REDEEMABLE NONCONTROLLING INTERESTS |
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| Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REDEEMABLE NONCONTROLLING INTERESTS | 9. REDEEMABLE NONCONTROLLING INTERESTS
The following table provides additional information regarding Redeemable NCI as presented in our Consolidated Statements of Financial Position:
1 Represents the Class II units held by KKR. 2 Represents the Class A units held by the First Nations Partnership.
The changes in our Redeemable NCI were as follows:
Westcoast Expansion Financing Limited Partnership In addition to funding the Expansions, Westcoast Expansion has committed to make contributions to Westcoast LP for capital costs for other than designated capital programs in exchange for Class B units. These contributions would be funded by WELP and KKR through additional investments in Westcoast Expansion in exchange for additional Class I and Class II units, respectively.
The Class II units entitle KKR to receive contingently required distributions if certain events occur, including delays in the Expansions commencing commercial operations, force majeure and regulatory disallowances. WELP may also repurchase KKR's Class II units under certain circumstances or during designated call periods, with the repurchase price determined in accordance with the terms of the limited partnership agreement.
As a result of these contingently required distributions, we have classified KKR's Class II units as Redeemable NCI within the mezzanine equity section of the Consolidated Statements of Financial Position. As at September 30, 2026, the Redeemable NCI was recognized at its carrying value as redemption is not probable.
Westcoast Energy Limited Partnership As at September 30, 2026, the First Nations Partnership held a 12.58% redeemable noncontrolling interest in Westcoast LP, which increased from 12.47% as at December 31, 2025 as a result of their minimum required contribution amount exceeding their pro-rata share of total capital costs for other than designated capital programs. |
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