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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 6 Months Ended
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Jun. 30, 2013
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 2. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of the Company’s consolidated financial statements for the three months ended March 31, 2013, an error was identified in the manner in which the Company recorded deferred regulatory assets associated with the difference between depreciation expense calculated in accordance with U.S. GAAP and negotiated depreciation rates recovered in transportation tolls for certain of its regulated operations. Further, to the extent the deferred regulatory asset gave rise to temporary differences, an offsetting regulatory asset with respect to deferred income taxes was also recognized. In accordance with accounting guidance found in Accounting Standards Codification (ASC) 250-10 (Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality), the Company assessed the materiality of the error and concluded that it was not material to any of the Company’s previously issued consolidated financial statements. In accordance with guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Company will revise its comparative consolidated financial statements to correct the effect of this matter. This non-cash revision does not impact cash flows for any prior period. The following tables present the effect of this correction on individual line items within the Company’s Consolidated Statements of Earnings and Consolidated Statements of Financial Position. The effects which flow through to the individual line items of Earnings, Depreciation and amortization, Cash distributions in excess of equity earnings, Deferred income taxes, Changes in regulatory assets and liabilities and Changes in operating assets and liabilities of the Consolidated Statements of Cash Flows are not significant and have no net effect on the Company’s cash flows from operating activities.
|  | Three months ended June 30, 2012 |  | Three months ended June 30, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Transportation and other services revenues |  | 886 |  | (2) |  | 884 |  | 1,063 |  | (3) |  | 1,060
Depreciation and amortization |  | 300 |  | 10 |  | 310 |  | 274 |  | 10 |  | 284
Income from equity investments |  | 34 |  | 9 |  | 43 |  | 54 |  | 6 |  | 60
Income taxes recovery/(expense) |  | 18 |  | - |  | 18 |  | (144) |  | 1 |  | (143)
Earnings |  | 79 |  | (3) |  | 76 |  | 400 |  | (6) |  | 394
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | (45) |  | - |  | (45) |  | (96) |  | 1 |  | (95)
Earnings attributable to Enbridge Inc. |  | 34 |  | (3) |  | 31 |  | 304 |  | (5) |  | 299
Earnings attributable to Enbridge Inc. common shareholders |  | 11 |  | (3) |  | 8 |  | 302 |  | (5) |  | 297
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.01 |  | - |  | 0.01 |  | 0.40 |  | (0.01) |  | 0.39
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.01 |  | - |  | 0.01 |  | 0.40 |  | (0.01) |  | 0.39
|  | Six months ended June 30, 2012 |  | Six months ended June 30, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Transportation and other services revenues |  | 1,908 |  | (4) |  | 1,904 |  | 2,102 |  | (5) |  | 2,097
Depreciation and amortization |  | 590 |  | 20 |  | 610 |  | 551 |  | 21 |  | 572
Income from equity investments |  | 72 |  | 17 |  | 89 |  | 109 |  | 12 |  | 121
Income taxes expense |  | (12) |  | 1 |  | (11) |  | (247) |  | 3 |  | (244)
Earnings |  | 438 |  | (6) |  | 432 |  | 833 |  | (11) |  | 822
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | (125) |  | - |  | (125) |  | (163) |  | 1 |  | (162)
Earnings attributable to Enbridge Inc. |  | 313 |  | (6) |  | 307 |  | 670 |  | (10) |  | 660
Earnings attributable to Enbridge Inc. common shareholders |  | 275 |  | (6) |  | 269 |  | 666 |  | (10) |  | 656
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.36 |  | (0.01) |  | 0.35 |  | 0.89 |  | (0.02) |  | 0.87
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.35 |  | - |  | 0.35 |  | 0.88 |  | (0.02) |  | 0.86
|  | Three months ended September 30, 2012 |  | Three months ended September 30, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Transportation and other services revenues |  | 910 |  | (2) |  | 908 |  | 888 |  | (2) |  | 886
Depreciation and amortization |  | 293 |  | 8 |  | 301 |  | 272 |  | 10 |  | 282
Income from equity investments |  | 32 |  | 8 |  | 40 |  | 31 |  | 6 |  | 37
Income taxes recovery/(expense) |  | (2) |  | - |  | (2) |  | 24 |  | 1 |  | 25
Earnings |  | 328 |  | (2) |  | 326 |  | 58 |  | (5) |  | 53
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | (108) |  | - |  | (108) |  | (62) |  | - |  | (62)
Earnings attributable to Enbridge Inc. |  | 220 |  | (2) |  | 218 |  | (4) |  | (5) |  | (9)
Earnings attributable to Enbridge Inc. common shareholders |  | 189 |  | (2) |  | 187 |  | (5) |  | (5) |  | (10)
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.24 |  | - |  | 0.24 |  | (0.01) |  | - |  | (0.01)
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.24 |  | - |  | 0.24 |  | (0.01) |  | - |  | (0.01)
|  | Nine months ended September 30, 2012 |  | Nine months ended September 30, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Transportation and other services revenues |  | 2,818 |  | (6) |  | 2,812 |  | 2,990 |  | (7) |  | 2,983
Depreciation and amortization |  | 883 |  | 28 |  | 911 |  | 823 |  | 31 |  | 854
Income from equity investments |  | 104 |  | 25 |  | 129 |  | 140 |  | 18 |  | 158
Income taxes expense |  | (14) |  | 1 |  | (13) |  | (223) |  | 4 |  | (219)
Earnings |  | 766 |  | (8) |  | 758 |  | 891 |  | (16) |  | 875
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | (233) |  | - |  | (233) |  | (225) |  | 1 |  | (224)
Earnings attributable to Enbridge Inc. |  | 533 |  | (8) |  | 525 |  | 666 |  | (15) |  | 651
Earnings attributable to Enbridge Inc. common shareholders |  | 464 |  | (8) |  | 456 |  | 661 |  | (15) |  | 646
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.60 |  | (0.01) |  | 0.59 |  | 0.88 |  | (0.02) |  | 0.86
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.59 |  | - |  | 0.59 |  | 0.87 |  | (0.02) |  | 0.85
|  | Year ended December 31, 2012 |  | Year ended December 31, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Transportation and other services revenues |  | 4,295 |  | (7) |  | 4,288 |  | 4,536 |  | (8) |  | 4,528
Depreciation and amortization |  | 1,206 |  | 36 |  | 1,242 |  | 1,112 |  | 42 |  | 1,154
Income from equity investments |  | 160 |  | 35 |  | 195 |  | 210 |  | 23 |  | 233
Income taxes expense |  | (128) |  | 1 |  | (127) |  | (526) |  | 6 |  | (520)
Earnings |  | 943 |  | (7) |  | 936 |  | 1,242 |  | (21) |  | 1,221
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | (228) |  | (1) |  | (229) |  | (409) |  | 2 |  | (407)
Earnings attributable to Enbridge Inc. |  | 715 |  | (8) |  | 707 |  | 833 |  | (19) |  | 814
Earnings attributable to Enbridge Inc. common shareholders |  | 610 |  | (8) |  | 602 |  | 820 |  | (19) |  | 801
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.79 |  | (0.01) |  | 0.78 |  | 1.09 |  | (0.02) |  | 1.07
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 0.78 |  | (0.01) |  | 0.77 |  | 1.08 |  | (0.03) |  | 1.05
|  | Year ended December 31, 2010
|  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars, except per share amounts) |  |  |  |  |  |
Transportation and other services revenues |  | 3,843 |  | (4) |  | 3,839
Depreciation and amortization |  | 1,017 |  | 22 |  | 1,039
Income from equity investments |  | 228 |  | 4 |  | 232
Income taxes expense |  | (227) |  | 4 |  | (223)
Earnings |  | 781 |  | (18) |  | 763
Earnings attributable to noncontrolling interests and redeemable noncontrolling interests |  | 170 |  | 4 |  | 174
Earnings attributable to Enbridge Inc. |  | 951 |  | (14) |  | 937
Earnings attributable to Enbridge Inc. common shareholders |  | 944 |  | (14) |  | 930
Earnings per common share attributable to Enbridge Inc. common shareholders |  | 1.27 |  | (0.01) |  | 1.26
Diluted earnings per common share attributable to Enbridge Inc. common shareholders |  | 1.26 |  | (0.02) |  | 1.24
|  | As at December 31, 2012 |  | As at December 31, 2011
|  | As Previously Reported |  | Adjustment |  | As Revised |  | As Previously Reported |  | Adjustment |  | As Revised
(unaudited; millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments |  | 3,386 |  | (211) |  | 3,175 |  | 3,081 |  | (248) |  | 2,833
Deferred amounts and other assets |  | 2,622 |  | (161) |  | 2,461 |  | 2,500 |  | (116) |  | 2,384
Deferred income tax liabilities |  | 2,601 |  | (118) |  | 2,483 |  | 2,615 |  | (116) |  | 2,499
Retained earnings |  | 3,464 |  | (291) |  | 3,173 |  | 3,926 |  | (284) |  | 3,642
Accumulated other comprehensive loss |  | (1,799) |  | 37 |  | (1,762) |  | (1,532) |  | 36 |  | (1,496)

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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