Company: TNCAF
Filing Date: 2025-06-18
Form Type: 11-K
Source: 0001232384-25-000054
Chunk: 9

Company: TC ENERGY CORP
Filing Date: 2025-06-18
Form: 11-K
Chunk 9
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 trusts may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

The following tables set forth, by level within the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2024 and 2023. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

TransCanada 401(k) and Savings Plan 8

|                                        |     | Fair Value Measurements at December 31, 2024 |           |     |         |         |     |          |   |     |           |   |     |        |         |
|:---------------------------------------|:----|:---------------------------------------------|----------:|:----|:--------|--------:|:----|:---------|:--|:----|:----------|:--|:----|:-------|--------:|
| (thousands of U.S. dollars)            |     | Total                                        |           |     | Level I |         |     | Level II |   |     | Level III |   |     | Other1 |         |
| Interest bearing cash                  |     |                                              |         8 |     |         |       8 |     |          | — |     |           | — |     |        |       — |
| Mutual funds2                          |     |                                              |   172,371 |     |         | 172,371 |     |          | — |     |           | — |     |        |       — |
| Participant directed brokerage account |     |                                              |     2,418 |     |         |   2,418 |     |          | — |     |           | — |     |        |       — |
| Common collective trusts2              |     |                                              |   920,741 |     |         |       — |     |          | — |     |           | — |     |        | 920,741 |
| TC Energy common stock                 |     |                                              |    10,494 |     |         |  10,494 |     |          | — |     |           | — |     |        |       — |
| South Bow common