FORM
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10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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|
||||||||
ENBRIDGE INC. | ||||||||
(Exact Name of Registrant as Specified in Its Charter)
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Canada
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98-0377957
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|||||||
(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Shares | ENB | New York Stock Exchange | ||||||||||||
6.375% Fixed-to-Floating Rate Subordinated Notes Series 2018-B due 2078 | ENBA | New York Stock Exchange |
Large accelerated filer
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x |
Accelerated filer
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☐ | |||||||||||
Non-accelerated filer
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☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company
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☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
AOCI | Accumulated other comprehensive income/(loss) | ||||
Army Corps | United States Army Corps of Engineers | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Average Exchange Rate | Canadian to United States dollar average exchange rate | ||||
CER | Canada Energy Regulator | ||||
CPP Investments | Canada Pension Plan Investment Board | ||||
DCP Midstream | DCP Midstream, LLC | ||||
EBITDA | Earnings before interest, income taxes and depreciation and amortization | ||||
EEP | Enbridge Energy Partners, L.P. | ||||
EMF | Éolien Maritime France SAS | ||||
Enbridge | Enbridge Inc. | ||||
Exchange Act | United States Securities Exchange Act of 1934, as amended | ||||
FERC | Federal Energy Regulatory Commission | ||||
IJT | International Joint Tariff | ||||
kbpd | thousands of barrels per day | ||||
MATL | Montana-Alberta Tie Line | ||||
NGL | Natural gas liquids | ||||
SEP | Spectra Energy Partners, LP | ||||
OCI | Other comprehensive income/(loss) | ||||
Texas Eastern | Texas Eastern Transmission, LP | ||||
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | |||||||||||||||||
Operating revenues | |||||||||||||||||
Commodity sales
|
4,595 | 7,396 | 14,920 | 22,444 | |||||||||||||
Transportation and other services
|
4,075 | 3,748 | 11,609 | 12,188 | |||||||||||||
Gas distribution sales
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440 | 454 | 2,550 | 3,085 | |||||||||||||
Total operating revenues (Note 3)
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9,110 | 11,598 | 29,079 | 37,717 | |||||||||||||
Operating expenses | |||||||||||||||||
Commodity costs
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4,443 | 7,216 | 14,464 | 21,910 | |||||||||||||
Gas distribution costs
|
83 | 104 | 1,188 | 1,623 | |||||||||||||
Operating and administrative
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1,554 | 1,741 | 4,955 | 5,061 | |||||||||||||
Depreciation and amortization
|
935 | 844 | 2,766 | 2,526 | |||||||||||||
Impairment of long-lived assets | — | 105 | — | 105 | |||||||||||||
Total operating expenses
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7,015 | 10,010 | 23,373 | 31,225 | |||||||||||||
Operating income | 2,095 | 1,588 | 5,706 | 6,492 | |||||||||||||
Income from equity investments | 315 | 333 | 805 | 1,159 | |||||||||||||
Impairment of equity investments (Note 9)
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(615) | — | (2,351) | — | |||||||||||||
Other income/(expense) | |||||||||||||||||
Net foreign currency gain/(loss)
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173 | (43) | (257) | 311 | |||||||||||||
Other
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85 | 81 | (8) | 192 | |||||||||||||
Interest expense | (718) | (644) | (2,105) | (1,966) | |||||||||||||
Earnings before income taxes | 1,335 | 1,315 | 1,790 | 6,188 | |||||||||||||
Income tax expense (Note 11)
|
(231) | (255) | (273) | (1,275) | |||||||||||||
Earnings | 1,104 | 1,060 | 1,517 | 4,913 | |||||||||||||
Earnings attributable to noncontrolling interests | (20) | (15) | (25) | (50) | |||||||||||||
Earnings attributable to controlling interests | 1,084 | 1,045 | 1,492 | 4,863 | |||||||||||||
Preference share dividends | (94) | (96) | (284) | (287) | |||||||||||||
Earnings attributable to common shareholders
|
990 | 949 | 1,208 | 4,576 | |||||||||||||
Earnings per common share attributable to common shareholders (Note 5)
|
0.49 | 0.47 | 0.60 | 2.27 | |||||||||||||
Diluted earnings per common share attributable to common shareholders (Note 5)
|
0.49 | 0.47 | 0.60 | 2.27 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(unaudited; millions of Canadian dollars) | |||||||||||||||||
Earnings | 1,104 | 1,060 | 1,517 | 4,913 | |||||||||||||
Other comprehensive income/(loss), net of tax | |||||||||||||||||
Change in unrealized gain/(loss) on cash flow hedges | 29 | (170) | (532) | (597) | |||||||||||||
Change in unrealized gain/(loss) on net investment hedges
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154 | (74) | (221) | 147 | |||||||||||||
Other comprehensive income/(loss) from equity investees | (14) | 2 | 6 | 19 | |||||||||||||
Excluded components of fair value hedges
|
(1) | — | 7 | — | |||||||||||||
Reclassification to earnings of loss on cash flow hedges | 58 | 28 | 138 | 74 | |||||||||||||
Reclassification to earnings of pension and other postretirement benefits amounts | 3 | 1 | 10 | 44 | |||||||||||||
Foreign currency translation adjustments | (1,119) | 704 | 1,817 | (1,898) | |||||||||||||
Other comprehensive income/(loss), net of tax | (890) | 491 | 1,225 | (2,211) | |||||||||||||
Comprehensive income | 214 | 1,551 | 2,742 | 2,702 | |||||||||||||
Comprehensive (income)/loss attributable to noncontrolling interests
|
16 | (41) | (79) | 23 | |||||||||||||
Comprehensive income attributable to controlling interests | 230 | 1,510 | 2,663 | 2,725 | |||||||||||||
Preference share dividends | (94) | (96) | (284) | (287) | |||||||||||||
Comprehensive income attributable to common shareholders | 136 | 1,414 | 2,379 | 2,438 |
Three months ended
September 30, |
Nine months ended
September 30, |
|||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | ||||||||||||||
Preference shares (Note 5)
|
||||||||||||||
Balance at beginning and end of period | 7,747 | 7,747 | 7,747 | 7,747 | ||||||||||
Common shares (Note 5)
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||||||||||||||
Balance at beginning of period | 64,763 | 64,732 | 64,746 | 64,677 | ||||||||||
Shares issued on exercise of stock options | 1 | 3 | 18 | 58 | ||||||||||
Balance at end of period | 64,764 | 64,735 | 64,764 | 64,735 | ||||||||||
Additional paid-in capital | ||||||||||||||
Balance at beginning of period | 207 | 194 | 187 | — | ||||||||||
Stock-based compensation | 6 | 7 | 25 | 28 | ||||||||||
Options exercised | (1) | (2) | (19) | (51) | ||||||||||
Change in reciprocal interest | 54 | — | 66 | 109 | ||||||||||
Repurchase of noncontrolling interest | — | — | — | 65 | ||||||||||
Other | (1) | 7 | 6 | 55 | ||||||||||
Balance at end of period | 265 | 206 | 265 | 206 | ||||||||||
Deficit | ||||||||||||||
Balance at beginning of period | (7,797) | (3,392) | (6,314) | (5,538) | ||||||||||
Earnings attributable to controlling interests | 1,084 | 1,045 | 1,492 | 4,863 | ||||||||||
Preference share dividends | (94) | (96) | (284) | (287) | ||||||||||
Dividends paid to reciprocal shareholder | 4 | 5 | 14 | 14 | ||||||||||
Common share dividends declared | (1,640) | (1,493) | (3,281) | (2,993) | ||||||||||
Modified retrospective adoption of ASU 2016-13 Financial Instruments - Credit Losses (Note 2)
|
— | — | (66) | — | ||||||||||
Other | 1 | (1) | (3) | 9 | ||||||||||
Balance at end of period | (8,442) | (3,932) | (8,442) | (3,932) | ||||||||||
Accumulated other comprehensive income/(loss) (Note 8)
|
||||||||||||||
Balance at beginning of period | 1,753 | 124 | (272) | 2,672 | ||||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax
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(854) | 465 | 1,171 | (2,138) | ||||||||||
Other | — | (7) | — | 48 | ||||||||||
Balance at end of period | 899 | 582 | 899 | 582 | ||||||||||
Reciprocal shareholding | ||||||||||||||
Balance at beginning of period | (47) | (51) | (51) | (88) | ||||||||||
Change in reciprocal interest | 18 | — | 22 | 37 | ||||||||||
Balance at end of period | (29) | (51) | (29) | (51) | ||||||||||
Total Enbridge Inc. shareholders’ equity | 65,204 | 69,287 | 65,204 | 69,287 | ||||||||||
Noncontrolling interests | ||||||||||||||
Balance at beginning of period | 3,315 | 3,451 | 3,364 | 3,965 | ||||||||||
Earnings attributable to noncontrolling interests | 20 | 15 | 25 | 50 | ||||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax
|
||||||||||||||
Change in unrealized loss on cash flow hedges | — | (1) | (3) | (6) | ||||||||||
Foreign currency translation adjustments | (36) | 27 | 57 | (67) | ||||||||||
(36) | 26 | 54 | (73) | |||||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | (16) | 41 | 79 | (23) | ||||||||||
Contributions | 1 | 1 | 21 | 10 | ||||||||||
Distributions | (68) | (94) | (232) | (194) | ||||||||||
Repurchase of noncontrolling interest | — | — | — | (65) | ||||||||||
Redemption of preferred shares held by subsidiary | — | — | — | (300) | ||||||||||
Other | (1) | (10) | (1) | (4) | ||||||||||
Balance at end of period | 3,231 | 3,389 | 3,231 | 3,389 | ||||||||||
Total equity | 68,435 | 72,676 | 68,435 | 72,676 | ||||||||||
Dividends paid per common share | 0.810 | 0.738 | 2.430 | 2.214 | ||||||||||
Earnings per common share attributable to common shareholders (Note 5)
|
0.49 | 0.47 | 0.60 | 2.27 | ||||||||||
Diluted earnings per common share attributable to common shareholders (Note 5)
|
0.49 | 0.47 | 0.60 | 2.27 |
Nine months ended
September 30, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
(unaudited; millions of Canadian dollars) | |||||||||||||||||
Operating activities | |||||||||||||||||
Earnings | 1,517 | 4,913 | |||||||||||||||
Adjustments to reconcile earnings to net cash provided by operating activities:
|
|||||||||||||||||
Depreciation and amortization | 2,766 | 2,526 | |||||||||||||||
Deferred income tax (recovery)/expense | (82) | 983 | |||||||||||||||
Changes in unrealized (gain)/loss on derivative instruments, net (Note 10)
|
200 | (1,005) | |||||||||||||||
Earnings from equity investments | (805) | (1,159) | |||||||||||||||
Distributions from equity investments | 1,145 | 1,442 | |||||||||||||||
Impairment of equity investments (Note 9)
|
2,351 | — | |||||||||||||||
Impairment of long-lived assets | — | 105 | |||||||||||||||
Other | 222 | 51 | |||||||||||||||
Changes in operating assets and liabilities | 213 | (451) | |||||||||||||||
Net cash provided by operating activities | 7,527 | 7,405 | |||||||||||||||
Investing activities | |||||||||||||||||
Capital expenditures
|
(3,790) | (3,928) | |||||||||||||||
Long-term investments and restricted long-term investments
|
(413) | (1,018) | |||||||||||||||
Distributions from equity investments in excess of cumulative earnings
|
438 | 285 | |||||||||||||||
Additions to intangible assets | (154) | (136) | |||||||||||||||
Proceeds from dispositions | 265 | — | |||||||||||||||
Loans to affiliates, net | 10 | (232) | |||||||||||||||
Net cash used in investing activities | (3,644) | (5,029) | |||||||||||||||
Financing activities | |||||||||||||||||
Net change in short-term borrowings
|
71 | 245 | |||||||||||||||
Net change in commercial paper and credit facility draws
|
231 | 3,365 | |||||||||||||||
Debenture and term note issues, net of issue costs | 4,834 | 2,553 | |||||||||||||||
Debenture and term note repayments | (3,517) | (2,994) | |||||||||||||||
Contributions from noncontrolling interests | 21 | 10 | |||||||||||||||
Distributions to noncontrolling interests | (232) | (194) | |||||||||||||||
Common shares issued | 3 | 18 | |||||||||||||||
Preference share dividends | (284) | (287) | |||||||||||||||
Common share dividends | (4,920) | (4,480) | |||||||||||||||
Redemption of preferred shares held by subsidiary | — | (300) | |||||||||||||||
Other | (52) | (60) | |||||||||||||||
Net cash used in financing activities | (3,845) | (2,124) | |||||||||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash
|
(22) | (17) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 16 | 235 | |||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 676 | 637 | |||||||||||||||
Cash and cash equivalents and restricted cash at end of period | 692 | 872 |
September 30,
2020 |
December 31,
2019 |
|||||||
(unaudited; millions of Canadian dollars; number of shares in millions) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 657 | 648 | ||||||
Restricted cash | 35 | 28 | ||||||
Accounts receivable and other | 4,333 | 6,781 | ||||||
Accounts receivable from affiliates | 31 | 69 | ||||||
Inventory | 1,368 | 1,299 | ||||||
6,424 | 8,825 | |||||||
Property, plant and equipment, net | 95,990 | 93,723 | ||||||
Long-term investments | 14,513 | 16,528 | ||||||
Restricted long-term investments | 527 | 434 | ||||||
Deferred amounts and other assets | 8,089 | 7,433 | ||||||
Intangible assets, net | 2,122 | 2,173 | ||||||
Goodwill | 33,832 | 33,153 | ||||||
Deferred income taxes | 991 | 1,000 | ||||||
Total assets | 162,488 | 163,269 | ||||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Short-term borrowings | 969 | 898 | ||||||
Accounts payable and other | 6,381 | 10,063 | ||||||
Accounts payable to affiliates | 4 | 21 | ||||||
Interest payable
|
628 | 624 | ||||||
Current portion of long-term debt | 3,616 | 4,404 | ||||||
11,598 | 16,010 | |||||||
Long-term debt | 62,967 | 59,661 | ||||||
Other long-term liabilities | 9,253 | 8,324 | ||||||
Deferred income taxes | 10,235 | 9,867 | ||||||
94,053 | 93,862 | |||||||
Contingencies (Note 13)
|
||||||||
Equity | ||||||||
Share capital | ||||||||
Preference shares | 7,747 | 7,747 | ||||||
Common shares (2,025 outstanding at September 30, 2020 and December 31, 2019)
|
64,764 | 64,746 | ||||||
Additional paid-in capital | 265 | 187 | ||||||
Deficit | (8,442) | (6,314) | ||||||
Accumulated other comprehensive income/(loss) (Note 8)
|
899 | (272) | ||||||
Reciprocal shareholding | (29) | (51) | ||||||
Total Enbridge Inc. shareholders’ equity | 65,204 | 66,043 | ||||||
Noncontrolling interests | 3,231 | 3,364 | ||||||
68,435 | 69,407 | |||||||
Total liabilities and equity | 162,488 | 163,269 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended
September 30, 2020 |
|||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenues | 2,234 | 1,077 | 128 | — | — | — | 3,439 | ||||||||||||||||
Storage and other revenues | 22 | 64 | 51 | — | — | — | 137 | ||||||||||||||||
Gas gathering and processing revenues
|
— | 7 | — | — | — | — | 7 | ||||||||||||||||
Gas distribution revenue | — | — | 448 | — | — | — | 448 | ||||||||||||||||
Electricity and transmission revenues
|
— | — | — | 46 | — | — | 46 | ||||||||||||||||
Total revenue from contracts with customers
|
2,256 | 1,148 | 627 | 46 | — | — | 4,077 | ||||||||||||||||
Commodity sales | — | — | — | — | 4,595 | — | 4,595 | ||||||||||||||||
Other revenues1,2
|
360 | 14 | (8) | 80 | (3) | (5) | 438 | ||||||||||||||||
Intersegment revenues | 157 | — | 2 | — | 4 | (163) | — | ||||||||||||||||
Total revenues | 2,773 | 1,162 | 621 | 126 | 4,596 | (168) | 9,110 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Nine months ended
September 30, 2020 |
|||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenues | 6,815 | 3,458 | 494 | — | — | — | 10,767 | ||||||||||||||||
Storage and other revenues | 72 | 209 | 154 | — | — | — | 435 | ||||||||||||||||
Gas gathering and processing revenues
|
— | 19 | — | — | — | — | 19 | ||||||||||||||||
Gas distribution revenue | — | — | 2,551 | — | — | — | 2,551 | ||||||||||||||||
Electricity and transmission revenues
|
— | — | — | 150 | — | — | 150 | ||||||||||||||||
Total revenue from contracts with customers
|
6,887 | 3,686 | 3,199 | 150 | — | — | 13,922 | ||||||||||||||||
Commodity sales | — | — | — | — | 14,920 | — | 14,920 | ||||||||||||||||
Other revenues1,2
|
(59) | 35 | (1) | 279 | 1 | (18) | 237 | ||||||||||||||||
Intersegment revenues | 424 | 1 | 8 | — | 22 | (455) | — | ||||||||||||||||
Total revenues | 7,252 | 3,722 | 3,206 | 429 | 14,943 | (473) | 29,079 |
Receivables | Contract Assets | Contract Liabilities | |||||||||
(millions of Canadian dollars) | |||||||||||
Balance as at December 31, 2019 | 2,099 | 216 | 1,424 | ||||||||
Balance as at September 30, 2020 | 1,499 | 236 | 1,691 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Consolidated | |||||||||||||||
Three months ended
September 30, 2019 |
||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenues from products transferred at a point in time
|
— | — | 17 | — | — | 17 | ||||||||||||||
Revenues from products and services transferred over time1
|
2,336 | 1,240 | 636 | 46 | — | 4,258 | ||||||||||||||
Total revenue from contracts with customers
|
2,336 | 1,240 | 653 | 46 | — | 4,275 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Consolidated | |||||||||||||||
Nine months ended
September 30, 2020 |
||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenues from products transferred at a point in time
|
— | — | 45 | — | — | 45 | ||||||||||||||
Revenues from products and services transferred over time1
|
6,887 | 3,686 | 3,154 | 150 | — | 13,877 | ||||||||||||||
Total revenue from contracts with customers
|
6,887 | 3,686 | 3,199 | 150 | — | 13,922 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended
September 30, 2020 |
|||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues | 2,773 | 1,162 | 621 | 126 | 4,596 | (168) | 9,110 | ||||||||||||||||
Commodity and gas distribution costs
|
(5) | — | (87) | — | (4,613) | 179 | (4,526) | ||||||||||||||||
Operating and administrative | (811) | (432) | (243) | (57) | (15) | 4 | (1,554) | ||||||||||||||||
Income/(loss) from equity investments
|
118 | 191 | (13) | 22 | (3) | — | 315 | ||||||||||||||||
Impairment of equity investments | — | (615) | — | — | — | — | (615) | ||||||||||||||||
Other income | 15 | 28 | 20 | 2 | 1 | 192 | 258 | ||||||||||||||||
Earnings/(loss) before interest, income taxes, and depreciation and amortization
|
2,090 | 334 | 298 | 93 | (34) | 207 | 2,988 | ||||||||||||||||
Depreciation and amortization | (935) | ||||||||||||||||||||||
Interest expense | (718) | ||||||||||||||||||||||
Income tax expense | (231) | ||||||||||||||||||||||
Earnings | 1,104 | ||||||||||||||||||||||
Capital expenditures1
|
442 | 642 | 339 | 11 | 1 | 22 | 1,457 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Three months ended
September 30, 2019 |
|||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues | 2,268 | 1,264 | 635 | 128 | 7,403 | (100) | 11,598 | ||||||||||||||||
Commodity and gas distribution costs
|
(12) | — | (132) | — | (7,287) | 111 | (7,320) | ||||||||||||||||
Operating and administrative | (815) | (550) | (267) | (55) | (19) | (35) | (1,741) | ||||||||||||||||
Impairment of long-lived assets | — | (105) | — | — | — | — | (105) | ||||||||||||||||
Income/(loss) from equity investments | 205 | 135 | (11) | 5 | — | (1) | 333 | ||||||||||||||||
Other income/(expense) | — | 28 | 27 | 4 | (6) | (15) | 38 | ||||||||||||||||
Earnings/(loss) before interest, income taxes, and depreciation and amortization | 1,646 | 772 | 252 | 82 | 91 | (40) | 2,803 | ||||||||||||||||
Depreciation and amortization | (844) | ||||||||||||||||||||||
Interest expense | (644) | ||||||||||||||||||||||
Income tax expense | (255) | ||||||||||||||||||||||
Earnings | 1,060 | ||||||||||||||||||||||
Capital expenditures1
|
442 | 436 | 247 | 2 | — | 32 | 1,159 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Nine months ended
September 30, 2019 |
|||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues | 7,495 | 3,870 | 3,803 | 417 | 22,494 | (362) | 37,717 | ||||||||||||||||
Commodity and gas distribution costs
|
(25) | — | (1,740) | (2) | (22,125) | 359 | (23,533) | ||||||||||||||||
Operating and administrative | (2,392) | (1,626) | (829) | (137) | (53) | (24) | (5,061) | ||||||||||||||||
Impairment of long-lived assets | — | (105) | — | — | — | — | (105) | ||||||||||||||||
Income from equity investments
|
606 | 525 | 2 | 23 | 3 | — | 1,159 | ||||||||||||||||
Other income/(expense) | 26 | 69 | 68 | (1) | (1) | 342 | 503 | ||||||||||||||||
Earnings before interest, income taxes, and depreciation and amortization
|
5,710 | 2,733 | 1,304 | 300 | 318 | 315 | 10,680 | ||||||||||||||||
Depreciation and amortization | (2,526) | ||||||||||||||||||||||
Interest expense | (1,966) | ||||||||||||||||||||||
Income tax expense | (1,275) | ||||||||||||||||||||||
Earnings | 4,913 | ||||||||||||||||||||||
Capital expenditures1
|
1,984 | 1,254 | 643 | 18 | 2 | 71 | 3,972 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(number of common shares in millions) | |||||||||||||||||
Weighted average shares outstanding | 2,021 | 2,018 | 2,020 | 2,017 | |||||||||||||
Effect of dilutive options | — | 2 | 1 | 3 | |||||||||||||
Diluted weighted average shares outstanding | 2,021 | 2,020 | 2,021 | 2,020 |
Dividend per share | |||||
Common Shares1
|
$0.81000 | ||||
Preference Shares, Series A | $0.34375 | ||||
Preference Shares, Series B | $0.21340 | ||||
Preference Shares, Series C2
|
$0.15975 | ||||
Preference Shares, Series D | $0.27875 | ||||
Preference Shares, Series F | $0.29306 | ||||
Preference Shares, Series H | $0.27350 | ||||
Preference Shares, Series J | US$0.30540 | ||||
Preference Shares, Series L | US$0.30993 | ||||
Preference Shares, Series N | $0.31788 | ||||
Preference Shares, Series P | $0.27369 | ||||
Preference Shares, Series R | $0.25456 | ||||
Preference Shares, Series 1 | US$0.37182 | ||||
Preference Shares, Series 3 | $0.23356 | ||||
Preference Shares, Series 5 | US$0.33596 | ||||
Preference Shares, Series 7 | $0.27806 | ||||
Preference Shares, Series 9 | $0.25606 | ||||
Preference Shares, Series 113
|
$0.24613 | ||||
Preference Shares, Series 134
|
$0.19019 | ||||
Preference Shares, Series 155
|
$0.18644 | ||||
Preference Shares, Series 17 | $0.32188 | ||||
Preference Shares, Series 19 | $0.30625 |
Maturity |
Total
Facilities |
Draws1
|
Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2021-2024 | 11,980 | 6,420 | 5,560 | ||||||||||
Enbridge (U.S.) Inc. | 2022-2024 | 7,347 | 995 | 6,352 | ||||||||||
Enbridge Pipelines Inc. |
20222
|
3,000 | 1,938 | 1,062 | ||||||||||
Enbridge Gas Inc. |
20222
|
2,000 | 969 | 1,031 | ||||||||||
Total committed credit facilities | 24,327 | 10,322 | 14,005 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars, unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
February 2020 | Floating rate notes | US$750 | ||||||||||||
May 2020 | 3.20% medium-term notes | $750 | ||||||||||||
May 2020 | 2.44% medium-term notes | $550 | ||||||||||||
July 2020 | Fixed-to-fixed subordinated term notes | US$1,000 | ||||||||||||
Enbridge Gas Inc. | ||||||||||||||
April 2020 | 2.90% medium-term notes | $600 | ||||||||||||
April 2020 | 3.65% medium-term notes | $600 |
Company | Repayment Date | Principal Amount | |||||||||||||||
(millions of Canadian dollars, unless otherwise stated) | |||||||||||||||||
Enbridge Inc. | |||||||||||||||||
January 2020 | Floating rate notes | US$700 | |||||||||||||||
March 2020 | 4.53% medium-term notes | $500 | |||||||||||||||
June 2020 | Floating rate notes | US$500 | |||||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | |||||||||||||||||
June 2020 | 3.98% senior notes | US$26 | |||||||||||||||
Enbridge Pipelines Inc. | |||||||||||||||||
April 2020 | 4.45% medium-term notes | $350 | |||||||||||||||
Enbridge Southern Lights LP | |||||||||||||||||
June 2020 | 4.01% senior notes | $7 | |||||||||||||||
Spectra Energy Partners, LP | |||||||||||||||||
January 2020 | 6.09% senior secured notes | US$111 | |||||||||||||||
June 2020 | Floating rate notes | US$400 | |||||||||||||||
Westcoast Energy Inc. | |||||||||||||||||
January 2020 | 9.90% debentures | $100 | |||||||||||||||
July 2020 | 4.57% medium-term notes | $250 |
Cash Flow
Hedges |
Excluded Components of Fair Value Hedges |
Net
Investment Hedges |
Cumulative
Translation Adjustment |
Equity
Investees |
Pension and
OPEB Adjustment |
Total | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Balance as at January 1, 2020 | (1,073) | — | (317) | 1,396 | 67 | (345) | (272) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI
|
(696) | 7 | (228) | 1,760 | 8 | — | 851 | ||||||||||||||||
Other comprehensive (income)/loss reclassified to earnings | |||||||||||||||||||||||
Interest rate contracts1
|
179 | — | — | — | — | — | 179 | ||||||||||||||||
Commodity contracts2
|
(1) | — | — | — | — | — | (1) | ||||||||||||||||
Foreign exchange contracts3
|
3 | — | — | — | — | — | 3 | ||||||||||||||||
Other contracts4
|
(1) | — | — | — | — | — | (1) | ||||||||||||||||
Amortization of pension and other postretirement benefits (OPEB) actuarial loss and prior service costs5
|
— | — | — | — | — | 13 | 13 | ||||||||||||||||
(516) | 7 | (228) | 1,760 | 8 | 13 | 1,044 | |||||||||||||||||
Tax impact |
|
||||||||||||||||||||||
Income tax on amounts retained in AOCI | 167 | — | 7 | — | (2) | — | 172 | ||||||||||||||||
Income tax on amounts reclassified to earnings | (42) | — | — | — | — | (3) | (45) | ||||||||||||||||
125 | — | 7 | — | (2) | (3) | 127 | |||||||||||||||||
Balance as at September 30, 2020 | (1,464) | 7 | (538) | 3,156 | 73 | (335) | 899 |
Cash Flow
Hedges |
Net
Investment Hedges |
Cumulative
Translation Adjustment |
Equity
Investees |
Pension and
OPEB Adjustment |
Total | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Balance as at January 1, 2019 | (770) | (598) | 4,323 | 34 | (317) | 2,672 | ||||||||||||||
Other comprehensive income/(loss) retained in AOCI
|
(845) | 167 | (1,831) | 26 | — | (2,483) | ||||||||||||||
Other comprehensive (income)/loss reclassified to earnings
|
||||||||||||||||||||
Interest rate contracts1
|
108 | — | — | — | — | 108 | ||||||||||||||
Foreign exchange contracts3
|
4 | — | — | — | — | 4 | ||||||||||||||
Other contracts4
|
(4) | — | — | — | — | (4) | ||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs5
|
— | — | — | — | 59 | 59 | ||||||||||||||
(737) | 167 | (1,831) | 26 | 59 | (2,316) | |||||||||||||||
Tax impact | ||||||||||||||||||||
Income tax on amounts retained in AOCI | 254 | (20) | — | (7) | — | 227 | ||||||||||||||
Income tax on amounts reclassified to earnings | (34) | — | — | — | (15) | (49) | ||||||||||||||
220 | (20) | — | (7) | (15) | 178 | |||||||||||||||
Other | — | — | — | (7) | 55 | 48 | ||||||||||||||
Balance as at September 30, 2019 | (1,287) | (451) | 2,492 | 46 | (218) | 582 |
September 30, 2020 |
Derivative
Instruments Used as Cash Flow Hedges |
Derivative
Instruments Used as Net Investment Hedges |
Derivative Instruments Used as Fair Value Hedges |
Non-
Qualifying Derivative Instruments |
Total Gross
Derivative Instruments as Presented |
Amounts
Available for Offset |
Total Net
Derivative Instruments |
|||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||||||||
Accounts receivable and other | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | 4 | 52 | 56 | (23) | 33 | |||||||||||||||||||
Commodity contracts | 1 | — | — | 158 | 159 | (82) | 77 | |||||||||||||||||||
1 | — | 4 | 210 | 215 |
1
|
(105) | 110 | |||||||||||||||||||
Deferred amounts and other assets | ||||||||||||||||||||||||||
Foreign exchange contracts | 19 | — | 23 | 184 | 226 | (111) | 115 | |||||||||||||||||||
Interest rate contracts | 8 | — | — | — | 8 | (3) | 5 | |||||||||||||||||||
Commodity contracts | 2 | — | — | 64 | 66 | (29) | 37 | |||||||||||||||||||
29 | — | 23 | 248 | 300 | (143) | 157 | ||||||||||||||||||||
Accounts payable and other | ||||||||||||||||||||||||||
Foreign exchange contracts | (5) | — | (2) | (376) | (383) | 23 | (360) | |||||||||||||||||||
Interest rate contracts | (167) | — | — | (5) | (172) | — | (172) | |||||||||||||||||||
Commodity contracts | — | — | — | (160) | (160) | 82 | (78) | |||||||||||||||||||
Other contracts | — | — | — | (2) | (2) | — | (2) | |||||||||||||||||||
(172) | — | (2) | (543) | (717) |
2
|
105 | (612) | |||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | — | (1,140) | (1,140) | 111 | (1,029) | |||||||||||||||||||
Interest rate contracts | (566) | — | — | (23) | (589) | 3 | (586) | |||||||||||||||||||
Commodity contracts | — | — | — | (80) | (80) | 29 | (51) | |||||||||||||||||||
Other contracts | (4) | — | — | (5) | (9) | — | (9) | |||||||||||||||||||
(570) | — | — | (1,248) | (1,818) | 143 | (1,675) | ||||||||||||||||||||
Total net derivative assets/(liabilities) | ||||||||||||||||||||||||||
Foreign exchange contracts | 14 | — | 25 | (1,280) | (1,241) | — | (1,241) | |||||||||||||||||||
Interest rate contracts | (725) | — | — | (28) | (753) | — | (753) | |||||||||||||||||||
Commodity contracts | 3 | — | — | (18) | (15) | — | (15) | |||||||||||||||||||
Other contracts | (4) | — | — | (7) | (11) | — | (11) | |||||||||||||||||||
(712) | — | 25 | (1,333) | (2,020) | — | (2,020) |
December 31, 2019 |
Derivative
Instruments Used as Cash Flow Hedges |
Derivative
Instruments Used as Net Investment Hedges |
Non-
Qualifying Derivative Instruments |
Total Gross
Derivative Instruments as Presented |
Amounts
Available for Offset |
Total Net
Derivative Instruments |
|||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Accounts receivable and other | |||||||||||||||||||||||
Foreign exchange contracts | — | — | 161 | 161 | (78) | 83 | |||||||||||||||||
Commodity contracts | — | — | 163 | 163 | (47) | 116 | |||||||||||||||||
Other contracts | 1 | — | 3 | 4 | — | 4 | |||||||||||||||||
1 | — | 327 | 328 |
1
|
(125) | 203 | |||||||||||||||||
Deferred amounts and other assets | |||||||||||||||||||||||
Foreign exchange contracts | 10 | — | 71 | 81 | (42) | 39 | |||||||||||||||||
Commodity contracts | — | — | 17 | 17 | (2) | 15 | |||||||||||||||||
Other contracts | 2 | — | 1 | 3 | — | 3 | |||||||||||||||||
12 | — | 89 | 101 | (44) | 57 | ||||||||||||||||||
Accounts payable and other | |||||||||||||||||||||||
Foreign exchange contracts | (5) | (13) | (392) | (410) | 78 | (332) | |||||||||||||||||
Interest rate contracts | (353) | — | — | (353) | — | (353) | |||||||||||||||||
Commodity contracts | — | — | (173) | (173) | 47 | (126) | |||||||||||||||||
(358) | (13) | (565) | (936) |
2
|
125 | (811) | |||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||
Foreign exchange contracts | — | — | (934) | (934) | 42 | (892) | |||||||||||||||||
Interest rate contracts | (181) | — | — | (181) | — | (181) | |||||||||||||||||
Commodity contracts | (5) | — | (60) | (65) | 2 | (63) | |||||||||||||||||
(186) | — | (994) | (1,180) | 44 | (1,136) | ||||||||||||||||||
Total net derivative assets/(liabilities) | |||||||||||||||||||||||
Foreign exchange contracts | 5 | (13) | (1,094) | (1,102) | — | (1,102) | |||||||||||||||||
Interest rate contracts | (534) | — | — | (534) | — | (534) | |||||||||||||||||
Commodity contracts | (5) | — | (53) | (58) | — | (58) | |||||||||||||||||
Other contracts | 3 | — | 4 | 7 | — | 7 | |||||||||||||||||
(531) | (13) | (1,143) | (1,687) | — | (1,687) |
September 30, 2020 | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||||||||||||||||
Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars)
|
1,117 | 500 | 1,750 | — | — | — | 3,367 | ||||||||||||||||||||||||||||
Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars)
|
1,593 | 5,631 | 5,703 | 3,784 | 1,856 | — | 18,567 | ||||||||||||||||||||||||||||
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP)
|
70 | 27 | 28 | 29 | 30 | 90 | 274 | ||||||||||||||||||||||||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro)
|
23 | 94 | 94 | 92 | 91 | 514 | 908 | ||||||||||||||||||||||||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen)
|
— | — | 72,500 | — | — | — | 72,500 | ||||||||||||||||||||||||||||
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars)
|
1,265 | 4,129 | 407 | 48 | 35 | 121 | 6,005 | ||||||||||||||||||||||||||||
Interest rate contracts - long-term debt pay fixed rate (millions of Canadian dollars)
|
508 | 1,584 | 2,035 | 1,368 | — | — | 5,495 | ||||||||||||||||||||||||||||
Equity contracts (millions of Canadian dollars)
|
19 | 44 | 7 | 11 | — | — | 81 | ||||||||||||||||||||||||||||
Commodity contracts - natural gas (billions of cubic feet)3
|
25 | 60 | 31 | 18 | 10 | 10 | 154 | ||||||||||||||||||||||||||||
Commodity contracts - crude oil (millions of barrels)3
|
4 | 12 | 1 | — | — | — | 17 | ||||||||||||||||||||||||||||
Commodity contracts - power (megawatt per hour) (MW/H)
|
65 | (3) | (43) | (43) | (43) | (43) |
1
|
(30) |
2
|
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Unrealized gain/(loss) on derivative | (60) | — | 25 | — | |||||||||||||
Unrealized gain/(loss) on hedged item | 59 | — | (6) | — | |||||||||||||
Realized loss on derivative | — | — | (12) | — |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Amount of unrealized gain/(loss) recognized in OCI
|
|||||||||||||||||
Cash flow hedges
|
|||||||||||||||||
Foreign exchange contracts
|
— | 2 | 6 | (11) | |||||||||||||
Interest rate contracts
|
41 | (231) | (709) | (812) | |||||||||||||
Commodity contracts
|
(1) | (1) | 8 | (22) | |||||||||||||
Other contracts
|
— | 1 | (6) | 6 | |||||||||||||
Fair value hedges
|
|||||||||||||||||
Foreign exchange contracts
|
(1) | — | 7 | — | |||||||||||||
Net investment hedges
|
|||||||||||||||||
Foreign exchange contracts
|
17 | (1) | 13 | 1 | |||||||||||||
56 | (230) | (681) | (838) | ||||||||||||||
Amount of (gain)/loss reclassified from AOCI to earnings
|
|||||||||||||||||
Foreign exchange contracts1
|
1 | 2 | 3 | 4 | |||||||||||||
Interest rate contracts2
|
76 | 36 | 179 | 108 | |||||||||||||
Commodity contracts
|
(1) | — | (1) | — | |||||||||||||
Other contracts3
|
(1) | (1) | (1) | (4) | |||||||||||||
|
75 | 37 | 180 | 108 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Foreign exchange contracts1
|
571 | (179) | (186) | 849 | |||||||||||||
Interest rate contracts2
|
(13) | — | (28) | 178 | |||||||||||||
Commodity contracts3
|
69 | 73 | 25 | (26) | |||||||||||||
Other contracts4
|
(3) | (1) | (11) | 4 | |||||||||||||
Total unrealized derivative fair value gain/(loss), net
|
624 | (107) | (200) | 1,005 |
September 30,
2020 |
December 31,
2019 |
|||||||
(millions of Canadian dollars) | ||||||||
Canadian financial institutions | 190 | 146 | ||||||
United States financial institutions | 79 | 40 | ||||||
European financial institutions | 25 | 3 | ||||||
Asian financial institutions | 91 | 92 | ||||||
Other1
|
114 | 113 | ||||||
499 | 394 |
September 30, 2020 | Level 1 | Level 2 | Level 3 |
Total Gross
Derivative Instruments |
||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets
|
||||||||||||||
Foreign exchange contracts
|
— | 56 | — | 56 | ||||||||||
Commodity contracts
|
16 | 47 | 96 | 159 | ||||||||||
16 | 103 | 96 | 215 | |||||||||||
Long-term derivative assets | ||||||||||||||
Foreign exchange contracts
|
— | 226 | — | 226 | ||||||||||
Interest rate contracts | — | 8 | — | 8 | ||||||||||
Commodity contracts
|
13 | 47 | 6 | 66 | ||||||||||
13 | 281 | 6 | 300 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities
|
||||||||||||||
Foreign exchange contracts
|
— | (383) | — | (383) | ||||||||||
Interest rate contracts
|
— | (172) | — | (172) | ||||||||||
Commodity contracts
|
(16) | (28) | (116) | (160) | ||||||||||
Other contracts
|
— | (2) | — | (2) | ||||||||||
(16) | (585) | (116) | (717) | |||||||||||
Long-term derivative liabilities | ||||||||||||||
Foreign exchange contracts
|
— | (1,140) | — | (1,140) | ||||||||||
Interest rate contracts
|
— | (589) | — | (589) | ||||||||||
Commodity contracts
|
(11) | (19) | (50) | (80) | ||||||||||
Other contracts
|
— | (9) | — | (9) | ||||||||||
|
(11) | (1,757) | (50) | (1,818) | ||||||||||
Total net financial assets/(liabilities) | ||||||||||||||
Foreign exchange contracts
|
— | (1,241) | — | (1,241) | ||||||||||
Interest rate contracts
|
— | (753) | — | (753) | ||||||||||
Commodity contracts
|
2 | 47 | (64) | (15) | ||||||||||
Other contracts
|
— | (11) | — | (11) | ||||||||||
2 | (1,958) | (64) | (2,020) |
December 31, 2019 | Level 1 | Level 2 | Level 3 |
Total Gross
Derivative Instruments |
||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets
|
||||||||||||||
Foreign exchange contracts
|
— | 161 | — | 161 | ||||||||||
Interest rate contracts
|
— | 33 | 130 | 163 | ||||||||||
Commodity contracts
|
— | 4 | — | 4 | ||||||||||
— | 198 | 130 | 328 | |||||||||||
Long-term derivative assets | ||||||||||||||
Foreign exchange contracts
|
— | 81 | — | 81 | ||||||||||
Commodity contracts
|
— | 12 | 5 | 17 | ||||||||||
Other contracts
|
— | 3 | — | 3 | ||||||||||
— | 96 | 5 | 101 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities
|
||||||||||||||
Foreign exchange contracts
|
— | (410) | — | (410) | ||||||||||
Interest rate contracts
|
— | (353) | — | (353) | ||||||||||
Commodity contracts
|
(5) | (23) | (145) | (173) | ||||||||||
(5) | (786) | (145) | (936) | |||||||||||
Long-term derivative liabilities | ||||||||||||||
Foreign exchange contracts
|
— | (934) | — | (934) | ||||||||||
Interest rate contracts
|
— | (181) | — | (181) | ||||||||||
Commodity contracts
|
— | (6) | (59) | (65) | ||||||||||
— | (1,121) | (59) | (1,180) | |||||||||||
Total net financial assets/(liabilities) | ||||||||||||||
Foreign exchange contracts
|
— | (1,102) | — | (1,102) | ||||||||||
Interest rate contracts
|
— | (534) | — | (534) | ||||||||||
Commodity contracts
|
(5) | 16 | (69) | (58) | ||||||||||
Other contracts
|
— | 7 | — | 7 | ||||||||||
(5) | (1,613) | (69) | (1,687) | |||||||||||
September 30, 2020 |
Fair
Value |
Unobservable
Input |
Minimum
Price |
Maximum
Price |
Weighted
Average Price |
Unit of
Measurement |
||||||||||||||
(fair value in millions of Canadian dollars) | ||||||||||||||||||||
Commodity contracts - financial1
|
||||||||||||||||||||
Natural gas
|
(5) | Forward gas price | 2.00 | 5.51 | 3.53 |
$/mmbtu2
|
||||||||||||||
Crude
|
13 | Forward crude price | 24.11 | 54.70 | 39.72 | $/barrel | ||||||||||||||
Power
|
(49) | Forward power price | 21.76 | 65.93 | 53.79 | $/MW/H | ||||||||||||||
Commodity contracts - physical1
|
||||||||||||||||||||
Natural gas
|
4 | Forward gas price | 1.04 | 6.77 | 3.52 |
$/mmbtu2
|
||||||||||||||
Crude
|
(29) | Forward crude price | 35.01 | 57.60 | 42.50 | $/barrel | ||||||||||||||
NGL
|
2 | Forward NGL price | 0.26 | 1.32 | 0.61 | $/gallon | ||||||||||||||
(64) |
Nine months ended
September 30, |
||||||||
2020 | 2019 | |||||||
(millions of Canadian dollars) | ||||||||
Level 3 net derivative liability at beginning of period | (69) | (11) | ||||||
Total gain/(loss) unrealized | ||||||||
Included in earnings1
|
(40) | 67 | ||||||
Included in OCI
|
7 | (22) | ||||||
Settlements | 38 | (98) | ||||||
Level 3 net derivative liability at end of period | (64) | (64) |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Service cost | 50 | 50 | 150 | 152 | |||||||||||||
Interest cost | 44 | 51 | 131 | 152 | |||||||||||||
Expected return on plan assets | (90) | (84) | (270) | (252) | |||||||||||||
Amortization of actuarial loss and prior service costs | 9 | 7 | 28 | 22 | |||||||||||||
Net periodic benefit costs
|
13 | 24 | 39 | 74 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||||||||
Segment earnings/(loss) before interest, income taxes and depreciation and amortization
|
|||||||||||||||||
Liquids Pipelines
|
2,090 | 1,646 | 5,280 | 5,710 | |||||||||||||
Gas Transmission and Midstream
|
334 | 772 | 230 | 2,733 | |||||||||||||
Gas Distribution and Storage
|
298 | 252 | 1,285 | 1,304 | |||||||||||||
Renewable Power Generation
|
93 | 82 | 376 | 300 | |||||||||||||
Energy Services
|
(34) | 91 | (12) | 318 | |||||||||||||
Eliminations and Other
|
207 | (40) | (498) | 315 | |||||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
2,988 | 2,803 | 6,661 | 10,680 | |||||||||||||
Depreciation and amortization
|
(935) | (844) | (2,766) | (2,526) | |||||||||||||
Interest expense
|
(718) | (644) | (2,105) | (1,966) | |||||||||||||
Income tax expense
|
(231) | (255) | (273) | (1,275) | |||||||||||||
Earnings attributable to noncontrolling interests | (20) | (15) | (25) | (50) | |||||||||||||
Preference share dividends
|
(94) | (96) | (284) | (287) | |||||||||||||
Earnings attributable to common shareholders | 990 | 949 | 1,208 | 4,576 | |||||||||||||
Earnings per common share attributable to common shareholders | 0.49 | 0.47 | 0.60 | 2.27 | |||||||||||||
Diluted earnings per common share attributable to common shareholders
|
0.49 | 0.47 | 0.60 | 2.27 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
2,090 | 1,646 | 5,280 | 5,710 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization | 334 | 772 | 230 | 2,733 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
298 | 252 | 1,285 | 1,304 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
93 | 82 | 376 | 300 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization | (34) | 91 | (12) | 318 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization
|
207 | (40) | (498) | 315 |
Maturity
Dates |
Total
Facilities |
Draws1
|
Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2021-2024 | 11,980 | 6,420 | 5,560 | ||||||||||
Enbridge (U.S.) Inc. | 2022-2024 | 7,347 | 995 | 6,352 | ||||||||||
Enbridge Pipelines Inc. |
20222
|
3,000 | 1,938 | 1,062 | ||||||||||
Enbridge Gas Inc. |
20222
|
2,000 | 969 | 1,031 | ||||||||||
Total committed credit facilities | 24,327 | 10,322 | 14,005 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars, unless otherwise stated) | ||||||||||||||
Enbridge Inc. | ||||||||||||||
February 2020 | Floating rate notes | US$750 | ||||||||||||
May 2020 | 3.20% medium-term notes | $750 | ||||||||||||
May 2020 | 2.44% medium-term notes | $550 | ||||||||||||
July 2020 | Fixed-to-fixed subordinated term notes | US$1,000 | ||||||||||||
Enbridge Gas Inc. | ||||||||||||||
April 2020 | 2.90% medium-term notes | $600 | ||||||||||||
April 2020 | 3.65% medium-term notes | $600 |
Company | Repayment Date | Principal Amount | |||||||||||||||
(millions of Canadian dollars, unless otherwise stated) | |||||||||||||||||
Enbridge Inc. | |||||||||||||||||
January 2020 | Floating rate notes | US$700 | |||||||||||||||
March 2020 | 4.53% medium-term notes | $500 | |||||||||||||||
June 2020 | Floating rate notes | US$500 | |||||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | |||||||||||||||||
June 2020 | 3.98% senior notes | US$26 | |||||||||||||||
Enbridge Pipelines Inc. | |||||||||||||||||
April 2020 | 4.45% medium-term notes | $350 | |||||||||||||||
Enbridge Southern Lights LP | |||||||||||||||||
June 2020 | 4.01% senior notes | $7 | |||||||||||||||
Spectra Energy Partners, LP | |||||||||||||||||
January 2020 | 6.09% senior secured notes | US$111 | |||||||||||||||
June 2020 | Floating rate notes | US$400 | |||||||||||||||
Westcoast Energy Inc. | |||||||||||||||||
January 2020 | 9.90% debentures | $100 | |||||||||||||||
July 2020 | 4.57% medium-term notes | $250 |
Nine months ended
September 30, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Operating activities | 7,527 | 7,405 | |||||||||||||||
Investing activities | (3,644) | (5,029) | |||||||||||||||
Financing activities | (3,845) | (2,124) | |||||||||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash
|
(22) | (17) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 16 | 235 |
SEP Notes1
|
EEP Notes2
|
||||
4.600% Senior Notes due 2021 | 4.200% Notes due 2021 | ||||
4.750% Senior Notes due 2024 | 5.875% Notes due 2025 | ||||
3.500% Senior Notes due 2025 | 5.950% Notes due 2033 | ||||
3.375% Senior Notes due 2026 | 6.300% Notes due 2034 | ||||
5.950% Senior Notes due 2043 | 7.500% Notes due 2038 | ||||
4.500% Senior Notes due 2045 | 5.500% Notes due 2040 | ||||
7.375% Notes due 2045 |
USD Denominated1
|
CAD Denominated2
|
||||
Floating Rate Note due 2022 | 4.850% Senior Notes due 2020 | ||||
2.900% Senior Notes due 2022 | 4.260% Senior Notes due 2021 | ||||
4.000% Senior Notes due 2023 | 3.160% Senior Notes due 2021 | ||||
3.500% Senior Notes due 2024 | 4.850% Senior Notes due 2022 | ||||
2.500% Senior Notes due 2025 | 3.190% Senior Notes due 2022 | ||||
4.250% Senior Notes due 2026 | 3.190% Senior Notes due 2022 | ||||
3.700% Senior Notes due 2027 | 3.940% Senior Notes due 2023 | ||||
3.125% Senior Notes due 2029 | 3.940% Senior Notes due 2023 | ||||
4.500% Senior Notes due 2044 | 3.950% Senior Notes due 2024 | ||||
5.500% Senior Notes due 2046 | 2.440% Senior Notes due 2025 | ||||
4.000% Senior Notes due 2049 | 3.200% Senior Notes due 2027 | ||||
3.200% Senior Notes due 2027 | |||||
6.100% Senior Notes due 2028 | |||||
2.990% Senior Notes due 2029 | |||||
7.220% Senior Notes due 2030 | |||||
7.200% Senior Notes due 2032 | |||||
5.570% Senior Notes due 2035 | |||||
5.750% Senior Notes due 2039 | |||||
5.120% Senior Notes due 2040 | |||||
4.240% Senior Notes due 2042 | |||||
4.240% Senior Notes due 2042 | |||||
4.570% Senior Notes due 2044 | |||||
4.570% Senior Notes due 2044 | |||||
4.870% Senior Notes due 2044 | |||||
4.560% Senior Notes due 2064 |
Nine months ended September 30, 2020 | ||||||||
(millions of Canadian dollars) | ||||||||
Operating loss | (70) | |||||||
Earnings | 956 | |||||||
Earnings attributable to common shareholders
|
672 |
September 30, 2020 | December 31, 2019 | |||||||||||||
(millions of Canadian dollars) | ||||||||||||||
Accounts receivable from affiliates | 811 | 741 | ||||||||||||
Short-term loans receivable from affiliates | 5,107 | 5,652 | ||||||||||||
Other current assets | 278 | 487 | ||||||||||||
Long-term loans receivable from affiliates | 50,790 | 49,745 | ||||||||||||
Other long-term assets | 4,631 | 4,615 | ||||||||||||
Accounts payable to affiliates | 1,574 | 1,171 | ||||||||||||
Short-term loans payable to affiliates | 4,710 | 4,416 | ||||||||||||
Other current liabilities | 3,861 | 5,854 | ||||||||||||
Long-term loans payable to affiliates | 37,233 | 36,798 | ||||||||||||
Other long-term liabilities | 40,718 | 37,094 |
Exhibit No. | Description | |||||||
101.INS* | XBRL Instance Document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101) |
ENBRIDGE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | November 6, 2020 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
|
|||||||||||
Date: | November 6, 2020 | By: | /s/ Colin K. Gruending | ||||||||
Colin K. Gruending
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: | November 6, 2020 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
Enbridge Inc.
|
Date: | November 6, 2020 | By: | /s/ Colin K. Gruending | ||||||||
Colin K. Gruending
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Enbridge Inc.
|
Date: | November 6, 2020 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
Enbridge Inc.
|
Date: | November 6, 2020 | By: | /s/ Colin K. Gruending | ||||||||
Colin K. Gruending
Executive Vice President and Chief Financial Officer (Principal Financial Officer) Enbridge Inc. |