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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES LESSEE We incur operating lease expenses related primarily to real estate, pipelines, storage and equipment. Our operating leases have remaining lease terms of 1 month to 35 years as at December 31, 2020. For the years ended December 31, 2020 and 2019, we incurred operating lease expenses of $107 million and $113 million, respectively. Operating lease expenses are reported under Operating and administrative expenses on the Consolidated Statements of Earnings. For the years ended December 31, 2020 and 2019, operating lease payments to settle lease liabilities were $133 million and $123 million, respectively. Operating lease payments are reported under operating activities in the Consolidated Statements of Cash Flows. Supplemental Statements of Financial Position Information
| December 31, 2020 | December 31, 2019
(millions of Canadian dollars, except lease term and discount rate) |  |
Operating leases |  |
Operating lease right-of-use assets, net 1 | 708 | 713
Operating lease liabilities - current 2 | 80 | 94
Operating lease liabilities - long-term 3 | 681 | 689
Total operating lease liabilities | 761 | 783
Finance leases |  |
Finance lease right-of-use assets, net 1 | 124 | 89
Finance lease liabilities - current 2 | 17 | 16
Finance lease liabilities - long-term 3 | 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 | %
1 Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 2 Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position. 3 Long-term lease liabilities are reported under Other long-term liabilities in the Consolidated Statements of Financial Position. As at December 31, 2020, our operating and finance lease liabilities are expected to mature as follows:
| 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 |
LESSOR We receive revenues from operating leases primarily related to natural gas and crude oil storage and processing facilities, rail cars, and wind power generation assets. Our operating leases have remaining lease terms of 1 month to 23 years as at December 31, 2020.
Year ended December 31, | 2020 | 2019
(millions of Canadian dollars) |  |
Operating lease income | 265 |  | 265 |
Variable lease income | 361 |  | 360 |
Total lease income 1 | 626 |  | 625 |
1 Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings. As at December 31, 2020, the following table sets out future lease payments to be received under operating lease contracts where we are the lessor:
| Operating leases
(millions of Canadian dollars) |
2021 | 242 |
2022 | 229 |
2023 | 212 |
2024 | 206 |
2025 | 199 |
Thereafter | 2,201 |
Future lease payments | 3,289 |
LEASES | LEASES LESSEE We incur operating lease expenses related primarily to real estate, pipelines, storage and equipment. Our operating leases have remaining lease terms of 1 month to 35 years as at December 31, 2020. For the years ended December 31, 2020 and 2019, we incurred operating lease expenses of $107 million and $113 million, respectively. Operating lease expenses are reported under Operating and administrative expenses on the Consolidated Statements of Earnings. For the years ended December 31, 2020 and 2019, operating lease payments to settle lease liabilities were $133 million and $123 million, respectively. Operating lease payments are reported under operating activities in the Consolidated Statements of Cash Flows. Supplemental Statements of Financial Position Information
| December 31, 2020 | December 31, 2019
(millions of Canadian dollars, except lease term and discount rate) |  |
Operating leases |  |
Operating lease right-of-use assets, net 1 | 708 | 713
Operating lease liabilities - current 2 | 80 | 94
Operating lease liabilities - long-term 3 | 681 | 689
Total operating lease liabilities | 761 | 783
Finance leases |  |
Finance lease right-of-use assets, net 1 | 124 | 89
Finance lease liabilities - current 2 | 17 | 16
Finance lease liabilities - long-term 3 | 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 | %
1 Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 2 Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position. 3 Long-term lease liabilities are reported under Other long-term liabilities in the Consolidated Statements of Financial Position. As at December 31, 2020, our operating and finance lease liabilities are expected to mature as follows:
| 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 |
LESSOR We receive revenues from operating leases primarily related to natural gas and crude oil storage and processing facilities, rail cars, and wind power generation assets. Our operating leases have remaining lease terms of 1 month to 23 years as at December 31, 2020.
Year ended December 31, | 2020 | 2019
(millions of Canadian dollars) |  |
Operating lease income | 265 |  | 265 |
Variable lease income | 361 |  | 360 |
Total lease income 1 | 626 |  | 625 |
1 Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings. As at December 31, 2020, the following table sets out future lease payments to be received under operating lease contracts where we are the lessor:
| Operating leases
(millions of Canadian dollars) |
2021 | 242 |
2022 | 229 |
2023 | 212 |
2024 | 206 |
2025 | 199 |
Thereafter | 2,201 |
Future lease payments | 3,289 |

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