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LEASES

12 Months Ended

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, net1			708			713
Operating lease liabilities - current2			80			94
Operating lease liabilities - long-term3			681			689
Total operating lease liabilities			761			783
Finance leases
Finance lease right-of-use assets, net1			124			89
Finance lease liabilities - current2			17			16
Finance lease liabilities - long-term3			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		%

1Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position.

2Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position.

3Long-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 income1			626			625

1Lease 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, net1			708			713
Operating lease liabilities - current2			80			94
Operating lease liabilities - long-term3			681			689
Total operating lease liabilities			761			783
Finance leases
Finance lease right-of-use assets, net1			124			89
Finance lease liabilities - current2			17			16
Finance lease liabilities - long-term3			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		%

1Right-of-use assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position.

2Current lease liabilities are reported under Accounts payable and other in the Consolidated Statements of Financial Position.

3Long-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 income1			626			625

1Lease 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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- References

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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- Definition

The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph Note 1
-URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph Note 3
-URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=77888252

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