Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 22, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 2,024,789,365 | |
Entity Central Index Key | 0000895728 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenues | ||||
Total operating revenues | $ 13,215 | $ 10,948 | $ 28,312 | $ 23,085 |
Operating expenses | ||||
Operating and administrative | 1,994 | 1,484 | 3,869 | 3,043 |
Depreciation and amortization | 1,064 | 929 | 2,119 | 1,861 |
Total operating expenses | 11,695 | 9,132 | 24,372 | 18,771 |
Operating income | 1,520 | 1,816 | 3,940 | 4,314 |
Income from equity investments | 510 | 352 | 1,001 | 747 |
Other income/(expense) | ||||
Net foreign currency gain/(loss) | (581) | 159 | (212) | 311 |
Other | 82 | 82 | 171 | 191 |
Interest expense | (791) | (618) | (1,510) | (1,275) |
Earnings before income taxes | 740 | 1,791 | 3,390 | 4,288 |
Income tax expense | (133) | (270) | (726) | (753) |
Earnings | 607 | 1,521 | 2,664 | 3,535 |
Earnings attributable to noncontrolling interests | (12) | (37) | (40) | (59) |
Earnings attributable to controlling interests | 595 | 1,484 | 2,624 | 3,476 |
Preference share dividends | (145) | (90) | (247) | (182) |
Earnings attributable to common shareholders | $ 450 | $ 1,394 | $ 2,377 | $ 3,294 |
Earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.22 | $ 0.69 | $ 1.17 | $ 1.63 |
Diluted earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.22 | $ 0.69 | $ 1.17 | $ 1.63 |
Commodity sales | ||||
Operating revenues | ||||
Total operating revenues | $ 8,108 | $ 6,334 | $ 16,433 | $ 12,763 |
Operating expenses | ||||
Commodity costs and Gas distribution costs | 8,181 | 6,430 | 16,472 | 12,628 |
Gas distribution sales | ||||
Operating revenues | ||||
Total operating revenues | 905 | 737 | 3,003 | 2,277 |
Operating expenses | ||||
Commodity costs and Gas distribution costs | 456 | 289 | 1,912 | 1,239 |
Transportation and other services | ||||
Operating revenues | ||||
Total operating revenues | $ 4,202 | $ 3,877 | $ 8,876 | $ 8,045 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Earnings | $ 607 | $ 1,521 | $ 2,664 | $ 3,535 |
Other comprehensive income/(loss), net of tax | ||||
Change in unrealized gain/(loss) on cash flow hedges | 352 | (157) | 646 | 213 |
Change in unrealized gain/(loss) on net investment hedges | (386) | 129 | (253) | 222 |
Other comprehensive income from equity investees | 0 | 24 | 0 | 2 |
Excluded components of fair value hedges | (4) | (1) | (5) | (2) |
Reclassification to earnings of loss on cash flow hedges | 52 | 61 | 109 | 113 |
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (3) | 6 | (5) | 11 |
Foreign currency translation adjustments | 1,881 | (835) | 1,173 | (1,631) |
Other comprehensive income/(loss), net of tax | 1,892 | (773) | 1,665 | (1,072) |
Comprehensive income | 2,499 | 748 | 4,329 | 2,463 |
Comprehensive income attributable to noncontrolling interests | (58) | (9) | (71) | (6) |
Comprehensive income attributable to controlling interests | 2,441 | 739 | 4,258 | 2,457 |
Preference share dividends | (145) | (90) | (247) | (182) |
Comprehensive income attributable to common shareholders | $ 2,296 | $ 649 | $ 4,011 | $ 2,275 |
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 |
Balance at the beginning of the period at Dec. 31, 2020 | $ 7,747 | $ 64,768 | $ 277 | $ (9,995) | $ (1,401) | $ (29) | $ 2,996 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Redemption of preference shares | 0 | ||||||||
Stock-based compensation | 16 | ||||||||
Options exercised | 12 | (8) | |||||||
Share purchases at stated value | 0 | ||||||||
Other | 0 | 0 | |||||||
Change in reciprocal interest | 39 | 12 | |||||||
Earnings attributable to controlling interests | $ 3,476 | 3,476 | |||||||
Preference share dividends | (182) | ||||||||
Common share dividends declared | (1,692) | ||||||||
Dividends paid to reciprocal shareholder | 5 | ||||||||
Share purchases in excess of stated value | 0 | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (1,019) | ||||||||
Earnings attributable to noncontrolling interests | 59 | ||||||||
Change in unrealized loss on cash flow hedges | (6) | ||||||||
Foreign currency translation adjustments | (47) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (53) | ||||||||
Comprehensive income attributable to noncontrolling interests | (6) | 6 | |||||||
Distributions | (143) | ||||||||
Contributions | 9 | ||||||||
Other | 0 | 2 | |||||||
Balance at the end of the period at Jun. 30, 2021 | $ 64,896 | 7,747 | 64,780 | 324 | (8,388) | (2,420) | (17) | $ 62,026 | 2,870 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 1.670 | ||||||||
Balance at the beginning of the period at Mar. 31, 2021 | 7,747 | 64,772 | 324 | (8,093) | (1,675) | (17) | 2,930 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Redemption of preference shares | 0 | ||||||||
Stock-based compensation | 5 | ||||||||
Options exercised | 8 | (5) | |||||||
Share purchases at stated value | 0 | ||||||||
Other | 0 | 0 | |||||||
Change in reciprocal interest | $ 0 | 0 | |||||||
Earnings attributable to controlling interests | 1,484 | 1,484 | |||||||
Preference share dividends | (90) | ||||||||
Common share dividends declared | (1,692) | ||||||||
Dividends paid to reciprocal shareholder | 2 | ||||||||
Share purchases in excess of stated value | 0 | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (745) | ||||||||
Earnings attributable to noncontrolling interests | 37 | ||||||||
Change in unrealized loss on cash flow hedges | (3) | ||||||||
Foreign currency translation adjustments | (25) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (28) | ||||||||
Comprehensive income attributable to noncontrolling interests | (9) | 9 | |||||||
Distributions | (77) | ||||||||
Contributions | 6 | ||||||||
Other | 1 | 2 | |||||||
Balance at the end of the period at Jun. 30, 2021 | $ 64,896 | 7,747 | 64,780 | 324 | (8,388) | (2,420) | (17) | 62,026 | 2,870 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.835 | ||||||||
Balance at the beginning of the period at Dec. 31, 2021 | $ 63,368 | 7,747 | 64,799 | 365 | (10,989) | (1,096) | 0 | 2,542 | |
Increase (Decrease) in Stockholders' Equity | |||||||||
Redemption of preference shares | (929) | ||||||||
Stock-based compensation | 18 | ||||||||
Options exercised | 48 | (45) | |||||||
Share purchases at stated value | (88) | ||||||||
Other | (4) | (33) | |||||||
Change in reciprocal interest | 0 | 0 | |||||||
Earnings attributable to controlling interests | 2,624 | 2,624 | |||||||
Preference share dividends | (247) | ||||||||
Common share dividends declared | (1,743) | ||||||||
Dividends paid to reciprocal shareholder | 0 | ||||||||
Share purchases in excess of stated value | (63) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,634 | ||||||||
Earnings attributable to noncontrolling interests | 40 | ||||||||
Change in unrealized loss on cash flow hedges | (6) | ||||||||
Foreign currency translation adjustments | 37 | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 31 | ||||||||
Comprehensive income attributable to noncontrolling interests | (71) | 71 | |||||||
Distributions | (127) | ||||||||
Contributions | 8 | ||||||||
Other | 0 | 45 | |||||||
Balance at the end of the period at Jun. 30, 2022 | $ 64,537 | 6,818 | 64,755 | 305 | (10,418) | 538 | 0 | 61,998 | 2,539 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 1.720 | ||||||||
Balance at the beginning of the period at Mar. 31, 2022 | 7,010 | 64,801 | 316 | (9,082) | (1,308) | 0 | 2,536 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Redemption of preference shares | (192) | ||||||||
Stock-based compensation | 5 | ||||||||
Options exercised | 12 | (11) | |||||||
Share purchases at stated value | (58) | ||||||||
Other | 0 | (5) | |||||||
Change in reciprocal interest | 0 | 0 | |||||||
Earnings attributable to controlling interests | $ 595 | 595 | |||||||
Preference share dividends | (145) | ||||||||
Common share dividends declared | (1,743) | ||||||||
Dividends paid to reciprocal shareholder | 0 | ||||||||
Share purchases in excess of stated value | (43) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,846 | ||||||||
Earnings attributable to noncontrolling interests | 12 | ||||||||
Change in unrealized loss on cash flow hedges | (8) | ||||||||
Foreign currency translation adjustments | 54 | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 46 | ||||||||
Comprehensive income attributable to noncontrolling interests | (58) | 58 | |||||||
Distributions | (67) | ||||||||
Contributions | 2 | ||||||||
Other | 0 | 10 | |||||||
Balance at the end of the period at Jun. 30, 2022 | $ 64,537 | $ 6,818 | $ 64,755 | $ 305 | $ (10,418) | $ 538 | $ 0 | $ 61,998 | $ 2,539 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.860 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Earnings | $ 2,664 | $ 3,535 |
Adjustments to reconcile earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 2,119 | 1,861 |
Deferred income tax expense | 469 | 647 |
Unrealized derivative fair value (gain)/loss, net | 415 | (448) |
Income from equity investments | (1,001) | (747) |
Distributions from equity investments | 878 | 737 |
Gain on disposition | 0 | (41) |
Other | 67 | (128) |
Changes in operating assets and liabilities | (138) | (363) |
Net cash provided by operating activities | 5,473 | 5,053 |
Investing activities | ||
Capital expenditures | (2,002) | (3,725) |
Long-term investments and restricted long-term investments | (388) | (155) |
Distributions from equity investments in excess of cumulative earnings | 296 | 246 |
Additions to intangible assets | (91) | (118) |
Proceeds from disposition | 0 | 122 |
Affiliate loans, net | 65 | 29 |
Net cash used in investing activities | (2,120) | (3,601) |
Financing activities | ||
Net change in short-term borrowings | 105 | 289 |
Net change in commercial paper and credit facility draws | 1,031 | 739 |
Debenture and term note issues, net of issue costs | 2,642 | 3,247 |
Debenture and term note repayments | (1,333) | (1,888) |
Contributions from noncontrolling interests | 8 | 9 |
Distributions to noncontrolling interests | (127) | (143) |
Common shares issued | 3 | 3 |
Common shares repurchased | (151) | 0 |
Preference share dividends | (173) | (182) |
Common share dividends | (3,485) | (3,382) |
Redemption of preferred shares held by subsidiary | 0 | (115) |
Redemption of preference shares | (1,003) | 0 |
Other | (122) | (40) |
Net cash used in financing activities | (2,605) | (1,463) |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 20 | (20) |
Net change in cash and cash equivalents and restricted cash | 768 | (31) |
Cash and cash equivalents and restricted cash at beginning of period | 320 | 490 |
Cash and cash equivalents and restricted cash at end of period | $ 1,088 | $ 459 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,045 | $ 286 |
Restricted cash | 43 | 34 |
Accounts receivable and other | 7,545 | 6,862 |
Accounts receivable from affiliates | 248 | 107 |
Inventory | 1,546 | 1,670 |
Total current assets | 10,427 | 8,959 |
Property, plant and equipment, net | 101,290 | 100,067 |
Long-term investments | 13,687 | 13,324 |
Restricted long-term investments | 543 | 630 |
Deferred amounts and other assets | 9,360 | 8,613 |
Intangible assets, net | 3,916 | 4,008 |
Goodwill | 33,277 | 32,775 |
Deferred income taxes | 316 | 488 |
Total assets | 172,816 | 168,864 |
Current liabilities | ||
Short-term borrowings | 1,620 | 1,515 |
Accounts payable and other | 8,206 | 9,767 |
Accounts payable to affiliates | 257 | 90 |
Interest payable | 704 | 693 |
Current portion of long-term debt | 7,188 | 6,164 |
Total current liabilities | 17,975 | 18,229 |
Long-term debt | 70,005 | 67,961 |
Other long-term liabilities | 7,799 | 7,617 |
Deferred income taxes | 12,500 | 11,689 |
Total liabilities | 108,279 | 105,496 |
Contingencies | ||
Share capital | ||
Preference shares | 6,818 | 7,747 |
Common shares (2,025 and 2,026 outstanding at June 30, 2022 and December 31, 2021) | 64,755 | 64,799 |
Additional paid-in capital | 305 | 365 |
Deficit | (10,418) | (10,989) |
Accumulated other comprehensive income/(loss) | 538 | (1,096) |
Total Enbridge Inc. shareholders' equity | 61,998 | 60,826 |
Noncontrolling interests | 2,539 | 2,542 |
Equity | 64,537 | 63,368 |
Total liabilities and equity | $ 172,816 | $ 168,864 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares shares in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding (in shares) | 2,025 | 2,026 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021. 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, 2021, 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. Certain comparative figures in our interim consolidated financial statements have been reclassified to conform to the current year's presentation. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
CHANGES IN ACCOUNTING POLICIES | CHANGES IN ACCOUNTING POLICIES ADOPTION OF NEW ACCOUNTING STANDARDS Disclosures About Government Assistance Effective January 1, 2022, we adopted Accounting Standards Update (ASU) 2021-10 on a prospective basis. The new standard was issued in November 2021 to increase the transparency of government assistance to business entities. The ASU adds new disclosure requirements for transactions with governments that are accounted for using a grant or contribution accounting model by analogy. The required disclosures include information about the nature of transactions, accounting policy applied, impacted financial statement line items and significant terms and conditions. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Certain Lessor Leases with Variable Lease Payments Effective January 1, 2022, we adopted ASU 2021-05 on a prospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Modifications or Exchanges of Certain Equity-Classified Contracts Effective January 1, 2022, we adopted ASU 2021-04 on a prospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Effective January 1, 2022, we adopted ASU 2020-06 on a modified retrospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE 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 2,565 1,200 157 — — — 3,922 Storage and other revenue 64 83 99 — — — 246 Gas gathering and processing revenue — 6 — — — — 6 Gas distribution revenue — — 919 — — — 919 Electricity and transmission revenue — — — 81 — — 81 Total revenue from contracts with customers 2,629 1,289 1,175 81 — — 5,174 Commodity sales — — — — 8,108 — 8,108 Other revenue 1,2 (145) 11 (37) 74 30 — (67) Intersegment revenue 154 1 — — — (155) — Total revenue 2,638 1,301 1,138 155 8,138 (155) 13,215 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 2,157 1,046 150 — — — 3,353 Storage and other revenue 37 63 51 — — — 151 Gas gathering and processing revenue — 10 — — — — 10 Gas distribution revenue — — 725 — — — 725 Electricity and transmission revenue — — — 55 — — 55 Total revenue from contracts with customers 2,194 1,119 926 55 — — 4,294 Commodity sales — — — — 6,334 — 6,334 Other revenue 1,2 215 9 12 77 1 6 320 Intersegment revenue 138 — 15 — 10 (163) — Total revenue 2,547 1,128 953 132 6,345 (157) 10,948 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Transportation revenue 5,250 2,394 408 — — — 8,052 Storage and other revenue 115 167 146 — — — 428 Gas gathering and processing revenue — 21 — — — — 21 Gas distribution revenue — — 3,017 — — — 3,017 Electricity and transmission revenue — — — 143 — — 143 Total revenue from contracts with customers 5,365 2,582 3,571 143 — — 11,661 Commodity sales — — — — 16,433 — 16,433 Other revenue 1,2 33 18 (33) 168 32 — 218 Intersegment revenue 295 1 11 — 10 (317) — Total revenue 5,693 2,601 3,549 311 16,475 (317) 28,312 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Transportation revenue 4,486 2,167 366 — — — 7,019 Storage and other revenue 63 137 109 — — — 309 Gas gathering and processing revenue — 17 — — — — 17 Gas distribution revenue — — 2,259 — — — 2,259 Electricity and transmission revenue — — — 81 — — 81 Total revenue from contracts with customers 4,549 2,321 2,734 81 — — 9,685 Commodity sales — — — — 12,763 — 12,763 Other revenue 1,2 427 21 18 168 1 2 637 Intersegment revenue 270 — 24 — 14 (308) — Total revenue 5,246 2,342 2,776 249 12,778 (306) 23,085 1 Includes mark-to -market gains/(losses) f rom our hedging program for the three months ended June 30, 2022 and 2021 of $198 million loss and $131 million gain, respectively. For the six months ended June 30, 2022 and 2021, Other revenue includes a $104 million mark-to-market loss and a $261 million mark-to-market gain, respectively. 2 Includes revenues from lease contracts for the three months ended June 30, 2022 and 2021 of $143 million and $143 million, respectively, and for the six months ended June 30, 2022 and 2021 of $307 million and $302 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 June 30, 2022 2,256 223 2,043 Balance as at December 31, 2021 2,369 213 1,898 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 six months ended June 30, 2022 included in contract liabilities at the beginning of the period is $21 million and $82 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2022 were $131 million and $228 million, respectively. Performance Obligations There were no material revenues recognized in the three and six months ended June 30, 2022 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 $58.3 billion, of which $3.7 billion and $6.3 billion are expected to be recognized during the remaining six months ending December 31, 2022 and the year ending December 31, 2023, respectively. The revenues excluded from the amounts above based on optional exemptions available under Accounting Standards Codification 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above. Variable Consideration During the three and six months ended June 30, 2022, 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 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 (CER) decision and potential customer negotiations, interim toll revenue recognized during the three and six months ended June 30, 2022 is considered variable consideration. 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 — — 20 — 20 Revenues from products and services transferred over time 1 2,629 1,289 1,155 81 5,154 Total revenue from contracts with customers 2,629 1,289 1,175 81 5,174 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 — — 17 — 17 Revenues from products and services transferred over time 1 2,194 1,119 909 55 4,277 Total revenue from contracts with customers 2,194 1,119 926 55 4,294 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Six months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 36 — 36 Revenues from products and services transferred over time 1 5,365 2,582 3,535 143 11,625 Total revenue from contracts with customers 5,365 2,582 3,571 143 11,661 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Six months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 34 — 34 Revenues from products and services transferred over time 1 4,549 2,321 2,700 81 9,651 Total revenue from contracts with customers 4,549 2,321 2,734 81 9,685 1 Revenue 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 | 6 Months Ended |
Jun. 30, 2022 | |
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) Operating revenues 2,638 1,301 1,138 155 8,138 (155) 13,215 Commodity and gas distribution costs (16) — (463) (4) (8,305) 151 (8,637) Operating and administrative (976) (545) (281) (53) (11) (128) (1,994) Income/(loss) from equity investments 153 335 1 23 — (2) 510 Other income/(expense) 19 28 22 1 1 (570) (499) Earnings/(loss) before interest, income taxes, and depreciation and amortization 1,818 1,119 417 122 (177) (704) 2,595 Depreciation and amortization (1,064) Interest expense (791) Income tax expense (133) Earnings 607 Capital expenditures 1 273 333 334 11 — 12 963 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended June 30, 2021 (millions of Canadian dollars) Operating revenues 2,547 1,128 953 132 6,345 (157) 10,948 Commodity and gas distribution costs (7) — (299) — (6,567) 154 (6,719) Operating and administrative (673) (424) (242) (37) (9) (99) (1,484) Income from equity investments 180 132 27 13 — — 352 Other income/(expense) (3) 32 19 7 (8) 194 241 Earnings/(loss) before interest, income taxes, and depreciation and amortization 2,044 868 458 115 (239) 92 3,338 Depreciation and amortization (929) Interest expense (618) Income tax expense (270) Earnings 1,521 Capital expenditures 1 567 547 300 2 — 9 1,425 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Operating revenues 5,693 2,601 3,549 311 16,475 (317) 28,312 Commodity and gas distribution costs (27) — (1,931) (8) (16,732) 314 (18,384) Operating and administrative (1,923) (1,075) (580) (101) (25) (165) (3,869) Income/(loss) from equity investments 368 556 1 78 — (2) 1,001 Other income/(expense) 36 51 43 4 4 (179) (41) Earnings/(loss) before interest, income taxes, and depreciation and amortization 4,147 2,133 1,082 284 (278) (349) 7,019 Depreciation and amortization (2,119) Interest expense (1,510) Income tax expense (726) Earnings 2,664 Capital expenditures 1 818 562 600 17 — 24 2,021 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Operating revenues 5,246 2,342 2,776 249 12,778 (306) 23,085 Commodity and gas distribution costs (10) — (1,257) — (12,920) 320 (13,867) Operating and administrative (1,492) (858) (514) (80) (23) (76) (3,043) Income from equity investments 334 314 49 50 — — 747 Other income/(expense) 5 43 38 52 (10) 374 502 Earnings/(loss) before interest, income taxes, and depreciation and amortization 4,083 1,841 1,092 271 (175) 312 7,424 Depreciation and amortization (1,861) Interest expense (1,275) Income tax expense (753) Earnings 3,535 Capital expenditures 1 1,923 1,029 519 7 — 21 3,499 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND D
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
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. On December 30, 2021, we closed the sale of our minority ownership in Noverco Inc. (Noverco). For the three and six months ended June 30, 2021, the weighted average number of common shares outstanding was reduced by our pro-rata weighted average interest in our own common shares of approximately 2 million and 3 million, respectively, resulting from our reciprocal investment in Noverco. DILUTED The treasury stock method is used to determine the dilutive impact of stock options and restricted stock units (RSU). 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 Six months ended 2022 2021 2022 2021 (number of shares in millions) Weighted average shares outstanding 2,026 2,024 2,026 2,023 Effect of dilutive options and RSUs 4 2 4 1 Diluted weighted average shares outstanding 2,030 2,026 2,030 2,024 For the three months ended June 30, 2022 and 2021, 3.2 million and 20.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $59.29 and $50.66, respectively, were excluded from the diluted earnings per common share calculation. For the six months ended June 30, 2022 and 2021, 8.0 million and 24.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $56.72 and $51.10, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On July 26, 2022, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2022 to shareholders of record on August 15, 2022. Dividend per share Common Shares 1 $0.86000 Preference Shares, Series A $0.34375 Preference Shares, Series B 2 $0.32513 Preference Shares, Series D $0.27875 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 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 19 $0.30625 1 The quarterly dividend per common share was increased 3% to $0.86 from $0.835, effective March 1, 2022. 2 The quarterly dividend per share paid on Preference Shares, Series B was increased to $0.32513 from $0.21340 on June 1, 2022 due to reset of the annual dividend on June 1, 2022. On June 1, 2022, all outstanding Preference Shares, Series C were converted to Preference Shares, Series B. PREFERENCE SHARE REDEMPTIONS On March 1, 2022, we redeemed our $750 million outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17. On June 1, 2022, we also redeemed our US$200 million outstanding Cumulative Redeemable Preference Shares, Series J. Dividends are cumulative, payable quarterly and are included in Preference share dividends in the Consolidated Statements of Earnings. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at June 30, 2022: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2023-2026 10,818 9,153 1,665 Enbridge (U.S.) Inc. 2023-2026 7,095 4,493 2,602 Enbridge Pipelines Inc. 2024 2,000 797 1,203 Enbridge Gas Inc. 2023 2,000 1,620 380 Total committed credit facilities 21,913 16,063 5,850 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, 2022, we renewed our three year $1.0 billion sustainability-linked credit facility, extending the maturity date out to July 2025. On May 17, 2022, we entered into a three year term loan with a syndicate of Japanese banks for approximately $806 million (¥84.8 billion), which will mature in May 2025 and replaces the approximately $499 million (¥52.5 billion) term loan that matured in May 2022. Additionally, on May 24, 2022, we entered into a 364-day term loan for approximately $1.9 billion, which will mature in May 2023. On June 23, 2022, we renewed approximately $5.5 billion of our 364-day extendible credit facilities to July 2024, which includes a one-year term out provision from July 2023. On July 15 and 22, 2022, we renewed $3.0 billion of our five year credit facilities, extending the maturity date out to July 2027. We also extended approximately $4.8 billion of our 364-day extendible credit facilities to July 2024, which includes a one-year term out provision, from July 2023. As part of the renewal, we also increased our credit facilities by approximately $481 million. In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $791 million was unutilized as at June 30, 2022. As at December 31, 2021, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $854 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 2023 to 2027. As at June 30, 2022 and December 31, 2021, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $12.3 billion and $11.3 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 six months ended June 30, 2022, we completed the following long-term debt issuances totaling $750 million and US$1.5 billion: Company Issue Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. January 2022 5.00% hybrid fixed-to-fixed subordinated notes due January 2082 $750 February 2022 Floating rate senior notes due February 2024 1 US$600 February 2022 2.15% senior notes due February 2024 US$400 February 2022 2.50% senior notes due February 2025 US$500 1 Notes carry an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 63 basis points. LONG-TERM DEBT REPAYMENTS During the six months ended June 30, 2022, we completed the following long-term debt repayments totaling US$784 million and $334 million: Company Repayment Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2022 Floating rate notes 1 US$750 February 2022 4.85% medium-term notes $200 Enbridge Gas Inc. April 2022 4.85% medium-term notes $125 Enbridge Pipelines (Southern Lights) L.L.C. June 2022 3.98% senior notes US$34 Enbridge Southern Lights LP June 2022 4.01% senior notes $9 1 Notes carried an interest rate set to equal the three-month London Interbank Offered Rate plus a margin of 50 basis points. SUBORDINATED TERM NOTES As at June 30, 2022 and December 31, 2021, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $8.6 billion and $7.7 billion, respectively. FAIR VALUE ADJUSTMENT As at June 30, 2022 and December 31, 2021, the net fair value adjustments to total debt assumed in a historical acquisition were $635 million and $667 million, respectively. During the three and six months ended June 30, 2022, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million (June 30, 2021 - $13 million) and $22 million (June 30, 2021 - $25 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 are to default on payment or violate certain covenants. As at June 30, 2022, we are in compliance with all covenant provisions. |
COMPONENTS OF ACCUMULATED OTHER
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in Accumulated other comprehensive income/(loss) (AOCI) attributable to our common shareholders for the six months ended June 30, 2022 and 2021 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2022 (897) — (166) 56 (5) (84) (1,096) Other comprehensive income/(loss) retained in AOCI 854 (5) (253) 1,136 — — 1,732 Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 142 — — — — — 142 Foreign exchange contracts 2 (4) — — — — — (4) Other contracts 3 2 — — — — — 2 Amortization of pension and OPEB actuarial gain 4 — — — — — (6) (6) 994 (5) (253) 1,136 — (6) 1,866 Tax impact Income tax on amounts retained in AOCI (202) — — — — — (202) Income tax on amounts reclassified to earnings (31) — — — — 1 (30) (233) — — — — 1 (232) Balance as at June 30, 2022 (136) (5) (419) 1,192 (5) (89) 538 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 294 (2) 251 (1,584) 1 — (1,040) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 142 — — — — — 142 Foreign exchange contracts 2 3 — — — — — 3 Other contracts 3 1 — — — — — 1 Amortization of pension and OPEB actuarial loss 4 — — — — — 14 14 Other 17 — — (20) 3 — — 457 (2) 251 (1,604) 4 14 (880) Tax impact Income tax on amounts retained in AOCI (75) — (29) — 1 — (103) Income tax on amounts reclassified to earnings (33) — — — — (3) (36) (108) — (29) — 1 (3) (139) Balance as at June 30, 2021 (977) 3 7 (1,036) 71 (488) (2,420) 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 3 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 4 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 I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
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 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 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 1.9%. 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 June 30, 2022, 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 including 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 2.2%. 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 natural gas liquids (NGL). We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use primarily non-qualifying derivative instruments to manage commodity price risk. Equity Price Risk Equity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through revaluation of the outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, restricted share units. We use a combination of qualifying and non-qualifying derivative instruments to manage equity price risk. TOTAL DERIVATIVE INSTRUMENTS We generally have a policy of entering into individual International Swaps and Derivatives Association, Inc. (ISDA) 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 Consolidated Statements of Financial Position location and carrying value of our derivative instruments, as well as the maximum potential settlement amounts in the event of the specific circumstances described above. All amounts are presented gross in the Consolidated Statements of Financial Position. June 30, 2022 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — 140 140 (41) 99 Interest rate contracts 341 — 1 342 (21) 321 Commodity contracts — — 358 358 (254) 104 Other contracts 2 — 6 8 — 8 343 — 505 848 1 (316) 532 Deferred amounts and other assets Foreign exchange contracts — 20 183 203 (123) 80 Interest rate contracts 566 — — 566 — 566 Commodity contracts — — 60 60 (22) 38 Other contracts 2 — 2 4 — 4 568 20 245 833 (145) 688 Accounts payable and other Foreign exchange contracts — (31) (221) (252) 41 (211) Interest rate contracts (10) — (41) (51) 21 (30) Commodity contracts (23) — (415) (438) 254 (184) (33) (31) (677) (741) 1 316 (425) Other long-term liabilities Foreign exchange contracts — (8) (574) (582) 123 (459) Interest rate contracts (3) — — (3) — (3) Commodity contracts (19) — (119) (138) 22 (116) (22) (8) (693) (723) 145 (578) Total net derivative assets/(liabilities) Foreign exchange contracts — (19) (472) (491) — (491) Interest rate contracts 894 — (40) 854 — 854 Commodity contracts (42) — (116) (158) — (158) Other contracts 4 — 8 12 — 12 856 (19) (620) 217 — 217 1 As at June 30, 2022, $84 million and $128 million were reported within Accounts receivable from affiliates and Accounts payable to affiliates, respectively, in the Consolidated Statements of Financial Position. December 31, 2021 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — 259 259 (41) 218 Interest rate contracts 64 — — 64 — 64 Commodity contracts — — 204 204 (129) 75 Other contracts — — 2 2 — 2 64 — 465 529 (170) 359 Deferred amounts and other assets Foreign exchange contracts — — 240 240 (61) 179 Interest rate contracts 88 — — 88 (1) 87 Commodity contracts — — 29 29 (13) 16 Other contracts — — 3 3 — 3 88 — 272 360 (75) 285 Accounts payable and other Foreign exchange contracts (15) (112) (176) (303) 41 (262) Interest rate contracts (150) — — (150) — (150) Commodity contracts (14) — (250) (264) 129 (135) (179) (112) (426) (717) 170 (547) Other long-term liabilities Foreign exchange contracts — — (423) (423) 61 (362) Interest rate contracts (1) — (23) (24) 1 (23) Commodity contracts (17) — (67) (84) 13 (71) (18) — (513) (531) 75 (456) Total net derivative assets/(liabilities) Foreign exchange contracts (15) (112) (100) (227) — (227) Interest rate contracts 1 — (23) (22) — (22) Commodity contracts (31) — (84) (115) — (115) Other contracts — — 5 5 — 5 (45) (112) (202) (359) — (359) The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments. June 30, 2022 2022 2023 2024 2025 2026 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 762 — 1,000 500 — — 2,262 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 4,900 6,384 5,134 3,962 3,362 1,082 24,824 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 14 29 30 30 28 32 163 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 68 92 91 86 85 343 765 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — — — 84,800 — — 84,800 Interest rate contracts - short-term debt pay fixed rate (millions of Canadian dollars) 5,242 1,346 132 30 26 64 6,840 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 3,052 2,626 1,718 573 — — 7,969 Equity contracts (millions of Canadian dollars) — 36 30 11 — — 77 Commodity contracts - natural gas (billions of cubic feet) 1 120 47 17 11 — — 195 Commodity contracts - crude oil (millions of barrels) 1 10 — — — — — 10 Commodity contracts - power (megawatt per hour) (MW/H) (24) (43) (43) (43) — — (40) 2 1 Total is a net purchase/(sale) of underlying commodity. 2 Total is an average net purchase/(sale) of power. Fair Value Derivatives For foreign exchange derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative is included in Net foreign currency gain/(loss) or Interest expense in the Consolidated Statements of Earnings. 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 Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Unrealized gain/(loss) on derivative 23 (32) 99 (35) Unrealized gain/(loss) on hedged item (2) 32 (89) 28 Realized loss on derivative (21) — (96) (39) Realized gain on hedged item — — 85 45 The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income The following table presents the effect of cash flow hedges and fair value hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes: Three months ended Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts — (5) 2 (25) Interest rate contracts 480 (203) 857 294 Commodity contracts (15) 4 (11) (4) Other contracts (3) 1 — 4 Fair value hedges Foreign exchange contracts (4) (1) (5) (2) 458 (204) 843 267 Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 — 2 13 3 Interest rate contracts 2 66 79 142 142 Commodity contracts — (1) — — Other contracts 3 — 1 2 1 66 81 157 146 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 gain of $68 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 42 months as at June 30, 2022. 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 Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Foreign exchange contracts 1 (806) 218 (373) 454 Interest rate contracts 2 (16) — (16) 2 Commodity contracts 3 38 (90) (30) (18) Other contracts 4 — 5 4 10 Total unrealized derivative fair value gain/(loss), net (784) 133 (415) 448 1 For the respective six months ended periods, reported within Transportation and other services revenues (2022 - $65 million loss; 2021 - $292 million gain) and Net foreign currency gain/(loss) (2022 - $308 million loss; 2021 - $162 million gain) 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 six months ended periods, reported within Transportation and other services revenues (2022 - $25 million gain; 2021 - $3 million loss), Commodity sales (2022 - $109 million gain; 2021 - $144 million gain), Commodity costs (2022 - $167 million loss; 2021 - $166 million loss) and Operating and administrative expense (2022 - $3 million gain; 2021 - $7 million gain) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. LIQUIDITY RISK Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12-month rolling time period to determine whether sufficient funds will be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. Our shelf prospectuses with securities regulators enable 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 June 30, 2022. 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: June 30, December 31, (millions of Canadian dollars) Canadian financial institutions 638 424 US financial institutions 254 130 European financial institutions 350 181 Asian financial institutions 118 30 Other 1 233 122 1,593 887 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. As at June 30, 2022, we did not provide any letters of credit in lieu of providing cash collateral to our counterparties pursuant to the terms of the relevant ISDA agreements. We held no cash collateral on derivative asset exposures as at June 30, 2022 and December 31, 2021. 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 and other financial 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 financial 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 financial instruments 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 financial instrument 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, investments in exchange-traded equity funds held by our captive insurance subsidiaries, as well as restricted long-term investments in Canadian equity securities that are held in trust in accordance with the CER's regulatory requirements under the Land Matters Consultation Initiative (LMCI). Level 2 Level 2 includes financial instrument valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Financial instruments 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 financial instrument. 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 long-term debt, investments in debt securities held by our captive insurance subsidiaries, and restricted long-term investments in Canadian government bonds held in trust in accordance with the CER's regulatory requirements under the LMCI 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. When possible, the fair value of our restricted long-term investments is based on quoted market prices for similar instruments and, if not available, based on broker quotes. 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 derivative’s 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, as well as physical forward commodity contracts. We do not have any other financial instruments categorized in Level 3. We use the most observable inputs available to estimate the fair value of our derivatives. When possible, we estimate the fair value of our derivatives based on quoted market prices. If quoted market prices are not available, we use estimates from third party brokers. For non-exchange traded derivatives classified in Levels 2 and 3, we use standard valuation techniques to calculate the estimated fair value. These methods include discounted cash flows for forwards and swaps and Black-Scholes-Merton pricing models for options. Depending on the type of derivative and nature of the underlying risk, we use observable market prices (interest, foreign exchange, commodity and share price) and volatility as primary inputs to these valuation techniques. Finally, we consider our own credit default swap spread as well as the credit default swap spreads associated with our counterparties in our estimation of fair value. We have categorized our derivative assets and liabilities measured at fair value as follows: June 30, 2022 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 140 — 140 Interest rate contracts — 342 — 342 Commodity contracts 50 180 128 358 Other contracts — 8 — 8 50 670 128 848 Long-term derivative assets Foreign exchange contracts — 203 — 203 Interest rate contracts — 566 — 566 Commodity contracts — 23 37 60 Other contracts — 4 — 4 — 796 37 833 Financial liabilities Current derivative liabilities Foreign exchange contracts — (252) — (252) Interest rate contracts — (51) — (51) Commodity contracts (9) (256) (173) (438) (9) (559) (173) (741) Long-term derivative liabilities Foreign exchange contracts — (582) — (582) Interest rate contracts — (3) — (3) Commodity contracts — (39) (99) (138) — (624) (99) (723) Total net financial assets/(liabilities) Foreign exchange contracts — (491) — (491) Interest rate contracts — 854 — 854 Commodity contracts 41 (92) (107) (158) Other contracts — 12 — 12 41 283 (107) 217 December 31, 2021 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 259 — 259 Interest rate contracts — 64 — 64 Commodity contracts 38 71 95 204 Other contracts — 2 — 2 38 396 95 529 Long-term derivative assets Foreign exchange contracts — 240 — 240 Interest rate contracts — 88 — 88 Commodity contracts — 21 8 29 Other contracts — 3 — 3 — 352 8 360 Financial liabilities Current derivative liabilities Foreign exchange contracts — (303) — (303) Interest rate contracts — (150) — (150) Commodity contracts (52) (66) (146) (264) (52) (519) (146) (717) Long-term derivative liabilities Foreign exchange contracts — (423) — (423) Interest rate contracts — (24) — (24) Commodity contracts — (19) (65) (84) — (466) (65) (531) Total net financial assets/(liabilities) Foreign exchange contracts — (227) — (227) Interest rate contracts — (22) — (22) Commodity contracts (14) 7 (108) (115) Other contracts — 5 — 5 (14) (237) (108) (359) The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: June 30, 2022 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (11) Forward gas price 5.10 8.55 6.65 $/mmbtu 2 Crude (8) Forward crude price 84.71 135.22 105.63 $/barrel Power (65) Forward power price 41.77 244.81 91.29 $/MW/H Commodity contracts - physical 1 Natural gas (39) Forward gas price 3.58 20.21 6.36 $/mmbtu 2 Crude 16 Forward crude price 100.75 144.94 122.72 $/barrel (107) 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: Six months ended 2022 2021 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (108) (191) Total gain/(loss) Included in earnings 1 14 (143) Included in OCI (11) (12) Settlements (2) 168 Level 3 net derivative liability at end of period (107) (178) 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 June 30, 2022 or December 31, 2021. 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 six months ended June 30, 2022 and 2021, we recognized an unrealized foreign exchange loss of $257 million and gain of $251 million, respectively, on the translation of US dollar denominated debt. During the six months ended June 30, 2022 and 2021, we recognized nil on the change in fair value of our outstanding foreign exchange forward contracts in OCI and nil 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 June 30, 2022 and December 31, 2021. We have Restricted long-term investments held in trust totaling $194 million and $217 million as at June 30, 2022 and December 31, 2021, respectively, which are classified as Level 1 in the fair value hierarchy. We also have Restricted long-term investments held in trust totaling $349 million and $413 million as at June 30, 2022 and December 31, 2021, respectively, which are classified as Level 2 in the fair value hierarchy. Level 1 and Level 2 Restricted long-term investments are recognized at fair value. These securities are classified as restricted funds which are collected from customers and held in trust for the purpose of funding pipeline abandonment in accordance with regulatory requirements. There were unrealized holding losses of $71 million and $131 million for the three and six months ended June 30, 2022, respectively (2021 - gains of $20 million and losses of $25 million, respectively). We have wholly-owned captive insurance subsidiaries whose principal activity is providing insurance and reinsurance coverage for certain insurable property and casualty risk exposures in the US and Canada of our operating subsidiaries and certain equity investments. As at June 30, 2022, the fair value of investments in equity funds and debt securities held by our captive insurance subsidiaries was $322 million (December 31, 2021 - $304 million). These investments in equity funds and debt securities are recognized at fair value, classified as Level 1 and Level 2 in the fair value hierarchy, respectively, and are recorded in Long-term investments in the Consolidated Statements of Financial Position. There were unrealized holding losses of $19 million and $27 million for the three and six months ended June 30, 2022, respectively (2021 - gains of $4 million and $3 million, respectively). As at June 30, 2022 and December 31, 2021, our long-term debt had a carrying value of $77.5 billion and $74.4 billion, respectively, before debt issuance costs and a fair value of $73.1 billion and $82.0 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 June 30, 2022 and December 31, 2021, the non-current notes receivable had a carrying value of $840 million and $954 million, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the three months ended June 30, 2022 and 2021 were 18.0% and 15.1%, respectively, and for the six months ended June 30, 2022 and 2021 were 21.4% and 17.6%, respectively. The period-over-period increases in the effective income tax rates were due to the effect of rate-regulated accounting for income taxes relative to earnings, an increase in US minimum tax, and the release of previously recognized uncertain tax positions in 2021. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (millions of Canadian dollars) Service cost 45 48 90 96 Interest cost 1 41 32 82 64 Expected return on plan assets 1 (98) (84) (196) (168) Amortization of actuarial (gain)/loss 1 (1) 14 (2) 28 Net periodic benefit (credit)/cost (13) 10 (26) 20 1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
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. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
ADOPTION OF NEW ACCOUNTING STANDARDS | ADOPTION OF NEW ACCOUNTING STANDARDS Disclosures About Government Assistance Effective January 1, 2022, we adopted Accounting Standards Update (ASU) 2021-10 on a prospective basis. The new standard was issued in November 2021 to increase the transparency of government assistance to business entities. The ASU adds new disclosure requirements for transactions with governments that are accounted for using a grant or contribution accounting model by analogy. The required disclosures include information about the nature of transactions, accounting policy applied, impacted financial statement line items and significant terms and conditions. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Certain Lessor Leases with Variable Lease Payments Effective January 1, 2022, we adopted ASU 2021-05 on a prospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Modifications or Exchanges of Certain Equity-Classified Contracts Effective January 1, 2022, we adopted ASU 2021-04 on a prospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Effective January 1, 2022, we adopted ASU 2020-06 on a modified retrospective basis. The new standard 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. The adoption of this ASU did not have a material impact on our consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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 2,565 1,200 157 — — — 3,922 Storage and other revenue 64 83 99 — — — 246 Gas gathering and processing revenue — 6 — — — — 6 Gas distribution revenue — — 919 — — — 919 Electricity and transmission revenue — — — 81 — — 81 Total revenue from contracts with customers 2,629 1,289 1,175 81 — — 5,174 Commodity sales — — — — 8,108 — 8,108 Other revenue 1,2 (145) 11 (37) 74 30 — (67) Intersegment revenue 154 1 — — — (155) — Total revenue 2,638 1,301 1,138 155 8,138 (155) 13,215 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 2,157 1,046 150 — — — 3,353 Storage and other revenue 37 63 51 — — — 151 Gas gathering and processing revenue — 10 — — — — 10 Gas distribution revenue — — 725 — — — 725 Electricity and transmission revenue — — — 55 — — 55 Total revenue from contracts with customers 2,194 1,119 926 55 — — 4,294 Commodity sales — — — — 6,334 — 6,334 Other revenue 1,2 215 9 12 77 1 6 320 Intersegment revenue 138 — 15 — 10 (163) — Total revenue 2,547 1,128 953 132 6,345 (157) 10,948 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Transportation revenue 5,250 2,394 408 — — — 8,052 Storage and other revenue 115 167 146 — — — 428 Gas gathering and processing revenue — 21 — — — — 21 Gas distribution revenue — — 3,017 — — — 3,017 Electricity and transmission revenue — — — 143 — — 143 Total revenue from contracts with customers 5,365 2,582 3,571 143 — — 11,661 Commodity sales — — — — 16,433 — 16,433 Other revenue 1,2 33 18 (33) 168 32 — 218 Intersegment revenue 295 1 11 — 10 (317) — Total revenue 5,693 2,601 3,549 311 16,475 (317) 28,312 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Transportation revenue 4,486 2,167 366 — — — 7,019 Storage and other revenue 63 137 109 — — — 309 Gas gathering and processing revenue — 17 — — — — 17 Gas distribution revenue — — 2,259 — — — 2,259 Electricity and transmission revenue — — — 81 — — 81 Total revenue from contracts with customers 4,549 2,321 2,734 81 — — 9,685 Commodity sales — — — — 12,763 — 12,763 Other revenue 1,2 427 21 18 168 1 2 637 Intersegment revenue 270 — 24 — 14 (308) — Total revenue 5,246 2,342 2,776 249 12,778 (306) 23,085 1 Includes mark-to -market gains/(losses) f rom our hedging program for the three months ended June 30, 2022 and 2021 of $198 million loss and $131 million gain, respectively. For the six months ended June 30, 2022 and 2021, Other revenue includes a $104 million mark-to-market loss and a $261 million mark-to-market gain, respectively. 2 Includes revenues from lease contracts for the three months ended June 30, 2022 and 2021 of $143 million and $143 million, respectively, and for the six months ended June 30, 2022 and 2021 of $307 million and $302 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 — — 20 — 20 Revenues from products and services transferred over time 1 2,629 1,289 1,155 81 5,154 Total revenue from contracts with customers 2,629 1,289 1,175 81 5,174 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 — — 17 — 17 Revenues from products and services transferred over time 1 2,194 1,119 909 55 4,277 Total revenue from contracts with customers 2,194 1,119 926 55 4,294 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Six months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 36 — 36 Revenues from products and services transferred over time 1 5,365 2,582 3,535 143 11,625 Total revenue from contracts with customers 5,365 2,582 3,571 143 11,661 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Six months ended (millions of Canadian dollars) Revenues from products transferred at a point in time — — 34 — 34 Revenues from products and services transferred over time 1 4,549 2,321 2,700 81 9,651 Total revenue from contracts with customers 4,549 2,321 2,734 81 9,685 1 Revenue 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. |
Schedule of Contract with Customer, Asset and Liability | Contract Balances Contract Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at June 30, 2022 2,256 223 2,043 Balance as at December 31, 2021 2,369 213 1,898 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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) Operating revenues 2,638 1,301 1,138 155 8,138 (155) 13,215 Commodity and gas distribution costs (16) — (463) (4) (8,305) 151 (8,637) Operating and administrative (976) (545) (281) (53) (11) (128) (1,994) Income/(loss) from equity investments 153 335 1 23 — (2) 510 Other income/(expense) 19 28 22 1 1 (570) (499) Earnings/(loss) before interest, income taxes, and depreciation and amortization 1,818 1,119 417 122 (177) (704) 2,595 Depreciation and amortization (1,064) Interest expense (791) Income tax expense (133) Earnings 607 Capital expenditures 1 273 333 334 11 — 12 963 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended June 30, 2021 (millions of Canadian dollars) Operating revenues 2,547 1,128 953 132 6,345 (157) 10,948 Commodity and gas distribution costs (7) — (299) — (6,567) 154 (6,719) Operating and administrative (673) (424) (242) (37) (9) (99) (1,484) Income from equity investments 180 132 27 13 — — 352 Other income/(expense) (3) 32 19 7 (8) 194 241 Earnings/(loss) before interest, income taxes, and depreciation and amortization 2,044 868 458 115 (239) 92 3,338 Depreciation and amortization (929) Interest expense (618) Income tax expense (270) Earnings 1,521 Capital expenditures 1 567 547 300 2 — 9 1,425 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Operating revenues 5,693 2,601 3,549 311 16,475 (317) 28,312 Commodity and gas distribution costs (27) — (1,931) (8) (16,732) 314 (18,384) Operating and administrative (1,923) (1,075) (580) (101) (25) (165) (3,869) Income/(loss) from equity investments 368 556 1 78 — (2) 1,001 Other income/(expense) 36 51 43 4 4 (179) (41) Earnings/(loss) before interest, income taxes, and depreciation and amortization 4,147 2,133 1,082 284 (278) (349) 7,019 Depreciation and amortization (2,119) Interest expense (1,510) Income tax expense (726) Earnings 2,664 Capital expenditures 1 818 562 600 17 — 24 2,021 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Six months ended (millions of Canadian dollars) Operating revenues 5,246 2,342 2,776 249 12,778 (306) 23,085 Commodity and gas distribution costs (10) — (1,257) — (12,920) 320 (13,867) Operating and administrative (1,492) (858) (514) (80) (23) (76) (3,043) Income from equity investments 334 314 49 50 — — 747 Other income/(expense) 5 43 38 52 (10) 374 502 Earnings/(loss) before interest, income taxes, and depreciation and amortization 4,083 1,841 1,092 271 (175) 312 7,424 Depreciation and amortization (1,861) Interest expense (1,275) Income tax expense (753) Earnings 3,535 Capital expenditures 1 1,923 1,029 519 7 — 21 3,499 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND_2
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Six months ended 2022 2021 2022 2021 (number of shares in millions) Weighted average shares outstanding 2,026 2,024 2,026 2,023 Effect of dilutive options and RSUs 4 2 4 1 Diluted weighted average shares outstanding 2,030 2,026 2,030 2,024 |
Schedule of Preferred Stock Characteristics by Class | On July 26, 2022, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2022 to shareholders of record on August 15, 2022. Dividend per share Common Shares 1 $0.86000 Preference Shares, Series A $0.34375 Preference Shares, Series B 2 $0.32513 Preference Shares, Series D $0.27875 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 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 19 $0.30625 1 The quarterly dividend per common share was increased 3% to $0.86 from $0.835, effective March 1, 2022. 2 The quarterly dividend per share paid on Preference Shares, Series B was increased to $0.32513 from $0.21340 on June 1, 2022 due to reset of the annual dividend on June 1, 2022. On June 1, 2022, all outstanding Preference Shares, Series C were converted to Preference Shares, Series B. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The following table provides details of our committed credit facilities as at June 30, 2022: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2023-2026 10,818 9,153 1,665 Enbridge (U.S.) Inc. 2023-2026 7,095 4,493 2,602 Enbridge Pipelines Inc. 2024 2,000 797 1,203 Enbridge Gas Inc. 2023 2,000 1,620 380 Total committed credit facilities 21,913 16,063 5,850 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 six months ended June 30, 2022, we completed the following long-term debt issuances totaling $750 million and US$1.5 billion: Company Issue Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. January 2022 5.00% hybrid fixed-to-fixed subordinated notes due January 2082 $750 February 2022 Floating rate senior notes due February 2024 1 US$600 February 2022 2.15% senior notes due February 2024 US$400 February 2022 2.50% senior notes due February 2025 US$500 1 Notes carry an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 63 basis points. |
Schedule of Repayment of Debt | During the six months ended June 30, 2022, we completed the following long-term debt repayments totaling US$784 million and $334 million: Company Repayment Date Principal Amount (millions of Canadian dollars unless otherwise stated) Enbridge Inc. February 2022 Floating rate notes 1 US$750 February 2022 4.85% medium-term notes $200 Enbridge Gas Inc. April 2022 4.85% medium-term notes $125 Enbridge Pipelines (Southern Lights) L.L.C. June 2022 3.98% senior notes US$34 Enbridge Southern Lights LP June 2022 4.01% senior notes $9 1 Notes carried an interest rate set to equal the three-month London Interbank Offered Rate plus a margin of 50 basis points. |
COMPONENTS OF ACCUMULATED OTH_2
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in AOCI Attributable to Enbridge, Inc. Common Shareholders | Changes in Accumulated other comprehensive income/(loss) (AOCI) attributable to our common shareholders for the six months ended June 30, 2022 and 2021 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2022 (897) — (166) 56 (5) (84) (1,096) Other comprehensive income/(loss) retained in AOCI 854 (5) (253) 1,136 — — 1,732 Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 142 — — — — — 142 Foreign exchange contracts 2 (4) — — — — — (4) Other contracts 3 2 — — — — — 2 Amortization of pension and OPEB actuarial gain 4 — — — — — (6) (6) 994 (5) (253) 1,136 — (6) 1,866 Tax impact Income tax on amounts retained in AOCI (202) — — — — — (202) Income tax on amounts reclassified to earnings (31) — — — — 1 (30) (233) — — — — 1 (232) Balance as at June 30, 2022 (136) (5) (419) 1,192 (5) (89) 538 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 294 (2) 251 (1,584) 1 — (1,040) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 142 — — — — — 142 Foreign exchange contracts 2 3 — — — — — 3 Other contracts 3 1 — — — — — 1 Amortization of pension and OPEB actuarial loss 4 — — — — — 14 14 Other 17 — — (20) 3 — — 457 (2) 251 (1,604) 4 14 (880) Tax impact Income tax on amounts retained in AOCI (75) — (29) — 1 — (103) Income tax on amounts reclassified to earnings (33) — — — — (3) (36) (108) — (29) — 1 (3) (139) Balance as at June 30, 2021 (977) 3 7 (1,036) 71 (488) (2,420) 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. 3 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 4 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) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Consolidated Statements of Financial Position Location and Carrying Value of Derivative Instruments | The following table summarizes the Consolidated Statements of Financial Position location and carrying value of our derivative instruments, as well as the maximum potential settlement amounts in the event of the specific circumstances described above. All amounts are presented gross in the Consolidated Statements of Financial Position. June 30, 2022 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — 140 140 (41) 99 Interest rate contracts 341 — 1 342 (21) 321 Commodity contracts — — 358 358 (254) 104 Other contracts 2 — 6 8 — 8 343 — 505 848 1 (316) 532 Deferred amounts and other assets Foreign exchange contracts — 20 183 203 (123) 80 Interest rate contracts 566 — — 566 — 566 Commodity contracts — — 60 60 (22) 38 Other contracts 2 — 2 4 — 4 568 20 245 833 (145) 688 Accounts payable and other Foreign exchange contracts — (31) (221) (252) 41 (211) Interest rate contracts (10) — (41) (51) 21 (30) Commodity contracts (23) — (415) (438) 254 (184) (33) (31) (677) (741) 1 316 (425) Other long-term liabilities Foreign exchange contracts — (8) (574) (582) 123 (459) Interest rate contracts (3) — — (3) — (3) Commodity contracts (19) — (119) (138) 22 (116) (22) (8) (693) (723) 145 (578) Total net derivative assets/(liabilities) Foreign exchange contracts — (19) (472) (491) — (491) Interest rate contracts 894 — (40) 854 — 854 Commodity contracts (42) — (116) (158) — (158) Other contracts 4 — 8 12 — 12 856 (19) (620) 217 — 217 1 As at June 30, 2022, $84 million and $128 million were reported within Accounts receivable from affiliates and Accounts payable to affiliates, respectively, in the Consolidated Statements of Financial Position. December 31, 2021 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Accounts receivable and other Foreign exchange contracts — — 259 259 (41) 218 Interest rate contracts 64 — — 64 — 64 Commodity contracts — — 204 204 (129) 75 Other contracts — — 2 2 — 2 64 — 465 529 (170) 359 Deferred amounts and other assets Foreign exchange contracts — — 240 240 (61) 179 Interest rate contracts 88 — — 88 (1) 87 Commodity contracts — — 29 29 (13) 16 Other contracts — — 3 3 — 3 88 — 272 360 (75) 285 Accounts payable and other Foreign exchange contracts (15) (112) (176) (303) 41 (262) Interest rate contracts (150) — — (150) — (150) Commodity contracts (14) — (250) (264) 129 (135) (179) (112) (426) (717) 170 (547) Other long-term liabilities Foreign exchange contracts — — (423) (423) 61 (362) Interest rate contracts (1) — (23) (24) 1 (23) Commodity contracts (17) — (67) (84) 13 (71) (18) — (513) (531) 75 (456) Total net derivative assets/(liabilities) Foreign exchange contracts (15) (112) (100) (227) — (227) Interest rate contracts 1 — (23) (22) — (22) Commodity contracts (31) — (84) (115) — (115) Other contracts — — 5 5 — 5 (45) (112) (202) (359) — (359) |
Schedule 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. June 30, 2022 2022 2023 2024 2025 2026 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 762 — 1,000 500 — — 2,262 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 4,900 6,384 5,134 3,962 3,362 1,082 24,824 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 14 29 30 30 28 32 163 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 68 92 91 86 85 343 765 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — — — 84,800 — — 84,800 Interest rate contracts - short-term debt pay fixed rate (millions of Canadian dollars) 5,242 1,346 132 30 26 64 6,840 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 3,052 2,626 1,718 573 — — 7,969 Equity contracts (millions of Canadian dollars) — 36 30 11 — — 77 Commodity contracts - natural gas (billions of cubic feet) 1 120 47 17 11 — — 195 Commodity contracts - crude oil (millions of barrels) 1 10 — — — — — 10 Commodity contracts - power (megawatt per hour) (MW/H) (24) (43) (43) (43) — — (40) 2 1 Total is a net purchase/(sale) of underlying commodity. 2 Total is an average net purchase/(sale) of power. |
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 is included in Net foreign currency gain/(loss) or Interest expense in the Consolidated Statements of Earnings. 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 Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Unrealized gain/(loss) on derivative 23 (32) 99 (35) Unrealized gain/(loss) on hedged item (2) 32 (89) 28 Realized loss on derivative (21) — (96) (39) Realized gain on hedged item — — 85 45 The following table presents the effect of cash flow hedges and fair value hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes: Three months ended Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts — (5) 2 (25) Interest rate contracts 480 (203) 857 294 Commodity contracts (15) 4 (11) (4) Other contracts (3) 1 — 4 Fair value hedges Foreign exchange contracts (4) (1) (5) (2) 458 (204) 843 267 Amount of (gain)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 — 2 13 3 Interest rate contracts 2 66 79 142 142 Commodity contracts — (1) — — Other contracts 3 — 1 2 1 66 81 157 146 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 Six months ended 2022 2021 2022 2021 (millions of Canadian dollars) Foreign exchange contracts 1 (806) 218 (373) 454 Interest rate contracts 2 (16) — (16) 2 Commodity contracts 3 38 (90) (30) (18) Other contracts 4 — 5 4 10 Total unrealized derivative fair value gain/(loss), net (784) 133 (415) 448 1 For the respective six months ended periods, reported within Transportation and other services revenues (2022 - $65 million loss; 2021 - $292 million gain) and Net foreign currency gain/(loss) (2022 - $308 million loss; 2021 - $162 million gain) 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 six months ended periods, reported within Transportation and other services revenues (2022 - $25 million gain; 2021 - $3 million loss), Commodity sales (2022 - $109 million gain; 2021 - $144 million gain), Commodity costs (2022 - $167 million loss; 2021 - $166 million loss) and Operating and administrative expense (2022 - $3 million gain; 2021 - $7 million gain) 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: June 30, December 31, (millions of Canadian dollars) Canadian financial institutions 638 424 US financial institutions 254 130 European financial institutions 350 181 Asian financial institutions 118 30 Other 1 233 122 1,593 887 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: June 30, 2022 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 140 — 140 Interest rate contracts — 342 — 342 Commodity contracts 50 180 128 358 Other contracts — 8 — 8 50 670 128 848 Long-term derivative assets Foreign exchange contracts — 203 — 203 Interest rate contracts — 566 — 566 Commodity contracts — 23 37 60 Other contracts — 4 — 4 — 796 37 833 Financial liabilities Current derivative liabilities Foreign exchange contracts — (252) — (252) Interest rate contracts — (51) — (51) Commodity contracts (9) (256) (173) (438) (9) (559) (173) (741) Long-term derivative liabilities Foreign exchange contracts — (582) — (582) Interest rate contracts — (3) — (3) Commodity contracts — (39) (99) (138) — (624) (99) (723) Total net financial assets/(liabilities) Foreign exchange contracts — (491) — (491) Interest rate contracts — 854 — 854 Commodity contracts 41 (92) (107) (158) Other contracts — 12 — 12 41 283 (107) 217 December 31, 2021 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 259 — 259 Interest rate contracts — 64 — 64 Commodity contracts 38 71 95 204 Other contracts — 2 — 2 38 396 95 529 Long-term derivative assets Foreign exchange contracts — 240 — 240 Interest rate contracts — 88 — 88 Commodity contracts — 21 8 29 Other contracts — 3 — 3 — 352 8 360 Financial liabilities Current derivative liabilities Foreign exchange contracts — (303) — (303) Interest rate contracts — (150) — (150) Commodity contracts (52) (66) (146) (264) (52) (519) (146) (717) Long-term derivative liabilities Foreign exchange contracts — (423) — (423) Interest rate contracts — (24) — (24) Commodity contracts — (19) (65) (84) — (466) (65) (531) Total net financial assets/(liabilities) Foreign exchange contracts — (227) — (227) Interest rate contracts — (22) — (22) Commodity contracts (14) 7 (108) (115) Other contracts — 5 — 5 (14) (237) (108) (359) |
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: June 30, 2022 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (11) Forward gas price 5.10 8.55 6.65 $/mmbtu 2 Crude (8) Forward crude price 84.71 135.22 105.63 $/barrel Power (65) Forward power price 41.77 244.81 91.29 $/MW/H Commodity contracts - physical 1 Natural gas (39) Forward gas price 3.58 20.21 6.36 $/mmbtu 2 Crude 16 Forward crude price 100.75 144.94 122.72 $/barrel (107) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 One million British thermal units (mmbtu). |
Schedule of Changes in Net Fair Value of Derivative Assets and Liabilities Classified as Level 3 in the Fair Value Hierarchy | Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Six months ended 2022 2021 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (108) (191) Total gain/(loss) Included in earnings 1 14 (143) Included in OCI (11) (12) Settlements (2) 168 Level 3 net derivative liability at end of period (107) (178) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs Recognized | Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (millions of Canadian dollars) Service cost 45 48 90 96 Interest cost 1 41 32 82 64 Expected return on plan assets 1 (98) (84) (196) (168) Amortization of actuarial (gain)/loss 1 (1) 14 (2) 28 Net periodic benefit (credit)/cost (13) 10 (26) 20 1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 5,174 | $ 4,294 | $ 11,661 | $ 9,685 |
Total revenues | 13,215 | 10,948 | 28,312 | 23,085 |
Mark-to-market (loss) gain from hedging program | (198) | 131 | (104) | 261 |
Revenues from lease contracts | 143 | 143 | 307 | 302 |
Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 17 | 36 | 34 |
Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,154 | 4,277 | 11,625 | 9,651 |
Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,922 | 3,353 | 8,052 | 7,019 |
Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 246 | 151 | 428 | 309 |
Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 10 | 21 | 17 |
Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 919 | 725 | 3,017 | 2,259 |
Total revenues | 905 | 737 | 3,003 | 2,277 |
Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 55 | 143 | 81 |
Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 8,108 | 6,334 | 16,433 | 12,763 |
Total revenues | 8,108 | 6,334 | 16,433 | 12,763 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (67) | 320 | 218 | 637 |
Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,629 | 2,194 | 5,365 | 4,549 |
Liquids Pipelines | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Liquids Pipelines | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,629 | 2,194 | 5,365 | 4,549 |
Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,289 | 1,119 | 2,582 | 2,321 |
Gas Transmission and Midstream | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Gas Transmission and Midstream | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,289 | 1,119 | 2,582 | 2,321 |
Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,175 | 926 | 3,571 | 2,734 |
Gas Distribution and Storage | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 17 | 36 | 34 |
Gas Distribution and Storage | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,155 | 909 | 3,535 | 2,700 |
Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 55 | 143 | 81 |
Renewable Power Generation | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Renewable Power Generation | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 55 | 143 | 81 |
Business segments | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,629 | 2,194 | 5,365 | 4,549 |
Total revenues | 2,638 | 2,547 | 5,693 | 5,246 |
Business segments | Liquids Pipelines | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,565 | 2,157 | 5,250 | 4,486 |
Business segments | Liquids Pipelines | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 64 | 37 | 115 | 63 |
Business segments | Liquids Pipelines | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 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 | (145) | 215 | 33 | 427 |
Business segments | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,289 | 1,119 | 2,582 | 2,321 |
Total revenues | 1,301 | 1,128 | 2,601 | 2,342 |
Business segments | Gas Transmission and Midstream | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,200 | 1,046 | 2,394 | 2,167 |
Business segments | Gas Transmission and Midstream | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 83 | 63 | 167 | 137 |
Business segments | Gas Transmission and Midstream | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6 | 10 | 21 | 17 |
Business segments | Gas Transmission and Midstream | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission and Midstream | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 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 | 11 | 9 | 18 | 21 |
Business segments | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,175 | 926 | 3,571 | 2,734 |
Total revenues | 1,138 | 953 | 3,549 | 2,776 |
Business segments | Gas Distribution and Storage | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 157 | 150 | 408 | 366 |
Business segments | Gas Distribution and Storage | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 99 | 51 | 146 | 109 |
Business segments | Gas Distribution and Storage | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 919 | 725 | 3,017 | 2,259 |
Business segments | Gas Distribution and Storage | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 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 | (37) | 12 | (33) | 18 |
Business segments | Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 55 | 143 | 81 |
Total revenues | 155 | 132 | 311 | 249 |
Business segments | Renewable Power Generation | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 55 | 143 | 81 |
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 | 74 | 77 | 168 | 168 |
Business segments | Energy Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Total revenues | 8,138 | 6,345 | 16,475 | 12,778 |
Business segments | Energy Services | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Energy Services | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 8,108 | 6,334 | 16,433 | 12,763 |
Business segments | Energy Services | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 30 | 1 | 32 | 1 |
Eliminations and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Total revenues | (155) | (157) | (317) | (306) |
Eliminations and Other | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Gas gathering and processing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Gas distribution sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Electricity and transmission revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 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 | 0 | 6 | 0 | 2 |
Intersegment revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (155) | (163) | (317) | (308) |
Total revenues | (155) | (157) | (317) | (306) |
Intersegment revenue | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 154 | 138 | 295 | 270 |
Intersegment revenue | Gas Transmission and Midstream | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 1 | 0 | 1 | 0 |
Intersegment revenue | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 15 | 11 | 24 |
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 | $ 0 | $ 10 | $ 10 | $ 14 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 CAD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 21 | $ 82 |
Increase in contract with customers, liability | 131 | 228 |
Remaining performance obligation | 58,300 | 58,300 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 3,700 | $ 3,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, period | 6 months | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 6,300 | $ 6,300 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, period | 1 year | 1 year |
REVENUE - Contract Balances (De
REVENUE - Contract Balances (Details) - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract Receivables | $ 2,256 | $ 2,369 |
Contract Assets | 223 | 213 |
Contract Liabilities | $ 2,043 | $ 1,898 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segmented Information | ||||
Operating revenues | $ 13,215 | $ 10,948 | $ 28,312 | $ 23,085 |
Commodity and gas distribution costs | (8,637) | (6,719) | (18,384) | (13,867) |
Operating and administrative | (1,994) | (1,484) | (3,869) | (3,043) |
Income/(loss) from equity investments | 510 | 352 | 1,001 | 747 |
Other income/(expense) | (499) | 241 | (41) | 502 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 2,595 | 3,338 | 7,019 | 7,424 |
Depreciation and amortization | (1,064) | (929) | (2,119) | (1,861) |
Interest expense | (791) | (618) | (1,510) | (1,275) |
Income tax expense | (133) | (270) | (726) | (753) |
Earnings | 607 | 1,521 | 2,664 | 3,535 |
Capital expenditures | 963 | 1,425 | 2,021 | 3,499 |
Eliminations and Other | ||||
Segmented Information | ||||
Operating revenues | (155) | (157) | (317) | (306) |
Commodity and gas distribution costs | 151 | 154 | 314 | 320 |
Operating and administrative | (128) | (99) | (165) | (76) |
Income/(loss) from equity investments | (2) | 0 | (2) | 0 |
Other income/(expense) | (570) | 194 | (179) | 374 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | (704) | 92 | (349) | 312 |
Capital expenditures | 12 | 9 | 24 | 21 |
Liquids Pipelines | Business segments | ||||
Segmented Information | ||||
Operating revenues | 2,638 | 2,547 | 5,693 | 5,246 |
Commodity and gas distribution costs | (16) | (7) | (27) | (10) |
Operating and administrative | (976) | (673) | (1,923) | (1,492) |
Income/(loss) from equity investments | 153 | 180 | 368 | 334 |
Other income/(expense) | 19 | (3) | 36 | 5 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,818 | 2,044 | 4,147 | 4,083 |
Capital expenditures | 273 | 567 | 818 | 1,923 |
Gas Transmission and Midstream | Business segments | ||||
Segmented Information | ||||
Operating revenues | 1,301 | 1,128 | 2,601 | 2,342 |
Commodity and gas distribution costs | 0 | 0 | 0 | 0 |
Operating and administrative | (545) | (424) | (1,075) | (858) |
Income/(loss) from equity investments | 335 | 132 | 556 | 314 |
Other income/(expense) | 28 | 32 | 51 | 43 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,119 | 868 | 2,133 | 1,841 |
Capital expenditures | 333 | 547 | 562 | 1,029 |
Gas Distribution and Storage | Business segments | ||||
Segmented Information | ||||
Operating revenues | 1,138 | 953 | 3,549 | 2,776 |
Commodity and gas distribution costs | (463) | (299) | (1,931) | (1,257) |
Operating and administrative | (281) | (242) | (580) | (514) |
Income/(loss) from equity investments | 1 | 27 | 1 | 49 |
Other income/(expense) | 22 | 19 | 43 | 38 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 417 | 458 | 1,082 | 1,092 |
Capital expenditures | 334 | 300 | 600 | 519 |
Renewable Power Generation | Business segments | ||||
Segmented Information | ||||
Operating revenues | 155 | 132 | 311 | 249 |
Commodity and gas distribution costs | (4) | 0 | (8) | 0 |
Operating and administrative | (53) | (37) | (101) | (80) |
Income/(loss) from equity investments | 23 | 13 | 78 | 50 |
Other income/(expense) | 1 | 7 | 4 | 52 |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 122 | 115 | 284 | 271 |
Capital expenditures | 11 | 2 | 17 | 7 |
Energy Services | Business segments | ||||
Segmented Information | ||||
Operating revenues | 8,138 | 6,345 | 16,475 | 12,778 |
Commodity and gas distribution costs | (8,305) | (6,567) | (16,732) | (12,920) |
Operating and administrative | (11) | (9) | (25) | (23) |
Income/(loss) from equity investments | 0 | 0 | 0 | 0 |
Other income/(expense) | 1 | (8) | 4 | (10) |
Earnings/(loss) before interest, income taxes, and depreciation and amortization | (177) | (239) | (278) | (175) |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 |
EARNINGS PER COMMON SHARE AND_3
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Basic (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Pro-rata weighted average interest in entity's own common shares (in shares) | 2 | 3 |
EARNINGS PER COMMON SHARE AND_4
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Diluted (Details) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted average number of common shares outstanding diluted | ||||
Weighted average shares outstanding (in shares) | 2,026 | 2,024 | 2,026 | 2,023 |
Effect of dilutive options and RSUs (in shares) | 4 | 2 | 4 | 1 |
Diluted weighted average shares outstanding (in shares) | 2,030 | 2,026 | 2,030 | 2,024 |
Stock options | ||||
Weighted average number of common shares outstanding diluted | ||||
Antidilutive securities excluded from the diluted earnings per common share calculation (in shares) | 3.2 | 20.5 | 8 | 24 |
Weighted average exercise price of antidilutive securities (in Canadian dollars per share) | $ 59.29 | $ 50.66 | $ 56.72 | $ 51.10 |
EARNINGS PER COMMON SHARE AND_5
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Dividends Per Share (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||
Sep. 01, 2022 $ / shares | Sep. 01, 2022 $ / shares | Jul. 26, 2022 $ / shares | Jul. 26, 2022 $ / shares | May 31, 2022 $ / shares | Mar. 01, 2022 | Feb. 28, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | |
Dividends Payable [Line Items] | |||||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.835 | $ 0.86 | |||||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.860 | $ 0.835 | $ 1.720 | $ 1.670 | |||||||||
Common Stock Dividends Per Share Increase Decrease | 3% | ||||||||||||
Common shares | Subsequent event | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.86000 | ||||||||||||
Common shares | Forecast | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.86000 | ||||||||||||
Preferred share investment | Preference Shares, Series B | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.21340 | $ 0.32513 | |||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series A | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.34375 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series B | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.32513 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series D | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27875 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series F | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.29306 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series H | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27350 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series L | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.30993 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series N | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.31788 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series P | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27369 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series R | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.25456 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 1 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.37182 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 3 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.23356 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 5 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.33596 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 7 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27806 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 9 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.25606 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 11 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.24613 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 13 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.19019 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 15 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.18644 | ||||||||||||
Preferred share investment | Subsequent event | Preference Shares, Series 19 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.30625 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series A | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.34375 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series B | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.32513 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series D | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27875 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series F | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.29306 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series H | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27350 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series L | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.30993 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series N | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.31788 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series P | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27369 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series R | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.25456 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 1 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.37182 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 3 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.23356 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 5 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.33596 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 7 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27806 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 9 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.25606 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 11 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.24613 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 13 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.19019 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 15 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.18644 | ||||||||||||
Preferred share investment | Forecast | Preference Shares, Series 19 | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.30625 |
EARNINGS PER COMMON SHARE AND_6
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Preference Share Redemption (Details) $ in Millions, $ in Millions | Jun. 01, 2022 USD ($) | Mar. 01, 2022 CAD ($) |
Preference Shares, Series 17 | ||
Preferred stock outstanding, redemption amount | $ 750 | |
Preference Shares, Series J | ||
Preferred stock outstanding, redemption amount | $ 200 |
DEBT - Credit Facilities (Detai
DEBT - Credit Facilities (Details) - Committed credit facilities $ in Millions | 6 Months Ended |
Jun. 30, 2022 CAD ($) | |
CREDIT FACILITIES | |
Total Facilities | $ 21,913 |
Draws | 16,063 |
Available | $ 5,850 |
Term out option period | 1 year |
Enbridge (U.S.) Inc. | |
CREDIT FACILITIES | |
Total Facilities | $ 7,095 |
Draws | 4,493 |
Available | 2,602 |
Enbridge Pipelines Inc. | |
CREDIT FACILITIES | |
Total Facilities | 2,000 |
Draws | 797 |
Available | 1,203 |
Enbridge Gas Inc. | |
CREDIT FACILITIES | |
Total Facilities | 2,000 |
Draws | 1,620 |
Available | 380 |
Enbridge Inc. | |
CREDIT FACILITIES | |
Total Facilities | 10,818 |
Draws | 9,153 |
Available | $ 1,665 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Jul. 22, 2022 CAD ($) | Jul. 22, 2022 CAD ($) | Jul. 15, 2022 CAD ($) | Jun. 23, 2022 CAD ($) | May 24, 2022 USD ($) | May 17, 2022 CAD ($) | Feb. 10, 2022 CAD ($) | Feb. 28, 2022 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2022 USD ($) | May 17, 2022 JPY (¥) | Jan. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||||
Commitment fee percentage | 0.10% | |||||||||||||||
Long-term debt | $ 70,005,000,000 | $ 70,005,000,000 | $ 67,961,000,000 | |||||||||||||
Long-term debt, fair value adjustment | 635,000,000 | 635,000,000 | 667,000,000 | |||||||||||||
Amortization of fair value adjustment | 11,000,000 | $ 13,000,000 | 22,000,000 | $ 25,000,000 | ||||||||||||
364 Day Extendible Credit Facilities | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 364 days | |||||||||||||||
Amount of credit facility | $ 5,500,000,000 | |||||||||||||||
Term out option period | 1 year | |||||||||||||||
364 Day Extendible Credit Facilities | Subsequent event | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 364 days | |||||||||||||||
Amount of credit facility | $ 4,800,000,000 | $ 4,800,000,000 | ||||||||||||||
Term out option period | 1 year | |||||||||||||||
Commercial paper and credit facility draws | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Long-term debt | 12,300,000,000 | 12,300,000,000 | 11,300,000,000 | |||||||||||||
5.00% hybrid fixed-to-fixed subordinated notes due January 2082 | Enbridge Inc. | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Principal amount of debt | 750,000,000 | 750,000,000 | $ 1,500 | $ 750,000,000 | ||||||||||||
Floating rate notes | Enbridge Inc. | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Principal amount | $ 750 | |||||||||||||||
Fixed-to-floating subordinated term notes | Subordinated term notes | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Subordinated debt | 8,600,000,000 | 8,600,000,000 | ||||||||||||||
Fixed-to-fixed subordinated term notes | Subordinated term notes | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Subordinated debt | 7,700,000,000 | |||||||||||||||
Revolving credit facility | Subsequent event | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 5 years | |||||||||||||||
Amount of credit facility | $ 3,000,000,000 | |||||||||||||||
Line of credit facility, increase | $ 481,000,000 | |||||||||||||||
Revolving credit facility | Sustainability-linked Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 3 years | |||||||||||||||
Amount of credit facility | $ 1,000,000,000 | |||||||||||||||
Uncommitted demand credit facilities | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Amount of credit facility | 1,300,000,000 | 1,300,000,000 | 1,300,000,000 | |||||||||||||
Unutilized amount of facility | $ 791,000,000 | $ 791,000,000 | $ 854,000,000 | |||||||||||||
Term Loan Maturing In May 2025 | Three Year Term Loan | Term Loan | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 3 years | |||||||||||||||
Amount of credit facility | $ 806,000,000 | ¥ 84.8 | ||||||||||||||
Term Loan Matured In May 2022 | Term Loan | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Amount of credit facility | $ 499,000,000 | ¥ 52.5 | ||||||||||||||
Term Loan Maturing In 2023 | 364-Day Term Loan | Term Loan | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt instrument maturity period (in year) | 364 days | |||||||||||||||
Amount of credit facility | $ 1,900 |
DEBT - Long Term Debt Issuance
DEBT - Long Term Debt Issuance (Details) - Enbridge Inc. $ in Millions, $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Feb. 28, 2022 USD ($) | Jan. 31, 2022 CAD ($) | |
5.00% hybrid fixed-to-fixed subordinated notes due January 2082 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 5% | |||
Principal amount of debt | $ 750 | $ 1,500 | $ 750 | |
Floating rate senior notes due February 2024 | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt | $ 600 | |||
Floating rate senior notes due February 2024 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate (percent) | 0.63% | |||
2.15% senior notes due February 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.15% | |||
Principal amount of debt | $ 400 | |||
2.5% senior notes due February 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.50% | |||
Principal amount of debt | $ 500 |
DEBT - Long Term Debt Repayment
DEBT - Long Term Debt Repayments (Details) $ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Apr. 30, 2022 CAD ($) | Feb. 28, 2022 USD ($) | Feb. 28, 2022 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | |
Long-Term Debt | |||||||
DEBT | |||||||
Principal Amount | $ 784 | $ 334 | |||||
4.85% medium-term notes | Enbridge Gas Inc. | |||||||
DEBT | |||||||
Interest rate (as a percent) | 4.85% | ||||||
Principal Amount | $ 125 | ||||||
senior notes | Enbridge Pipelines (Southern Lights) L.L.C. | |||||||
DEBT | |||||||
Interest rate (as a percent) | 3.98% | 3.98% | |||||
Principal Amount | $ 34 | ||||||
4.01% senior notes | Enbridge Southern Lights LP | |||||||
DEBT | |||||||
Interest rate (as a percent) | 4.01% | 4.01% | |||||
Principal Amount | $ 9 | ||||||
Enbridge Inc. | Floating rate notes | |||||||
DEBT | |||||||
Principal Amount | $ 750 | ||||||
Enbridge Inc. | Floating rate notes | London Interbank Offered Rate | |||||||
DEBT | |||||||
Spread on variable rate (percent) | 0.50% | 0.50% | |||||
Enbridge Inc. | 4.85% medium-term notes | |||||||
DEBT | |||||||
Interest rate (as a percent) | 4.85% | 4.85% | |||||
Principal Amount | $ 200 |
COMPONENTS OF ACCUMULATED OTH_3
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in AOCI | ||
Balance at the beginning of the period | $ 63,368 | |
Other comprehensive income/(loss) retained in AOCI | 1,732 | $ (1,040) |
Total before tax impact | 1,866 | (880) |
Income tax on amounts retained in AOCI | (202) | (103) |
Income tax on amounts reclassified to earnings | (30) | (36) |
Tax impact | (232) | (139) |
Balance at the end of the period | 64,537 | 64,896 |
Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 142 | 142 |
Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4) | 3 |
Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 2 | 1 |
Total | ||
Changes in AOCI | ||
Balance at the beginning of the period | (1,096) | (1,401) |
Balance at the end of the period | 538 | (2,420) |
Cash Flow Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (897) | (1,326) |
Other comprehensive income/(loss) retained in AOCI | 854 | 294 |
Other | 17 | |
Total before tax impact | 994 | 457 |
Income tax on amounts retained in AOCI | (202) | (75) |
Income tax on amounts reclassified to earnings | (31) | (33) |
Tax impact | (233) | (108) |
Balance at the end of the period | (136) | (977) |
Cash Flow Hedges | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 142 | 142 |
Cash Flow Hedges | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4) | 3 |
Cash Flow Hedges | Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 2 | 1 |
Excluded Components of Fair Value Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | 0 | 5 |
Other comprehensive income/(loss) retained in AOCI | (5) | (2) |
Total before tax impact | (5) | (2) |
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 | (5) | 3 |
Net Investment Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (166) | (215) |
Other comprehensive income/(loss) retained in AOCI | (253) | 251 |
Total before tax impact | (253) | 251 |
Income tax on amounts retained in AOCI | 0 | (29) |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | 0 | (29) |
Balance at the end of the period | (419) | 7 |
Cumulative Translation Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 56 | 568 |
Other comprehensive income/(loss) retained in AOCI | 1,136 | (1,584) |
Other | (20) | |
Total before tax impact | 1,136 | (1,604) |
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 | 1,192 | (1,036) |
Equity Investees | ||
Changes in AOCI | ||
Balance at the beginning of the period | (5) | 66 |
Other comprehensive income/(loss) retained in AOCI | 0 | 1 |
Other | 3 | |
Total before tax impact | 0 | 4 |
Income tax on amounts retained in AOCI | 0 | 1 |
Income tax on amounts reclassified to earnings | 0 | 0 |
Tax impact | 0 | 1 |
Balance at the end of the period | (5) | 71 |
Pension and OPEB Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | (84) | (499) |
Other comprehensive loss/(income) reclassified to earnings | (6) | 14 |
Total before tax impact | (6) | 14 |
Income tax on amounts retained in AOCI | 0 | 0 |
Income tax on amounts reclassified to earnings | 1 | (3) |
Tax impact | 1 | (3) |
Balance at the end of the period | $ (89) | $ (488) |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Risk (Details) | 6 Months Ended |
Jun. 30, 2022 equity_type | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Average swap rate (percent) | 1.90% |
Average swap rate, variable (as a percent) | 2.20% |
Interest rate contracts - short-term borrowings | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Floating rate debt as target percentage of total debt outstanding maximum | 30% |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | $ 217 | $ (359) |
Derivative liabilities, Total Net Derivative Instruments | 217 | (359) |
Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (620) | (202) |
Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 856 | (45) |
Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (19) | (112) |
Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 848 | 529 |
Derivative assets, Amounts Available for Offset | (316) | (170) |
Derivative assets, Total Net Derivative Instruments | 532 | 359 |
Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 505 | 465 |
Accounts receivable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 343 | 64 |
Accounts receivable and other | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 833 | 360 |
Derivative assets, Amounts Available for Offset | (145) | (75) |
Derivative assets, Total Net Derivative Instruments | 688 | 285 |
Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 245 | 272 |
Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 568 | 88 |
Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 20 | 0 |
Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (741) | (717) |
Derivative liabilities, Amounts Available for Offset | 316 | 170 |
Derivative liabilities, Total Net Derivative Instruments | (425) | (547) |
Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (677) | (426) |
Accounts payable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (33) | (179) |
Accounts payable and other | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (31) | (112) |
Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (723) | (531) |
Derivative liabilities, Amounts Available for Offset | 145 | 75 |
Derivative liabilities, Total Net Derivative Instruments | (578) | (456) |
Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (693) | (513) |
Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (22) | (18) |
Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (8) | 0 |
Accounts receivable from affiliates | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 84 | |
Accounts payable to affiliates | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (128) | |
Foreign exchange contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (491) | (227) |
Derivative liabilities, Total Net Derivative Instruments | (491) | (227) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (472) | (100) |
Foreign exchange contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | (15) |
Foreign exchange contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (19) | (112) |
Foreign exchange contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 140 | 259 |
Derivative assets, Amounts Available for Offset | (41) | (41) |
Derivative assets, Total Net Derivative Instruments | 99 | 218 |
Foreign exchange contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 140 | 259 |
Foreign exchange contracts | Accounts receivable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Accounts receivable and other | Derivative Instruments Used as 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 | 203 | 240 |
Derivative assets, Amounts Available for Offset | (123) | (61) |
Derivative assets, Total Net Derivative Instruments | 80 | 179 |
Foreign exchange contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 183 | |
Foreign exchange contracts | Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 20 | 0 |
Foreign exchange contracts | Accounts payable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (252) | (303) |
Derivative liabilities, Amounts Available for Offset | 41 | 41 |
Derivative liabilities, Total Net Derivative Instruments | (211) | (262) |
Foreign exchange contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (221) | (176) |
Foreign exchange contracts | Accounts payable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (15) |
Foreign exchange contracts | Accounts payable and other | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (31) | (112) |
Foreign exchange contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (582) | (423) |
Derivative liabilities, Amounts Available for Offset | 123 | 61 |
Derivative liabilities, Total Net Derivative Instruments | (459) | (362) |
Foreign exchange contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (574) | (423) |
Foreign exchange contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (8) | 0 |
Interest rate contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 854 | (22) |
Derivative liabilities, Total Net Derivative Instruments | 854 | (22) |
Interest rate contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (40) | (23) |
Interest rate contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 894 | 1 |
Interest rate contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 0 | 0 |
Interest rate contracts | Accounts receivable and other | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 342 | 64 |
Derivative assets, Amounts Available for Offset | (21) | 0 |
Derivative assets, Total Net Derivative Instruments | 321 | 64 |
Interest rate contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | 0 |
Interest rate contracts | Accounts receivable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 341 | 64 |
Interest rate contracts | Accounts receivable and other | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Interest rate contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 566 | 88 |
Derivative assets, Amounts Available for Offset | 0 | (1) |
Derivative assets, Total Net Derivative Instruments | 566 | 87 |
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 | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 566 | 88 |
Interest rate contracts | Deferred amounts and other assets | Derivative Instruments Used as 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 | (51) | (150) |
Derivative liabilities, Amounts Available for Offset | 21 | 0 |
Derivative liabilities, Total Net Derivative Instruments | (30) | (150) |
Interest rate contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (41) | 0 |
Interest rate contracts | Accounts payable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (10) | (150) |
Interest rate contracts | Accounts payable and other | Derivative Instruments Used as 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 | (3) | (24) |
Derivative liabilities, Amounts Available for Offset | 0 | 1 |
Derivative liabilities, Total Net Derivative Instruments | (3) | (23) |
Interest rate contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (23) |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (3) | (1) |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (158) | (115) |
Derivative liabilities, Total Net Derivative Instruments | (158) | (115) |
Commodity contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (116) | (84) |
Commodity contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | (42) | (31) |
Commodity contracts | Derivative Instruments Used as 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 | 358 | 204 |
Derivative assets, Amounts Available for Offset | (254) | (129) |
Derivative assets, Total Net Derivative Instruments | 104 | 75 |
Commodity contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 358 | 204 |
Commodity contracts | Accounts receivable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Accounts receivable and other | Derivative Instruments Used as 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 | 60 | 29 |
Derivative assets, Amounts Available for Offset | (22) | (13) |
Derivative assets, Total Net Derivative Instruments | 38 | 16 |
Commodity contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 60 | |
Commodity contracts | Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Deferred amounts and other assets | Derivative Instruments Used as 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 | (438) | (264) |
Derivative liabilities, Amounts Available for Offset | 254 | 129 |
Derivative liabilities, Total Net Derivative Instruments | (184) | (135) |
Commodity contracts | Accounts payable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (415) | (250) |
Commodity contracts | Accounts payable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (23) | (14) |
Commodity contracts | Accounts payable and other | Derivative Instruments Used as 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 | (138) | (84) |
Derivative liabilities, Amounts Available for Offset | 22 | 13 |
Derivative liabilities, Total Net Derivative Instruments | (116) | (71) |
Commodity contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (119) | (67) |
Commodity contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (19) | (17) |
Commodity contracts | Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Other contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 12 | 5 |
Derivative liabilities, Total Net Derivative Instruments | 12 | 5 |
Other contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 8 | 5 |
Other contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial assets/(liabilities) | 4 | 0 |
Other contracts | Derivative Instruments Used as 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 | 2 |
Derivative assets, Amounts Available for Offset | 0 | 0 |
Derivative assets, Total Net Derivative Instruments | 8 | 2 |
Other contracts | Accounts receivable and other | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 6 | 2 |
Other contracts | Accounts receivable and other | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | 0 |
Other contracts | Accounts receivable and other | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Other contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 4 | 3 |
Derivative assets, Amounts Available for Offset | 0 | 0 |
Derivative assets, Total Net Derivative Instruments | 4 | 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 | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | 0 |
Other contracts | Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Notional Principal or Quantity Information (Details) - Jun. 30, 2022 € in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions | USD ($) | GBP (£) | EUR (€) | JPY (¥) | CAD ($) | Bcf | MMBbls | MWh |
Foreign exchange contracts - forwards - purchase | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
Derivative Notional Amount Outstanding | $ 2,262 | ¥ 84,800 | ||||||
Foreign exchange contracts - forwards - purchase | United States dollar | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | 762 | |||||||
2023 | 0 | |||||||
2024 | 1,000 | |||||||
2025 | 500 | |||||||
2026 | 0 | |||||||
Thereafter | 0 | |||||||
Foreign exchange contracts - forwards - purchase | Japanese yen | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | ¥ | 0 | |||||||
2023 | ¥ | 0 | |||||||
2024 | ¥ | 0 | |||||||
2025 | ¥ | 84,800 | |||||||
2026 | ¥ | 0 | |||||||
Thereafter | ¥ | ¥ 0 | |||||||
Foreign exchange contracts - forwards - sell | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
Derivative Notional Amount Outstanding | 24,824 | £ 163 | € 765 | |||||
Foreign exchange contracts - forwards - sell | United States dollar | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | 4,900 | |||||||
2023 | 6,384 | |||||||
2024 | 5,134 | |||||||
2025 | 3,962 | |||||||
2026 | 3,362 | |||||||
Thereafter | $ 1,082 | |||||||
Foreign exchange contracts - forwards - sell | GBP | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | £ | 14 | |||||||
2023 | £ | 29 | |||||||
2024 | £ | 30 | |||||||
2025 | £ | 30 | |||||||
2026 | £ | 28 | |||||||
Thereafter | £ | £ 32 | |||||||
Foreign exchange contracts - forwards - sell | Euro | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | € | 68 | |||||||
2023 | € | 92 | |||||||
2024 | € | 91 | |||||||
2025 | € | 86 | |||||||
2026 | € | 85 | |||||||
Thereafter | € | € 343 | |||||||
Interest rate contracts - short-term borrowings | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | $ 5,242 | |||||||
2023 | 1,346 | |||||||
2024 | 132 | |||||||
2025 | 30 | |||||||
2026 | 26 | |||||||
Thereafter | 64 | |||||||
Derivative Notional Amount Outstanding | 6,840 | |||||||
Interest rate contracts - long-term debt pay fixed rate | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | 3,052 | |||||||
2023 | 2,626 | |||||||
2024 | 1,718 | |||||||
2025 | 573 | |||||||
2026 | 0 | |||||||
Thereafter | 0 | |||||||
Derivative Notional Amount Outstanding | 7,969 | |||||||
Equity contracts | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 | 0 | |||||||
2023 | 36 | |||||||
2024 | 30 | |||||||
2025 | 11 | |||||||
2026 | 0 | |||||||
Thereafter | 0 | |||||||
Derivative Notional Amount Outstanding | $ 77 | |||||||
Commodity contracts | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
Derivative Nonmonetary Notional Amount Outstanding | 195,000,000 | 10,000,000 | ||||||
Commodity contracts | Natural gas | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 (bcf / mmbbls) | Bcf | 120,000,000 | |||||||
2023 (bcf / mmbbls) | Bcf | 47,000,000 | |||||||
2024 (bcf / mmbbls) | Bcf | 17,000,000 | |||||||
2025 (bcf / mmbbls) | Bcf | 11,000,000 | |||||||
2026 (bcf / mmbbls) | Bcf | 0 | |||||||
Thereafter (bcf / mmbbls) | Bcf | 0 | |||||||
Commodity contracts | Crude | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 (bcf / mmbbls) | MMBbls | 10,000,000 | |||||||
2023 (bcf / mmbbls) | MMBbls | 0 | |||||||
2024 (bcf / mmbbls) | MMBbls | 0 | |||||||
2025 (bcf / mmbbls) | MMBbls | 0 | |||||||
2026 (bcf / mmbbls) | MMBbls | 0 | |||||||
Thereafter (bcf / mmbbls) | MMBbls | 0 | |||||||
Net sell | Commodity contracts | Power | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2022 (MWH) | MWh | (24,000,000) | |||||||
2023 (MWH) | MWh | (43,000,000) | |||||||
2024 (MWH) | MWh | (43,000,000) | |||||||
2025 (MWH) | MWh | (43,000,000) | |||||||
2026 (MWH) | MWh | 0 | |||||||
Thereafter (MWH) | MWh | 0 | |||||||
Total (MWH) | MWh | (40) |
RISK MANAGEMENT AND FINANCIAL_6
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value Derivatives (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Realized loss on derivative | $ (198) | $ 131 | $ (104) | $ 261 |
Fair value hedges | Interest rate contracts | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Unrealized gain/(loss) on derivative | 23 | (32) | 99 | (35) |
Unrealized gain/(loss) on hedged item | (2) | 32 | (89) | 28 |
Realized loss on derivative | (21) | 0 | (96) | (39) |
Realized gain on hedged item | $ 0 | $ 0 | $ 85 | $ 45 |
RISK MANAGEMENT AND FINANCIAL_7
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | $ 458 | $ (204) | $ 843 | $ 267 |
Amount of (gain)/loss reclassified from AOCI to earnings | 66 | 81 | 157 | 146 |
Estimated gain (loss) of AOCI related to cash flow hedges reclassified to earnings in the next 12 months | $ 68 | |||
Maximum term of hedging exposures to variability of cash flows | 42 months | |||
Unrealized gain (loss) on derivatives | $ (415) | 448 | ||
Non-Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Unrealized gain (loss) on derivatives | (784) | 133 | (415) | 448 |
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 | 0 | 2 | 13 | 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 | (806) | 218 | (373) | 454 |
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 | 65 | 292 | ||
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 | 308 | 162 | ||
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 | 66 | 79 | 142 | 142 |
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 | (16) | 0 | (16) | 2 |
Commodity contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (gain)/loss reclassified from AOCI to earnings | 0 | (1) | 0 | 0 |
Commodity contracts | Non-Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Unrealized gain (loss) on derivatives | 38 | (90) | (30) | (18) |
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 | 25 | (3) | ||
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 | (109) | 144 | ||
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 | (167) | (166) | ||
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 | 3 | 7 | ||
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 | 2 | 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 | 0 | 5 | 4 | 10 |
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 | 0 | (5) | 2 | (25) |
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 | 480 | (203) | 857 | 294 |
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 | (15) | 4 | (11) | (4) |
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 | (3) | 1 | 0 | 4 |
Fair value 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) | $ (1) | $ (5) | $ (2) |
RISK MANAGEMENT AND FINANCIAL_8
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity and Credit Risk (Details) - CAD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
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 | |
Derivative instruments | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 1,593,000,000 | $ 887,000,000 |
Cash collateral on asset exposure | 0 | |
Derivative instruments | Canadian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 638,000,000 | 424,000,000 |
Derivative instruments | US financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 254,000,000 | 130,000,000 |
Derivative instruments | European financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 350,000,000 | 181,000,000 |
Derivative instruments | Asian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 118,000,000 | 30,000,000 |
Derivative instruments | Other | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 233,000,000 | $ 122,000,000 |
RISK MANAGEMENT AND FINANCIAL_9
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | $ 217 | $ (359) |
Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 848 | 529 |
Long-term derivative assets | 833 | 360 |
Current derivative liabilities | (741) | (717) |
Long-term derivative liabilities | (723) | (531) |
Total net financial assets/(liabilities) | 217 | (359) |
Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (491) | (227) |
Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 140 | 259 |
Long-term derivative assets | 203 | 240 |
Current derivative liabilities | (252) | (303) |
Long-term derivative liabilities | (582) | (423) |
Total net financial assets/(liabilities) | (491) | (227) |
Interest rate contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | 854 | (22) |
Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 342 | 64 |
Long-term derivative assets | 566 | 88 |
Current derivative liabilities | (51) | (150) |
Long-term derivative liabilities | (3) | (24) |
Total net financial assets/(liabilities) | 854 | (22) |
Commodity contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (158) | (115) |
Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 358 | 204 |
Long-term derivative assets | 60 | 29 |
Current derivative liabilities | (438) | (264) |
Long-term derivative liabilities | (138) | (84) |
Total net financial assets/(liabilities) | (158) | (115) |
Other contracts | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | 12 | 5 |
Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 8 | 2 |
Long-term derivative assets | 4 | 3 |
Total net financial assets/(liabilities) | 12 | 5 |
Level 1 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 50 | 38 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (9) | (52) |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 41 | (14) |
Level 1 | Foreign exchange contracts | Fair Value | ||
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 | Interest rate contracts | Fair Value | ||
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 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 50 | 38 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (9) | (52) |
Long-term derivative liabilities | 0 | 0 |
Total net financial assets/(liabilities) | 41 | (14) |
Level 1 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | 0 |
Total net financial assets/(liabilities) | 0 | 0 |
Level 2 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 670 | 396 |
Long-term derivative assets | 796 | 352 |
Current derivative liabilities | (559) | (519) |
Long-term derivative liabilities | (624) | (466) |
Total net financial assets/(liabilities) | 283 | (237) |
Level 2 | Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 140 | 259 |
Long-term derivative assets | 203 | 240 |
Current derivative liabilities | (252) | (303) |
Long-term derivative liabilities | (582) | (423) |
Total net financial assets/(liabilities) | (491) | (227) |
Level 2 | Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 342 | 64 |
Long-term derivative assets | 566 | 88 |
Current derivative liabilities | (51) | (150) |
Long-term derivative liabilities | (3) | (24) |
Total net financial assets/(liabilities) | 854 | (22) |
Level 2 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 180 | 71 |
Long-term derivative assets | 23 | 21 |
Current derivative liabilities | (256) | (66) |
Long-term derivative liabilities | (39) | (19) |
Total net financial assets/(liabilities) | (92) | 7 |
Level 2 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 8 | 2 |
Long-term derivative assets | 4 | 3 |
Total net financial assets/(liabilities) | 12 | 5 |
Level 3 | ||
Fair Value of Derivatives | ||
Total net financial assets/(liabilities) | (107) | |
Level 3 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 128 | 95 |
Long-term derivative assets | 37 | 8 |
Current derivative liabilities | (173) | (146) |
Long-term derivative liabilities | (99) | (65) |
Total net financial assets/(liabilities) | (107) | (108) |
Level 3 | Foreign exchange contracts | Fair Value | ||
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 | Interest rate contracts | Fair Value | ||
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 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 128 | 95 |
Long-term derivative assets | 37 | 8 |
Current derivative liabilities | (173) | (146) |
Long-term derivative liabilities | (99) | (65) |
Total net financial assets/(liabilities) | (107) | (108) |
Level 3 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | 0 |
Total net financial assets/(liabilities) | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIA_10
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Level 3 Inputs (Details) $ in Millions | Jun. 30, 2022 CAD ($) $ / bbl $ / MillionsofBTU-MMBTU $ / MWh | Dec. 31, 2021 CAD ($) |
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ 217 | $ (359) |
Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | 217 | (359) |
Level 3 | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (107) | |
Level 3 | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (107) | $ (108) |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (11) | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 5.10 | |
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 | 8.55 | |
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 | 6.65 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Crude | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (8) | |
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 | 84.71 | |
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 | 135.22 | |
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 | 105.63 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Power | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (65) | |
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 | 41.77 | |
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 | 244.81 | |
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 | 91.29 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Natural gas | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (39) | |
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 | 3.58 | |
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 | 20.21 | |
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 | 6.36 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Crude | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ 16 | |
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 | 100.75 | |
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 | 144.94 | |
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 | 122.72 |
RISK MANAGEMENT AND FINANCIA_11
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Level 3 (Details) - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in net fair value of derivative assets and liabilities classified as Level 3 | ||
Level 3 net derivative liability at beginning of period | $ (108) | $ (191) |
Total gain/(loss) | ||
Included in earnings | 14 | (143) |
Included in OCI | (11) | (12) |
Settlements | (2) | 168 |
Level 3 net derivative liability at end of period | $ (107) | $ (178) |
RISK MANAGEMENT AND FINANCIA_12
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Other Financial Instruments (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value of Other Financial Instruments | |||||
FMVA investments | $ 52 | $ 52 | $ 52 | ||
Restricted long-term investments | 543 | 543 | 630 | ||
Long-term debt, carrying value | 77,500 | 77,500 | 74,400 | ||
Long-term debt | 73,100 | 73,100 | 82,000 | ||
Net investment hedges | |||||
Fair Value of Other Financial Instruments | |||||
Unrealized foreign exchange gain (loss) on translation of United States dollar denominated debt | (257) | $ 251 | |||
Unrealized gain (loss) on change in fair value of outstanding forward exchange forward contracts | 0 | 0 | |||
Unrealized gain (loss) associated with the settlement of outstanding forward exchange forward contracts | 0 | 0 | |||
Level 1 | |||||
Fair Value of Other Financial Instruments | |||||
Restricted long-term investments | 194 | 194 | 217 | ||
Level 2 | |||||
Fair Value of Other Financial Instruments | |||||
Restricted long-term investments | 349 | 349 | 413 | ||
Fair value of investments | 322 | 322 | 304 | ||
Unrealized gain (loss) on lnvestments | (19) | $ 4 | (27) | 3 | |
Fair Value | |||||
Fair Value of Other Financial Instruments | |||||
Unrealized holding gains (losses) | (71) | $ 20 | (131) | $ (25) | |
Fair value note receivable | 840 | 840 | 954 | ||
Carrying value | |||||
Fair Value of Other Financial Instruments | |||||
Non-current notes receivable | $ 840 | $ 840 | $ 954 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 18% | 15.10% | 21.40% | 17.60% |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 45 | $ 48 | $ 90 | $ 96 |
Interest cost | 41 | 32 | 82 | 64 |
Expected return on plan assets | (98) | (84) | (196) | (168) |
Amortization of actuarial (gain)/loss | (1) | 14 | (2) | 28 |
Net periodic benefit (credit)/cost | $ (13) | $ 10 | $ (26) | $ 20 |