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LONG-TERM INVESTMENTS | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS
| Ownership |  |
December 31, | Interest | 2020 | 2019
(millions of Canadian dollars) |  |  |
EQUITY INVESTMENTS |  |  |
Liquids Pipelines |  |  |
MarEn Bakken Company LLC 1 | 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 Pipeline 3 | 50.0 | % | 269 |  | 310 |
Aux Sable 4 | 42.7% - 50.0% | 251 |  | 267 |
DCP Midstream, LLC 5 | 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 Pipeline 6 | 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 |
1 Owns 49% interest in Bakken Pipeline Investments L.L.C., which owns 75% of the Bakken Pipeline System resulting in a 27.6% effective interest in the Bakken Pipeline System. 2 Owns the Southern Access Extension Project. 3 Includes Alliance Pipeline Limited Partnership in Canada and Alliance Pipeline L.P. in the US. 4 Includes Aux Sable Canada LP in Canada and Aux Sable Liquid Products LP and Aux Sable Midstream LLC in the US. 5 Our ownership in DCP Midstream, LLC (DCP Midstream) holds an interest of 56.5% in DCP Midstream, LP. 6 Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US. Equity investments include the unamortized excess of the purchase price over the underlying net book value of the investees’ assets at the purchase date. As at December 31, 2020, this was comprised of $1.8 billion in Goodwill and $657 million in amortizable assets. As at December 31, 2019, this was comprised of $2.1 billion in Goodwill and $681 million in amortizable assets. For the years ended December 31, 2020, 2019 and 2018, distributions received from equity investments were $2.1 billion, $2.2 billion and $2.8 billion, respectively. Summarized combined financial information of our interest in unconsolidated equity investments (presented at 100%) is as follows:
|  |  | 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 |
Noverco Inc. As at December 31, 2020 and 2019, we owned an equity interest in Noverco through our ownership of 38.9% of its common shares and an investment in preferred shares. The preferred shares are entitled to a cumulative preferred dividend based on the average yield of Government of Canada bonds maturing in 10 years plus a margin of 4.38%. As at December 31, 2020 and 2019, Noverco owned an approximate 0.2% and 0.5% reciprocal shareholding in our common shares, respectively. Noverco sold 1.0 million common shares in March 2020, 5.7 million common shares in August 2020 and 11.6 million common shares in January 2019. Shares sold were treated as treasury stock on the Consolidated Statements of Changes in Equity. As a result of Noverco’s reciprocal shareholding in our common shares, as at December 31, 2020 and 2019, we had an indirect pro-rata interest of 0.1% and 0.2%, respectively, in our own shares. Both the equity investment in Noverco and shareholders’ equity have been reduced by the reciprocal shareholding of $29 million and $51 million as at December 31, 2020 and 2019. Noverco records dividends paid by us as dividend income and we eliminate these dividends from our equity earnings of Noverco. We record our pro-rata share of dividends paid by us to Noverco as a reduction of dividends paid and an increase in our investment in Noverco. Impairment of Equity Investments Steckman Ridge, LP Steckman Ridge, LP (Steckman Ridge) is engaged in the storage of natural gas, is owned 50% by Enbridge and is recorded as an equity method investment. During the third quarter, Steckman Ridge’s forecasted performance was adjusted for the expectation that future available capacity will be re-contracted at lower than expected rates and an other than temporary impairment loss on our investment of $221 million for the year ended December 31, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at December 31, 2020 and 2019 was $90 million and $222 million, respectively. Southeast Supply Header, L.L.C. Southeast Supply Header, L.L.C. (SESH) provides natural gas transmission services from east Texas and northern Louisiana to the southeast markets of the Gulf Coast. SESH is owned 50% by Enbridge and is recorded as an equity method investment. The forecasted performance of SESH was revised in the third quarter to reflect downward revisions to future negotiated rates as well as higher than expected available capacity levels, caused primarily by a significant contract expiry. An other than temporary impairment loss on our investment of $394 million for the year ended December 31, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at December 31, 2020 and 2019 was $84 million and $484 million, respectively. DCP Midstream, LLC DCP Midstream, a 50% owned equity method investment of Enbridge, holds an equity interest in DCP Midstream, LP. A decline in the market price of DCP Midstream, LP’s publicly traded units during the first quarter of 2020 resulted in an other than temporary impairment loss on our investment in DCP Midstream of $1.7 billion for the year ended December 31, 2020. In addition, we incurred losses of $324 million through our equity earnings pick up in relation to asset and goodwill impairment losses recorded by DCP Midstream, LP. The carrying value of our investment in DCP Midstream as at December 31, 2020 and 2019 was $331 million and $2.2 billion, respectively. Our investments in Steckman Ridge, SESH, and DCP Midstream form part of our Gas Transmission and Midstream segment. The impairment losses were recorded within Impairment of Equity Investments in the Consolidated Statements of Earnings.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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