Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 9

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 9
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 that we expect will enable us to fund our current portfolio of capital projects and acquisitions without requiring access to the capital markets for the next 12 months should market access be restricted or pricing be unattractive. Refer to Liquidity and Capital Resources.

As at December 31, 2024, after adjusting for the impact of floating-to-fixed interest rate swap hedges, less than 5% of our total debt is exposed to floating rates. Refer to Part II. Item 8. Financial Statements and Supplementary Data - Note 23 - Risk Management and Financial Instruments for more information on our interest rate hedging program.

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RESULTS OF OPERATIONS

Year ended December 31,202420232022(millions of Canadian dollars, except per share amounts)   Segment earnings/(loss) before interest, income taxes and depreciation and amortization1   Liquids Pipelines9,531 9,383 7,941 Gas Transmission 5,656 4,264 3,126 Gas Distribution and Storage2,869 1,592 1,827 Renewable Power Generation733 149 262 Eliminations and Other(1,904)916 (1,118)Earnings before interest, income taxes and depreciation and amortization116,885 16,304 12,038 Depreciation and amortization(5,167)(4,613)(4,317)Interest expense(4,419)(3,812)(3,179)Income tax expense(1,668)(1,821)(1,604)(Earnings)/loss attributable to noncontrolling interests and redeemable noncontrolling interests(190)133 65 Preference share dividends(388)(352)(414)Earnings attributable to common shareholders5,053 5,839 2,589 Earnings per common share attributable to common shareholders2.34 2.84 1.28 Diluted earnings per common share attributable to common shareholders2.34 2.84 1.28 

1  Non-GAAP financial measures.

EARNINGS ATTRIBUTABLE TO COMMON SHAREHOLDERS

Year ended December 31, 2024 compared with year ended December 31, 2023

Earnings attributable to common shareholders decreased by $1.1 billion due to certain infrequent or other non-operating factors, primarily explained by the following:

•a non-cash, net unrealized loss of $2.1 billion ($1.