Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 53

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 53
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 of Financial Position. There were unrealized holding gains of $1 million for the three months ended March 31, 2025, (2024 - gains of $16 million).

As at March 31, 2025 and December 31, 2024, our long-term debt including finance lease liabilities had a carrying value of $102.7 billion and $101.6 billion, respectively, before debt issuance costs and a fair value of $101.4 billion and $98.9 billion, respectively.

The fair value of financial assets and liabilities other than derivative instruments, certain long-term investments in other entities, restricted long-term investments, investments held by our captive insurance subsidiaries and long-term debt described above approximate their carrying value due to the short period to maturity.

10.  INCOME TAXES

The effective income tax rates for the three months ended March 31, 2025 and 2024 were 21.9% and 19.8%, respectively.The period-over-period increase in the effective income tax rate is due to the effects of rate-regulated accounting for income taxes, a state apportionment income tax rate change benefit in the prior period due to the EOG Acquisition, partially offset by higher US Investment Tax Credits, relative to higher earnings.

11.  OTHER INCOME/(EXPENSE)

Three months ended March 31,20252024(millions of Canadian dollars)Realized foreign currency gain/(loss)(182)122 Unrealized foreign currency gain/(loss)55 (858)Net defined pension and OPEB credit72 41 Other175 144  120 (551)

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12.  CONTINGENCIES

LITIGATIONWe and our subsidiaries are subject to various legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and challenges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings will not have a material impact on our interim consolidated financial position or results of operations.TAX MATTERSWe and our subsidiaries maintain tax liabilities related to uncertain tax positions. While fully supportable in our view, these tax positions, if challenged by tax authorities, may not be fully sustained on review.INSURANCEWe maintain an insurance program for us, our subsidiaries and certain of our affiliates to mitigate a certain portion of our risks. However, not all potential risks arising from our operations