XML 36 R13.htm IDEA: XBRL DOCUMENT
v3.25.0.1

REVENUE | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Change in Revenue Classification To better align the classification of revenues resulting from our acquisitions of the US gas utilities (Note 8), we have made adjustments to Gas distribution sales and Transportation and other services revenues. Revenues generated from customers who procure their own gas but use our distribution system for delivery to the end use location have been reclassified to Gas distribution sales revenue from Transportation and other services revenue on the Consolidated Statements of Earnings and reclassified to Gas distribution sales from Transportation revenue in the Revenue from Contracts with Customers tables below. Our prior period comparable results have been recast to reflect the change in revenue classification. This change does not have an impact on our Total operating revenues. REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Eliminations and Other | Consolidated
Year ended December 31, 2024
(millions of Canadian dollars) |  |  |  |  |  |
Transportation revenue | 11,958 |  | 5,279 |  | 284 |  | — |  | — |  | 17,521 |
Storage and other revenue | 255 |  | 573 |  | 509 |  | — |  | — |  | 1,337 |
Gas distribution sales | — |  | — |  | 6,734 |  | — |  | — |  | 6,734 |
Electricity and transmission revenue | — |  | — |  | — |  | 189 |  | — |  | 189 |
Commodity sales | — |  | 158 |  | — |  | — |  | — |  | 158 |
Total revenue from contracts with customers | 12,213 |  | 6,010 |  | 7,527 |  | 189 |  | — |  | 25,939 |
Commodity sales | 25,689 |  | 99 |  | — |  | — |  | 1,072 |  | 26,860 |
Other revenue 1,2 | 281 |  | 70 |  | 4 |  | 319 |  | — |  | 674 |
Intersegment revenue | — |  | 20 |  | 11 |  | 6 |  | (37) |  | — |
Total revenue | 38,183 |  | 6,199 |  | 7,542 |  | 514 |  | 1,035 |  | 53,473 |
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Eliminations and Other | Consolidated
Year ended December 31, 2023
(millions of Canadian dollars) |  |  |  |  |  |
Transportation revenue 3 | 11,875 |  | 5,302 |  | 212 |  | — |  | — |  | 17,389 |
Storage and other revenue | 257 |  | 461 |  | 355 |  | — |  | — |  | 1,073 |
Gas distribution sales 3 | — |  | — |  | 5,461 |  | — |  | — |  | 5,461 |
Electricity and transmission revenue | — |  | — |  | — |  | 259 |  | — |  | 259 |
Commodity sales | — |  | 17 |  | — |  | — |  | — |  | 17 |
Total revenue from contracts with customers | 12,132 |  | 5,780 |  | 6,028 |  | 259 |  | — |  | 24,199 |
Commodity sales | 17,494 |  | — |  | — |  | — |  | 1,470 |  | 18,964 |
Other revenue 1,2 | 257 |  | 72 |  | (58) |  | 215 |  | — |  | 486 |
Intersegment revenue | (1) |  | 2 |  | 6 |  | 3 |  | (10) |  | — |
Total revenue | 29,882 |  | 5,854 |  | 5,976 |  | 477 |  | 1,460 |  | 43,649 |
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Eliminations and Other | Consolidated
Year ended December 31, 2022
(millions of Canadian dollars) |  |  |  |  |  |
Transportation revenue 3 | 11,283 |  | 5,012 |  | 198 |  | — |  | — |  | 16,493 |
Storage and other revenue | 235 |  | 350 |  | 308 |  | — |  | — |  | 893 |
Gas gathering and processing revenue | — |  | 22 |  | — |  | — |  | — |  | 22 |
Gas distribution sales 3 | — |  | — |  | 6,227 |  | — |  | — |  | 6,227 |
Electricity and transmission revenue | — |  | — |  | — |  | 281 |  | — |  | 281 |
Total revenue from contracts with customers | 11,518 |  | 5,384 |  | 6,733 |  | 281 |  | — |  | 23,916 |
Commodity sales | 25,740 |  | — |  | — |  | — |  | 3,410 |  | 29,150 |
Other revenue 1,2 | (81) |  | 39 |  | (20) |  | 305 |  | — |  | 243 |
Intersegment revenue | (3) |  | 3 |  | 16 |  | (4) |  | (12) |  | — |
Total revenue | 37,174 |  | 5,426 |  | 6,729 |  | 582 |  | 3,398 |  | 53,309 |
1 Includes realized and unrealized gains and losses from our hedging program which were a net gain of $23 million and losses of $97 million and $431 million for the years ended December 31, 2024, 2023 and 2022, respectively. 2 Includes revenues from lease contracts. Refer to Note 26 - Leases. 3 These balances reflect a transfer from Transportation revenue to Gas distribution sales of $602 million and $584 million for the years ended December 31, 2023 and 2022, respectively. We disaggregate revenue 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 Receivables | Contract Assets | Contract Liabilities
(millions of Canadian dollars) |  |  |
Balance as at December 31, 2024 | 3,764 |  | 330 |  | 2,828 |
Balance as at December 31, 2023 | 2,802 |  | 400 |  | 2,591 |
Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenue which has been recognized in advance of payments received for performance obligations we have fulfilled (or have partially fulfilled) and prior to the point in time at which our right to the payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to 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 revenue. Revenue recognized during the year ended December 31, 2024 included in contract liabilities at the beginning of the year is $372 million. Increases in contract liabilities from cash received, net of amounts recognized as revenue during the year ended December 31, 2024, were $532 million. Performance Obligations
Segment | Nature of Performance Obligation
Liquids Pipelines | •Transportation and storage of crude oil and natural gas liquids (NGL)
Gas Transmission | •Transportation, storage, gathering, compression and treating of natural gas
•Transportation of crude oil and NGL
•Sale of renewable natural gas and its attached environmental attributes
Gas Distribution and Storage | •Supply and delivery of natural gas
•Transportation of natural gas
•Storage of natural gas
Renewable Power Generation | •Generation and transmission of electricity
•Delivery of electricity from renewable energy generation facilities
There was no material revenue recognized during the year ended December 31, 2024 from performance obligations satisfied in previous periods. Payment Terms Payments are received monthly from customers under long-term transportation, commodity sales, and gas gathering and processing contracts. Payments from Gas Distribution and Storage customers are received on a continuous basis based on established billing cycles. Certain contracts in our US offshore business provide for us to receive a series of fixed monthly payments (FMPs) for a specified period that is less than the period during which the performance obligations are satisfied. As a result, a portion of the FMPs are recorded as contract liabilities. The FMPs are not considered to be a financing arrangement as payments are scheduled to match the production profiles of offshore oil and gas fields, which generate greater revenue in the initial years of their productive lives. Revenue to be Recognized from Unfulfilled Performance Obligations The following table presents our estimated revenue allocated to remaining performance obligations for contracted revenue that has not yet been recognized, that is expected to be recognized in the following periods:
| Total |  | 1 year | 2-5 years | Thereafter
(billions of Canadian dollars) |  |  |  |  |
Expected revenue | 62.6 |  |  | 10.4 |  | 25.2 |  | 27.0 |
The revenues excluded from the amounts above based on optional exemptions available under Accounting Standards Codification (ASC) 606, as explained below, represent a significant portion of our overall revenues and revenues 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 of revenue 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, revenues from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above. SIGNIFICANT JUDGMENTS MADE IN RECOGNIZING REVENUE Long-Term Transportation Agreements For long-term transportation agreements, significant judgments pertain to the period over which revenue is recognized and whether the agreement provides for make-up rights for the shippers. Transportation revenue earned from firm contracted capacity arrangements is recognized ratably over the contract period. Transportation revenue from interruptible or volumetric-based arrangements is recognized when services are performed. Variable Consideration Revenue from arrangements subject to variable consideration is recognized only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Uncertainties associated with variable consideration relate principally to differences between estimated and actual volumes and prices. These uncertainties are resolved each month when actual volumes are sold or transported and actual tolls and prices are determined. On March 4, 2024, the CER approved the negotiated Mainline tolling settlement. The new tolls are finalized and were in effect on an interim basis on July 1, 2023, and the overall agreement is retroactively effective as of July 1, 2021 through to the end of 2028. Recognition and Measurement of Revenue
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Consolidated
Year ended December 31, 2024
(millions of Canadian dollars) |  |  |  |  |
Revenue from products transferred at a point in time | — |  | 158 |  | 137 |  | — |  | 295 |
Revenue from products and services transferred over time 1 | 12,213 |  | 5,852 |  | 7,390 |  | 189 |  | 25,644 |
Total revenue from contracts with customers | 12,213 |  | 6,010 |  | 7,527 |  | 189 |  | 25,939 |
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Consolidated
Year ended December 31, 2023
(millions of Canadian dollars) |  |  |  |  |
Revenue from products transferred at a point in time | — |  | 17 |  | 138 |  | — |  | 155 |
Revenue from products and services transferred over time 1 | 12,132 |  | 5,763 |  | 5,890 |  | 259 |  | 24,044 |
Total revenue from contracts with customers | 12,132 |  | 5,780 |  | 6,028 |  | 259 |  | 24,199 |
| Liquids Pipelines | Gas Transmission | Gas Distribution and Storage | Renewable Power Generation | Consolidated
Year ended December 31, 2022
(millions of Canadian dollars) |  |  |  |  |
Revenue from products transferred at a point in time | — |  | — |  | 127 |  | — |  | 127 |
Revenue from products and services transferred over time 1 | 11,518 |  | 5,384 |  | 6,606 |  | 281 |  | 23,789 |
Total revenue from contracts with customers | 11,518 |  | 5,384 |  | 6,733 |  | 281 |  | 23,916 |
1 Revenue 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. Performance Obligations Satisfied Over Time For arrangements involving the transportation and sale of petroleum products and natural gas where the transportation services or commodities are simultaneously received and consumed by the shipper or customer, we recognize revenue over time using an output method based on volumes of commodities delivered or transported. The measurement of the volumes transported or delivered corresponds directly to the benefits received by the shippers or customers during that period. Determination of Transaction Prices Prices for transportation and gas processing services are determined based on the capital cost of the facilities, pipelines and associated infrastructure required to provide such services, plus a rate of return on capital invested that is determined either through negotiations with customers or through regulatory processes for those operations that are subject to rate regulation. Prices for commodities sold are determined by reference to market price indices, plus or minus a negotiated differential and in certain cases a marketing fee. Prices for natural gas sold and distribution services provided by regulated natural gas distribution operations are prescribed by regulation.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration