Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 12

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 12
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 sources and a stable business model have enabled us to manage our credit profile. We actively monitor and manage key financial metrics with the objective of sustaining investment grade credit ratings from the major credit rating agencies and ongoing access to bank funding and term debt capital on attractive terms. Key measures of financial strength that are closely managed include the ability to service debt obligations from operating cash flow and the ratio of debt to EBITDA.

There are no material restrictions on our cash. Total restricted cash of $126 million, as reported in the Consolidated Statements of Financial Position, primarily includes reinsurance security, cash collateral, future pipeline abandonment costs collected and held in trust, amounts received in respect of specific shipper commitments and capital projects. Cash and cash equivalents held by certain subsidiaries may not be readily accessible for alternative uses by us.

Excluding current maturities of long-term debt, as at March 31, 2025 and December 31, 2024, we had positive and negative working capital positions of $0.1 billion and $2.9 billion, respectively. During the three months ended March 31, 2025, the major contributing factor to the positive working capital position was due to settlement of current liabilities, while during the year ended December 31, 2024, the major contributing factor to the negative working capital position was the current liabilities associated with our growth capital program.

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SOURCES AND USES OF CASH

Three months endedMarch 31, 20252024(millions of Canadian dollars)  Operating activities3,053 3,151 Investing activities(1,789)(7,792)Financing activities(950)(120)Effect of translation of foreign denominated cash and cash equivalents and restricted cash8 161 Net change in cash and cash equivalents and restricted cash322 (4,600)

Significant sources and uses of cash for the three months ended March 31, 2025 and 2024 are summarized below:

Operating Activities

The primary factors impacting cash provided by operating activities period-over-period include changes in our operating assets and liabilities in the normal course due to various factors, including the impact of fluctuations in commodity prices and activity levels on working capital within our business segments, the timing of tax payments and cash receipts and payments generally. Cash provided by operating activities is also impacted by changes in earnings and certain infrequent or other non-operating factors, as discussed in Results of Operations, as well as Distributions from equity investments. 

Investing Activities

Cash used in investing activities