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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Income Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities consisted of the following.

($ millions)			2024						2023
Gross deferred income tax assets
Regulatory liabilities			659						636
Tax loss and credit carryforwards			629						600
Employee future benefits			123						136
Other			216						144
			1,627						1,516
Valuation allowance			(50)						(23)
Net deferred income tax asset			1,577						1,493
Gross deferred income tax liabilities
PPE			(5,993)						(5,355)
Regulatory assets			(432)						(372)
Intangible assets			(172)						(165)
			(6,597)						(5,892)
Net deferred income tax liability			(5,020)						(4,399)

Schedule of Components of Income Tax Expense

Income Tax Expense

($ millions)			2024						2023
Canadian
Earnings before income tax expense			518						526
Current income tax			154						71
Deferred income tax			(87)						17
Total Canadian			67						88
Foreign
Earnings before income tax expense			1,656						1,544
Current income tax			38						17
Deferred income tax			241						255
Total Foreign			279						272
Income tax expense			346						360

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of consolidated statutory taxes to consolidated effective taxes.

($ millions, except as indicated)			2024						2023
Earnings before income tax expense			2,174						2,070
Combined Canadian federal and provincial statutory income tax rate (%)			30.0						30.0
Expected federal and provincial taxes at statutory rate			652						621
(Decrease)/Increase resulting from:
Foreign and other statutory rate differentials			(169)						(166)
Effects of rate-regulated accounting			(97)						(98)
Tax credits			(36)						(14)
Enactment of new tax laws, change in tax rate			2						12
Other			(6)						5
Income tax expense			346						360
Effective tax rate (%)			15.9						17.4

Summary of Operating Loss Carryforwards

Income Tax Carryforwards(1)
($ millions)			Expiring Year						2024
Canadian
Non-capital loss			2028-2044						155
Other tax credits and restricted interest and financing expenses(2)			2026-2044						77
									232
Foreign
Federal and state net operating loss(3)			2029-2044						315
Other tax credits			2027-2044						82
									397
Total income tax carryforwards recognized									629

(1)    Income tax carryforwards presented on an after-tax basis

(2)    Indefinite carryforward for restricted interest and financing expenses

(3)    Indefinite carryforward for Federal net operating losses, and for states that have adopted the Federal provisions, effective for tax years beginning after December 31, 2017

Summary of Tax Carryforward Amounts

Income Tax Carryforwards(1)
($ millions)			Expiring Year						2024
Canadian
Non-capital loss			2028-2044						155
Other tax credits and restricted interest and financing expenses(2)			2026-2044						77
									232
Foreign
Federal and state net operating loss(3)			2029-2044						315
Other tax credits			2027-2044						82
									397
Total income tax carryforwards recognized									629

(1)    Income tax carryforwards presented on an after-tax basis

(2)    Indefinite carryforward for restricted interest and financing expenses

(3)    Indefinite carryforward for Federal net operating losses, and for states that have adopted the Federal provisions, effective for tax years beginning after December 31, 2017

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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