Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 137

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 137
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 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:Year ended December 31,202420232022(millions of Canadian dollars)   Amount of unrealized gain/(loss) recognized in OCI   Cash flow hedges   Foreign exchange contracts— — 3 Interest rate contracts67 201 1,151 Commodity contracts19 68 (53)Other contracts1 (2)(4)Fair value hedgesForeign exchange contracts(42)15 (35) 45 282 1,062 Amount of (income)/loss reclassified from AOCI to earnings   Foreign exchange contracts153 — 13 Interest rate contracts231 28 186 Commodity contracts3(1)— — Other contracts4— — 4  83 28 203 1Reported within Interest expense and Other income/(expense) in the Consolidated Statements of Earnings.2Reported within Interest expense in the Consolidated Statements of Earnings.3Reported within Transportation and other services revenues in the Consolidated Statements of Earnings.4Reported within Operating and administrative expense in the Consolidated Statements of Earnings.We estimate that no amounts from AOCI related to open 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 December 31, 2024.Non-Qualifying DerivativesThe following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:Year ended December 31,202420232022(millions of Canadian dollars)   Foreign exchange contracts1(2,033)1,292 (1,344)Interest rate contracts2112 (63)10 Commodity contracts3(163)(41)50 Other contracts42 (8)4 Total unrealized derivative fair value gain/(loss), net(2,082)1,180 (1,280)1For the respective years ended, reported within Transportation and other services revenues (2024 - nil ; 2023 - $645 million gain; 2022 - $238 million loss)