RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of the Consolidated Statements of Financial Position Location and Carrying Value of Derivative Instruments |
The following tables summarize the Consolidated Statements of Financial Position location and carrying value of our derivative instruments, as well as the maximum potential settlement amounts, in the event of the specific circumstances described above.
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September 30, 2026 |
Derivative
Instruments Used as
Cash Flow Hedges |
|
Derivative
Instruments
Used as
Fair Value
Hedges |
|
Non-
Qualifying
Derivative
Instruments |
|
Total Gross
Derivative
Instruments
as Presented |
|
Amounts
Available
for Offset |
|
Total Net
Derivative
Instruments |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
81 |
|
|
81 |
|
|
(52 |
) |
|
29 |
|
Interest rate contracts |
|
112 |
|
|
15 |
|
|
60 |
|
|
187 |
|
|
(28 |
) |
|
159 |
|
Commodity contracts |
|
— |
|
|
— |
|
|
1,139 |
|
|
1,139 |
|
|
(818 |
) |
|
321 |
|
|
|
112 |
|
|
15 |
|
|
1,280 |
|
|
1,407 |
|
|
(898 |
) |
|
509 |
|
Deferred amounts and other assets |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
28 |
|
|
28 |
|
|
(25 |
) |
|
3 |
|
Interest rate contracts |
|
68 |
|
|
— |
|
|
623 |
|
|
691 |
|
|
(635 |
) |
|
56 |
|
Commodity contracts |
|
— |
|
|
— |
|
|
141 |
|
|
141 |
|
|
(64 |
) |
|
77 |
|
|
|
68 |
|
|
— |
|
|
792 |
|
|
860 |
|
|
(724 |
) |
|
136 |
|
Other current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
(664 |
) |
|
(664 |
) |
|
52 |
|
|
(612 |
) |
Interest rate contracts |
|
— |
|
|
(9 |
) |
|
(21 |
) |
|
(30 |
) |
|
28 |
|
|
(2 |
) |
Commodity contracts |
|
— |
|
|
— |
|
|
(1,119 |
) |
|
(1,119 |
) |
|
818 |
|
|
(301 |
) |
|
|
— |
|
|
(9 |
) |
|
(1,804 |
) |
|
(1,813 |
) |
|
898 |
|
|
(915 |
) |
Other long-term liabilities |
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Foreign exchange contracts |
|
— |
|
|
— |
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|
(1,061 |
) |
|
(1,061 |
) |
|
25 |
|
|
(1,036 |
) |
Interest rate contracts |
|
— |
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|
(632 |
) |
|
(313 |
) |
|
(945 |
) |
|
635 |
|
|
(310 |
) |
Commodity contracts |
|
— |
|
|
— |
|
|
(126 |
) |
|
(126 |
) |
|
64 |
|
|
(62 |
) |
|
|
— |
|
|
(632 |
) |
|
(1,500 |
) |
|
(2,132 |
) |
|
724 |
|
|
(1,408 |
) |
Total net derivative asset/(liability) |
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|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
(1,616 |
) |
|
(1,616 |
) |
|
— |
|
|
(1,616 |
) |
Interest rate contracts |
|
180 |
|
|
(626 |
) |
|
349 |
|
|
(97 |
) |
|
— |
|
|
(97 |
) |
Commodity contracts |
|
— |
|
|
— |
|
|
35 |
|
|
35 |
|
|
— |
|
|
35 |
|
|
|
180 |
|
|
(626 |
) |
|
(1,232 |
) |
|
(1,678 |
) |
|
— |
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|
(1,678 |
) |
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December 31, 2025 |
Derivative
Instruments Used as
Cash Flow Hedges |
|
Derivative
Instruments
Used as
Fair Value
Hedges |
|
Non-
Qualifying
Derivative
Instruments |
|
Total Gross
Derivative
Instruments
as Presented |
|
Amounts
Available
for Offset |
|
Total Net
Derivative
Instruments |
|
(millions of Canadian dollars) |
|
|
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|
|
|
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|
|
|
|
|
Other current assets |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
27 |
|
|
27 |
|
|
(17 |
) |
|
10 |
|
Interest rate contracts |
|
79 |
|
|
5 |
|
|
22 |
|
|
106 |
|
|
(37 |
) |
|
69 |
|
Commodity contracts |
|
— |
|
|
— |
|
|
458 |
|
|
458 |
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|
(192 |
) |
|
266 |
|
|
|
79 |
|
|
5 |
|
|
507 |
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|
591 |
|
|
(246 |
) |
|
345 |
|
Deferred amounts and other assets |
|
|
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|
|
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Foreign exchange contracts |
|
— |
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|
— |
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|
52 |
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|
52 |
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|
(24 |
) |
|
28 |
|
Interest rate contracts |
|
9 |
|
|
— |
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|
108 |
|
|
117 |
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|
(27 |
) |
|
90 |
|
Commodity contracts |
|
— |
|
|
— |
|
|
124 |
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|
124 |
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|
(20 |
) |
|
104 |
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|
9 |
|
|
— |
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|
284 |
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|
293 |
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|
(71 |
) |
|
222 |
|
Other current liabilities |
|
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|
Foreign exchange contracts |
|
— |
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|
— |
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|
(364 |
) |
|
(364 |
) |
|
17 |
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|
(347 |
) |
Interest rate contracts |
|
(9 |
) |
|
— |
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|
(39 |
) |
|
(48 |
) |
|
37 |
|
|
(11 |
) |
Commodity contracts |
|
— |
|
|
— |
|
|
(300 |
) |
|
(300 |
) |
|
192 |
|
|
(108 |
) |
|
|
(9 |
) |
|
— |
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|
(703 |
) |
|
(712 |
) |
|
246 |
|
|
(466 |
) |
Other long-term liabilities |
|
|
|
|
|
|
|
|
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|
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|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
(819 |
) |
|
(819 |
) |
|
24 |
|
|
(795 |
) |
Interest rate contracts |
|
— |
|
|
(34 |
) |
|
(50 |
) |
|
(84 |
) |
|
27 |
|
|
(57 |
) |
Commodity contracts |
|
— |
|
|
— |
|
|
(92 |
) |
|
(92 |
) |
|
20 |
|
|
(72 |
) |
|
|
— |
|
|
(34 |
) |
|
(961 |
) |
|
(995 |
) |
|
71 |
|
|
(924 |
) |
Total net derivative asset/(liability) |
|
|
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|
|
|
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|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
(1,104 |
) |
|
(1,104 |
) |
|
— |
|
|
(1,104 |
) |
Interest rate contracts |
|
79 |
|
|
(29 |
) |
|
41 |
|
|
91 |
|
|
— |
|
|
91 |
|
Commodity contracts |
|
— |
|
|
— |
|
|
190 |
|
|
190 |
|
|
— |
|
|
190 |
|
|
|
79 |
|
|
(29 |
) |
|
(873 |
) |
|
(823 |
) |
|
— |
|
|
(823 |
) |
|
| Schedule of the Maturity and Notional Principal or Quantity Outstanding Related to Derivative Instruments |
The following table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments:
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September 30, 2026 |
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 |
|
|
2030 |
|
Thereafter |
|
Total |
|
Foreign exchange contracts - US dollar forwards - purchase (millions of US dollars) |
|
3,125 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,125 |
|
Foreign exchange contracts - US dollar forwards - sell (millions of US dollars) |
|
2,428 |
|
|
5,836 |
|
|
4,572 |
|
|
2,838 |
|
|
1,590 |
|
|
498 |
|
|
17,762 |
|
Foreign exchange contracts - US dollar collars - sell (millions of US dollars) |
|
45 |
|
|
360 |
|
|
240 |
|
|
120 |
|
|
— |
|
|
— |
|
|
765 |
|
Foreign exchange contracts - British pound (GBP) forwards - sell (millions of GBP) |
|
7 |
|
|
32 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
Foreign exchange contracts - Euro forwards - sell (millions of Euro) |
|
29 |
|
|
81 |
|
|
67 |
|
|
66 |
|
|
65 |
|
|
64 |
|
|
372 |
|
Interest rate contracts - short-term pay fixed rate (millions of Canadian dollars) |
|
2,521 |
|
|
8,997 |
|
|
8,369 |
|
|
7,147 |
|
|
6,055 |
|
|
2,682 |
|
|
35,771 |
|
Interest rate contracts - receive fixed rate (millions of Canadian dollars) |
|
2,248 |
|
|
8,944 |
|
|
8,942 |
|
|
8,945 |
|
|
8,944 |
|
|
69,452 |
|
|
107,475 |
|
Interest rate contracts - long-term pay fixed rate (millions of Canadian dollars)1 |
|
1,136 |
|
|
941 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,077 |
|
Interest rate contracts - costless collar (millions of Canadian dollars) |
|
509 |
|
|
1,883 |
|
|
80 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,472 |
|
Commodity contracts - natural gas (billions of cubic feet)2 |
|
54 |
|
|
152 |
|
|
41 |
|
|
16 |
|
|
6 |
|
|
— |
|
|
269 |
|
Commodity contracts - crude oil (millions of barrels)2 |
|
(28 |
) |
|
(50 |
) |
|
(1 |
) |
|
1 |
|
|
1 |
|
|
— |
|
|
(77 |
) |
Commodity contracts - power (megawatt per hour (MW/H)) |
|
146 |
|
|
85 |
|
|
55 |
|
|
29 |
|
|
(2 |
) |
|
(2 |
) |
24³ |
|
1Represents the notional amount of long-term debt issuances hedged. 2Represents the notional amount of net purchase/(sale). 3Total is an average net purchase/(sale) of power.
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| Schedule of Effect of Cash Flow Hedges and Net Investment Hedges on Consolidated Earnings and Consolidated Comprehensive Income, Before Income Taxes |
The following table presents interest rate and foreign exchange derivative instruments that are designated and qualify as fair value hedges. The realized and unrealized gain or loss on the derivative is included in Other income/(expense) or Interest expense in the Consolidated Statements of Earnings. The offsetting loss or gain on the hedged item attributable to the hedged risk is included in Other income/(expense) or Interest expense in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income.
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Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Unrealized gain/(loss) on derivative |
|
(558 |
) |
|
1 |
|
|
(597 |
) |
|
(13 |
) |
Unrealized gain/(loss) on hedged item |
|
560 |
|
|
(1 |
) |
|
599 |
|
|
(2 |
) |
Realized gain on derivative |
|
13 |
|
|
— |
|
|
29 |
|
|
25 |
|
Realized loss on hedged item |
|
(13 |
) |
|
— |
|
|
(29 |
) |
|
(23 |
) |
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive Income The 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:
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|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Amount of unrealized gain/(loss) recognized in OCI |
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
|
|
|
|
|
|
Interest rate contracts |
|
156 |
|
|
(8 |
) |
|
182 |
|
|
(22 |
) |
Commodity contracts |
|
— |
|
|
1 |
|
|
— |
|
|
(1 |
) |
Fair value hedges |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
|
156 |
|
|
(7 |
) |
|
182 |
|
|
(11 |
) |
Amount of (income)/loss reclassified from AOCI to earnings |
|
|
|
|
|
|
|
|
Foreign exchange contracts¹ |
|
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Interest rate contracts² |
|
(5 |
) |
|
9 |
|
|
137 |
|
|
26 |
|
|
|
(5 |
) |
|
9 |
|
|
137 |
|
|
23 |
|
1Reported within Interest expense and Other income/(expense) in the Consolidated Statements of Earnings. 2Reported within Interest expense in the Consolidated Statements of Earnings.
|
| Schedule of Unrealized Gains and Losses Associated With Changes in The Fair Value of Non-Qualifying Derivatives |
The following table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Foreign exchange contracts1 |
|
121 |
|
|
(467 |
) |
|
(512 |
) |
|
766 |
|
Interest rate contracts2 |
|
246 |
|
|
(8 |
) |
|
308 |
|
|
(48 |
) |
Commodity contracts3 |
|
(276 |
) |
|
205 |
|
|
(147 |
) |
|
331 |
|
Other contracts4 |
|
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Total unrealized derivative fair value gain/(loss), net |
|
91 |
|
|
(270 |
) |
|
(351 |
) |
|
1,046 |
|
1Reported within Other income/(expense) in the Consolidated Statements of Earnings. 2Reported within Interest expense in the Consolidated Statements of Earnings. 3For the respective nine months ended periods, reported within Transportation and other services revenues (2026 - $28 million loss; 2025 - $101 million gain), Commodity sales (2026 - $263 million gain; 2025 - $46 million loss), Commodity costs (2026 - $331 million loss; 2025 - $206 million gain) and Operating and administrative expense (2026 - $8 million loss; 2025 - $21 million gain) in the Consolidated Statements of Earnings. The fair value change in our US Gas Utilities is deferred as regulatory assets/(liabilities) (2026 - $43 million loss; 2025 - $49 million gain). 4Reported within Operating and administrative expense in the Consolidated Statements of Earnings.
|
| Schedule of Credit Concentrations and Maximum Credit Exposure, With Respect to Derivative Instruments |
We have credit concentrations and credit exposure, with respect to derivative instruments, in the following counterparty segments:
|
|
|
|
|
|
|
|
September 30,
2026 |
|
December 31,
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
Canadian financial institutions |
|
415 |
|
|
200 |
|
US financial institutions |
|
904 |
|
|
260 |
|
European financial institutions |
|
206 |
|
|
57 |
|
Asian financial institutions |
|
208 |
|
|
39 |
|
Other1 |
|
503 |
|
|
302 |
|
|
|
2,236 |
|
|
858 |
|
1Other is comprised of commodity clearing house and crude oil, natural gas and power counterparties.
|
| Schedule of Derivative Assets and Liabilities Measured at Fair Value |
We have categorized our derivative assets and liabilities measured at fair value as follows:
|
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|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total Gross
Derivative
Instruments |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
Current derivative assets |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
81 |
|
|
— |
|
|
81 |
|
Interest rate contracts |
|
— |
|
|
187 |
|
|
— |
|
|
187 |
|
Commodity contracts |
|
444 |
|
|
67 |
|
|
628 |
|
|
1,139 |
|
|
|
444 |
|
|
335 |
|
|
628 |
|
|
1,407 |
|
Long-term derivative assets |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
28 |
|
|
— |
|
|
28 |
|
Interest rate contracts |
|
— |
|
|
691 |
|
|
— |
|
|
691 |
|
Commodity contracts |
|
33 |
|
|
5 |
|
|
103 |
|
|
141 |
|
|
|
33 |
|
|
724 |
|
|
103 |
|
|
860 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
Current derivative liabilities |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(664 |
) |
|
— |
|
|
(664 |
) |
Interest rate contracts |
|
— |
|
|
(30 |
) |
|
— |
|
|
(30 |
) |
Commodity contracts |
|
(575 |
) |
|
(69 |
) |
|
(475 |
) |
|
(1,119 |
) |
|
|
(575 |
) |
|
(763 |
) |
|
(475 |
) |
|
(1,813 |
) |
Long-term derivative liabilities |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(1,061 |
) |
|
— |
|
|
(1,061 |
) |
Interest rate contracts |
|
— |
|
|
(945 |
) |
|
— |
|
|
(945 |
) |
Commodity contracts |
|
(43 |
) |
|
(12 |
) |
|
(71 |
) |
|
(126 |
) |
|
|
(43 |
) |
|
(2,018 |
) |
|
(71 |
) |
|
(2,132 |
) |
Total net financial asset/(liability) |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(1,616 |
) |
|
— |
|
|
(1,616 |
) |
Interest rate contracts |
|
— |
|
|
(97 |
) |
|
— |
|
|
(97 |
) |
Commodity contracts |
|
(141 |
) |
|
(9 |
) |
|
185 |
|
|
35 |
|
|
|
(141 |
) |
|
(1,722 |
) |
|
185 |
|
|
(1,678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total Gross
Derivative
Instruments |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Financial assets |
|
|
|
|
|
|
|
|
Current derivative assets |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
27 |
|
|
— |
|
|
27 |
|
Interest rate contracts |
|
— |
|
|
106 |
|
|
— |
|
|
106 |
|
Commodity contracts |
|
70 |
|
|
59 |
|
|
329 |
|
|
458 |
|
|
|
70 |
|
|
192 |
|
|
329 |
|
|
591 |
|
Long-term derivative assets |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
52 |
|
|
— |
|
|
52 |
|
Interest rate contracts |
|
— |
|
|
117 |
|
|
— |
|
|
117 |
|
Commodity contracts |
|
— |
|
|
7 |
|
|
117 |
|
|
124 |
|
|
|
— |
|
|
176 |
|
|
117 |
|
|
293 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
Current derivative liabilities |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(364 |
) |
|
— |
|
|
(364 |
) |
Interest rate contracts |
|
— |
|
|
(48 |
) |
|
— |
|
|
(48 |
) |
Commodity contracts |
|
(55 |
) |
|
(68 |
) |
|
(177 |
) |
|
(300 |
) |
|
|
(55 |
) |
|
(480 |
) |
|
(177 |
) |
|
(712 |
) |
Long-term derivative liabilities |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(819 |
) |
|
— |
|
|
(819 |
) |
Interest rate contracts |
|
— |
|
|
(84 |
) |
|
— |
|
|
(84 |
) |
Commodity contracts |
|
— |
|
|
(11 |
) |
|
(81 |
) |
|
(92 |
) |
|
|
— |
|
|
(914 |
) |
|
(81 |
) |
|
(995 |
) |
Total net financial asset/(liability) |
|
|
|
|
|
|
|
|
Foreign exchange contracts |
|
— |
|
|
(1,104 |
) |
|
— |
|
|
(1,104 |
) |
Interest rate contracts |
|
— |
|
|
91 |
|
|
— |
|
|
91 |
|
Commodity contracts |
|
15 |
|
|
(13 |
) |
|
188 |
|
|
190 |
|
|
|
15 |
|
|
(1,026 |
) |
|
188 |
|
|
(823 |
) |
|
| Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Level 3 Derivative Instruments |
The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as follows:
|
|
|
|
|
|
|
September 30, 2026 |
Fair
Value |
Unobservable
Input |
Minimum
Price/
Volatility |
Maximum
Price/
Volatility |
Weighted
Average Price/Volatility |
Unit of
Measurement |
(fair value in millions of Canadian dollars) |
|
|
|
|
|
|
Commodity contracts - financial¹ |
|
|
|
|
|
|
Natural gas |
8 |
Forward gas price |
3.06 |
8.55 |
4.46 |
$/mmbtu2 |
Crude |
35 |
Forward crude price |
81.15 |
131.14 |
112.96 |
$/barrel |
Power |
(3) |
Forward power price |
31.51 |
202.39 |
86.66 |
$/MW/H |
Commodity contracts - physical¹ |
|
|
|
|
|
|
Natural gas |
5 |
Forward gas price |
0.83 |
16.20 |
4.30 |
$/mmbtu2 |
Crude |
40 |
Forward crude price |
61.21 |
145.42 |
118.84 |
$/barrel |
Power |
(21) |
Forward power price |
45.73 |
184.88 |
97.42 |
$/MW/H |
Commodity options3 |
|
|
|
|
|
|
Natural gas |
121 |
Forward gas price |
1.37 |
16.31 |
4.32 |
$/mmbtu2 |
|
|
Price volatility |
38% |
96% |
75% |
|
|
185 |
|
|
|
|
|
1Financial and physical forward commodity contracts are valued using a market approach valuation technique. 2One million British thermal units (mmbtu). 3Commodity options contracts are valued using an option model valuation technique.
|
| Schedule of Changes in Net Fair Value of Derivative Assets and Liabilities Classified as Level 3 in the Fair Value Hierarchy |
Changes in the net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as follows:
|
|
|
|
|
|
|
|
Nine months ended
September 30, |
|
|
2026 |
|
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
Level 3 net derivative asset/(liability) at beginning of period |
|
189 |
|
|
(52 |
) |
Total gain/(loss), unrealized |
|
|
|
|
Included in earnings¹ |
|
94 |
|
|
84 |
|
Included in OCI |
|
— |
|
|
(1 |
) |
Included in regulatory assets/liabilities |
|
(138 |
) |
|
44 |
|
Settlements |
|
40 |
|
|
115 |
|
Level 3 net derivative asset at end of period |
|
185 |
|
|
190 |
|
1Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the Consolidated Statements of Earnings.
|
| Schedule of Information Regarding Investments |
Information regarding these investments is as follows:
|
|
|
|
|
|
|
|
September 30,
2026 |
|
December 31,
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
Fair value |
|
|
|
|
Level 1 |
|
1,085 |
|
|
877 |
|
Level 2 |
|
449 |
|
|
416 |
|
Total fair value1 |
|
1,534 |
|
|
1,293 |
|
|
|
|
|
|
Cost |
|
|
|
|
Level 1 |
|
861 |
|
|
744 |
|
Level 2 |
|
469 |
|
|
426 |
|
Total cost |
|
1,330 |
|
|
1,170 |
|
1Investments are recognized at fair value and included in Restricted long-term investments and cash and Cash and cash equivalents in the Consolidated Statements of Financial Position.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
Unrealized holding gains/(losses) |
|
(4 |
) |
|
50 |
|
|
81 |
|
|
96 |
|
During the nine months ended September 30, 2026, we purchased and sold investments totaling $402 million and $256 million, respectively (2025 - purchases of $1.1 billion and sales of $995 million). The resulting net cash flow impact is presented under Cash Flows from Investing Activities in the Consolidated Statements of Cash Flows.
|
| Schedule of Maturities for Investments in Debt Securities |
As at September 30, 2026, the maturities for our investments in debt securities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Less than
1 year |
|
5 years |
|
10 years |
|
Thereafter |
|
(millions of Canadian dollars) |
|
|
|
|
|
|
|
|
|
|
Fair value of debt securities |
|
1,291 |
|
|
73 |
|
|
895 |
|
|
248 |
|
|
75 |
|
|