COVER
COVER - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 2,177,417,976 | |
Entity Central Index Key | 0000895728 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating revenues | ||||
Total operating revenues (Note 3) | $ 11,336 | $ 10,432 | $ 22,374 | $ 22,507 |
Operating expenses | ||||
Operating and administrative | 2,308 | 2,028 | 4,442 | 4,065 |
Depreciation and amortization | 1,273 | 1,137 | 2,466 | 2,283 |
Total operating expenses | 9,063 | 8,082 | 17,390 | 17,495 |
Operating income | 2,273 | 2,350 | 4,984 | 5,012 |
Income from equity investments | 489 | 478 | 1,185 | 995 |
Gain on disposition of equity investments | 1,091 | 0 | 1,091 | 0 |
Other income (expense) | (31) | 575 | (582) | 677 |
Interest expense | (1,082) | (883) | (1,987) | (1,788) |
Earnings before income taxes | 2,740 | 2,520 | 4,691 | 4,896 |
Income tax expense | (739) | (519) | (1,125) | (1,029) |
Earnings | 2,001 | 2,001 | 3,566 | 3,867 |
Earnings attributable to noncontrolling interests | (58) | (66) | (111) | (115) |
Earnings attributable to controlling interests | 1,943 | 1,935 | 3,455 | 3,752 |
Preference share dividends | (95) | (87) | (188) | (171) |
Earnings attributable to common shareholders | $ 1,848 | $ 1,848 | $ 3,267 | $ 3,581 |
Earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.86 | $ 0.91 | $ 1.53 | $ 1.77 |
Diluted earnings per common share attributable to common shareholders (in Canadian dollars per share) | $ 0.86 | $ 0.91 | $ 1.53 | $ 1.77 |
Commodity sales | ||||
Operating revenues | ||||
Total operating revenues (Note 3) | $ 5,291 | $ 4,679 | $ 9,436 | $ 9,462 |
Operating expenses | ||||
Commodity costs and gas distribution costs | 5,173 | 4,549 | 9,179 | 9,185 |
Gas distribution sales | ||||
Operating revenues | ||||
Total operating revenues (Note 3) | 780 | 792 | 2,479 | 3,071 |
Operating expenses | ||||
Commodity costs and gas distribution costs | 309 | 368 | 1,303 | 1,962 |
Transportation and other services | ||||
Operating revenues | ||||
Total operating revenues (Note 3) | $ 5,265 | $ 4,961 | $ 10,459 | $ 9,974 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Earnings | $ 2,001 | $ 2,001 | $ 3,566 | $ 3,867 |
Other comprehensive income/(loss), net of tax | ||||
Change in unrealized gain on cash flow hedges | 12 | 166 | 128 | 121 |
Change in unrealized gain/(loss) on net investment hedges | (161) | 385 | (538) | 400 |
Other comprehensive income from equity investees | 2 | 0 | 1 | 0 |
Excluded components of fair value hedges | 0 | 2 | 4 | 9 |
Reclassification to earnings of loss on cash flow hedges | 9 | 12 | 9 | 19 |
Reclassification to earnings of pension and other postretirement benefits (OPEB) amounts | (5) | (4) | (9) | (8) |
Foreign currency translation adjustments | 727 | (1,458) | 2,385 | (1,517) |
Other comprehensive income/(loss), net of tax | 584 | (897) | 1,980 | (976) |
Comprehensive income | 2,585 | 1,104 | 5,546 | 2,891 |
Comprehensive income attributable to noncontrolling interests | (72) | (34) | (160) | (98) |
Comprehensive income attributable to controlling interests | 2,513 | 1,070 | 5,386 | 2,793 |
Preference share dividends | (95) | (87) | (188) | (171) |
Comprehensive income attributable to common shareholders | $ 2,418 | $ 983 | $ 5,198 | $ 2,622 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Millions | Total | Total Enbridge Inc. shareholders’ equity | Preference shares | Common shares | Additional paid-in capital | Deficit | Accumulated other comprehensive income (Note 9) | Noncontrolling interests |
Balance at the beginning of the period at Dec. 31, 2022 | $ 6,818 | $ 64,760 | $ 275 | $ (15,486) | $ 3,520 | $ 3,511 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Shares issued, net of issue costs (Note 8) | 0 | |||||||
Shares issued on exercise of stock options | 2 | (2) | ||||||
Shares issued on vesting of restricted stock units (RSU), net of tax | 12 | (20) | ||||||
Share repurchases at stated value | (80) | |||||||
Stock-based compensation | 38 | |||||||
Earnings attributable to controlling interests | $ 3,752 | 3,752 | ||||||
Preference share dividends | (171) | |||||||
Common share dividends declared | (1,796) | |||||||
Share repurchases in excess of stated value | (45) | |||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (959) | |||||||
Earnings attributable to noncontrolling interests | 115 | |||||||
Change in unrealized gain on cash flow hedges | 18 | |||||||
Foreign currency translation adjustments | (35) | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | (17) | |||||||
Comprehensive income attributable to noncontrolling interests | (98) | 98 | ||||||
Distributions | (195) | |||||||
Contributions | 8 | |||||||
Other | (2) | |||||||
Balance at the end of the period at Jun. 30, 2023 | $ 64,038 | $ 60,618 | 6,818 | 64,694 | 291 | (13,746) | 2,561 | 3,420 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Dividends paid per common share (in CAD per share) | $ 1.78 | |||||||
Balance at the beginning of the period at Mar. 31, 2023 | 64,774 | 274 | (13,753) | 3,426 | 3,486 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Shares issued, net of issue costs (Note 8) | 0 | |||||||
Shares issued on exercise of stock options | 0 | (1) | ||||||
Shares issued on vesting of restricted stock units (RSU), net of tax | 0 | 0 | ||||||
Share repurchases at stated value | (80) | |||||||
Stock-based compensation | 18 | |||||||
Earnings attributable to controlling interests | $ 1,935 | 1,935 | ||||||
Preference share dividends | (87) | |||||||
Common share dividends declared | (1,796) | |||||||
Share repurchases in excess of stated value | (45) | |||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (865) | |||||||
Earnings attributable to noncontrolling interests | 66 | |||||||
Change in unrealized gain on cash flow hedges | 1 | |||||||
Foreign currency translation adjustments | (33) | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | (32) | |||||||
Comprehensive income attributable to noncontrolling interests | (34) | 34 | ||||||
Distributions | (103) | |||||||
Contributions | 4 | |||||||
Other | (1) | |||||||
Balance at the end of the period at Jun. 30, 2023 | $ 64,038 | 60,618 | 6,818 | 64,694 | 291 | (13,746) | 2,561 | 3,420 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Dividends paid per common share (in CAD per share) | $ 0.89 | |||||||
Balance at the beginning of the period at Dec. 31, 2023 | $ 64,483 | 6,818 | 69,180 | 268 | (17,115) | 2,303 | 3,029 | |
Increase (Decrease) in Stockholders' Equity | ||||||||
Shares issued, net of issue costs (Note 8) | 2,489 | |||||||
Shares issued on exercise of stock options | 5 | (5) | ||||||
Shares issued on vesting of restricted stock units (RSU), net of tax | 24 | (44) | ||||||
Share repurchases at stated value | 0 | |||||||
Stock-based compensation | 53 | |||||||
Earnings attributable to controlling interests | 3,455 | 3,455 | ||||||
Preference share dividends | (188) | |||||||
Common share dividends declared | (1,946) | |||||||
Share repurchases in excess of stated value | 0 | |||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 1,931 | |||||||
Earnings attributable to noncontrolling interests | 111 | |||||||
Change in unrealized gain on cash flow hedges | 8 | |||||||
Foreign currency translation adjustments | 41 | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | 49 | |||||||
Comprehensive income attributable to noncontrolling interests | (160) | 160 | ||||||
Distributions | (167) | |||||||
Contributions | 2 | |||||||
Other | 1 | |||||||
Balance at the end of the period at Jun. 30, 2024 | $ 70,253 | 67,228 | 6,818 | 71,698 | 272 | (15,794) | 4,234 | 3,025 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Dividends paid per common share (in CAD per share) | $ 1.84 | |||||||
Balance at the beginning of the period at Mar. 31, 2024 | 69,201 | 274 | (15,696) | 3,664 | 3,042 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||
Shares issued, net of issue costs (Note 8) | 2,489 | |||||||
Shares issued on exercise of stock options | 1 | (1) | ||||||
Shares issued on vesting of restricted stock units (RSU), net of tax | 7 | (22) | ||||||
Share repurchases at stated value | 0 | |||||||
Stock-based compensation | 21 | |||||||
Earnings attributable to controlling interests | $ 1,943 | 1,943 | ||||||
Preference share dividends | (95) | |||||||
Common share dividends declared | (1,946) | |||||||
Share repurchases in excess of stated value | 0 | |||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | 570 | |||||||
Earnings attributable to noncontrolling interests | 58 | |||||||
Change in unrealized gain on cash flow hedges | 2 | |||||||
Foreign currency translation adjustments | 12 | |||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | 14 | |||||||
Comprehensive income attributable to noncontrolling interests | (72) | 72 | ||||||
Distributions | (89) | |||||||
Contributions | 0 | |||||||
Other | 0 | |||||||
Balance at the end of the period at Jun. 30, 2024 | $ 70,253 | $ 67,228 | $ 6,818 | $ 71,698 | $ 272 | $ (15,794) | $ 4,234 | $ 3,025 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Dividends paid per common share (in CAD per share) | $ 0.92 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Earnings | $ 3,566 | $ 3,867 |
Adjustments to reconcile earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 2,466 | 2,283 |
Deferred income tax expense | 613 | 919 |
Unrealized derivative fair value loss/(gain), net (Note 10) | 923 | (1,135) |
Income from equity investments | (1,185) | (995) |
Distributions from equity investments | 1,037 | 1,066 |
Gain on disposition of equity investments | (1,091) | 0 |
Other | 143 | 72 |
Changes in operating assets and liabilities | (507) | 1,228 |
Net cash provided by operating activities | 5,965 | 7,305 |
Investing activities | ||
Capital expenditures | (2,533) | (2,093) |
Long-term, restricted and other investments | (1,294) | (472) |
Distributions from equity investments in excess of cumulative earnings | 463 | 752 |
Additions to intangible assets | (93) | (104) |
Acquisitions | (10,454) | (487) |
Proceeds from disposition of equity investments | 2,724 | 0 |
Net change in affiliate loans | 0 | 71 |
Other | (43) | 0 |
Net cash used in investing activities | (11,230) | (2,333) |
Financing activities | ||
Net change in short-term borrowings | (200) | (1,148) |
Net change in commercial paper and credit facility draws | 2,963 | (2,847) |
Debenture and term note issues, net of issue costs | 6,348 | 5,598 |
Debenture and term note repayments | (4,561) | (2,281) |
Contributions from noncontrolling interests | 2 | 8 |
Distributions to noncontrolling interests | (167) | (195) |
Common shares issued, net of issue costs | 2,485 | 0 |
Common shares repurchased | 0 | (125) |
Preference share dividends | (188) | (171) |
Common share dividends | (3,890) | (3,595) |
Net change in affiliate loans | 15 | 50 |
Other | (20) | (64) |
Net cash provided by/(used in) financing activities | 2,787 | (4,770) |
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | 192 | (19) |
Net change in cash and cash equivalents and restricted cash | (2,286) | 183 |
Cash and cash equivalents and restricted cash at beginning of period | 5,985 | 907 |
Cash and cash equivalents and restricted cash at end of period | $ 3,699 | $ 1,090 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 3,586 | $ 5,901 |
Restricted cash | 113 | 84 |
Trade receivables and unbilled revenues | 4,714 | 4,410 |
Other current assets | 2,586 | 2,440 |
Inventory | 1,362 | 1,479 |
Current assets | 12,499 | 14,399 |
Property, plant and equipment, net | 120,288 | 104,641 |
Long-term investments | 18,228 | 16,793 |
Restricted long-term investments | 756 | 717 |
Deferred amounts and other assets | 10,204 | 8,041 |
Intangible assets, net | 4,505 | 3,537 |
Goodwill | 34,316 | 31,848 |
Deferred income taxes | 467 | 341 |
Total assets | 201,263 | 180,317 |
Current liabilities | ||
Short-term borrowings | 200 | 400 |
Trade payables and accrued liabilities | 4,568 | 4,308 |
Other current liabilities | 3,752 | 5,659 |
Interest payable | 1,082 | 958 |
Current portion of long-term debt | 6,711 | 6,084 |
Current liabilities | 16,330 | 17,435 |
Long-term debt | 85,181 | 74,715 |
Other long-term liabilities | 11,586 | 8,653 |
Deferred income taxes | 17,913 | 15,031 |
Total liabilities | 131,010 | 115,834 |
Contingencies (Note 13) | ||
Share capital | ||
Preference shares | 6,818 | 6,818 |
Common shares (2,177 and 2,125 outstanding at June 30, 2024 and December 31, 2023, respectively) | 71,698 | 69,180 |
Additional paid-in capital | 272 | 268 |
Deficit | (15,794) | (17,115) |
Accumulated other comprehensive income (Note 9) | 4,234 | 2,303 |
Total Enbridge Inc. shareholders’ equity | 67,228 | 61,454 |
Noncontrolling interests | 3,025 | 3,029 |
Equity | 70,253 | 64,483 |
Total liabilities and equity | 201,263 | 180,317 |
Related Party | ||
Current assets | ||
Accounts receivable from affiliates | 138 | 85 |
Current liabilities | ||
Accounts payable to affiliates | $ 17 | $ 26 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares shares in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common shares, outstanding (in shares) | 2,177 | 2,125 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. 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, 2023. 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. Our current year earnings are also impacted by the effect of acquisitions and dispositions, if any, occurring during the remaining six months period ending December 31, 2023. Certain comparative figures in our interim consolidated financial statements have been reclassified to conform to the current year's presentation. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
CHANGES IN ACCOUNTING POLICIES | CHANGES IN ACCOUNTING POLICIES FUTURE ACCOUNTING POLICY CHANGES Segment Reporting Accounting Standards Update (ASU) 2023-07 was issued in November 2023 to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and to require in interim period financial statements all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The new ASU requires entities to disclose the title and position of the individual or the name of the group or committee identified as the chief operating decision-maker (CODM). ASU 2023-07 is effective January 1, 2024, with interim period disclosure requirements effective after January 1, 2025 and should be applied retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of the new standard on our annual disclosures for the year ending December 31, 2024 and on our interim financial statement disclosures beginning in 2025. Income Tax Disclosures ASU 2023-09 was issued in December 2023 to improve income tax disclosures by requiring specified categories in the annual rate reconciliation that meet quantitative thresholds and further disaggregation on income taxes paid by jurisdiction. ASU 2023-09 is effective January 1, 2025 and should be applied prospectively, with retrospective application being permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,986 1,290 469 — — 4,745 Storage and other revenue 65 135 127 — — 327 Gas distribution revenue — — 773 — — 773 Electricity revenue — — — 44 — 44 Commodity sales — 38 — — — 38 Total revenue from contracts with customers 3,051 1,463 1,369 44 — 5,927 Commodity sales 5,036 11 — — 206 5,253 Other revenue 1,2 71 13 13 59 — 156 Intersegment revenue — 5 2 3 (10) — Total revenue 8,158 1,492 1,384 106 196 11,336 Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 3,002 1,290 169 — — 4,461 Storage and other revenue 62 113 85 — — 260 Gas distribution revenue — — 796 — — 796 Electricity revenue — — — 75 — 75 Total revenue from contracts with customers 3,064 1,403 1,050 75 — 5,592 Commodity sales 4,404 — — — 275 4,679 Other revenue 1,2 79 7 (1) 76 — 161 Intersegment revenue — — 1 (1) — — Total revenue 7,547 1,410 1,050 150 275 10,432 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 6,010 2,631 820 — — 9,461 Storage and other revenue 127 273 226 — — 626 Gas distribution revenue — — 2,439 — — 2,439 Electricity revenue — — — 101 — 101 Commodity sales — 78 — — — 78 Total revenue from contracts with customers 6,137 2,982 3,485 101 — 12,705 Commodity sales 8,769 52 — — 537 9,358 Other revenue 1,2 134 19 26 132 — 311 Intersegment revenue — 11 4 4 (19) — Total revenue 15,040 3,064 3,515 237 518 22,374 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 5,944 2,674 445 — — 9,063 Storage and other revenue 126 208 184 — — 518 Gas distribution revenue — — 3,083 — — 3,083 Electricity revenue — — — 141 — 141 Total revenue from contracts with customers 6,070 2,882 3,712 141 — 12,805 Commodity sales 8,666 — — — 796 9,462 Other revenue 1,2 109 18 (41) 154 — 240 Intersegment revenue — 1 4 (1) (4) — Total revenue 14,845 2,901 3,675 294 792 22,507 1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2024 were a net $17 million loss (2023 - $3 million gain) and for the six months ended June 30, 2024 were a net $39 million loss (2023 - $52 million loss). 2 Includes revenues from lease contracts for the three months ended June 30, 2024 and 2023 of $142 million and $136 million, respectively, and for the six months ended June 30, 2024 and 2023 of $282 million and $280 million, respectively. We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance. Contract Balances Contract Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at June 30, 2024 2,190 333 2,620 Balance as at December 31, 2023 2,802 400 2,591 Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenues which has been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional. Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three and six months ended June 30, 2024 included in contract liabilities at the beginning of the period were $82 million and $233 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2024 were $149 million and $266 million, respectively. Performance Obligations There were no material revenues recognized in the three and six months ended June 30, 2024 from performance obligations satisfied in previous periods. Revenues to be Recognized from Unfulfilled Performance Obligations Total revenues from performance obligations expected to be fulfilled in future periods is $59.7 billion, of which $4.1 billion and $8.2 billion are expected to be recognized during the remaining six months ending December 31, 2024 and the year ending December 31, 2025, 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 revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above. Mainline Tolling Agreement On March 4, 2024, the Canada Energy Regulator (CER) approved the negotiated Mainline tolling settlement. The new tolls are finalized and were in effect on an interim basis on July 1, 2023, and the overall agreement is retroactively effective as of July 1, 2021. Recognition and Measurement of Revenues Three months ended June 30, 2024 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — 38 33 — 71 Revenues from products and services transferred over time 1 3,051 1,425 1,336 44 5,856 Total revenue from contracts with customers 3,051 1,463 1,369 44 5,927 Three months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — — 37 — 37 Revenues from products and services transferred over time 1 3,064 1,403 1,013 75 5,555 Total revenue from contracts with customers 3,064 1,403 1,050 75 5,592 Six months ended June 30, 2024 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — 78 62 — 140 Revenues from products and services transferred over time 1 6,137 2,904 3,423 101 12,565 Total revenue from contracts with customers 6,137 2,982 3,485 101 12,705 Six months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — — 67 — 67 Revenues from products and services transferred over time 1 6,070 2,882 3,645 141 12,738 Total revenue from contracts with customers 6,070 2,882 3,712 141 12,805 1 Revenue from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Change in Reportable Segments Effective January 1, 2024, to better align how the CODM reviews operating performance and resource allocation across operating segments, we transferred our Canadian and United States (US) crude oil marketing businesses from the Energy Services segment to the Liquids Pipelines segment. As a result, the Energy Services segment ceased to exist and the remainder of the business, comprising natural gas and power marketing, is now reported in the Eliminations and Other segment. Beginning in the first quarter of 2024, prior period comparable results for segmented information have been recast to reflect the change in reportable segments. This segment reporting change does not have an impact on our consolidated results. Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 8,158 1,492 1,384 106 196 11,336 Commodity and gas distribution costs (4,909) (41) (312) 2 (222) (5,482) Operating and administrative (1,100) (604) (528) (71) (5) (2,308) Income/(loss) from equity investments 284 164 1 45 (5) 489 Gain on disposition of equity investments (Note 6) — 1,063 — 28 — 1,091 Other income/(expense) (Note 12) 17 21 22 28 (119) (31) Earnings/(loss) before interest, income taxes and depreciation and amortization 2,450 2,095 567 138 (155) 5,095 Depreciation and amortization (1,273) Interest expense (1,082) Income tax expense (739) Earnings 2,001 Capital expenditures 2 209 666 433 48 8 1,364 Three months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 7,547 1,410 1,050 150 275 10,432 Commodity and gas distribution costs (4,295) — (371) (2) (249) (4,917) Operating and administrative (1,092) (588) (325) (62) 39 (2,028) Income/(loss) from equity investments 253 199 1 27 (2) 478 Other income (Note 12) 14 21 12 16 512 575 Earnings before interest, income taxes and depreciation and amortization 2,427 1,042 367 129 575 4,540 Depreciation and amortization (1,137) Interest expense (883) Income tax expense (519) Earnings 2,001 Capital expenditures 2 237 343 346 23 27 976 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 15,040 3,064 3,515 237 518 22,374 Commodity and gas distribution costs (8,544) (88) (1,316) (1) (533) (10,482) Operating and administrative (2,207) (1,165) (907) (140) (23) (4,442) Income/(loss) from equity investments 537 429 1 226 (8) 1,185 Gain on disposition of equity investments (Note 6) — 1,063 — 28 — 1,091 Other income/(expense) (Note 12) 28 57 39 45 (751) (582) Earnings/(loss) before interest, income taxes and depreciation and amortization 4,854 3,360 1,332 395 (797) 9,144 Depreciation and amortization (2,466) Interest expense (1,987) Income tax expense (1,125) Earnings 3,566 Capital expenditures 2 498 1,161 737 117 51 2,564 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 14,845 2,901 3,675 294 792 22,507 Commodity and gas distribution costs (8,427) — (1,983) (6) (731) (11,147) Operating and administrative (2,227) (1,137) (634) (115) 48 (4,065) Income/(loss) from equity investments 501 437 1 62 (6) 995 Other income (Note 12) 88 46 24 30 489 677 Earnings before interest, income taxes and depreciation and amortization 4,780 2,247 1,083 265 592 8,967 Depreciation and amortization (2,283) Interest expense (1,788) Income tax expense (1,029) Earnings 3,867 Capital expenditures 2 517 870 610 68 52 2,117 1 Includes operating revenues and commodity costs from our natural gas and power marketing subsidiaries for the three months ended June 30, 2024 of $205 million (2023 - $276 million) and $222 million (2023 - $251 million), respectively, and for the six months ended June 30, 2024 of $537 million (2023 - $796 million) and $544 million (2023 - $750 million), respectively. 2 Includes the equity component of the allowance for funds used during construction. |
EARNINGS PER COMMON SHARE AND D
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
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 share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled 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 common share are as follows: Three months ended Six months ended 2024 2023 2024 2023 (number of shares in millions) Weighted average shares outstanding 2,137 2,024 2,131 2,025 Effect of dilutive options and RSUs 2 3 2 3 Diluted weighted average shares outstanding 2,139 2,027 2,133 2,028 For the three months ended June 30, 2024 and 2023, 18.0 million and 16.3 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.55 and $55.46, respectively, were excluded from the diluted earnings per common share calculation. For the six months ended June 30, 2024 and 2023, 20.5 million and 16.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $53.66 and $55.54, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On July 29, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2024 to shareholders of record on August 15, 2024. Dividend per share Common Shares $0.91500 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.32513 Preference Shares, Series D $0.33825 Preference Shares, Series F $0.34613 Preference Shares, Series G 1 $0.46817 Preference Shares, Series H $0.38200 Preference Shares, Series I 2 $0.44366 Preference Shares, Series L US$0.36612 Preference Shares, Series N $0.41850 Preference Shares, Series P $0.36988 Preference Shares, Series R 3 $0.39463 Preference Shares, Series 1 US$0.41898 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.41769 Preference Shares, Series 7 $0.37425 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 19 $0.38825 1 The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.46817 from $0.47383 on June 1, 2024 due to reset on a quarterly basis. 2 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.44366 from $0.44932 on June 1, 2024 due to reset on a quarterly basis. 3 The quarterly dividend per share paid on Preference Shares, Series R was increased to $0.39463 from $0.25456 on June 3, 2024 due to reset of the annual dividend on June 3, 2024. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS BUSINESS COMBINATIONS We accounted for each of the acquisitions discussed below using the acquisition method as prescribed by ASC 805 Business Combinations . In accordance with valuation methodologies described in ASC 820 Fair Value Measurement , acquired assets and assumed liabilities are recorded at their estimated fair values as at the date of acquisition. The fair values of regulatory assets and liabilities, which are subject to rate-setting and cost recovery mechanisms under ASC 980 Regulated Operations , are equal to their carrying values at acquisition. The recognition of regulatory assets and liabilities is based on the actions, or expected future actions, of the regulator. To the extent that the regulator's actions differ from our expectations, the timing and amount of recovery or settlement of regulatory balances could differ significantly from those recorded at acquisition. Questar Gas Company On May 31, 2024, through a wholly-owned US subsidiary, we acquired all of the membership interests of Fall West Holdco LLC which owns 100% of Questar Gas Company (Questar) and its related Wexpro companies (Wexpro) for cash consideration of $4.1 billion (US$3.0 billion) (the Questar Acquisition). Questar is a public natural gas utility providing distribution, storage and transmission services to residential, commercial and industrial customers in Utah, southwestern Wyoming and southeastern Idaho. The Public Utilities Commissions of Utah, Wyoming and Idaho have granted Questar the necessary regulatory approvals to serve these areas. Wexpro develops and produces cost-of-service gas reserves for Questar and operates under agreements with the states of Utah and Wyoming. The Questar Acquisition further diversifies, and is complementary to, our existing gas distribution operations in the US. The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Questar and Wexpro: May 31, (millions of Canadian dollars) Fair value of net assets acquired: Current assets (a) 464 Property, plant and equipment (b) 5,921 Long-term assets (c) 191 Current liabilities 407 Long-term debt (d) 1,343 Other long-term liabilities (e) 948 Deferred income tax liabilities 522 Goodwill (f) 751 Purchase price: Cash 4,107 a) Current assets consist primarily of cash, trade and other accounts receivable and inventory. The fair value of trade receivables from customers approximates their carrying value of $201 million due to the short period to maturity. A provision for credit and recovery risk associated with accounts receivable has been made through the expected credit loss, which totaled $9 million. b) Questar's property, plant and equipment constitutes an integrated system of rate-regulated natural gas transmission, distribution and storage assets. Wexpro's property, plant and equipment consists of cost-of-service gas and oil properties developed and produced for Questar. For these rate-regulated assets, fair value was determined using a market participant perspective. Given the regulated nature of, and fixed return on the assets, the fair value of property, plant and equipment acquired is equal to its carrying value. c) Long-term assets consist primarily of funds collected from Questar by Wexpro and held in trust to fund future asset retirement obligations (ARO), as well as regulatory assets expected to be recovered from customers in future periods through rates. d) The fair value of long-term debt was determined based on the current underlying US Treasury interest rates on instruments of similar yield, credit risk and tenor, as well as an implied credit spread based on current market conditions. We recorded a fair value adjustment to reduce long-term debt by $301 million with no corresponding regulatory offset. e) Other long-term liabilities consist primarily of regulatory liabilities, expected to be refunded to customers in future periods through rates, as well as ARO. The fair value of the ARO liability was determined using a discounted cash flow approach. f) Goodwill is primarily attributable to the existing assembled assets and workforce of Questar and Wexpro that cannot be duplicated at the same cost by a new entrant and the enhanced scale and geographic diversity of our regulated natural gas distribution business, which provides a platform for future growth and optimization with existing assets. The goodwill balance recognized has been assigned to our Gas Distribution and Storage segment and is not tax deductible. Upon completion of the Questar Acquisition, we began consolidating Questar and Wexpro. For the period beginning May 31, 2024 through to June 30, 2024, operating revenues and earnings attributable to common shareholders generated by Questar and Wexpro were immaterial. Our supplemental pro forma consolidated financial information for the three and six months ended June 30, 2024 and 2023, including the results of operations for Questar and Wexpro as if the Questar Acquisition had been completed on January 1, 2023, are as follows: Three months ended June 30, Six months ended 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Operating revenues 11,619 10,788 23,589 23,845 Earnings attributable to common shareholders 1 1,871 1,828 3,402 3,652 1 Includes adjustment for pro forma interest expense on debt financing for the Questar Acquisition of $26 million and $52 million (after-tax of $19 million and $38 million) for the three and six months ended June 30, 2023, respectively. The East Ohio Gas Company On March 6, 2024, through a wholly-owned US subsidiary, we acquired all of the outstanding shares of capital stock of The East Ohio Gas Company (EOG) for cash consideration of $5.8 billion (US$4.3 billion) (the EOG Acquisition). EOG is a public natural gas utility providing distribution, storage and transmission services to residential, commercial and industrial customers in Ohio and is regulated by the Public Utilities Commission of Ohio. The EOG Acquisition is complementary to our other operations in Ohio. The following table summarizes the estimated preliminary fair values that were assigned to the net assets of EOG: March 6, (millions of Canadian dollars) Fair value of net assets acquired: Current assets (a) 641 Property, plant and equipment (b) 7,253 Long-term assets (c) 1,647 Current liabilities 670 Long-term debt (d) 2,612 Other long-term liabilities (e) 993 Deferred income tax liabilities 1,036 Goodwill (f) 1,608 Purchase price: Cash 5,838 a) Current assets consist primarily of cash, trade and other accounts receivable, prepaid expenses, regulatory assets and inventory. The fair value of trade receivables from customers approximates their carrying value of $376 million due to the short period to maturity. A provision for credit and recovery risk associated with accounts receivable has been made through the expected credit loss, which totaled $3 million. b) EOG's property, plant and equipment constitutes an integrated system of rate-regulated natural gas transmission, gathering, distribution and storage assets. For these rate-regulated assets, fair value was determined using a market participant perspective. Given the regulated nature of, and fixed return on the assets, the fair value of property, plant and equipment acquired is equal to its carrying value. c) Long-term assets consist primarily of overfunded pension plan assets of $395 million and $1.2 billion of regulatory assets expected to be recovered from customers in future periods through rates. Pension plan assets attributable to the workforce acquired from EOG were transferred in cash to an Enbridge-sponsored pension plan based on their fair value as at December 31, 2023, subject to closing adjustments. The fair value of plan assets was determined using unadjusted quoted market prices for identical investments. d) The fair value of long-term debt was determined based on the current underlying US Treasury interest rates on instruments of similar yield, credit risk and tenor, as well as an implied credit spread based on current market conditions. We recorded a fair value adjustment to reduce long-term debt by $478 million with no corresponding regulatory offset. e) Other long-term liabilities consist primarily of regulatory liabilities expected to be refunded to customers in future periods through rates. f) Goodwill is primarily attributable to the existing assembled assets and workforce of EOG that cannot be duplicated at the same cost by a new entrant and the enhanced scale and geographic diversity of our regulated natural gas distribution business, which provides a platform for future growth and optimization with existing assets. The goodwill balance recognized has been assigned to our Gas Distribution and Storage segment and is not tax deductible. Upon completion of the EOG Acquisition, we began consolidating EOG. For the period beginning March 6, 2024 through to June 30, 2024, EOG generated $439 million of operating revenues and $83 million of earnings attributable to common shareholders. Our supplemental pro forma consolidated financial information for the three and six months ended June 30, 2024 and 2023, including the results of operations for EOG as if the EOG Acquisition had been completed on January 1, 2023, are as follows: Three months ended June 30, Six months ended 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Operating revenues 11,340 10,748 22,686 23,244 Earnings attributable to common shareholders 1 1,842 1,871 3,318 3,641 1 Includes adjustment for pro forma interest expense on debt financing for the EOG Acquisition of $33 million and $74 million (after-tax of $24 million and $57 million) for the three and six months ended June 30, 2023, respectively. The purchase price allocations for the Questar Acquisition and EOG Acquisition were prepared on a preliminary basis and are subject to change as additional information becomes available concerning the fair values of the pension, ARO and regulatory balances and their tax bases. Any adjustments to the purchase price allocations will be made as soon as practicable, but no later than one year from the dates of acquisitions. Acquisition of RNG Facilities On January 2, 2024, through a wholly-owned US subsidiary, we acquired six Morrow Renewables operating landfill gas-to-renewable natural gas (RNG) production facilities (Tomorrow RNG) located in Texas and Arkansas for total consideration of $1.3 billion (US$1.0 billion), of which $584 million (US$439 million) was paid at close and an additional deferred consideration is payable within two years with a fair value of $757 million (US$568 million) (the RNG Facilities Acquisition). The acquired assets align with and advance our low-carbon strategy. The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Tomorrow RNG: January 2, 2024 (millions of Canadian dollars) Fair value of net assets acquired: Current assets 31 Intangible assets (a) 925 Property, plant and equipment (b) 174 Current liabilities 5 Goodwill (c) 223 Purchase price: Cash 584 Deferred consideration (d): Current portion of long-term debt 550 Long-term debt 207 Other adjustments 7 1,348 a) Intangible assets consist of long-term gas supply agreements with the respective facility's landfill owner. Fair value was determined using an income-based approach, specifically the multi-period excess earnings method, by estimating the present value of the after-tax cash flows attributable to the gas rights. The intangible assets will be amortized on a straight-line basis over the term of the respective agreement, inclusive of extension options, which range from 13 to 42 years. b) Tomorrow RNG's property, plant and equipment constitutes specialized landfill gas plant and equipment which collects gas produced by waste decomposition, treats and compresses the gas to pipeline specifications. The direct method of replacement cost was used to determine the majority of the fair value of property, plant and equipment. Adjustments were then applied for estimated physical deterioration. c) Goodwill is primarily attributable to expected future returns from a portfolio of both operating and scalable RNG assets, furthering the diversity of our renewable projects portfolio and accelerating progress toward our energy transition goals. The goodwill balance recognized has been assigned to our Gas Transmission segment and is tax deductible over 15 years. d) We entered into six non-interest bearing promissory notes due to Morrow Renewables, the total value of which represents deferred payments of $808 million (US$606 million) due within two years. The first and second payments are due on January 2, 2025 and December 31, 2025, respectively. The $757 million (US$568 million) recognized in the purchase price represents the fair value of deferred consideration at the date of acquisition using the imputed interest rate method over the terms of the notes. Upon completion of the RNG Facilities Acquisition, we began consolidating Tomorrow RNG. For the period beginning January 2, 2024 through to June 30, 2024, operating revenues and earnings attributable to common shareholders generated by Tomorrow RNG were immaterial. The impact to our supplemental pro forma consolidated operating revenues and earnings attributable to common shareholders for the three and six months ended June 30, 2024 and 2023, as if the RNG Facilities Acquisition had been completed on January 1, 2023, was also immaterial. ASSET ACQUISITION Tres Palacios Holdings LLC On April 3, 2023, we acquired Tres Palacios Holdings LLC (Tres Palacios) for $451 million (US$335 million) of cash. 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 (LNG) exports, as well as Mexico pipeline exports. We allocated assets with a fair value of $790 million (US$588 million) to Property, plant and equipment, net, of which $254 million (US$189 million) relates to storage cavern right-of-use assets, and recorded the related lease liabilities of $7 million (US$5 million) and $248 million (US$184 million) to Current portion of long-term debt and Long-term debt, respectively, in the Consolidated Statements of Financial Position. The acquired assets are included in our Gas Transmission segment. DISPOSITION Disposition of Alliance Pipeline and Aux Sable Interests On April 1, 2024, we closed the sale of our 50.0% interest in the Alliance Pipeline, our interest in Aux Sable (includes a 42.7% interest in Aux Sable Midstream LLC and Aux Sable Liquid Products L.P., and a 50.0% interest in Aux Sable Canada LP) and our interest in NRGreen Power Limited Partnership (NRGreen) to Pembina Pipeline Corporation for $3.1 billion, including $327 million of non-recourse debt, subject to customary closing adjustments. A gain on disposal of $1.1 billion before tax, which is net of $1.0 billion of the goodwill from our Gas Transmission segment allocated to the disposal group, is included in Gain on disposition of equity investments in the Consolidated Statements of Earnings for the three and six months ended June 30, 2024. Our equity investments in the Alliance Pipeline and Aux Sable were previously included in our Gas Transmission segment. Our equity investment in NRGreen was previously included in our Renewable Power Generation segment. EQUITY INVESTMENT TRANSACTION Joint Venture with WhiteWater/I Squared and MPLX On May 29, 2024, through a wholly-owned US subsidiary, we formed a joint venture (the Whistler Parent JV) with WhiteWater/I Squared Capital (WhiteWater/I Squared) and MPLX LP (MPLX) that will develop, construct, own and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and other US Gulf Coast demand. The Whistler Parent JV is owned by WhiteWater/I Squared (50.6%), MPLX (30.4%) and Enbridge (19.0%) and is accounted for as an equity method investment. In connection with the formation of the Whistler Parent JV, we contributed our 100% interest in the Rio Bravo Pipeline project and $487 million (US$357 million) of cash to the Whistler Parent JV. In addition to our 19.0% equity interest in the Whistler Parent JV, we received a special equity interest in the Whistler Parent JV which provides for a 25.0% economic interest in the Rio Bravo Pipeline project. This interest is subject to certain redemption rights held by Whitewater/I Squared and MPLX. After the closing on May 29, 2024, we accrued for our share of the post-closing mandatory capital expenditures of approximately US$150 million for the Rio Bravo Pipeline project. Additional capital expenditures to complete the Rio Bravo Pipeline project will be proportionate to our economic interest. The contribution of our interest in the Rio Bravo Pipeline project to the Whistler Parent JV in exchange for the equity interests discussed above represents a non-cash transaction in Cash Flows from Investing Activities and does not have an effect on our Consolidated Statements of Cash Flows. This component of the transaction resulted in a reduction of $321 million (US$235 million) to Property, plant and equipment, net and a corresponding increase to Long-term investments in the Consolidated Statements of Financial Position. The cash component of the transaction has been reflected as a contribution in Cash Flows from Investing Activities. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT CREDIT FACILITIES The following table provides details of our committed credit facilities as at June 30, 2024: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2025-2049 8,671 4,263 4,408 Enbridge (U.S.) Inc. 2025-2028 8,689 2,221 6,468 Enbridge Pipelines Inc. 2025 2,000 754 1,246 Enbridge Gas Inc. 2025 2,500 200 2,300 Total committed credit facilities 21,860 7,438 14,422 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 2024, we entered into a delayed-draw term loan facility in support of sustainable retrofit projects for large buildings using decarbonization solutions for $200 million which matures in March 2049. In June 2024, we entered into a five-year, non-revolving term loan facility of US$250 million which matures in June 2029. In July 2024, we renewed approximately $8.8 billion of our 364-day extendible credit facilities, extending the maturity dates to July 2026, which includes a one-year term out provision from July 2025. We also renewed approximately $7.8 billion of our five-year credit facilities, extending the maturity dates to July 2029. Further, we extended the maturity dates of our three-year credit facilities to July 2027. In July 2024, Enbridge Gas Inc. (Enbridge Gas Ontario) extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025. In July 2024, Enbridge Pipelines Inc. extended the maturity date of its 364-day extendible credit facility to July 2026, which includes a one-year term out provision from July 2025. In addition to the committed credit facilities noted above, we maintain $1.2 billion of uncommitted demand letter of credit facilities, of which $820 million was unutilized as at June 30, 2024. As at December 31, 2023, we had $1.1 billion of uncommitted demand letter of credit facilities, of which $572 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 2025 to 2049. As at June 30, 2024 and December 31, 2023, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $6.5 billion and $3.8 billion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt. ACQUISITIONS As a result of the EOG Acquisition, RNG Facilities Acquisition and Questar Acquisition our debt increased by US$1.9 billion, US$568 million and US$1.0 billion, respectively, on each acquisition date. Refer to Note 6 - Acquisitions and Dispositions for further details. LONG-TERM DEBT ISSUANCES During the six months ended June 30, 2024, we completed the following long-term debt issuances totaling US$4.7 billion: Company Issue Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. April 2024 5.25% senior notes due April 2027 US$750 April 2024 5.30% senior notes due April 2029 US$750 April 2024 5.63% senior notes due April 2034 US$1,200 April 2024 5.95% senior notes due April 2054 US$800 June 2024 7.38% fixed-to-fixed subordinated notes due March 2055 1 US$500 June 2024 7.20% fixed-to-fixed subordinated notes due June 2054 2 US$700 1 For the initial 5.5 years, the notes carry a fixed interest rate. On March 15, 2030, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 3.12%. 2 For the initial 9.75 years, the notes carry a fixed interest rate. On June 27, 2034, the interest rate will be reset to equal the Five-Year US Treasury rate plus a margin of 2.97%. In July 2024, Algonquin Gas Transmission, LLC closed an offering of 10-year senior notes for US$350 million which mature in July 2034. LONG-TERM DEBT REPAYMENTS During the six months ended June 30, 2024, we completed the following long-term debt repayments totaling US$3.2 billion, $0.2 billion and €23 million: Company Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. February 2024 Floating rate notes 1 US$600 February 2024 2.15% senior notes US$400 March 2024 5.97% senior notes 2 US$700 June 2024 3.50% senior notes US$500 Enbridge Pipelines (Southern Lights) L.L.C. June 2024 3.98% senior notes US$42 Enbridge Pipelines Inc. February 2024 8.20% debentures $200 Enbridge Southern Lights LP January 2024 4.01% senior notes $10 Spectra Energy Partners, LP March 2024 4.75% senior notes US$1,000 Blauracke GmbH April 2024 2.10% senior notes €23 1 The notes carried an interest rate set to equal the Secured Overnight Financing Rate 2 The notes carried an original maturity date in March 2026, and were callable in March 2024, which was one year after their issuance. SUBORDINATED TERM NOTES As at June 30, 2024 and December 31, 2023, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $15.0 billion and $13.0 billion, respectively. FAIR VALUE ADJUSTMENT As at June 30, 2024 and December 31, 2023, the fair value adjustments to increase total debt assumed in a historical acquisition were $491 million and $514 million, respectively. As a result of the EOG and Questar Acquisitions, there were additional fair value adjustments of $469 million and $302 million, respectively, to decrease total debt as at June 30, 2024. Amortization of the fair value adjustment is recorded to Interest expense in the Consolidated Statements of Earnings: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (millions of Canadian dollars) (Increase)/decrease to Interest expense (10) 11 2 22 DEBT COVENANTS Our credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at June 30, 2024, we were in compliance with all such debt covenant provisions. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL On May 15, 2024, we filed prospectus supplements in Canada and the US to establish an at-the-market equity issuance program (the ATM Program) that allowed us to issue and sell, at our discretion, up to $2.75 billion (or the US dollar equivalent) of our common shares from treasury to the public from time to time at the market prices prevailing at the time of sale through the Toronto Stock Exchange, the New York Stock Exchange or any other marketplace in Canada or the US where the common shares may be traded. During the period from May 15, 2024 to June 30, 2024, 51,298,629 common shares were issued and sold under the ATM Program at average prices of CAD$48.72 and US$35.77 per common share for aggregate gross proceeds of $2.50 billion ($2.48 billion, net of aggregate commissions paid of $16.3 million and other issuance costs). On August 1, 2024, we terminated the ATM Program. Net proceeds from sales of common shares under the ATM Program were used to partially fund the Questar Acquisition and will be used to fund a portion of the purchase price for the acquisition of Public Service Company of North Carolina, Incorporated and any adjustments thereto and to pay related fees and expenses. |
COMPONENTS OF ACCUMULATED OTHER
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in Accumulated other comprehensive income (AOCI) attributable to our common shareholders for the six months ended June 30, 2024 and 2023 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2024 320 (23) (728) 2,653 11 70 2,303 Other comprehensive income/(loss) retained in AOCI 156 (26) (538) 2,344 1 — 1,937 Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 12 — — — — — 12 Commodity contracts 2 (1) — — — — — (1) Foreign exchange contracts 3 — 31 — — — — 31 Amortization of pension and OPEB actuarial gain 4 — — — — — (11) (11) 167 5 (538) 2,344 1 (11) 1,968 Tax impact Income tax on amounts retained in AOCI (36) 6 — — — — (30) Income tax on amounts reclassified to earnings (2) (7) — — — 2 (7) (38) (1) — — — 2 (37) Balance as at June 30, 2024 449 (19) (1,266) 4,997 12 61 4,234 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 126 9 400 (1,482) — — (947) Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 23 — — — — — 23 Commodity contracts 2 (1) — — — — — (1) Other contracts 5 1 — — — — — 1 Amortization of pension and OPEB actuarial gain 4 — — — — — (10) (10) 149 9 400 (1,482) — (10) (934) Tax impact Income tax on amounts retained in AOCI (23) — — — — — (23) Income tax on amounts reclassified to earnings (4) — — — — 2 (2) (27) — — — — 2 (25) Balance as at June 30, 2023 243 (26) (737) 2,866 5 210 2,561 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services revenues and Other income/(expense) in the Consolidated Statements of Earnings. 4 These components are included in the computation of net periodic benefit credit and are reported within Other income/(expense) in the Consolidated Statements of Earnings. 5 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL I
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
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 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 US dollar-denominated investments and subsidiaries using foreign currency US dollar-denominated debt. Interest Rate Risk Our earnings, cash flows and OCI are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. We have a policy of limiting the maximum floating rate debt to 30% of total debt outstanding. To ensure compliance with our policy, we monitor and adjust our debt portfolio mix of fixed and variable rate debt instruments in conjunction with the use of hedging instruments. 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 and costless collars. These swaps have an average fixed rate of 4.0%. Our earnings and cash flows are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. A combination of qualifying and non-qualifying 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 execution of floating-to-fixed interest rate swaps with an average swa p rate of 3.5%. Commodity Price Risk Our earnings, cash flows and OCI 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 marketing 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. TOTAL DERIVATIVE INSTRUMENTS We 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 tables summarize 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. June 30, 2024 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 39 53 92 (22) 70 Interest rate contracts 49 — 58 107 (54) 53 Commodity contracts — — 270 270 (163) 107 49 39 381 469 (239) 230 Deferred amounts and other assets Foreign exchange contracts — — 118 118 (98) 20 Interest rate contracts 23 — 43 66 (10) 56 Commodity contracts — — 100 100 (51) 49 23 — 261 284 (159) 125 Other current liabilities Foreign exchange contracts — (130) (285) (415) 22 (393) Interest rate contracts (85) — (8) (93) 54 (39) Commodity contracts (2) — (348) (350) 163 (187) (87) (130) (641) (858) 239 (619) Other long-term liabilities Foreign exchange contracts — — (972) (972) 98 (874) Interest rate contracts (4) — (25) (29) 10 (19) Commodity contracts (1) — (219) (220) 51 (169) (5) — (1,216) (1,221) 159 (1,062) Total net derivative asset/(liability) Foreign exchange contracts — (91) (1,086) (1,177) — (1,177) Interest rate contracts (17) — 68 51 — 51 Commodity contracts (3) — (197) (200) — (200) (20) (91) (1,215) (1,326) — (1,326) December 31, 2023 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 41 98 139 (32) 107 Interest rate contracts 31 — 34 65 (32) 33 Commodity contracts — — 418 418 (270) 148 Other contracts — — 1 1 (1) — 31 41 551 623 (335) 288 Deferred amounts and other assets Foreign exchange contracts — 16 319 335 (122) 213 Interest rate contracts 51 — 2 53 (21) 32 Commodity contracts — — 75 75 (41) 34 51 16 396 463 (184) 279 Other current liabilities Foreign exchange contracts — (44) (84) (128) 32 (96) Interest rate contracts (183) — (3) (186) 32 (154) Commodity contracts (11) — (412) (423) 270 (153) Other contracts — — (1) (1) 1 — (194) (44) (500) (738) 335 (403) Other long-term liabilities Foreign exchange contracts — (17) (481) (498) 122 (376) Interest rate contracts (3) — (85) (88) 21 (67) Commodity contracts (7) — (159) (166) 41 (125) (10) (17) (725) (752) 184 (568) Total net derivative liability Foreign exchange contracts — (4) (148) (152) — (152) Interest rate contracts (104) — (52) (156) — (156) Commodity contracts (18) — (78) (96) — (96) Other contracts — — — — — — (122) (4) (278) (404) — (404) The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments: June 30, 2024 2024 2025 2026 2027 2028 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 804 500 — — — — 1,304 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 3,828 5,327 4,697 4,091 3,162 888 21,993 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 15 30 28 32 — — 105 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 69 126 121 81 67 195 659 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — 84,800 — — — — 84,800 Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) 3,473 1,960 1,133 75 25 13 6,679 Interest rate contracts - short-term receive fixed rate (millions of Canadian dollars) 476 958 181 — — — 1,615 Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars) 1 3,000 1,205 — — — — 4,205 Interest rate contracts - costless collar (millions of Canadian dollars) — 1,588 62 — — — 1,650 Commodity contracts - natural gas (billions of cubic feet) 2 26 61 46 24 6 3 166 Commodity contracts - crude oil (millions of barrels) 2 (6) 36 20 1 1 2 54 Commodity contracts - power (megawatt per hour (MW/H)) 160 1 (5) (51) (49) (30) (10) 3 1 Represents the notional amount of long-term debt issuances hedged. 2 Represents the notional amount of net purchase/(sale). 3 Total is an average net purchase/(sale) of power. Derivatives Designated as Fair Value Hedges The following table presents foreign exchange derivative instruments that are designated and qualify as fair value hedges. The realized and unrealized gain or loss on the derivative is included in Other income/(expense) 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/(expense) in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Unrealized loss on derivative (29) (131) (92) (142) Unrealized gain on hedged item 26 130 100 141 Realized gain/(loss) on derivative (12) (12) 47 (23) Realized loss on hedged item — — (79) — 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 comprehensive income, before the effect of income taxes: Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Interest rate contracts 10 215 148 110 Commodity contracts 3 2 15 36 Other contracts — — 1 (2) Fair value hedges Foreign exchange contracts (11) 2 (26) 9 2 219 138 153 Amount of (income)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 12 — 31 — Interest rate contracts 2 12 15 12 23 Commodity contracts 3 (1) (1) (1) (1) Other contracts 4 — — — 1 23 14 42 23 1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. We estimate that a loss of $4 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 two years as at June 30, 2024. Non-Qualifying Derivatives The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives: Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Foreign exchange contracts 1 (209) 509 (939) 1,065 Interest rate contracts 2 17 45 122 55 Commodity contracts 3 (38) 62 (105) 23 Other contracts 4 — (1) (1) (8) Total unrealized derivative fair value gain/(loss), net (230) 615 (923) 1,135 1 For the respective six months ended periods, reported within Transportation and other services revenues (2024 - nil; 2023 - $645 million gain) and Other income/(expense) (2024 - $939 million loss; 2023 - $420 million gain) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. 3 For the respective six months ended periods, reported within Transportation and other services revenues (2024 - $60 million loss; 2023 - $8 million gain), Commodity sales (2024 - $2 million loss; 2023 - $96 million gain), Commodity costs (2024 - $20 million loss; 2023 - $51 million loss) and Operating and administrative expense (2024 - $23 million loss; 2023 - $30 million loss) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. LIQUIDITY RISK Liquidity risk is the risk that we will not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12-month rolling time period to determine whether sufficient funds will be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. 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 June 30, 2024. As a result, all credit facilities are available to us and the banks are obligated to fund us under the terms of the facilities. We also identify a variety of other potential sources of debt and equity funding alternatives, including reinstatement of our dividend reinvestment and share purchase plan or at-the-market equity issuances. 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, contractual requirements and netting arrangements. We also review counterparty credit exposure using external credit rating services and other analytical tools to manage credit risk. We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments: June 30, December 31, (millions of Canadian dollars) Canadian financial institutions 361 457 US financial institutions 87 252 European financial institutions 78 107 Asian financial institutions 47 121 Other 1 147 125 720 1,062 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. As at June 30, 2024, we did not provide any letters of credit in lieu of providing cash collateral to our counterparties pursuant to the terms of the relevant ISDA agreements. We held no cash collateral on derivative asset exposures as at June 30, 2024 and December 31, 2023. 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 Ontario, 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 funds held by our captive insurance subsidiaries, as well as restricted long-term investments in exchange-traded funds that are held in trust in accordance with the CER's regulatory requirements under the Land Matters Consultation Initiative (LMCI). Level 2 Level 2 includes financial instrument valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Financial instruments in this category are valued using models or other industry standard valuation techniques derived from observable market data. Such valuation techniques include inputs such as quoted forward prices, time value, volatility factors and broker quotes that can be observed or corroborated in the market for the entire duration of the financial instrument. Derivatives valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter foreign exchange forward and cross-currency swap contracts, interest rate swaps, physical forward commodity contracts, as well as commodity swaps and options for which observable inputs can be obtained. We have also categorized the fair value of our long-term debt, investments in debt securities held by our captive insurance subsidiaries, and restricted long-term investments in Canadian government bonds held in trust in accordance with the CER's regulatory requirements under the LMCI as Level 2. The fair value of our long-term debt is based on quoted market prices for instruments of similar yield, credit risk and tenor. When possible, the fair value of our restricted long-term investments is based on quoted market prices for similar instruments and, if not available, based on broker quotes. Level 3 Level 3 includes derivative valuations based on inputs which are less observable, unavailable or where the observable data does not support a significant portion of the derivative's fair value. Generally, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on 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. Fair Value of Derivatives We have categorized our derivative assets and liabilities measured at fair value as follows: June 30, 2024 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 92 — 92 Interest rate contracts — 107 — 107 Commodity contracts 23 78 169 270 23 277 169 469 Long-term derivative assets Foreign exchange contracts — 118 — 118 Interest rate contracts — 66 — 66 Commodity contracts — 17 83 100 — 201 83 284 Financial liabilities Current derivative liabilities Foreign exchange contracts — (415) — (415) Interest rate contracts — (93) — (93) Commodity contracts (49) (93) (208) (350) (49) (601) (208) (858) Long-term derivative liabilities Foreign exchange contracts — (972) — (972) Interest rate contracts — (29) — (29) Commodity contracts — (27) (193) (220) — (1,028) (193) (1,221) Total net financial asset/(liability) Foreign exchange contracts — (1,177) — (1,177) Interest rate contracts — 51 — 51 Commodity contracts (26) (25) (149) (200) (26) (1,151) (149) (1,326) December 31, 2023 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 139 — 139 Interest rate contracts — 65 — 65 Commodity contracts 142 103 173 418 Other contracts — 1 — 1 142 308 173 623 Long-term derivative assets Foreign exchange contracts — 335 — 335 Interest rate contracts — 53 — 53 Commodity contracts — 24 51 75 — 412 51 463 Financial liabilities Current derivative liabilities Foreign exchange contracts — (128) — (128) Interest rate contracts — (186) — (186) Commodity contracts (136) (76) (211) (423) Other contracts — (1) — (1) (136) (391) (211) (738) Long-term derivative liabilities Foreign exchange contracts — (498) — (498) Interest rate contracts — (88) — (88) Commodity contracts — (22) (144) (166) — (608) (144) (752) Total net financial asset/(liability) Foreign exchange contracts — (152) — (152) Interest rate contracts — (156) — (156) Commodity contracts 6 29 (131) (96) Other contracts — — — — 6 (279) (131) (404) The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: June 30, 2024 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (5) Forward gas price 2.51 9.48 3.43 $/mmbtu 2 Crude 9 Forward crude price 81.65 111.75 102.76 $/barrel Power (73) Forward power price 26.34 166.75 62.98 $/MW/H Commodity contracts - physical 1 Natural gas 13 Forward gas price 0.28 10.14 3.43 $/mmbtu 2 Crude 6 Forward crude price 80.73 114.94 104.81 $/barrel Power (99) Forward power price 18.86 194.97 66.91 $/MW/H (149) 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 the net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Six months ended 2024 2023 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (131) (136) Total gain/(loss), unrealized Included in earnings 1 (38) 11 Included in OCI 15 35 Settlements 5 3 Level 3 net derivative liability at end of period (149) (87) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. There were no transfers into or out of Level 3 as at June 30, 2024 or December 31, 2023. 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 six months ended June 30, 2024 and 2023, we recognized unrealized foreign exchange losses of $425 million and gains of $444 million, respectively, on the translation of US dollar-denominated debt, in OCI. During the six months ended June 30, 2024 and 2023, we recognized realized losses of $113 million and $44 million, 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 $180 million and $173 million as at June 30, 2024 and December 31, 2023, respectively. As at June 30, 2024, we had investments with a fair value of $756 million included in Restricted long-term investments in the Consolidated Statements of Financial Position (December 31, 2023 - $717 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 $302 million as at June 30, 2024 which are classified as Level 1 in the fair value hierarchy (December 31, 2023 - $263 million). We also had restricted long-term investments held in trust totaling $454 million (cost basis - $501 million) and $454 million (cost basis - $486 million) as at June 30, 2024 and December 31, 2023, respectively, which are classified as Level 2 in the fair value hierarchy. There were unrealized holding gains and losses of $12 million and $1 million on these investments for the three and six months ended June 30, 2024, respectively (2023 - gains of $3 million and $37 million, respectively). We have wholly-owned captive insurance subsidiaries whose principal activity is providing insurance and reinsurance coverage for certain insurable property and casualty risk exposures of our operating subsidiaries and certain equity investments. As at June 30, 2024, the fair value of investments in equity funds and debt securities held by our captive insurance subsidiaries was $321 million and $281 million, respectively (December 31, 2023 - $287 million and $284 million, respectively). Our investments in debt securities had a cost basis of $274 million as at June 30, 2024 (December 31, 2023 - $279 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 $5 million and $21 million for the three and six months ended June 30, 2024, (2023 - gains of $7 million and $22 million, respectively). As at June 30, 2024 and December 31, 2023, our long-term debt including finance lease liabilities had a carrying value of $92.3 billion and $81.2 billion, respectively, before debt issuance costs and a fair value of $88.7 billion and $78.1 billion, respectively. The fair value of financial assets and liabilities other than derivative instruments, certain long-term investments in other entities, restricted long-term investments, investments held by our captive insurance subsidiaries and long-term debt described above approximate their carrying value due to the short period to maturity. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rates for the three months ended June 30, 2024 and 2023 were 27.0% and 20.6%, respectively, and for the six months ended June 30, 2024 and 2023 were 24.0% and 21.0%, respectively. The period-over-period increases in the effective income tax rates are due to higher US minimum tax, the tax effect of the write-down of non-deductible goodwill in the Gas Transmission segment (Note 6) , and the effects of rate-regulated accounting for income taxes, partially offset by a state apportionment income tax rate change due to the Questar Acquisition and EOG Acquisition (Note 6) , and the non-taxable portion of the gain on disposition of the interests in Alliance Pipeline, Aux Sable and NRGreen equity investments (Note 6) relative to the change in earnings over the comparative periods. On June 20, 2024, Bill C-69, Budget Implementation Act, 2024 No.1 received Royal Assent and the Excessive Interest and Financing Expenses Limitation (EIFEL) rules, along with the Global Minimum Tax (GMT) Act, were enacted. While the effects of the EIFEL rules and GMT Act have been factored into tax expense for the three and six months ended June 30, 2024, we do not expect either to have a material impact on our consolidated tax expense. |
OTHER INCOME_(EXPENSE)
OTHER INCOME/(EXPENSE) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME/(EXPENSE) | OTHER INCOME/(EXPENSE) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (millions of Canadian dollars) Realized foreign currency gain/(loss) (8) 1 114 146 Unrealized foreign currency gain/(loss) (213) 492 (1,071) 304 Net defined pension and OPEB credit 48 34 89 67 Other 142 48 286 160 (31) 575 (582) 677 |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
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 an insurance program for us, our subsidiaries and certain of our affiliates to mitigate a certain portion of our risks. However, not all potential risks arising from our operations are insurable, or are insured by us as a result of availability, high premiums and for various other reasons. We self-insure a significant portion of certain risks through our wholly-owned captive insurance subsidiaries, which requires 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. Our insurance coverage is also subject to terms and conditions, exclusions and large deductibles or self-insured retentions which may reduce or eliminate coverage in certain circumstances. Our insurance policies are generally renewed on an annual basis and, depending on factors such as market conditions, the premiums, terms, policy limits and/or deductibles can vary substantially. We can give no assurance that we will be able to maintain adequate insurance in the future at rates or on other terms we consider commercially reasonable. In such case, we may decide to self-insure additional risks. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Earnings attributable to controlling interests | $ 1,943 | $ 1,935 | $ 3,455 | $ 3,752 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
FUTURE ACCOUNTING POLICY CHANGES | FUTURE ACCOUNTING POLICY CHANGES Segment Reporting Accounting Standards Update (ASU) 2023-07 was issued in November 2023 to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and to require in interim period financial statements all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The new ASU requires entities to disclose the title and position of the individual or the name of the group or committee identified as the chief operating decision-maker (CODM). ASU 2023-07 is effective January 1, 2024, with interim period disclosure requirements effective after January 1, 2025 and should be applied retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of the new standard on our annual disclosures for the year ending December 31, 2024 and on our interim financial statement disclosures beginning in 2025. Income Tax Disclosures ASU 2023-09 was issued in December 2023 to improve income tax disclosures by requiring specified categories in the annual rate reconciliation that meet quantitative thresholds and further disaggregation on income taxes paid by jurisdiction. ASU 2023-09 is effective January 1, 2025 and should be applied prospectively, with retrospective application being permitted. We are currently assessing the impact of the new standard on our consolidated financial statements. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Major Products and Services | Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 2,986 1,290 469 — — 4,745 Storage and other revenue 65 135 127 — — 327 Gas distribution revenue — — 773 — — 773 Electricity revenue — — — 44 — 44 Commodity sales — 38 — — — 38 Total revenue from contracts with customers 3,051 1,463 1,369 44 — 5,927 Commodity sales 5,036 11 — — 206 5,253 Other revenue 1,2 71 13 13 59 — 156 Intersegment revenue — 5 2 3 (10) — Total revenue 8,158 1,492 1,384 106 196 11,336 Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 3,002 1,290 169 — — 4,461 Storage and other revenue 62 113 85 — — 260 Gas distribution revenue — — 796 — — 796 Electricity revenue — — — 75 — 75 Total revenue from contracts with customers 3,064 1,403 1,050 75 — 5,592 Commodity sales 4,404 — — — 275 4,679 Other revenue 1,2 79 7 (1) 76 — 161 Intersegment revenue — — 1 (1) — — Total revenue 7,547 1,410 1,050 150 275 10,432 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 6,010 2,631 820 — — 9,461 Storage and other revenue 127 273 226 — — 626 Gas distribution revenue — — 2,439 — — 2,439 Electricity revenue — — — 101 — 101 Commodity sales — 78 — — — 78 Total revenue from contracts with customers 6,137 2,982 3,485 101 — 12,705 Commodity sales 8,769 52 — — 537 9,358 Other revenue 1,2 134 19 26 132 — 311 Intersegment revenue — 11 4 4 (19) — Total revenue 15,040 3,064 3,515 237 518 22,374 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other Consolidated (millions of Canadian dollars) Transportation revenue 5,944 2,674 445 — — 9,063 Storage and other revenue 126 208 184 — — 518 Gas distribution revenue — — 3,083 — — 3,083 Electricity revenue — — — 141 — 141 Total revenue from contracts with customers 6,070 2,882 3,712 141 — 12,805 Commodity sales 8,666 — — — 796 9,462 Other revenue 1,2 109 18 (41) 154 — 240 Intersegment revenue — 1 4 (1) (4) — Total revenue 14,845 2,901 3,675 294 792 22,507 1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2024 were a net $17 million loss (2023 - $3 million gain) and for the six months ended June 30, 2024 were a net $39 million loss (2023 - $52 million loss). 2 Includes revenues from lease contracts for the three months ended June 30, 2024 and 2023 of $142 million and $136 million, respectively, and for the six months ended June 30, 2024 and 2023 of $282 million and $280 million, respectively. Recognition and Measurement of Revenues Three months ended June 30, 2024 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — 38 33 — 71 Revenues from products and services transferred over time 1 3,051 1,425 1,336 44 5,856 Total revenue from contracts with customers 3,051 1,463 1,369 44 5,927 Three months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — — 37 — 37 Revenues from products and services transferred over time 1 3,064 1,403 1,013 75 5,555 Total revenue from contracts with customers 3,064 1,403 1,050 75 5,592 Six months ended June 30, 2024 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — 78 62 — 140 Revenues from products and services transferred over time 1 6,137 2,904 3,423 101 12,565 Total revenue from contracts with customers 6,137 2,982 3,485 101 12,705 Six months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Consolidated (millions of Canadian dollars) Revenues from products transferred at a point in time — — 67 — 67 Revenues from products and services transferred over time 1 6,070 2,882 3,645 141 12,738 Total revenue from contracts with customers 6,070 2,882 3,712 141 12,805 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 Balances | Contract Balances Contract Receivables Contract Assets Contract Liabilities (millions of Canadian dollars) Balance as at June 30, 2024 2,190 333 2,620 Balance as at December 31, 2023 2,802 400 2,591 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reporting Information by Segment | Three months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 8,158 1,492 1,384 106 196 11,336 Commodity and gas distribution costs (4,909) (41) (312) 2 (222) (5,482) Operating and administrative (1,100) (604) (528) (71) (5) (2,308) Income/(loss) from equity investments 284 164 1 45 (5) 489 Gain on disposition of equity investments (Note 6) — 1,063 — 28 — 1,091 Other income/(expense) (Note 12) 17 21 22 28 (119) (31) Earnings/(loss) before interest, income taxes and depreciation and amortization 2,450 2,095 567 138 (155) 5,095 Depreciation and amortization (1,273) Interest expense (1,082) Income tax expense (739) Earnings 2,001 Capital expenditures 2 209 666 433 48 8 1,364 Three months ended June 30, 2023 Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 7,547 1,410 1,050 150 275 10,432 Commodity and gas distribution costs (4,295) — (371) (2) (249) (4,917) Operating and administrative (1,092) (588) (325) (62) 39 (2,028) Income/(loss) from equity investments 253 199 1 27 (2) 478 Other income (Note 12) 14 21 12 16 512 575 Earnings before interest, income taxes and depreciation and amortization 2,427 1,042 367 129 575 4,540 Depreciation and amortization (1,137) Interest expense (883) Income tax expense (519) Earnings 2,001 Capital expenditures 2 237 343 346 23 27 976 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 15,040 3,064 3,515 237 518 22,374 Commodity and gas distribution costs (8,544) (88) (1,316) (1) (533) (10,482) Operating and administrative (2,207) (1,165) (907) (140) (23) (4,442) Income/(loss) from equity investments 537 429 1 226 (8) 1,185 Gain on disposition of equity investments (Note 6) — 1,063 — 28 — 1,091 Other income/(expense) (Note 12) 28 57 39 45 (751) (582) Earnings/(loss) before interest, income taxes and depreciation and amortization 4,854 3,360 1,332 395 (797) 9,144 Depreciation and amortization (2,466) Interest expense (1,987) Income tax expense (1,125) Earnings 3,566 Capital expenditures 2 498 1,161 737 117 51 2,564 Six months ended Liquids Pipelines Gas Transmission Gas Distribution and Storage Renewable Power Generation Eliminations and Other 1 Consolidated (millions of Canadian dollars) Operating revenues (Note 3) 14,845 2,901 3,675 294 792 22,507 Commodity and gas distribution costs (8,427) — (1,983) (6) (731) (11,147) Operating and administrative (2,227) (1,137) (634) (115) 48 (4,065) Income/(loss) from equity investments 501 437 1 62 (6) 995 Other income (Note 12) 88 46 24 30 489 677 Earnings before interest, income taxes and depreciation and amortization 4,780 2,247 1,083 265 592 8,967 Depreciation and amortization (2,283) Interest expense (1,788) Income tax expense (1,029) Earnings 3,867 Capital expenditures 2 517 870 610 68 52 2,117 1 Includes operating revenues and commodity costs from our natural gas and power marketing subsidiaries for the three months ended June 30, 2024 of $205 million (2023 - $276 million) and $222 million (2023 - $251 million), respectively, and for the six months ended June 30, 2024 of $537 million (2023 - $796 million) and $544 million (2023 - $750 million), respectively. 2 Includes the equity component of the allowance for funds used during construction. |
EARNINGS PER COMMON SHARE AND_2
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 common share are as follows: Three months ended Six months ended 2024 2023 2024 2023 (number of shares in millions) Weighted average shares outstanding 2,137 2,024 2,131 2,025 Effect of dilutive options and RSUs 2 3 2 3 Diluted weighted average shares outstanding 2,139 2,027 2,133 2,028 |
Schedule of Preferred Stock Characteristics by Class | On July 29, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2024 to shareholders of record on August 15, 2024. Dividend per share Common Shares $0.91500 Preference Shares, Series A $0.34375 Preference Shares, Series B $0.32513 Preference Shares, Series D $0.33825 Preference Shares, Series F $0.34613 Preference Shares, Series G 1 $0.46817 Preference Shares, Series H $0.38200 Preference Shares, Series I 2 $0.44366 Preference Shares, Series L US$0.36612 Preference Shares, Series N $0.41850 Preference Shares, Series P $0.36988 Preference Shares, Series R 3 $0.39463 Preference Shares, Series 1 US$0.41898 Preference Shares, Series 3 $0.23356 Preference Shares, Series 5 US$0.41769 Preference Shares, Series 7 $0.37425 Preference Shares, Series 9 $0.25606 Preference Shares, Series 11 $0.24613 Preference Shares, Series 13 $0.19019 Preference Shares, Series 15 $0.18644 Preference Shares, Series 19 $0.38825 1 The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.46817 from $0.47383 on June 1, 2024 due to reset on a quarterly basis. 2 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.44366 from $0.44932 on June 1, 2024 due to reset on a quarterly basis. 3 The quarterly dividend per share paid on Preference Shares, Series R was increased to $0.39463 from $0.25456 on June 3, 2024 due to reset of the annual dividend on June 3, 2024. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Questar and Wexpro: May 31, (millions of Canadian dollars) Fair value of net assets acquired: Current assets (a) 464 Property, plant and equipment (b) 5,921 Long-term assets (c) 191 Current liabilities 407 Long-term debt (d) 1,343 Other long-term liabilities (e) 948 Deferred income tax liabilities 522 Goodwill (f) 751 Purchase price: Cash 4,107 a) Current assets consist primarily of cash, trade and other accounts receivable and inventory. The fair value of trade receivables from customers approximates their carrying value of $201 million due to the short period to maturity. A provision for credit and recovery risk associated with accounts receivable has been made through the expected credit loss, which totaled $9 million. b) Questar's property, plant and equipment constitutes an integrated system of rate-regulated natural gas transmission, distribution and storage assets. Wexpro's property, plant and equipment consists of cost-of-service gas and oil properties developed and produced for Questar. For these rate-regulated assets, fair value was determined using a market participant perspective. Given the regulated nature of, and fixed return on the assets, the fair value of property, plant and equipment acquired is equal to its carrying value. c) Long-term assets consist primarily of funds collected from Questar by Wexpro and held in trust to fund future asset retirement obligations (ARO), as well as regulatory assets expected to be recovered from customers in future periods through rates. d) The fair value of long-term debt was determined based on the current underlying US Treasury interest rates on instruments of similar yield, credit risk and tenor, as well as an implied credit spread based on current market conditions. We recorded a fair value adjustment to reduce long-term debt by $301 million with no corresponding regulatory offset. e) Other long-term liabilities consist primarily of regulatory liabilities, expected to be refunded to customers in future periods through rates, as well as ARO. The fair value of the ARO liability was determined using a discounted cash flow approach. f) Goodwill is primarily attributable to the existing assembled assets and workforce of Questar and Wexpro that cannot be duplicated at the same cost by a new entrant and the enhanced scale and geographic diversity of our regulated natural gas distribution business, which provides a platform for future growth and optimization with existing assets. The goodwill balance recognized has been assigned to our Gas Distribution and Storage segment and is not tax deductible. The following table summarizes the estimated preliminary fair values that were assigned to the net assets of EOG: March 6, (millions of Canadian dollars) Fair value of net assets acquired: Current assets (a) 641 Property, plant and equipment (b) 7,253 Long-term assets (c) 1,647 Current liabilities 670 Long-term debt (d) 2,612 Other long-term liabilities (e) 993 Deferred income tax liabilities 1,036 Goodwill (f) 1,608 Purchase price: Cash 5,838 a) Current assets consist primarily of cash, trade and other accounts receivable, prepaid expenses, regulatory assets and inventory. The fair value of trade receivables from customers approximates their carrying value of $376 million due to the short period to maturity. A provision for credit and recovery risk associated with accounts receivable has been made through the expected credit loss, which totaled $3 million. b) EOG's property, plant and equipment constitutes an integrated system of rate-regulated natural gas transmission, gathering, distribution and storage assets. For these rate-regulated assets, fair value was determined using a market participant perspective. Given the regulated nature of, and fixed return on the assets, the fair value of property, plant and equipment acquired is equal to its carrying value. c) Long-term assets consist primarily of overfunded pension plan assets of $395 million and $1.2 billion of regulatory assets expected to be recovered from customers in future periods through rates. Pension plan assets attributable to the workforce acquired from EOG were transferred in cash to an Enbridge-sponsored pension plan based on their fair value as at December 31, 2023, subject to closing adjustments. The fair value of plan assets was determined using unadjusted quoted market prices for identical investments. d) The fair value of long-term debt was determined based on the current underlying US Treasury interest rates on instruments of similar yield, credit risk and tenor, as well as an implied credit spread based on current market conditions. We recorded a fair value adjustment to reduce long-term debt by $478 million with no corresponding regulatory offset. e) Other long-term liabilities consist primarily of regulatory liabilities expected to be refunded to customers in future periods through rates. f) Goodwill is primarily attributable to the existing assembled assets and workforce of EOG that cannot be duplicated at the same cost by a new entrant and the enhanced scale and geographic diversity of our regulated natural gas distribution business, which provides a platform for future growth and optimization with existing assets. The goodwill balance recognized has been assigned to our Gas Distribution and Storage segment and is not tax deductible. The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Tomorrow RNG: January 2, 2024 (millions of Canadian dollars) Fair value of net assets acquired: Current assets 31 Intangible assets (a) 925 Property, plant and equipment (b) 174 Current liabilities 5 Goodwill (c) 223 Purchase price: Cash 584 Deferred consideration (d): Current portion of long-term debt 550 Long-term debt 207 Other adjustments 7 1,348 a) Intangible assets consist of long-term gas supply agreements with the respective facility's landfill owner. Fair value was determined using an income-based approach, specifically the multi-period excess earnings method, by estimating the present value of the after-tax cash flows attributable to the gas rights. The intangible assets will be amortized on a straight-line basis over the term of the respective agreement, inclusive of extension options, which range from 13 to 42 years. b) Tomorrow RNG's property, plant and equipment constitutes specialized landfill gas plant and equipment which collects gas produced by waste decomposition, treats and compresses the gas to pipeline specifications. The direct method of replacement cost was used to determine the majority of the fair value of property, plant and equipment. Adjustments were then applied for estimated physical deterioration. c) Goodwill is primarily attributable to expected future returns from a portfolio of both operating and scalable RNG assets, furthering the diversity of our renewable projects portfolio and accelerating progress toward our energy transition goals. The goodwill balance recognized has been assigned to our Gas Transmission segment and is tax deductible over 15 years. d) We entered into six non-interest bearing promissory notes due to Morrow Renewables, the total value of which represents deferred payments of $808 million (US$606 million) due within two years. The first and second payments are due on January 2, 2025 and December 31, 2025, respectively. The $757 million (US$568 million) recognized in the purchase price represents the fair value of deferred consideration at the date of acquisition using the imputed interest rate method over the terms of the notes. |
Schedule of Supplemental Pro Forma Consolidated Financial Information | Our supplemental pro forma consolidated financial information for the three and six months ended June 30, 2024 and 2023, including the results of operations for Questar and Wexpro as if the Questar Acquisition had been completed on January 1, 2023, are as follows: Three months ended June 30, Six months ended 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Operating revenues 11,619 10,788 23,589 23,845 Earnings attributable to common shareholders 1 1,871 1,828 3,402 3,652 1 Includes adjustment for pro forma interest expense on debt financing for the Questar Acquisition of $26 million and $52 million (after-tax of $19 million and $38 million) for the three and six months ended June 30, 2023, respectively. Our supplemental pro forma consolidated financial information for the three and six months ended June 30, 2024 and 2023, including the results of operations for EOG as if the EOG Acquisition had been completed on January 1, 2023, are as follows: Three months ended June 30, Six months ended 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Operating revenues 11,340 10,748 22,686 23,244 Earnings attributable to common shareholders 1 1,842 1,871 3,318 3,641 1 Includes adjustment for pro forma interest expense on debt financing for the EOG Acquisition of $33 million and $74 million (after-tax of $24 million and $57 million) for the three and six months ended June 30, 2023, respectively. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The following table provides details of our committed credit facilities as at June 30, 2024: Maturity 1 Total Draws 2 Available (millions of Canadian dollars) Enbridge Inc. 2025-2049 8,671 4,263 4,408 Enbridge (U.S.) Inc. 2025-2028 8,689 2,221 6,468 Enbridge Pipelines Inc. 2025 2,000 754 1,246 Enbridge Gas Inc. 2025 2,500 200 2,300 Total committed credit facilities 21,860 7,438 14,422 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 Repayment of Debt | During the six months ended June 30, 2024, we completed the following long-term debt repayments totaling US$3.2 billion, $0.2 billion and €23 million: Company Repayment Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. February 2024 Floating rate notes 1 US$600 February 2024 2.15% senior notes US$400 March 2024 5.97% senior notes 2 US$700 June 2024 3.50% senior notes US$500 Enbridge Pipelines (Southern Lights) L.L.C. June 2024 3.98% senior notes US$42 Enbridge Pipelines Inc. February 2024 8.20% debentures $200 Enbridge Southern Lights LP January 2024 4.01% senior notes $10 Spectra Energy Partners, LP March 2024 4.75% senior notes US$1,000 Blauracke GmbH April 2024 2.10% senior notes €23 1 The notes carried an interest rate set to equal the Secured Overnight Financing Rate 2 The notes carried an original maturity date in March 2026, and were callable in March 2024, which was one year after their issuance. |
Schedule of Amortization of Fair Value Adjustment | Amortization of the fair value adjustment is recorded to Interest expense in the Consolidated Statements of Earnings: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (millions of Canadian dollars) (Increase)/decrease to Interest expense (10) 11 2 22 |
Schedule of Long-Term Debt Instruments | During the six months ended June 30, 2024, we completed the following long-term debt issuances totaling US$4.7 billion: Company Issue Date Principal Amount (millions of Canadian dollars, unless otherwise stated) Enbridge Inc. April 2024 5.25% senior notes due April 2027 US$750 April 2024 5.30% senior notes due April 2029 US$750 April 2024 5.63% senior notes due April 2034 US$1,200 April 2024 5.95% senior notes due April 2054 US$800 June 2024 7.38% fixed-to-fixed subordinated notes due March 2055 1 US$500 June 2024 7.20% fixed-to-fixed subordinated notes due June 2054 2 US$700 |
COMPONENTS OF ACCUMULATED OTH_2
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Changes in AOCI Attributable to Enbridge, Inc. Common Shareholders | Changes in Accumulated other comprehensive income (AOCI) attributable to our common shareholders for the six months ended June 30, 2024 and 2023 are as follows: Cash Excluded Net Cumulative Equity Pension Total (millions of Canadian dollars) Balance as at January 1, 2024 320 (23) (728) 2,653 11 70 2,303 Other comprehensive income/(loss) retained in AOCI 156 (26) (538) 2,344 1 — 1,937 Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 12 — — — — — 12 Commodity contracts 2 (1) — — — — — (1) Foreign exchange contracts 3 — 31 — — — — 31 Amortization of pension and OPEB actuarial gain 4 — — — — — (11) (11) 167 5 (538) 2,344 1 (11) 1,968 Tax impact Income tax on amounts retained in AOCI (36) 6 — — — — (30) Income tax on amounts reclassified to earnings (2) (7) — — — 2 (7) (38) (1) — — — 2 (37) Balance as at June 30, 2024 449 (19) (1,266) 4,997 12 61 4,234 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 126 9 400 (1,482) — — (947) Other comprehensive (income)/loss reclassified to earnings Interest rate contracts 1 23 — — — — — 23 Commodity contracts 2 (1) — — — — — (1) Other contracts 5 1 — — — — — 1 Amortization of pension and OPEB actuarial gain 4 — — — — — (10) (10) 149 9 400 (1,482) — (10) (934) Tax impact Income tax on amounts retained in AOCI (23) — — — — — (23) Income tax on amounts reclassified to earnings (4) — — — — 2 (2) (27) — — — — 2 (25) Balance as at June 30, 2023 243 (26) (737) 2,866 5 210 2,561 1 Reported within Interest expense in the Consolidated Statements of Earnings. 2 Reported within Transportation and other services revenues in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services revenues and Other income/(expense) in the Consolidated Statements of Earnings. 4 These components are included in the computation of net periodic benefit credit and are reported within Other income/(expense) in the Consolidated Statements of Earnings. 5 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
RISK MANAGEMENT AND FINANCIAL_2
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Consolidated Statements of Financial Position Location and Carrying Value of Derivative Instruments | The following tables summarize 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. June 30, 2024 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 39 53 92 (22) 70 Interest rate contracts 49 — 58 107 (54) 53 Commodity contracts — — 270 270 (163) 107 49 39 381 469 (239) 230 Deferred amounts and other assets Foreign exchange contracts — — 118 118 (98) 20 Interest rate contracts 23 — 43 66 (10) 56 Commodity contracts — — 100 100 (51) 49 23 — 261 284 (159) 125 Other current liabilities Foreign exchange contracts — (130) (285) (415) 22 (393) Interest rate contracts (85) — (8) (93) 54 (39) Commodity contracts (2) — (348) (350) 163 (187) (87) (130) (641) (858) 239 (619) Other long-term liabilities Foreign exchange contracts — — (972) (972) 98 (874) Interest rate contracts (4) — (25) (29) 10 (19) Commodity contracts (1) — (219) (220) 51 (169) (5) — (1,216) (1,221) 159 (1,062) Total net derivative asset/(liability) Foreign exchange contracts — (91) (1,086) (1,177) — (1,177) Interest rate contracts (17) — 68 51 — 51 Commodity contracts (3) — (197) (200) — (200) (20) (91) (1,215) (1,326) — (1,326) December 31, 2023 Derivative Derivative Non- Total Gross Amounts Total Net (millions of Canadian dollars) Other current assets Foreign exchange contracts — 41 98 139 (32) 107 Interest rate contracts 31 — 34 65 (32) 33 Commodity contracts — — 418 418 (270) 148 Other contracts — — 1 1 (1) — 31 41 551 623 (335) 288 Deferred amounts and other assets Foreign exchange contracts — 16 319 335 (122) 213 Interest rate contracts 51 — 2 53 (21) 32 Commodity contracts — — 75 75 (41) 34 51 16 396 463 (184) 279 Other current liabilities Foreign exchange contracts — (44) (84) (128) 32 (96) Interest rate contracts (183) — (3) (186) 32 (154) Commodity contracts (11) — (412) (423) 270 (153) Other contracts — — (1) (1) 1 — (194) (44) (500) (738) 335 (403) Other long-term liabilities Foreign exchange contracts — (17) (481) (498) 122 (376) Interest rate contracts (3) — (85) (88) 21 (67) Commodity contracts (7) — (159) (166) 41 (125) (10) (17) (725) (752) 184 (568) Total net derivative liability Foreign exchange contracts — (4) (148) (152) — (152) Interest rate contracts (104) — (52) (156) — (156) Commodity contracts (18) — (78) (96) — (96) Other contracts — — — — — — (122) (4) (278) (404) — (404) |
Schedule of the Maturity and Notional Principal or Quantity Outstanding Related to Derivative Instruments | The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments: June 30, 2024 2024 2025 2026 2027 2028 Thereafter Total Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) 804 500 — — — — 1,304 Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) 3,828 5,327 4,697 4,091 3,162 888 21,993 Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) 15 30 28 32 — — 105 Foreign exchange contracts - Euro forwards - sell (millions of Euro) 69 126 121 81 67 195 659 Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen) — 84,800 — — — — 84,800 Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) 3,473 1,960 1,133 75 25 13 6,679 Interest rate contracts - short-term receive fixed rate (millions of Canadian dollars) 476 958 181 — — — 1,615 Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars) 1 3,000 1,205 — — — — 4,205 Interest rate contracts - costless collar (millions of Canadian dollars) — 1,588 62 — — — 1,650 Commodity contracts - natural gas (billions of cubic feet) 2 26 61 46 24 6 3 166 Commodity contracts - crude oil (millions of barrels) 2 (6) 36 20 1 1 2 54 Commodity contracts - power (megawatt per hour (MW/H)) 160 1 (5) (51) (49) (30) (10) 3 1 Represents the notional amount of long-term debt issuances hedged. 2 Represents the notional amount of net purchase/(sale). 3 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 | The following table presents foreign exchange derivative instruments that are designated and qualify as fair value hedges. The realized and unrealized gain or loss on the derivative is included in Other income/(expense) 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/(expense) in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income. Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Unrealized loss on derivative (29) (131) (92) (142) Unrealized gain on hedged item 26 130 100 141 Realized gain/(loss) on derivative (12) (12) 47 (23) Realized loss on hedged item — — (79) — The following table presents the effect of cash flow hedges and fair value hedges on our consolidated earnings and comprehensive income, before the effect of income taxes: Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Amount of unrealized gain/(loss) recognized in OCI Cash flow hedges Interest rate contracts 10 215 148 110 Commodity contracts 3 2 15 36 Other contracts — — 1 (2) Fair value hedges Foreign exchange contracts (11) 2 (26) 9 2 219 138 153 Amount of (income)/loss reclassified from AOCI to earnings Foreign exchange contracts 1 12 — 31 — Interest rate contracts 2 12 15 12 23 Commodity contracts 3 (1) (1) (1) (1) Other contracts 4 — — — 1 23 14 42 23 1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. 3 Reported within Transportation and other services in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
Schedule of Unrealized Gains and Losses Associated With Changes in the Fair Value of Non-Qualifying Derivatives | The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives: Three months ended Six months ended 2024 2023 2024 2023 (millions of Canadian dollars) Foreign exchange contracts 1 (209) 509 (939) 1,065 Interest rate contracts 2 17 45 122 55 Commodity contracts 3 (38) 62 (105) 23 Other contracts 4 — (1) (1) (8) Total unrealized derivative fair value gain/(loss), net (230) 615 (923) 1,135 1 For the respective six months ended periods, reported within Transportation and other services revenues (2024 - nil; 2023 - $645 million gain) and Other income/(expense) (2024 - $939 million loss; 2023 - $420 million gain) in the Consolidated Statements of Earnings. 2 Reported within Interest expense in the Consolidated Statements of Earnings. 3 For the respective six months ended periods, reported within Transportation and other services revenues (2024 - $60 million loss; 2023 - $8 million gain), Commodity sales (2024 - $2 million loss; 2023 - $96 million gain), Commodity costs (2024 - $20 million loss; 2023 - $51 million loss) and Operating and administrative expense (2024 - $23 million loss; 2023 - $30 million loss) in the Consolidated Statements of Earnings. 4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings. |
Schedule of Group Credit Concentrations and Maximum Credit Exposure, With Respect to Derivative Instruments | We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments: June 30, December 31, (millions of Canadian dollars) Canadian financial institutions 361 457 US financial institutions 87 252 European financial institutions 78 107 Asian financial institutions 47 121 Other 1 147 125 720 1,062 1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties. |
Schedule of Derivative Assets and Liabilities Measured at Fair Value | We have categorized our derivative assets and liabilities measured at fair value as follows: June 30, 2024 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 92 — 92 Interest rate contracts — 107 — 107 Commodity contracts 23 78 169 270 23 277 169 469 Long-term derivative assets Foreign exchange contracts — 118 — 118 Interest rate contracts — 66 — 66 Commodity contracts — 17 83 100 — 201 83 284 Financial liabilities Current derivative liabilities Foreign exchange contracts — (415) — (415) Interest rate contracts — (93) — (93) Commodity contracts (49) (93) (208) (350) (49) (601) (208) (858) Long-term derivative liabilities Foreign exchange contracts — (972) — (972) Interest rate contracts — (29) — (29) Commodity contracts — (27) (193) (220) — (1,028) (193) (1,221) Total net financial asset/(liability) Foreign exchange contracts — (1,177) — (1,177) Interest rate contracts — 51 — 51 Commodity contracts (26) (25) (149) (200) (26) (1,151) (149) (1,326) December 31, 2023 Level 1 Level 2 Level 3 Total Gross (millions of Canadian dollars) Financial assets Current derivative assets Foreign exchange contracts — 139 — 139 Interest rate contracts — 65 — 65 Commodity contracts 142 103 173 418 Other contracts — 1 — 1 142 308 173 623 Long-term derivative assets Foreign exchange contracts — 335 — 335 Interest rate contracts — 53 — 53 Commodity contracts — 24 51 75 — 412 51 463 Financial liabilities Current derivative liabilities Foreign exchange contracts — (128) — (128) Interest rate contracts — (186) — (186) Commodity contracts (136) (76) (211) (423) Other contracts — (1) — (1) (136) (391) (211) (738) Long-term derivative liabilities Foreign exchange contracts — (498) — (498) Interest rate contracts — (88) — (88) Commodity contracts — (22) (144) (166) — (608) (144) (752) Total net financial asset/(liability) Foreign exchange contracts — (152) — (152) Interest rate contracts — (156) — (156) Commodity contracts 6 29 (131) (96) Other contracts — — — — 6 (279) (131) (404) |
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Level 3 Derivative Instruments | The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows: June 30, 2024 Fair Unobservable Minimum Maximum Weighted Unit of (fair value in millions of Canadian dollars) Commodity contracts - financial 1 Natural gas (5) Forward gas price 2.51 9.48 3.43 $/mmbtu 2 Crude 9 Forward crude price 81.65 111.75 102.76 $/barrel Power (73) Forward power price 26.34 166.75 62.98 $/MW/H Commodity contracts - physical 1 Natural gas 13 Forward gas price 0.28 10.14 3.43 $/mmbtu 2 Crude 6 Forward crude price 80.73 114.94 104.81 $/barrel Power (99) Forward power price 18.86 194.97 66.91 $/MW/H (149) 1 Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2 One million British thermal units (mmbtu). |
Schedule of Changes in Net Fair Value of Derivative Assets and Liabilities Classified as Level 3 in the Fair Value Hierarchy | Changes in the net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows: Six months ended 2024 2023 (millions of Canadian dollars) Level 3 net derivative liability at beginning of period (131) (136) Total gain/(loss), unrealized Included in earnings 1 (38) 11 Included in OCI 15 35 Settlements 5 3 Level 3 net derivative liability at end of period (149) (87) 1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings. |
OTHER INCOME_(EXPENSE) (Tables)
OTHER INCOME/(EXPENSE) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income/(Expense) | Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (millions of Canadian dollars) Realized foreign currency gain/(loss) (8) 1 114 146 Unrealized foreign currency gain/(loss) (213) 492 (1,071) 304 Net defined pension and OPEB credit 48 34 89 67 Other 142 48 286 160 (31) 575 (582) 677 |
REVENUE - Major Products and Se
REVENUE - Major Products and Services (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 5,927 | $ 5,592 | $ 12,705 | $ 12,805 |
Total revenue | 11,336 | 10,432 | 22,374 | 22,507 |
Realized (loss) gain on derivative | (17) | 3 | (39) | (52) |
Revenues from lease contracts | 142 | 136 | 282 | 280 |
Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4,745 | 4,461 | 9,461 | 9,063 |
Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 327 | 260 | 626 | 518 |
Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 773 | 796 | 2,439 | 3,083 |
Total revenue | 780 | 792 | 2,479 | 3,071 |
Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 44 | 75 | 101 | 141 |
Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 38 | 78 | ||
Revenue not from contract with customers | 5,253 | 4,679 | 9,358 | 9,462 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 156 | 161 | 311 | 240 |
Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,051 | 3,064 | 6,137 | 6,070 |
Gas Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,463 | 1,403 | 2,982 | 2,882 |
Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,369 | 1,050 | 3,485 | 3,712 |
Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 44 | 75 | 101 | 141 |
Business segments | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,051 | 3,064 | 6,137 | 6,070 |
Total revenue | 8,158 | 7,547 | 15,040 | 14,845 |
Business segments | Liquids Pipelines | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2,986 | 3,002 | 6,010 | 5,944 |
Business segments | Liquids Pipelines | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 65 | 62 | 127 | 126 |
Business segments | Liquids Pipelines | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Liquids Pipelines | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
Revenue not from contract with customers | 5,036 | 4,404 | 8,769 | 8,666 |
Business segments | Liquids Pipelines | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 71 | 79 | 134 | 109 |
Business segments | Gas Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,463 | 1,403 | 2,982 | 2,882 |
Total revenue | 1,492 | 1,410 | 3,064 | 2,901 |
Business segments | Gas Transmission | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,290 | 1,290 | 2,631 | 2,674 |
Business segments | Gas Transmission | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 135 | 113 | 273 | 208 |
Business segments | Gas Transmission | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission | Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Transmission | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 38 | 78 | ||
Revenue not from contract with customers | 11 | 0 | 52 | 0 |
Business segments | Gas Transmission | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 13 | 7 | 19 | 18 |
Business segments | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,369 | 1,050 | 3,485 | 3,712 |
Total revenue | 1,384 | 1,050 | 3,515 | 3,675 |
Business segments | Gas Distribution and Storage | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 469 | 169 | 820 | 445 |
Business segments | Gas Distribution and Storage | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 127 | 85 | 226 | 184 |
Business segments | Gas Distribution and Storage | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 773 | 796 | 2,439 | 3,083 |
Business segments | Gas Distribution and Storage | Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Gas Distribution and Storage | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 13 | (1) | 26 | (41) |
Business segments | Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 44 | 75 | 101 | 141 |
Total revenue | 106 | 150 | 237 | 294 |
Business segments | Renewable Power Generation | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 44 | 75 | 101 | 141 |
Business segments | Renewable Power Generation | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Business segments | Renewable Power Generation | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 59 | 76 | 132 | 154 |
Eliminations and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Total revenue | 196 | 275 | 518 | 792 |
Eliminations and Other | Transportation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Storage and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Gas distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Electricity revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Eliminations and Other | Commodity sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | |||
Revenue not from contract with customers | 206 | 275 | 537 | 796 |
Eliminations and Other | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Intersegment revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | (10) | 0 | (19) | (4) |
Total revenue | 196 | 275 | 518 | 792 |
Intersegment revenue | Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 0 | 0 | 0 | 0 |
Intersegment revenue | Gas Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 5 | 0 | 11 | 1 |
Intersegment revenue | Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | 2 | 1 | 4 | 4 |
Intersegment revenue | Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customers | $ 3 | $ (1) | $ 4 | $ (1) |
REVENUE - Contract Balances (De
REVENUE - Contract Balances (Details) - CAD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract Receivables | $ 2,190 | $ 2,802 |
Contract Assets | 333 | 400 |
Contract Liabilities | $ 2,620 | $ 2,591 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 CAD ($) | Jun. 30, 2024 CAD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 82 | $ 233 |
Increase in contract with customers, liability | 149 | 266 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 59,700 | 59,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 4,100 | $ 4,100 |
Remaining performance obligation, period | 6 months | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 8,200 | $ 8,200 |
Remaining performance obligation, period | 1 year | 1 year |
REVENUE - Recognition and Measu
REVENUE - Recognition and Measurement of Revenues (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 5,927 | $ 5,592 | $ 12,705 | $ 12,805 |
Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 71 | 37 | 140 | 67 |
Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5,856 | 5,555 | 12,565 | 12,738 |
Liquids Pipelines | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,051 | 3,064 | 6,137 | 6,070 |
Liquids Pipelines | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Liquids Pipelines | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,051 | 3,064 | 6,137 | 6,070 |
Gas Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,463 | 1,403 | 2,982 | 2,882 |
Gas Transmission | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 38 | 0 | 78 | 0 |
Gas Transmission | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,425 | 1,403 | 2,904 | 2,882 |
Gas Distribution and Storage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,369 | 1,050 | 3,485 | 3,712 |
Gas Distribution and Storage | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 33 | 37 | 62 | 67 |
Gas Distribution and Storage | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,336 | 1,013 | 3,423 | 3,645 |
Renewable Power Generation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 44 | 75 | 101 | 141 |
Renewable Power Generation | Revenues from products transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Renewable Power Generation | Revenue from products and services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 44 | $ 75 | $ 101 | $ 141 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segmented Information | ||||
Operating revenues | $ 11,336 | $ 10,432 | $ 22,374 | $ 22,507 |
Commodity and gas distribution costs | (5,482) | (4,917) | (10,482) | (11,147) |
Operating and administrative | (2,308) | (2,028) | (4,442) | (4,065) |
Income/(loss) from equity investments | 489 | 478 | 1,185 | 995 |
Gain on disposition of equity investments | 1,091 | 0 | 1,091 | 0 |
Other income (expense) | (31) | 575 | (582) | 677 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 5,095 | 4,540 | 9,144 | 8,967 |
Depreciation and amortization | (1,273) | (1,137) | (2,466) | (2,283) |
Interest expense | (1,082) | (883) | (1,987) | (1,788) |
Income tax expense | (739) | (519) | (1,125) | (1,029) |
Earnings | 2,001 | 2,001 | 3,566 | 3,867 |
Capital expenditures | 1,364 | 976 | 2,564 | 2,117 |
Energy Marketing Subsidiaries | Subsidiaries | ||||
Segmented Information | ||||
Operating revenues | 205 | 276 | 537 | 796 |
Commodity and gas distribution costs | (222) | (251) | (544) | (750) |
Business segments | Liquids Pipelines | ||||
Segmented Information | ||||
Operating revenues | 8,158 | 7,547 | 15,040 | 14,845 |
Commodity and gas distribution costs | (4,909) | (4,295) | (8,544) | (8,427) |
Operating and administrative | (1,100) | (1,092) | (2,207) | (2,227) |
Income/(loss) from equity investments | 284 | 253 | 537 | 501 |
Gain on disposition of equity investments | 0 | 0 | ||
Other income (expense) | 17 | 14 | 28 | 88 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 2,450 | 2,427 | 4,854 | 4,780 |
Capital expenditures | 209 | 237 | 498 | 517 |
Business segments | Gas Transmission | ||||
Segmented Information | ||||
Operating revenues | 1,492 | 1,410 | 3,064 | 2,901 |
Commodity and gas distribution costs | (41) | 0 | (88) | 0 |
Operating and administrative | (604) | (588) | (1,165) | (1,137) |
Income/(loss) from equity investments | 164 | 199 | 429 | 437 |
Gain on disposition of equity investments | 1,063 | 1,063 | ||
Other income (expense) | 21 | 21 | 57 | 46 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 2,095 | 1,042 | 3,360 | 2,247 |
Capital expenditures | 666 | 343 | 1,161 | 870 |
Business segments | Gas Distribution and Storage | ||||
Segmented Information | ||||
Operating revenues | 1,384 | 1,050 | 3,515 | 3,675 |
Commodity and gas distribution costs | (312) | (371) | (1,316) | (1,983) |
Operating and administrative | (528) | (325) | (907) | (634) |
Income/(loss) from equity investments | 1 | 1 | 1 | 1 |
Gain on disposition of equity investments | 0 | 0 | ||
Other income (expense) | 22 | 12 | 39 | 24 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 567 | 367 | 1,332 | 1,083 |
Capital expenditures | 433 | 346 | 737 | 610 |
Business segments | Renewable Power Generation | ||||
Segmented Information | ||||
Operating revenues | 106 | 150 | 237 | 294 |
Commodity and gas distribution costs | 2 | (2) | (1) | (6) |
Operating and administrative | (71) | (62) | (140) | (115) |
Income/(loss) from equity investments | 45 | 27 | 226 | 62 |
Gain on disposition of equity investments | 28 | 28 | ||
Other income (expense) | 28 | 16 | 45 | 30 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | 138 | 129 | 395 | 265 |
Capital expenditures | 48 | 23 | 117 | 68 |
Eliminations and Other | ||||
Segmented Information | ||||
Operating revenues | 196 | 275 | 518 | 792 |
Eliminations and Other | ||||
Segmented Information | ||||
Operating revenues | 196 | 275 | 518 | 792 |
Commodity and gas distribution costs | (222) | (249) | (533) | (731) |
Operating and administrative | (5) | 39 | (23) | 48 |
Income/(loss) from equity investments | (5) | (2) | (8) | (6) |
Gain on disposition of equity investments | 0 | 0 | ||
Other income (expense) | (119) | 512 | (751) | 489 |
Earnings/(loss) before interest, income taxes and depreciation and amortization | (155) | 575 | (797) | 592 |
Capital expenditures | $ 8 | $ 27 | $ 51 | $ 52 |
EARNINGS PER COMMON SHARE AND_3
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Weighted Average Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding (in shares) | 2,137 | 2,024 | 2,131 | 2,025 |
Effect of dilutive options and RSUs (in shares) | 2 | 3 | 2 | 3 |
Diluted weighted average shares outstanding (in shares) | 2,139 | 2,027 | 2,133 | 2,028 |
EARNINGS PER COMMON SHARE AND_4
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Narrative (Details) - Stock options - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive securities | ||||
Antidilutive securities excluded from the diluted earnings per common share calculation (in shares) | 18 | 16.3 | 20.5 | 16.5 |
Weighted average exercise price of antidilutive securities (in Canadian dollars per share) | $ 54.55 | $ 55.46 | $ 53.66 | $ 55.54 |
EARNINGS PER COMMON SHARE AND_5
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE - Dividends Per Share (Details) | 3 Months Ended | 6 Months Ended | ||||||||||
Sep. 01, 2024 $ / shares | Sep. 01, 2024 $ / shares | Jul. 29, 2024 $ / shares | Jul. 29, 2024 $ / shares | Jun. 03, 2024 $ / shares | Jun. 02, 2024 $ / shares | Jun. 01, 2024 $ / shares | May 31, 2024 $ / shares | Jun. 30, 2024 $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2024 $ / shares | Jun. 30, 2023 $ / shares | |
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends per share, paid (in CAD per share) | $ 0.92 | $ 0.89 | $ 1.84 | $ 1.78 | ||||||||
Common shares | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends per share, paid (in CAD per share) | $ 0.91500 | |||||||||||
Common shares | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Common stock, dividends, per share, declared (in Canadian dollars per share) | $ 0.91500 | |||||||||||
Preferred share investment | Preference Shares, Series A | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.34375 | |||||||||||
Preferred share investment | Preference Shares, Series A | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.34375 | |||||||||||
Preferred share investment | Preference Shares, Series B | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.32513 | |||||||||||
Preferred share investment | Preference Shares, Series B | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.32513 | |||||||||||
Preferred share investment | Preference Shares, Series D | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.33825 | |||||||||||
Preferred share investment | Preference Shares, Series D | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.33825 | |||||||||||
Preferred share investment | Preference Shares, Series F | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.34613 | |||||||||||
Preferred share investment | Preference Shares, Series F | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.34613 | |||||||||||
Preferred share investment | Preference Shares, Series G | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.46817 | $ 0.47383 | ||||||||||
Preferred share investment | Preference Shares, Series G | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.46817 | |||||||||||
Preferred share investment | Preference Shares, Series G | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.46817 | |||||||||||
Preferred share investment | Preference Shares, Series H | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.38200 | |||||||||||
Preferred share investment | Preference Shares, Series H | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.38200 | |||||||||||
Preferred share investment | Preference Shares, Series I | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.44366 | $ 0.44932 | ||||||||||
Preferred share investment | Preference Shares, Series I | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.44366 | |||||||||||
Preferred share investment | Preference Shares, Series I | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.44366 | |||||||||||
Preferred share investment | Preference Shares, Series L | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | $ 0.36612 | |||||||||||
Preferred share investment | Preference Shares, Series L | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.36612 | |||||||||||
Preferred share investment | Preference Shares, Series N | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.41850 | |||||||||||
Preferred share investment | Preference Shares, Series N | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.41850 | |||||||||||
Preferred share investment | Preference Shares, Series P | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.36988 | |||||||||||
Preferred share investment | Preference Shares, Series P | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.36988 | |||||||||||
Preferred share investment | Preference Shares, Series R3 | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.39463 | $ 0.25456 | ||||||||||
Preferred share investment | Preference Shares, Series R3 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.39463 | |||||||||||
Preferred share investment | Preference Shares, Series R3 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.39463 | |||||||||||
Preferred share investment | Preference Shares, Series 1 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.41898 | |||||||||||
Preferred share investment | Preference Shares, Series 1 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.41898 | |||||||||||
Preferred share investment | Preference Shares, Series 3 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.23356 | |||||||||||
Preferred share investment | Preference Shares, Series 3 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.23356 | |||||||||||
Preferred share investment | Preference Shares, Series 5 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | $ 0.41769 | |||||||||||
Preferred share investment | Preference Shares, Series 5 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.41769 | |||||||||||
Preferred share investment | Preference Shares, Series 7 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.37425 | |||||||||||
Preferred share investment | Preference Shares, Series 7 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.37425 | |||||||||||
Preferred share investment | Preference Shares, Series 9 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.25606 | |||||||||||
Preferred share investment | Preference Shares, Series 9 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.25606 | |||||||||||
Preferred share investment | Preference Shares, Series 11 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.24613 | |||||||||||
Preferred share investment | Preference Shares, Series 11 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.24613 | |||||||||||
Preferred share investment | Preference Shares, Series 13 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.19019 | |||||||||||
Preferred share investment | Preference Shares, Series 13 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.19019 | |||||||||||
Preferred share investment | Preference Shares, Series 15 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | 0.18644 | |||||||||||
Preferred share investment | Preference Shares, Series 15 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | 0.18644 | |||||||||||
Preferred share investment | Preference Shares, Series 19 | Forecast | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend paid per share (in Canadian dollars per share) | $ 0.38825 | |||||||||||
Preferred share investment | Preference Shares, Series 19 | Subsequent event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock, dividend declared per share (in Canadian dollars per share) | $ 0.38825 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions, $ in Millions | 4 Months Ended | ||||||||||
May 31, 2024 CAD ($) | May 31, 2024 USD ($) | Mar. 06, 2024 CAD ($) | Mar. 06, 2024 USD ($) | Jan. 02, 2024 CAD ($) facility | Jan. 02, 2024 USD ($) | Apr. 03, 2023 CAD ($) | Apr. 03, 2023 USD ($) | Jun. 30, 2024 CAD ($) | Jan. 02, 2024 USD ($) facility | Apr. 03, 2023 USD ($) | |
Questar Gas Company | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Ownership interests acquired (percent) | 100% | ||||||||||
Purchase price | $ 4,100 | $ 3,000 | |||||||||
Cash | 4,107 | ||||||||||
Property, plant and equipment | 5,921 | ||||||||||
Long-term debt | $ 1,343 | ||||||||||
EOG Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 5,800 | $ 4,300 | |||||||||
Revenues generated by acquiree | $ 439 | ||||||||||
Earnings generated by acquiree | $ 83 | ||||||||||
Cash | 5,838 | ||||||||||
Property, plant and equipment | 7,253 | ||||||||||
Long-term debt | $ 2,612 | ||||||||||
RNG Facilities | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price | $ 1,348 | $ 1,000 | |||||||||
Number of facilities acquired | facility | 6 | 6 | |||||||||
Cash | $ 584 | $ 439 | |||||||||
Remaining consideration payable, payment period (in years) | 2 years | 2 years | |||||||||
Contingent consideration payable | $ 757 | $ 568 | |||||||||
Property, plant and equipment | $ 174 | ||||||||||
Tres Palacios Holdings LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash | $ 451 | $ 335 | |||||||||
Property, plant and equipment | 790 | $ 588 | |||||||||
Cavern right-of-use assets | 254 | 189 | |||||||||
Lease liabilities | 7 | 5 | |||||||||
Long-term debt | $ 248 | $ 184 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Summary of Estimated Fair Values Assigned to Net Assets (Details) $ in Millions | May 31, 2024 CAD ($) | May 31, 2024 USD ($) | Mar. 06, 2024 CAD ($) | Mar. 06, 2024 USD ($) | Jan. 02, 2024 CAD ($) promissoryNote | Jan. 02, 2024 USD ($) | Jun. 30, 2024 CAD ($) | Jan. 02, 2024 USD ($) promissoryNote | Dec. 31, 2023 CAD ($) |
Fair value of net assets acquired: | |||||||||
Goodwill | $ 34,316,000,000 | $ 31,848,000,000 | |||||||
Questar Gas Company | |||||||||
Fair value of net assets acquired: | |||||||||
Current assets | $ 464,000,000 | ||||||||
Property, plant and equipment | 5,921,000,000 | ||||||||
Long-term assets | 191,000,000 | ||||||||
Current liabilities | 407,000,000 | ||||||||
Long-term debt | 1,343,000,000 | ||||||||
Other long-term liabilities | 948,000,000 | ||||||||
Deferred income tax liabilities | 522,000,000 | ||||||||
Goodwill | 751,000,000 | ||||||||
Purchase price: | |||||||||
Cash | 4,107,000,000 | ||||||||
Deferred consideration | |||||||||
Purchase price | 4,100,000,000 | $ 3,000 | |||||||
Expected credit loss | 9,000,000 | ||||||||
Fair value adjustment of long-term debt | 301,000,000 | ||||||||
Fair value adjustment of regulatory offset | 0 | ||||||||
Questar Gas Company | Carrying value | |||||||||
Deferred consideration | |||||||||
Trade receivables | $ 201,000,000 | ||||||||
EOG Acquisition | |||||||||
Fair value of net assets acquired: | |||||||||
Current assets | $ 641,000,000 | ||||||||
Property, plant and equipment | 7,253,000,000 | ||||||||
Long-term assets | 1,647,000,000 | ||||||||
Current liabilities | 670,000,000 | ||||||||
Long-term debt | 2,612,000,000 | ||||||||
Other long-term liabilities | 993,000,000 | ||||||||
Deferred income tax liabilities | 1,036,000,000 | ||||||||
Goodwill | 1,608,000,000 | ||||||||
Purchase price: | |||||||||
Cash | 5,838,000,000 | ||||||||
Deferred consideration | |||||||||
Purchase price | 5,800,000,000 | $ 4,300 | |||||||
Expected credit loss | 3,000,000 | ||||||||
Overfunded pension plan assets | 395,000,000 | ||||||||
Regulatory assets | 1,200,000,000 | ||||||||
Fair value adjustment of long-term debt | 478,000,000 | ||||||||
Fair value adjustment of regulatory offset | 0 | ||||||||
EOG Acquisition | Carrying value | |||||||||
Deferred consideration | |||||||||
Trade receivables | $ 376,000,000 | ||||||||
RNG Facilities | |||||||||
Fair value of net assets acquired: | |||||||||
Current assets | $ 31,000,000 | ||||||||
Intangible assets | 925,000,000 | ||||||||
Property, plant and equipment | 174,000,000 | ||||||||
Current liabilities | 5,000,000 | ||||||||
Goodwill | 223,000,000 | ||||||||
Purchase price: | |||||||||
Cash | 584,000,000 | $ 439 | |||||||
Deferred consideration | |||||||||
Current portion of long-term debt | 550,000,000 | ||||||||
Long-term debt | 207,000,000 | ||||||||
Other adjustments | 7,000,000 | ||||||||
Purchase price | $ 1,348,000,000 | $ 1,000 | |||||||
Goodwill expected tax deductible period (in years) | 15 years | 15 years | |||||||
Number of non-interest promissory notes | promissoryNote | 6 | 6 | |||||||
Remaining consideration payable, payment period (in years) | 2 years | 2 years | |||||||
Consideration transferred, liabilities incurred | $ 757,000,000 | $ 568 | |||||||
RNG Facilities | Non-Interest Bearing Promissory Notes | Notes Payable, Other Payables | |||||||||
Deferred consideration | |||||||||
Deferred payments | $ 808,000,000 | $ 606 | |||||||
RNG Facilities | Minimum | |||||||||
Deferred consideration | |||||||||
Amortized on a straight-line basis over term (in years) | 13 years | 13 years | |||||||
RNG Facilities | Maximum | |||||||||
Deferred consideration | |||||||||
Amortized on a straight-line basis over term (in years) | 42 years | 42 years |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Schedule of Supplemental Pro Forma Consolidated Financial Information (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Questar Gas Company | ||||
Business Acquisition [Line Items] | ||||
Operating revenues | $ 11,619 | $ 10,788 | $ 23,589 | $ 23,845 |
Earnings attributable to common shareholders | 1,871 | 1,828 | 3,402 | 3,652 |
Pro forma interest expense | 26 | 52 | ||
Pro forma interest expense, net of tax | 19 | 38 | ||
EOG Acquisition | ||||
Business Acquisition [Line Items] | ||||
Operating revenues | 11,340 | 10,748 | 22,686 | 23,244 |
Earnings attributable to common shareholders | $ 1,842 | 1,871 | $ 3,318 | 3,641 |
Pro forma interest expense | 33 | 74 | ||
Pro forma interest expense, net of tax | $ 24 | $ 57 |
ACQUISITIONS AND DISPOSITIONS_4
ACQUISITIONS AND DISPOSITIONS - Disposition Narrative (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Apr. 01, 2024 | Mar. 31, 2024 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale | $ 1,091 | $ 0 | $ 1,091 | $ 0 | ||
Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale | 1,100 | 1,100 | ||||
Gas Transmission | Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Goodwill allocated to disposal group | $ 1,000 | $ 1,000 | ||||
Pembina Pipeline Corporation | Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Total consideration | $ 3,100 | |||||
Non-recourse debt | $ 327 | |||||
Alliance Pipeline Canada And Us | Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (in percent) | 50% | |||||
Aux Sable Midstream LLC and Aux Sable Liquid Products LP | Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (in percent) | 42.70% | |||||
Aux Sable Canada LP | Alliance Pipeline And Aux Sable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (in percent) | 50% |
ACQUISITIONS AND DISPOSITIONS_5
ACQUISITIONS AND DISPOSITIONS - Equity Investment Transactions Narrative (Details) $ in Millions, $ in Millions | May 29, 2024 CAD ($) | May 29, 2024 USD ($) | May 28, 2024 | Mar. 26, 2024 |
Rio Bravo | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (in percent) | 25% | 25% | 100% | |
Post-closing capital expenditure, amount | $ 150 | |||
Whistler Parent JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (in percent) | 19% | 19% | 19% | |
Carrying value of investment | $ 487 | $ 357 | ||
Reduction to property, plant and equipment, net and increase to long-term investments | $ 321 | $ 235 | ||
Whistler Parent JV | WhiteWaterI Squared | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (in percent) | 50.60% | |||
Whistler Parent JV | MPLX | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest (in percent) | 30.40% |
DEBT - Credit Facilities (Detai
DEBT - Credit Facilities (Details) - CAD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Jul. 31, 2024 | Jun. 30, 2024 | |
Committed credit facilities | ||
CREDIT FACILITIES | ||
Total Facilities | $ 21,860 | |
Draws | 7,438 | |
Available | $ 14,422 | |
Term out option period (in years) | 1 year | |
Revolving credit facility | Subsequent event | 364-day extendible credit facility | ||
CREDIT FACILITIES | ||
Total Facilities | $ 8,800 | |
Term out option period (in years) | 1 year | |
Enbridge (U.S.) Inc. | Committed credit facilities | ||
CREDIT FACILITIES | ||
Total Facilities | $ 8,689 | |
Draws | 2,221 | |
Available | 6,468 | |
Enbridge Pipelines Inc. | Committed credit facilities | ||
CREDIT FACILITIES | ||
Total Facilities | 2,000 | |
Draws | 754 | |
Available | 1,246 | |
Enbridge Pipelines Inc. | Committed credit facilities | Subsequent event | 364-day extendible credit facility | ||
CREDIT FACILITIES | ||
Term out option period (in years) | 1 year | |
Enbridge Gas Inc. | Committed credit facilities | ||
CREDIT FACILITIES | ||
Total Facilities | 2,500 | |
Draws | 200 | |
Available | 2,300 | |
Enbridge Gas Inc. | Committed credit facilities | Subsequent event | 364-day extendible credit facility | ||
CREDIT FACILITIES | ||
Term out option period (in years) | 1 year | |
Enbridge Inc. | Committed credit facilities | ||
CREDIT FACILITIES | ||
Total Facilities | 8,671 | |
Draws | 4,263 | |
Available | $ 4,408 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |||||||||
May 31, 2024 USD ($) | Mar. 06, 2024 USD ($) | Jan. 02, 2024 USD ($) | Jul. 31, 2024 CAD ($) | Jun. 30, 2024 CAD ($) | Jun. 30, 2024 CAD ($) | Jun. 30, 2024 USD ($) | Jul. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 CAD ($) | Dec. 31, 2023 CAD ($) | |
Line of Credit Facility [Line Items] | |||||||||||
Commitment fee percentage | 0.10% | 0.10% | |||||||||
Long-term debt and lease obligation | $ 85,181,000,000 | $ 85,181,000,000 | $ 74,715,000,000 | ||||||||
Cumulative fair value adjustment, net | 491,000,000 | $ 491,000,000 | 514,000,000 | ||||||||
Debt Instrument Interest Rate Terms Period One | Enbridge Inc. | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument maturity period (in years) | 5 years 6 months | 5 years 6 months | |||||||||
Spread on variable rate (in percent) | 3.12% | 3.12% | |||||||||
Debt Instrument Interest Rate Terms Period Two | Enbridge Inc. | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument maturity period (in years) | 9 years 9 months | 9 years 9 months | |||||||||
Spread on variable rate (in percent) | 2.97% | 2.97% | |||||||||
Long-Term Debt | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, face amount | $ 4,700 | ||||||||||
Principal amount | $ 200,000,000 | $ 3,200 | |||||||||
EOG Acquisition | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt increased | $ 1,900 | ||||||||||
Cumulative fair value adjustment, net | (469,000,000) | (469,000,000) | |||||||||
RNG Facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt increased | $ 568 | ||||||||||
Questar Acquisition | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt increased | $ 1,000 | ||||||||||
Cumulative fair value adjustment, net | (302,000,000) | (302,000,000) | |||||||||
Commercial paper and credit facility draws | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Long-term debt and lease obligation | 6,500,000,000 | 6,500,000,000 | 3,800,000,000 | ||||||||
Fixed-to-floating subordinated term notes | Subordinated term notes | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Subordinated debt | 15,000,000,000 | 15,000,000,000 | 13,000,000,000 | ||||||||
10 Year Senior Notes | Algonquin Gas Transmission, LLC | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument maturity period (in years) | 10 years | ||||||||||
Debt instrument, face amount | $ 350 | ||||||||||
Committed credit facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 21,860,000,000 | $ 21,860,000,000 | |||||||||
Term out option period (in years) | 1 year | 1 year | |||||||||
Unutilized amount of facility | 14,422,000,000 | $ 14,422,000,000 | |||||||||
Committed credit facilities | Enbridge Inc. | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 8,671,000,000 | 8,671,000,000 | |||||||||
Unutilized amount of facility | 4,408,000,000 | 4,408,000,000 | |||||||||
Committed credit facilities | Enbridge Gas Inc. | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 2,500,000,000 | 2,500,000,000 | |||||||||
Unutilized amount of facility | 2,300,000,000 | 2,300,000,000 | |||||||||
Committed credit facilities | Enbridge Pipelines Inc. | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 2,000,000,000 | 2,000,000,000 | |||||||||
Unutilized amount of facility | 1,246,000,000 | 1,246,000,000 | |||||||||
Committed credit facilities | Term Loan Maturing In March 2049 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||||||
Committed credit facilities | 364-day extendible credit facility | Enbridge Gas Inc. | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Term out option period (in years) | 1 year | ||||||||||
Debt instrument maturity period (in years) | 364 days | ||||||||||
Committed credit facilities | 364-day extendible credit facility | Enbridge Pipelines Inc. | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Term out option period (in years) | 1 year | ||||||||||
Debt instrument maturity period (in years) | 364 days | ||||||||||
Uncommitted demand credit facilities | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 1,200,000,000 | 1,200,000,000 | 1,100,000,000 | ||||||||
Unutilized amount of facility | $ 820,000,000 | $ 820,000,000 | $ 572,000,000 | ||||||||
Non-Revolving Term Loan Facility | Non-Revolving Term Loan Facility Maturing In June 2029 | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 250 | ||||||||||
Debt instrument maturity period (in years) | 5 years | ||||||||||
Revolving credit facility | 364-day extendible credit facility | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 8,800,000,000 | ||||||||||
Term out option period (in years) | 1 year | ||||||||||
Debt instrument maturity period (in years) | 364 days | ||||||||||
Revolving credit facility | Term Loan Maturing In July 2026 | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument maturity period (in years) | 3 years | ||||||||||
Revolving credit facility | Five Year Credit Facilities | Subsequent event | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 7,800,000,000 | ||||||||||
Debt instrument maturity period (in years) | 5 years |
DEBT - Long Term Debt Issuance
DEBT - Long Term Debt Issuance (Details) - Enbridge Inc. - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Apr. 30, 2024 | |
Debt Instrument Interest Rate Terms Period One | ||
Debt Instrument [Line Items] | ||
Spread on variable rate (in percent) | 3.12% | |
Debt Instrument Interest Rate Terms Period Two | ||
Debt Instrument [Line Items] | ||
Spread on variable rate (in percent) | 2.97% | |
5.25% Senior Notes Due April 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 5.25% | |
Principal Amount | $ 750,000 | |
5.30% Senior Notes Due April 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 5.30% | |
Principal Amount | $ 750,000 | |
5.63% Senior Notes Due April 2034 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 5.63% | |
Principal Amount | $ 1,200,000 | |
5.95% Senior Notes Due April 2054 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 5.95% | |
Principal Amount | $ 800,000 | |
Fixed-to-Fixed Subordinated Notes Due March 2055 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 7.38% | |
Principal Amount | $ 500,000 | |
Fixed-to-Fixed Subordinated Note Due June 2054 | ||
Debt Instrument [Line Items] | ||
Interest rate (in percent) | 7.20% | |
Principal Amount | $ 700,000 |
DEBT - Long Term Debt Repayment
DEBT - Long Term Debt Repayments (Details) € in Millions, $ in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Apr. 30, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Feb. 29, 2024 USD ($) | Feb. 29, 2024 CAD ($) | Jan. 31, 2024 CAD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 | |
3.98% senior Notes | Enbridge Pipelines (Southern Lights) L.L.C. | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 3.98% | ||||||
Principal Amount | $ 42 | ||||||
8.20% Debentures | Enbridge Pipelines Inc. | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 8.20% | 8.20% | |||||
Principal Amount | $ 200 | ||||||
4.01% Senior Notes | Enbridge Southern Lights LP | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 4.01% | ||||||
Principal Amount | $ 10 | ||||||
4.75% Senior Notes | Spectra Energy Partners, LP | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 4.75% | ||||||
Principal Amount | $ 1,000 | ||||||
10.00% Senior Notes | Blauracke GmbH | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 2.10% | ||||||
Principal Amount | € | € 23 | ||||||
Enbridge Inc. | Floating rate notes | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Principal Amount | $ 600 | ||||||
Spread on variable rate (in percent) | 0.63% | ||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||
Enbridge Inc. | 2.15% Senior Notes | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 2.15% | 2.15% | |||||
Principal Amount | $ 400 | ||||||
Enbridge Inc. | 5.97% Senior Notes | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 5.97% | ||||||
Principal Amount | $ 700 | ||||||
Period after issuance after which the instruments are callable (in years) | 1 year | ||||||
Enbridge Inc. | 3.50% Senoir Notes | |||||||
Schedule of Long Term and Short Term Debt [Line Items] | |||||||
Interest rate (in percent) | 3.50% | ||||||
Principal Amount | $ 500 |
DEBT - Fair Value Adjustment (D
DEBT - Fair Value Adjustment (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
(Increase)/decrease to Interest expense | $ (10) | $ 11 | $ 2 | $ 22 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - ATM Program $ / shares in Units, $ in Millions | 2 Months Ended | ||
May 15, 2024 CAD ($) | Jun. 30, 2024 CAD ($) $ / shares shares | Jun. 30, 2024 $ / shares | |
Capital Unit [Line Items] | |||
Common shares authorized for issuance under the ATM Program | $ 2,750 | ||
Common shares | |||
Capital Unit [Line Items] | |||
Sale of stock, number of shares issued in transaction | shares | 51,298,629 | ||
Offering price per share ( in cad per share) | (per share) | $ 48.72 | $ 35.77 | |
Gross proceeds on common share transaction | $ 2,500 | ||
Consideration received after commissions and other issuance costs | 2,480 | ||
Payments of Stock issuance costs | $ 16.3 |
COMPONENTS OF ACCUMULATED OTH_3
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in AOCI | ||
Balance at the beginning of the period | $ 64,483 | |
Other comprehensive income/(loss) retained in AOCI | 1,937 | $ (947) |
Total before tax impact | 1,968 | (934) |
Income tax on amounts retained in AOCI | (30) | (23) |
Income tax on amounts reclassified to earnings | (7) | (2) |
Tax impact | (37) | (25) |
Balance at the end of the period | 70,253 | 64,038 |
Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 12 | 23 |
Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | (1) | (1) |
Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 31 | |
Other contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 1 | |
Total | ||
Changes in AOCI | ||
Balance at the beginning of the period | 2,303 | 3,520 |
Balance at the end of the period | 4,234 | 2,561 |
Cash Flow Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | 320 | 121 |
Other comprehensive income/(loss) retained in AOCI | 156 | 126 |
Total before tax impact | 167 | 149 |
Income tax on amounts retained in AOCI | (36) | (23) |
Income tax on amounts reclassified to earnings | (2) | (4) |
Tax impact | (38) | (27) |
Balance at the end of the period | 449 | 243 |
Cash Flow Hedges | Interest rate contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 12 | 23 |
Cash Flow Hedges | Commodity contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | (1) | (1) |
Cash Flow Hedges | Other contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 1 | |
Excluded Components of Fair Value Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (23) | (35) |
Other comprehensive income/(loss) retained in AOCI | (26) | 9 |
Total before tax impact | 5 | 9 |
Income tax on amounts retained in AOCI | 6 | |
Income tax on amounts reclassified to earnings | (7) | |
Tax impact | (1) | 0 |
Balance at the end of the period | (19) | (26) |
Excluded Components of Fair Value Hedges | Foreign exchange contracts | ||
Changes in AOCI | ||
Other comprehensive (income)/loss reclassified to earnings | 31 | |
Net Investment Hedges | ||
Changes in AOCI | ||
Balance at the beginning of the period | (728) | (1,137) |
Other comprehensive income/(loss) retained in AOCI | (538) | 400 |
Total before tax impact | (538) | 400 |
Tax impact | 0 | 0 |
Balance at the end of the period | (1,266) | (737) |
Cumulative Translation Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 2,653 | 4,348 |
Other comprehensive income/(loss) retained in AOCI | 2,344 | (1,482) |
Total before tax impact | 2,344 | (1,482) |
Tax impact | 0 | 0 |
Balance at the end of the period | 4,997 | 2,866 |
Equity Investees | ||
Changes in AOCI | ||
Balance at the beginning of the period | 11 | 5 |
Other comprehensive income/(loss) retained in AOCI | 1 | |
Total before tax impact | 1 | 0 |
Tax impact | 0 | 0 |
Balance at the end of the period | 12 | 5 |
Pension and OPEB Adjustment | ||
Changes in AOCI | ||
Balance at the beginning of the period | 70 | 218 |
Other comprehensive (income)/loss reclassified to earnings | (11) | (10) |
Total before tax impact | (11) | (10) |
Income tax on amounts reclassified to earnings | 2 | 2 |
Tax impact | 2 | 2 |
Balance at the end of the period | $ 61 | $ 210 |
RISK MANAGEMENT AND FINANCIAL_3
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Market Risk (Details) | Jun. 30, 2024 |
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 (in percent) | 4% |
Floating-To-Fixed interest rate swaps | |
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |
Average swap rate (in percent) | 3.50% |
RISK MANAGEMENT AND FINANCIAL_4
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Total Derivative Instruments (Details) - CAD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | $ (1,326) | $ (404) |
Derivative liabilities, Total Net Derivative Instruments | $ (1,326) | (404) |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | |
Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | $ (1,215) | (278) |
Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (20) | (122) |
Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (91) | (4) |
Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 469 | 623 |
Derivative assets, Amounts Available for Offset | (239) | (335) |
Derivative assets, Total Net Derivative Instruments | 230 | $ 288 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | |
Other current assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 381 | $ 551 |
Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 49 | 31 |
Other current assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 39 | 41 |
Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 284 | 463 |
Derivative assets, Amounts Available for Offset | (159) | (184) |
Derivative assets, Total Net Derivative Instruments | $ 125 | $ 279 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Deferred Costs and Other Assets | Deferred Costs and Other Assets |
Deferred amounts and other assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | $ 261 | $ 396 |
Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 23 | 51 |
Deferred amounts and other assets | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | 16 |
Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (858) | (738) |
Derivative liabilities, Amounts Available for Offset | 239 | 335 |
Derivative liabilities, Total Net Derivative Instruments | $ (619) | $ (403) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Other current liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ (641) | $ (500) |
Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (87) | (194) |
Other current liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (130) | (44) |
Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1,221) | (752) |
Derivative liabilities, Amounts Available for Offset | 159 | 184 |
Derivative liabilities, Total Net Derivative Instruments | $ (1,062) | $ (568) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Other long-term liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | $ (1,216) | $ (725) |
Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (5) | (10) |
Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | (17) |
Foreign exchange contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (1,177) | (152) |
Derivative liabilities, Total Net Derivative Instruments | (1,177) | (152) |
Foreign exchange contracts | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (1,086) | (148) |
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) | (91) | $ (4) |
Foreign exchange contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 92 | 139 |
Derivative assets, Amounts Available for Offset | (22) | (32) |
Derivative assets, Total Net Derivative Instruments | 70 | 107 |
Foreign exchange contracts | Other current assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 53 | 98 |
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 | 39 | 41 |
Foreign exchange contracts | Deferred amounts and other assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 118 | 335 |
Derivative assets, Amounts Available for Offset | (98) | (122) |
Derivative assets, Total Net Derivative Instruments | 20 | 213 |
Foreign exchange contracts | Deferred amounts and other assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 118 | 319 |
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 | 0 | 16 |
Foreign exchange contracts | Other current liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (415) | (128) |
Derivative liabilities, Amounts Available for Offset | 22 | 32 |
Derivative liabilities, Total Net Derivative Instruments | (393) | (96) |
Foreign exchange contracts | Other current liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (285) | (84) |
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 | (130) | (44) |
Foreign exchange contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (972) | (498) |
Derivative liabilities, Amounts Available for Offset | 98 | 122 |
Derivative liabilities, Total Net Derivative Instruments | (874) | (376) |
Foreign exchange contracts | Other long-term liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (972) | (481) |
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 | (17) |
Interest rate contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 51 | (156) |
Derivative assets, Total Net Derivative Instruments | 51 | |
Derivative liabilities, Total Net Derivative Instruments | $ (156) | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Interest rate contracts | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | 68 | $ (52) |
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 | ||
Total net financial asset/(liability) | (17) | $ (104) |
Interest rate contracts | Derivative Instruments Used as Fair Value 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 | |
Interest rate contracts | Other current assets | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 107 | $ 65 |
Derivative assets, Amounts Available for Offset | (54) | (32) |
Derivative assets, Total Net Derivative Instruments | 53 | 33 |
Interest rate contracts | Other current assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 58 | 34 |
Interest rate contracts | Other current assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 49 | 31 |
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 | 66 | 53 |
Derivative assets, Amounts Available for Offset | (10) | (21) |
Derivative assets, Total Net Derivative Instruments | 56 | 32 |
Interest rate contracts | Deferred amounts and other assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 43 | 2 |
Interest rate contracts | Deferred amounts and other assets | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 23 | 51 |
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 | (93) | (186) |
Derivative liabilities, Amounts Available for Offset | 54 | 32 |
Derivative liabilities, Total Net Derivative Instruments | (39) | (154) |
Interest rate contracts | Other current liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (8) | (3) |
Interest rate contracts | Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (85) | (183) |
Interest rate contracts | Other current liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Interest rate contracts | Other long-term liabilities | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (29) | (88) |
Derivative liabilities, Amounts Available for Offset | 10 | 21 |
Derivative liabilities, Total Net Derivative Instruments | (19) | (67) |
Interest rate contracts | Other long-term liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (25) | (85) |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (4) | (3) |
Interest rate contracts | Other long-term liabilities | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | 0 | 0 |
Commodity contracts | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (200) | (96) |
Derivative liabilities, Total Net Derivative Instruments | (200) | (96) |
Commodity contracts | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (197) | (78) |
Commodity contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Total net financial asset/(liability) | (3) | (18) |
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 | 270 | 418 |
Derivative assets, Amounts Available for Offset | (163) | (270) |
Derivative assets, Total Net Derivative Instruments | 107 | 148 |
Commodity contracts | Other current assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 270 | 418 |
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 | 100 | 75 |
Derivative assets, Amounts Available for Offset | (51) | (41) |
Derivative assets, Total Net Derivative Instruments | 49 | 34 |
Commodity contracts | Deferred amounts and other assets | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 100 | 75 |
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 | (350) | (423) |
Derivative liabilities, Amounts Available for Offset | 163 | 270 |
Derivative liabilities, Total Net Derivative Instruments | (187) | (153) |
Commodity contracts | Other current liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (348) | (412) |
Commodity contracts | Other current liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (2) | (11) |
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 | (220) | (166) |
Derivative liabilities, Amounts Available for Offset | 51 | 41 |
Derivative liabilities, Total Net Derivative Instruments | (169) | (125) |
Commodity contracts | Other long-term liabilities | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (219) | (159) |
Commodity contracts | Other long-term liabilities | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative liabilities | (1) | (7) |
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 | 1 | |
Derivative liabilities | (1) | |
Total net financial asset/(liability) | 0 | |
Derivative assets, Amounts Available for Offset | (1) | |
Derivative liabilities, Amounts Available for Offset | 1 | |
Derivative assets, Total Net Derivative Instruments | 0 | |
Derivative liabilities, Total Net Derivative Instruments | 0 | |
Other contracts | Non- Qualifying Derivative Instruments | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 1 | |
Derivative liabilities | (1) | |
Total net financial asset/(liability) | 0 | |
Other contracts | Derivative Instruments Used as Cash Flow Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Total net financial asset/(liability) | 0 | |
Other contracts | Derivative Instruments Used as Fair Value Hedges | Designated as hedging instrument | ||
TOTAL DERIVATIVE INSTRUMENTS | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Total net financial asset/(liability) | $ 0 |
RISK MANAGEMENT AND FINANCIAL_5
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Notional Principal or Quantity Information (Details) - Jun. 30, 2024 € in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions | USD ($) MWh MMBbls Bcf | GBP (£) MWh MMBbls Bcf | EUR (€) MWh MMBbls Bcf | JPY (¥) MWh MMBbls Bcf | CAD ($) MWh MMBbls Bcf |
Foreign exchange contracts - forwards - purchase | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
Derivative Notional Amount Outstanding | $ 1,304 | ¥ 84,800 | |||
Foreign exchange contracts - forwards - purchase | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | 804 | ||||
2025 | 500 | ||||
2026 | 0 | ||||
2027 | 0 | ||||
2028 | 0 | ||||
Thereafter | 0 | ||||
Foreign exchange contracts - forwards - purchase | Japanese yen | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | ¥ | 0 | ||||
2025 | ¥ | 84,800 | ||||
2026 | ¥ | 0 | ||||
2027 | ¥ | 0 | ||||
2028 | ¥ | 0 | ||||
Thereafter | ¥ | ¥ 0 | ||||
Foreign exchange contracts - forwards - sell | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
Derivative Notional Amount Outstanding | 21,993 | £ 105 | € 659 | ||
Foreign exchange contracts - forwards - sell | United States dollar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | 3,828 | ||||
2025 | 5,327 | ||||
2026 | 4,697 | ||||
2027 | 4,091 | ||||
2028 | 3,162 | ||||
Thereafter | $ 888 | ||||
Foreign exchange contracts - forwards - sell | GBP | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | £ | 15 | ||||
2025 | £ | 30 | ||||
2026 | £ | 28 | ||||
2027 | £ | 32 | ||||
2028 | £ | 0 | ||||
Thereafter | £ | £ 0 | ||||
Foreign exchange contracts - forwards - sell | Euro | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | € | 69 | ||||
2025 | € | 126 | ||||
2026 | € | 121 | ||||
2027 | € | 81 | ||||
2028 | € | 67 | ||||
Thereafter | € | € 195 | ||||
Interest rate contracts - short-term borrowings | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | $ 3,473 | ||||
2025 | 1,960 | ||||
2026 | 1,133 | ||||
2027 | 75 | ||||
2028 | 25 | ||||
Thereafter | 13 | ||||
Derivative Notional Amount Outstanding | 6,679 | ||||
Interest rate contracts - short-term debt receive | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | 476 | ||||
2025 | 958 | ||||
2026 | 181 | ||||
2027 | 0 | ||||
2028 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | 1,615 | ||||
Interest rate contracts - long-term debt pay fixed rate | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | 3,000 | ||||
2025 | 1,205 | ||||
2026 | 0 | ||||
2027 | 0 | ||||
2028 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | 4,205 | ||||
Interest Rate Contract, Costless Collar | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 | 0 | ||||
2025 | 1,588 | ||||
2026 | 62 | ||||
2027 | 0 | ||||
2028 | 0 | ||||
Thereafter | 0 | ||||
Derivative Notional Amount Outstanding | $ 1,650 | ||||
Commodity contracts | Natural gas | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 (bcf / mmbbls) | Bcf | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 | 26,000,000 |
2025 (bcf / mmbbls) | Bcf | 61,000,000 | 61,000,000 | 61,000,000 | 61,000,000 | 61,000,000 |
2026 (bcf / mmbbls) | Bcf | 46,000,000 | 46,000,000 | 46,000,000 | 46,000,000 | 46,000,000 |
2027 (bcf / mmbbls) | Bcf | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 |
2028 (bcf / mmbbls) | Bcf | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 |
Thereafter (bcf / mmbbls) | Bcf | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
Derivative Nonmonetary Notional Amount Outstanding | Bcf | 166,000,000 | 166,000,000 | 166,000,000 | 166,000,000 | 166,000,000 |
Net purchase | Commodity contracts | Crude | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2025 (bcf / mmbbls) | MMBbls | 36,000,000 | 36,000,000 | 36,000,000 | 36,000,000 | 36,000,000 |
2026 (bcf / mmbbls) | MMBbls | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
2027 (bcf / mmbbls) | MMBbls | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
2028 (bcf / mmbbls) | MMBbls | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Thereafter (bcf / mmbbls) | MMBbls | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
Derivative Nonmonetary Notional Amount Outstanding | MMBbls | 54,000,000 | 54,000,000 | 54,000,000 | 54,000,000 | 54,000,000 |
Net purchase | Commodity contracts | Power | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 (MWH) | MWh | 160,000,000 | 160,000,000 | 160,000,000 | 160,000,000 | 160,000,000 |
2025 (MWH) | MWh | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Net sell | Commodity contracts | Crude | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2024 (bcf / mmbbls) | MMBbls | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 |
Net sell | Commodity contracts | Power | |||||
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS | |||||
2026 (MW/H) | MWh | (5,000,000) | (5,000,000) | (5,000,000) | (5,000,000) | (5,000,000) |
2027 (MWH) | MWh | (51,000,000) | (51,000,000) | (51,000,000) | (51,000,000) | (51,000,000) |
2028 (MW/H) | MWh | (49,000,000) | (49,000,000) | (49,000,000) | (49,000,000) | (49,000,000) |
Thereafter (MWH) | MWh | (30,000,000) | (30,000,000) | (30,000,000) | (30,000,000) | (30,000,000) |
Total (MWH) | MWh | (10,000,000) | (10,000,000) | (10,000,000) | (10,000,000) | (10,000,000) |
RISK MANAGEMENT AND FINANCIAL_6
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value Derivatives (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Realized gain/(loss) on derivative | $ (17) | $ 3 | $ (39) | $ (52) |
Fair value hedges | Interest rate contracts | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Unrealized loss on derivative | (29) | (131) | (92) | (142) |
Unrealized gain on hedged item | 26 | 130 | 100 | 141 |
Realized gain/(loss) on derivative | (12) | (12) | 47 | (23) |
Realized loss on hedged item | $ 0 | $ 0 | $ (79) | $ 0 |
RISK MANAGEMENT AND FINANCIAL_7
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Earnings and Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of unrealized gain/(loss) recognized in OCI | $ 2 | $ 219 | $ 138 | $ 153 |
Amount of (income)/loss reclassified from AOCI to earnings | 23 | 14 | 42 | 23 |
Loss from AOCI expected to be reclassified | $ 4 | |||
Maximum term of hedging exposures to variability of cash flows (in years) | 2 years | |||
Total unrealized derivative fair value gain/(loss), net | $ (923) | 1,135 | ||
Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (230) | 615 | (923) | 1,135 |
Interest rate contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (income)/loss reclassified from AOCI to earnings | 12 | 15 | 12 | 23 |
Interest rate contracts | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | 17 | 45 | 122 | 55 |
Commodity contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (income)/loss reclassified from AOCI to earnings | (1) | (1) | (1) | (1) |
Commodity contracts | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (38) | 62 | (105) | 23 |
Commodity contracts | Transportation and other services | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (60) | 8 | ||
Commodity contracts | Commodity sales | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (2) | 96 | ||
Commodity contracts | Commodity costs | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (20) | (51) | ||
Commodity contracts | Operating and administrative expense | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (23) | (30) | ||
Other contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (income)/loss reclassified from AOCI to earnings | 0 | 0 | 0 | 1 |
Other contracts | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | 0 | (1) | (1) | (8) |
Foreign exchange contracts | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Amount of (income)/loss reclassified from AOCI to earnings | 12 | 0 | 31 | 0 |
Foreign exchange contracts | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (209) | 509 | (939) | 1,065 |
Foreign exchange contracts | Transportation and other services | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | 0 | 645 | ||
Foreign exchange contracts | Other income/(expense) | Non- Qualifying Derivative Instruments | ||||
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income | ||||
Total unrealized derivative fair value gain/(loss), net | (939) | 420 | ||
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 | 10 | 215 | 148 | 110 |
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 | 3 | 2 | 15 | 36 |
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 | 0 | 0 | 1 | (2) |
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 | $ (11) | $ 2 | $ (26) | $ 9 |
RISK MANAGEMENT AND FINANCIAL_8
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Liquidity and Credit Risk (Details) - CAD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
LIQUIDITY RISK AND CREDIT RISK | ||
Rolling time period over which the Company forecasts cash requirements (in months) | 12 months | |
Period of anticipated requirements for which the Company maintains sufficient liquidity through committed credit facilities (in years) | 1 year | |
Derivative instruments | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 720,000,000 | $ 1,062,000,000 |
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 | 361,000,000 | 457,000,000 |
Derivative instruments | US financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 87,000,000 | 252,000,000 |
Derivative instruments | European financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 78,000,000 | 107,000,000 |
Derivative instruments | Asian financial institutions | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | 47,000,000 | 121,000,000 |
Derivative instruments | Other | ||
LIQUIDITY RISK AND CREDIT RISK | ||
Maximum credit exposure with respect to derivative instruments | $ 147,000,000 | $ 125,000,000 |
RISK MANAGEMENT AND FINANCIAL_9
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - CAD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value of Derivatives | ||
Total net financial asset/(liability) | $ (1,326) | $ (404) |
Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 469 | 623 |
Long-term derivative assets | 284 | 463 |
Current derivative liabilities | (858) | (738) |
Long-term derivative liabilities | (1,221) | (752) |
Total net financial asset/(liability) | (1,326) | (404) |
Foreign exchange contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (1,177) | (152) |
Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 92 | 139 |
Long-term derivative assets | 118 | 335 |
Current derivative liabilities | (415) | (128) |
Long-term derivative liabilities | (972) | (498) |
Total net financial asset/(liability) | (1,177) | (152) |
Interest rate contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | 51 | (156) |
Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 107 | 65 |
Long-term derivative assets | 66 | 53 |
Current derivative liabilities | (93) | (186) |
Long-term derivative liabilities | (29) | (88) |
Total net financial asset/(liability) | 51 | (156) |
Commodity contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (200) | (96) |
Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 270 | 418 |
Long-term derivative assets | 100 | 75 |
Current derivative liabilities | (350) | (423) |
Long-term derivative liabilities | (220) | (166) |
Total net financial asset/(liability) | (200) | (96) |
Other contracts | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | 0 | |
Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 1 | |
Current derivative liabilities | (1) | |
Total net financial asset/(liability) | 0 | |
Level 1 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 23 | 142 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (49) | (136) |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | (26) | 6 |
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 | 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 | 23 | 142 |
Long-term derivative assets | 0 | 0 |
Current derivative liabilities | (49) | (136) |
Long-term derivative liabilities | 0 | 0 |
Total net financial asset/(liability) | (26) | 6 |
Level 1 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Current derivative liabilities | 0 | |
Total net financial asset/(liability) | 0 | |
Level 2 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 277 | 308 |
Long-term derivative assets | 201 | 412 |
Current derivative liabilities | (601) | (391) |
Long-term derivative liabilities | (1,028) | (608) |
Total net financial asset/(liability) | (1,151) | (279) |
Level 2 | Foreign exchange contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 92 | 139 |
Long-term derivative assets | 118 | 335 |
Current derivative liabilities | (415) | (128) |
Long-term derivative liabilities | (972) | (498) |
Total net financial asset/(liability) | (1,177) | (152) |
Level 2 | Interest rate contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 107 | 65 |
Long-term derivative assets | 66 | 53 |
Current derivative liabilities | (93) | (186) |
Long-term derivative liabilities | (29) | (88) |
Total net financial asset/(liability) | 51 | (156) |
Level 2 | Commodity contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 78 | 103 |
Long-term derivative assets | 17 | 24 |
Current derivative liabilities | (93) | (76) |
Long-term derivative liabilities | (27) | (22) |
Total net financial asset/(liability) | (25) | 29 |
Level 2 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 1 | |
Current derivative liabilities | (1) | |
Total net financial asset/(liability) | 0 | |
Level 3 | ||
Fair Value of Derivatives | ||
Total net financial asset/(liability) | (149) | |
Level 3 | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 169 | 173 |
Long-term derivative assets | 83 | 51 |
Current derivative liabilities | (208) | (211) |
Long-term derivative liabilities | (193) | (144) |
Total net financial asset/(liability) | (149) | (131) |
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 | 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 | 169 | 173 |
Long-term derivative assets | 83 | 51 |
Current derivative liabilities | (208) | (211) |
Long-term derivative liabilities | (193) | (144) |
Total net financial asset/(liability) | $ (149) | (131) |
Level 3 | Other contracts | Fair Value | ||
Fair Value of Derivatives | ||
Current derivative assets | 0 | |
Current derivative liabilities | 0 | |
Total net financial asset/(liability) | $ 0 |
RISK MANAGEMENT AND FINANCIA_10
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Level 3 Inputs (Details) $ in Millions | Jun. 30, 2024 CAD ($) $ / MillionsofBTU-MMBTU $ / MWh $ / bbl | Dec. 31, 2023 CAD ($) |
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | $ (1,326) | $ (404) |
Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (1,326) | (404) |
Level 3 | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (149) | |
Level 3 | Fair Value | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Fair Value | (149) | $ (131) |
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 | $ (5) | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 2.51 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 9.48 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Natural gas | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 3.43 | |
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 | $ 9 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Crude | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 81.65 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Crude | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 111.75 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Crude | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 102.76 | |
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 | $ (73) | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Power | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 26.34 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Power | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 166.75 | |
Market approach valuation technique | Level 3 | Commodity contracts - financial | Power | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 62.98 | |
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 | $ 13 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Natural gas | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 0.28 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Natural gas | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 10.14 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Natural gas | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MillionsofBTU-MMBTU | 3.43 | |
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 | $ 6 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Crude | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 80.73 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Crude | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 114.94 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Crude | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / bbl | 104.81 | |
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 | $ (99) | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Minimum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 18.86 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Maximum Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 194.97 | |
Market approach valuation technique | Level 3 | Commodity contracts - physical | Power | Weighted Average Price | ||
Significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments | ||
Forward price ($ / mmbtu, barrel, gallon, MW/H) | $ / MWh | 66.91 |
RISK MANAGEMENT AND FINANCIA_11
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Changes in Level 3 (Details) - CAD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in net fair value of derivative assets and liabilities classified as Level 3 | ||
Level 3 net derivative liability at beginning of period | $ (131) | $ (136) |
Total gain/(loss), unrealized | ||
Included in earnings | (38) | 11 |
Included in OCI | 15 | 35 |
Settlements | 5 | 3 |
Level 3 net derivative liability at end of period | $ (149) | $ (87) |
RISK MANAGEMENT AND FINANCIA_12
RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Other Financial Instruments (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value of Other Financial Instruments | |||||
FMVA investments | $ 180 | $ 180 | $ 173 | ||
Restricted long-term investments | 756 | 756 | 717 | ||
Long-term debt, carrying value | 92,300 | 92,300 | 81,200 | ||
Long-term debt | 88,700 | 88,700 | 78,100 | ||
Debt Securities | |||||
Fair Value of Other Financial Instruments | |||||
Debt securities, available-for-sale, amortized cost | 274 | 274 | 279 | ||
Equity Funds And Debt Securities | |||||
Fair Value of Other Financial Instruments | |||||
Unrealized gain on investment | 5 | $ 7 | 21 | $ 22 | |
Level 1 | |||||
Fair Value of Other Financial Instruments | |||||
Restricted long-term investments | 302 | 302 | 263 | ||
Level 1 | Debt Securities | |||||
Fair Value of Other Financial Instruments | |||||
Fair value of investments | 321 | 321 | 287 | ||
Level 2 | |||||
Fair Value of Other Financial Instruments | |||||
Restricted long-term investments | 454 | 454 | 454 | ||
Restricted long-term investments, cost basis | 501 | 501 | 486 | ||
Level 2 | Debt Securities | |||||
Fair Value of Other Financial Instruments | |||||
Fair value of investments | 281 | 281 | 284 | ||
Fair Value | |||||
Fair Value of Other Financial Instruments | |||||
Restricted long-term investments | 756 | 756 | $ 717 | ||
Unrealized holding gains (losses) | $ 12 | $ 3 | (1) | 37 | |
Net investment hedges | |||||
Fair Value of Other Financial Instruments | |||||
Unrealized foreign exchange gain (loss) on translation of United States dollar denominated debt | (425) | 444 | |||
Realized losses associated with settlement of debt | $ 113 | $ 44 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (in percent) | 27% | 20.60% | 24% | 21% |
OTHER INCOME_(EXPENSE) (Details
OTHER INCOME/(EXPENSE) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Realized foreign currency gain/(loss) | $ (8) | $ 1 | $ 114 | $ 146 |
Unrealized foreign currency gain/(loss) | (213) | 492 | (1,071) | 304 |
Net defined pension and OPEB credit | 48 | 34 | 89 | 67 |
Other | 142 | 48 | 286 | 160 |
Total | $ (31) | $ 575 | $ (582) | $ 677 |