Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 58

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 58
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The accompanying notes are an integral part of these consolidated financial statements.

109

ENBRIDGE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended December 31,202420232022(millions of Canadian dollars)Operating activities   Earnings5,631 6,058 2,938 Adjustments to reconcile earnings to net cash provided by operating activities:Depreciation and amortization5,167 4,613 4,317 Deferred income tax expense (Note 24)719 1,420 957 Unrealized derivative fair value (gain)/loss, net (Note 23)2,082 (1,180)1,280 Income from equity investments (Note 13)(2,304)(1,816)(2,056)Distributions from equity investments2,121 1,998 1,827 Impairment of long-lived assets190 419 541 Impairment of goodwill (Note 15)— — 2,465 Gain on joint venture merger transaction (Note 13)— — (1,076)Gain on disposition of equity investment(1,091)— — Other218 378 49 Changes in operating assets and liabilities (Note 28)(133)2,311 (12)Net cash provided by operating activities12,600 14,201 11,230 Investing activities   Capital expenditures(6,711)(4,654)(4,647)Long-term, restricted and other investments(3,416)(1,276)(1,041)Distributions from equity investments in excess of cumulative earnings785 1,151 763 Additions to intangible assets(219)(222)(174)Acquisitions(13,472)(954)(828)Proceeds from joint venture merger transaction (Note 13)— — 522 Proceeds from dispositions of equity investments2,724 — — Net change in affiliate loans2 (27)135 Other(56)(61)— Net cash used in investing activities(20,363)(6,043)(5,270)Financing activitiesNet change in short-term borrowings129 (1,596)481 Net change in commercial paper and credit facility draws6,549 (8,157)(1,333)Debenture and term note issues, net of issue costs9,546 15,377 7,547 Debent