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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Rate Reconciliation | INCOME TAX RATE RECONCILIATION
Year ended December 31, | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |
Earnings before income taxes | 7,879 | 4,542 | 7,729
Canadian federal statutory income tax rate | 15 | % | 15 | % | 15 | %
Expected federal taxes at statutory rate | 1,182 | 681 | 1,159
Increase/(decrease) resulting from: |  |  |
Provincial and state income taxes 1 | 411 | 108 | 228
Foreign and other statutory rate differentials 2 | 187 | 295 | 134
Effects of rate-regulated accounting 3 | (106) | (122) | (139)
Write-off of regulatory deferrals 3,4 | 115 | — | —
Part VI.1 tax, net of federal Part I deduction 3,5 | 66 | 76 | 73
US Minimum Tax 6 | 100 | 107 | —
Non-taxable portion of gain on sale of investmen t 3,7 | — | — | (23)
Valuation allowance 3 | (12) | 6 | 5
Accounting impairment of non-deductible goodwill 3,8 | — | 370 | —
Noncontrolling interests 3,9 | 19 | 9 | (17)
Investment and production tax credits | (47) | — | —
Other 3 | (94) | 74 | (5)
Income tax expense | 1,821 | 1,604 | 1,415
Effective income tax rate | 23.1 | % | 35.3 | % | 18.3 | %
1 The change in provincial and state income taxes from 2022 to 2023 reflects the decrease in earnings from Canadian operations and changes to the state tax apportionment partially offset by a reduction in earnings from US operations before considering the 2022 non-deductible goodwill impairment. Refer to Note 15 - Goodwill. 2 The change in foreign and other statutory rate differentials from 2022 to 2023 reflects the decrease in earnings from US operations before considering the 2022 non-deductible goodwill impairment. Refer to Note 15 - Goodwill. 3 The provincial and state tax component of these items is included in the Provincial and state income taxes above. 4 The amount in 2023 includes the federal tax impact of the de-recognition of rate regulated accounting for income tax relating to Southern Lights Canada and portions of the Canadian Mainline including Line 9 and L3R. Refer to Note 7 - Regulatory Matters. 5 Part VI.1 tax is a tax levied on preferred share dividends paid in Canada. 6 There was no US Minimum Tax in 2021 as a result of tax losses from bonus tax depreciation. 7 The amount in 2021 relates to the federal impact of the gain on sale of the investment in Noverco. 8 The amount in 2022 relates to the federal impact of the non-deductible goodwill impairment relating to the Gas Transmission reporting unit. Refer to Note 15 - Goodwill. 9 The amount includes the federal tax impact of impairment to Chapman Ranch in 2023 and Magic Valley in 2022 attributable to noncontrolling interests. Refer to Note 11 - Property, Plant and Equipment.
Schedule of Components of Pretax Earnings and Income Taxes | COMPONENTS OF PRETAX EARNINGS AND INCOME TAXES
Year ended December 31, | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |
Earnings before income taxes |  |  |
Canada | 2,233 |  | 583 |  | 3,399 |
US | 4,620 |  | 2,865 |  | 3,336 |
Other | 1,026 |  | 1,094 |  | 994 |
| 7,879 |  | 4,542 |  | 7,729 |
Current income taxes |  |  |
Canada | 100 |  | 360 |  | 162 |
US | 191 |  | 201 |  | 80 |
Other | 110 |  | 86 |  | 82 |
| 401 |  | 647 |  | 324 |
Deferred income taxes |  |  |
Canada | 456 |  | (358) |  | 344 |
US | 974 |  | 1,309 |  | 741 |
Other | (10) |  | 6 |  | 6 |
| 1,420 |  | 957 |  | 1,091 |
Income tax expense | 1,821 |  | 1,604 |  | 1,415 |
Schedule of Major Components of Deferred Income Tax Assets and Liabilities | Major components of deferred income tax assets and liabilities are as follows:
December 31, | 2023 | 2022
(millions of Canadian dollars) |  |
Deferred income tax liabilities |  |
Property, plant and equipment | (9,202) |  | (9,096) |
Investments | (7,765) |  | (7,099) |
Regulatory assets | (1,338) |  | (1,291) |
Other | (52) |  | (46) |
Total deferred income tax liabilities | (18,357) |  | (17,532) |
Deferred income tax assets |  |
Financial instruments | 271 |  | 456 |
Loss carryforwards | 1,745 |  | 2,259 |
Other | 1,798 |  | 1,723 |
Total deferred income tax assets | 3,814 |  | 4,438 |
Less valuation allowance | (147) |  | (215) |
Total deferred income tax assets, net | 3,667 |  | 4,223 |
Net deferred income tax liabilities | (14,690) |  | (13,309) |
Presented as follows: |  |
Total deferred income tax assets | 341 |  | 472 |
Total deferred income tax liabilities | (15,031) |  | (13,781) |
Net deferred income tax liabilities | (14,690) |  | (13,309) |
Schedule of Unrecognized Tax Benefits | UNRECOGNIZED TAX BENEFITS
Year ended December 31, | 2023 | 2022
(millions of Canadian dollars) |  |
Unrecognized tax benefits at beginning of year | 55 |  | 76 |
Gross decreases for tax positions of prior year | (2) |  | (17) |
Change in translation of foreign currency | (1) |  | 1 |
Lapses of statute of limitations | (7) |  | (5) |
Unrecognized tax benefits at end of year | 45 |  | 55 |

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