XML 21 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

REVENUE | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | 3. REVENUE Change in Revenue Classification To better align the classification of revenues resulting from our acquisitions of the United States (US) Gas Utilities (Note 6), 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 did not have an impact on our Total operating revenues. REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services
Three months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue |  | 2,895 |  |  | 1,349 |  |  | 65 |  |  | — |  |  | — |  |  | 4,309 |
Storage and other revenue |  | 75 |  |  | 162 |  |  | 152 |  |  | — |  |  | — |  |  | 389 |
Gas distribution sales |  | — |  |  | — |  |  | 1,745 |  |  | — |  |  | — |  |  | 1,745 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Commodity sales |  | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |
Total revenue from contracts with customers |  | 2,970 |  |  | 1,539 |  |  | 1,962 |  |  | 52 |  |  | — |  |  | 6,523 |
Commodity sales |  | 7,787 |  |  | 29 |  |  | — |  |  | — |  |  | 280 |  |  | 8,096 |
Other revenue 1,2 |  | 80 |  |  | 32 |  |  | 55 |  |  | 90 |  |  | — |  |  | 257 |
Intersegment revenue |  | — |  |  | 4 |  |  | (1 | ) |  | 3 |  |  | (6 | ) |  | — |
Total revenue |  | 10,837 |  |  | 1,604 |  |  | 2,016 |  |  | 145 |  |  | 274 |  |  | 14,876 |
Three months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue 3 |  | 2,986 |  |  | 1,290 |  |  | 42 |  |  | — |  |  | — |  |  | 4,318 |
Storage and other revenue |  | 65 |  |  | 135 |  |  | 127 |  |  | — |  |  | — |  |  | 327 |
Gas distribution sales 3 |  | — |  |  | — |  |  | 1,200 |  |  | — |  |  | — |  |  | 1,200 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  | 44 |
Commodity sales |  | — |  |  | 38 |  |  | — |  |  | — |  |  | — |  |  | 38 |
Total revenue from contracts with customers |  | 3,051 |  |  | 1,463 |  |  | 1,369 |  |  | 44 |  |  | — |  |  | 5,927 |
Commodity sales |  | 5,036 |  |  | 11 |  |  | — |  |  | — |  |  | 206 |  |  | 5,253 |
Other revenue 1,2 |  | 71 |  |  | 13 |  |  | 13 |  |  | 59 |  |  | — |  |  | 156 |
Intersegment revenue |  | — |  |  | 5 |  |  | 2 |  |  | 3 |  |  | (10 | ) |  | — |
Total revenue |  | 8,158 |  |  | 1,492 |  |  | 1,384 |  |  | 106 |  |  | 196 |  |  | 11,336 |
Six months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue |  | 6,000 |  |  | 2,829 |  |  | 155 |  |  | — |  |  | — |  |  | 8,984 |
Storage and other revenue |  | 143 |  |  | 335 |  |  | 309 |  |  | — |  |  | — |  |  | 787 |
Gas distribution sales |  | — |  |  | — |  |  | 5,415 |  |  | — |  |  | — |  |  | 5,415 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 94 |  |  | — |  |  | 94 |
Commodity sales |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | 52 |
Total revenue from contracts with customers |  | 6,143 |  |  | 3,216 |  |  | 5,879 |  |  | 94 |  |  | — |  |  | 15,332 |
Commodity sales |  | 16,721 |  |  | 66 |  |  | — |  |  | — |  |  | 834 |  |  | 17,621 |
Other revenue 1,2 |  | 157 |  |  | 25 |  |  | 76 |  |  | 167 |  |  | — |  |  | 425 |
Intersegment revenue |  | — |  |  | 12 |  |  | 17 |  |  | 4 |  |  | (33 | ) |  | — |
Total revenue |  | 23,021 |  |  | 3,319 |  |  | 5,972 |  |  | 265 |  |  | 801 |  |  | 33,378 |
Six months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Eliminations and Other |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Transportation revenue 3 |  | 6,010 |  |  | 2,631 |  |  | 135 |  |  | — |  |  | — |  |  | 8,776 |
Storage and other revenue |  | 127 |  |  | 273 |  |  | 226 |  |  | — |  |  | — |  |  | 626 |
Gas distribution sales 3 |  | — |  |  | — |  |  | 3,124 |  |  | — |  |  | — |  |  | 3,124 |
Electricity revenue |  | — |  |  | — |  |  | — |  |  | 101 |  |  | — |  |  | 101 |
Commodity sales |  | — |  |  | 78 |  |  | — |  |  | — |  |  | — |  |  | 78 |
Total revenue from contracts with customers |  | 6,137 |  |  | 2,982 |  |  | 3,485 |  |  | 101 |  |  | — |  |  | 12,705 |
Commodity sales |  | 8,769 |  |  | 52 |  |  | — |  |  | — |  |  | 537 |  |  | 9,358 |
Other revenue 1,2 |  | 134 |  |  | 19 |  |  | 26 |  |  | 132 |  |  | — |  |  | 311 |
Intersegment revenue |  | — |  |  | 11 |  |  | 4 |  |  | 4 |  |  | (19 | ) |  | — |
Total revenue |  | 15,040 |  |  | 3,064 |  |  | 3,515 |  |  | 237 |  |  | 518 |  |  | 22,374 |
1 Includes realized and unrealized gains and losses from our hedging program which for the three months ended June 30, 2025 were a net $33 million gain (2024 - $17 million loss) and for the six months ended June 30, 2025 were a net $132 million gain (2024 - $39 million loss). 2 Includes revenues from lease contracts for the three months ended June 30, 2025 and 2024 of $141 million and $142 million, respectively, and for the six months ended June 30, 2025 and 2024 of $299 million and $282 million, respectively. 3 These balances reflect a transfer from Transportation revenue to Gas distribution sales of $427 million and $685 million for the three and six months ended June 30, 2024, 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 Receivables |  | Contract Assets |  | Contract Liabilities |
(millions of Canadian dollars) |  |  |  |  |  |
Balance as at June 30, 2025 |  | 2,859 |  |  | 302 |  |  | 2,672 |
Balance as at December 31, 2024 |  | 3,764 |  |  | 330 |  |  | 2,828 |
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 have 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 and six months ended June 30, 2025 included in contract liabilities at the beginning of the period were $44 million and $289 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and six months ended June 30, 2025 were $69 million and $211 million, respectively. Performance Obligations There were no material revenues recognized in the three and six months ended June 30, 2025 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 $59.4 billion, of which $5.0 billion and $8.1 billion are expected to be recognized during the remaining six months ending December 31, 2025 and the year ending December 31, 2026, respectively. 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 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, revenues 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
Three months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 28 |  |  | 31 |  |  | — |  |  | 59 |
Revenues from products and services transferred over time 1 |  | 2,970 |  |  | 1,511 |  |  | 1,931 |  |  | 52 |  |  | 6,464 |
Total revenue from contracts with customers |  | 2,970 |  |  | 1,539 |  |  | 1,962 |  |  | 52 |  |  | 6,523 |
Three months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 38 |  |  | 33 |  |  | — |  |  | 71 |
Revenues from products and services transferred over time 1 |  | 3,051 |  |  | 1,425 |  |  | 1,336 |  |  | 44 |  |  | 5,856 |
Total revenue from contracts with customers |  | 3,051 |  |  | 1,463 |  |  | 1,369 |  |  | 44 |  |  | 5,927 |
Six months ended June 30, 2025 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 52 |  |  | 67 |  |  | — |  |  | 119 |
Revenues from products and services transferred over time 1 |  | 6,143 |  |  | 3,164 |  |  | 5,812 |  |  | 94 |  |  | 15,213 |
Total revenue from contracts with customers |  | 6,143 |  |  | 3,216 |  |  | 5,879 |  |  | 94 |  |  | 15,332 |
Six months ended June 30, 2024 | Liquids Pipelines |  | Gas Transmission |  | Gas Distribution and Storage |  | Renewable Power Generation |  | Consolidated |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |
Revenues from products transferred at a point in time |  | — |  |  | 78 |  |  | 62 |  |  | — |  |  | 140 |
Revenues from products and services transferred over time 1 |  | 6,137 |  |  | 2,904 |  |  | 3,423 |  |  | 101 |  |  | 12,565 |
Total revenue from contracts with customers |  | 6,137 |  |  | 2,982 |  |  | 3,485 |  |  | 101 |  |  | 12,705 |
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.

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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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