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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt |
| Weighted Average |  |  |  |  |  |  |  |  |
December 31, | Interest Rate 22 |  |  | Maturity |  | 2019 |  |  | 2018 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Enbridge Inc. |  |  |  |  |  |  |  |  |  |
United States dollar senior notes 1 | 3.8 | % |  | 2022-2049 |  | 8,689 |  |  | 6,419 |
Medium-term notes | 4.2 | % |  | 2020-2064 |  | 7,623 |  |  | 7,323 |
Fixed-to-floating rate subordinated term notes 2,3 | 5.9 | % |  | 2077-2078 |  | 6,550 |  |  | 6,771 |
Floating rate notes 4 |  |  |  | 2020 |  | 1,556 |  |  | 2,389 |
Commercial paper and credit facility draws 5 | 1.9 | % |  | 2021-2024 |  | 5,210 |  |  | 1,999 |
Other 6 |  |  |  |  |  | 5 |  |  | 4 |
Enbridge (U.S.) Inc. |  |  |  |  |  |  |  |
Commercial paper and credit facility draws 7 | 2.1 | % |  | 2021-2024 |  | 1,734 |  |  | 1,065 |
Enbridge Energy Partners, L.P. |  |  |  |  |  |  |  |
Senior notes 8 | 6.0 | % |  | 2021-2045 |  | 3,955 |  |  | 6,214 |
Junior subordinated notes 9 |  |  |  |  | — |  |  | 546 |
Commercial paper and credit facility draws 10 |  |  |  |  | — |  |  | 1,044 |
Enbridge Gas Distribution Inc.11 |  |  |  |  |  |  |  |
Medium-term notes |  |  |  |  |  | — |  |  | 3,695 |
Debentures |  |  |  |  |  | — |  |  | 85 |
Commercial paper and credit facility draws |  |  |  |  |  | — |  |  | 750 |
Enbridge Gas Inc.11 |  |  |  |  |  |  |
Medium-term notes | 4.2 | % |  | 2020-2050 |  | 7,685 |  |  | — |
Debentures | 9.1 | % |  | 2024-2025 |  | 210 |  |  | — |
Commercial paper and credit facility draws | 2.0 | % |  | 2021 |  | 898 |  |  | — |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |  |  |  |  |  |
Senior notes 12 | 4.0 | % |  | 2040 |  | 1,129 |  |  | 1,257 |
Enbridge Pipelines Inc. |  |  |  |  |  |  |  |
Medium-term notes 13 | 4.2 | % |  | 2020-2049 |  | 5,125 |  |  | 4,225 |
Debentures | 8.2 | % |  | 2024 |  | 200 |  |  | 200 |
Commercial paper and credit facility draws 14 | 2.0 | % |  | 2021 |  | 2,030 |  |  | 2,200 |
Enbridge Southern Lights LP |  |  |  |  |  |  |  |
Senior notes | 4.0 | % |  | 2040 |  | 272 |  |  | 289 |
Spectra Energy Capital, LLC |  |  |  |  |  |  |
Senior notes 15 | 7.1 | % |  | 2032-2038 |  | 224 |  |  | 236 |
Spectra Energy Partners, LP |  |  |  |  |  |  |
Senior secured notes 16 | 6.1 | % |  | 2020 |  | 143 |  |  | 150 |
Senior notes 17 | 4.2 | % |  | 2020-2048 |  | 8,481 |  |  | 8,249 |
Floating rate notes 18 |  |  |  | 2020 |  | 519 |  |  | 546 |
Commercial paper and credit facility draws 19 |  |  |  |  | — |  |  | 2,065 |
Union Gas Limited 11 |  |  |  |  |  |  |
Medium-term notes |  |  |  |  |  | — |  |  | 3,290 |
Debentures |  |  |  |  |  | — |  |  | 125 |
Commercial paper and credit facility draws |  |  |  |  |  | — |  |  | 275 |
Westcoast Energy Inc. |  |  |  |  |  |  |
Senior secured notes |  |  |  |  |  | — |  |  | 33 |
Medium-term notes | 4.5 | % |  | 2020-2041 |  | 1,875 |  |  | 2,175 |
Debentures | 8.6 | % |  | 2020-2026 |  | 375 |  |  | 375 |
Fair value adjustment - Merger Transaction |  |  |  |  | 844 |  |  | 964 |
Other 20 |  |  |  |  |  | (369 | ) |  | (348 | )
Total debt |  |  |  |  |  | 64,963 |  |  | 64,610 |
Current maturities |  |  |  |  |  | (4,404 | ) |  | (3,259 | )
Short-term borrowings 21 |  |  |  |  |  | (898 | ) |  | (1,024 | )
Long-term debt |  |  |  |  |  | 59,661 |  |  | 60,327 |
1 | 2019 - US$6,700 million; 2018 - US$4,700 million.
2 | 2019 - $2,400 million and US$3,200 million; 2018 - $2,400 million and US$3,200 million. For the initial 10 years, the notes carry a fixed interest rate. Subsequently, the interest rate will be floating and set to equal the Canadian Dollar Offered Rate (CDOR) or the London Interbank Offered Rate (LIBOR) plus a margin.
3 | The notes would be converted automatically into Conversion Preference Shares in the event of bankruptcy and related events.
4 | 2019 - US$1,200 million; 2018 - $750 million and US$1,200 million. Carries an interest rate equal to the three-month Bankers' Acceptance Rate plus a margin of 59 basis points or LIBOR plus a margin of 40 or 70 basis points.
5 | 2019 - $5,210 million; 2018 - $1,906 million and US$69 million.
6 | Primarily capital lease obligations.
7 | 2019 - US$1,337 million; 2018 - US$780 million.
8 | 2019 - US$3,050 million; 2018 - US$4,550 million.
9 | 2018 - US$400 million.
10 | 2018 - US$764 million.
11 | Reflects the amalgamation of EGD and Union Gas into Enbridge Gas Inc.
12 | 2019 - US$871 million; 2018 - US$920 million.
13 | Included in medium-term notes is $100 million with a maturity date of 2112.
14 | 2019 - $1,570 million and US$355 million; 2018 - $1,905 million and US$216 million.
15 | 2019 - US$173 million; 2018 - US$173 million.
16 | 2019 - US$110 million; 2018 - US$110 million.
17 | 2019 - US$6,540 million; 2018 - US$6,040 million.
18 | 2019 - US$400 million; 2018 - US$400 million. Carries an interest rate equal to the three-month LIBOR plus a margin of 70 basis points.
19 | 2018 - US$1,512 million.
20 | Primarily unamortized discounts and debt issuance costs.
21 | Weighted average interest rates on outstanding commercial paper were 2.0% as at December 31, 2019 (2018 - 2.3%).
22 Calculated based on term notes and commercial paper and credit facility draws balances outstanding as at December 31, 2019.
Schedule of Committed Credit Facilities | The following table provides details of our committed credit facilities as at December 31, 2019:
|  | Total |  |  |  |  |
| Maturity | Facilities |  | Draws 1 |  | Available |
(millions of Canadian dollars) |  |  |  |  |  |  |
Enbridge Inc. | 2021-2024 | 6,993 |  | 5,210 |  | 1,783 |
Enbridge (U.S.) Inc. | 2021-2024 | 7,132 |  | 1,734 |  | 5,398 |
Enbridge Pipelines Inc. | 2021 2 | 3,000 |  | 2,030 |  | 970 |
Enbridge Gas Inc. | 2021 2 | 2,000 |  | 898 |  | 1,102 |
Total committed credit facilities |  | 19,125 |  | 9,872 |  | 9,253 |
1 | Includes facility draws and commercial paper issuances that are back-stopped by the credit facility.
2 Maturity date is inclusive of the one year term out option.
Schedule of Long-term Debt Issuances | During the years ended December 31, 2019 and 2018, we completed the following long-term debt issuances, excluding the debt exchange discussed below:
Company | Issue Date |  |  | Principal Amount |
(millions of Canadian dollars unless otherwise stated) |  |
Enbridge Inc. |  |  |
| October 2019 | 2.99% medium-term notes due October 2029 |  | $1,000 |
| November 2019 | 2.50% senior notes due July 2025 | US$500 |
| November 2019 | 3.13% senior notes due November 2029 | US$1,000 |
| November 2019 | 4.00% senior notes due November 2049 | US$500 |
| March 2018 | Fixed-to-floating rate subordinated notes due March 2078 1 | US$850 |
| April 2018 | Fixed-to-floating rate subordinated notes due April 2078 2 |  | $750 |
| April 2018 | Fixed-to-floating rate subordinated notes due April 2078 3 | US$600 |
Enbridge Gas Inc. |  |  |
| August 2019 | 2.37% medium-term notes due August 2029 |  | $400 |
| August 2019 | 3.01% medium-term notes due August 2049 |  | $300 |
Enbridge Pipelines Inc. |  |  |
| February 2019 | 3.52% medium-term notes due February 2029 |  | $600 |
| February 2019 | 4.33% medium-term notes due February 2049 |  | $600 |
Spectra Energy Partners, LP |  |  |
| August 2019 | 3.24% senior notes due August 2029 4 | US$500 |
| January 2018 | 3.50% senior notes due January 2028 5 | US$400 |
| January 2018 | 4.15% senior notes due January 2048 5 | US$400 |
1 | Notes mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 6.25%. Subsequently, the interest rate will be set to equal the three-month LIBOR plus a margin of 364 basis points from years 10 to 30, and a margin of 439 basis points from years 30 to 60.
2 | Notes mature in 60 years and are callable on or after year 10. For the initial 10 years, the notes carry a fixed interest rate of 6.625%. Subsequently, the interest rate will be set to equal CDOR plus a margin of 432 basis points from years 10 to 30, and a margin of 507 basis points from years 30 to 60.
3 | Notes mature in 60 years and are callable on or after year five. For the initial five years, the notes carry a fixed interest rate of 6.375%. Subsequently, the interest rate will be set to equal the three-month LIBOR plus a margin of 359 basis points from years five to 10, a margin of 384 basis points from years 10 to 25, and a margin of 459 basis points from years 25 to 60.
4 | Issued through Algonquin Gas Transmission, LLC, an operating subsidiary of SEP.
5 Issued through Texas Eastern, a wholly-owned operating subsidiary of SEP. Consenting SEP notes and EEP notes under Guarantee
SEP Notes 1 | EEP Notes 2
Floating Rate Senior Notes due 2020 | 4.200% Notes due 2021
4.600% Senior Notes due 2021 | 5.875% Notes due 2025
4.750% Senior Notes due 2024 | 5.950% Notes due 2033
3.500% Senior Notes due 2025 | 6.300% Notes due 2034
3.375% Senior Notes due 2026 | 7.500% Notes due 2038
5.950% Senior Notes due 2043 | 5.500% Notes due 2040
4.500% Senior Notes due 2045 | 7.375% Notes due 2045
1 | As at December 31, 2019, the aggregate outstanding principal amount of SEP notes was approximately US$3.9 billion.
2 | As at December 31, 2019, the aggregate outstanding principal amount of EEP notes was approximately US$3.0 billion.
Enbridge Notes under Guarantees
USD Denominated 1 | CAD Denominated 2
Senior Floating Rate Notes due 2020 | 4.530% Senior Notes due 2020
Senior Floating Rate Notes due 2020 | 4.850% Senior Notes due 2020
2.900% Senior Notes due 2022 | 4.260% Senior Notes due 2021
4.000% Senior Notes due 2023 | 3.160% Senior Notes due 2021
3.500% Senior Notes due 2024 | 4.850% Senior Notes due 2022
2.500% Senior Notes due 2025 | 3.190% Senior Notes due 2022
4.250% Senior Notes due 2026 | 3.940% Senior Notes due 2023
3.700% Senior Notes due 2027 | 3.940% Senior Notes due 2023
3.125% Senior Notes due 2029 | 3.950% Senior Notes due 2024
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
1 | As at December 31, 2019, the aggregate outstanding principal amount of the Enbridge United States dollar denominated notes was approximately US$7.9 billion.
2 As at December 31, 2019, the aggregate outstanding principal amount of the Enbridge Canadian dollar denominated notes was approximately $7.6 billion.
Schedule of Long-Term Debt Repayments | During the years ended December 31, 2019 and 2018, we completed the following long-term debt repayments, excluding the debt exchange discussed below:
Company | Retirement/Repayment Date |  |  | Principal Amount |  | Cash Consideration 1 |
(millions of Canadian dollars unless otherwise stated) |  |  |
Enbridge Inc. |  |  |  |
Repayment |  |  |  |
| February 2019 | 4.10% medium-term notes |  | $300 |  |
| May 2019 | Floating rate notes |  | $750 |  |
| September 2019 | 4.77% medium-term notes |  | $400 |  |
Enbridge Energy Partners, L.P. |  |  |
Redemption |  |  |
| February 2019 | 8.05% fixed/floating rate junior subordinated notes due 2067 | US$400 |  |
| December 2019 | 5.20% senior notes due 2020 | US$500 |  | US$504 |
| December 2019 | 4.38% senior notes due 2020 | US$500 |  | US$509 |
Repayment |  |  |
| March 2019 | 9.88% senior notes | US$500 |  |
| April 2018 | 6.50% senior notes | US$400 |  |
| October 2018 | 7.00% senior notes | US$100 |  |
Enbridge Income Fund |  |  |  |
Repayment |  |  |  |
| December 2018 | 4.00% medium-term notes |  | $125 |  |
Enbridge Pipelines (Southern Lights) L.L.C. |  |  |
Repayment |  |  |
| June and December 2019 | 3.98% senior notes due 2040 | US$49 |  |
| June and December 2018 | 3.98% senior notes due 2040 | US$43 |  |
Enbridge Pipelines Inc. |  |  |
Repayment |  |  |
| November 2019 | 4.49% medium-term notes |  | $200 |  |
| November 2019 | 4.49% medium-term notes |  | $100 |  |
| November 2018 | 6.62% medium-term notes |  | $170 |  |
| November 2018 | 6.62% medium-term notes |  | $130 |  |
Enbridge Southern Lights LP |  |  |
Repayment |  |  |
| July and December 2019 | 4.01% senior notes due 2040 |  | $17 |  |
| January, July and December 2018 | 4.01% senior notes due 2040 |  | $27 |  |
Midcoast Energy Partners, L.P. |  |  |  |
Redemption |  |  |  |
| July 2018 2 | 3.56% senior notes due 2019 | US$75 |  | US$76 |
| July 2018 2 | 4.04% senior notes due 2021 | US$175 |  | US$182 |
| July 2018 2 | 4.42% senior notes due 2024 | US$150 |  | US$161 |
Spectra Energy Capital, LLC |  |  |  |
Repurchase via Tender Offer |  |  |
| March 2018 2 | 6.75% senior unsecured notes due 2032 | US$64 |  | US$80 |
| March 2018 2 | 7.50% senior unsecured notes due 2038 | US$43 |  | US$59 |
Redemption |  |  |  |
| March 2018 2 | 5.65% senior unsecured notes due 2020 | US$163 |  | US$172 |
| March 2018 2 | 3.30% senior unsecured notes due 2023 | US$498 |  | US$508 |
Repayment |  |  |  |
| April 2018 | 6.20% senior notes | US$272 |  |
| July 2018 | 6.75% senior notes | US$118 |  |
Spectra Energy Partners, LP |  |  |  |
Repayment |  |  |  |
| September 2018 | 2.95% senior notes | US$500 |  |
Union Gas Limited |  |  |  |
Repayment |  |  |  |
| April 2018 | 5.35% medium-term notes |  | $200 |  |
| August 2018 | 8.75% debentures |  | $125 |  |
| October 2018 | 8.65% senior debentures |  | $75 |  |
Westcoast Energy Inc. |  |  |  |
Repayment |  |  |  |
| January 2019 | 5.60% medium-term notes |  | $250 |  |
| January 2019 | 5.60% medium-term notes |  | $50 |  |
| May and November 2019 | 6.90% senior secured notes |  | $26 |  |
| May and November 2019 | 4.34% senior secured notes |  | $5 |  |
| December 2019 | 1.00% senior secured notes |  | $2 |  |
| May and November 2018 | 6.90% senior secured notes due 2019 |  | $26 |  |
| May and November 2018 | 4.34% senior secured notes due 2019 |  | $9 |  |
| September 2018 | 8.50% debentures |  | $150 |  |
1 | Cash consideration disclosed for repayments where the cash paid differs from the principal amount.
2 | The loss on debt extinguishment of $64 million (US$50 million), net of the fair value adjustment recorded upon completion of the Merger Transaction, was reported within Interest expense in the Consolidated Statements of Earnings.
Schedule of Interest Expense | INTEREST EXPENSE
Year ended December 31, | 2019 |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |
Debentures and term notes | 2,783 |  | 3,011 |  | 3,011 |
Commercial paper and credit facility draws | 273 |  | 171 |  | 206 |
Amortization of fair value adjustment - Spectra Energy acquisition | (67 | ) | (131 | ) | (270 | )
Capitalized | (326 | ) | (348 | ) | (391 | )
| 2,663 |  | 2,703 |  | 2,556 |

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