Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 10

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 10
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6 billion after-tax) in 2024, compared with a net unrealized gain of $1.2 billion ($911 million after-tax) in 2023, reflecting changes in the mark-to-market value of derivative financial instruments used to manage foreign exchange, interest rate, and commodity price risk;

•the absence in 2024 of a gain of $151 million ($129 million after-tax) net of a deferred tax adjustment of $69 million recognized as a result of the discontinuation of regulatory accounting for Southern Lights Pipeline; 

•an asset impairment loss of $137 million ($103 million after-tax) related to the Big Sandy Pipeline; 

•severance costs of $105 million ($79 million after-tax) as a result of a workforce reduction in February 2024;

•$137 million ($114 million after-tax) of integration and transaction costs incurred related to the Acquisitions in 2024, as compared to $31 million ($24 million after-tax) of transaction costs in 2023; 

•the absence of the receipt of a litigation claim settlement of $68 million ($52 million after-tax); and

•an impairment loss of $55 million ($49 million after-tax) related to certain renewable assets. 

72

The factors above were partially offset by:

•a gain on sale of $1.1 billion ($765 million after-tax) related to the disposition of interests in the Alliance Pipeline, Aux Sable and NRGreen; 

•the absence in 2024 of:

◦a realized loss of $638 million ($479 million after-tax) due to termination of foreign exchange hedges, as foreign exchange risks inherent within the Competitive Tolling Settlement (CTS) framework are not present in the negotiated MTS; 

◦an impairment of $281 million ($232 million after-tax) recognized to certain capital projects, capital costs and pension balances in the fourth quarter of 2023 as a result of the OEB's Phase 1 Decision;

◦a provision adjustment of $124 million ($95 million after-tax) related to a litigation matter;

◦an asset retirement loss of $86 million ($65 million after-tax) related to our Alberta Regional Oil Sands System; and

•a deferred tax recovery of $141 million in 2024 due to change in state apportionment as a result of the Acquisitions.

The non-cash, unrealized derivative fair value gains and losses discussed above generally arise as a result of our comprehensive economic hedging program to mitigate foreign exchange, interest rate and commodity