COVER
COVER - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-15254 | |
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 | |
Title of 12(b) Security | Common Shares | |
Trading Symbol | ENB | |
Security Exchange Name | NYSE | |
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 | 2,024,676,423 | |
Entity Central Index Key | 0000895728 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating revenues | ||
Total operating revenues | $ 12,075 | $ 15,097 |
Operating expenses | ||
Operating and administrative | 2,037 | 1,875 |
Depreciation and amortization | 1,146 | 1,055 |
Total operating expenses | 9,413 | 12,677 |
Operating income | 2,662 | 2,420 |
Income from equity investments | 517 | 491 |
Other income | 102 | 458 |
Interest expense | (905) | (719) |
Earnings before income taxes | 2,376 | 2,650 |
Income tax expense | (510) | (593) |
Earnings | 1,866 | 2,057 |
Earnings attributable to noncontrolling interests | (49) | (28) |
Earnings attributable to controlling interests | 1,817 | 2,029 |
Preference share dividends | (84) | (102) |
Earnings attributable to common shareholders | $ 1,733 | $ 1,927 |
Earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.86 | $ 0.95 |
Diluted earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.85 | $ 0.95 |
Commodity sales | ||
Operating revenues | ||
Total operating revenues | $ 4,783 | $ 8,325 |
Operating expenses | ||
Commodity costs and Gas distribution costs | 4,636 | 8,291 |
Gas distribution sales | ||
Operating revenues | ||
Total operating revenues | 2,279 | 2,098 |
Operating expenses | ||
Commodity costs and Gas distribution costs | 1,594 | 1,456 |
Transportation and other services | ||
Operating revenues | ||
Total operating revenues | $ 5,013 | $ 4,674 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Earnings | $ 1,866 | $ 2,057 |
Other comprehensive income/(loss), net of tax | ||
Change in unrealized gain/(loss) on cash flow hedges | (45) | 294 |
Change in unrealized gain on net investment hedges | 15 | 133 |
Excluded components of fair value hedges | 7 | (1) |
Reclassification to earnings of loss on cash flow hedges | 7 | 57 |
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (4) | (2) |
Foreign currency translation adjustments | (59) | (708) |
Other comprehensive loss, net of tax | (79) | (227) |
Comprehensive income | 1,787 | 1,830 |
Comprehensive income attributable to noncontrolling interests | (64) | (13) |
Comprehensive income attributable to controlling interests | 1,723 | 1,817 |
Preference share dividends | (84) | (102) |
Comprehensive income attributable to common shareholders | $ 1,639 | $ 1,715 |
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) | Total Enbridge Inc. shareholders’ equity | Noncontrolling interests |
Balance at the beginning of the period at Dec. 31, 2021 | $ 7,747 | $ 64,799 | $ 365 | $ (10,989) | $ (1,096) | $ 2,542 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Redemption of preference shares | (737) | |||||||
Options exercised | 36 | (34) | ||||||
Shares issued on vesting of restricted stock units (RSU) | 0 | |||||||
Share purchases at stated value | (30) | |||||||
Other | (4) | (28) | ||||||
Stock-based compensation | 13 | |||||||
Earnings attributable to controlling interests | $ 2,029 | 2,029 | ||||||
Preference share dividends | (102) | |||||||
Share purchases in excess of stated value | (20) | |||||||
Other | 35 | |||||||
Other comprehensive loss attributable to common shareholders, net of tax | (212) | |||||||
Earnings attributable to noncontrolling interests | 28 | |||||||
Change in unrealized gain on cash flow hedges | 2 | |||||||
Foreign currency translation adjustments | (17) | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | (15) | |||||||
Comprehensive income attributable to noncontrolling interests | (13) | 13 | ||||||
Distributions | (60) | |||||||
Contributions | 6 | |||||||
Balance at the end of the period at Mar. 31, 2022 | $ 64,273 | 7,010 | 64,801 | 316 | (9,082) | (1,308) | $ 61,737 | 2,536 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.860 | |||||||
Balance at the beginning of the period at Dec. 31, 2022 | $ 63,398 | 6,818 | 64,760 | 275 | (15,486) | 3,520 | 3,511 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Redemption of preference shares | 0 | |||||||
Options exercised | 2 | (1) | ||||||
Shares issued on vesting of restricted stock units (RSU) | 12 | |||||||
Share purchases at stated value | 0 | |||||||
Other | 0 | 0 | ||||||
Stock-based compensation | 0 | |||||||
Earnings attributable to controlling interests | 1,817 | 1,817 | ||||||
Preference share dividends | (84) | |||||||
Share purchases in excess of stated value | 0 | |||||||
Other | (1) | |||||||
Other comprehensive loss attributable to common shareholders, net of tax | (94) | |||||||
Earnings attributable to noncontrolling interests | 49 | |||||||
Change in unrealized gain on cash flow hedges | 17 | |||||||
Foreign currency translation adjustments | (2) | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | 15 | |||||||
Comprehensive income attributable to noncontrolling interests | (64) | 64 | ||||||
Distributions | (92) | |||||||
Contributions | 4 | |||||||
Balance at the end of the period at Mar. 31, 2023 | $ 65,025 | $ 6,818 | $ 64,774 | $ 274 | $ (13,753) | $ 3,426 | $ 61,539 | $ 3,486 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.888 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Earnings | $ 1,866 | $ 2,057 |
Adjustments to reconcile earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,146 | 1,055 |
Deferred income tax expense | 484 | 423 |
Unrealized derivative fair value loss, net | (520) | (369) |
Income from equity investments | (517) | (491) |
Distributions from equity investments | 453 | 394 |
Other | 40 | 47 |
Changes in operating assets and liabilities | 914 | (177) |
Net cash provided by operating activities | 3,866 | 2,939 |
Investing activities | ||
Capital expenditures | (1,129) | (1,048) |
Long-term investments and restricted long-term investments | (413) | (314) |
Distributions from equity investments in excess of cumulative earnings | 100 | 97 |
Additions to intangible assets | (66) | (53) |
Affiliate loans, net | 71 | 0 |
Net cash used in investing activities | (1,437) | (1,318) |
Financing activities | ||
Net change in short-term borrowings | (559) | 89 |
Net change in commercial paper and credit facility draws | (2,921) | (283) |
Debenture and term note issues, net of issue costs | 4,111 | 2,643 |
Debenture and term note repayments | (968) | (1,155) |
Contributions from noncontrolling interests | 4 | 6 |
Distributions to noncontrolling interests | (92) | (60) |
Common shares issued | 0 | 2 |
Common shares repurchased | 0 | (50) |
Preference share dividends | (84) | (91) |
Common share dividends | (1,798) | (1,742) |
Redemption of preference shares | 0 | (750) |
Affiliate loans, net | 51 | 0 |
Other | (33) | (92) |
Net cash used in financing activities | (2,289) | (1,483) |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 4 | (4) |
Net change in cash and cash equivalents and restricted cash | 144 | 134 |
Cash and cash equivalents and restricted cash at beginning of period | 907 | 320 |
Cash and cash equivalents and restricted cash at end of period | $ 1,051 | $ 454 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 976 | $ 861 |
Restricted cash | 75 | 46 |
Trade receivables and unbilled revenues | 4,755 | 5,616 |
Other current assets | 2,701 | 3,255 |
Accounts receivable from affiliates | 100 | 114 |
Inventory | 1,311 | 2,255 |
Current assets | 9,918 | 12,147 |
Property, plant and equipment, net | 104,251 | 104,460 |
Long-term investments | 16,320 | 15,936 |
Restricted long-term investments | 646 | 593 |
Deferred amounts and other assets | 9,148 | 9,542 |
Intangible assets, net | 3,913 | 4,018 |
Goodwill | 32,411 | 32,440 |
Deferred income taxes | 463 | 472 |
Total assets | 177,070 | 179,608 |
Current liabilities | ||
Short-term borrowings | 1,437 | 1,996 |
Trade payables and accrued liabilities | 4,098 | 6,172 |
Other current liabilities | 3,051 | 5,220 |
Accounts payable to affiliates | 47 | 105 |
Interest payable | 709 | 763 |
Current portion of long-term debt | 7,436 | 6,045 |
Current liabilities | 16,778 | 20,301 |
Long-term debt | 71,740 | 72,939 |
Other long-term liabilities | 9,235 | 9,189 |
Deferred income taxes | 14,292 | 13,781 |
Total liabilities | 112,045 | 116,210 |
Contingencies | ||
Share capital | ||
Preference shares | 6,818 | 6,818 |
Common shares (2,025 outstanding at March 31, 2023 and December 31, 2022) | 64,774 | 64,760 |
Additional paid-in capital | 274 | 275 |
Deficit | (13,753) | (15,486) |
Accumulated other comprehensive income | 3,426 | 3,520 |
Total Enbridge Inc. shareholders’ equity | 61,539 | 59,887 |
Noncontrolling interests | 3,486 | 3,511 |
Equity | 65,025 | 63,398 |
Total liabilities and equity | $ 177,070 | $ 179,608 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares shares in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding (in shares) | 2,025 | 2,025 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. 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, 2022. 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. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated Three months ended (millions of Canadian dollars) Transportation revenue 2,942 1,384 276 — — — 4,602 Storage and other revenue 64 95 99 — — — 258 Gas distribution revenue — — 2,287 — — — 2,287 Electricity revenue — — — 66 — — 66 Total revenue from contracts with customers 3,006 1,479 2,662 66 — — 7,213 Commodity sales — — — — 4,783 — 4,783 Other revenue 1,2 30 11 (40) 78 — — 79 Intersegment revenue 129 1 3 — 18 (151) — Total revenue 3,165 1,491 2,625 144 4,801 (151) 12,075 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 2,685 1,194 251 — — — 4,130 Storage and other revenue 51 84 47 — — — 182 Gas gathering and processing revenue — 15 — — — — 15 Gas distribution revenue — — 2,098 — — — 2,098 Electricity revenue — — — 62 — — 62 Total revenue from contracts with customers 2,736 1,293 2,396 62 — — 6,487 Commodity sales — — — — 8,325 — 8,325 Other revenue 1,2 178 7 4 94 2 — 285 Intersegment revenue 141 — 11 — 10 (162) — Total revenue 3,055 1,300 2,411 156 8,337 (162) 15,097 1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended March 31, 2023 were a net $55 million loss (2022 - $94 million gain). 2 Includes revenues from lease contracts for the three months ended March 31, 2023 and 2022 of $144 million and $164 million, respectively. We disaggregate revenue 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 March 31, 2023 3,186 232 2,328 Balance as at December 31, 2022 3,183 230 2,241 Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenue which has been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to the payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to the consideration becomes unconditional. Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenue. Revenue recognized during the three months ended March 31, 2023 included in contract liabilities at the beginning of the period was $36 million. Increases in contract liabilities from cash received, net of amounts recognized as revenue during the three months ended March 31, 2023 were $124 million. Performance Obligations There was no material revenue recognized in the three months ended March 31, 2023 from performance obligations satisfied in previous periods. Revenue to be Recognized from Unfulfilled Performance Obligations Total revenue from performance obligations expected to be fulfilled in future periods is $60.0 billion, of which $6.0 billion and $6.7 billion are expected to be recognized during the remaining nine months ending December 31, 2023 and the year ending December 31, 2024, respectively. The revenues excluded from the amounts above, based on optional exemptions available under Accounting Standards Codification (ASC) 606, as explained below, represent a significant portion of our overall revenues and revenues from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenue 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 months ended March 31, 2023, 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, interim toll revenue recognized during the three months ended March 31, 2023 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 March 31, 2023 (millions of Canadian dollars) Revenue from products transferred at a point in time — — 30 — 30 Revenue from products and services transferred over time 1 3,006 1,479 2,632 66 7,183 Total revenue from contracts with customers 3,006 1,479 2,662 66 7,213 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended March 31, 2022 (millions of Canadian dollars) Revenue from products transferred at a point in time — — 16 — 16 Revenue from products and services transferred over time 1 2,736 1,293 2,380 62 6,471 Total revenue from contracts with customers 2,736 1,293 2,396 62 6,487 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 | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Three months ended Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated (millions of Canadian dollars) Operating revenues 3,165 1,491 2,625 144 4,801 (151) 12,075 Commodity and gas distribution costs — — (1,612) (4) (4,782) 168 (6,230) Operating and administrative (1,123) (549) (309) (53) (18) 15 (2,037) Income/(loss) from equity investments 248 238 — 35 — (4) 517 Other income/(expense) 73 25 12 14 — (22) 102 Earnings before interest, income taxes and depreciation and amortization 2,363 1,205 716 136 1 6 4,427 Depreciation and amortization (1,146) Interest expense (905) Income tax expense (510) Earnings 1,866 Capital expenditures 1 280 527 264 45 — 25 1,141 Three months ended Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated (millions of Canadian dollars) Operating revenues 3,055 1,300 2,411 156 8,337 (162) 15,097 Commodity and gas distribution costs (11) — (1,468) (4) (8,427) 163 (9,747) Operating and administrative (947) (530) (299) (48) (14) (37) (1,875) Income from equity investments 215 221 — 55 — — 491 Other income 17 23 21 3 3 391 458 Earnings/(loss) before interest, income taxes and depreciation and amortization 2,329 1,014 665 162 (101) 355 4,424 Depreciation and amortization (1,055) Interest expense (719) Income tax expense (593) Earnings 2,057 Capital expenditures 1 545 229 266 6 — 12 1,058 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND D
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 3 Months Ended |
Mar. 31, 2023 | |
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. DILUTED The treasury stock method is used to determine the dilutive impact of stock options and RSUs. This method assumes any proceeds from the exercise of stock options and vesting of RSUs 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 2023 2022 (number of shares in millions) Weighted average shares outstanding 2,025 2,026 Effect of dilutive options and RSUs 3 3 Diluted weighted average shares outstanding 2,028 2,029 For the three months ended March 31, 2023 and 2022, 16.7 million and 12.9 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.62 and $56.09, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On May 2, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2023 to shareholders of record on May 15, 2023. Dividend per share Common Shares 1 $0.88750 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.32513 Preference Shares, Series D 2 $0.33825 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 Preference Shares, Series L US$0.36612 Preference Shares, Series N $0.31788 Preference Shares, Series P $0.27369 Preference Shares, Series R $0.25456 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.33596 Preference Shares, Series 7 $0.27806 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 19 3 $0.38825 1 The quarterly dividend per common share was increased 3.2% to $0.8875 from $0.86, effective March 1, 2023. 2 The quarterly dividend per share paid on Preference Shares, Series D was increased to $0.33825 from $0.27875 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. 3 The quarterly dividend per share paid on Preference Shares, Series 19 was increased to $0.38825 from $0.30625 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at March 31, 2023: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2023-2027 9,623 7,053 2,570 Enbridge (U.S.) Inc. 2024-2027 8,594 1,702 6,892 Enbridge Pipelines Inc. 2024 2,000 876 1,124 Enbridge Gas Inc. 2024 2,500 1,440 1,060 Total committed credit facilities 22,717 11,071 11,646 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. In March 2023, Enbridge Gas Inc. (Enbridge Gas) increased its 364-day extendible credit facility from $2.0 billion to $2.5 billion. In addition to the committed credit facilities noted above, we maintain $1.3 billion of uncommitted demand letter of credit facilities, of which $720 million was unutilized as at March 31, 2023. As at December 31, 2022, we had $1.3 billion of uncommitted demand letter of credit facilities, of which $689 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 March 31, 2023 and December 31, 2022, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $9.0 billion and $10.5 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 three months ended March 31, 2023, we completed the following long-term debt issuances totaling US$3.0 billion: Company Issue Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. March 2023 5.70% sustainability-linked senior notes due March 2033 1 US$2,300 March 2023 5.97% senior notes due March 2026 2 US$700 1 The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on September 8, 2031, the interest rate will be set to equal 5.70% plus a margin of 50 basis points. 2 We have the option to call the notes at par after one year from issuance. Refer to Note 7 - Risk Management and Financial Instruments . LONG-TERM DEBT REPAYMENTS During the three months ended March 31, 2023, we completed the following long-term debt repayments totaling US$513 million and $275 million: Company Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. January 2023 3.94% medium-term notes $275 February 2023 Floating rate notes 1 US$500 Tri Global Energy, LLC January 2023 10.00 % senior notes US$4 January 2023 14.00 % senior notes US$9 1 The notes carried an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 40 basis points. On April 15, 2023 call date, we redeemed at par all of the outstanding US$600 million five-year callable, 6.38% fixed-to-floating rate subordinated notes that carried an original maturity date of April 2078. SUBORDINATED TERM NOTES As at March 31, 2023 and December 31, 2022, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $10.3 billion. FAIR VALUE ADJUSTMENT As at March 31, 2023 and December 31, 2022, the net fair value adjustments to total debt assumed in a historical acquisition were $588 million and $608 million, respectively. During the three months ended March 31, 2023 and 2022, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 million. DEBT COVENANTS Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we are to default on payment or violate certain covenants. As at March 31, 2023, we were in compliance with all covenant provisions. |
COMPONENTS OF ACCUMULATED OTHER
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2023 121 (35) (1,137) 4,348 5 218 3,520 Other comprehensive income/(loss) retained in AOCI (90) 7 15 (57) — — (125) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 8 — — — — — 8 Other contracts 2 1 — — — — — 1 Amortization of pension and OPEB actuarial gain 3 — — — — — (5) (5) (81) 7 15 (57) — (5) (121) Tax impact Income tax on amounts retained in AOCI 28 — — — — — 28 Income tax on amounts reclassified to earnings (2) — — — — 1 (1) 26 — — — — 1 27 Balance as at March 31, 2023 66 (28) (1,122) 4,291 5 214 3,426 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 384 (1) 133 (691) — — (175) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 76 — — — — — 76 Foreign exchange contracts 4 (4) — — — — — (4) Other contracts 2 2 — — — — — 2 Amortization of pension and OPEB actuarial gain 3 — — — — — (3) (3) 458 (1) 133 (691) — (3) (104) Tax impact Income tax on amounts retained in AOCI (92) — — — — — (92) Income tax on amounts reclassified to earnings (17) — — — — 1 (16) (109) — — — — 1 (108) Balance as at March 31, 2022 (548) (1) (33) (635) (5) (86) (1,308) 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 3 These components are included in the computation of net periodic benefit credit and are reported within Other income in the Consolidated Statements of Earnings. 4 Reported within Transportation and other services revenues and Other income in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | RISK MANAGEMENT AND FINANCIAL INSTRUMENTS MARKET RISK Our earnings, cash flows and other comprehensive income/(loss) (OCI) are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price (collectively, market risks). Formal risk management policies, processes and systems have been designed to mitigate these risks. The following summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below. Foreign Exchange Risk We generate certain revenues, incur expenses and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dollars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability. We employ financial derivative instruments to hedge foreign currency denominated earnings exposure. A combination of qualifying cash flow, fair value and non-qualifying derivative instruments is used to hedge anticipated foreign currency denominated revenues and expenses and to manage variability in cash flows. We hedge certain net investments in United States (US) dollar-denominated investments and subsidiaries using foreign currency derivatives and US dollar-denominated debt. The foreign exchange risks inherent within the Competitive Toll Settlement framework are not expected to be present in the negotiated settlement. Accordingly, our foreign exchange hedging program related to the Canadian Mainline will no longer be required, and the related derivatives were terminated in the first quarter of 2023 for a realized loss of $638 million. 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 hedging program to partially mitigate the impact of short-term interest rate volatility on interest expense via the execution of floating-to-fixed interest rate swaps. These hedges have an average fixed rate of 4.1%. On March 8, 2023, we issued US$700 million three-year fixed rate notes which includes the right for us to call at par after the first year. A corresponding fix-to-floating cancellable swap was also executed which gives the swap counterparty a similar right to cancel the swap after the first year. This swap has a fixed rate of 6.0%. This instrument is our only pay floating-receive fixed interest rate swap outstanding as at March 31, 2023. 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 partially mitigate our exposure to long-term interest rate variability on forecas ted term debt issuances via the execution of floating-to-fixed interest rate swaps with an average swap rate of 2.5% . 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 the revaluation of outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, RSUs. 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. March 31, 2023 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 68 54 122 (13) 109 Interest rate contracts 194 — 21 215 (11) 204 Commodity contracts — — 193 193 (118) 75 Other contracts — — 2 2 — 2 194 68 270 532 (142) 390 Deferred amounts and other assets Foreign exchange contracts — 83 131 214 (108) 106 Interest rate contracts 154 — 44 198 (43) 155 Commodity contracts — — 67 67 (30) 37 154 83 242 479 (181) 298 Other current liabilities Foreign exchange contracts — (42) (89) (131) 13 (118) Interest rate contracts (19) — (1) (20) 11 (9) Commodity contracts (30) — (218) (248) 118 (130) (49) (42) (308) (399) 142 (257) Other long-term liabilities Foreign exchange contracts — — (980) (980) 108 (872) Interest rate contracts (4) — (45) (49) 43 (6) Commodity contracts (21) — (123) (144) 30 (114) (25) — (1,148) (1,173) 181 (992) Total net derivative asset/(liability) Foreign exchange contracts — 109 (884) (775) — (775) Interest rate contracts 325 — 19 344 — 344 Commodity contracts (51) — (81) (132) — (132) Other contracts — — 2 2 — 2 274 109 (944) (561) — (561) December 31, 2022 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — — 46 46 (41) 5 Interest rate contracts 649 — 11 660 — 660 Commodity contracts — — 302 302 (182) 120 Other contracts — — 7 7 — 7 649 — 366 1,015 (223) 792 Deferred amounts and other assets Foreign exchange contracts — 156 153 309 (138) 171 Interest rate contracts 254 — — 254 — 254 Commodity contracts — — 61 61 (25) 36 Other contracts 1 — 2 3 — 3 255 156 216 627 (163) 464 Other current liabilities Foreign exchange contracts — (42) (524) (566) 41 (525) Commodity contracts (48) — (284) (332) 182 (150) (48) (42) (808) (898) 223 (675) Other long-term liabilities Foreign exchange contracts — — (1,116) (1,116) 138 (978) Interest rate contracts (3) — (1) (4) — (4) Commodity contracts (37) — (133) (170) 25 (145) (40) — (1,250) (1,290) 163 (1,127) Total net derivative asset/(liability) Foreign exchange contracts — 114 (1,441) (1,327) — (1,327) Interest rate contracts 900 — 10 910 — 910 Commodity contracts (85) — (54) (139) — (139) Other contracts 1 — 9 10 — 10 816 114 (1,476) (546) — (546) The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments: March 31, 2023 2023 2024 2025 2026 2027 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 832 1,000 500 — — — 2,332 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 4,566 4,708 4,763 4,157 2,969 1,728 22,891 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 21 30 30 28 32 — 141 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 69 91 86 85 81 262 674 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) 7,821 1,929 80 26 25 39 9,920 Interest rate contracts - short-term debt receive fixed rate (millions of Canadian dollars) 711 947 947 179 — — 2,784 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 4,153 1,494 588 — — — 6,235 Equity contracts (millions of Canadian dollars) — 32 12 — — — 44 Commodity contracts - natural gas (billions of cubic feet) 34 25 23 8 3 — 93 Commodity contracts - crude oil (millions of barrels) 11 — — — — — 11 Commodity contracts - power (megawatt per hour) (MW/H) 19 (31) (46) — — — (17) 1 1 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 Other income 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 Other income in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended 2023 2022 (millions of Canadian dollars) Unrealized gain/(loss) on derivative (11) 76 Unrealized gain/(loss) on hedged item 11 (87) Realized loss on derivative (11) (75) Realized gain on hedged item — 85 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 2023 2022 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts — 2 Interest rate contracts (105) 377 Commodity contracts 34 4 Other contracts (2) 3 Fair value hedges Foreign exchange contracts 7 (1) (66) 385 Amount of loss reclassified from AOCI to earnings Foreign exchange contracts 1 — 13 Interest rate contracts 2 8 76 Other contracts 3 1 2 9 91 1 Reported within Transportation and other services revenues and Other income 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 $20 million from AOCI related to cash flow hedges will be reclassified to earnings in the next 12 months. Actual amounts reclassified to earnings depend on the foreign exchange rates, interest rates and commodity prices in effect when derivative contracts that are currently outstanding mature. For all forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is 33 months as at March 31, 2023. 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 2023 2022 (millions of Canadian dollars) Foreign exchange contracts 1 556 433 Interest rate contracts 2 10 — Commodity contracts 3 (39) (68) Other contracts 4 (7) 4 Total unrealized derivative fair value gain/(loss), net 520 369 1 For the respective three months ended periods, reported within Transportation and other services revenues (2023 - $645 million gain; 2022 - $134 million gain) and Other income (2023 - $89 million loss; 2022 - $299 million gain) in the Consolidated Statements of Earnings. 2 Reported as an increase within Interest expense in the Consolidated Statements of Earnings. 3 For the respective three months ended periods, reported within Transportation and other services revenues (2023 - $6 million gain; 2022 - $16 million loss), Commodity sales (2023 - $69 million gain; 2022 - $16 million loss), Commodity costs (2023 - $75 million loss; 2022 - $37 million loss) and Operating and administrative expense (2023 - $39 million loss; 2022 - $1 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 were in compliance with all the terms and conditions of our committed credit facility agreements and term debt indentures as at March 31, 2023. As a result, all credit facilities are available to us and the banks are obligated to fund 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 the maintenance and monitoring of credit exposure limits and contractual requirements, netting arrangements and ongoing monitoring of counterparty credit exposure using external credit rating services and other analytical tools. We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments: March 31, December 31, (millions of Canadian dollars) Canadian financial institutions 471 644 US financial institutions 115 277 European financial institutions 178 334 Asian financial institutions 97 224 Other 1 88 105 949 1,584 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. As at March 31, 2023, 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 March 31, 2023 and December 31, 2022. 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, the assessment of credit ratings and netting arrangements. Within Enbridge Gas, 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 derivatives 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, US and Canadian treasury bills, 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 accordance with the CER's regulatory requirements under the LMCI as Level 2. 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 derivatives' fair value. Generally, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on the 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: March 31, 2023 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 122 — 122 Interest rate contracts — 215 — 215 Commodity contracts 46 63 84 193 Other contracts — 2 — 2 46 402 84 532 Long-term derivative assets Foreign exchange contracts — 214 — 214 Interest rate contracts — 198 — 198 Commodity contracts — 17 50 67 — 429 50 479 Financial liabilities Current derivative liabilities Foreign exchange contracts — (131) — (131) Interest rate contracts — (20) — (20) Commodity contracts (36) (48) (164) (248) (36) (199) (164) (399) Long-term derivative liabilities Foreign exchange contracts — (980) — (980) Interest rate contracts — (49) — (49) Commodity contracts — (26) (118) (144) — (1,055) (118) (1,173) Total net financial asset/(liability) Foreign exchange contracts — (775) — (775) Interest rate contracts — 344 — 344 Commodity contracts 10 6 (148) (132) Other contracts — 2 — 2 10 (423) (148) (561) December 31, 2022 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 46 — 46 Interest rate contracts — 660 — 660 Commodity contracts 65 90 147 302 Other contracts — 7 — 7 65 803 147 1,015 Long-term derivative assets Foreign exchange contracts — 309 — 309 Interest rate contracts — 254 — 254 Commodity contracts — 17 44 61 Other contracts — 3 — 3 — 583 44 627 Financial liabilities Current derivative liabilities Foreign exchange contracts — (566) — (566) Commodity contracts (60) (77) (195) (332) (60) (643) (195) (898) Long-term derivative liabilities Foreign exchange contracts — (1,116) — (1,116) Interest rate contracts — (4) — (4) Commodity contracts — (38) (132) (170) — (1,158) (132) (1,290) Total net financial asset/(liability) Foreign exchange contracts — (1,327) — (1,327) Interest rate contracts — 910 — 910 Commodity contracts 5 (8) (136) (139) Other contracts — 10 — 10 5 (415) (136) (546) The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: March 31, 2023 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (34) Forward gas price 2.30 10.29 4.60 $/mmbtu 2 Crude (12) Forward crude price 72.61 104.87 92.25 $/barrel Power (92) Forward power price 25.07 214.37 70.68 $/MW/H Commodity contracts - physical 1 Natural gas (34) Forward gas price 0.60 8.14 3.51 $/mmbtu 2 Crude (9) Forward crude price 74.97 116.60 91.05 $/barrel Power 33 Forward power price 13.30 107.36 55.46 $/MW/H (148) 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: Three months ended 2023 2022 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (136) (108) Total gain/(loss) Included in earnings 1 (44) (52) Included in OCI 33 4 Settlements (1) (24) Level 3 net derivative liability at end of period (148) (180) 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 March 31, 2023 or December 31, 2022. NET INVESTMENT HEDGES We currently have designated a portion of our US dollar-denominated debt as a hedge of our net investment in US dollar-denominated investments and subsidiaries. During the three months ended March 31, 2023 and 2022, we recognized unrealized foreign exchange gains of $59 million and $133 million, respectively, on the translation of US dollar-denominated debt, in OCI. No unrealized gains or losses on the change in fair value of our outstanding foreign exchange forward contracts were recognized in OCI during the three months ended March 31, 2023 and 2022. No realized gains or losses associated with the settlement of foreign exchange forward contracts were recognized in OCI during the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2023 and 2022, we recognized a realized loss of $44 million and nil, respectively, associated with the settlement of US dollar-denominated debt that had matured during the period, in OCI. 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 $209 million and $102 million as at March 31, 2023 and December 31, 2022, respectively. As at March 31, 2023, we had investments with a fair value of $646 million included in Restricted long-term investments in the Consolidated Statements of Financial Position (December 31, 2022 - $593 million). These securities are classified as available-for-sale and represent restricted funds which are collected from customers and held in trust for the purpose of funding pipeline abandonment in accordance with the CER's regulatory requirements. We had restricted long-term investments held in trust totaling $249 million as at March 31, 2023, which are classified as Level 1 in the fair value hierarchy (December 31, 2022 - $236 million). We also had restricted long-term investments held in trust totaling $397 million (cost basis - $451 million ) and $357 million (cost basis - $437 million ) as at March 31, 2023 and December 31, 2022, respectively, which are classified as Level 2 in the fair value hierarchy. There were unrealized holding gains of $34 million on these investments for the three months ended March 31, 2023 (2022 - losses of $60 million). We have wholly-owned captive insurance subsidiaries whose principal activity is providing insurance and reinsurance coverage for certain insurable property and casualty risk exposures of our operating subsidiaries and certain equity investments. As at March 31, 2023, the fair value of investments in equity funds and debt securities held by our captive insurance subsidiaries was $351 million and $309 million, respectively (December 31, 2022 - $335 million and $298 million, respectively). Our investments in debt securities had a cost basis of $303 million as at March 31, 2023 (December 31, 2022 - $295 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 Other current assets and Long-term investments in the Consolidated Statements of Financial Position. There were unrealized holding gains of $15 million and losses of $8 million for the three months ended March 31, 2023 and 2022, respectively. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the three months ended March 31, 2023 and 2022 were 21.5% and 22.4%, respectively. The period-over-period decrease in the effective income tax rate is due to higher investment tax credits available on certain capital projects in the US, and the effects of rate-regulated accounting for income taxes relative to earnings. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | OTHER INCOME Three months ended March 31, 2023 2022 (millions of Canadian dollars) Gain/(loss) on dispositions 3 (2) Realized foreign currency gain 145 2 Unrealized foreign currency gain/(loss) (188) 367 Net defined pension and OPEB credit 33 58 Other 109 33 102 458 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
CONTINGENCIES | CONTINGENCIES LITIGATION We and our subsidiaries are subject to 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. INSURANCE We maintain a comprehensive insurance program for us, our operating subsidiaries and certain equity investments. This program includes insurance coverage in types and amounts and is subject to certain deductibles, terms, exclusions and conditions that are generally consistent with coverage considered customary for our industry, however insurance does not cover all events in all circumstances. We self-insure a significant portion of expected losses relating to certain insurance property and casualty risk exposures in the US and Canada through our wholly-owned captive insurance subsidiaries. In the unlikely event multiple insurable incidents occur which exceed coverage limits within the same insurance period, the total insurance coverage will be allocated among entities on an equitable basis based on an insurance allocation agreement we have entered into with us and other subsidiaries. Insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices and the selection of estimated loss among estimates derived using different methods. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT TRES PALACIOS HOLDINGS LLC On April 3, 2023, we acquired Tres Palacios Holdings LLC (Tres Palacios) for US$335 million of cash, subject to customary closing adjustments. Tres Palacios is a natural gas storage facility located in the US Gulf Coast and its infrastructure serves Texas gas-fired power generation and liquefied natural gas exports, as well as Mexico pipeline exports. |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 2,942 1,384 276 — — — 4,602 Storage and other revenue 64 95 99 — — — 258 Gas distribution revenue — — 2,287 — — — 2,287 Electricity revenue — — — 66 — — 66 Total revenue from contracts with customers 3,006 1,479 2,662 66 — — 7,213 Commodity sales — — — — 4,783 — 4,783 Other revenue 1,2 30 11 (40) 78 — — 79 Intersegment revenue 129 1 3 — 18 (151) — Total revenue 3,165 1,491 2,625 144 4,801 (151) 12,075 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 2,685 1,194 251 — — — 4,130 Storage and other revenue 51 84 47 — — — 182 Gas gathering and processing revenue — 15 — — — — 15 Gas distribution revenue — — 2,098 — — — 2,098 Electricity revenue — — — 62 — — 62 Total revenue from contracts with customers 2,736 1,293 2,396 62 — — 6,487 Commodity sales — — — — 8,325 — 8,325 Other revenue 1,2 178 7 4 94 2 — 285 Intersegment revenue 141 — 11 — 10 (162) — Total revenue 3,055 1,300 2,411 156 8,337 (162) 15,097 1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended March 31, 2023 were a net $55 million loss (2022 - $94 million gain). 2 Includes revenues from lease contracts for the three months ended March 31, 2023 and 2022 of $144 million and $164 million, respectively. Recognition and Measurement of Revenues Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended March 31, 2023 (millions of Canadian dollars) Revenue from products transferred at a point in time — — 30 — 30 Revenue from products and services transferred over time 1 3,006 1,479 2,632 66 7,183 Total revenue from contracts with customers 3,006 1,479 2,662 66 7,213 Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Consolidated Three months ended March 31, 2022 (millions of Canadian dollars) Revenue from products transferred at a point in time — — 16 — 16 Revenue from products and services transferred over time 1 2,736 1,293 2,380 62 6,471 Total revenue from contracts with customers 2,736 1,293 2,396 62 6,487 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 March 31, 2023 3,186 232 2,328 Balance as at December 31, 2022 3,183 230 2,241 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Three months ended Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated (millions of Canadian dollars) Operating revenues 3,165 1,491 2,625 144 4,801 (151) 12,075 Commodity and gas distribution costs — — (1,612) (4) (4,782) 168 (6,230) Operating and administrative (1,123) (549) (309) (53) (18) 15 (2,037) Income/(loss) from equity investments 248 238 — 35 — (4) 517 Other income/(expense) 73 25 12 14 — (22) 102 Earnings before interest, income taxes and depreciation and amortization 2,363 1,205 716 136 1 6 4,427 Depreciation and amortization (1,146) Interest expense (905) Income tax expense (510) Earnings 1,866 Capital expenditures 1 280 527 264 45 — 25 1,141 Three months ended Liquids Pipelines Gas Transmission and Midstream Gas Distribution and Storage Renewable Power Generation Energy Services Eliminations and Other Consolidated (millions of Canadian dollars) Operating revenues 3,055 1,300 2,411 156 8,337 (162) 15,097 Commodity and gas distribution costs (11) — (1,468) (4) (8,427) 163 (9,747) Operating and administrative (947) (530) (299) (48) (14) (37) (1,875) Income from equity investments 215 221 — 55 — — 491 Other income 17 23 21 3 3 391 458 Earnings/(loss) before interest, income taxes and depreciation and amortization 2,329 1,014 665 162 (101) 355 4,424 Depreciation and amortization (1,055) Interest expense (719) Income tax expense (593) Earnings 2,057 Capital expenditures 1 545 229 266 6 — 12 1,058 1 Includes allowance for equity funds used during construction. |
EARNINGS PER COMMON SHARE AND_2
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 2023 2022 (number of shares in millions) Weighted average shares outstanding 2,025 2,026 Effect of dilutive options and RSUs 3 3 Diluted weighted average shares outstanding 2,028 2,029 |
Schedule of Preferred Stock Characteristics by Class | On May 2, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2023 to shareholders of record on May 15, 2023. Dividend per share Common Shares 1 $0.88750 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.32513 Preference Shares, Series D 2 $0.33825 Preference Shares, Series F $0.29306 Preference Shares, Series H $0.27350 Preference Shares, Series L US$0.36612 Preference Shares, Series N $0.31788 Preference Shares, Series P $0.27369 Preference Shares, Series R $0.25456 Preference Shares, Series 1 US$0.37182 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.33596 Preference Shares, Series 7 $0.27806 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 19 3 $0.38825 1 The quarterly dividend per common share was increased 3.2% to $0.8875 from $0.86, effective March 1, 2023. 2 The quarterly dividend per share paid on Preference Shares, Series D was increased to $0.33825 from $0.27875 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. 3 The quarterly dividend per share paid on Preference Shares, Series 19 was increased to $0.38825 from $0.30625 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The following table provides details of our committed credit facilities as at March 31, 2023: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2023-2027 9,623 7,053 2,570 Enbridge (U.S.) Inc. 2024-2027 8,594 1,702 6,892 Enbridge Pipelines Inc. 2024 2,000 876 1,124 Enbridge Gas Inc. 2024 2,500 1,440 1,060 Total committed credit facilities 22,717 11,071 11,646 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 three months ended March 31, 2023, we completed the following long-term debt issuances totaling US$3.0 billion: Company Issue Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. March 2023 5.70% sustainability-linked senior notes due March 2033 1 US$2,300 March 2023 5.97% senior notes due March 2026 2 US$700 1 The sustainability-linked senior notes are subject to a sustainability performance target of 35% reduction in emissions intensity from 2018 levels at an observation date of December 31, 2030. If the target is not met, on September 8, 2031, the interest rate will be set to equal 5.70% plus a margin of 50 basis points. 2 We have the option to call the notes at par after one year from issuance. Refer to Note 7 - Risk Management and Financial Instruments . |
Schedule of Repayment of Debt | During the three months ended March 31, 2023, we completed the following long-term debt repayments totaling US$513 million and $275 million: Company Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. January 2023 3.94% medium-term notes $275 February 2023 Floating rate notes 1 US$500 Tri Global Energy, LLC January 2023 10.00 % senior notes US$4 January 2023 14.00 % senior notes US$9 1 The notes carried an interest rate set to equal the Secured Overnight Financing Rate plus a margin of 40 basis points. |
COMPONENTS OF ACCUMULATED OTH_2
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2023 121 (35) (1,137) 4,348 5 218 3,520 Other comprehensive income/(loss) retained in AOCI (90) 7 15 (57) — — (125) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 8 — — — — — 8 Other contracts 2 1 — — — — — 1 Amortization of pension and OPEB actuarial gain 3 — — — — — (5) (5) (81) 7 15 (57) — (5) (121) Tax impact Income tax on amounts retained in AOCI 28 — — — — — 28 Income tax on amounts reclassified to earnings (2) — — — — 1 (1) 26 — — — — 1 27 Balance as at March 31, 2023 66 (28) (1,122) 4,291 5 214 3,426 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 384 (1) 133 (691) — — (175) Other comprehensive loss/(income) reclassified to earnings Interest rate contracts 1 76 — — — — — 76 Foreign exchange contracts 4 (4) — — — — — (4) Other contracts 2 2 — — — — — 2 Amortization of pension and OPEB actuarial gain 3 — — — — — (3) (3) 458 (1) 133 (691) — (3) (104) Tax impact Income tax on amounts retained in AOCI (92) — — — — — (92) Income tax on amounts reclassified to earnings (17) — — — — 1 (16) (109) — — — — 1 (108) Balance as at March 31, 2022 (548) (1) (33) (635) (5) (86) (1,308) 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. 3 These components are included in the computation of net periodic benefit credit and are reported within Other income in the Consolidated Statements of Earnings. 4 Reported within Transportation and other services revenues and Other income in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 68 54 122 (13) 109 Interest rate contracts 194 — 21 215 (11) 204 Commodity contracts — — 193 193 (118) 75 Other contracts — — 2 2 — 2 194 68 270 532 (142) 390 Deferred amounts and other assets Foreign exchange contracts — 83 131 214 (108) 106 Interest rate contracts 154 — 44 198 (43) 155 Commodity contracts — — 67 67 (30) 37 154 83 242 479 (181) 298 Other current liabilities Foreign exchange contracts — (42) (89) (131) 13 (118) Interest rate contracts (19) — (1) (20) 11 (9) Commodity contracts (30) — (218) (248) 118 (130) (49) (42) (308) (399) 142 (257) Other long-term liabilities Foreign exchange contracts — — (980) (980) 108 (872) Interest rate contracts (4) — (45) (49) 43 (6) Commodity contracts (21) — (123) (144) 30 (114) (25) — (1,148) (1,173) 181 (992) Total net derivative asset/(liability) Foreign exchange contracts — 109 (884) (775) — (775) Interest rate contracts 325 — 19 344 — 344 Commodity contracts (51) — (81) (132) — (132) Other contracts — — 2 2 — 2 274 109 (944) (561) — (561) December 31, 2022 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — — 46 46 (41) 5 Interest rate contracts 649 — 11 660 — 660 Commodity contracts — — 302 302 (182) 120 Other contracts — — 7 7 — 7 649 — 366 1,015 (223) 792 Deferred amounts and other assets Foreign exchange contracts — 156 153 309 (138) 171 Interest rate contracts 254 — — 254 — 254 Commodity contracts — — 61 61 (25) 36 Other contracts 1 — 2 3 — 3 255 156 216 627 (163) 464 Other current liabilities Foreign exchange contracts — (42) (524) (566) 41 (525) Commodity contracts (48) — (284) (332) 182 (150) (48) (42) (808) (898) 223 (675) Other long-term liabilities Foreign exchange contracts — — (1,116) (1,116) 138 (978) Interest rate contracts (3) — (1) (4) — (4) Commodity contracts (37) — (133) (170) 25 (145) (40) — (1,250) (1,290) 163 (1,127) Total net derivative asset/(liability) Foreign exchange contracts — 114 (1,441) (1,327) — (1,327) Interest rate contracts 900 — 10 910 — 910 Commodity contracts (85) — (54) (139) — (139) Other contracts 1 — 9 10 — 10 816 114 (1,476) (546) — (546) |
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: March 31, 2023 2023 2024 2025 2026 2027 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 832 1,000 500 — — — 2,332 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 4,566 4,708 4,763 4,157 2,969 1,728 22,891 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 21 30 30 28 32 — 141 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 69 91 86 85 81 262 674 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) 7,821 1,929 80 26 25 39 9,920 Interest rate contracts - short-term debt receive fixed rate (millions of Canadian dollars) 711 947 947 179 — — 2,784 Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars) 4,153 1,494 588 — — — 6,235 Equity contracts (millions of Canadian dollars) — 32 12 — — — 44 Commodity contracts - natural gas (billions of cubic feet) 34 25 23 8 3 — 93 Commodity contracts - crude oil (millions of barrels) 11 — — — — — 11 Commodity contracts - power (megawatt per hour) (MW/H) 19 (31) (46) — — — (17) 1 1 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 Other income 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 Other income in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended 2023 2022 (millions of Canadian dollars) Unrealized gain/(loss) on derivative (11) 76 Unrealized gain/(loss) on hedged item 11 (87) Realized loss on derivative (11) (75) Realized gain on hedged item — 85 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 2023 2022 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Foreign exchange contracts — 2 Interest rate contracts (105) 377 Commodity contracts 34 4 Other contracts (2) 3 Fair value hedges Foreign exchange contracts 7 (1) (66) 385 Amount of loss reclassified from AOCI to earnings Foreign exchange contracts 1 — 13 Interest rate contracts 2 8 76 Other contracts 3 1 2 9 91 1 Reported within Transportation and other services revenues and Other income 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 2023 2022 (millions of Canadian dollars) Foreign exchange contracts 1 556 433 Interest rate contracts 2 10 — Commodity contracts 3 (39) (68) Other contracts 4 (7) 4 Total unrealized derivative fair value gain/(loss), net 520 369 1 For the respective three months ended periods, reported within Transportation and other services revenues (2023 - $645 million gain; 2022 - $134 million gain) and Other income (2023 - $89 million loss; 2022 - $299 million gain) in the Consolidated Statements of Earnings. 2 Reported as an increase within Interest expense in the Consolidated Statements of Earnings. 3 For the respective three months ended periods, reported within Transportation and other services revenues (2023 - $6 million gain; 2022 - $16 million loss), Commodity sales (2023 - $69 million gain; 2022 - $16 million loss), Commodity costs (2023 - $75 million loss; 2022 - $37 million loss) and Operating and administrative expense (2023 - $39 million loss; 2022 - $1 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: March 31, December 31, (millions of Canadian dollars) Canadian financial institutions 471 644 US financial institutions 115 277 European financial institutions 178 334 Asian financial institutions 97 224 Other 1 88 105 949 1,584 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: March 31, 2023 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 122 — 122 Interest rate contracts — 215 — 215 Commodity contracts 46 63 84 193 Other contracts — 2 — 2 46 402 84 532 Long-term derivative assets Foreign exchange contracts — 214 — 214 Interest rate contracts — 198 — 198 Commodity contracts — 17 50 67 — 429 50 479 Financial liabilities Current derivative liabilities Foreign exchange contracts — (131) — (131) Interest rate contracts — (20) — (20) Commodity contracts (36) (48) (164) (248) (36) (199) (164) (399) Long-term derivative liabilities Foreign exchange contracts — (980) — (980) Interest rate contracts — (49) — (49) Commodity contracts — (26) (118) (144) — (1,055) (118) (1,173) Total net financial asset/(liability) Foreign exchange contracts — (775) — (775) Interest rate contracts — 344 — 344 Commodity contracts 10 6 (148) (132) Other contracts — 2 — 2 10 (423) (148) (561) December 31, 2022 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 46 — 46 Interest rate contracts — 660 — 660 Commodity contracts 65 90 147 302 Other contracts — 7 — 7 65 803 147 1,015 Long-term derivative assets Foreign exchange contracts — 309 — 309 Interest rate contracts — 254 — 254 Commodity contracts — 17 44 61 Other contracts — 3 — 3 — 583 44 627 Financial liabilities Current derivative liabilities Foreign exchange contracts — (566) — (566) Commodity contracts (60) (77) (195) (332) (60) (643) (195) (898) Long-term derivative liabilities Foreign exchange contracts — (1,116) — (1,116) Interest rate contracts — (4) — (4) Commodity contracts — (38) (132) (170) — (1,158) (132) (1,290) Total net financial asset/(liability) Foreign exchange contracts — (1,327) — (1,327) Interest rate contracts — 910 — 910 Commodity contracts 5 (8) (136) (139) Other contracts — 10 — 10 5 (415) (136) (546) |
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Level 3 Derivative Instruments | The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: March 31, 2023 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (34) Forward gas price 2.30 10.29 4.60 $/mmbtu 2 Crude (12) Forward crude price 72.61 104.87 92.25 $/barrel Power (92) Forward power price 25.07 214.37 70.68 $/MW/H Commodity contracts - physical 1 Natural gas (34) Forward gas price 0.60 8.14 3.51 $/mmbtu 2 Crude (9) Forward crude price 74.97 116.60 91.05 $/barrel Power 33 Forward power price 13.30 107.36 55.46 $/MW/H (148) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 One million British thermal units (mmbtu). |
Schedule of Changes in Net Fair Value of Derivative Assets and Liabilities Classified as Level 3 in the Fair Value Hierarchy | Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Three months ended 2023 2022 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (136) (108) Total gain/(loss) Included in earnings 1 (44) (52) Included in OCI 33 4 Settlements (1) (24) Level 3 net derivative liability at end of period (148) (180) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Three months ended March 31, 2023 2022 (millions of Canadian dollars) Gain/(loss) on dispositions 3 (2) Realized foreign currency gain 145 2 Unrealized foreign currency gain/(loss) (188) 367 Net defined pension and OPEB credit 33 58 Other 109 33 102 458 |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 7,213 | $ 6,487 |
Total revenues | 12,075 | 15,097 |
Mark-to-market (loss) gain from hedging program | (55) | 94 |
Revenues from lease contracts | 144 | 164 |
Revenues from products transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 30 | 16 |
Revenue from products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7,183 | 6,471 |
Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,602 | 4,130 |
Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 258 | 182 |
Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15 | |
Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,287 | 2,098 |
Total revenues | 2,279 | 2,098 |
Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66 | 62 |
Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 4,783 | 8,325 |
Total revenues | 4,783 | 8,325 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 79 | 285 |
Liquids Pipelines | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,006 | 2,736 |
Liquids Pipelines | Revenues from products transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Liquids Pipelines | Revenue from products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,006 | 2,736 |
Gas Transmission and Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,479 | 1,293 |
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 |
Gas Transmission and Midstream | Revenue from products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,479 | 1,293 |
Gas Distribution and Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,662 | 2,396 |
Gas Distribution and Storage | Revenues from products transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 30 | 16 |
Gas Distribution and Storage | Revenue from products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,632 | 2,380 |
Renewable Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66 | 62 |
Renewable Power Generation | Revenues from products transferred at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Renewable Power Generation | Revenue from products and services transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66 | 62 |
Business segments | Liquids Pipelines | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,006 | 2,736 |
Total revenues | 3,165 | 3,055 |
Business segments | Liquids Pipelines | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,942 | 2,685 |
Business segments | Liquids Pipelines | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 64 | 51 |
Business segments | Liquids Pipelines | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Business segments | Liquids Pipelines | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Liquids Pipelines | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Liquids Pipelines | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Business segments | Liquids Pipelines | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 30 | 178 |
Business segments | Gas Transmission and Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,479 | 1,293 |
Total revenues | 1,491 | 1,300 |
Business segments | Gas Transmission and Midstream | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,384 | 1,194 |
Business segments | Gas Transmission and Midstream | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 95 | 84 |
Business segments | Gas Transmission and Midstream | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15 | |
Business segments | Gas Transmission and Midstream | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Gas Transmission and Midstream | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Gas Transmission and Midstream | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Business segments | Gas Transmission and Midstream | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 11 | 7 |
Business segments | Gas Distribution and Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,662 | 2,396 |
Total revenues | 2,625 | 2,411 |
Business segments | Gas Distribution and Storage | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 276 | 251 |
Business segments | Gas Distribution and Storage | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 99 | 47 |
Business segments | Gas Distribution and Storage | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Business segments | Gas Distribution and Storage | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,287 | 2,098 |
Business segments | Gas Distribution and Storage | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Gas Distribution and Storage | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Business segments | Gas Distribution and Storage | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | (40) | 4 |
Business segments | Renewable Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66 | 62 |
Total revenues | 144 | 156 |
Business segments | Renewable Power Generation | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Renewable Power Generation | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Renewable Power Generation | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Business segments | Renewable Power Generation | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Renewable Power Generation | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66 | 62 |
Business segments | Renewable Power Generation | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Business segments | Renewable Power Generation | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 78 | 94 |
Business segments | Energy Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Total revenues | 4,801 | 8,337 |
Business segments | Energy Services | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Energy Services | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Energy Services | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Business segments | Energy Services | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Energy Services | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Business segments | Energy Services | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 4,783 | 8,325 |
Business segments | Energy Services | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 2 |
Eliminations and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Total revenues | (151) | (162) |
Eliminations and Other | Transportation revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Eliminations and Other | Storage and other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Eliminations and Other | Gas gathering and processing revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | |
Eliminations and Other | Gas distribution sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Eliminations and Other | Electricity revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 0 | 0 |
Eliminations and Other | Commodity sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Eliminations and Other | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Intersegment revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | (151) | (162) |
Total revenues | (151) | (162) |
Intersegment revenue | Liquids Pipelines | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 129 | 141 |
Intersegment revenue | Gas Transmission and Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 1 | 0 |
Intersegment revenue | Gas Distribution and Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 3 | 11 |
Intersegment revenue | Renewable Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | 0 | 0 |
Intersegment revenue | Energy Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customers | $ 18 | $ 10 |
REVENUES - Contract Balances (D
REVENUES - Contract Balances (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract Receivables | $ 3,186 | $ 3,183 |
Contract Assets | 232 | 230 |
Contract Liabilities | $ 2,328 | $ 2,241 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 CAD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized | $ 36 |
Increase in contract with customers, liability | 124 |
Remaining performance obligation | 60,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 6,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 6,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period | 1 year |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segmented Information | ||
Operating revenues | $ 12,075 | $ 15,097 |
Commodity and gas distribution costs | (6,230) | (9,747) |
Operating and administrative | (2,037) | (1,875) |
Income/(loss) from equity investments | 517 | 491 |
Other income/(expense) | 102 | 458 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 4,427 | 4,424 |
Depreciation and amortization | (1,146) | (1,055) |
Interest expense | (905) | (719) |
Income tax expense | (510) | (593) |
Earnings | 1,866 | 2,057 |
Capital expenditures | 1,141 | 1,058 |
Eliminations and Other | ||
Segmented Information | ||
Operating revenues | (151) | (162) |
Commodity and gas distribution costs | 168 | 163 |
Operating and administrative | 15 | (37) |
Income/(loss) from equity investments | (4) | 0 |
Other income/(expense) | (22) | 391 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 6 | 355 |
Capital expenditures | 25 | 12 |
Liquids Pipelines | Business segments | ||
Segmented Information | ||
Operating revenues | 3,165 | 3,055 |
Commodity and gas distribution costs | 0 | (11) |
Operating and administrative | (1,123) | (947) |
Income/(loss) from equity investments | 248 | 215 |
Other income/(expense) | 73 | 17 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 2,363 | 2,329 |
Capital expenditures | 280 | 545 |
Gas Transmission and Midstream | Business segments | ||
Segmented Information | ||
Operating revenues | 1,491 | 1,300 |
Commodity and gas distribution costs | 0 | 0 |
Operating and administrative | (549) | (530) |
Income/(loss) from equity investments | 238 | 221 |
Other income/(expense) | 25 | 23 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 1,205 | 1,014 |
Capital expenditures | 527 | 229 |
Gas Distribution and Storage | Business segments | ||
Segmented Information | ||
Operating revenues | 2,625 | 2,411 |
Commodity and gas distribution costs | (1,612) | (1,468) |
Operating and administrative | (309) | (299) |
Income/(loss) from equity investments | 0 | 0 |
Other income/(expense) | 12 | 21 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 716 | 665 |
Capital expenditures | 264 | 266 |
Renewable Power Generation | Business segments | ||
Segmented Information | ||
Operating revenues | 144 | 156 |
Commodity and gas distribution costs | (4) | (4) |
Operating and administrative | (53) | (48) |
Income/(loss) from equity investments | 35 | 55 |
Other income/(expense) | 14 | 3 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 136 | 162 |
Capital expenditures | 45 | 6 |
Energy Services | Business segments | ||
Segmented Information | ||
Operating revenues | 4,801 | 8,337 |
Commodity and gas distribution costs | (4,782) | (8,427) |
Operating and administrative | (18) | (14) |
Income/(loss) from equity investments | 0 | 0 |
Other income/(expense) | 0 | 3 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 1 | (101) |
Capital expenditures | $ 0 | $ 0 |
EARNINGS PER COMMON SHARE AND_3
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Diluted (Details) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted average number of common shares outstanding diluted | ||
Weighted average shares outstanding (in shares) | 2,025 | 2,026 |
Effect of dilutive options and RSUs (in shares) | 3 | 3 |
Diluted weighted average shares outstanding (in shares) | 2,028 | 2,029 |
Stock options | ||
Weighted average number of common shares outstanding diluted | ||
Antidilutive securities excluded from the diluted earnings per common share calculation (in shares) | 16.7 | 12.9 |
Weighted average exercise price of antidilutive securities (in Canadian dollars per share) | $ 55.62 | $ 56.09 |
EARNINGS PER COMMON SHARE AND_4
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Dividends Per Share (Details) | 3 Months Ended | |||||||
Jun. 01, 2023 $ / shares | Jun. 01, 2023 $ / shares | May 02, 2023 $ / shares | May 02, 2023 $ / shares | Mar. 01, 2023 $ / shares | Feb. 28, 2023 $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
Dividends Payable [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.8875 | $ 0.86 | ||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.888 | $ 0.860 | ||||||
Common Stock Dividends Per Share Increase Decrease | 3.20% | |||||||
Preference Shares, Series L | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.38825 | 0.30625 | ||||||
Common shares | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Common stock, dividends per share, paid (in dollars per share) | $ 0.88750 | |||||||
Common shares | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Common stock, dividends, per share, declared (in dollars per share) | $ 0.88750 | |||||||
Preferred share investment | Preference Shares, Series A | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.34375 | |||||||
Preferred share investment | Preference Shares, Series A | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.34375 | |||||||
Preferred share investment | Preference Shares, Series B | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.33825 | $ 0.27875 | ||||||
Preferred share investment | Preference Shares, Series B | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.32513 | |||||||
Preferred share investment | Preference Shares, Series B | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.32513 | |||||||
Preferred share investment | Preference Shares, Series D | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.33825 | |||||||
Preferred share investment | Preference Shares, Series D | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.33825 | |||||||
Preferred share investment | Preference Shares, Series F | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.29306 | |||||||
Preferred share investment | Preference Shares, Series F | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.29306 | |||||||
Preferred share investment | Preference Shares, Series H | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27350 | |||||||
Preferred share investment | Preference Shares, Series H | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27350 | |||||||
Preferred share investment | Preference Shares, Series L | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.36612 | |||||||
Preferred share investment | Preference Shares, Series L | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.36612 | |||||||
Preferred share investment | Preference Shares, Series N | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.31788 | |||||||
Preferred share investment | Preference Shares, Series N | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.31788 | |||||||
Preferred share investment | Preference Shares, Series P | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27369 | |||||||
Preferred share investment | Preference Shares, Series P | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27369 | |||||||
Preferred share investment | Preference Shares, Series R | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.25456 | |||||||
Preferred share investment | Preference Shares, Series R | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.25456 | |||||||
Preferred share investment | Preference Shares, Series 1 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.37182 | |||||||
Preferred share investment | Preference Shares, Series 1 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.37182 | |||||||
Preferred share investment | Preference Shares, Series 3 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.23356 | |||||||
Preferred share investment | Preference Shares, Series 3 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.23356 | |||||||
Preferred share investment | Preference Shares, Series 5 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.33596 | |||||||
Preferred share investment | Preference Shares, Series 5 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.33596 | |||||||
Preferred share investment | Preference Shares, Series 7 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.27806 | |||||||
Preferred share investment | Preference Shares, Series 7 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.27806 | |||||||
Preferred share investment | Preference Shares, Series 9 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.25606 | |||||||
Preferred share investment | Preference Shares, Series 9 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.25606 | |||||||
Preferred share investment | Preference Shares, Series 11 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.24613 | |||||||
Preferred share investment | Preference Shares, Series 11 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.24613 | |||||||
Preferred share investment | Preference Shares, Series 13 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.19019 | |||||||
Preferred share investment | Preference Shares, Series 13 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.19019 | |||||||
Preferred share investment | Preference Shares, Series 15 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | 0.18644 | |||||||
Preferred share investment | Preference Shares, Series 15 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | 0.18644 | |||||||
Preferred share investment | Preference Shares, Series 19 | Forecast | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend paid per share (dollars per share) | $ 0.38825 | |||||||
Preferred share investment | Preference Shares, Series 19 | Subsequent event | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred stock, dividend declared per share (dollars per share) | $ 0.38825 |
DEBT - Credit Facilities (Detai
DEBT - Credit Facilities (Details) - Committed credit facilities $ in Millions | 3 Months Ended |
Mar. 31, 2023 CAD ($) | |
CREDIT FACILITIES | |
Total Facilities | $ 22,717 |
Draws | 11,071 |
Available | $ 11,646 |
Term out option period | 1 year |
Enbridge (U.S.) Inc. | |
CREDIT FACILITIES | |
Total Facilities | $ 8,594 |
Draws | 1,702 |
Available | 6,892 |
Enbridge Pipelines Inc. | |
CREDIT FACILITIES | |
Total Facilities | 2,000 |
Draws | 876 |
Available | 1,124 |
Enbridge Gas Inc. | |
CREDIT FACILITIES | |
Total Facilities | 2,500 |
Draws | 1,440 |
Available | 1,060 |
Enbridge Inc. | |
CREDIT FACILITIES | |
Total Facilities | 9,623 |
Draws | 7,053 |
Available | $ 2,570 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Millions | 3 Months Ended | |||
Apr. 15, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Feb. 28, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | |
Line of Credit Facility [Line Items] | ||||
Commitment fee percentage | 0.10% | |||
Long-term debt | $ 71,740,000,000 | $ 72,939,000,000 | ||
Long-term debt, fair value adjustment | 588,000,000 | 608,000,000 | ||
Amortization of fair value adjustment | 11,000,000 | |||
Commercial paper and credit facility draws | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 9,000,000,000 | 10,500,000,000 | ||
Fixed-to-floating subordinated term notes | Subordinated term notes | ||||
Line of Credit Facility [Line Items] | ||||
Subordinated debt | 10,300,000,000 | |||
Five-year Callable Fixed To Floating Rate Subordinated Notes | Subsequent event | Long-Term Debt | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt, amount outstanding | $ 600 | |||
Interest rate (as a percent) | 6.38% | |||
Revolving credit facility | 364-day extendible credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Amount of credit facility | 2,500,000,000 | $ 2,000,000,000 | ||
Uncommitted demand credit facilities | ||||
Line of Credit Facility [Line Items] | ||||
Amount of credit facility | 1,300,000,000 | 1,300,000,000 | ||
Unutilized amount of facility | $ 720,000,000 | $ 689,000,000 |
DEBT - Long Term Debt Issuance
DEBT - Long Term Debt Issuance (Details) - Enbridge Inc. $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Principal amount of debt | $ 3,000 |
5.70% sustainability-linked senior notes due March 2033 | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.70% |
Principal amount of debt | $ 2,300 |
5.70% sustainability-linked senior notes due March 2033 | Debt Instrument Interest Rate Terms Period One | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 35% |
5.70% sustainability-linked senior notes due March 2033 | Debt Instrument Interest Rate Terms Period Two | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.70% |
Spread on variable rate (percent) | 0.50% |
5.97% senior note due March 2026 | |
Debt Instrument [Line Items] | |
Interest rate (as a percent) | 5.97% |
Principal amount of debt | $ 700 |
Term of fixed rate | 3 years |
Debt instrument maturity period (in year) | 1 year |
DEBT - Long Term Debt Repayment
DEBT - Long Term Debt Repayments (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | |
Long-Term Debt | |||||
DEBT | |||||
Principal Amount | $ 513 | $ 275 | |||
10.00% Senior notes | Tri Global Energy, LLC | |||||
DEBT | |||||
Interest rate (as a percent) | 10% | 10% | |||
Principal Amount | $ 4 | ||||
14.00% Senior notes | Tri Global Energy, LLC | |||||
DEBT | |||||
Interest rate (as a percent) | 14% | 14% | |||
Principal Amount | $ 9 | ||||
Enbridge Inc. | 3.94% medium-term notes | |||||
DEBT | |||||
Interest rate (as a percent) | 3.94% | 3.94% | |||
Principal Amount | $ 275 | ||||
Enbridge Inc. | Floating rate notes | |||||
DEBT | |||||
Principal Amount | $ 500 | ||||
Enbridge Inc. | Floating rate notes | London Interbank Offered Rate | |||||
DEBT | |||||
Spread on variable rate (percent) | 0.40% | 0.40% |
COMPONENTS OF ACCUMULATED OTH_3
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in AOCI | ||
Balance at the beginning of the period | $ 63,398 | |
Other comprehensive income/(loss) retained in AOCI | (125) | $ (175) |
Total before tax impact | (121) | (104) |
Income tax on amounts retained in AOCI | 28 | (92) |
Income tax on amounts reclassified to earnings | (1) | (16) |
Tax impact | 27 | (108) |
Balance at the end of the period | 65,025 | 64,273 |
Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 8 | 76 |
Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4) | |
Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 1 | 2 |
Total | ||
Changes in AOCI | ||
Balance at the beginning of the period | 3,520 | (1,096) |
Balance at the end of the period | 3,426 | (1,308) |
Cash Flow Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | 121 | (897) |
Other comprehensive income/(loss) retained in AOCI | (90) | 384 |
Total before tax impact | (81) | 458 |
Income tax on amounts retained in AOCI | 28 | (92) |
Income tax on amounts reclassified to earnings | (2) | (17) |
Tax impact | 26 | (109) |
Balance at the end of the period | 66 | (548) |
Cash Flow Hedges | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 8 | 76 |
Cash Flow Hedges | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | (4) | |
Cash Flow Hedges | Other contracts | ||
Changes in AOCI | ||
Other comprehensive loss/(income) reclassified to earnings | 1 | 2 |
Excluded Components of Fair Value Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (35) | 0 |
Other comprehensive income/(loss) retained in AOCI | 7 | (1) |
Total before tax impact | 7 | (1) |
Tax impact | 0 | 0 |
Balance at the end of the period | (28) | (1) |
Net Investment Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (1,137) | (166) |
Other comprehensive income/(loss) retained in AOCI | 15 | 133 |
Total before tax impact | 15 | 133 |
Income tax on amounts retained in AOCI | 0 | |
Tax impact | 0 | 0 |
Balance at the end of the period | (1,122) | (33) |
Cumulative Translation Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 4,348 | 56 |
Other comprehensive income/(loss) retained in AOCI | (57) | (691) |
Total before tax impact | (57) | (691) |
Tax impact | 0 | 0 |
Balance at the end of the period | 4,291 | (635) |
Equity Investees | ||
Changes in AOCI | ||
Balance at the beginning of the period | 5 | (5) |
Other comprehensive income/(loss) retained in AOCI | 0 | 0 |
Total before tax impact | 0 | 0 |
Income tax on amounts retained in AOCI | 0 | 0 |
Tax impact | 0 | 0 |
Balance at the end of the period | 5 | (5) |
Pension and OPEB Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 218 | (84) |
Other comprehensive loss/(income) reclassified to earnings | (5) | (3) |
Total before tax impact | (5) | (3) |
Income tax on amounts reclassified to earnings | 1 | 1 |
Tax impact | 1 | 1 |
Balance at the end of the period | $ 214 | $ (86) |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Risk (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 equity_type | Mar. 08, 2023 USD ($) | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||
Average swap rate, variable (as a percent) | 2.50% | |
Three-Year Fixed Rate Notes | Notes Payable, Other Payables | ||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||
Principal Amount | $ | $ 700 | |
Interest rate contracts - short-term borrowings | ||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||
Floating rate debt as target percentage of total debt outstanding maximum | 30% | |
Average swap rate (percent) | 4.10% | |
Derivative, fixed interest rate | 6% | |
Equity contracts | ||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||
Number of forms of stock-based compensation with equity price risk | equity_type | 1 |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Foreign Exchange Risk (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 CAD ($) | |
Foreign exchange contracts | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | |
Derivatives terminated, realized loss | $ 638 |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Total Derivative Instruments (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | $ (561) | $ (546) |
Derivative liabilities, Total Net Derivative Instruments | (561) | (546) |
Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (944) | (1,476) |
Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 274 | 816 |
Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 109 | 114 |
Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 532 | 1,015 |
Derivative assets, Amounts Available for Offset | (142) | (223) |
Derivative assets, Total Net Derivative Instruments | 390 | 792 |
Other current assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 270 | 366 |
Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 194 | 649 |
Other current assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 68 | 0 |
Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 479 | 627 |
Derivative assets, Amounts Available for Offset | (181) | (163) |
Derivative assets, Total Net Derivative Instruments | 298 | 464 |
Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 242 | 216 |
Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 154 | 255 |
Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 83 | 156 |
Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (399) | (898) |
Derivative liabilities, Amounts Available for Offset | 142 | 223 |
Derivative liabilities, Total Net Derivative Instruments | (257) | (675) |
Other current liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (308) | (808) |
Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (49) | (48) |
Other current liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (42) | (42) |
Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,173) | (1,290) |
Derivative liabilities, Amounts Available for Offset | 181 | 163 |
Derivative liabilities, Total Net Derivative Instruments | (992) | (1,127) |
Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,148) | (1,250) |
Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (25) | (40) |
Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (775) | (1,327) |
Derivative liabilities, Total Net Derivative Instruments | (775) | (1,327) |
Foreign exchange contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (884) | (1,441) |
Foreign exchange contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 0 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Foreign exchange contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 109 | $ 114 |
Foreign exchange contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 122 | 46 |
Derivative assets, Amounts Available for Offset | (13) | (41) |
Derivative assets, Total Net Derivative Instruments | 109 | 5 |
Foreign exchange contracts | Other current assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 54 | 46 |
Foreign exchange contracts | Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Foreign exchange contracts | Other current assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 68 | 0 |
Foreign exchange contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 214 | 309 |
Derivative assets, Amounts Available for Offset | (108) | (138) |
Derivative assets, Total Net Derivative Instruments | 106 | 171 |
Foreign exchange contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 131 | 153 |
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 | 83 | 156 |
Foreign exchange contracts | Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (131) | (566) |
Derivative liabilities, Amounts Available for Offset | 13 | 41 |
Derivative liabilities, Total Net Derivative Instruments | (118) | (525) |
Foreign exchange contracts | Other current liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (89) | (524) |
Foreign exchange contracts | Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Other current liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (42) | (42) |
Foreign exchange contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (980) | (1,116) |
Derivative liabilities, Amounts Available for Offset | 108 | 138 |
Derivative liabilities, Total Net Derivative Instruments | (872) | (978) |
Foreign exchange contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (980) | (1,116) |
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 | 0 | 0 |
Interest rate contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (4) | |
Total net financial asset/(liability) | 344 | 910 |
Derivative liabilities, Total Net Derivative Instruments | 344 | $ 910 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Interest rate contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ (1) | |
Total net financial asset/(liability) | 19 | $ 10 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Interest rate contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ (3) | |
Total net financial asset/(liability) | 325 | 900 |
Interest rate contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | |
Total net financial asset/(liability) | 0 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Interest rate contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 215 | $ 660 |
Derivative assets, Amounts Available for Offset | (11) | 0 |
Derivative assets, Total Net Derivative Instruments | 204 | 660 |
Interest rate contracts | Other current assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 21 | 11 |
Interest rate contracts | Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 194 | 649 |
Interest rate contracts | Other current assets | 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 | 198 | 254 |
Derivative assets, Amounts Available for Offset | (43) | 0 |
Derivative assets, Total Net Derivative Instruments | 155 | 254 |
Interest rate contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 44 | 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 | 154 | 254 |
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 | Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (20) | |
Derivative liabilities, Amounts Available for Offset | 11 | |
Derivative liabilities, Total Net Derivative Instruments | (9) | |
Interest rate contracts | Other current liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1) | |
Interest rate contracts | Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (19) | |
Interest rate contracts | Other current liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | |
Interest rate contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (49) | |
Derivative liabilities, Amounts Available for Offset | 43 | 0 |
Derivative liabilities, Total Net Derivative Instruments | (6) | (4) |
Interest rate contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (45) | |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (4) | |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | |
Commodity contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (132) | (139) |
Derivative liabilities, Total Net Derivative Instruments | (132) | (139) |
Commodity contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (81) | (54) |
Commodity contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (51) | (85) |
Commodity contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 0 | 0 |
Commodity contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 193 | 302 |
Derivative assets, Amounts Available for Offset | (118) | (182) |
Derivative assets, Total Net Derivative Instruments | 75 | 120 |
Commodity contracts | Other current assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 193 | 302 |
Commodity contracts | Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 0 |
Commodity contracts | Other current assets | 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 | 67 | 61 |
Derivative assets, Amounts Available for Offset | (30) | (25) |
Derivative assets, Total Net Derivative Instruments | 37 | 36 |
Commodity contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 67 | 61 |
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 | Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (248) | (332) |
Derivative liabilities, Amounts Available for Offset | 118 | 182 |
Derivative liabilities, Total Net Derivative Instruments | (130) | (150) |
Commodity contracts | Other current liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (218) | (284) |
Commodity contracts | Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (30) | (48) |
Commodity contracts | Other current liabilities | 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 | (144) | (170) |
Derivative liabilities, Amounts Available for Offset | 30 | 25 |
Derivative liabilities, Total Net Derivative Instruments | (114) | (145) |
Commodity contracts | Other long-term liabilities | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (123) | (133) |
Commodity contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (21) | (37) |
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 | ||
Derivative assets | 2 | |
Total net financial asset/(liability) | 2 | 10 |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 2 | |
Derivative liabilities, Total Net Derivative Instruments | 2 | 10 |
Other contracts | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | |
Total net financial asset/(liability) | 2 | 9 |
Other contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Total net financial asset/(liability) | 0 | 1 |
Other contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Total net financial asset/(liability) | $ 0 | 0 |
Other contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 7 | |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 7 | |
Other contracts | Other current assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 7 | |
Other contracts | Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Other contracts | Other current assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Other contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 3 | |
Derivative assets, Amounts Available for Offset | 0 | |
Derivative assets, Total Net Derivative Instruments | 3 | |
Other contracts | Deferred amounts and other assets | Non-Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 2 | |
Other contracts | Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | |
Other contracts | Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | $ 0 |
RISK MANAGEMENT AND FINANCIAL_6
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Notional Principal or Quantity Information (Details) - Mar. 31, 2023 € 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 | $ 2,332 | ¥ 84,800 | ||||||
Foreign exchange contracts - forwards - purchase | United States dollar | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | 832 | |||||||
2024 | 1,000 | |||||||
2025 | 500 | |||||||
2026 | 0 | |||||||
2027 | 0 | |||||||
Thereafter | 0 | |||||||
Foreign exchange contracts - forwards - purchase | Japanese yen | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | ¥ | 0 | |||||||
2024 | ¥ | 0 | |||||||
2025 | ¥ | 84,800 | |||||||
2026 | ¥ | 0 | |||||||
2027 | ¥ | 0 | |||||||
Thereafter | ¥ | ¥ 0 | |||||||
Foreign exchange contracts - forwards - sell | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
Derivative Notional Amount Outstanding | 22,891 | £ 141 | € 674 | |||||
Foreign exchange contracts - forwards - sell | United States dollar | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | 4,566 | |||||||
2024 | 4,708 | |||||||
2025 | 4,763 | |||||||
2026 | 4,157 | |||||||
2027 | 2,969 | |||||||
Thereafter | $ 1,728 | |||||||
Foreign exchange contracts - forwards - sell | GBP | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | £ | 21 | |||||||
2024 | £ | 30 | |||||||
2025 | £ | 30 | |||||||
2026 | £ | 28 | |||||||
2027 | £ | 32 | |||||||
Thereafter | £ | £ 0 | |||||||
Foreign exchange contracts - forwards - sell | Euro | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | € | 69 | |||||||
2024 | € | 91 | |||||||
2025 | € | 86 | |||||||
2026 | € | 85 | |||||||
2027 | € | 81 | |||||||
Thereafter | € | € 262 | |||||||
Interest rate contracts - short-term borrowings | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | $ 7,821 | |||||||
2024 | 1,929 | |||||||
2025 | 80 | |||||||
2026 | 26 | |||||||
2027 | 25 | |||||||
Thereafter | 39 | |||||||
Derivative Notional Amount Outstanding | 9,920 | |||||||
Interest rate contracts - short-term debt receive | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | 711 | |||||||
2024 | 947 | |||||||
2025 | 947 | |||||||
2026 | 179 | |||||||
2027 | 0 | |||||||
Thereafter | 0 | |||||||
Derivative Notional Amount Outstanding | 2,784 | |||||||
Interest rate contracts - long-term debt pay fixed rate | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | 4,153 | |||||||
2024 | 1,494 | |||||||
2025 | 588 | |||||||
2026 | 0 | |||||||
2027 | 0 | |||||||
Thereafter | 0 | |||||||
Derivative Notional Amount Outstanding | 6,235 | |||||||
Equity contracts | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 | 0 | |||||||
2024 | 32 | |||||||
2025 | 12 | |||||||
2026 | 0 | |||||||
2027 | 0 | |||||||
Thereafter | 0 | |||||||
Derivative Notional Amount Outstanding | $ 44 | |||||||
Commodity contracts | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
Derivative Nonmonetary Notional Amount Outstanding | 93,000,000 | 11,000,000 | ||||||
Commodity contracts | Natural gas | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 (bcf / mmbbls) | Bcf | 34,000,000 | |||||||
2024 (bcf / mmbbls) | Bcf | 25,000,000 | |||||||
2025 (bcf / mmbbls) | Bcf | 23,000,000 | |||||||
2026 (bcf / mmbbls) | Bcf | 8,000,000 | |||||||
2027 (bcf / mmbbls) | Bcf | 3,000,000 | |||||||
Thereafter (bcf / mmbbls) | Bcf | 0 | |||||||
Commodity contracts | Crude | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 (bcf / mmbbls) | MMBbls | 11,000,000 | |||||||
2024 (bcf / mmbbls) | MMBbls | 0 | |||||||
2025 (bcf / mmbbls) | MMBbls | 0 | |||||||
2026 (bcf / mmbbls) | MMBbls | 0 | |||||||
2027 (bcf / mmbbls) | MMBbls | 0 | |||||||
Thereafter (bcf / mmbbls) | MMBbls | 0 | |||||||
Net sell | Commodity contracts | Power | ||||||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | ||||||||
2023 (MWH) | MWh | 19,000,000 | |||||||
2024 (MWH) | MWh | (31,000,000) | |||||||
2025 (MWH) | MWh | (46,000,000) | |||||||
2026 (MWH) | MWh | 0 | |||||||
2027 (MWH) | MWh | 0 | |||||||
Thereafter (MWH) | MWh | 0 | |||||||
Total (MWH) | MWh | (17) |
RISK MANAGEMENT AND FINANCIAL_7
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value Derivatives (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Realized loss on derivative | $ (55) | $ 94 |
Fair value hedges | Interest rate contracts | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Unrealized gain/(loss) on derivative | (11) | 76 |
Unrealized gain/(loss) on hedged item | 11 | (87) |
Realized loss on derivative | (11) | (75) |
Realized gain on hedged item | $ 0 | $ 85 |
RISK MANAGEMENT AND FINANCIAL_8
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of unrealized gain/(loss) recognized in OCI | $ (66) | $ 385 |
Amount of loss reclassified from AOCI to earnings | 9 | 91 |
Estimated gain (loss) of AOCI related to cash flow hedges reclassified to earnings in the next 12 months | $ 20 | |
Maximum term of hedging exposures to variability of cash flows | 33 months | |
Unrealized gain (loss) on derivatives | $ 520 | 369 |
Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 520 | 369 |
Foreign exchange contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of loss reclassified from AOCI to earnings | 0 | 13 |
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 | 556 | 433 |
Foreign exchange contracts | Gas distribution sales revenues | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (645) | 134 |
Foreign exchange contracts | Other income/(expense) | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (89) | (299) |
Interest rate contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of loss reclassified from AOCI to earnings | 8 | 76 |
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 | 10 | 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 | (39) | (68) |
Commodity contracts | Gas distribution sales revenues | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 6 | (16) |
Commodity contracts | Commodity sales | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 69 | (16) |
Commodity contracts | Commodity costs | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (75) | (37) |
Commodity contracts | Operating and administrative expense | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | 39 | 1 |
Other contracts | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Amount of loss reclassified from AOCI to earnings | 1 | 2 |
Other contracts | Non-Qualifying Derivative Instruments | ||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||
Unrealized gain (loss) on derivatives | (7) | 4 |
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 | 2 |
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 | (105) | 377 |
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 | 34 | 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 | (2) | 3 |
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 | $ 7 | $ (1) |
RISK MANAGEMENT AND FINANCIAL_9
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity and Credit Risk (Details) - CAD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
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 | $ 949,000,000 | $ 1,584,000,000 | |
Cash collateral on asset exposure | 0 | $ 0 | |
Derivative instruments | Canadian financial institutions | |||
LIQUIDITY RISK AND CREDIT RISK | |||
Maximum credit exposure with respect to derivative instruments | 471,000,000 | 644,000,000 | |
Derivative instruments | US financial institutions | |||
LIQUIDITY RISK AND CREDIT RISK | |||
Maximum credit exposure with respect to derivative instruments | 115,000,000 | 277,000,000 | |
Derivative instruments | European financial institutions | |||
LIQUIDITY RISK AND CREDIT RISK | |||
Maximum credit exposure with respect to derivative instruments | 178,000,000 | 334,000,000 | |
Derivative instruments | Asian financial institutions | |||
LIQUIDITY RISK AND CREDIT RISK | |||
Maximum credit exposure with respect to derivative instruments | 97,000,000 | 224,000,000 | |
Derivative instruments | Other | |||
LIQUIDITY RISK AND CREDIT RISK | |||
Maximum credit exposure with respect to derivative instruments | $ 88,000,000 | $ 105,000,000 |
RISK MANAGEMENT AND FINANCIA_10
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - CAD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value of Derivatives | ||
Total net financial asset/(liability) | $ (561) | $ (546) |
Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 532 | 1,015 |
Long-term derivative assets | 479 | 627 |
Current derivative liabilities | (399) | (898) |
Long-term derivative liabilities | (1,173) | (1,290) |
Total net financial asset/(liability) | (561) | (546) |
Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (775) | (1,327) |
Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 122 | 46 |
Long-term derivative assets | 214 | 309 |
Current derivative liabilities | (131) | (566) |
Long-term derivative liabilities | (980) | (1,116) |
Total net financial asset/(liability) | (775) | (1,327) |
Interest rate contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | 344 | 910 |
Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 215 | 660 |
Long-term derivative assets | 198 | 254 |
Current derivative liabilities | (20) | |
Long-term derivative liabilities | (49) | (4) |
Total net financial asset/(liability) | 344 | 910 |
Commodity contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (132) | (139) |
Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 193 | 302 |
Long-term derivative assets | 67 | 61 |
Current derivative liabilities | (248) | (332) |
Long-term derivative liabilities | (144) | (170) |
Total net financial asset/(liability) | (132) | (139) |
Other contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | 2 | 10 |
Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 2 | 7 |
Long-term derivative assets | 3 | |
Total net financial asset/(liability) | 2 | 10 |
Level 1 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 46 | 65 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (36) | (60) |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | 10 | 5 |
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 asset/(liability) | 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 | |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | 0 | 0 |
Level 1 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 46 | 65 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (36) | (60) |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | 10 | 5 |
Level 1 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | |
Total net financial asset/(liability) | 0 | 0 |
Level 2 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 402 | 803 |
Long-term derivative assets | 429 | 583 |
Current derivative liabilities | (199) | (643) |
Long-term derivative liabilities | (1,055) | (1,158) |
Total net financial asset/(liability) | (423) | (415) |
Level 2 | Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 122 | 46 |
Long-term derivative assets | 214 | 309 |
Current derivative liabilities | (131) | (566) |
Long-term derivative liabilities | (980) | (1,116) |
Total net financial asset/(liability) | (775) | (1,327) |
Level 2 | Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 215 | 660 |
Long-term derivative assets | 198 | 254 |
Current derivative liabilities | (20) | |
Long-term derivative liabilities | (49) | (4) |
Total net financial asset/(liability) | 344 | 910 |
Level 2 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 63 | 90 |
Long-term derivative assets | 17 | 17 |
Current derivative liabilities | (48) | (77) |
Long-term derivative liabilities | (26) | (38) |
Total net financial asset/(liability) | 6 | (8) |
Level 2 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 2 | 7 |
Long-term derivative assets | 3 | |
Total net financial asset/(liability) | 2 | 10 |
Level 3 | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (148) | |
Level 3 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 84 | 147 |
Long-term derivative assets | 50 | 44 |
Current derivative liabilities | (164) | (195) |
Long-term derivative liabilities | (118) | (132) |
Total net financial asset/(liability) | (148) | (136) |
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 asset/(liability) | 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 | |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | 0 | 0 |
Level 3 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 84 | 147 |
Long-term derivative assets | 50 | 44 |
Current derivative liabilities | (164) | (195) |
Long-term derivative liabilities | (118) | (132) |
Total net financial asset/(liability) | (148) | (136) |
Level 3 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | 0 |
Long-term derivative assets | 0 | |
Total net financial asset/(liability) | $ 0 | $ 0 |
RISK MANAGEMENT AND FINANCIA_11
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Level 3 Inputs (Details) $ in Millions | Mar. 31, 2023 CAD ($) $ / MWh $ / bbl $ / MillionsofBTU-MMBTU | Dec. 31, 2022 CAD ($) |
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (561) | $ (546) |
Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (561) | (546) |
Level 3 | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (148) | |
Level 3 | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (148) | $ (136) |
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 | $ (34) | |
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 | 2.30 | |
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 | 10.29 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Weighted Average | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 4.60 | |
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 | $ (12) | |
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 | 72.61 | |
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 | 104.87 | |
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 | 92.25 | |
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 | $ (92) | |
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 | 25.07 | |
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 | 214.37 | |
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 | 70.68 | |
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 | $ (34) | |
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 | 0.60 | |
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 | 8.14 | |
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 | 3.51 | |
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 | $ (9) | |
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 | 74.97 | |
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 | 116.60 | |
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 | 91.05 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ 33 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Minimum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 13.30 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Maximum | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 107.36 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | 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 | 55.46 |
RISK MANAGEMENT AND FINANCIA_12
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Level 3 (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in net fair value of derivative assets and liabilities classified as Level 3 | ||
Level 3 net derivative liability at beginning of period | $ (136) | $ (108) |
Total gain/(loss) | ||
Included in earnings | (44) | (52) |
Included in OCI | 33 | 4 |
Settlements | (1) | (24) |
Level 3 net derivative liability at end of period | $ (148) | $ (180) |
RISK MANAGEMENT AND FINANCIA_13
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Other Financial Instruments (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value of Other Financial Instruments | |||
Unrealized gain or losses on the change in fair value of foreign exchange foreign contracts | $ 0 | $ 0 | |
Realized gain (loss) recognized in OCI associated with settlement of foreign exchange forward contracts | 0 | 0 | |
FMVA investments | 209,000 | $ 102,000 | |
Restricted long-term investments | 646,000 | 593,000 | |
Long-term debt, carrying value | 79,500,000 | 79,300,000 | |
Long-term debt | 74,900,000 | 73,500,000 | |
Debt Securities | |||
Fair Value of Other Financial Instruments | |||
Debt securities, available-for-sale, amortized cost | 303,000 | 295,000 | |
Equity Funds And Debt Securities | |||
Fair Value of Other Financial Instruments | |||
Unrealized gain (loss) on lnvestments | 15,000 | (8,000) | |
Net investment hedges | |||
Fair Value of Other Financial Instruments | |||
Unrealized foreign exchange gain (loss) on translation of United States dollar denominated debt | 59,000 | 133,000 | |
Realized loss associated with the settlement of foreign exchange forward contracts | 44,000 | 0 | |
Level 1 | |||
Fair Value of Other Financial Instruments | |||
Restricted long-term investments | 249,000 | 236,000 | |
Level 1 | Debt Securities | |||
Fair Value of Other Financial Instruments | |||
Fair value of investments | 351,000 | 335,000 | |
Level 2 | |||
Fair Value of Other Financial Instruments | |||
Restricted long-term investments | 397,000 | 357,000 | |
Restricted long-term investments, cost basis | 451,000 | 437,000 | |
Level 2 | Debt Securities | |||
Fair Value of Other Financial Instruments | |||
Fair value of investments | 309,000 | 298,000 | |
Fair Value | |||
Fair Value of Other Financial Instruments | |||
Restricted long-term investments | 646,000 | 593,000 | |
Unrealized holding gains (losses) | 34,000 | $ (60,000) | |
Fair value note receivable | 691,000 | 752,000 | |
Carrying value | |||
Fair Value of Other Financial Instruments | |||
Non-current notes receivable | $ 691,000 | $ 752,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 21.50% | 22.40% |
OTHER INCOME (Details)
OTHER INCOME (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Gain/(loss) on dispositions | $ 3 | $ (2) |
Realized foreign currency gain | 145 | 2 |
Unrealized foreign currency gain/(loss) | (188) | 367 |
Net defined pension and OPEB credit | 33 | 58 |
Other | 109 | 33 |
Total | $ 102 | $ 458 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) $ in Millions | Apr. 03, 2023 USD ($) |
Subsequent event | Tres Palacios Holdings LLC | |
Subsequent Event [Line Items] | |
Cash | $ 335 |