Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 45

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 45
---
74)(79)The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive IncomeThe following table presents the effect of cash flow hedges and fair value hedges on our consolidated earnings and comprehensive income, before the effect of income taxes:Three months endedMarch 31,20252024(millions of Canadian dollars)Amount of unrealized gain/(loss) recognized in OCICash flow hedgesInterest rate contracts(35)138 Commodity contracts1 12 Other contracts— 1 Fair value hedgesForeign exchange contracts(6)(15)(40)136 Amount of loss reclassified from AOCI to earningsForeign exchange contracts112 19 Interest rate contracts28 —  20 19 1Reported within Interest expense and Other income/(expense) in the Consolidated Statements of Earnings.2Reported within Interest expense in the Consolidated Statements of Earnings.We estimate that a gain of $2 million from AOCI related to cash flow hedges will be reclassified to earnings in the next 12 months. Actual amounts reclassified to earnings depend on the foreign exchange rates, interest rates and commodity prices in effect when derivative contracts that are currently outstanding mature. For all forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is two years as at March 31, 2025. 

26

Non-Qualifying DerivativesThe following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:Three months endedMarch 31,20252024(millions of Canadian dollars)Foreign exchange contracts138 (730)Interest rate contracts2(73)105 Commodity contracts3130 (67)Other contracts4(3)(1)Total unrealized derivative fair value gain/(loss), net92 (693)1Reported within Other income/(expense) in the Consolidated Statements of Earnings.2Reported within Interest expense in the Consolidated Statements of Earnings.3For the respective three months ended periods, reported within Transportation and other services revenues (2025 - $86 million gain; 2024 - $35 million loss), Commodity sales (2025 - $24 million loss; 2024 - $37 million loss), Commodity costs (2025 - $70 million gain; 2024 - $23 million gain) and Operating and administrative expense (2025 - $2 million loss;