Interest rate contracts - long-term debt pay fixed rate | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | 0 | ||||
2022 | 1,987 | ||||
2023 | 1,333 | ||||
2024 | 0 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | 3,320 | ||||
Equity contracts | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 | 40 | ||||
2022 | 19 | ||||
2023 | 26 | ||||
2024 | 20 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | $ 105 | ||||
Commodity contracts | Natural gas | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 (bcf / mmbbls) | Bcf | 19 | 19 | 19 | 19 | 19 |
2022 (bcf / mmbbls) | Bcf | 55 | 55 | 55 | 55 | 55 |
2023 (bcf / mmbbls) | Bcf | 15 | 15 | 15 | 15 | 15 |
2024 (bcf / mmbbls) | Bcf | 4 | 4 | 4 | 4 | 4 |
2025 (bcf / mmbbls) | Bcf | 10 | 10 | 10 | 10 | 10 |
Thereafter (bcf / mmbbls) | Bcf | (16) | (16) | (16) | (16) | (16) |
Derivative Nonmonetary Notional Amount Outstanding | Bcf | 87 | 87 | 87 | 87 | 87 |
Commodity contracts | Crude | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 (bcf / mmbbls) | MMBbls | 12 | 12 | 12 | 12 | 12 |
2022 (bcf / mmbbls) | MMBbls | 2 | 2 | 2 | 2 | 2 |
2023 (bcf / mmbbls) | MMBbls | 0 | 0 | 0 | 0 | 0 |
2024 (bcf / mmbbls) | MMBbls | 0 | 0 | 0 | 0 | 0 |
2025 (bcf / mmbbls) | MMBbls | 0 | 0 | 0 | 0 | 0 |
Thereafter (bcf / mmbbls) | MMBbls | 0 | 0 | 0 | 0 | 0 |
Derivative Nonmonetary Notional Amount Outstanding | MMBbls | 14 | 14 | 14 | 14 | 14 |
Net purchase | Commodity contracts | Power | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2021 (MWH) | MWh | (18) | (18) | (18) | (18) | (18) |
Net sell | Commodity contracts | Power | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2022 (MWH) | MWh | (43) | (43) | (43) | (43) | (43) |
2023 (MWH) | MWh | (43) | (43) | (43) | (43) | (43) |
2024 (MWH) | MWh | (43) | (43) | (43) | (43) | (43) |
2025 (MWH) | MWh | (43) | (43) | (43) | (43) | (43) |
Thereafter (MWH) | MWh | 0 | 0 | 0 | 0 | 0 |
Total (MWH) | MWh | (42) | (42) | (42) | (42) | (42) |
RISK MANAGEMENT AND FINANCIAL_6
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value Derivatives (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Realized loss on derivative | $ (225) | $ 276 | $ 36 | $ (298) |
Fair value hedges | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Unrealized gain/(loss) on derivative | 50 | (60) | 15 | 25 |
Unrealized gain/(loss) on hedged item | (50) | 59 | (22) | (6) |
Fair value hedges | Interest rate contracts | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Realized loss on derivative | (1) | 0 | (40) | (12) |
Realized gain on hedged item | $ 0 | $ 0 | $ 45 | $ 0 |
RISK MANAGEMENT AND FINANCIAL_7
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | $ (21) | $ 56 | $ 246 | $ (681) |
Excluded components of fair value hedges | (1) | (1) | (3) | 7 |
Amount of (gain)/loss reclassified from AOCI to earnings | 73 | 75 | 219 | 180 |
Estimated gain (loss) of AOCI related to cash flow hedges reclassified to earnings in the next 12 months | $ (59) | |||
Maximum term of hedging exposures to variability of cash flows | 27 months | |||
Unrealized gain (loss) on derivatives | $ (86) | (200) | ||
Non-Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Unrealized gain (loss) on derivatives | (534) | 624 | (86) | (200) |
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 | 1 | 1 | 4 | 3 |
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 | (436) | 571 | 18 | (186) |
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 | 71 | (87) | ||
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 | (53) | (99) | ||
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 | 76 | 76 | 218 | 179 |
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 | 2 | (13) | 4 | (28) |
Commodity contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (gain)/loss reclassified from AOCI to earnings | (4) | (1) | (4) | (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 | (102) | 69 | (120) | 25 |
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 | 0 | 8 | ||
Commodity contracts | Non-Qualifying Derivative Instruments | Commodity sales | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Unrealized gain (loss) on derivatives | (5) | (176) | ||
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 | (124) | 195 | ||
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 | 8 | (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 | 0 | (1) | 1 | (1) |
Other contracts | Non-Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Unrealized gain (loss) on derivatives | 2 | (3) | 12 | (11) |
Cash flow hedges | Foreign exchange contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | 4 | 0 | (21) | 6 |
Cash flow hedges | Interest rate contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | (1) | 41 | 293 | (709) |
Cash flow hedges | Commodity contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | (21) | (1) | (25) | 8 |
Cash flow hedges | Other contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | (2) | 0 | 2 | (6) |
Fair value hedges | Foreign exchange contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Excluded components of fair value hedges | (1) | (1) | (3) | 7 |
Net investment hedges | Foreign exchange contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | $ 0 | $ 17 | $ 0 | $ 13 |
RISK MANAGEMENT AND FINANCIAL_8
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity and Credit Risk (Details) - CAD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
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 | |
Letters of credit issued in lieu of cash collateral | $ 0 | |
Derivative instruments | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 1,035,000,000 | $ 872,000,000 |
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 | 471,000,000 | 481,000,000 |
Derivative instruments | US financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 240,000,000 | 99,000,000 |
Derivative instruments | European financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 176,000,000 | 28,000,000 |
Derivative instruments | Asian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 24,000,000 | 167,000,000 |
Derivative instruments | Other | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 124,000,000 | $ 97,000,000 |
RISK MANAGEMENT AND FINANCIAL_9
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | $ (576) | $ (1,069) |
Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (287) | (299) |
Interest rate contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (5) | (610) |
Commodity contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (295) | (156) |
Other contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | 11 | (4) |
Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 553 | 323 |
Long-term derivative assets | 502 | 561 |
Current derivative liabilities | (845) | (894) |
Long-term derivative liabilities | (786) | (1,059) |
Total net financial assets/(liabilities) | (576) | (1,069) |
Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 225 | 180 |
Long-term derivative assets | 248 | 466 |
Current derivative liabilities | (261) | (185) |
Long-term derivative liabilities | (499) | (760) |
Total net financial assets/(liabilities) | (287) | (299) |
Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 168 | 56 |
Current derivative liabilities | (35) | (425) |
Long-term derivative liabilities | (138) | (241) |
Total net financial assets/(liabilities) | (5) | (610) |
Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 320 | 143 |
Long-term derivative assets | 83 | 39 |
Current derivative liabilities | (549) | (280) |
Long-term derivative liabilities | (149) | (58) |
Total net financial assets/(liabilities) | (295) | (156) |
Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 8 | |
Long-term derivative assets | 3 | |
Current derivative liabilities | (4) | |
Total net financial assets/(liabilities) | 11 | (4) |
Level 1 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 129 | 43 |
Long-term derivative assets | 32 | 1 |
Current derivative liabilities | (149) | (39) |
Long-term derivative liabilities | (35) | (1) |
Total net financial assets/(liabilities) | (23) | 4 |
Level 1 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 0 | 0 |
Level 1 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 0 | 0 |
Level 1 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 129 | 43 |
Long-term derivative assets | 32 | 1 |
Current derivative liabilities | (149) | (39) |
Long-term derivative liabilities | (35) | (1) |
Total net financial assets/(liabilities) | (23) | 4 |
Level 1 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | |
Current derivative liabilities | 0 | |
Total net financial assets/(liabilities) | 0 | 0 |
Level 2 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 383 | 213 |
Long-term derivative assets | 465 | 546 |
Current derivative liabilities | (496) | (632) |
Long-term derivative liabilities | (671) | (1,009) |
Total net financial assets/(liabilities) | (319) | (882) |
Level 2 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 225 | 180 |
Long-term derivative assets | 248 | 466 |
Current derivative liabilities | (261) | (185) |
Long-term derivative liabilities | (499) | (760) |
Total net financial assets/(liabilities) | (287) | (299) |
Level 2 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 168 | 56 |
Current derivative liabilities | (35) | (425) |
Long-term derivative liabilities | (138) | (241) |
Total net financial assets/(liabilities) | (5) | (610) |
Level 2 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 150 | 33 |
Long-term derivative assets | 46 | 24 |
Current derivative liabilities | (200) | (18) |
Long-term derivative liabilities | (34) | (8) |
Total net financial assets/(liabilities) | (38) | 31 |
Level 2 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 8 | |
Long-term derivative assets | 3 | |
Current derivative liabilities | (4) | |
Total net financial assets/(liabilities) | 11 | (4) |
Level 3 | Recurring basis | ||
Fair Value of Derivatives | ||
Current derivative assets | 41 | 67 |
Long-term derivative assets | 5 | 14 |
Current derivative liabilities | (200) | (223) |
Long-term derivative liabilities | (80) | (49) |
Total net financial assets/(liabilities) | (234) | (191) |
Level 3 | Recurring basis | Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 0 | 0 |
Level 3 | Recurring basis | Interest rate contracts | ||
Fair Value of Derivatives | ||
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | 0 | 0 |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 0 | 0 |
Level 3 | Recurring basis | Commodity contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 41 | 67 |
Long-term derivative assets | 5 | 14 |
Current derivative liabilities | (200) | (223) |
Long-term derivative liabilities | (80) | (49) |
Total net financial assets/(liabilities) | (234) | (191) |
Level 3 | Recurring basis | Other contracts | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Long-term derivative assets | 0 | |
Current derivative liabilities | 0 | |
Total net financial assets/(liabilities) | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIA_10
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Level 3 Inputs (Details) $ in Millions | Sep. 30, 2021CAD ($)$ / bbl$ / Gallon-gal$ / MillionsofBTU-MMBTU$ / MWh | Dec. 31, 2020CAD ($) |
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (576) | $ (1,069) |
Recurring basis | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (576) | (1,069) |
Level 3 | Recurring basis | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (234) | $ (191) |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 3.34 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 9.66 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 4.95 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 68.14 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 94.91 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | Crude | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 81.51 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | NGL | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | ||
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | NGL | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | ||
Market approach valuation technique | Level 3 | Commodity Contracts - Financial | NGL | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | ||
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 37.91 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 128.70 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 76.20 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 2.86 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 9.85 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 6.30 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 75.66 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 96.75 | |
Market approach valuation technique | Level 3 | Commodity Contracts - Physical | Crude | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 90.70 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | 0 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | 0 | |
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 ($ / mmbtu, barrel, gallon, MW/H) | $ / Gallon-gal | 0 | |
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 | $ (20) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Financial | Crude | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (2) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Financial | NGL | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | 0 | |
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 | (65) | |
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 | (94) | |
Market approach valuation technique | Level 3 | Recurring basis | Commodity Contracts - Physical | Crude | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (53) | |
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 | $ 0 |
RISK MANAGEMENT AND FINANCIA_11
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Level 3 (Details) - CAD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in net fair value of derivative assets and liabilities classified as Level 3 | ||
Level 3 net derivative liability at beginning of period | $ (191) | $ (69) |
Total gain/(loss) | ||
Included in earnings | (181) | (40) |
Included in OCI | (29) | 7 |
Settlements | 167 | 38 |
Level 3 net derivative liability at end of period | $ (234) | $ (64) |
RISK MANAGEMENT AND FINANCIA_12
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Other Financial Instruments (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value of Other Financial Instruments | ||||
FMVA investments | $ 52 | $ 52 | $ 52 | |
Long-term debt, carrying value | 70,000 | 70,000 | 66,100 | |
Long-term debt | 76,500 | 76,500 | 75,100 | |
PennEast Pipeline Company, L.L.C. | ||||
Fair Value of Other Financial Instruments | ||||
Carrying value of investment | $ 11 | $ 11 | 116 | |
Ownership interest (percent) | 20.00% | 20.00% | ||
Southeast Supply Header, LLC | ||||
Fair Value of Other Financial Instruments | ||||
Carrying value of investment | $ 83 | $ 83 | 84 | |
Ownership interest (percent) | 50.00% | 50.00% | ||
Steckman Ridge, LP | ||||
Fair Value of Other Financial Instruments | ||||
Carrying value of investment | $ 88 | $ 88 | 90 | |
Ownership interest (percent) | 50.00% | 50.00% | ||
Noverco | ||||
Fair Value of Other Financial Instruments | ||||
Ownership interest (percent) | 38.90% | 38.90% | ||
Net investment hedges | ||||
Fair Value of Other Financial Instruments | ||||
Unrealized foreign exchange gain (loss) on translation of United States dollar denominated debt | $ 18 | $ (226) | ||
Unrealized gain (loss) on change in fair value of outstanding forward exchange forward contracts | 0 | 13 | ||
Realized loss associated with the settlement of foreign exchange forward contracts | 0 | $ 15 | ||
Preferred share investment | ||||
Fair Value of Other Financial Instruments | ||||
Available-for-sale investment, fair value | $ 580 | 580 | ||
Held to maturity investment, fair value | 567 | |||
Gains (losses) recognized in OCI upon reclassification | 0 | |||
Fair Value | ||||
Fair Value of Other Financial Instruments | ||||
Restricted long-term investments held in trust | 575 | 575 | 553 | |
Carrying value | ||||
Fair Value of Other Financial Instruments | ||||
Noncurrent notes receivable | $ 1,000 | $ 1,000 | $ 1,100 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 19.60% | 17.30% | 18.00% | 15.30% |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 48 | $ 50 | $ 144 | $ 150 |
Interest cost | 32 | 44 | 96 | 131 |
Expected return on plan assets | (84) | (90) | (252) | (270) |
Amortization of actuarial loss and prior service costs | 14 | 9 | 42 | 28 |
Net periodic benefit costs | 10 | 13 | 30 | 39 |
Severance costs | $ 0 | $ 0 | $ 0 | $ 236 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) $ in Billions | Oct. 12, 2021USD ($) |
Subsequent event | Moda Midstream Operating, LLC (Moda) | |
Subsequent Event [Line Items] | |
Cash consideration | $ 3 |
Uncategorized Items - enb-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |