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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023. For the years ended December 31, 2023, 2022 and 2021, we incurred operating lease expenses of $131 million, $118 million and $95 million, respectively. Operating lease expenses are reported under Operating and administrative expense in the Consolidated Statements of Earnings. For the years ended December 31, 2023, 2022 and 2021, operating lease payments to settle lease liabilities were $129 million, $123 million and $118 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, 2023 | December 31, 2022
(millions of Canadian dollars, except lease term and discount rate) |  |
Operating leases 1 |  |
Operating lease right-of-use assets, net 2 | 669 | 680
Operating lease liabilities - current 3 | 98 | 87
Operating lease liabilities - long-term 3 | 652 | 677
Total operating lease liabilities | 750 | 764
Finance leases |  |
Finance lease right-of-use assets, net 4 | 287 | 62
Finance lease liabilities - current 5 | 19 | 17
Finance lease liabilities - long-term 5 | 264 | 39
Total finance lease liabilities | 283 | 56
Weighted average remaining lease term |  |
Operating leases | 12 years | 12 years
Finance leases | 31 years | 5 years
Weighted average discount rate |  |
Operating leases | 4.5 | % | 4.2 | %
Finance leases | 5.7 | % | 4.4 | %
1 Affiliate ROU assets, current lease liabilities and long-term lease liabilities as at December 31, 2023 were $42 million (December 31, 2022 - $47 million), $5 million (December 31, 2022 - $5 million) and $38 million (December 31, 2022 - $43 million), respectively. 2 Operating lease ROU assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 3 Current operating lease liabilities and long-term operating lease liabilities are reported under Other current liabilities and Other long-term liabilities, respectively, in the Consolidated Statements of Financial Position. 4 Finance lease ROU assets are reported under Property, plant and equipment, net in the Consolidated Statements of Financial Position. 5 Current finance lease liabilities and long-term finance lease liabilities are reported under Current portion of long-term debt and Long-term debt in the Consolidated Statements of Financial Position. As at December 31, 2023, our operating and finance lease liabilities are expected to mature as follows:
| Operating leases | Finance leases
(millions of Canadian dollars) |  |
2024 | 130 |  | 31 |
2025 | 120 |  | 25 |
2026 | 106 |  | 25 |
2027 | 96 |  | 18 |
2028 | 75 |  | 18 |
Thereafter | 459 |  | 502 |
Total undiscounted lease payments | 986 |  | 619 |
Less imputed interest | (236) |  | (336) |
Total | 750 |  | 283 |
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 3 month to 28 years as at December 31, 2023.
Year ended December 31, | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |
Operating lease income | 241 |  | 266 |  | 263 |
Variable lease income | 299 |  | 321 |  | 333 |
Total lease income 1 | 540 |  | 587 |  | 596 |
1 Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings. As at December 31, 2023, our future lease payments to be received under operating lease contracts where we are the lessor are as follows:
| Operating leases
(millions of Canadian dollars) |
2024 | 225 |
2025 | 206 |
2026 | 201 |
2027 | 199 |
2028 | 201 |
Thereafter | 1,612 |
Future lease payments | 2,644 |
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, 2023. For the years ended December 31, 2023, 2022 and 2021, we incurred operating lease expenses of $131 million, $118 million and $95 million, respectively. Operating lease expenses are reported under Operating and administrative expense in the Consolidated Statements of Earnings. For the years ended December 31, 2023, 2022 and 2021, operating lease payments to settle lease liabilities were $129 million, $123 million and $118 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, 2023 | December 31, 2022
(millions of Canadian dollars, except lease term and discount rate) |  |
Operating leases 1 |  |
Operating lease right-of-use assets, net 2 | 669 | 680
Operating lease liabilities - current 3 | 98 | 87
Operating lease liabilities - long-term 3 | 652 | 677
Total operating lease liabilities | 750 | 764
Finance leases |  |
Finance lease right-of-use assets, net 4 | 287 | 62
Finance lease liabilities - current 5 | 19 | 17
Finance lease liabilities - long-term 5 | 264 | 39
Total finance lease liabilities | 283 | 56
Weighted average remaining lease term |  |
Operating leases | 12 years | 12 years
Finance leases | 31 years | 5 years
Weighted average discount rate |  |
Operating leases | 4.5 | % | 4.2 | %
Finance leases | 5.7 | % | 4.4 | %
1 Affiliate ROU assets, current lease liabilities and long-term lease liabilities as at December 31, 2023 were $42 million (December 31, 2022 - $47 million), $5 million (December 31, 2022 - $5 million) and $38 million (December 31, 2022 - $43 million), respectively. 2 Operating lease ROU assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position. 3 Current operating lease liabilities and long-term operating lease liabilities are reported under Other current liabilities and Other long-term liabilities, respectively, in the Consolidated Statements of Financial Position. 4 Finance lease ROU assets are reported under Property, plant and equipment, net in the Consolidated Statements of Financial Position. 5 Current finance lease liabilities and long-term finance lease liabilities are reported under Current portion of long-term debt and Long-term debt in the Consolidated Statements of Financial Position. As at December 31, 2023, our operating and finance lease liabilities are expected to mature as follows:
| Operating leases | Finance leases
(millions of Canadian dollars) |  |
2024 | 130 |  | 31 |
2025 | 120 |  | 25 |
2026 | 106 |  | 25 |
2027 | 96 |  | 18 |
2028 | 75 |  | 18 |
Thereafter | 459 |  | 502 |
Total undiscounted lease payments | 986 |  | 619 |
Less imputed interest | (236) |  | (336) |
Total | 750 |  | 283 |
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 3 month to 28 years as at December 31, 2023.
Year ended December 31, | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |
Operating lease income | 241 |  | 266 |  | 263 |
Variable lease income | 299 |  | 321 |  | 333 |
Total lease income 1 | 540 |  | 587 |  | 596 |
1 Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings. As at December 31, 2023, our future lease payments to be received under operating lease contracts where we are the lessor are as follows:
| Operating leases
(millions of Canadian dollars) |
2024 | 225 |
2025 | 206 |
2026 | 201 |
2027 | 199 |
2028 | 201 |
Thereafter | 1,612 |
Future lease payments | 2,644 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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