v3.26.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
EBP 001 [Member]  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS
5. FAIR VALUE MEASUREMENTS
The Plan’s investments are stated at fair value maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The Plan categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Level 1
Fair value is based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2
Fair value is based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3
Fair value is based on valuation methods using inputs that are less observable, unavailable or where the observable data does support a significant portion of the financial instrument’s fair value. Inputs may be internally developed methodologies that result in a best estimate of the fair value. The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following is a description of the valuation methodologies used for investments measured at fair value:
 
  •  
Short-term investments:
Investments in money market funds are valued at quoted market prices. These investments are highly liquid and readily convertible to known amounts of cash.
 
  •  
Common stock:
The market value of the common stock of Enbridge is based on the closing market price of the common stock on the New York Stock Exchange on the last business day of the Plan’s fiscal year multiplied by the number of shares held.
 
  •  
Registered investment funds:
Investment funds valued at quoted market prices.
 
  •  
Common collective trust funds and Stable value trust fund:
Investments valued based upon net asset value (“NAV”) as a practical expedient and are, accordingly, excluded from the fair value hierarchy
(Note 6)
.
The classification of the investments by fair value hierarchy are as follows:
 
    
2025
      2024  
December 31,
    Level 1      Total      Level 1      Total  
(thousands of dollars)
                            
Investments measured at fair value
            
Short-term investments
   
 
75,148
 
   
 
75,148
 
      71,529        71,529  
Common stock
   
 
403,246
 
   
 
403,246
 
      384,904        384,904  
Registered investment funds
   
 
290,217
 
   
 
290,217
 
      256,404        256,404  
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 
768,611
 
   
 
768,611
 
      712,837        712,837  
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments measured at net asset value
            
Common collective trust funds
      
 
1,244,464
 
         1,065,551  
Stable value trust fund
      
 
37,048
 
         39,926  
     
 
 
        
 
 
  
     
 
1,281,512
 
         1,105,477  
     
 
 
        
 
 
  
     
 
2,050,123
 
         1,818,314