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Redeemable Noncontrolling Interest

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

9. REDEEMABLE NONCONTROLLING INTEREST

Westcoast Energy Limited Partnership

The First Nations Partnership has the option, exercisable at any time from and after July 2, 2035, to require the Class B and Class C unitholders of Westcoast LP to redeem all of the Class A units for cash at the then-current fair value, subject to certain limitations. As a result of this redemption feature, we have classified the Class A units as Redeemable NCI within the mezzanine equity section of the Consolidated Statements of Financial Position. As at September 30, 2025, the outstanding Class B and Class C units of Westcoast LP are held by us.

Designated capital programs within Westcoast LP will be funded by us in exchange for Class C units. The Class C units will not have any economic or voting entitlements until after the respective program has been completed or substantially completed. Following completion or substantial completion, the First Nations Partnership has an option to purchase the respective Class C units up to its then-current ownership interest in Westcoast LP.

The changes in our Redeemable NCI were as follows:

For the three and nine months ended September 30,	2025
(millions of Canadian dollars)
Balance at beginning of period		—
Proceeds from investment by redeemable noncontrolling interest in subsidiary		736
Transaction costs, net of deferred tax benefit		(27	)
Earnings attributable to redeemable noncontrolling interest		16
Distributions declared to unitholder		(17	)
Redemption value adjustment		28
Balance at end of period		736

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ 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

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- References

No definition available.

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