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REVENUES
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
March 31, 2021
(millions of Canadian dollars)       
Transportation revenues2,329 1,121 216 — — — 3,666 
Storage and other revenues26 74 58 — — — 158 
Gas gathering and processing revenues
— 7 — — — — 7 
Gas distribution revenue— — 1,534 — — — 1,534 
Electricity and transmission revenues
— — — 76 — — 76 
Total revenue from contracts with customers
2,355 1,202 1,808 76 — — 5,441 
Commodity sales— — — — 6,429 — 6,429 
Other revenues1,2
212 12 6 91 — (4)317 
Intersegment revenues132 — 9 — 4 (145)— 
Total revenues2,699 1,214 1,823 167 6,433 (149)12,187 
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
March 31, 2020
(millions of Canadian dollars)       
Transportation revenues2,440 1,255 215 — — — 3,910 
Storage and other revenues26 79 47 — — — 152 
Gas gathering and processing revenues
— 7 — — — — 7 
Gas distribution revenues— — 1,417 — — — 1,417 
Electricity and transmission revenues
— — — 50 — — 50 
Total revenue from contracts with customers
2,466 1,341 1,679 50 — — 5,536 
Commodity sales— — — — 7,389 — 7,389 
Other revenues1,2
(1,017)16 (1)103 (7)(6)(912)
Intersegment revenues85 — 4 — 16 (105)— 
Total revenues1,534 1,357 1,682 153 7,398 (111)12,013 
1 Includes mark-to-market gains/(losses) from our hedging program for the three months ended March 31, 2021 and 2020 of $130 million gain and $1,106 million loss, respectively.
2 Includes revenues from lease contracts for the three months ended March 31, 2021 and 2020 of $159 million and $158 million, respectively.

We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.
Contract Balances
Contract ReceivablesContract AssetsContract Liabilities
(millions of Canadian dollars)
Balance as at March 31, 20212,120 214 1,724 
Balance as at December 31, 20202,042 226 1,815 

Contract receivables represent the amount of receivables derived from contracts with customers.

Contract assets represent the amount of revenues which has been recognized in advance of payments received for performance obligations we have fulfilled (or partially fulfilled) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three months ended March 31, 2021 included in contract liabilities at the beginning of the period was $145 million. Increases in contract liabilities from cash received, net of amounts recognized as revenues during the three months ended March 31, 2021 were $69 million.
Performance Obligations
There were no material revenues recognized in the three months ended March 31, 2021 from performance obligations satisfied in previous periods.
Revenues to be Recognized from Unfulfilled Performance Obligations
Total revenues from performance obligations expected to be fulfilled in future periods is $57.4 billion, of which $5.0 billion and $5.7 billion is expected to be recognized during the nine months ending December 31, 2021 and the year ending December 31, 2022, respectively.

The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overall revenues and revenue from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additionally, the effect of escalation on certain tolls which are contractually escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenue from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

Recognition and Measurement of Revenues
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
March 31, 2021
(millions of Canadian dollars)    
Revenues from products transferred at a point in time
— — 17 — 17 
Revenues from products and services transferred over time1
2,355 1,202 1,791 76 5,424 
Total revenue from contracts with customers
2,355 1,202 1,808 76 5,441 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
March 31, 2020
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 15 — 15 
Revenues from products and services transferred over time1
2,466 1,341 1,664 50 5,521 
Total revenue from contracts with customers
2,466 1,341 1,679 50 5,536 
1     Includes revenues from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and treating, natural gas distribution, natural gas storage services and electricity sales.