Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 24

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 24
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 and cash equivalents held by certain subsidiaries may not be readily accessible for alternative use by us. 

Excluding current maturities of long-term debt, as at December 31, 2024 and 2023, we had negative and positive working capital positions of $2.9 billion and $3.0 billion, respectively. In 2024, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program compared to a positive working capital position in 2023, due to the increase in cash associated with pre-funding of the Acquisitions.

SOURCES AND USES OF CASH

Year ended December 31,202420232022(millions of Canadian dollars)   Operating activities12,600 14,201 11,230 Investing activities(20,363)(6,043)(5,270)Financing activities3,544 (2,864)(5,428)Effect of translation of foreign denominated cash and cash equivalents and restricted cash234 (216)55 Net change in cash and cash equivalents and restricted cash(3,985)5,078 587 

Significant sources and uses of cash for the years ended December 31, 2024 and 2023 are summarized below:

84

Operating Activities

Typically, the primary factors impacting cash provided by operating activities year-over-year include changes in our operating assets and liabilities in the normal course due to various factors, including the impact of fluctuations in commodity prices and activity levels on working capital within our business segments, the timing of tax payments, as well as timing of cash receipts and payments generally. Refer to Part II. Item 8. Financial Statements and Supplementary Data - Note 28. Changes in Operating Assets and Liabilities. Cash provided by operating activities is also impacted by changes in earnings and certain infrequent or other non-operating factors, as discussed under Results of Operations, as well as Distributions from equity investments.

Investing Activities

Cash used in investing activities primarily relates to capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions and dispositions as discussed under Recent Developments, and changes in contributions to, and distributions from, our equity investments. 

A summary of cash additions to property, plant and equipment for the years ended December 31, 2024,