Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 27

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 27
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umulated other comprehensive income (Note 8)7,188 7,115 Total Enbridge Inc. shareholders’ equity68,258 65,900 Noncontrolling interests3,022 2,993 71,280 68,893 Total liabilities and equity220,045 218,973 

The accompanying notes are an integral part of these interim consolidated financial statements.

10

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.  BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Enbridge Inc. ("we", "our", "us" and "Enbridge") have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and Regulation S-X for interim consolidated financial information. They do not include all of the information and notes required by US GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited consolidated financial statements and notes for the year ended December 31, 2024. In the opinion of management, the interim consolidated financial statements contain all normal recurring adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements follow the same significant accounting policies as those included in our audited consolidated financial statements for the year ended December 31, 2024. Amounts are stated in Canadian dollars unless otherwise noted.Our operations and earnings for interim periods can be affected by seasonal fluctuations within the gas distribution utility businesses, as well as other factors such as supply of and demand for crude oil and natural gas and may not be indicative of annual results.Certain comparative figures in our interim consolidated financial statements have been reclassified to conform to the current year's presentation.

2.  CHANGES IN ACCOUNTING POLICIES

FUTURE ACCOUNTING POLICY CHANGESIncome Tax DisclosuresAccounting Standards Update (ASU) 2023-09 was issued in December 2023 to improve income tax disclosures by requiring specified categories in the annual rate reconciliation that meet quantitative thresholds and further disaggregation on income taxes paid by jurisdiction. ASU 2023-09 is effective January 1, 2025 and should be applied prospectively, with retrospective application being permitted. The effects of the new standard on the presentation of our income tax note disclosures will be reflected in our December 31, 2025 annual consolidated financial statements.Disaggregation of Income Statement ExpensesASU 2024-03