☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Canada
|
98-0377957
|
|||||||
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
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
|
☒ | Accelerated Filer | ☐ | |||||||||||
Non-Accelerated Filer | ☐ | Smaller reporting company |
☐
|
|||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Signatures
|
AFUDC | Allowance for funds used during construction | |||||||
AOCI | Accumulated other comprehensive income/(loss) | |||||||
ARO | Asset retirement obligations | |||||||
ASU | Accounting Standards Update | |||||||
BC | British Columbia | |||||||
bcf/d | Billion cubic feet per day | |||||||
bpd | Barrels per day | |||||||
CER | Canada Energy Regulator, created by the Canadian Energy Regulator Act which also repealed the National Energy Board Act, on August 28, 2019 | |||||||
CPP Investments | Canada Pension Plan Investment Board | |||||||
CTS | Competitive Toll Settlement | |||||||
DAPL | Dakota Access Pipeline | |||||||
Dawn |
An extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub
|
|||||||
DCP Midstream | DCP Midstream, LLC | |||||||
EBITDA | Earnings before interest, income taxes and depreciation and amortization | |||||||
EEM | Enbridge Energy Management, L.L.C. | |||||||
EEP | Enbridge Energy Partners, L.P. | |||||||
EGD | Enbridge Gas Distribution Inc. | |||||||
EIS | Environmental Impact Statement | |||||||
Enbridge | Enbridge Inc. | |||||||
Enbridge Gas | Enbridge Gas Inc. | |||||||
ENF | Enbridge Income Fund Holdings Inc. | |||||||
ESG | Environment, Social and Governance | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Flanagan South | Flanagan South Pipeline | |||||||
GHG | Greenhouse gas | |||||||
ISO | Incentive Stock Options | |||||||
kbpd | Thousand barrels per day | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LMCI | Land Matters Consultation Initiative | |||||||
LNG | Liquefied natural gas | |||||||
MATL | Montana-Alberta Tie-Line | |||||||
MD&A | Management’s Discussion and Analysis | |||||||
Merger Transaction | Combination of Enbridge and Spectra Energy through a stock-for-stock merger transaction which closed on February 27, 2017 | |||||||
MNPUC | Minnesota Public Utilities Commission | |||||||
MOLP | Midcoast Operating, L.P. and its subsidiaries |
MW | Megawatts | |||||||
NGL | Natural gas liquids | |||||||
Noverco | Noverco Inc. | |||||||
NYSE | New York Stock Exchange | |||||||
OCI | Other comprehensive income/(loss) | |||||||
OEB | Ontario Energy Board | |||||||
OPEB | Other postretirement benefit obligations | |||||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | |||||||
RSU | Restricted Stock Units | |||||||
Sabal Trail | Sabal Trail Transmission, LLC | |||||||
Seaway Pipeline | Seaway Crude Pipeline System | |||||||
SEP | Spectra Energy Partners, LP | |||||||
Spectra Energy | Spectra Energy Corp | |||||||
Sponsored Vehicles buy-in | In the fourth quarter of 2018, Enbridge Inc. completed the buy-ins of our sponsored vehicles: Spectra Energy Partners, LP (SEP), Enbridge Energy Partners, L.P. (EEP), Enbridge Energy Management, L.L.C. (EEM) and Enbridge Income Fund Holdings Inc. (ENF), (collectively, the Sponsored Vehicles), where we acquired, in separate combination transactions, all of the outstanding equity securities of those Sponsored Vehicles not beneficially owned by us. | |||||||
Texas Eastern | Texas Eastern Transmission, L.P. | |||||||
TSX | Toronto Stock Exchange | |||||||
Union Gas | Union Gas Limited | |||||||
US | United States of America | |||||||
US GAAP | Generally accepted accounting principles in the United States of America | |||||||
US L3R Program | United States portion of the Line 3 Replacement Program | |||||||
Vector | Vector Pipeline L.P. | |||||||
VIE | Variable interest entities | |||||||
WCSB | Western Canadian Sedimentary Basin | |||||||
Westcoast | Westcoast Energy Inc. |
Name | Age | Position | ||||||
Al Monaco | 61 | President & Chief Executive Officer | ||||||
Colin K. Gruending | 51 | Executive Vice President & Chief Financial Officer | ||||||
Robert R. Rooney | 64 | Executive Vice President & Chief Legal Officer | ||||||
William T. Yardley | 56 | Executive Vice President & President, Gas Transmission and Midstream | ||||||
Cynthia L. Hansen | 56 | Executive Vice President & President, Gas Distribution and Storage | ||||||
Byron C. Neiles | 55 | Executive Vice President, Corporate Services | ||||||
Vern D. Yu | 54 | Executive Vice President & President, Liquids Pipelines | ||||||
Matthew Akman | 53 | Senior Vice President, Strategy & Power | ||||||
Allen C. Capps | 50 | Senior Vice President, Corporate Development & Energy Services |
January 1,
2016 |
December 31, | |||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Enbridge Inc. | 100.00 | 127.97 | 116.65 | 107.20 | 138.65 | 117.59 | ||||||||||||||
S&P/TSX Composite | 100.00 | 121.08 | 132.09 | 120.36 | 147.89 | 156.17 | ||||||||||||||
S&P 500 Index | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | ||||||||||||||
US Peers1
|
100.00 | 133.50 | 136.67 | 131.82 | 162.50 | 137.15 | ||||||||||||||
Canadian Peers | 100.00 | 132.07 | 140.85 | 126.30 | 164.43 | 127.61 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||
(millions of Canadian dollars, except per share amounts)
|
|||||||||||||||||
Consolidated Statements of Earnings
|
|||||||||||||||||
Operating revenues
|
$ | 39,087 | $ | 50,069 | $ | 46,378 | $ | 44,378 | $ | 34,560 | |||||||
Operating income
|
7,957 | 8,260 | 4,816 | 1,571 | 2,581 | ||||||||||||
Earnings | 3,416 | 5,827 | 3,333 | 3,266 | 2,309 | ||||||||||||
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests | (53) | (122) | (451) | (407) | (240) | ||||||||||||
Earnings attributable to controlling interests
|
3,363 | 5,705 | 2,882 | 2,859 | 2,069 | ||||||||||||
Earnings attributable to common shareholders | 2,983 | 5,322 | 2,515 | 2,529 | 1,776 | ||||||||||||
Common Share Data | |||||||||||||||||
Earnings per common share | |||||||||||||||||
Basic
|
1.48 | 2.64 | 1.46 | 1.66 | 1.95 | ||||||||||||
Diluted
|
1.48 | 2.63 | 1.46 | 1.65 | 1.93 | ||||||||||||
Dividends paid per common share
|
3.24 | 2.95 | 2.68 | 2.41 | 2.12 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||
(millions of Canadian dollars)
|
|||||||||||||||||
Consolidated Statements of Financial Position
|
|||||||||||||||||
Total assets | $ | 160,276 | $ | 163,157 | $ | 166,905 | $ | 162,093 | $ | 85,209 | |||||||
Long-term debt | 62,819 | 59,661 | 60,327 | 60,865 | 36,494 |
Year ended December 31, | |||||||||||
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Segment earnings before interest, income taxes and depreciation and amortization | |||||||||||
Liquids Pipelines | 7,683 | 7,681 | 5,331 | ||||||||
Gas Transmission and Midstream | 1,087 | 3,371 | 2,334 | ||||||||
Gas Distribution and Storage | 1,748 | 1,747 | 1,711 | ||||||||
Renewable Power Generation | 523 | 111 | 369 | ||||||||
Energy Services | (236) | 250 | 482 | ||||||||
Eliminations and Other | (113) | 429 | (708) | ||||||||
Earnings before interest, income taxes and depreciation and amortization | 10,692 | 13,589 | 9,519 | ||||||||
Depreciation and amortization | (3,712) | (3,391) | (3,246) | ||||||||
Interest expense | (2,790) | (2,663) | (2,703) | ||||||||
Income tax expense | (774) | (1,708) | (237) | ||||||||
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests
|
(53) | (122) | (451) | ||||||||
Preference share dividends | (380) | (383) | (367) | ||||||||
Earnings attributable to common shareholders | 2,983 | 5,322 | 2,515 | ||||||||
Earnings per common share | 1.48 | 2.64 | 1.46 | ||||||||
Diluted earnings per common share | 1.48 | 2.63 | 1.46 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and
amortization
|
7,683 | 7,681 | 5,331 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization | 1,087 | 3,371 | 2,334 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
1,748 | 1,747 | 1,711 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before interest, income taxes and depreciation and amortization
|
523 | 111 | 369 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization
|
(236) | 250 | 482 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Earnings/(loss) before interest, income taxes and depreciation and amortization
|
(113) | 429 | (708) |
Entity | Type of Issuance | Amount | ||||||
(in millions of Canadian dollars, unless stated otherwise) | ||||||||
Enbridge Inc. | Medium-term notes | $1,300 | ||||||
Enbridge Inc. | Floating rate notes | US$750 | ||||||
Enbridge Inc. | Fixed-to-fixed subordinated term notes | US$1,000 | ||||||
Enbridge Gas Inc. | Medium-term notes | $1,200 | ||||||
Spectra Energy Partners, LP1
|
Senior notes | US$300 |
Total | ||||||||||||||
Maturity | Facilities |
Draws1
|
Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2021-2024 | 11,854 | 8,719 | 3,135 | ||||||||||
Enbridge (U.S.) Inc. | 2022-2024 | 7,007 | 492 | 6,515 | ||||||||||
Enbridge Pipelines Inc. |
20222
|
3,000 | 1,278 | 1,722 | ||||||||||
Enbridge Gas Inc. |
20222
|
2,000 | 1,121 | 879 | ||||||||||
Total committed credit facilities | 23,861 | 11,610 | 12,251 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | 9,781 | 9,398 | 10,502 | ||||||||
Investing activities | (5,177) | (4,658) | (3,017) | ||||||||
Financing activities | (4,770) | (4,745) | (7,503) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents
|
(20) | 44 | 68 | ||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash
|
(186) | 39 | 50 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Liquids Pipelines | 2,032 | 2,548 | 3,102 | ||||||||
Gas Transmission and Midstream | 2,066 | 1,695 | 2,578 | ||||||||
Gas Distribution and Storage | 1,134 | 1,100 | 1,066 | ||||||||
Renewable Power Generation | 81 | 23 | 33 | ||||||||
Energy Services | 2 | 2 | — | ||||||||
Eliminations and Other | 90 | 124 | 27 | ||||||||
Total capital expenditures | 5,405 | 5,492 | 6,806 |
As at December 31, 2020 | Total |
Less than
1 year
|
1-3 years | 4-5 years |
After
5 years
|
||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Annual debt maturities1
|
65,358 | 2,942 | 12,627 | 13,001 | 36,788 | ||||||||||||
Interest obligations2
|
34,799 | 2,417 | 4,525 | 3,918 | 23,939 | ||||||||||||
Right-of-ways | 1,173 | 31 | 76 | 76 | 990 | ||||||||||||
Pension obligations3
|
151 | 151 | — | — | — | ||||||||||||
Long-term contracts4
|
9,660 | 3,185 | 2,286 | 1,398 | 2,791 | ||||||||||||
Total contractual obligations | 111,141 | 8,726 | 19,514 | 18,393 | 64,508 |
Gross Proceeds | Dividend Rate |
Dividend1
|
Per Share
Base
Redemption
Value2
|
Redemption
and Conversion
Option Date2,3
|
Right to
Convert
Into3,4
|
|||||||||||||||
(Canadian dollars, unless otherwise stated) | ||||||||||||||||||||
Series A | $125 million | 5.50 | % | $1.37500 | $25 | — | — | |||||||||||||
Series B | $457 million | 3.42 | % | $0.85360 | $25 | June 1, 2022 | Series C | |||||||||||||
Series C5
|
$43 million | 3-month treasury bill plus 2.40% | — | $25 | June 1, 2022 | Series B | ||||||||||||||
Series D | $450 million | 4.46 | % | $1.11500 | $25 | March 1, 2023 | Series E | |||||||||||||
Series F | $500 million | 4.69 | % | $1.17224 | $25 | June 1, 2023 | Series G | |||||||||||||
Series H | $350 million | 4.38 | % | $1.09400 | $25 | September 1, 2023 | Series I | |||||||||||||
Series J | US$200 million | 4.89 | % | US$1.22160 | US$25 | June 1, 2022 | Series K | |||||||||||||
Series L | US$400 million | 4.96 | % | US$1.23972 | US$25 | September 1, 2022 | Series M | |||||||||||||
Series N | $450 million | 5.09 | % | $1.27152 | $25 | December 1, 2023 | Series O | |||||||||||||
Series P | $400 million | 4.38 | % | $1.09476 | $25 | March 1, 2024 | Series Q | |||||||||||||
Series R | $400 million | 4.07 | % | $1.01825 | $25 | June 1, 2024 | Series S | |||||||||||||
Series 1 | US$400 million | 5.95 | % | US$1.48728 | US$25 | June 1, 2023 | Series 2 | |||||||||||||
Series 3 | $600 million | 3.74 | % | $0.93425 | $25 | September 1, 2024 | Series 4 | |||||||||||||
Series 5 | US$200 million | 5.38 | % | US$1.34383 | US$25 | March 1, 2024 | Series 6 | |||||||||||||
Series 7 | $250 million | 4.45 | % | $1.11224 | $25 | March 1, 2024 | Series 8 | |||||||||||||
Series 9 | $275 million | 4.10 | % | $1.02424 | $25 | December 1, 2024 | Series 10 | |||||||||||||
Series 116
|
$500 million | 3.94 | % | $0.98452 | $25 | March 1, 2025 | Series 12 | |||||||||||||
Series 136
|
$350 million | 3.04 | % | $0.76076 | $25 | June 1, 2025 | Series 14 | |||||||||||||
Series 156
|
$275 million | 2.98 | % | $0.74576 | $25 | September 1, 2025 | Series 16 | |||||||||||||
Series 17 | $750 million | 5.15 | % | $1.28750 | $25 | March 1, 2022 | Series 18 | |||||||||||||
Series 19 | $500 million | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 |
Dividend per share | |||||
Common Shares1
|
$0.83500 | ||||
Preference Shares, Series A | $0.34375 | ||||
Preference Shares, Series B | $0.21340 | ||||
Preference Shares, Series C2
|
$0.15349 | ||||
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 |
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 | 4.260% Senior Notes due 2021 | ||||
2.900% Senior Notes due 2022 | 3.160% Senior Notes due 2021 | ||||
4.000% Senior Notes due 2023 | 4.850% Senior Notes due 2022 | ||||
3.500% Senior Notes due 2024 | 3.190% Senior Notes due 2022 | ||||
2.500% Senior Notes due 2025 | 3.940% Senior Notes due 2023 | ||||
4.250% Senior Notes due 2026 | 3.940% Senior Notes due 2023 | ||||
3.700% Senior Notes due 2027 | 3.950% Senior Notes due 2024 | ||||
3.125% Senior Notes due 2029 | 2.440% Senior Notes due 2025 | ||||
4.500% Senior Notes due 2044 | 3.200% Senior Notes due 2027 | ||||
5.500% Senior Notes due 2046 | 6.100% Senior Notes due 2028 | ||||
4.000% Senior Notes due 2049 | 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 | |||||
4.570% Senior Notes due 2044 | |||||
4.870% Senior Notes due 2044 | |||||
4.560% Senior Notes due 2064 | |||||
Year ended December 31, 2020 | |||||
(millions of Canadian dollars) | |||||
Operating loss | (144) | ||||
Earnings | 2,073 | ||||
Earnings attributable to common shareholders | 1,696 |
December 31, 2020 | December 31, 2019 | |||||||
(millions of Canadian dollars) | ||||||||
Accounts receivable from affiliates | 2,108 | 741 | ||||||
Short-term loans receivable from affiliates | 4,926 | 5,652 | ||||||
Other current assets | 375 | 487 | ||||||
Long-term loans receivable from affiliates | 43,217 | 49,745 | ||||||
Other long-term assets | 4,237 | 4,615 | ||||||
Accounts payable to affiliates | 1,267 | 1,171 | ||||||
Short-term loans payable to affiliates | 4,117 | 4,416 | ||||||
Other current liabilities | 5,628 | 5,854 | ||||||
Long-term loans payable to affiliates | 32,035 | 36,798 | ||||||
Other long-term liabilities | 41,353 | 37,094 |
Canada | United States | ||||||||||||||||||||||
Obligation | Expense | Obligation | Expense | ||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Pension | |||||||||||||||||||||||
Decrease in discount rate | 400 | 35 | 71 | 5 | |||||||||||||||||||
Decrease in expected return on assets | — | 19 | — | 6 | |||||||||||||||||||
Decrease in rate of salary increase | (75) | (16) | (6) | (1) | |||||||||||||||||||
OPEB | |||||||||||||||||||||||
Decrease in discount rate | 27 | 1 | 14 | — | |||||||||||||||||||
Decrease in expected return on assets | N/A | N/A | — | 1 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars, except per share amounts) | |||||||||||
Operating revenues | |||||||||||
Commodity sales | 19,259 | 29,309 | 27,660 | ||||||||
Gas distribution sales | 3,663 | 4,205 | 4,360 | ||||||||
Transportation and other services | 16,165 | 16,555 | 14,358 | ||||||||
Total operating revenues (Note 4)
|
39,087 | 50,069 | 46,378 | ||||||||
Operating expenses | |||||||||||
Commodity costs | 18,890 | 28,802 | 26,818 | ||||||||
Gas distribution costs | 1,779 | 2,202 | 2,583 | ||||||||
Operating and administrative | 6,749 | 6,991 | 6,792 | ||||||||
Depreciation and amortization | 3,712 | 3,391 | 3,246 | ||||||||
Impairment of long-lived assets (Note 8 and Note 11)
|
— | 423 | 1,104 | ||||||||
Impairment of goodwill (Note 8 and Note 16)
|
— | — | 1,019 | ||||||||
Total operating expenses | 31,130 | 41,809 | 41,562 | ||||||||
Operating income | 7,957 | 8,260 | 4,816 | ||||||||
Income from equity investments (Note 13)
|
1,136 | 1,503 | 1,509 | ||||||||
Impairment of equity investments (Note 13)
|
(2,351) | — | — | ||||||||
Other income/(expense) | |||||||||||
Net foreign currency gain/(loss) | 181 | 477 | (522) | ||||||||
Loss on dispositions | (17) | (300) | (46) | ||||||||
Other | 74 | 258 | 516 | ||||||||
Interest expense (Note 18)
|
(2,790) | (2,663) | (2,703) | ||||||||
Earnings before income taxes | 4,190 | 7,535 | 3,570 | ||||||||
Income tax expense (Note 25)
|
(774) | (1,708) | (237) | ||||||||
Earnings
|
3,416 | 5,827 | 3,333 | ||||||||
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests
|
(53) | (122) | (451) | ||||||||
Earnings attributable to controlling interests
|
3,363 | 5,705 | 2,882 | ||||||||
Preference share dividends | (380) | (383) | (367) | ||||||||
Earnings attributable to common shareholders
|
2,983 | 5,322 | 2,515 | ||||||||
Earnings per common share attributable to common shareholders (Note 6)
|
1.48 | 2.64 | 1.46 | ||||||||
Diluted earnings per common share attributable to common shareholders (Note 6)
|
1.48 | 2.63 | 1.46 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings | 3,416 | 5,827 | 3,333 | ||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Change in unrealized loss on cash flow hedges | (457) | (437) | (153) | ||||||||
Change in unrealized gain/(loss) on net investment hedges | 102 | 281 | (458) | ||||||||
Other comprehensive income/(loss) from equity investees | (1) | 40 | 38 | ||||||||
Excluded components of fair value hedges | 5 | — | — | ||||||||
Reclassification to earnings of loss on cash flow hedges | 198 | 127 | 152 | ||||||||
Reclassification to earnings of pension and other postretirement benefits amounts
|
13 | 13 | 12 | ||||||||
Actuarial loss on pension plans and other postretirement benefits | (167) | (96) | (52) | ||||||||
Foreign currency translation adjustments | (853) | (3,035) | 4,599 | ||||||||
Other comprehensive income/(loss), net of tax | (1,160) | (3,107) | 4,138 | ||||||||
Comprehensive income | 2,256 | 2,720 | 7,471 | ||||||||
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests
|
(22) | (7) | (801) | ||||||||
Comprehensive income attributable to controlling interests | 2,234 | 2,713 | 6,670 | ||||||||
Preference share dividends | (380) | (383) | (367) | ||||||||
Comprehensive income attributable to common shareholders | 1,854 | 2,330 | 6,303 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars, except per share amounts)
|
|||||||||||
Preference shares (Note 21)
|
|||||||||||
Balance at beginning of year | 7,747 | 7,747 | 7,747 | ||||||||
Balance at end of year | 7,747 | 7,747 | 7,747 | ||||||||
Common shares (Note 21)
|
|||||||||||
Balance at beginning of year | 64,746 | 64,677 | 50,737 | ||||||||
Shares issued on Sponsored Vehicles buy-in | — | — | 12,727 | ||||||||
Dividend Reinvestment and Share Purchase Plan | — | — | 1,181 | ||||||||
Shares issued on exercise of stock options | 22 | 69 | 32 | ||||||||
Balance at end of year | 64,768 | 64,746 | 64,677 | ||||||||
Additional paid-in capital | |||||||||||
Balance at beginning of year | 187 | — | 3,194 | ||||||||
Stock-based compensation | 30 | 34 | 49 | ||||||||
Sponsored Vehicles buy-in (Note 20)
|
— | — | (4,323) | ||||||||
Repurchase of noncontrolling interest | — | 65 | — | ||||||||
Options exercised | (21) | (61) | (24) | ||||||||
Dilution gain on Spectra Energy Partners, LP restructuring (Note 20)
|
— | — | 1,136 | ||||||||
Change in reciprocal interest | 76 | 117 | 47 | ||||||||
Other | 5 | 32 | (158) | ||||||||
Sale of noncontrolling interest in subsidiaries (Note 20)
|
— | — | 79 | ||||||||
Balance at end of year | 277 | 187 | — | ||||||||
Deficit | |||||||||||
Balance at beginning of year | (6,314) | (5,538) | (2,468) | ||||||||
Earnings attributable to controlling interests | 3,363 | 5,705 | 2,882 | ||||||||
Preference share dividends | (380) | (383) | (367) | ||||||||
Common share dividends declared | (6,612) | (6,125) | (5,019) | ||||||||
Dividends paid to reciprocal shareholder | 17 | 18 | 33 | ||||||||
Modified retrospective adoption of ASU 2016-13 Financial Instruments - Credit
Losses (Note 3)
|
(66) | — | — | ||||||||
Modified retrospective adoption of ASC 606 Revenue from Contracts with Customers
(Note 3)
|
— | — | (86) | ||||||||
Redemption value adjustment to redeemable noncontrolling interests | — | — | (456) | ||||||||
Other | (3) | 9 | (57) | ||||||||
Balance at end of year | (9,995) | (6,314) | (5,538) | ||||||||
Accumulated other comprehensive income/(loss) (Note 23)
|
|||||||||||
Balance at beginning of year | (272) | 2,672 | (973) | ||||||||
Impact of Sponsored Vehicles buy-in
|
— | — | (142) | ||||||||
Other comprehensive income/(loss) attributable to common shareholders, net of tax | (1,129) | (2,992) | 3,787 | ||||||||
Other | — | 48 | — | ||||||||
Balance at end of year | (1,401) | (272) | 2,672 | ||||||||
Reciprocal shareholding (Note 13)
|
|||||||||||
Balance at beginning of year | (51) | (88) | (102) | ||||||||
Change in reciprocal interest | 22 | 37 | 14 | ||||||||
Balance at end of year | (29) | (51) | (88) | ||||||||
Total Enbridge Inc. shareholders’ equity | 61,367 | 66,043 | 69,470 | ||||||||
Noncontrolling interests (Note 20)
|
|||||||||||
Balance at beginning of year | 3,364 | 3,965 | 7,597 | ||||||||
Earnings attributable to noncontrolling interests | 53 | 122 | 334 | ||||||||
Other comprehensive income/(loss) attributable to noncontrolling interests, net of tax | |||||||||||
Change in unrealized gain/(loss) on cash flow hedges | (6) | (7) | 31 | ||||||||
Foreign currency translation adjustments | (25) | (108) | 294 | ||||||||
Reclassification to earnings of loss on cash flow hedges | — | — | 4 | ||||||||
(31) | (115) | 329 | |||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 22 | 7 | 663 | ||||||||
Distributions | (300) | (254) | (857) | ||||||||
Contributions | 23 | 12 | 24 | ||||||||
Spectra Energy Partners, LP restructuring (Note 20)
|
— | — | (1,486) | ||||||||
Sale of noncontrolling interests in subsidiaries | — | — | 1,183 | ||||||||
Change in noncontrolling interests on Sponsored Vehicles buy-in (Note 20)
|
— | — | (2,867) | ||||||||
Redemption of noncontrolling interests (Note 20)
|
(112) | (300) | (210) | ||||||||
Repurchase of noncontrolling interest | — | (65) | — | ||||||||
Dilution gain and other | (1) | (1) | (82) | ||||||||
Balance at end of year | 2,996 | 3,364 | 3,965 | ||||||||
Total equity | 64,363 | 69,407 | 73,435 | ||||||||
Dividends paid per common share | 3.24 | 2.95 | 2.68 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Operating activities | |||||||||||
Earnings | 3,416 | 5,827 | 3,333 | ||||||||
Adjustments to reconcile earnings to net cash provided by operating
activities: |
|||||||||||
Depreciation and amortization | 3,712 | 3,391 | 3,246 | ||||||||
Deferred income tax expense/(recovery) (Note 25)
|
447 | 1,156 | (148) | ||||||||
Changes in unrealized (gain)/loss on derivative instruments, net (Note 24)
|
(756) | (1,751) | 903 | ||||||||
Earnings from equity investments | (1,136) | (1,503) | (1,509) | ||||||||
Distributions from equity investments | 1,392 | 1,804 | 1,539 | ||||||||
Impairment of long-lived assets | — | 423 | 1,104 | ||||||||
Impairment of equity investments | 2,351 | — | — | ||||||||
Impairment of goodwill | — | — | 1,019 | ||||||||
(Gain)/loss on dispositions | (6) | 254 | 8 | ||||||||
Other | 268 | 56 | 92 | ||||||||
Changes in operating assets and liabilities (Note 28)
|
93 | (259) | 915 | ||||||||
Net cash provided by operating activities | 9,781 | 9,398 | 10,502 | ||||||||
Investing activities | |||||||||||
Capital expenditures | (5,405) | (5,492) | (6,806) | ||||||||
Long-term investments and restricted long-term investments | (487) | (1,159) | (1,312) | ||||||||
Distributions from equity investments in excess of cumulative earnings | 705 | 417 | 1,277 | ||||||||
Additions to intangible assets | (215) | (200) | (540) | ||||||||
Acquisition | (24) | — | — | ||||||||
Proceeds from dispositions | 265 | 2,110 | 4,452 | ||||||||
Other | — | (20) | (12) | ||||||||
Affiliate loans, net | (16) | (314) | (76) | ||||||||
Net cash used in investing activities | (5,177) | (4,658) | (3,017) | ||||||||
Financing activities | |||||||||||
Net change in short-term borrowings (Note 18)
|
223 | (127) | (420) | ||||||||
Net change in commercial paper and credit facility draws | 1,542 | 825 | (2,256) | ||||||||
Debenture and term note issues, net of issue costs | 5,230 | 6,176 | 3,537 | ||||||||
Debenture and term note repayments | (4,463) | (4,668) | (4,445) | ||||||||
Sale of noncontrolling interest in subsidiary | — | — | 1,289 | ||||||||
Contributions from noncontrolling interests | 23 | 12 | 24 | ||||||||
Distributions to noncontrolling interests | (300) | (254) | (857) | ||||||||
Contributions from redeemable noncontrolling interests | — | — | 70 | ||||||||
Distributions to redeemable noncontrolling interests | — | — | (325) | ||||||||
Sponsored Vehicle buy-in cash payment | — | — | (64) | ||||||||
Redemption of noncontrolling interests | — | (300) | (210) | ||||||||
Common shares issued | 5 | 18 | 21 | ||||||||
Preference share dividends | (380) | (383) | (364) | ||||||||
Common share dividends | (6,560) | (5,973) | (3,480) | ||||||||
Other | (90) | (71) | (23) | ||||||||
Net cash used in financing activities | (4,770) | (4,745) | (7,503) | ||||||||
Effect of translation of foreign denominated cash and cash equivalents and restricted cash | (20) | 44 | 68 | ||||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (186) | 39 | 50 | ||||||||
Cash and cash equivalents and restricted cash at beginning of year | 676 | 637 | 587 | ||||||||
Cash and cash equivalents and restricted cash at end of year | 490 | 676 | 637 | ||||||||
Supplementary cash flow information | |||||||||||
Cash paid for income taxes | 524 | 571 | 277 | ||||||||
Cash paid for interest, net of amount capitalized | 2,538 | 2,738 | 2,508 | ||||||||
Property, plant and equipment non-cash accruals | 801 | 730 | 847 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 452 | 648 | ||||||
Restricted cash | 38 | 28 | ||||||
Accounts receivable and other (Note 9)
|
5,258 | 6,669 | ||||||
Accounts receivable from affiliates | 66 | 69 | ||||||
Inventory (Note 10)
|
1,536 | 1,299 | ||||||
7,350 | 8,713 | |||||||
Property, plant and equipment, net (Note 11)
|
94,571 | 93,723 | ||||||
Long-term investments (Note 13)
|
13,818 | 16,528 | ||||||
Restricted long-term investments (Note 14)
|
553 | 434 | ||||||
Deferred amounts and other assets | 8,446 | 7,433 | ||||||
Intangible assets, net (Note 15)
|
2,080 | 2,173 | ||||||
Goodwill (Note 16)
|
32,688 | 33,153 | ||||||
Deferred income taxes (Note 25)
|
770 | 1,000 | ||||||
Total assets | 160,276 | 163,157 | ||||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Short-term borrowings (Note 18)
|
1,121 | 898 | ||||||
Accounts payable and other (Note 17)
|
9,228 | 9,951 | ||||||
Accounts payable to affiliates | 22 | 21 | ||||||
Interest payable | 651 | 624 | ||||||
Current portion of long-term debt (Note 18)
|
2,957 | 4,404 | ||||||
13,979 | 15,898 | |||||||
Long-term debt (Note 18)
|
62,819 | 59,661 | ||||||
Other long-term liabilities | 8,783 | 8,324 | ||||||
Deferred income taxes (Note 25)
|
10,332 | 9,867 | ||||||
95,913 | 93,750 | |||||||
Commitments and contingencies (Note 30)
|
||||||||
Equity | ||||||||
Share capital (Note 21)
|
||||||||
Preference shares | 7,747 | 7,747 | ||||||
Common shares (2,026 and 2,025 outstanding at December 31, 2020 and 2019, respectively)
|
64,768 | 64,746 | ||||||
Additional paid-in capital | 277 | 187 | ||||||
Deficit | (9,995) | (6,314) | ||||||
Accumulated other comprehensive loss (Note 23)
|
(1,401) | (272) | ||||||
Reciprocal shareholding | (29) | (51) | ||||||
Total Enbridge Inc. shareholders’ equity | 61,367 | 66,043 | ||||||
Noncontrolling interests (Note 20)
|
2,996 | 3,364 | ||||||
64,363 | 69,407 | |||||||
Total liabilities and equity | 160,276 | 163,157 |
Page | ||||||||
1. | Business Overview | |||||||
2. | Significant Accounting Policies | |||||||
3. | Changes in Accounting Policies | |||||||
4. | Revenue | |||||||
5. | Segmented Information | |||||||
6. | Earnings per Common Share | |||||||
7. | Regulatory Matters | |||||||
8. | Dispositions | |||||||
9. | Accounts Receivable and Other | |||||||
10. | Inventory | |||||||
11. | Property, Plant and Equipment | |||||||
12. | Variable Interest Entities | |||||||
13. | Long-Term Investments | |||||||
14. | Restricted Long-Term Investments | |||||||
15. | Intangible Assets | |||||||
16. | Goodwill | |||||||
17. | Accounts Payable and Other | |||||||
18. | Debt | |||||||
19. | Asset Retirement Obligations | |||||||
20. | Noncontrolling Interests | |||||||
21. | Share Capital | |||||||
22. | Stock Option and Stock Unit Plans | |||||||
23. | Components of Accumulated Other Comprehensive Income/(Loss) | |||||||
24. | Risk Management and Financial Instruments | |||||||
25. | Income Taxes | |||||||
26. | Pension and Other Postretirement Benefits | |||||||
27. | Leases | |||||||
28. | Changes in Operating Assets and Liabilities | |||||||
29. | Related Party Transactions | |||||||
30. | Commitments and Contingencies | |||||||
31. | Guarantees | |||||||
32. | Quarterly Financial Data (Unaudited) |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 9,161 | 4,523 | 674 | — | — | — | 14,358 | ||||||||||||||||
Storage and other revenue | 94 | 274 | 203 | — | — | — | 571 | ||||||||||||||||
Gas gathering and processing revenue
|
— | 27 | — | — | — | — | 27 | ||||||||||||||||
Gas distribution revenue | — | — | 3,663 | — | — | — | 3,663 | ||||||||||||||||
Electricity and transmission revenue
|
— | — | — | 198 | — | — | 198 | ||||||||||||||||
Total revenue from contracts with customers
|
9,255 | 4,824 | 4,540 | 198 | — | — | 18,817 | ||||||||||||||||
Commodity sales | — | — | — | — | 19,259 | — | 19,259 | ||||||||||||||||
Other revenue1,2
|
584 | 44 | 17 | 389 | — | (23) | 1,011 | ||||||||||||||||
Intersegment revenue | 584 | 2 | 12 | — | 24 | (622) | — | ||||||||||||||||
Total revenue | 10,423 | 4,870 | 4,569 | 587 | 19,283 | (645) | 39,087 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 9,082 | 4,477 | 743 | — | — | — | 14,302 | ||||||||||||||||
Storage and other revenue | 109 | 268 | 201 | — | — | — | 578 | ||||||||||||||||
Gas gathering and processing revenue
|
— | 423 | — | — | — | — | 423 | ||||||||||||||||
Gas distribution revenue | — | — | 4,210 | — | — | — | 4,210 | ||||||||||||||||
Electricity and transmission revenue
|
— | — | — | 180 | — | — | 180 | ||||||||||||||||
Commodity sales | — | 4 | — | — | — | — | 4 | ||||||||||||||||
Total revenue from contracts with customers
|
9,191 | 5,172 | 5,154 | 180 | — | — | 19,697 | ||||||||||||||||
Commodity sales | — | — | — | — | 29,305 | — | 29,305 | ||||||||||||||||
Other revenue1,2
|
659 | 30 | 9 | 387 | (2) | (16) | 1,067 | ||||||||||||||||
Intersegment revenue | 369 | 5 | 16 | — | 71 | (461) | — | ||||||||||||||||
Total revenue | 10,219 | 5,207 | 5,179 | 567 | 29,374 | (477) | 50,069 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | |||||||||||||||||
Year ended December 31, 2018 | |||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Transportation revenue | 8,488 | 3,928 | 875 | — | — | — | 13,291 | ||||||||||||||||
Storage and other revenue | 101 | 222 | 196 | — | — | — | 519 | ||||||||||||||||
Gas gathering and processing revenue
|
— | 815 | — | — | — | — | 815 | ||||||||||||||||
Gas distribution revenue | — | — | 4,376 | — | — | — | 4,376 | ||||||||||||||||
Electricity and transmission revenue
|
— | — | — | 206 | — | — | 206 | ||||||||||||||||
Commodity sales | — | 1,590 | — | — | — | — | 1,590 | ||||||||||||||||
Total revenue from contracts with customers
|
8,589 | 6,555 | 5,447 | 206 | — | — | 20,797 | ||||||||||||||||
Commodity sales | — | — | — | — | 26,070 | — | 26,070 | ||||||||||||||||
Other revenue1
|
(894) | 6 | 9 | 361 | 4 | 25 | (489) | ||||||||||||||||
Intersegment revenue | 384 | 10 | 14 | — | 154 | (562) | — | ||||||||||||||||
Total revenue | 8,079 | 6,571 | 5,470 | 567 | 26,228 | (537) | 46,378 |
Contract Receivables | Contract Assets | Contract Liabilities | |||||||||
(millions of Canadian dollars) | |||||||||||
Balance as at December 31, 2020 | 2,042 | 226 | 1,815 | ||||||||
Balance as at December 31, 2019 | 2,099 | 216 | 1,424 |
Segment | Nature of Performance Obligation | ||||
Liquids Pipelines |
•Transportation and storage of crude oil and natural gas liquids (NGLs)
|
||||
Gas Transmission and Midstream |
•Transportation, storage, gathering, compression and treating of natural gas
|
||||
•Transportation of NGLs
|
|||||
•Sale of crude oil, natural gas and NGLs
|
|||||
Gas Distribution and Storage |
•Supply and delivery of natural gas
|
||||
•Transportation of natural gas
|
|||||
•Storage of natural gas
|
|||||
Renewable Power Generation |
•Generation and transmission of electricity
|
||||
•Delivery of electricity from renewable energy generation facilities
|
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time
|
— | — | 60 | — | 60 | |||||||||||||||
Revenue from products and services transferred over time2
|
9,255 | 4,824 | 4,480 | 198 | 18,757 | |||||||||||||||
Total revenue from contracts with customers
|
9,255 | 4,824 | 4,540 | 198 | 18,817 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2019 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time | — | 4 | 65 | — | 69 | |||||||||||||||
Revenue from products and services transferred over time2
|
9,191 | 5,168 | 5,089 | 180 | 19,628 | |||||||||||||||
Total revenue from contracts with customers
|
9,191 | 5,172 | 5,154 | 180 | 19,697 |
Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Consolidated | ||||||||||||||||
Year ended December 31, 2018 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Revenue from products transferred at a point in time1
|
— | 1,590 | 68 | — | 1,658 | |||||||||||||||
Revenue from products and services transferred over time2
|
8,589 | 4,965 | 5,379 | 206 | 19,139 | |||||||||||||||
Total revenue from contracts with customers
|
8,589 | 6,555 | 5,447 | 206 | 20,797 |
Year ended December 31, 2020 |
Liquids Pipelines
|
Gas Transmission and Midstream
|
Gas Distribution and Storage
|
Renewable Power Generation
|
Energy Services
|
Eliminations and Other
|
Consolidated
|
||||||||||||||||
(millions of Canadian dollars)
|
|||||||||||||||||||||||
Revenues
|
10,423 | 4,870 | 4,569 | 587 | 19,283 | (645) | 39,087 | ||||||||||||||||
Commodity and gas distribution costs
|
(20) | — | (1,810) | (2) | (19,450) | 613 | (20,669) | ||||||||||||||||
Operating and administrative
|
(3,331) | (1,859) | (1,091) | (191) | (67) | (210) | (6,749) | ||||||||||||||||
Income/(loss) from equity investments
|
558 | 479 | 9 | 94 | (3) | (1) | 1,136 | ||||||||||||||||
Impairment of equity investments | — | (2,351) | — | — | — | — | (2,351) | ||||||||||||||||
Other income/(expense)
|
53 | (52) | 71 | 35 | 1 | 130 | 238 | ||||||||||||||||
Earnings/(loss) before interest, income tax expense, and depreciation and amortization | 7,683 | 1,087 | 1,748 | 523 | (236) | (113) | 10,692 | ||||||||||||||||
Depreciation and amortization | (3,712) | ||||||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
(2,790) | ||||||||||||||||
Income tax expense
|
|
|
|
|
|
|
(774) | ||||||||||||||||
Earnings
|
3,416 | ||||||||||||||||||||||
Capital expenditures1
|
2,033 | 2,130 | 1,134 | 81 | 2 | 90 | 5,470 | ||||||||||||||||
Total property, plant and equipment, net
|
48,799 | 25,745 | 16,079 | 3,495 | 24 | 429 | 94,571 |
Year ended December 31, 2019 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues | 10,219 | 5,207 | 5,179 | 567 | 29,374 | (477) | 50,069 | ||||||||||||||||
Commodity and gas distribution costs
|
(29) | — | (2,354) | (2) | (29,091) | 472 | (31,004) | ||||||||||||||||
Operating and administrative | (3,298) | (2,232) | (1,149) | (189) | (44) | (79) | (6,991) | ||||||||||||||||
Impairment of long-lived assets | (21) | (105) | — | (297) | — | — | (423) | ||||||||||||||||
Income/(loss) from equity investments
|
780 | 682 | 4 | 31 | 8 | (2) | 1,503 | ||||||||||||||||
Other income/(expense) | 30 | (181) | 67 | 1 | 3 | 515 | 435 | ||||||||||||||||
Earnings before interest, income tax expense, and depreciation and amortization | 7,681 | 3,371 | 1,747 | 111 | 250 | 429 | 13,589 | ||||||||||||||||
Depreciation and amortization | (3,391) | ||||||||||||||||||||||
Interest expense |
|
|
|
|
|
|
(2,663) | ||||||||||||||||
Income tax expense |
|
|
|
|
|
(1,708) | |||||||||||||||||
Earnings | 5,827 | ||||||||||||||||||||||
Capital expenditures1
|
2,548 | 1,753 | 1,100 | 23 | 2 | 124 | 5,550 | ||||||||||||||||
Total property, plant and equipment, net | 48,783 | 25,268 | 15,622 | 3,658 | 24 | 368 | 93,723 |
Year ended December 31, 2018 | Liquids Pipelines | Gas Transmission and Midstream | Gas Distribution and Storage | Renewable Power Generation | Energy Services | Eliminations and Other | Consolidated | ||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Revenues | 8,079 | 6,571 | 5,470 | 567 | 26,228 | (537) | 46,378 | ||||||||||||||||
Commodity and gas distribution costs
|
(16) | (1,481) | (2,748) | (7) | (25,689) | 540 | (29,401) | ||||||||||||||||
Operating and administrative | (3,124) | (2,102) | (1,111) | (157) | (73) | (225) | (6,792) | ||||||||||||||||
Impairment of long-lived assets | (180) | (914) | — | (4) | — | (6) | (1,104) | ||||||||||||||||
Impairment of goodwill
|
— | (1,019) | — | — | — | — | (1,019) | ||||||||||||||||
Income/(loss) from equity investments
|
577 | 930 | 11 | (28) | 18 | 1 | 1,509 | ||||||||||||||||
Other income/(expense) | (5) | 349 | 89 | (2) | (2) | (481) | (52) | ||||||||||||||||
Earnings/(loss) before interest, income tax expense, and depreciation and amortization
|
5,331 | 2,334 | 1,711 | 369 | 482 | (708) | 9,519 | ||||||||||||||||
Depreciation and amortization | (3,246) | ||||||||||||||||||||||
Interest expense | (2,703) | ||||||||||||||||||||||
Income tax expense | (237) | ||||||||||||||||||||||
Earnings | 3,333 | ||||||||||||||||||||||
Capital expenditures1
|
3,102 | 2,644 | 1,066 | 33 | — | 27 | 6,872 | ||||||||||||||||
Total property, plant and equipment, net | 49,214 | 25,601 | 15,148 | 4,335 | 22 | 220 | 94,540 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Canada | 16,453 | 19,954 | 19,023 | ||||||||
US | 22,634 | 30,115 | 27,355 | ||||||||
39,087 | 50,069 | 46,378 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Canada | 46,499 | 45,993 | ||||||
US | 48,072 | 47,730 | ||||||
94,571 | 93,723 |
December 31, | 2020 | 2019 | 2018 | ||||||||
(number of shares in millions) | |||||||||||
Weighted average shares outstanding | 2,020 | 2,017 | 1,724 | ||||||||
Effect of dilutive options | 1 | 3 | 3 | ||||||||
Diluted weighted average shares outstanding | 2,021 | 2,020 | 1,727 |
December 31, | 2020 | 2019 |
Recovery/Refund
Period Ends |
|||||||||||
(millions of Canadian dollars) | ||||||||||||||
Current regulatory assets | ||||||||||||||
Federal carbon receivables1
|
— | 145 | 2020 | |||||||||||
Under-recovery of fuel costs | 86 | 119 | 2021 | |||||||||||
Other current regulatory assets | 146 | 212 | 2021 | |||||||||||
Total current regulatory assets2
|
232 | 476 | ||||||||||||
Long-term regulatory assets | ||||||||||||||
Deferred income taxes3
|
3,890 | 3,551 | Various | |||||||||||
Long-term debt4
|
429 | 464 | 2022-2046 | |||||||||||
Pension plan receivable5
|
402 | 275 | Various | |||||||||||
Negative salvage6
|
246 | 5 | Various | |||||||||||
Accounting policy changes7
|
169 | 175 | Various | |||||||||||
Other long-term regulatory assets | 261 | 166 | Various | |||||||||||
Total long-term regulatory assets2
|
5,397 | 4,636 | ||||||||||||
Total regulatory assets | 5,629 | 5,112 | ||||||||||||
Current regulatory liabilities | ||||||||||||||
Purchase gas variance | 153 | 41 | 2021 | |||||||||||
Other current regulatory liabilities | 117 | 202 | 2021 | |||||||||||
Total current regulatory liabilities8
|
270 | 243 | ||||||||||||
Long-term regulatory liabilities | ||||||||||||||
Future removal and site restoration reserves9
|
1,455 | 1,424 | Various | |||||||||||
Regulatory liability related to US income taxes10
|
941 | 866 | Various | |||||||||||
Pipeline future abandonment costs (Note 14)
|
578 | 454 | Various | |||||||||||
Other long-term regulatory liabilities | 150 | 111 | Various | |||||||||||
Total long-term regulatory liabilities8
|
3,124 | 2,855 | ||||||||||||
Total regulatory liabilities | 3,394 | 3,098 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Trade receivables and unbilled revenues1
|
3,923 | 5,164 | ||||||
Short-term portion of derivative assets | 323 | 327 | ||||||
Taxes receivable | 374 | 323 | ||||||
Other | 638 | 855 | ||||||
5,258 | 6,669 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Natural gas | 710 | 696 | ||||||
Crude oil | 744 | 542 | ||||||
Other commodities | 82 | 61 | ||||||
1,536 | 1,299 |
Weighted Average | |||||||||||
December 31, | Depreciation Rate | 2020 | 2019 | ||||||||
(millions of Canadian dollars) | |||||||||||
Pipelines | 2.7 | % | 57,391 | 56,330 | |||||||
Facilities and equipment | 2.8 | % | 30,057 | 29,287 | |||||||
Land and right-of-way1
|
2.1 | % | 2,924 | 2,947 | |||||||
Gas mains, services and other | 2.7 | % | 12,476 | 12,194 | |||||||
Storage | 2.4 | % | 2,872 | 2,748 | |||||||
Wind turbines, solar panels and other | 4.1 | % | 4,877 | 4,914 | |||||||
Other | 8.1 | % | 1,595 | 1,486 | |||||||
Under construction | — | % | 5,762 | 4,057 | |||||||
Total property, plant and equipment | 117,954 | 113,963 | |||||||||
Total accumulated depreciation | (23,383) | (20,240) | |||||||||
Property, plant and equipment, net | 94,571 | 93,723 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Assets | ||||||||
Cash and cash equivalents | 215 | 208 | ||||||
Restricted cash | 1 | 1 | ||||||
Accounts receivable and other | 65 | 76 | ||||||
Inventory | 7 | 4 | ||||||
288 | 289 | |||||||
Property, plant and equipment, net | 3,201 | 3,392 | ||||||
Long-term investments | 14 | 15 | ||||||
Restricted long-term investments | 84 | 69 | ||||||
Deferred amounts and other assets | 3 | 4 | ||||||
Intangible assets, net | 115 | 124 | ||||||
3,705 | 3,893 | |||||||
Liabilities | ||||||||
Accounts payable and other | 52 | 56 | ||||||
52 | 56 | |||||||
Other long-term liabilities | 175 | 130 | ||||||
Deferred income taxes | 5 | 5 | ||||||
232 | 191 | |||||||
Net assets before noncontrolling interests | 3,473 | 3,702 |
Carrying
Amount of
Investment
|
Enbridge’s
Maximum
Exposure to
|
|||||||
December 31, 2020 | in VIE | Loss | ||||||
(millions of Canadian dollars) | ||||||||
Aux Sable Liquid Products L.P.1
|
106 | 187 | ||||||
Éolien Maritime France SAS2
|
96 | 949 | ||||||
Enbridge Renewable Infrastructure Investments S.a.r.l.3
|
100 | 2,516 | ||||||
Enbridge Éolien France 2 S.a.r.l4
|
2 | 230 | ||||||
PennEast Pipeline Company, LLC5
|
116 | 371 | ||||||
Rampion Offshore Wind Limited6
|
599 | 650 | ||||||
Vector Pipeline L.P.7
|
201 | 390 | ||||||
Other8
|
131 | 131 | ||||||
1,351 | 5,424 |
Carrying
Amount of
Investment
|
Enbridge’s
Maximum
Exposure to
|
|||||||
December 31, 2019 | in VIE | Loss | ||||||
(millions of Canadian dollars) | ||||||||
Aux Sable Liquid Products L.P.1
|
123 | 148 | ||||||
Éolien Maritime France SAS2
|
67 | 725 | ||||||
Enbridge Renewable Infrastructure Investments S.a.r.l.3
|
141 | 2,720 | ||||||
Gray Oak Holdings LLC9
|
463 | 935 | ||||||
PennEast Pipeline Company, LLC5
|
106 | 368 | ||||||
Rampion Offshore Wind Limited6
|
600 | 620 | ||||||
Vector Pipeline L.P.7
|
195 | 392 | ||||||
Other8
|
57 | 57 | ||||||
1,752 | 5,965 |
Ownership | |||||||||||
December 31, | Interest | 2020 | 2019 | ||||||||
(millions of Canadian dollars) | |||||||||||
EQUITY INVESTMENTS | |||||||||||
Liquids Pipelines | |||||||||||
MarEn Bakken Company LLC1
|
75.0 | % | 1,795 | 1,892 | |||||||
Gray Oak Holdings LLC | 35.0 | % | 502 | 463 | |||||||
Seaway Crude Holdings LLC | 50.0 | % | 2,668 | 2,907 | |||||||
Illinois Extension Pipeline Company, L.L.C.2
|
65.0 | % | 623 | 662 | |||||||
Other | 30.0% - 43.8% | 73 | 73 | ||||||||
Gas Transmission and Midstream | |||||||||||
Alliance Pipeline3
|
50.0 | % | 269 | 310 | |||||||
Aux Sable4
|
42.7% - 50.0% | 251 | 267 | ||||||||
DCP Midstream, LLC5
|
50.0 | % | 331 | 2,193 | |||||||
Gulfstream Natural Gas System, L.L.C. | 50.0 | % | 1,175 | 1,213 | |||||||
Nexus Gas Transmission, LLC | 50.0 | % | 1,745 | 1,778 | |||||||
PennEast Pipeline Company, LLC | 20.0 | % | 116 | 106 | |||||||
Sabal Trail Transmission, LLC | 50.0 | % | 1,510 | 1,533 | |||||||
Southeast Supply Header, LLC | 50.0 | % | 84 | 484 | |||||||
Steckman Ridge, LP | 50.0 | % | 90 | 222 | |||||||
Vector Pipeline6
|
60.0 | % | 201 | 195 | |||||||
Offshore - various joint ventures | 22.0% - 74.3% | 338 | 362 | ||||||||
Other | 33.3% - 50.0% | 4 | 5 | ||||||||
Gas Distribution and Storage | |||||||||||
Noverco Common Shares | 38.9 | % | 156 | 95 | |||||||
Other | 50.0 | % | 13 | 14 | |||||||
Renewable Power Generation | |||||||||||
Éolien Maritime France SAS
|
50.0 | % | 96 | 67 | |||||||
Enbridge Renewable Infrastructure Investments S.a.r.l. | 51.0 | % | 100 | 141 | |||||||
Rampion Offshore Wind Limited | 24.9 | % | 599 | 600 | |||||||
Other | 21.0% - 50.0% | 196 | 127 | ||||||||
Eliminations and Other | |||||||||||
Other | 30% - 50% | 32 | 16 | ||||||||
OTHER LONG-TERM INVESTMENTS | |||||||||||
Gas Distribution and Storage | |||||||||||
Noverco Preferred Shares | 567 | 580 | |||||||||
Green Power and Transmission | |||||||||||
Emerging Technologies and Other | 32 | 78 | |||||||||
Eliminations and Other | |||||||||||
Other | 252 | 145 | |||||||||
13,818 | 16,528 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
Operating revenues | 13,987 | 15,687 | 19,217 | ||||||||||||||||||||||||||
Operating expenses | 12,223 | 13,153 | 15,634 | ||||||||||||||||||||||||||
Earnings | 2,306 | 3,016 | 2,954 | ||||||||||||||||||||||||||
Earnings attributable to Enbridge
|
1,136 | 1,503 | 1,509 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Current assets | 3,136 | 2,481 | ||||||||||||||||||
Non-current assets | 45,955 | 48,942 | ||||||||||||||||||
Current liabilities | 3,539 | 4,047 | ||||||||||||||||||
Non-current liabilities | 19,639 | 18,126 | ||||||||||||||||||
Noncontrolling interests | 3,810 | 2,779 |
Weighted Average | Accumulated | ||||||||||||||||||||||
December 31, 2020 | Amortization Rate | Cost | Amortization | Net | |||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Customer relationships | 5.0 | % | 724 | (139) | 585 | ||||||||||||||||||
Power purchase agreements | 4.5 | % | 63 | (18) | 45 | ||||||||||||||||||
Project agreement1
|
4.0 | % | 153 | (21) | 132 | ||||||||||||||||||
Software | 10.5 | % | 2,292 | (1,334) | 958 | ||||||||||||||||||
Other intangible assets2
|
2.7 | % | 456 | (96) | 360 | ||||||||||||||||||
3,688 | (1,608) | 2,080 |
Weighted Average
|
Accumulated
|
||||||||||||||||||||||
December 31, 2019 |
Amortization Rate
|
Cost
|
Amortization
|
Net
|
|||||||||||||||||||
(millions of Canadian dollars)
|
|||||||||||||||||||||||
Customer relationships
|
5.0 | % | 734 | (104) | 630 | ||||||||||||||||||
Power purchase agreements
|
4.5 | % | 64 | (16) | 48 | ||||||||||||||||||
Project agreement1
|
4.0 | % | 156 | (16) | 140 | ||||||||||||||||||
Software
|
11.0 | % | 2,115 | (1,141) | 974 | ||||||||||||||||||
Other intangible assets2
|
2.9 | % | 463 | (82) | 381 | ||||||||||||||||||
3,532 | (1,359) | 2,173 |
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||
Forecast of amortization expense
(millions of Canadian dollars)
|
298 | 270 | 245 | 222 | 202 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Trade payables and operating accrued liabilities | 3,497 | 4,536 | ||||||
Construction payables and contractor holdbacks | 855 | 804 | ||||||
Current derivative liabilities | 896 | 920 | ||||||
Dividends payable | 1,728 | 1,678 | ||||||
Taxes payable | 622 | 778 | ||||||
Current deferred credits | 978 | 652 | ||||||
Other | 652 | 583 | ||||||
9,228 | 9,951 |
Weighted Average | |||||||||||||||||||||||
December 31, |
Interest Rate9
|
Maturity | 2020 | 2019 | |||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Enbridge Inc. | |||||||||||||||||||||||
US dollar senior notes | 3.8 | % | 2022-2049 | 8,536 | 8,689 | ||||||||||||||||||
Medium-term notes
|
3.8 | % | 2021-2064 | 8,323 | 7,623 | ||||||||||||||||||
Fixed-to-fixed subordinated term notes1
|
2.8 | % | 2080 | 1,274 | — | ||||||||||||||||||
Fixed-to-floating rate subordinated term notes2
|
5.9 | % | 2077-2078 | 6,477 | 6,550 | ||||||||||||||||||
Floating rate notes3
|
2022 | 956 | 1,556 | ||||||||||||||||||||
Commercial paper and credit facility draws | 0.8 | % | 2021-2024 | 8,719 | 5,210 | ||||||||||||||||||
Other4
|
|
5 | 5 | ||||||||||||||||||||
Enbridge (U.S.) Inc. | |||||||||||||||||||||||
Commercial paper and credit facility draws | 0.3 | % | 2022-2024 | 492 | 1,734 | ||||||||||||||||||
Other4
|
7 | — | |||||||||||||||||||||
Enbridge Energy Partners, L.P. | |||||||||||||||||||||||
Senior notes | 6.0 | % | 2021-2045 | 3,886 | 3,955 | ||||||||||||||||||
Enbridge Gas Inc. | |||||||||||||||||||||||
Medium-term notes
|
3.9 | % | 2021-2050 | 8,485 | 7,685 | ||||||||||||||||||
Debentures
|
9.1 | % | 2024-2025 | 210 | 210 | ||||||||||||||||||
Commercial paper and credit facility draws
|
0.3 | % | 2022 | 1,121 | 898 | ||||||||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | |||||||||||||||||||||||
Senior notes | 4.0 | % | 2040 | 1,038 | 1,129 | ||||||||||||||||||
Enbridge Pipelines Inc. | |||||||||||||||||||||||
Medium-term notes5
|
4.2 | % | 2022-2049 | 4,775 | 5,125 | ||||||||||||||||||
Debentures
|
8.2 | % | 2024 | 200 | 200 | ||||||||||||||||||
Commercial paper and credit facility draws | 0.3 | % | 2022 | 1,278 | 2,030 | ||||||||||||||||||
Enbridge Southern Lights LP | |||||||||||||||||||||||
Senior notes
|
4.0 | % | 2040 | 257 | 272 | ||||||||||||||||||
Spectra Energy Capital, LLC | |||||||||||||||||||||||
Senior notes
|
7.1 | % | 2032-2038 | 220 | 224 | ||||||||||||||||||
Spectra Energy Partners, LP | |||||||||||||||||||||||
Senior secured notes | — | 143 | |||||||||||||||||||||
Senior notes | 4.0 | % | 2021-2048 | 8,332 | 8,481 | ||||||||||||||||||
Floating rate notes | — | 519 | |||||||||||||||||||||
Westcoast Energy Inc. | |||||||||||||||||||||||
Medium-term notes
|
4.5 | % | 2021-2041 | 1,625 | 1,875 | ||||||||||||||||||
Debentures
|
8.1 | % | 2025-2026 | 275 | 375 | ||||||||||||||||||
Fair value adjustment | 750 | 844 | |||||||||||||||||||||
Other6
|
(344) | (369) | |||||||||||||||||||||
Total debt7
|
66,897 | 64,963 | |||||||||||||||||||||
Current maturities | (2,957) | (4,404) | |||||||||||||||||||||
Short-term borrowings8
|
(1,121) | (898) | |||||||||||||||||||||
Long-term debt | 62,819 | 59,661 |
Total | ||||||||||||||
Maturity | Facilities |
Draws1
|
Available | |||||||||||
(millions of Canadian dollars) | ||||||||||||||
Enbridge Inc. | 2021-2024 | 11,854 | 8,719 | 3,135 | ||||||||||
Enbridge (U.S.) Inc. | 2022-2024 | 7,007 | 492 | 6,515 | ||||||||||
Enbridge Pipelines Inc. |
20222
|
3,000 | 1,278 | 1,722 | ||||||||||
Enbridge Gas Inc. |
20222
|
2,000 | 1,121 | 879 | ||||||||||
Total committed credit facilities | 23,861 | 11,610 | 12,251 |
Company | Issue Date | Principal Amount | ||||||||||||
(millions of Canadian dollars unless otherwise stated) | ||||||||||||||
Enbridge Inc.
|
||||||||||||||
February 2020 |
Floating rate notes due February 20221
|
US$750 | ||||||||||||
May 2020 | 3.20% medium-term notes due June 2027 | $750 | ||||||||||||
May 2020 | 2.44% medium-term notes due June 2025 | $550 | ||||||||||||
July 2020 |
Fixed-to-fixed subordinated term notes due July 20802
|
US$1,000 | ||||||||||||
Enbridge Gas Inc.
|
||||||||||||||
April 2020 | 2.90% medium-term notes due April 2030 | $600 | ||||||||||||
April 2020 | 3.65% medium-term notes due April 2050 | $600 | ||||||||||||
Spectra Energy Partners, LP | ||||||||||||||
October 2020 |
3.10% senior notes due October 20403
|
US$300 |
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 | ||||||||||||
November 2020 | 4.85% medium-term notes | $100 | ||||||||||||
Enbridge Gas Inc. | ||||||||||||||
November 2020 | 4.04% medium-term notes | $400 | ||||||||||||
Enbridge Pipelines (Southern Lights) L.L.C. | ||||||||||||||
June and December 2020 | 3.98% senior notes | US$56 | ||||||||||||
Enbridge Pipelines Inc. | ||||||||||||||
April 2020 | 4.45% medium-term notes | $350 | ||||||||||||
Enbridge Southern Lights LP | ||||||||||||||
June and December 2020 | 4.01% senior notes | $15 | ||||||||||||
Spectra Energy Partners, LP | ||||||||||||||
January 2020 | 6.09% senior secured notes | US$111 | ||||||||||||
June 2020 | Floating rate notes | US$400 | ||||||||||||
October 2020 | 4.13% senior notes due 2020 | US$300 | ||||||||||||
Westcoast Energy Inc. | ||||||||||||||
January 2020 | 9.90% debentures | $100 | ||||||||||||
July 2020 | 4.57% medium-term notes | $250 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Debentures and term notes | 2,913 | 2,783 | 3,011 | ||||||||
Commercial paper and credit facility draws | 123 | 273 | 171 | ||||||||
Amortization of fair value adjustment | (54) | (67) | (131) | ||||||||
Capitalized interest | (192) | (326) | (348) | ||||||||
2,790 | 2,663 | 2,703 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Obligations at beginning of year | 520 | 989 | ||||||
Liabilities disposed | — | (59) | ||||||
Liabilities incurred | — | 15 | ||||||
Liabilities settled | (30) | (12) | ||||||
Change in estimate and other | — | (417) | ||||||
Foreign currency translation adjustment | (6) | (18) | ||||||
Accretion expense | 12 | 22 | ||||||
Obligations at end of year | 496 | 520 | ||||||
Presented as follows: | ||||||||
Accounts payable and other
|
56 | 7 | ||||||
Other long-term liabilities
|
440 | 513 | ||||||
496 | 520 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Algonquin Gas Transmission, L.L.C | 384 | 394 | ||||||
Maritimes & Northeast Pipeline, L.L.C | 558 | 579 | ||||||
Renewable energy assets | 1,646 | 1,864 | ||||||
Westcoast Energy Inc.1
|
408 | 527 | ||||||
2,996 | 3,364 |
2020 | 2019 | 2018 | ||||||||||||||||||
Number | Number | Number | ||||||||||||||||||
December 31, | of Shares | Amount | of Shares | Amount | of Shares | Amount | ||||||||||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||||||||||||||
Balance at beginning of year | 2,025 | 64,746 | 2,022 | 64,677 | 1,695 | 50,737 | ||||||||||||||
Common shares issued in Sponsored Vehicle buy-in (Note 20)
|
— | — | — | — | 297 | 12,727 | ||||||||||||||
Dividend Reinvestment and Share Purchase Plan | — | — | — | — | 28 | 1,181 | ||||||||||||||
Shares issued on exercise of stock options
|
1 | 22 | 3 | 69 | 2 | 32 | ||||||||||||||
Balance at end of year | 2,026 | 64,768 | 2,025 | 64,746 | 2,022 | 64,677 |
2020 | 2019 | 2018 | ||||||||||||||||||
Number | Number | Number | ||||||||||||||||||
December 31, | of Shares | Amount | of Shares | Amount | of Shares | Amount | ||||||||||||||
(millions of Canadian dollars; number of shares in millions) | ||||||||||||||||||||
Preference Shares, Series A | 5 | 125 | 5 | 125 | 5 | 125 | ||||||||||||||
Preference Shares, Series B | 18 | 457 | 18 | 457 | 18 | 457 | ||||||||||||||
Preference Shares, Series C | 2 | 43 | 2 | 43 | 2 | 43 | ||||||||||||||
Preference Shares, Series D | 18 | 450 | 18 | 450 | 18 | 450 | ||||||||||||||
Preference Shares, Series F | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Preference Shares, Series H | 14 | 350 | 14 | 350 | 14 | 350 | ||||||||||||||
Preference Shares, Series J | 8 | 199 | 8 | 199 | 8 | 199 | ||||||||||||||
Preference Shares, Series L | 16 | 411 | 16 | 411 | 16 | 411 | ||||||||||||||
Preference Shares, Series N | 18 | 450 | 18 | 450 | 18 | 450 | ||||||||||||||
Preference Shares, Series P | 16 | 400 | 16 | 400 | 16 | 400 | ||||||||||||||
Preference Shares, Series R | 16 | 400 | 16 | 400 | 16 | 400 | ||||||||||||||
Preference Shares, Series 1 | 16 | 411 | 16 | 411 | 16 | 411 | ||||||||||||||
Preference Shares, Series 3 | 24 | 600 | 24 | 600 | 24 | 600 | ||||||||||||||
Preference Shares, Series 5 | 8 | 206 | 8 | 206 | 8 | 206 | ||||||||||||||
Preference Shares, Series 7 | 10 | 250 | 10 | 250 | 10 | 250 | ||||||||||||||
Preference Shares, Series 9 | 11 | 275 | 11 | 275 | 11 | 275 | ||||||||||||||
Preference Shares, Series 11 | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Preference Shares, Series 13 | 14 | 350 | 14 | 350 | 14 | 350 | ||||||||||||||
Preference Shares, Series 15 | 11 | 275 | 11 | 275 | 11 | 275 | ||||||||||||||
Preference Shares, Series 17 | 30 | 750 | 30 | 750 | 30 | 750 | ||||||||||||||
Preference Shares, Series 19 | 20 | 500 | 20 | 500 | 20 | 500 | ||||||||||||||
Issuance costs | (155) | (155) | (155) | |||||||||||||||||
Balance at end of year | 7,747 | 7,747 | 7,747 |
Dividend Rate |
Dividend1
|
Per Share Base
Redemption
Value2
|
Redemption and
Conversion
Option Date2,3
|
Right to
Convert
Into3,4
|
|||||||||||||
(Canadian dollars unless otherwise stated) | |||||||||||||||||
Preference Shares, Series A | 5.50 | % | $1.37500 | $25 | — | — | |||||||||||
Preference Shares, Series B | 3.42 | % | $0.85360 | $25 | June 1, 2022 | Series C | |||||||||||
Preference Shares, Series C5
|
3-month treasury bill plus 2.40% | — | $25 | June 1, 2022 | Series B | ||||||||||||
Preference Shares, Series D | 4.46 | % | $1.11500 | $25 | March 1, 2023 | Series E | |||||||||||
Preference Shares, Series F | 4.69 | % | $1.17224 | $25 | June 1, 2023 | Series G | |||||||||||
Preference Shares, Series H | 4.38 | % | $1.09400 | $25 | September 1, 2023 | Series I | |||||||||||
Preference Shares, Series J | 4.89 | % | US$1.22160 | US$25 | June 1, 2022 | Series K | |||||||||||
Preference Shares, Series L | 4.96 | % | US$1.23972 | US$25 | September 1, 2022 | Series M | |||||||||||
Preference Shares, Series N | 5.09 | % | $1.27152 | $25 | December 1, 2023 | Series O | |||||||||||
Preference Shares, Series P | 4.38 | % | $1.09476 | $25 | March 1, 2024 | Series Q | |||||||||||
Preference Shares, Series R | 4.07 | % | $1.01825 | $25 | June 1, 2024 | Series S | |||||||||||
Preference Shares, Series 1 | 5.95 | % | US$1.48728 | US$25 | June 1, 2023 | Series 2 | |||||||||||
Preference Shares, Series 3 | 3.74 | % | $0.93425 | $25 | September 1, 2024 | Series 4 | |||||||||||
Preference Shares, Series 5 | 5.38 | % | US$1.34383 | US$25 | March 1, 2024 | Series 6 | |||||||||||
Preference Shares, Series 7 | 4.45 | % | $1.11224 | $25 | March 1, 2024 | Series 8 | |||||||||||
Preference Shares, Series 9 | 4.10 | % | $1.02424 | $25 | December 1, 2024 | Series 10 | |||||||||||
Preference Shares, Series 116
|
3.94 | % | $0.98452 | $25 | March 1, 2025 | Series 12 | |||||||||||
Preference Shares, Series 136
|
3.04 | % | $0.76076 | $25 | June 1, 2025 | Series 14 | |||||||||||
Preference Shares, Series 156
|
2.98 | % | $0.74576 | $25 | September 1, 2025 | Series 16 | |||||||||||
Preference Shares, Series 17 | 5.15 | % | $1.28750 | $25 | March 1, 2022 | Series 18 | |||||||||||
Preference Shares, Series 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20 |
December 31, 2020 | Number |
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (years)
|
Aggregate
Intrinsic
Value
|
||||||||||
(options in thousands; intrinsic value in millions of Canadian dollars; weighted average exercise price in Canadian dollars) | ||||||||||||||
Options outstanding at beginning of year | 35,047 | 47.73 | ||||||||||||
Options granted | 4,783 | 55.50 | ||||||||||||
Options exercised1
|
(2,656) | 37.12 | ||||||||||||
Options cancelled or expired | (1,680) | 52.43 | ||||||||||||
Options outstanding at end of year | 35,494 | 49.35 | 6.0 | 54 | ||||||||||
Options vested at end of year2
|
22,005 | 48.65 | 4.6 | 34 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
Fair value per option (Canadian dollars)1
|
4.01 | 4.37 | 3.86 | ||||||||
Valuation assumptions | |||||||||||
Expected option term (years)2
|
6 | 5 | 5 | ||||||||
Expected volatility3
|
18.3 | % | 19.9 | % | 21.9 | % | |||||
Expected dividend yield4
|
5.9 | % | 6.1 | % | 6.4 | % | |||||
Risk-free interest rate5
|
1.3 | % | 2.0 | % | 2.2 | % |
December 31, 2020 | Number |
Weighted
Average
Remaining
Contractual
Life (years)
|
Aggregate
Intrinsic
Value
|
||||||||
(units in thousands; intrinsic value in millions of Canadian dollars) | |||||||||||
Units outstanding at beginning of year | 2,189 | ||||||||||
Units granted | 1,034 | ||||||||||
Units cancelled | (154) | ||||||||||
Units matured1
|
(219) | ||||||||||
Dividend reinvestment | 206 | ||||||||||
Units outstanding at end of year | 3,056 | 2.2 | 129 |
December 31, 2020 | Number |
Weighted
Average
Remaining
Contractual Life (years)
|
Aggregate
Intrinsic Value
|
||||||||
(units in thousands; intrinsic value in millions of Canadian dollars) | |||||||||||
Units outstanding at beginning of year | 1,624 | ||||||||||
Units granted | 1,281 | ||||||||||
Units cancelled | (87) | ||||||||||
Units matured1
|
(561) | ||||||||||
Dividend reinvestment | 196 | ||||||||||
Units outstanding at end of year | 2,453 | 2.5 | 104 |
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 at January 1, 2020 | (1,073) | — | (317) | 1,396 | 67 | (345) | (272) | ||||||||||||||||
Other comprehensive income/(loss) retained in AOCI
|
(591) | 5 | 115 | (828) | (2) | (221) | (1,522) | ||||||||||||||||
Other comprehensive (income)/loss reclassified to earnings
|
|||||||||||||||||||||||
Interest rate contracts1
|
253 | — | — | — | — | — | 253 | ||||||||||||||||
Foreign exchange contracts3
|
5 | — | — | — | — | — | 5 | ||||||||||||||||
Other contracts4
|
(2) | — | — | — | — | — | (2) | ||||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs5
|
— | — | — | — | — | 17 | 17 | ||||||||||||||||
(335) | 5 | 115 | (828) | (2) | (204) | (1,249) | |||||||||||||||||
Tax impact | |||||||||||||||||||||||
Income tax on amounts retained in AOCI | 140 | — | (13) | — | 1 | 54 | 182 | ||||||||||||||||
Income tax on amounts reclassified to earnings | (58) | — | — | — | — | (4) | (62) | ||||||||||||||||
82 | — | (13) | — | 1 | 50 | 120 | |||||||||||||||||
Balance at December 31, 2020 | (1,326) | 5 | (215) | 568 | 66 | (499) | (1,401) |
Cash Flow
Hedges
|
Net
Investment
Hedges
|
Cumulative
Translation
Adjustment
|
Equity
Investees
|
Pension and
OPEB
Adjustment
|
Total | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Balance at January 1, 2019 | (770) | (598) | 4,323 | 34 | (317) | 2,672 | ||||||||||||||
Other comprehensive income/(loss) retained in AOCI
|
(599) | 320 | (2,927) | 34 | (124) | (3,296) | ||||||||||||||
Other comprehensive (income)/loss reclassified to earnings
|
||||||||||||||||||||
Interest rate contracts1
|
157 | — | — | — | — | 157 | ||||||||||||||
Commodity contracts2
|
(1) | — | — | — | — | (1) | ||||||||||||||
Foreign exchange contracts3
|
5 | — | — | — | — | 5 | ||||||||||||||
Other contracts4
|
(3) | — | — | — | — | (3) | ||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs5
|
— | — | — | — | 17 | 17 | ||||||||||||||
(441) | 320 | (2,927) | 34 | (107) | (3,121) | |||||||||||||||
Tax impact | ||||||||||||||||||||
Income tax on amounts retained in AOCI | 169 | (39) | — | 6 | 28 | 164 | ||||||||||||||
Income tax on amounts reclassified to earnings | (31) | — | — | — | (4) | (35) | ||||||||||||||
138 | (39) | — | 6 | 24 | 129 | |||||||||||||||
Other | — | — | — | (7) | 55 | 48 | ||||||||||||||
Balance at December 31, 2019 | (1,073) | (317) | 1,396 | 67 | (345) | (272) |
Cash Flow
Hedges
|
Net
Investment
Hedges
|
Cumulative
Translation
Adjustment
|
Equity
Investees
|
Pension and
OPEB
Adjustment
|
Total | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Balance at January 1, 2018 | (644) | (139) | 77 | 10 | (277) | (973) | ||||||||||||||
Other comprehensive income/(loss) retained in AOCI
|
(244) | (509) | 4,301 | 16 | (85) | 3,479 | ||||||||||||||
Other comprehensive (income)/loss reclassified to earnings
|
||||||||||||||||||||
Interest rate contracts1
|
157 | — | — | — | — | 157 | ||||||||||||||
Commodity contracts2
|
(1) | — | — | — | — | (1) | ||||||||||||||
Foreign exchange contracts3
|
7 | — | — | — | — | 7 | ||||||||||||||
Other contracts4
|
22 | — | — | — | — | 22 | ||||||||||||||
Amortization of pension and OPEB actuarial loss and prior service costs5
|
— | — | — | — | 16 | 16 | ||||||||||||||
(59) | (509) | 4,301 | 16 | (69) | 3,680 | |||||||||||||||
Tax impact | ||||||||||||||||||||
Income tax on amounts retained in AOCI | 57 | 50 | — | 8 | 33 | 148 | ||||||||||||||
Income tax on amounts reclassified to earnings
|
(37) | — | — | — | (4) | (41) | ||||||||||||||
20 | 50 | — | 8 | 29 | 107 | |||||||||||||||
Sponsored Vehicles buy-in6
|
(87) | — | (55) | — | — | (142) | ||||||||||||||
Balance at December 31, 2018 | (770) | (598) | 4,323 | 34 | (317) | 2,672 |
December 31, 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 | — | — | — | 180 | 180 | (28) | 152 | |||||||||||||||||||
Interest rate contracts | — | — | — | — | — | — | — | |||||||||||||||||||
Commodity contracts | — | — | — | 143 | 143 | (81) | 62 | |||||||||||||||||||
Other contracts | — | — | — | — | — | — | — | |||||||||||||||||||
— | — | — | 323 | 323 |
1
|
(109) | 214 | |||||||||||||||||||
Deferred amounts and other assets
|
||||||||||||||||||||||||||
Foreign exchange contracts | 14 | — | — | 452 | 466 | (218) | 248 | |||||||||||||||||||
Interest rate contracts | 56 | — | — | — | 56 | (25) | 31 | |||||||||||||||||||
Commodity contracts | — | — | — | 39 | 39 | (9) | 30 | |||||||||||||||||||
Other contracts | — | — | — | — | — | — | — | |||||||||||||||||||
70 | — | — | 491 | 561 | (252) | 309 | ||||||||||||||||||||
Accounts payable and other | ||||||||||||||||||||||||||
Foreign exchange contracts | (5) | — | (29) | (151) | (185) | 28 | (157) | |||||||||||||||||||
Interest rate contracts | (423) | — | — | (2) | (425) | — | (425) | |||||||||||||||||||
Commodity contracts | (2) | — | — | (278) | (280) | 81 | (199) | |||||||||||||||||||
Other contracts | (1) | — | — | (3) | (4) | — | (4) | |||||||||||||||||||
(431) | — | (29) | (434) | (894) |
2
|
109 | (785) | |||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | (87) | (673) | (760) | 218 | (542) | |||||||||||||||||||
Interest rate contracts | (218) | — | — | (23) | (241) | 25 | (216) | |||||||||||||||||||
Commodity contracts | (1) | — | — | (57) | (58) | 9 | (49) | |||||||||||||||||||
Other contracts | — | — | — | — | — | — | — | |||||||||||||||||||
(219) | — | (87) | (753) | (1,059) | 252 | (807) | ||||||||||||||||||||
Total net derivative asset/(liability) | ||||||||||||||||||||||||||
Foreign exchange contracts | 9 | — | (116) | (192) | (299) | — | (299) | |||||||||||||||||||
Interest rate contracts | (585) | — | — | (25) | (610) | — | (610) | |||||||||||||||||||
Commodity contracts | (3) | — | — | (153) | (156) | — | (156) | |||||||||||||||||||
Other contracts | (1) | — | — | (3) | (4) | — | (4) | |||||||||||||||||||
(580) | — | (116) | (373) | (1,069) | — | (1,069) |
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 | (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) | 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 asset/(liability)
|
|||||||||||||||||||||||
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) |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
As at December 31, | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Total | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars)
|
1,772 | 1,750 | — | — | — | — | 3,522 | 1,121 | |||||||||||||||||||||||||||
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars)
|
5,718 | 5,853 | 3,784 | 1,856 | 648 | — | 17,859 | 19,419 | |||||||||||||||||||||||||||
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP)
|
88 | 28 | 29 | 30 | 30 | 60 | 265 | 298 | |||||||||||||||||||||||||||
Foreign exchange contracts - Euro forwards - sell (millions of Euro)
|
94 | 94 | 92 | 91 | 86 | 428 | 885 | 909 | |||||||||||||||||||||||||||
Foreign exchange contracts - Japanese yen forwards - purchase (millions of yen)
|
— | 72,500 | — | — | — | — | 72,500 | 72,500 | |||||||||||||||||||||||||||
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars)
|
4,036 | 397 | 47 | 35 | 30 | 90 | 4,635 | 10,784 | |||||||||||||||||||||||||||
Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars)
|
2,067 | 1,992 | 1,337 | — | — | — | 5,396 | 5,102 | |||||||||||||||||||||||||||
Equity contracts (millions of Canadian dollars)
|
44 | 7 | 11 | — | — | — | 62 | 54 | |||||||||||||||||||||||||||
Commodity contracts - natural gas (billions of cubic feet)
|
114 | 32 | 13 | 3 | 11 | — | 173 | (1) | |||||||||||||||||||||||||||
Commodity contracts - crude oil (millions of barrels)
|
14 | 1 | — | — | — | — | 15 | 28 | |||||||||||||||||||||||||||
Commodity contracts - NGL (millions of barrels)
|
— | — | — | — | — | — | — | 2 | |||||||||||||||||||||||||||
Commodity contracts - power (megawatt per hour (MW/H)
|
(3) | (43) | (43) | (43) | (43) | — | (35) | 1 | (16) | 1 |
2020 | 2019 | 2018 | |||||||||
(millions of Canadian dollars) | |||||||||||
Amount of unrealized gain/(loss) recognized in OCI
|
|
|
|
||||||||
Cash flow hedges
|
|
|
|
||||||||
Foreign exchange contracts
|
(1) | (19) | 19 | ||||||||
Interest rate contracts
|
(595) | (559) | (190) | ||||||||
Commodity contracts
|
2 | (25) | 2 | ||||||||
Other contracts
|
(3) | 10 | (3) | ||||||||
Fair value hedges | |||||||||||
Foreign exchange contracts | 5 | — | — | ||||||||
Net investment hedges
|
|
|
|
||||||||
Foreign exchange contracts
|
13 | 2 | 31 | ||||||||
(579) | (591) | (141) | |||||||||
Amount of (gain)/loss reclassified from AOCI to earnings
|
|||||||||||
Foreign exchange contracts1
|
5 | 5 | 5 | ||||||||
Interest rate contracts2
|
253 | 157 | 184 | ||||||||
Commodity contracts3
|
— | (1) | (1) | ||||||||
Other contracts4
|
(2) | (3) | 3 | ||||||||
256 | 158 | 191 |
Year ended December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Unrealized loss on derivative | (116) | — | ||||||
Unrealized gain on hedged item | 133 | — | ||||||
Realized loss on derivative | (12) | — | ||||||
Realized loss on hedged item | — | — |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Foreign exchange contracts1
|
902 | 1,626 | (1,390) | ||||||||
Interest rate contracts2
|
(25) | 178 | 5 | ||||||||
Commodity contracts3
|
(114) | (62) | 485 | ||||||||
Other contracts4
|
(7) | 9 | (3) | ||||||||
Total unrealized derivative fair value gain/(loss), net | 756 | 1,751 | (903) |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Canadian financial institutions | 481 | 146 | ||||||
US financial institutions | 99 | 40 | ||||||
European financial institutions | 28 | 3 | ||||||
Asian financial institutions | 167 | 92 | ||||||
Other1
|
97 | 113 | ||||||
872 | 394 |
December 31, 2020 | Level 1 | Level 2 | Level 3 | Total Gross Derivative Instruments | ||||||||||
(millions of Canadian dollars) | ||||||||||||||
Financial assets | ||||||||||||||
Current derivative assets | ||||||||||||||
Foreign exchange contracts | — | 180 | — | 180 | ||||||||||
Interest rate contracts | — | — | — | — | ||||||||||
Commodity contracts | 43 | 33 | 67 | 143 | ||||||||||
43 | 213 | 67 | 323 | |||||||||||
Long-term derivative assets | ||||||||||||||
Foreign exchange contracts | — | 466 | — | 466 | ||||||||||
Interest rate contracts | — | 56 | — | 56 | ||||||||||
Commodity contracts | 1 | 24 | 14 | 39 | ||||||||||
1 | 546 | 14 | 561 | |||||||||||
Financial liabilities | ||||||||||||||
Current derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (185) | — | (185) | ||||||||||
Interest rate contracts | — | (425) | — | (425) | ||||||||||
Commodity contracts | (39) | (18) | (223) | (280) | ||||||||||
Other contracts | — | (4) | — | (4) | ||||||||||
(39) | (632) | (223) | (894) | |||||||||||
Long-term derivative liabilities | ||||||||||||||
Foreign exchange contracts | — | (760) | — | (760) | ||||||||||
Interest rate contracts | — | (241) | — | (241) | ||||||||||
Commodity contracts | (1) | (8) | (49) | (58) | ||||||||||
(1) | (1,009) | (49) | (1,059) | |||||||||||
Total net financial asset/(liability) | ||||||||||||||
Foreign exchange contracts | — | (299) | — | (299) | ||||||||||
Interest rate contracts | — | (610) | — | (610) | ||||||||||
Commodity contracts | 4 | 31 | (191) | (156) | ||||||||||
Other contracts | — | (4) | — | (4) | ||||||||||
4 | (882) | (191) | (1,069) |
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 | ||||||||||
Commodity contracts | — | 33 | 130 | 163 | ||||||||||
Other 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 asset/(liability) | ||||||||||||||
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) |
December 31, 2020 | Fair Value | Unobservable Input | Minimum Price/Volatility | Maximum Price/Volatility | Weighted Average Price/Volatility | Unit of Measurement | ||||||||||||||
(fair value in millions of Canadian dollars) | ||||||||||||||||||||
Commodity contracts - financial1
|
||||||||||||||||||||
Natural gas | 5 | Forward gas price | 2.59 | 4.50 | 3.14 |
$/mmbtu2
|
||||||||||||||
Crude | (17) | Forward crude price | 41.31 | 57.40 | 47.57 | $/barrel | ||||||||||||||
NGL | (2) | Forward NGL price | 0.45 | 1.04 | 0.96 | $/gallon | ||||||||||||||
Power | (48) | Forward power price | 19.40 | 72.71 | 57.18 | $/MW/H | ||||||||||||||
Commodity contracts - physical1
|
||||||||||||||||||||
Natural gas | 16 | Forward gas price | 1.94 | 6.21 | 3.04 |
$/mmbtu2
|
||||||||||||||
Crude | (147) | Forward crude price | 42.06 | 63.25 | 47.55 | $/barrel | ||||||||||||||
NGL | 2 | Forward NGL price | 0.44 | 1.50 | 0.71 | $/gallon | ||||||||||||||
(191) |
Year ended December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Level 3 net derivative liability at beginning of period | (69) | (11) | ||||||
Total gain/(loss) | ||||||||
Included in earnings1
|
(123) | 27 | ||||||
Included in OCI
|
2 | (25) | ||||||
Settlements | (1) | (60) | ||||||
Level 3 net derivative liability at end of period | (191) | (69) |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | 4,190 | 7,535 | 3,570 | ||||||||
Canadian federal statutory income tax rate | 15 | % | 15 | % | 15 | % | |||||
Expected federal taxes at statutory rate | 629 | 1,130 | 536 | ||||||||
Increase/(decrease) resulting from: | |||||||||||
Provincial and state income taxes1
|
288 | 415 | (24) | ||||||||
Foreign and other statutory rate differentials2
|
(53) | 129 | 94 | ||||||||
Impact of US tax reform | — | — | (2) | ||||||||
Effects of rate-regulated accounting3
|
(145) | (63) | (163) | ||||||||
Foreign allowable interest deductions4
|
(4) | (29) | (134) | ||||||||
Part VI.1 tax, net of federal Part I deduction5
|
76 | 78 | 76 | ||||||||
Impairment of goodwill
|
— | — | 192 | ||||||||
US BEAT | 44 | 67 | 43 | ||||||||
Non-taxable portion of gain on sale of investment to
unrelated party6
|
— | — | 31 | ||||||||
Valuation allowance7
|
(6) | 26 | (172) | ||||||||
Intercorporate investments8
|
— | (14) | (149) | ||||||||
Noncontrolling interests
|
(8) | (13) | (47) | ||||||||
Other
|
(47) | (18) | (44) | ||||||||
Income tax expense | 774 | 1,708 | 237 | ||||||||
Effective income tax rate | 18.5 | % | 22.7 | % | 6.6 | % |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Earnings before income taxes | |||||||||||
Canada | 2,789 | 3,560 | 118 | ||||||||
US | 407 | 3,115 | 2,582 | ||||||||
Other | 994 | 860 | 870 | ||||||||
4,190 | 7,535 | 3,570 | |||||||||
Current income taxes | |||||||||||
Canada | 165 | 347 | 311 | ||||||||
US | 64 | 107 | 66 | ||||||||
Other | 98 | 98 | 8 | ||||||||
327 | 552 | 385 | |||||||||
Deferred income taxes | |||||||||||
Canada | 378 | 490 | (598) | ||||||||
US | 66 | 672 | 439 | ||||||||
Other | 3 | (6) | 11 | ||||||||
447 | 1,156 | (148) | |||||||||
Income tax expense | 774 | 1,708 | 237 |
December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Deferred income tax liabilities | ||||||||
Property, plant and equipment | (7,786) | (7,290) | ||||||
Investments | (4,649) | (4,620) | ||||||
Regulatory assets | (1,156) | (1,052) | ||||||
Other | (127) | (40) | ||||||
Total deferred income tax liabilities | (13,718) | (13,002) | ||||||
Deferred income tax assets | ||||||||
Financial instruments | 518 | 679 | ||||||
Pension and OPEB plans | 251 | 206 | ||||||
Loss carryforwards | 2,005 | 1,693 | ||||||
Other | 1,461 | 1,641 | ||||||
Total deferred income tax assets | 4,235 | 4,219 | ||||||
Less valuation allowance | (79) | (84) | ||||||
Total deferred income tax assets, net | 4,156 | 4,135 | ||||||
Net deferred income tax liabilities | (9,562) | (8,867) | ||||||
Presented as follows: | ||||||||
Total deferred income tax assets | 770 | 1,000 | ||||||
Total deferred income tax liabilities | (10,332) | (9,867) | ||||||
Net deferred income tax liabilities | (9,562) | (8,867) |
Year ended December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Unrecognized tax benefits at beginning of year | 129 | 139 | ||||||
Gross increases for tax positions of current year | 1 | 1 | ||||||
Gross decreases for tax positions of prior year | (1) | (1) | ||||||
Change in translation of foreign currency | (3) | (4) | ||||||
Lapses of statute of limitations | (5) | (6) | ||||||
Unrecognized tax benefits at end of year | 121 | 129 |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | 4,446 | 3,997 | 1,230 | 1,214 | |||||||||||||
Service cost | 148 | 149 | 44 | 45 | |||||||||||||
Interest cost | 128 | 139 | 31 | 41 | |||||||||||||
Participant contributions | 31 | 32 | — | — | |||||||||||||
Actuarial loss1
|
292 | 423 | 95 | 106 | |||||||||||||
Benefits paid | (190) | (187) | (128) | (101) | |||||||||||||
Plan settlements2
|
— | (99) | — | (1) | |||||||||||||
Transfers out | — | (8) | — | (6) | |||||||||||||
Foreign currency exchange rate changes | — | — | (23) | (63) | |||||||||||||
Other | — | — | (6) | (5) | |||||||||||||
Projected benefit obligation at end of year3
|
4,855 | 4,446 | 1,243 | 1,230 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | 3,827 | 3,523 | 1,104 | 1,045 | |||||||||||||
Actual return on plan assets | 288 | 448 | 83 | 176 | |||||||||||||
Employer contributions | 121 | 114 | 27 | 46 | |||||||||||||
Participant contributions | 31 | 32 | — | — | |||||||||||||
Benefits paid | (190) | (187) | (128) | (101) | |||||||||||||
Plan settlements2
|
— | (99) | — | (1) | |||||||||||||
Transfers out | — | (4) | — | — | |||||||||||||
Foreign currency exchange rate changes | — | — | (18) | (56) | |||||||||||||
Other | — | — | (6) | (5) | |||||||||||||
Fair value of plan assets at end of year4
|
4,077 | 3,827 | 1,062 | 1,104 | |||||||||||||
Underfunded status at end of year | (778) | (619) | (181) | (126) | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | 35 | 35 | — | — | |||||||||||||
Accounts payable and other | (9) | (9) | (3) | (4) | |||||||||||||
Other long-term liabilities | (804) | (645) | (178) | (122) | |||||||||||||
(778) | (619) | (181) | (126) |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Projected benefit obligation | 4,434 | 1,481 | 1,243 | 103 | |||||||||||||
Accumulated benefit obligation | 4,094 | 1,361 | 1,207 | 98 | |||||||||||||
Fair value of plan assets | 3,621 | 1,087 | 1,062 | — |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial loss | 542 | 445 | 233 | 134 | |||||||||||||
Prior service credit | — | — | (1) | (2) | |||||||||||||
Total amount recognized in AOCI1
|
542 | 445 | 232 | 132 |
Canada | US | |||||||||||||||||||||||||
Year ended December 31, | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||||||||
Service cost | 148 | 149 | 149 | 44 | 45 | 45 | ||||||||||||||||||||
Interest cost1
|
128 | 139 | 130 | 31 | 41 | 38 | ||||||||||||||||||||
Expected return on plan assets1
|
(260) | (245) | (245) | (88) | (78) | (88) | ||||||||||||||||||||
Amortization/settlement of net actuarial loss1
|
42 | 41 | 25 | 1 | 2 | 7 | ||||||||||||||||||||
Amortization/curtailment of prior service (credit)/
cost1
|
— | — | — | (1) | (1) | 3 | ||||||||||||||||||||
Net periodic benefit cost | 58 | 84 | 59 | (13) | 9 | 5 | ||||||||||||||||||||
Defined contribution benefit cost | 6 | 8 | 11 | — | — | — | ||||||||||||||||||||
Net pension cost recognized in Earnings | 64 | 92 | 70 | (13) | 9 | 5 | ||||||||||||||||||||
Amount recognized in OCI: | ||||||||||||||||||||||||||
Effect of plan combination | — | — | — | — | (6) | — | ||||||||||||||||||||
Amortization/settlement of net actuarial loss | (21) | (26) | (11) | (1) | (2) | (7) | ||||||||||||||||||||
Amortization/curtailment of prior service credit/(cost)
|
— | — | — | 1 | 1 | (3) | ||||||||||||||||||||
Net actuarial loss arising during the year | 118 | 115 | 112 | 100 | 8 | 28 | ||||||||||||||||||||
Total amount recognized in OCI | 97 | 89 | 101 | 100 | 1 | 18 | ||||||||||||||||||||
Total amount recognized in Comprehensive income | 161 | 181 | 171 | 87 | 10 | 23 |
Canada | US | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||
Projected benefit obligation | |||||||||||||||||||||||
Discount rate | 2.6 | % | 3.0 | % | 3.8 | % | 2.2 | % | 3.0 | % | 3.9 | % | |||||||||||
Rate of salary increase | 2.3 | % | 3.2 | % | 3.2 | % | 2.7 | % | 2.9 | % | 2.8 | % | |||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | 4.3 | % | 4.5 | % | 4.5 | % | ||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.0 | % | 3.8 | % | 3.6 | % | 3.0 | % | 3.9 | % | 3.4 | % | |||||||||||
Rate of return on plan assets | 6.8 | % | 7.0 | % | 6.8 | % | 7.9 | % | 8.0 | % | 7.4 | % | |||||||||||
Rate of salary increase | 3.2 | % | 3.2 | % | 3.2 | % | 2.9 | % | 2.9 | % | 2.9 | % | |||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | 4.5 | % | 4.5 | % | 4.5 | % |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Change in accumulated postretirement benefit obligation
|
|||||||||||||||||
Accumulated postretirement benefit obligation at beginning of year
|
293 | 282 | 288 | 305 | |||||||||||||
Service cost | 5 | 5 | 2 | 2 | |||||||||||||
Interest cost | 8 | 10 | 7 | 10 | |||||||||||||
Participant contributions | — | — | 4 | 5 | |||||||||||||
Actuarial loss1
|
21 | 15 | 17 | 7 | |||||||||||||
Benefits paid | (6) | (6) | (28) | (28) | |||||||||||||
Plan amendments | — | — | (33) | — | |||||||||||||
Foreign currency exchange rate changes | — | — | (4) | (15) | |||||||||||||
Other | — | (13) | 1 | 2 | |||||||||||||
Accumulated postretirement benefit obligation at end of year
|
321 | 293 | 254 | 288 | |||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | — | — | 188 | 181 | |||||||||||||
Actual return on plan assets | — | — | 14 | 27 | |||||||||||||
Employer contributions | 6 | 6 | 12 | 10 | |||||||||||||
Participant contributions | — | — | 4 | 5 | |||||||||||||
Benefits paid | (6) | (6) | (28) | (28) | |||||||||||||
Foreign currency exchange rate changes | — | — | (3) | (9) | |||||||||||||
Other | — | — | 1 | 2 | |||||||||||||
Fair value of plan assets at end of year | — | — | 188 | 188 | |||||||||||||
Underfunded status at end of year | (321) | (293) | (66) | (100) | |||||||||||||
Presented as follows: | |||||||||||||||||
Deferred amounts and other assets | — | — | 19 | — | |||||||||||||
Accounts payable and other | (13) | (12) | (6) | (8) | |||||||||||||
Other long-term liabilities | (308) | (281) | (79) | (92) | |||||||||||||
(321) | (293) | (66) | (100) |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Accumulated benefit obligation | 321 | 293 | 191 | 288 | |||||||||||||
Fair value of plan assets | — | — | 106 | 188 |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Net actuarial (gain)/loss | 15 | (7) | (7) | (23) | |||||||||||||
Prior service credit | (1) | (1) | (44) | (13) | |||||||||||||
Total amount recognized in AOCI1
|
14 | (8) | (51) | (36) |
Canada | US | ||||||||||||||||||||||
Year ended December 31, | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Service cost | 5 | 5 | 8 | 2 | 2 | 3 | |||||||||||||||||
Interest cost1
|
8 | 10 | 10 | 7 | 10 | 10 | |||||||||||||||||
Expected return on plan assets1
|
— | — | — | (12) | (12) | (12) | |||||||||||||||||
Amortization/settlement of net actuarial gain1
|
(1) | (7) | — | (1) | — | (1) | |||||||||||||||||
Amortization/curtailment of prior service credit1
|
— | (1) | — | (2) | (2) | (4) | |||||||||||||||||
Net periodic benefit cost recognized in Earnings | 12 | 7 | 18 | (6) | (2) | (4) | |||||||||||||||||
Amount recognized in OCI: | |||||||||||||||||||||||
Amortization/settlement of net actuarial gain | 1 | 7 | — | 1 | — | 1 | |||||||||||||||||
Amortization/curtailment of prior service credit
|
— | 1 | — | 2 | 2 | 4 | |||||||||||||||||
Net actuarial (gain)/loss arising during the year
|
21 | 15 | (46) | 15 | (8) | (1) | |||||||||||||||||
Prior service credit | — | — | — | (33) | — | (8) | |||||||||||||||||
Total amount recognized in OCI | 22 | 23 | (46) | (15) | (6) | (4) | |||||||||||||||||
Total amount recognized in Comprehensive income | 34 | 30 | (28) | (21) | (8) | (8) |
Canada | US | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||
Accumulated postretirement benefit obligation
|
|||||||||||||||||||||||
Discount rate | 2.6 | % | 3.1 | % | 3.8 | % | 2.0 | % | 2.8 | % | 4.0 | % | |||||||||||
Net periodic benefit cost | |||||||||||||||||||||||
Discount rate | 3.1 | % | 3.8 | % | 3.6 | % | 2.8 | % | 4.0 | % | 3.3 | % | |||||||||||
Rate of return on plan assets | N/A | N/A | N/A | 6.7 | % | 6.7 | % | 5.7 | % |
Canada | US | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Health care cost trend rate assumed for next year | 4.0 | % | 4.0 | % | 6.8 | % | 7.2 | % | |||||||||
Rate to which the cost trend is assumed to decline (ultimate trend rate)
|
4.0 | % | 4.0 | % | 4.5 | % | 4.5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2037 | 2037 |
Canada | US | ||||||||||||||||||||||
Target | December 31, | Target | December 31, | ||||||||||||||||||||
Asset Category | Allocation | 2020 | 2019 | Allocation | 2020 | 2019 | |||||||||||||||||
Equity securities | 43.5 | % | 47.2 | % | 46.4 | % | 45.0 | % | 55.6 | % | 55.2 | % | |||||||||||
Fixed income securities | 30.0 | % | 29.6 | % | 31.0 | % | 20.0 | % | 17.2 | % | 19.8 | % | |||||||||||
Alternatives1
|
26.5 | % | 23.2 | % | 22.6 | % | 35.0 | % | 27.2 | % | 25.0 | % |
Canada | US | ||||||||||||||||||||||||||||
Level 11
|
Level 22
|
Level 33
|
Total |
Level 11
|
Level 22
|
Level 33
|
Total | ||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 213 | — | — | 213 | 5 | — | — | 5 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | 178 | 188 | — | 366 | — | — | — | — | |||||||||||||||||||||
US | 2 | — | — | 2 | — | — | — | — | |||||||||||||||||||||
Global | — | 1,556 | — | 1,556 | — | 590 | — | 590 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 207 | 378 | — | 585 | — | 75 | — | 75 | |||||||||||||||||||||
Corporate | — | 410 | — | 410 | — | 103 | — | 103 | |||||||||||||||||||||
Alternatives4
|
— | — | 912 | 912 | — | — | 289 | 289 | |||||||||||||||||||||
Forward currency contracts | — | 33 | — | 33 | — | — | — | — | |||||||||||||||||||||
Total pension plan assets at fair value
|
600 | 2,565 | 912 | 4,077 | 5 | 768 | 289 | 1,062 | |||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 184 | — | — | 184 | 14 | — | — | 14 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Canada | 165 | 183 | — | 348 | — | — | — | — | |||||||||||||||||||||
US | — | — | — | — | — | 93 | — | 93 | |||||||||||||||||||||
Global | — | 1,429 | — | 1,429 | — | 516 | — | 516 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | 196 | 418 | — | 614 | — | 164 | — | 164 | |||||||||||||||||||||
Corporate | — | 388 | — | 388 | — | 41 | — | 41 | |||||||||||||||||||||
Alternatives4
|
— | — | 852 | 852 | — | — | 276 | 276 | |||||||||||||||||||||
Forward currency contracts | — | 12 | — | 12 | — | — | — | — | |||||||||||||||||||||
Total pension plan assets at fair value
|
545 | 2,430 | 852 | 3,827 | 14 | 814 | 276 | 1,104 |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | 852 | 562 | 276 | 130 | |||||||||||||
Unrealized and realized gains/(losses) | (27) | 10 | 7 | 13 | |||||||||||||
Purchases and settlements, net | 87 | 280 | 6 | 133 | |||||||||||||
Balance at end of year | 912 | 852 | 289 | 276 |
Canada | US | ||||||||||||||||||||||||||||
Level 11
|
Level 22
|
Level 33
|
Total |
Level 11
|
Level 22
|
Level 33
|
Total | ||||||||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
US | — | — | — | — | — | 35 | — | 35 | |||||||||||||||||||||
Global | — | — | — | — | — | 79 | — | 79 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | — | — | — | — | 38 | 6 | — | 44 | |||||||||||||||||||||
Corporate | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||||||
Alternatives4
|
— | — | — | — | — | — | 22 | 22 | |||||||||||||||||||||
Total OPEB plan assets at fair value
|
— | — | — | — | 38 | 128 | 22 | 188 | |||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
US | — | — | — | — | — | 75 | — | 75 | |||||||||||||||||||||
Global | — | — | — | — | — | 38 | — | 38 | |||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||
Government | — | — | — | — | 40 | 15 | — | 55 | |||||||||||||||||||||
Alternatives4
|
— | — | — | — | — | — | 18 | 18 | |||||||||||||||||||||
Total OPEB plan assets at fair value
|
— | — | — | — | 42 | 128 | 18 | 188 |
Canada | US | ||||||||||||||||
December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
(millions of Canadian dollars) | |||||||||||||||||
Balance at beginning of year | — | — | 18 | 5 | |||||||||||||
Unrealized and realized gains | — | — | 1 | 1 | |||||||||||||
Purchases and settlements, net | — | — | 3 | 12 | |||||||||||||
Balance at end of year | — | — | 22 | 18 |
Year ending December 31, | 2021 | 2022 | 2023 | 2024 | 2025 | 2026-2030 | ||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Pension | ||||||||||||||||||||
Canada
|
185 | 189 | 194 | 198 | 203 | 1,078 | ||||||||||||||
US | 139 | 76 | 75 | 75 | 74 | 353 | ||||||||||||||
OPEB | ||||||||||||||||||||
Canada
|
12 | 13 | 13 | 13 | 13 | 71 | ||||||||||||||
US | 19 | 18 | 17 | 16 | 15 | 66 |
December 31, 2020 |
December 31,
2019 |
|||||||
(millions of Canadian dollars, except lease term and discount rate)
|
||||||||
Operating leases | ||||||||
Operating lease right-of-use assets, net1
|
708 | 713 | ||||||
Operating lease liabilities - current2
|
80 | 94 | ||||||
Operating lease liabilities - long-term3
|
681 | 689 | ||||||
Total operating lease liabilities | 761 | 783 | ||||||
Finance leases | ||||||||
Finance lease right-of-use assets, net1
|
124 | 89 | ||||||
Finance lease liabilities - current2
|
17 | 16 | ||||||
Finance lease liabilities - long-term3
|
98 | 78 | ||||||
Total finance lease liabilities | 115 | 94 | ||||||
Weighted average remaining lease term | ||||||||
Operating leases | 13 years | 13 years | ||||||
Finance leases | 22 years | 23 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | 4.1 | % | 4.3 | % | ||||
Finance leases | 2.9 | % | 3.6 | % |
Operating leases | Finance leases | |||||||
(millions of Canadian dollars) | ||||||||
2021 | 121 | 18 | ||||||
2022 | 116 | 16 | ||||||
2023 | 96 | 16 | ||||||
2024 | 90 | 13 | ||||||
2025 | 84 | 6 | ||||||
Thereafter | 531 | 84 | ||||||
Total undiscounted lease payments | 1,038 | 153 | ||||||
Less imputed interest | (277) | (38) | ||||||
Total | 761 | 115 |
Year ended December 31, | 2020 | 2019 | ||||||
(millions of Canadian dollars) | ||||||||
Operating lease income | 265 | 265 | ||||||
Variable lease income | 361 | 360 | ||||||
Total lease income1
|
626 | 625 |
Operating leases | |||||
(millions of Canadian dollars) | |||||
2021 | 242 | ||||
2022 | 229 | ||||
2023 | 212 | ||||
2024 | 206 | ||||
2025 | 199 | ||||
Thereafter | 2,201 | ||||
Future lease payments | 3,289 |
Year ended December 31, | 2020 | 2019 | 2018 | ||||||||
(millions of Canadian dollars) | |||||||||||
Accounts receivable and other | 1,546 | (547) | 857 | ||||||||
Accounts receivable from affiliates | 8 | 6 | 54 | ||||||||
Inventory | (254) | (24) | 164 | ||||||||
Deferred amounts and other assets | (586) | 133 | 226 | ||||||||
Accounts payable and other | (770) | 63 | (151) | ||||||||
Accounts payable to affiliates | 1 | (24) | (122) | ||||||||
Interest payable | 31 | (41) | 25 | ||||||||
Other long-term liabilities | 117 | 175 | (138) | ||||||||
93 | (259) | 915 |
Year ended December 31, 2020 | Transportation and Other Services | Operating and Administrative | Commodity Sales | Commodity Costs | Gas Distribution costs | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Alliance Pipeline Limited | — | — | — | 81 | — | |||||||||||||||
Aux Sable Midstream LLC | — | — | — | 2 | — | |||||||||||||||
Aux Sable Canada LP | — | — | — | 91 | — | |||||||||||||||
Seaway Crude Pipeline System | — | 342 | — | 256 | — | |||||||||||||||
Alliance Canada Marketing L.P. | — | — | 64 | 17 | — | |||||||||||||||
NEXUS Gas Transmission, LLC | 69 | 21 | — | — | 116 | |||||||||||||||
Vector Pipeline L.P. | — | 7 | — | — | 19 | |||||||||||||||
Énergir, L.P. | 37 | — | — | — | — | |||||||||||||||
DCP Midstream, LLC | 3 | — | 24 | — | — | |||||||||||||||
Gulfstream Management and Operating Services, LLC | — | 4 | — | — | — | |||||||||||||||
Sabal Trail Transmission, LLC | — | 25 | — | — | — | |||||||||||||||
Steckman Ridge | — | 4 | — | — | — | |||||||||||||||
Noverco | — | — | 3 | — | — | |||||||||||||||
Year ended December 31, 2019 | Transportation and Other Services | Operating and Administrative | Commodity Sales | Commodity Costs | Gas Distribution costs | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Alliance Pipeline Limited | — | — | — | 112 | — | |||||||||||||||
Aux Sable Midstream LLC | — | — | — | 14 | — | |||||||||||||||
Aux Sable Canada LP | — | — | 61 | 272 | — | |||||||||||||||
Seaway Crude Pipeline System | — | 327 | — | 240 | — | |||||||||||||||
Alliance Canada Marketing L.P. | — | — | 106 | 46 | — | |||||||||||||||
NEXUS Gas Transmission, LLC | 62 | 17 | — | — | 114 | |||||||||||||||
Vector Pipeline L.P. | — | 7 | — | — | 19 | |||||||||||||||
Énergir, L.P. | 38 | — | — | — | — | |||||||||||||||
DCP Midstream, LLC | 4 | — | 36 | — | — | |||||||||||||||
Gulfstream Management and Operating Services, LLC | — | 4 | — | — | — | |||||||||||||||
Sabal Trail Transmission, LLC | — | 23 | — | — | — | |||||||||||||||
Steckman Ridge | — | 4 | — | — | — |
Year ended December 31, 2018 | Transportation and Other Services | Operating and Administrative | Commodity Sales | Commodity Costs | Gas Distribution costs | |||||||||||||||
(millions of Canadian dollars) | ||||||||||||||||||||
Alliance Pipeline Limited | — | — | — | 93 | — | |||||||||||||||
Aux Sable Midstream LLC | — | — | — | 8 | — | |||||||||||||||
Aux Sable Canada LP | — | — | 72 | 189 | — | |||||||||||||||
Seaway Crude Pipeline System | — | 309 | — | 149 | — | |||||||||||||||
Alliance Canada Marketing L.P. | — | — | 125 | 49 | — | |||||||||||||||
NEXUS Gas Transmission, LLC | 9 | 2 | — | — | — | |||||||||||||||
Vector Pipeline L.P. | — | 7 | — | 1 | 20 | |||||||||||||||
DCP Midstream, LLC | 5 | — | 52 | — | — | |||||||||||||||
Gulfstream Management and Operating Services, LLC | — | 5 | — | — | — | |||||||||||||||
Sabal Trail Transmission, LLC | — | 18 | — | — | — | |||||||||||||||
Steckman Ridge | — | 4 | — | — | — |
Total |
Less
than
1 year
|
2 years | 3 years | 4 years | 5 years | Thereafter | |||||||||||||||||
(millions of Canadian dollars) | |||||||||||||||||||||||
Annual debt maturities1
|
65,358 | 2,942 | 10,062 | 2,565 | 7,990 | 5,011 | 36,788 | ||||||||||||||||
Interest obligations2
|
34,799 | 2,417 | 2,332 | 2,193 | 2,037 | 1,881 | 23,939 | ||||||||||||||||
Purchase of services, pipe and other materials, including transportation3,4
|
9,206 | 3,124 | 1,436 | 762 | 783 | 560 | 2,541 | ||||||||||||||||
Maintenance agreements | 454 | 61 | 59 | 29 | 28 | 27 | 250 | ||||||||||||||||
Right-of-ways commitments | 1,173 | 31 | 38 | 38 | 38 | 38 | 990 | ||||||||||||||||
Total | 110,990 | 8,575 | 13,927 | 5,587 | 10,876 | 7,517 | 64,508 |
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||
(unaudited; millions of Canadian dollars, except per share amounts) | |||||||||||||||||
2020 | |||||||||||||||||
Operating revenues | 12,013 | 7,956 | 9,110 | 10,008 | 39,087 | ||||||||||||
Operating income | 1,513 | 2,098 | 2,095 | 2,251 | 7,957 | ||||||||||||
Earnings/(loss) | (1,364) | 1,777 | 1,104 | 1,899 | 3,416 | ||||||||||||
Earnings/(loss) attributable to controlling interests | (1,333) | 1,741 | 1,084 | 1,871 | 3,363 | ||||||||||||
Earnings/(loss) attributable to common shareholders | (1,429) | 1,647 | 990 | 1,775 | 2,983 | ||||||||||||
Earnings/(loss) per common share | |||||||||||||||||
Basic | (0.71) | 0.82 | 0.49 | 0.88 | 1.48 | ||||||||||||
Diluted | (0.71) | 0.82 | 0.49 | 0.88 | 1.48 | ||||||||||||
2019 | |||||||||||||||||
Operating revenues | 12,856 | 13,263 | 11,598 | 12,352 | 50,069 | ||||||||||||
Operating income | 2,619 | 2,285 | 1,588 | 1,768 | 8,260 | ||||||||||||
Earnings | 2,023 | 1,830 | 1,060 | 914 | 5,827 | ||||||||||||
Earnings attributable to controlling interests
|
1,986 | 1,832 | 1,045 | 842 | 5,705 | ||||||||||||
Earnings attributable to common shareholders
|
1,891 | 1,736 | 949 | 746 | 5,322 | ||||||||||||
Earnings per common share | |||||||||||||||||
Basic | 0.94 | 0.86 | 0.47 | 0.37 | 2.64 | ||||||||||||
Diluted | 0.94 | 0.86 | 0.47 | 0.36 | 2.63 |
Exhibit No. | Name of Exhibit | |||||||
3.1 | Articles of Continuance of the Corporation, dated December 15, 1987 (incorporated by reference to Exhibit 2.1(a) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.2 | Certificate of Amendment, dated August 2, 1989, to the Articles of the Corporation (incorporated by reference to Exhibit 2.1(b) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.3 | Articles of Amendment of the Corporation, dated April 30, 1992 (incorporated by reference to Exhibit 2.1(c) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.4 | Articles of Amendment of the Corporation, dated July 2, 1992 (incorporated by reference to Exhibit 2.1(d) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.5 | Articles of Amendment of the Corporation, dated August 6, 1992 (incorporated by reference to Exhibit 2.1(e) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.6 | Articles of Arrangement of the Corporation dated December 18, 1992, attaching the Arrangement Agreement, dated December 15, 1992 (incorporated by reference to Exhibit 2.1(f) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) |
3.7 | Certificate of Amendment of the Corporation (notarial certified copy), dated December 18, 1992 (incorporated by reference to Exhibit 2.1(g) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.8 | Articles of Amendment of the Corporation, dated May 5, 1994 (incorporated by reference to Exhibit 2.1(h) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.9 | Certificate of Amendment, dated October 7, 1998 (incorporated by reference to Exhibit 2.1(i) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.10 | Certificate of Amendment, dated November 24, 1998 (incorporated by reference to Exhibit 2.1(j) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
3.11 | Certificate of Amendment, dated April 29, 1999 (incorporated by reference to Exhibit 2.1(k) to Enbridge’s Registration Statement on Form S-8 filed May 7, 2001) | |||||||
* | ||||||||
|
||||||||
Certain instruments defining the rights of holders of long-term debt securities of the Registrant and its subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. | ||||||||
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101 | * |
Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II, Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K
|
||||||
104 | * |
Cover Page Interactive Date File – the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101).
|
ENBRIDGE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | February 12, 2021 | By: | /s/ Al Monaco | ||||||||
Al Monaco | |||||||||||
President and Chief Executive Officer |
/s/ Al Monaco | /s/ Colin K. Gruending | |||||||
Al Monaco
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
Colin K. Gruending
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|||||||
/s/ Patrick R. Murray | /s/ Gregory L. Ebel | |||||||
Patrick R. Murray
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Gregory L. Ebel
Chairman of the Board of Directors
|
|||||||
/s/ Pamela L. Carter | /s/ Marcel R. Coutu | |||||||
Pamela L. Carter
Director
|
Marcel R. Coutu
Director
|
|||||||
/s/ Susan M. Cunningham | /s/ J. Herb England | |||||||
Susan M. Cunningham
Director
|
J. Herb England
Director |
|||||||
/s/ Gregory J. Goff | /s/ V. Maureen Kempston Darkes | |||||||
Gregory J. Goff
Director |
V. Maureen Kempston Darkes
Director |
|||||||
/s/ Teresa S. Madden | /s/ Stephen S. Poloz | |||||||
Teresa S. Madden
Director |
Stephen S. Poloz
Director |
|||||||
/s/ Dan C. Tutcher | ||||||||
Dan C. Tutcher
Director |
/s/ Al Monaco | |||||
Al Monaco
President & CEO
|
|||||
/s/ Karen K.L. Uehara | |||||
Karen K.L. Uehara
Vice President & Corporate Secretary
|
|||||
Entity Name | Jurisdiction | ||||
1090577 B.C. Unlimited Liability Company | British Columbia | ||||
1329165 Alberta Ltd. | Alberta | ||||
1682399 Ontario Corp. | Ontario | ||||
2099634 Ontario Limited | Ontario | ||||
2562961 Ontario Ltd. | Ontario | ||||
2193914 Canada Limited | Canada | ||||
4296559 Canada Inc. | Canada | ||||
3268126 Nova Scotia Company | Nova Scotia | ||||
5679 Cherry Lane, LLC | Wisconsin | ||||
626952 Alberta Ltd. | Alberta | ||||
627149 Saskatchewan Inc. | Saskatchewan | ||||
7243341 Canada Inc. | Canada | ||||
8056587 Canada Inc. | Canada | ||||
912176 Ontario Limited | Ontario | ||||
Alberta Saline Aquifer Project Inc. | Alberta | ||||
Alberta Solar One, Inc. | Alberta | ||||
Algonquin Gas Transmission, LLC | Delaware | ||||
Alliance Pipeline Limited Partnership | Alberta | ||||
Alliance Pipeline Ltd. | Canada | ||||
Atlantis Offshore, LLC | Delaware | ||||
Aux Sable Canada LP | Alberta | ||||
Aux Sable Canada Ltd. | Alberta | ||||
Bakken Pipeline Company LLC | Delaware | ||||
Bakken Pipeline Company LP | Delaware | ||||
Big Sandy Pipeline, LLC | Delaware | ||||
Blauracke GmbH | Germany | ||||
Brazoria Interconnector Gas Pipeline LLC | Delaware | ||||
CCPS Transportation, LLC | Delaware | ||||
Cedar Point Wind, LLC | Delaware | ||||
Chapman Ranch Wind I, LLC | Delaware | ||||
Copiah Storage, LLC | Delaware | ||||
Cruickshank Wind Farm Ltd. | Ontario | ||||
Egan Hub Storage, LLC | Delaware | ||||
East Tennessee Natural Gas, LLC | Tennessee | ||||
Eddystone Rail Company, LLC | Delaware | ||||
EFL Services (France) SAS | France | ||||
EI Norway Holdings AS | Norway | ||||
EIF US Holdings Inc. | Delaware |
EIH S.à r.l. | Luxembourg | ||||
Enbridge (Colombia) S.A.S. | Colombia | ||||
Enbridge (Gateway) Holdings Inc. | Canada | ||||
Enbridge (Houston Oil Terminal) LLC | Delaware | ||||
Enbridge (Lux) Holdings Inc. | Alberta | ||||
Enbridge (Maritimes) Incorporated | Alberta | ||||
Enbridge (Rabaska) Holdings Inc. | Canada | ||||
Enbridge (Saskatchewan) Operating Services Inc. | Saskatchewan | ||||
Enbridge (SPOT) LLC | Delaware | ||||
Enbridge (U.S.) Inc. | Delaware | ||||
Enbridge Alliance (Canada) Management Inc. | Canada | ||||
Enbridge Alliance (U.S.) Management LLC | Delaware | ||||
Enbridge Atlantic (Holdings) Inc. | Canada | ||||
Enbridge Aux Sable (Canada) Management Inc. | Canada | ||||
Enbridge Aux Sable Holdings Inc. | Saskatchewan | ||||
Enbridge Aux Sable Products, Inc. | Delaware | ||||
Enbridge Aux Sable (U.S.) Management LLC | Delaware | ||||
Enbridge Bakken Pipeline Company Inc. | Canada | ||||
Enbridge Bakken Pipeline Limited Partnership | Alberta | ||||
Enbridge Blackspring Ridge I Wind Project GP Inc. | Alberta | ||||
Enbridge Blackspring Ridge I Wind Project Limited Partnership | Alberta | ||||
Enbridge Canadian Renewable GP Inc. | Canada | ||||
Enbridge Canadian Renewable LP | Alberta | ||||
Enbridge Commercial Services Inc. | Canada | ||||
Enbridge Commercial Trust | Alberta | ||||
Enbridge Emerging Technology Inc. | Canada | ||||
Enbridge Employee Services Canada Inc. | Canada | ||||
Enbridge Employee Services, Inc. | Delaware | ||||
Enbridge Energy Company, Inc. | Delaware | ||||
Enbridge Energy Distribution Inc. | Canada | ||||
Enbridge Energy, Limited Partnership | Delaware | ||||
Enbridge Energy Management, L.L.C. | Delaware | ||||
Enbridge Energy Partners, L.P. | Delaware | ||||
Enbridge Éolien France S.à r.l. | Luxembourg | ||||
Enbridge European Holdings S.à r.l | Luxembourg | ||||
Enbridge Finance (Barbados) Limited | Barbados | ||||
Enbridge Finance Company AG | Switzerland | ||||
Enbridge Finance Hungary Kft | Hungary | ||||
Enbridge Finance Luxembourg SA | Luxembourg | ||||
Enbridge Frontier Inc. | Canada | ||||
Enbridge Gas Inc. | Ontario |
Enbridge Gas Storage Inc. | Ontario | ||||
Enbridge GME, S. de R.L. de C.V. | Mexico | ||||
Enbridge Hardisty Storage Inc. | Alberta | ||||
Enbridge Holdings (Aux Sable Liquid Products) L.L.C. | Delaware | ||||
Enbridge Holdings (Aux Sable Midstream) L.L.C. | Delaware | ||||
Enbridge Holdings (Chapman Ranch) L.L.C. | Delaware | ||||
Enbridge Holdings (DakTex) L.L.C. | Delaware | ||||
Enbridge Holdings (Frontier) Inc. | Delaware | ||||
Enbridge Holdings (Grant Plains) L.L.C. | Delaware | ||||
Enbridge Holdings (Gray Oak) LLC | Delaware | ||||
Enbridge Holdings (Green Energy) L.L.C. | Delaware | ||||
Enbridge Holdings (IDR) L.L.C. | Delaware | ||||
Enbridge Holdings (LNG) L.L.C. | Delaware | ||||
Enbridge Holdings (Mississippi) L.L.C. | Delaware | ||||
Enbridge Holdings (Mustang) Inc. | Delaware | ||||
Enbridge Holdings (New Creek) L.L.C. | Delaware | ||||
Enbridge Holdings (New Energy) L.L.C. | Delaware | ||||
Enbridge Holdings (Olympic) L.L.C. | Delaware | ||||
Enbridge Holdings (Patriot) L.L.C. | Delaware | ||||
Enbridge Holdings (Power) L.L.C. | Delaware | ||||
Enbridge Holdings (Seaway) L.L.C. | Delaware | ||||
Enbridge Holdings (Texas COLT) LLC | Delaware | ||||
Enbridge Holdings (Trunkline) L.L.C. | Delaware | ||||
Enbridge Holdings (U.S.) L.L.C. | Delaware | ||||
Enbridge Holdings (USGC) LLC | Delaware | ||||
Enbridge Hydropower Holdings Inc. | Canada | ||||
Enbridge Income Fund | Alberta | ||||
Enbridge Income Partners Holdings Inc. | Saskatchewan | ||||
Enbridge Insurance (Barbados QIC) Limited | Barbados | ||||
Enbridge International Inc. | Canada | ||||
Enbridge Investment (Chapman Ranch) L.L.C. | Delaware | ||||
Enbridge Investment (Grant Plains) L.L.C. | Delaware | ||||
Enbridge Investment (New Creek) L.L.C. | Delaware | ||||
Enbridge Investment (Patriot) L.L.C. | Delaware | ||||
Enbridge Lac Alfred Wind Project GP Inc. | Canada | ||||
Enbridge Lac Alfred Wind Project Limited Partnership | Québec | ||||
Enbridge Luxembourg S.à r.l. | Luxembourg | ||||
Enbridge Management Services Inc. | Canada | ||||
Enbridge Massif du Sud Wind Project GP Inc. | Canada | ||||
Enbridge Massif du Sud Wind Project Limited Partnership | Québec | ||||
Enbridge Mexico Holdings Inc. | Canada |
Enbridge Midstream Inc. | Alberta | ||||
Enbridge Offshore (Destin) L.L.C. | Delaware | ||||
Enbridge Offshore (Gas Gathering) L.L.C. | Delaware | ||||
Enbridge Offshore (Gas Transmission) L.L.C. | Delaware | ||||
Enbridge Offshore (Neptune Holdings) Inc. | Delaware | ||||
Enbridge Offshore Facilities, LLC | Delaware | ||||
Enbridge Offshore Pipelines, L.L.C. | Delaware | ||||
Enbridge Operating Services, L.L.C. | Delaware | ||||
Enbridge Operational Services Inc. | Canada | ||||
Enbridge Pipelines (Alberta Clipper) L.L.C. | Delaware | ||||
Enbridge Pipelines (Athabasca) Inc. | Alberta | ||||
Enbridge Pipelines (Beaver Lodge) L.L.C. | Delaware | ||||
Enbridge Pipelines (Eastern Access) L.L.C. | Delaware | ||||
Enbridge Pipelines (FSP) L.L.C. | Delaware | ||||
Enbridge Pipelines (L3R) L.L.C. | Delaware | ||||
Enbridge Pipelines (Lakehead) L.L.C. | Delaware | ||||
Enbridge Pipelines (Mainline Expansion) L.L.C. | Delaware | ||||
Enbridge Pipelines (NW) Inc. | Canada | ||||
Enbridge Pipelines (Ozark) L.L.C. | Delaware | ||||
Enbridge Pipelines (Southern Lights) L.L.C. | Delaware | ||||
Enbridge Pipelines (Toledo) Inc. | Delaware | ||||
Enbridge Pipelines (Woodland) Inc. | Alberta | ||||
Enbridge Pipelines Inc. | Canada | ||||
Enbridge Power Operations Services Inc. | Canada | ||||
Enbridge Québec LNG Inc. | Canada | ||||
Enbridge Rail (Flanagan) L.L.C. | Delaware | ||||
Enbridge Rail (North Dakota) L.P. | Delaware | ||||
Enbridge Rail (Philadelphia) L.L.C. | Delaware | ||||
Enbridge Rampion UK Ltd | United Kingdom | ||||
Enbridge Rampion UK II Ltd | United Kingdom | ||||
Enbridge Renewable Energy Infrastructure Canada Inc. | Canada | ||||
Enbridge Renewable Energy Infrastructure Limited Partnership | Ontario | ||||
Enbridge Renewable Generation Inc. | Canada | ||||
Enbridge Renewable Holdings, L.L.C. | Delaware | ||||
Enbridge Renewable Infrastructure Development S.à r.l. | Luxembourg | ||||
Enbridge Renewable Infrastructure Holdings S.à r.l | Luxembourg | ||||
Enbridge Renewable Infrastructure Investments S.à r.l. | Luxembourg | ||||
Enbridge Renewable Investments, L.L.C. | Delaware | ||||
Enbridge Risk Management (U.S.) L.L.C. | Delaware | ||||
Enbridge Risk Management Inc. | Canada | ||||
Enbridge Saint Robert Bellarmin Wind Project GP Inc. | Canada |
Enbridge Saint Robert Bellarmin Wind Project Limited Partnership | Québec | ||||
Enbridge Services (CMO) L.L.C. | Delaware | ||||
Enbridge Services (Germany) GmbH | Germany | ||||
Enbridge SL Holdings LP | Alberta | ||||
Enbridge Southdown Inc. | Ontario | ||||
Enbridge Southern Lights GP Inc. | Canada | ||||
Enbridge Southern Lights LP | Alberta | ||||
Enbridge Storage (Cushing) L.L.C. | Delaware | ||||
Enbridge Storage (North Dakota) L.L.C. | Delaware | ||||
Enbridge Storage (Patoka) L.L.C. | Delaware | ||||
Enbridge Technology Inc. | Canada | ||||
Enbridge Thermal Energy Holdings Inc. | Canada | ||||
Enbridge Transmission Holdings (U.S.) L.L.C. | Delaware | ||||
Enbridge Transmission Holdings Inc. | Canada | ||||
Enbridge Transportation (IL-OK) L.L.C. | Delaware | ||||
Enbridge UK Holdings Ltd | United Kingdom | ||||
Enbridge UK Offshore Wind Ltd | United Kingdom | ||||
Enbridge US Holdings Inc. | Canada | ||||
Enbridge Water Pipeline (Permian) L.L.C. | Delaware | ||||
Enbridge Western Access Inc. | Canada | ||||
Enbridge Wild Valley Holdings LLC | Delaware | ||||
Enbridge Wind Energy Inc. | Canada | ||||
Enbridge Wind Power General Partnership | Alberta | ||||
Eoliennes Offshore de Calvados SAS | France | ||||
Eoliennes Offshore des Hautes Falaises SAS | France | ||||
ERG Solar Limited Partnership | Alberta | ||||
Express Holdings (Canada) Limited Partnership | Manitoba | ||||
Express Holdings (USA), LLC | Delaware | ||||
Express Pipeline Limited Partnership | Alberta | ||||
Express Pipeline LLC | Delaware | ||||
Express Pipeline Ltd. | Canada | ||||
Garden Banks Gas Pipeline, LLC | Delaware | ||||
Gazifère Inc. | Québec | ||||
Generation Pipeline LLC | Ohio | ||||
GLB Energy Management Inc. | Canada | ||||
Great Lakes Basin Energy LP | Ontario | ||||
Greenwich Windfarm GP Inc. | New Brunswick | ||||
Greenwich Windfarm, LP | Ontario | ||||
Gulfstream Management and Operating Services, L.L.C. | Delaware | ||||
Gulfstream Natural Gas System, L.L.C. | Delaware | ||||
Hardisty Caverns Limited Partnership | Alberta |
Hardisty Caverns Ltd. | Alberta | ||||
Highland Pipeline Leasing, LLC | Delaware | ||||
Illinois Extension Pipeline Company, L.L.C. | Delaware | ||||
IPL AP Holdings (U.S.A.) Inc. | Delaware | ||||
IPL AP NGL Holdings (U.S.A.) Inc. | Delaware | ||||
IPL Energy (Atlantic) Incorporated | Alberta | ||||
IPL Energy (Colombia) Ltd. | Alberta | ||||
IPL Insurance (Barbados) Limited | Barbados | ||||
IPL System Inc. | Alberta | ||||
IPL Vector (U.S.A.) Inc. | Delaware | ||||
Islander East Pipeline Company, L.L.C. | Delaware | ||||
Keechi Holdings L.L.C. | Delaware | ||||
Keechi Wind, LLC | Delaware | ||||
Lakeside Performance Gas Services Ltd. | Canada | ||||
M&N Management Company, LLC | Delaware | ||||
M&N Operating Company, LLC | Delaware | ||||
Magicat Holdco, LLC | Delaware | ||||
Manta Ray Offshore Gathering Company, L.L.C. | Delaware | ||||
MarEn Bakken Company LLC | Delaware | ||||
Maritimes & Northeast Pipeline, L.L.C. | Delaware | ||||
Maritimes & Northeast Pipeline Limited Partnership | New Brunswick | ||||
Maritimes & Northeast Pipeline Management Ltd. | Canada | ||||
Market Hub Partners Canada L.P. | Ontario | ||||
Market Hub Partners Holding, LLC | Delaware | ||||
Market Hub Partners Management Inc. | Canada | ||||
MI Solar, LLC | Delaware | ||||
Midcoast Canada Operating Corporation | Alberta | ||||
Midcoast Energy Partners, L.P. | Delaware | ||||
Midcoast Holdings, L.L.C. | Delaware | ||||
Midcoast OLP GP, L.L.C. | Delaware | ||||
Mississippi Canyon Gas Pipeline, LLC | Delaware | ||||
MJ Asphalt Holdings Inc. | Saskatchewan | ||||
MJA Operations Ltd. | Saskatchewan | ||||
Moss Bluff Hub, LLC | Delaware | ||||
Nautilus Pipeline Company, L.L.C. | Delaware | ||||
Neptune Pipeline Company, L.L.C. | Delaware | ||||
New Creek Wind LLC | Delaware | ||||
NEXUS Capacity Services, ULC | British Columbia | ||||
Nexus Gas Transmission, LLC | Delaware | ||||
Niagara Gas Transmission Limited | Ontario | ||||
Niagara RNG GP Inc. | Ontario |
North Dakota Pipeline Company LLC | Delaware | ||||
Northern Gateway Pipelines Inc. | Canada | ||||
Northern Gateway Pipelines Limited Partnership | Alberta | ||||
Oleoducto Al Pacifico SAS | Colombia | ||||
Ontario Sustainable Farms Inc. | Alberta | ||||
PanEnergy Services, Limited Partnership | Louisiana | ||||
Platte Pipeline Company, LLC | Delaware | ||||
Pomelo Connector, LLC | Delaware | ||||
Port Barre Investments, LLC dba Bobcat Gas Storage | Delaware | ||||
Project AMBG2 Inc. | Ontario | ||||
Project AMBG2 LP | Ontario | ||||
Rio Bravo Pipeline Company, LLC | Texas | ||||
Sabal Trail Management, LLC | Delaware | ||||
Sabal Trail Transmission, LLC | Delaware | ||||
Saltville Gas Storage Company, L.L.C. | Virginia | ||||
Sarnia Airport Storage Pool Limited Partnership | Ontario | ||||
Sarnia Airport Storage Pool Management Inc. | Canada | ||||
SEHLP Management Inc. | Canada | ||||
SESH Capital, LLC | Delaware | ||||
SESH Sub Inc. | Delaware | ||||
Silver State Solar Power North, LLC | Delaware | ||||
South Texas Trail Pipeline, LLC | Delaware | ||||
Southeast Supply Header, LLC | Delaware | ||||
Southern Lights Holdings, L.L.C. | Delaware | ||||
Spectra Algonquin Holdings, LLC | Delaware | ||||
Spectra Algonquin Management, LLC | Delaware | ||||
Spectra Energy, LLC | Delaware | ||||
Spectra Energy Administrative Services, LLC | Delaware | ||||
Spectra Energy Aerial Patrol, LLC | Delaware | ||||
Spectra Energy Canada Call Co. | Nova Scotia | ||||
Spectra Energy Canada Exchangeco Inc. | Canada | ||||
Spectra Energy Canada Investments GP, ULC | British Columbia | ||||
Spectra Energy Canada Investments LP | Alberta | ||||
Spectra Energy Capital Funding, Inc. | Delaware | ||||
Spectra Energy Capital, LLC | Delaware | ||||
Spectra Energy County Line, LLC | Delaware | ||||
Spectra Energy Cross Border, LLC | Delaware | ||||
Spectra Energy DEFS Holding, LLC | Delaware | ||||
Spectra Energy DEFS Holding II, ULC | Delaware | ||||
Spectra Energy Empress Holding Limited Partnership | British Columbia | ||||
Spectra Energy Empress Management Holding ULC | British Columbia |
Spectra Energy Express JV Holdings, ULC | Nova Scotia | ||||
Spectra Energy Express (Canada) Holding, ULC | Nova Scotia | ||||
Spectra Energy Express (US) Restructure Co., ULC | Nova Scotia | ||||
Spectra Energy Field Services Canada Holdings, LLC | Delaware | ||||
Spectra Energy Finance Corporation | Delaware | ||||
Spectra Energy Generation Pipeline Management, LLC | Delaware | ||||
Spectra Energy Holdings Co. | Nova Scotia | ||||
Spectra Energy Islander East Pipeline Company, L.L.C. | Delaware | ||||
Spectra Energy Liquids Projects GP Inc. | Canada | ||||
Spectra Energy Liquids Projects Limited Partnership | British Columbia | ||||
Spectra Energy LNG Sales, LLC | Delaware | ||||
Spectra Energy Midstream Holdco Management Partnership | Alberta | ||||
Spectra Energy Midstream Holdings Limited | Nova Scotia | ||||
Spectra Energy Midstream Holdings Limited Partnership | British Columbia | ||||
Spectra Energy Midwest Liquids Pipeline, LLC | Delaware | ||||
Spectra Energy MNEP Holdings Limited Partnership | British Columbia | ||||
Spectra Energy Nexus Management, LLC | Delaware | ||||
Spectra Energy Nova Scotia Holdings Co. | Nova Scotia | ||||
Spectra Energy Operating Company, LLC | Delaware | ||||
Spectra Energy Partners Atlantic Region Newco, LLC | Delaware | ||||
Spectra Energy Partners Canada Holding, S.à r.l. | Luxembourg | ||||
Spectra Energy Partners (DE) GP, LP | Delaware | ||||
Spectra Energy Partners GP, LLC | Delaware | ||||
Spectra Energy Partners, LP | Delaware | ||||
Spectra Energy Partners Sabal Trail Transmission, LLC | Delaware | ||||
Spectra Energy Services, LLC | Delaware | ||||
Spectra Energy Southeast Services, LLC | Delaware | ||||
Spectra Energy Southeast Supply Header, LLC | Delaware | ||||
Spectra Energy Transmission, LLC | Delaware | ||||
Spectra Energy Transmission II, LLC | Delaware | ||||
Spectra Energy Transmission Resources, LLC | Delaware | ||||
Spectra Energy Transmission Services, LLC | Delaware | ||||
Spectra Energy Transport & Trading Company, LLC | Colorado | ||||
Spectra Energy U.S.-Canada Finance GP, ULC | British Columbia | ||||
Spectra Energy U.S.-Canada Finance, LP | Delaware | ||||
Spectra Energy VCP Holdings, LLC | Delaware | ||||
Spectra Energy Westheimer, LLC | Delaware | ||||
Spectra Nexus Gas Transmission, LLC | Delaware | ||||
St. Clair Pipelines L.P. | Ontario | ||||
St. Clair Pipelines Management Inc. | Canada | ||||
Steckman Ridge GP, LLC | Delaware |
Steckman Ridge, LP | Delaware | ||||
Sunwest Heartland Terminals Ltd. | Alberta | ||||
Superior Oil Limited | Saskatchewan | ||||
Talbot Windfarm GP Inc. | New Brunswick | ||||
Talbot Windfarm, LP | Ontario | ||||
Texas COLT LLC | Delaware | ||||
Texas Eastern Communications, LLC | Delaware | ||||
Texas Eastern Terminal Co, LLC | Delaware | ||||
Texas Eastern Transmission, LP | Delaware | ||||
The Ottawa Gas Company Inc. | Canada | ||||
Tidal Energy Marketing (U.S.) L.L.C. | Delaware | ||||
Tidal Energy Marketing Inc. | Canada | ||||
Tilbury Solar Project LP | Ontario | ||||
Tri-State Holdings, LLC | Michigan | ||||
UEI Holdings (New Brunswick) Inc. | Canada | ||||
Union Energy Solutions Limited Partnership | British Columbia | ||||
Valley Crossing Pipeline, LLC | Delaware | ||||
Vector Pipeline Holdings Ltd. | Canada | ||||
Vector Pipeline L.P. | Delaware | ||||
Vector Pipeline Limited | Canada | ||||
Vector Pipeline Limited Partnership | Alberta | ||||
Vector Pipeline, LLC | Delaware | ||||
Westcoast Connector Gas Transmission Ltd. | British Columbia | ||||
Westcoast Energy Inc. | Canada | ||||
Westcoast Energy (U.S.) LLC | Delaware | ||||
Westcoast Energy Ventures Inc. | Canada | ||||
Whitetail Gas-Fired Peaking Project GP Inc. | Alberta | ||||
Whitetail Gas-Fired Peaking Project Limited Partnership | Alberta | ||||
Whitetail Gas-Fired Peaking Project Ltd. | Alberta | ||||
Wrangler Pipeline, L.L.C. | Delaware |
Date: | February 12, 2021 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
Enbridge Inc.
|
Date: | February 12, 2021 | By: | /s/ Colin K. Gruending | ||||||||
Colin K. Gruending
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Enbridge Inc.
|
Date: | February 12, 2021 | By: | /s/ Al Monaco | ||||||||
Al Monaco
President and Chief Executive Officer
Enbridge Inc.
|
Date: | February 12, 2021 | By: | /s/ Colin K. Gruending | ||||||||
Colin K. Gruending
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Enbridge Inc.
|