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RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

Schedule of the consolidated statements of financial position location and carrying value of the Company's derivative instruments

December 31, 2014		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 (Note 7)
Foreign exchange contracts		3		7		3		13		(13	)	-
Interest rate contracts		8		-		-		8		(7	)	1
Commodity contracts		34		-		501		535		(130	)	405
Other contracts		4		-		8		12		-		12
		49		7		512		568		(150	)	418
Deferred amounts and other assets (Note 12)
Foreign exchange contracts		33		18		-		51		(51	)	-
Interest rate contracts		5		-		-		5		(5	)	-
Commodity contracts		17		-		118		135		(43	)	92
Other contracts		5		-		3		8		-		8
		60		18		121		199		(99	)	100
Accounts payable and other (Note 15)
Foreign exchange contracts		(3	)	(80	)	(218	)	(301	)	13		(288	)
Interest rate contracts		(438	)	-		-		(438	)	7		(431	)
Commodity contracts		-		-		(281	)	(281	)	97		(184	)
		(441	)	(80	)	(499	)	(1,020	)	117		(903	)
Other long-term liabilities (Note 17)
Foreign exchange contracts		-		(49	)	(1,147	)	(1,196	)	51		(1,145	)
Interest rate contracts		(576	)	-		-		(576	)	5		(571	)
Commodity contracts		-		-		(306	)	(306	)	43		(263	)
		(576	)	(49	)	(1,453	)	(2,078	)	99		(1,979	)
Total net derivative asset/(liability)
Foreign exchange contracts		33		(104	)	(1,362	)	(1,433	)	-		(1,433	)
Interest rate contracts		(1,001	)	-		-		(1,001	)	-		(1,001	)
Commodity contracts		51		-		32		83		(33)	1	50
Other contracts		9		-		11		20		-		20
		(908	)	(104	)	(1,319	)	(2,331	)	(33	)	(2,364	)

1 Amount available for offset includes $33 million of cash collateral.

December 31, 2013		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 Offset1		Total Net Derivative Instruments
(millions of Canadian dollars)
Accounts receivable and other (Note 7)
Foreign exchange contracts		16		11		51		78		(26	)	52
Interest rate contracts		171		-		12		183		(27	)	156
Commodity contracts		4		-		114		118		(64	)	54
Other contracts		2		-		4		6		-		6
		193		11		181		385		(117	)	268
Deferred amounts and other assets (Note 12)
Foreign exchange contracts		7		33		27		67		(62	)	5
Interest rate contracts		249		-		1		250		(47	)	203
Commodity contracts		9		-		86		95		(67	)	28
Other contracts		1		-		-		1		-		1
		266		33		114		413		(176	)	237
Accounts payable and other (Note 15)
Foreign exchange contracts		(2	)	(4	)	(69	)	(75	)	26		(49	)
Interest rate contracts		(387	)	-		(16	)	(403	)	45		(358	)
Commodity contracts		(14	)	-		(345	)	(359	)	64		(295	)
		(403	)	(4	)	(430	)	(837	)	135		(702	)
Other long-term liabilities (Note 17)
Foreign exchange contracts		(4	)	(31	)	(435	)	(470	)	62		(408	)
Interest rate contracts		(68	)	-		(1	)	(69	)	29		(40	)
Commodity contracts		(2	)	-		(854	)	(856	)	67		(789	)
		(74	)	(31	)	(1,290	)	(1,395	)	158		(1,237	)
Total net derivative asset/(liability)
Foreign exchange contracts		17		9		(426	)	(400	)	-		(400	)
Interest rate contracts		(35	)	-		(4	)	(39	)	-		(39	)
Commodity contracts		(3	)	-		(999	)	(1,002	)	-		(1,002	)
Other contracts		3		-		4		7		-		7
		(18	)	9		(1,425	)	(1,434	)	-		(1,434	)

Schedule of the maturity and notional principal or quantity outstanding related to the Company's derivative instruments

December 31, 2014		2015		2016		2017		2018		2019		Thereafter
Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars)		240		25		413		2		2		2
Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars)		3,203		2,470		2,832		3,100		2,441		2,901
Foreign exchange contracts - Euro forwards - purchase (millions of Euros)		15		-		-		-		-		-
Interest rate contracts - short-term borrowings (millions of Canadian dollars)		5,767		5,486		4,851		3,529		222		469
Interest rate contracts - long-term debt (millions of Canadian dollars)		3,528		1,762		2,470		1,176		-		-
Equity contracts (millions of Canadian dollars)		41		51		-		-		-		-
Commodity contracts - natural gas (billions of cubic feet)		(62	)	(10	)	(25	)	(1	)	-		-
Commodity contracts - crude oil (millions of barrels)		3		(18	)	(18	)	(9	)	-		-
Commodity contracts - NGL (millions of barrels)		(5	)	-		-		-		-		-
Commodity contracts - power (megawatt hours (MWH))		25		40		40		30		31		-
December 31, 2013		2014		2015		2016		2017		2018		Thereafter
Foreign exchange contracts - United States dollar forwards - purchase (millions of United States dollars)		710		25		25		413		2		4
Foreign exchange contracts - United States dollar forwards - sell (millions of United States dollars)		2,795		2,751		2,323		2,557		1,649		3,771
Foreign exchange contracts - Euro forwards - purchase (millions of Euros)		5		28		-		-		-		-
Interest rate contracts - short-term borrowings (millions of Canadian dollars)		5,007		5,210		5,030		3,965		274		267
Interest rate contracts - long-term debt (millions of Canadian dollars)		5,736		1,779		1,814		1,090		-		-
Equity contracts (millions of Canadian dollars)		40		41		-		-		-		-
Commodity contracts - natural gas (billions of cubic feet)		17		(8	)	10		11		46		-
Commodity contracts - crude oil (millions of barrels)		(34	)	(29	)	(23	)	(18	)	(9	)	-
Commodity contracts - NGL (millions of barrels)		(10	)	(2	)	-		-		-		-
Commodity contracts - power (MWH)		55		5		20		40		30		8

Schedule of effect of cash flow hedges and net investment hedges on the Company's consolidated earnings and consolidated comprehensive income, before the effect of income taxes

Year ended December 31,		2014		2013		2012
(millions of Canadian dollars)
Amount of unrealized gains/(loss) recognized in OCI
Cash flow hedges
Foreign exchange contracts		8		56		(12	)
Interest rate contracts		(1,086	)	814		(46	)
Commodity contracts		50		(9	)	52
Other contracts		13		(2	)	(3	)
Net investment hedges
Foreign exchange contracts		(113	)	(81	)	1
		(1,128	)	778		(8	)
Amount of gains/(loss) reclassified from AOCI to earnings (effective portion)
Foreign exchange contracts1		8		(8	)	1
Interest rate contracts2		101		107		(1	)
Commodity contracts3		4		1		(3	)
Other contracts4		(7	)	-		2
		106		100		(1	)
Amount of gains/(loss) reclassified from AOCI to earnings (ineffective portion and amount excluded from effectiveness testing)
Interest rate contracts2		216		51		23
Commodity contracts3		(6	)	(3	)	(3	)
		210		48		20

1 Reported within Other income/(expense) in the Consolidated Statements of Earnings.

2 Reported as an increase/(decrease) within Interest expense in the Consolidated Statements of Earnings.

3 Reported within Commodity costs in the Consolidated Statements of Earnings.

4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.

Schedule of unrealized gains and losses associated with changes in the fair value of the Company's non-qualifying derivatives

Year ended December 31,		2014		2013		2012
(millions of Canadian dollars)
Foreign exchange contracts1		(936	)	(738	)	120
Interest rate contracts2		4		(10	)	(2	)
Commodity contracts3		1,031		(496	)	(765	)
Other contracts4		7		(3	)	(2	)
Total unrealized derivative fair value gains/(loss)		106		(1,247	)	(649	)

1 Reported within Transportation and other services revenues (2014 - $496 million loss; 2013 - $352 million loss; 2012 - $150 million gain) and Other income/(expense) (2014 - $440 million loss; 2013 - $386 million loss; 2012 - $30 million loss) in the Consolidated Statements of Earnings.

2 Reported as an (increase)/decrease within Interest expense in the Consolidated Statements of Earnings.

3 Reported within Transportation and other services revenues (2014 - $741 million gain; 2013 - $375 million loss; 2012 - $681 million loss), Commodity costs (2014 - $303 million gain; 2013 - $35 million loss; 2012 - $21 million loss) and Operating and administrative expense (2014 - $13 million loss; 2013 - $86 million loss; 2012 - $63 million loss) in the Consolidated Statements of Earnings.

4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.

Schedule of group credit concentrations and maximum credit exposure, with respect to derivative instruments

December 31,		2014		2013
(millions of Canadian dollars)
Canadian financial institutions		58		230
United States financial institutions		240		227
European financial institutions		73		192
Other1		310		97
		681		746

1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties.

Schedule of derivative assets and liabilities measured at fair value

December 31, 2014		Level 1		Level 2		Level 3		Total Gross Derivative Instruments
(millions of Canadian dollars)
Financial assets
Current derivative assets
Foreign exchange contracts		-		13		-		13
Interest rate contracts		-		8		-		8
Commodity contracts		62		140		333		535
Other contracts		-		12		-		12
		62		173		333		568
Long-term derivative assets
Foreign exchange contracts		-		51		-		51
Interest rate contracts		-		5		-		5
Commodity contracts		-		22		113		135
Other contracts		-		8		-		8
		-		86		113		199
Financial liabilities
Current derivative liabilities
Foreign exchange contracts		-		(301	)	-		(301	)
Interest rate contracts		-		(438	)	-		(438	)
Commodity contracts		(28	)	(137	)	(116	)	(281	)
		(28	)	(876	)	(116	)	(1,020	)
Long-term derivative liabilities
Foreign exchange contracts		-		(1,196	)	-		(1,196	)
Interest rate contracts		-		(576	)	-		(576	)
Commodity contracts		-		(125	)	(181	)	(306	)
		-		(1,897	)	(181	)	(2,078	)
Total net financial asset/(liability)
Foreign exchange contracts		-		(1,433	)	-		(1,433	)
Interest rate contracts		-		(1,001	)	-		(1,001	)
Commodity contracts		34		(100	)	149		83
Other contracts		-		20		-		20
		34		(2,514	)	149		(2,331	)

December 31, 2013		Level 1		Level 2		Level 3		Total Gross Derivative Instruments
(millions of Canadian dollars)
Financial assets
Current derivative assets
Foreign exchange contracts		-		78		-		78
Interest rate contracts		-		183		-		183
Commodity contracts		6		42		70		118
Other contracts		-		6		-		6
		6		309		70		385
Long-term derivative assets
Foreign exchange contracts		-		67		-		67
Interest rate contracts		-		250		-		250
Commodity contracts		-		72		23		95
Other contracts		-		1		-		1
		-		390		23		413
Financial liabilities
Current derivative liabilities
Foreign exchange contracts		-		(75	)	-		(75	)
Interest rate contracts		-		(403	)	-		(403	)
Commodity contracts		(9	)	(248	)	(102	)	(359	)
		(9	)	(726	)	(102	)	(837	)
Long-term derivative liabilities
Foreign exchange contracts		-		(470	)	-		(470	)
Interest rate contracts		-		(69	)	-		(69	)
Commodity contracts		-		(701	)	(155	)	(856	)
		-		(1,240	)	(155	)	(1,395	)
Total net financial asset/(liability)
Foreign exchange contracts		-		(400	)	-		(400	)
Interest rate contracts		-		(39	)	-		(39	)
Commodity contracts		(3	)	(835	)	(164	)	(1,002	)
Other contracts		-		7		-		7
		(3	)	(1,267	)	(164	)	(1,434	)

Schedule of significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments

December 31, 2014		Fair Value		Unobservable Input		Minimum Price		Maximum Price		Weighted Average Price		Unit of Measurement
(fair value in millions of Canadian dollars)
Commodity contracts - financial1
Natural gas		(7	)	Forward gas price		2.95		4.31		3.57		$/mmbtu	3
Crude		1		Forward crude price		77.31		83.90		83.58		$/barrel
NGL		48		Forward NGL price		0.50		1.33		0.70		$/gallon
Power		(144	)	Forward power price		33.25		76.84		54.44		$/MWH
Commodity contracts - physical1
Natural gas		(22	)	Forward gas price		1.79		4.85		3.39		$/mmbtu	3
Crude		123		Forward crude price		33.71		107.48		62.95		$/barrel
NGL		26		Forward NGL price		0.07		1.40		0.81		$/gallon
Commodity options2
Crude		36		Option volatility		27%		40%		32%
NGL		88		Option volatility		19%		94%		39%
		149

1 Financial and physical forward commodity contracts are valued using a market approach valuation technique.

2 Commodity options contracts are valued using an option model valuation technique.

3 One million British thermal units (mmbtu).

Schedule of changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy

Year ended December 31,		2014		2013
(millions of Canadian dollars)
Level 3 net derivative liability at beginning of period		(164	)	(24	)
Total gains/(loss)
Included in earnings1		252		(100	)
Included in OCI		32		-
Settlements		29		(40	)
Level 3 net derivative liability at end of period		149		(164	)

1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings.

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Tabular disclosure of the net fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending net balances, separately presenting changes attributable to the following: (1) total gains (losses) for the period (realized and unrealized), segregating those gains (losses) included in earnings (or changes in net assets), and gains (losses) recognized in other comprehensive income (loss) and a description of where those gains (losses) included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues and settlements (each type disclosed separately); and (3) transfers in and transfers out of level 3 (for example, transfers due to changes in the observability of significant inputs) by class of asset and liability.

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