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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES CONSOLIDATED VARIABLE INTEREST ENTITIES Our consolidated VIEs consist of legal entities where we are the primary beneficiary. We are the primary beneficiary when our variable interest(s) provide us with (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. We determine whether we are the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and level of involvement of other parties. The following table includes assets to be used to settle liabilities of our consolidated VIEs. The creditors of the liabilities of our consolidated VIEs do not have recourse to our general credit as the primary beneficiary. These assets and liabilities are included in the Consolidated Statements of Financial Position.
December 31, | 2023 | 2022
(millions of Canadian dollars) |  |
Assets |  |
Cash and cash equivalents | 442 |  | 426 |
Restricted cash | 9 |  | 12 |
Trade receivables and unbilled revenue | 144 |  | 185 |
Other current assets | 8 |  | 14 |
Accounts receivable from affiliates | 5 |  | 23 |
Inventory | 11 |  | 12 |
| 619 |  | 672 |
Property, plant and equipment, net | 7,105 |  | 7,707 |
Long-term investments | 14 |  | 14 |
Restricted long-term investments | 106 |  | 98 |
Deferred amounts and other assets | 148 |  | 158 |
Intangible assets, net | 84 |  | 102 |
| 8,076 |  | 8,751 |
Liabilities |  |
Trade payables and accrued liabilities | 83 |  | 99 |
Other current liabilities | 145 |  | 152 |
Accounts payable to affiliates | 4 |  | 21 |
| 232 |  | 272 |
Long-term debt | 1 |  | — |
Other long-term liabilities | 971 |  | 859 |
Deferred income taxes | 5 |  | 5 |
| 1,209 |  | 1,136 |
| 6,867 |  | 7,615 |
We do not have obligations to provide additional financial support to any of our consolidated VIEs. UNCONSOLIDATED VARIABLE INTEREST ENTITIES We currently hold interests in several non-consolidated VIEs where we are not the primary beneficiary as we do not have the power to direct the activities of the VIEs that most significantly impact their economic performance. These interests include investments in limited partnerships that are assessed to be VIEs due to the limited partners not having substantive kick-out rights or participating rights. The power to direct the activities of a majority of these non-consolidated limited partnership VIEs is shared amongst the partners. Each partner has representatives that make up an executive committee that makes significant decisions for the VIE, and none of the partners may make significant decisions unilaterally. The carrying amount of these VIEs and our estimated maximum exposure to loss as at December 31, 2023 and 2022 are presented below:
| Carrying Amount of | Maximum Exposure to
December 31, 2023 | the VIE | Loss
(millions of Canadian dollars) |  |
Aux Sable Liquid Products L.P.1 | 105 |  | 130 |
Rampion Offshore Wind Limited 2 | 391 |  | 452 |
Vector Pipeline L.P.3 | 191 |  | 320 |
Woodfibre LNG Limited Partnership 4 | 778 |  | 2,854 |
Fox Squirrel Solar LLC 5 | 312 |  | 661 |
Other 4 | 132 |  | 230 |
| 1,909 |  | 4,647 |
| Carrying Amount of | Maximum Exposure to
December 31, 2022 | the VIE | Loss
(millions of Canadian dollars) |  |
Aux Sable Liquid Products L.P.1 | 91 |  | 117 |
EIH S.á r.l.6 | 37 |  | 637 |
Rampion Offshore Wind Limited 2 | 413 |  | 468 |
Vector Pipeline L.P.3 | 195 |  | 325 |
Woodfibre LNG Limited Partnership 4 | 635 |  | 2,476 |
Other 4 | 245 |  | 443 |
| 1,616 |  | 4,466 |
1 As at December 31, 2023 and 2022, the maximum exposure to loss includes a guarantee by us for our respective share of the VIE's borrowing on a bank credit facility. 2 As at December 31, 2023 and 2022, the maximum exposure to loss includes our parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE. 3 As at December 31, 2023 and 2022, the maximum exposure to loss includes the carrying value of outstanding affiliate loans receivable for $24 million and $25 million held by us as at December 31, 2023 and 2022, respectively, and an outstanding credit facility for $105 million as at December 31, 2023 and 2022. 4 As at December 31, 2023 and 2022, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the project for which we would be liable in the event of default by the VIE. 5 In November 2023, Enbridge acquired a 50% interest in Fox Squirrel JV, LLC (Fox Squirrel Solar LLC). Refer to Note 13 - Long-Term Investments. Fox Squirrel Solar LLC is a VIE due to its lack of sufficient equity at risk to finance its activities. Enbridge does not hold decision-making rights to direct Fox Squirrel Solar LLC's activities that most significantly impacts its economic performance. As at December 31, 2023, the maximum exposure to loss includes our parental guarantees that have been committed in project contracts in which we would be liable for in the event of default by the VIE. 6 As at December 31, 2023, EIH S.á r.l no longer met the requirements of a VIE as a result of a VIE reconsideration event. As at December 31, 2022, the maximum exposure to loss includes our parental guarantees that have been committed in connection with the three French offshore wind projects for which we would be liable in the event of default by the VIE and an outstanding affiliate loan receivable for $56 million. We do not have an obligation to and did not provide any additional financial support to the VIEs during the years ended December 31, 2023 and 2022.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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