Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 145

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 145
---
 had a carrying value of $101.6 billion and $81.2 billion, respectively, before debt issuance costs and a fair value of $98.9 billion and $78.1 billion, respectively.

As at December 31, 2024 and 2023, we had investments with a fair value of $998 million and $717 million, respectively, included in Restricted long-term investments and cash in the Consolidated Statements of Financial Position which are classified as available-for-sale. These securities represent restricted funds held in trust for the purpose of funding pipeline abandonment in accordance with the CER's regulatory requirements, to cover future pipeline decommissioning costs in the state of Minnesota and to satisfy retirement obligations as Wexpro properties are abandoned.We had restricted long-term investments and cash held in trust totaling $491 million and $263 million as at December 31, 2024 and 2023, respectively, which are classified as Level 1 in the fair value hierarchy. We also had restricted long-term investments held in trust totaling $507 million (cost basis - $540 million) and $454 million (cost basis - $486 million) as at December 31, 2024 and 2023, respectively, which are classified as Level 2 in the fair value hierarchy. There were unrealized holding gains of $33 million and  $51 million on these investments for the years ended December 31, 2024 and 2023, respectively. Within Other long-term liabilities we had estimated future abandonment costs related to LMCI of $826 million and $745 million as at December 31, 2024 and 2023, respectively (Note 7).

The fair value of financial assets and liabilities other than derivative instruments, certain long-term investments in other entities, restricted long-term investments, investments held by our captive insurance subsidiaries and long-term debt described above approximate their carrying value due to the short period to maturity.

180

24.  INCOME TAXES

INCOME TAX RATE RECONCILIATIONYear ended December 31,202420232022(millions of Canadian dollars)   Earnings before income taxes7,2997,8794,542Canadian federal statutory income tax rate15 %15 %15 %Expected federal taxes at statutory rate1,0951,182681Increase/(decrease) resulting from:   Provincial and state income taxes1183411108Foreign and other statutory rate differentials2340187295Effects of rate-regulated accounting3.4