Enhanced Investments - Financial Portal

Published: 2021-11-05

ENBRIDGE INC.
	CONSOLIDATED FINANCIAL STATEMENTS
		(unaudited)
September 30, 2021

ENBRIDGE INC.
	CONSOLIDATED STATEMENTS OF EARNINGS
		Three months ended	Nine months ended
		September 30,	September 30,
				2021	2020	2021			2020
							(unaudited; millions of Canadian dollars, except per share amounts)Operating revenues
							Commodity sales	7,279			4,595	20,042		14,920
							Transportation and other services	3,695			4,075	11,740		11,609
							Gas distribution sales	492	440	2,769			2,550
							Total operating revenues (Note 3)	11,466			9,110	34,551		29,079
							Operating expenses
							Commodity costs	7,347			4,443	19,975		14,464
							Gas distribution costs	120	83	1,359			1,188
							Operating and administrative	1,667			1,554	4,710		4,955
							Depreciation and amortization	944	935	2,805			2,766
							Total operating expenses	10,078			7,015	28,849		23,373
							Operating income	1,388			2,095	5,702		5,706
							Income from equity investments	440	315	1,187			805
							Impairment of equity investments (Note 8)	(111)	(615)	(111)			(2,351)
							Other income/(expense)
							Net foreign currency gain/(loss)	(165)	173			146	(257)
							Other	109	85			300	(8)
							Interest expense	(648)	(718)	(1,923)			(2,105)
							Earnings before income taxes	1,013			1,335	5,301		1,790
							Income tax expense (Note 10)	(199)	(231)	(952)			(273)
							Earnings	814	1,104	4,349			1,517
							Earnings attributable to noncontrolling interests	(34)	(20)			(93)	(25)
							Earnings attributable to controlling interests	780	1,084	4,256			1,492
							Preference share dividends	(98)	(94)	(280)			(284)
							Earnings attributable to common shareholders	682	990	3,976			1,208
							Earnings per common share attributable to common
							shareholders (Note 5)	0.34	0.49	1.97			0.60
							Diluted earnings per common share attributable to
							common shareholders (Note 5)	0.34	0.49	1.96			0.60
							The accompanying notes are an integral part of these interim consolidated financial statements.
									1

ENBRIDGE INC.
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		Three months ended	Nine months ended
		September 30,	September 30,
				2021	2020	2021			2020

	(unaudited; mil ions of Canadian dol ars)

	Earnings			814	1,104	4,349			1,517
	Other comprehensive income/(loss), net of tax
	Change in unrealized gain/(loss) on cash flow hedges			(16)	29			197	(532)
	Change in unrealized gain/(loss) on net investment
	hedges			(206)	154			16	(221)
	Other comprehensive income/(loss) from equity
	investees			(30)	(14)			(28)	6
	Excluded components of fair value hedges			(1)	(1)			(3)	7
	Reclassification to earnings of loss on cash flow
	hedges			55	58			168	138
	Reclassification to earnings of pension and other
	postretirement benefits (OPEB) amounts			5	3			16	10
	Foreign currency translation adjustments		1,281			(1,119)	(350)			1,817
	Other comprehensive income/(loss), net of tax		1,088			(890)			16	1,225
	Comprehensive income		1,902			214	4,365			2,742
	Comprehensive (income)/loss attributable to
	noncontrol ing interests			(62)	16			(68)	(79)
	Comprehensive income attributable to control ing
	interests		1,840			230	4,297			2,663
	Preference share dividends			(98)	(94)	(280)			(284)
	Comprehensive income attributable to common
	shareholders		1,742			136	4,017			2,379
	The accompanying notes are an integral part of these interim consolidated financial statements.
										2

ENBRIDGE INC.
	CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
		Three months ended	Nine months ended
		September 30,	September 30,
		2021			2020	2021			2020

				(unaudited; mil ions of Canadian dol ars, except per share amounts)
				Preference shares
	Balance at beginning and end of period		7,747			7,747	7,747			7,747
				Common shares
	Balance at beginning of period		64,780			64,763	64,768			64,746
	Shares issued on exercise of stock options							10	1				22	18
				Balance at end of period		64,790			64,764	64,790			64,764
				Additional paid-in capital
	Balance at beginning of period		324			207	277			187
	Stock-based compensation							7	6				23	25
	Options exercised							(7)	(1)	(15)			(19)
	Change in reciprocal interest							—	54		39	66
	Other							—	(1)		—	6
				Balance at end of period		324			265	324			265
				Deficit
	Balance at beginning of period		(8,388)			(7,797)	(9,995)			(6,314)
	Earnings attributable to control ing interests		780			1,084	4,256			1,492
	Preference share dividends							(98)	(94)	(280)			(284)
	Dividends paid to reciprocal shareholder							1	4				6	14
	Common share dividends declared		(1,692)			(1,640)	(3,384)			(3,281)
	Adoption of ASU 2016-13 Financial Instruments - Credit Losses							—	—		—	(66)
	Other							—	1				—	(3)
				Balance at end of period		(9,397)			(8,442)	(9,397)			(8,442)
				Accumulated other comprehensive income/(loss) (Note 7)
	Balance at beginning of period		(2,420)			1,753	(1,401)			(272)
	Other comprehensive income/(loss) attributable to common shareholders, net
	of tax		1,060			(854)		41	1,171
				Balance at end of period		(1,360)			899	(1,360)			899
				Reciprocal shareholding
	Balance at beginning of period							(17)	(47)	(29)			(51)
	Change in reciprocal interest							—	18		12	22
				Balance at end of period							(17)	(29)	(17)		(29)
				Total Enbridge Inc. shareholders’ equity		62,087			65,204	62,087			65,204
				Noncontrol ing interests
	Balance at beginning of period		2,870			3,315	2,996			3,364
	Earnings attributable to noncontrol ing interests							34	20		93	25
	Other comprehensive income/(loss) attributable to noncontrol ing interests, net
	of tax
	Change in unrealized loss on cash flow hedges							(9)	—	(15)			(3)
	Foreign currency translation adjustments							37	(36)	(10)			57
	Contributions							4	1				13	21
	Distributions							(67)	(68)	(210)			(232)
	Redemption of preferred shares held by subsidiary		(293)			—	(293)			—
	Other							(1)	(1)		1	(1)
				Balance at end of period		2,575			3,231	2,575			3,231
				Total equity		64,662			68,435	64,662			68,435
				Dividends paid per common share		0.835			0.810	2.505			2.430
				The accompanying notes are an integral part of these interim consolidated financial statements.
									3

ENBRIDGE INC.
	CONSOLIDATED STATEMENTS OF CASH FLOWS
		Nine months ended
		September 30,
				2021		2020
			(unaudited; mil ions of Canadian dol ars)
			Operating activities
			Earnings		4,349		1,517
			Adjustments to reconcile earnings to net cash provided by operating activities:
			Depreciation and amortization		2,805		2,766
			Deferred income tax expense/(recovery)					789	(82)
			Unrealized derivative fair value loss, net (Note 9)				86	200
			Income from equity investments		(1,187)		(805)
			Distributions from equity investments		1,197		1,145
			Impairment of equity investments (Note 8)					111	2,351
			Gain on disposition					(41)	—
			Other					(87)	222
			Changes in operating assets and liabilities		(1,068)		213
			Net cash provided by operating activities		6,954		7,527
			Investing activities
			Capital expenditures		(5,475)		(3,790)
			Long-term investments and restricted long-term investments		(241)		(413)
			Distributions from equity investments in excess of cumulative earnings					295	438
			Additions to intangible assets		(185)		(154)
			Proceeds from disposition					122	265
			Affiliate loans, net				19	10
			Other					(30)	—
			Net cash used in investing activities		(5,495)		(3,644)
			Financing activities
			Net change in short-term borrowings				84	71
			Net change in commercial paper and credit facility draws					(32)	231
			Debenture and term note issues, net of issue costs		6,135		4,834
			Debenture and term note repayments		(1,888)		(3,517)
			Contributions from noncontrol ing interests				13	21
			Distributions to noncontrol ing interests		(210)		(232)
			Common shares issued				3	3
			Preference share dividends		(274)		(284)
			Common share dividends		(5,074)		(4,920)
			Redemption of preferred shares held by subsidiary		(115)		—
			Other					(64)	(52)
			Net cash used in financing activities		(1,422)		(3,845)
			Effect of translation of foreign denominated cash and cash equivalents and
			restricted cash					(12)	(22)
			Net increase in cash and cash equivalents and restricted cash				25	16
			Cash and cash equivalents and restricted cash at beginning of period					490	676
			Cash and cash equivalents and restricted cash at end of period					515	692
			The accompanying notes are an integral part of these interim consolidated financial statements.
							4

ENBRIDGE INC.
	CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
		September 30,		December 31,
			2021		2020
						(unaudited; mil ions of Canadian dol ars; number of shares in mil ions)
						Assets
						Current assets
	Cash and cash equivalents		451		452
	Restricted cash		64		38
	Accounts receivable and other		6,378		5,258
	Accounts receivable from affiliates		170		66
	Inventory		1,495		1,536
								8,558	7,350
						Property, plant and equipment, net		98,097	94,571
						Long-term investments		13,489	13,818
						Restricted long-term investments		575	553
						Deferred amounts and other assets		8,413	8,446
						Intangible assets, net		2,212	2,080
						Goodwil		32,573	32,688
						Deferred income taxes		615	770
						Total assets		164,532	160,276
						Liabilities and equity
						Current liabilities
	Short-term borrowings		1,205		1,121
	Accounts payable and other		8,754		9,228
	Accounts payable to affiliates		170		22
	Interest payable		619		651
	Current portion of long-term debt		4,693		2,957
								15,441	13,979
						Long-term debt		65,036	62,819
						Other long-term liabilities		8,116	8,783
						Deferred income taxes		11,277	10,332
								99,870	95,913
						Contingencies (Note 12)Equity

	Share capital
	Preference shares		7,747		7,747
	Common shares (2,026 outstanding at September 30, 2021 and December 31,
	2020)		64,790		64,768
	Additional paid-in capital		324		277
	Deficit		(9,397)		(9,995)
	Accumulated other comprehensive loss (Note 7)		(1,360)		(1,401)
	Reciprocal shareholding		(17)		(29)
	Total Enbridge Inc. shareholders’ equity		62,087		61,367
	Noncontrol ing interests		2,575		2,996
								64,662	64,363
						Total liabilities and equity		164,532	160,276
						The accompanying notes are an integral part of these interim consolidated financial statements.
							5

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
	(unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements of Enbridge Inc. ("we", "our", "us" and "Enbridge") have been prepared in accordance with general y accepted accounting principles in the United States of America (US GAAP) and Regulation S-X for interim consolidated financial information. They do not include al of the information and notes required by US GAAP for annual consolidated financial statements and should therefore be read in conjunction with our audited consolidated financial statements and notes for the year ended December 31, 2020. In the opinion of management, the interim consolidated financial statements contain al normal recurring adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. These interim consolidated financial statements fol ow the same significant accounting policies as those included in our audited consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards (Note 2). Amounts are stated in Canadian dol ars unless otherwise noted.
Our operations and earnings for interim periods can be affected by seasonal fluctuations within the gas distribution utility businesses, as wel as other factors such as supply of and demand for crude oil and natural gas, and may not be indicative of annual results.
2. CHANGES IN ACCOUNTING POLICIES
ADOPTION OF NEW ACCOUNTING STANDARDSReference Rate ReformFor eligible hedging relationships existing as at January 1, 2021 and prospectively, we have applied the optional expedient in Accounting Standards Update (ASU) 2020-04 whereby the modification of the hedging instrument does not result in an automatic hedging relationship de-designation. The adoption of this ASU did not have a material impact on our consolidated financial statements.
Clarifying Interaction Between Equity Securities, Equity Method Investments and DerivativesEffective January 1, 2021, we adopted ASU 2020-01 on a prospective basis. The new standard was issued in January 2020 and clarifies that observable transactions should be considered for the purpose of applying the measurement alternative in accordance with Accounting Standards Codification (ASC) 321 Investments - Equity Securities immediately before the application or upon discontinuance of the equity method of accounting. Furthermore, the ASU clarifies that forward contracts or purchased options on equity securities are not out of scope of ASC 815 Derivatives and Hedging guidance only because, upon the contracts’ exercise, the equity securities could be accounted for under the equity method of accounting or fair value option. The adoption of this ASU did not have a material impact on our consolidated financial statements.
Accounting for Income TaxesEffective January 1, 2021, we adopted ASU 2019-12 on a prospective basis. The new standard was issued in December 2019 with the intent of simplifying the accounting for income taxes. The accounting update removes certain exceptions to the general principles in ASC 740 Income Taxes as wel as provides simplification by clarifying and amending existing guidance. The adoption of this ASU did not have a material impact on our consolidated financial statements.
		6

FUTURE ACCOUNTING POLICY CHANGESAccounting for Certain Lessor Leases with Variable Lease PaymentsASU 2021-05 was issued in July 2021 to amend lessor accounting for certain leases with variable lease payments that do not depend on a reference index or a rate and would have resulted in the recognition of a loss at lease commencement if classified as a sales-type or a direct financing lease. The ASU amends the classification requirements of such leases for lessors to result in an operating lease classification. ASU 2021-05 is effective January 1, 2022 and can be applied either retrospectively or prospectively with early adoption permitted. We are currently assessing the impact of the new standard on our consolidated financial statements.
Accounting for Modifications or Exchanges of Certain Equity-Classified ContractsASU 2021-04 was issued in May 2021 to clarify issuer accounting for modifications or exchanges of freestanding equity-classified written cal options that remain equity classified after modification or exchange. The ASU requires an issuer to determine the accounting for the modification or exchange based on the economic substance of the modification or exchange. ASU 2021-04 is effective January 1, 2022 and should be applied prospectively. We are currently assessing the impact of the new standard on our consolidated financial statements.
Accounting for Convertible Instruments and Contracts in an Entity’s Own EquityASU 2020-06 was issued in August 2020 to simplify accounting for certain financial instruments. The ASU eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The ASU also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. The ASU amends the diluted earnings per share guidance, including the requirement to use if-converted method for al convertible instruments and an update for instruments that can be settled in either cash or shares. ASU 2020-06 is effective January 1, 2022 and should be applied on a ful or modified retrospective basis. We are currently assessing the impact of the new standard on our consolidated financial statements.
Accounting for Contract Assets and Liabilities from Contracts with Customers in a Business CombinationASU 2021-08 was issued in October 2021 to amend business combination accounting specific to contract assets and contract liabilities resulting from contracts with customers, requiring measurement in accordance with ASC 606. The ASU is also applicable to contract assets and contract liabilities from other contracts to which ASC 606 applies, such as contract liabilities from the sale of nonfinancial assets within the scope of ASC 610-20. ASU 2021-08 is effective January 1, 2023 and should be applied prospectively with early adoption permitted. Early adoption requires retrospective application for business combinations with an acquisition date in the year of early application. We are currently assessing the impact of the new standard on our consolidated financial statements.
	7

3. REVENUES
REVENUE FROM CONTRACTS WITH CUSTOMERS Major Products and Services
		Gas		Gas
			Transmission		Distribution	Renewable
	Liquids	and		and		Power	Energy	Eliminations	Three months endedSeptember 30, 2021(mil ions of Canadian dol ars)
	Pipelines		Midstream	Storage		Generation	Services	and Other Consolidated

Transportation revenue		2,340	1,081		128					—	—	—	3,549
Storage and other revenue		33	58		50					—	—	—	141
Gas gathering and processing
revenue		—	15		—					—	—	—	15
Gas distribution revenue		—	—		496					—	—	—	496
Electricity and transmission
revenue		—	—		—					44	—	—	44
Total revenue from contracts with
customers		2,373	1,154		674					44	—	—	4,245
Commodity sales		—	—		—					—	7,279	—	7,279
Other revenue1,2		(143)	4		24					78	(1)	(20)	(58)
Intersegment revenue		140	1		(11)					—	12	(142)	—
Total revenue		2,370	1,159		687					122	7,290	(162)		11,466
		Gas		Gas
			Transmission		Distribution	Renewable
	Liquids	and		and		Power	Energy	Eliminations	Three months endedSeptember 30, 2020(mil ions of Canadian dol ars)
	Pipelines		Midstream	Storage		Generation	Services	and Other Consolidated

Transportation revenue		2,234	1,077		128					—	—	—	3,439
Storage and other revenue		22	64		51					—	—	—	137
Gas gathering and processing
revenue		—	7		—					—	—	—	7
Gas distribution revenue		—	—		448					—	—	—	448
Electricity and transmission
revenue		—	—		—					46	—	—	46
Total revenue from contracts with
customers		2,256	1,148		627					46	—	—	4,077
Commodity sales		—	—		—					—	4,595	—	4,595
Other revenue1,2		360	14		(8)					80	(3)	(5)	438
Intersegment revenue		157	—		2					—	4	(163)	—
Total revenue		2,773	1,162		621					126	4,596	(168)	9,110
					8

	Gas		Gas
		Transmission		Distribution	Renewable
Liquids	and		and		Power	Energy	Eliminations	Nine months endedSeptember 30, 2021(mil ions of Canadian dol ars)
PipelinesMidstreamStorage		Generation	Services	and Other Consolidated

								Transportation revenue	6,826	3,248	494	—	—	—		10,568
								Storage and other revenue	96	195	159	—	—	—	450
								Gas gathering and processing
								revenue	—	32	—	—	—	—	32
								Gas distribution revenue	—	—	2,755	—	—	—	2,755
								Electricity and transmission
								revenue	—	—	—	125	—	—	125
								Total revenue from contracts with
								customers	6,922	3,475	3,408	125	—	—		13,930
								Commodity sales	—	—	—	— 20,042	—	20,042
								Other revenue1,2	284	25	42	246	—	(18)	579
								Intersegment revenue	410	1	13	—	26	(450)	—
								Total revenue	7,616	3,501	3,463	371 20,068	(468)	34,551
	Gas		Gas
		Transmission		Distribution	Renewable
Liquids	and		and		Power	Energy	Eliminations	Nine months endedSeptember 30, 2020(mil ions of Canadian dol ars)
PipelinesMidstreamStorage		Generation	Services	and Other Consolidated

								Transportation revenue	6,815	3,458	494	—	—	—		10,767
								Storage and other revenue	72	209	154	—	—	—	435
								Gas gathering and processing
								revenue	—	19	—	—	—	—	19
								Gas distribution revenue	—	—	2,551	—	—	—	2,551
								Electricity and transmission
								revenue	—	—	—	150	—	—	150
								Total revenue from contracts with
								customers	6,887	3,686	3,199	150	—	—		13,922
								Commodity sales	—	—	—	— 14,920	—	14,920
								Other revenue1,2	(59)	35	(1)	279	1	(18)	237
								Intersegment revenue	424	1	8	—	22	(455)	—
								Total revenue	7,252	3,722	3,206	429 14,943	(473)	29,079
								1 Includes mark-to-market gains/(losses) from our hedging program for the three months ended September 30, 2021 and 2020 of
								$225 mil ion mark-to-market loss and $276 mil ion mark-to-market gain, respectively. For the nine months ended September 30, 2021 and 2020, Other revenue includes a $36 mil ion mark-to-market gain and $298 mil ion mark-to-market loss, respectively.
								2 Includes revenues from lease contracts for the three months ended September 30, 2021 and 2020 of $140 mil ion and $144
								mil ion, respectively and for the nine months ended September 30, 2021 and 2020 of $442 mil ion and $459 mil ion, respectively.
								We disaggregate revenues into categories which represent our principal performance obligations within each business segment. These revenue categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenue information for management to consider in evaluating performance.
				9

Contract Balances
	Contract	Contract	Contract
	Receivables	Assets	Liabilities
(mil ions of Canadian dol ars)Balance as at September 30, 2021
		1,673	212	1,842
Balance as at December 31, 2020		2,042	226	1,815
Contract receivables represent the amount of receivables derived from contracts with customers.
Contract assets represent the amount of revenues which have been recognized in advance of payments received for performance obligations we have fulfil ed (or partial y fulfil ed) and prior to the point in time at which our right to payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to receive the consideration becomes unconditional.
Contract liabilities represent payments received for performance obligations which have not been fulfil ed. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three and nine months ended September 30, 2021 included in contract liabilities at the beginning of the period was $44 mil ion and $269 mil ion, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues, during the three and nine months ended September 30, 2021 were $154 mil ion and $299 mil ion, respectively.
Performance Obligations There were no material revenues recognized in the three and nine months ended September 30, 2021 from performance obligations satisfied in previous periods.
Revenues to be Recognized from Unfulfilled Performance ObligationsTotal revenues from performance obligations expected to be fulfil ed in future periods are $55.6 bil ion, of which $1.7 bil ion and $5.6 bil ion are expected to be recognized during the remaining three months ending December 31, 2021 and the year ending December 31, 2022, respectively.
The revenues excluded from the amounts above based on optional exemptions available under ASC 606, as explained below, represent a significant portion of our overal revenues and revenue from contracts with customers. Certain revenues such as flow-through operating costs charged to shippers are recognized at the amount for which we have the right to invoice our customers and are excluded from the amounts for revenues to be recognized in the future from unfulfil ed performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is general y resolved when actual volumes and prices are determined. For example, we consider interruptible transportation service revenues to be variable revenues since volumes cannot be estimated. Additional y, the effect of escalation on certain tol s which are contractual y escalated for inflation has not been reflected in the amounts above as it is not possible to reliably estimate future inflation rates. Revenues for periods extending beyond the current rate settlement term for regulated contracts where the tol s are periodical y reset by the regulator are excluded from the amounts above since future tol s remain unknown. Final y, revenue from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.
				10

Variable Consideration During the three months ended September 30, 2021, revenue for the Canadian Mainline has been recognized in accordance with the terms of the Competitive Tol ing Settlement, which expired on June 30, 2021. The tol s in place on June 30, 2021 continue on an interim basis until a new Canadian Mainline commercial arrangement is implemented and are subject to finalization and adjustment applicable to the interim period, if any. Due to the uncertainty of adjustment to tol ing pursuant to a Canada Energy Regulator decision and potential customer negotiations, the interim tol revenue recognized during the three months ended September 30, 2021 is considered variable consideration. We do not expect a significant adjustment to revenue when the uncertainty is resolved.
Recognition and Measurement of Revenues
		Gas
			Transmission	Gas		Renewable
	Liquids	and			Distribution	Power	Three months endedSeptember 30, 2021(mil ions of Canadian dol ars)
	Pipelines		Midstream		and Storage	Generation Consolidated

Revenues from products transferred at a point in time								—	—	13	—	13
Revenues from products and services transferred over
time1								2,373	1,154	661	44	4,232
Total revenue from contracts with customers								2,373	1,154	674	44	4,245
		Gas
			Transmission	Gas		Renewable
	Liquids	and			Distribution	Power	Three months endedSeptember 30, 2020(mil ions of Canadian dol ars)Revenues from products transferred at a point in time
	Pipelines		Midstream		and Storage	Generation Consolidated
								—	—	15	—	15
Revenues from products and services transferred over
time1								2,256	1,148	612	46	4,062
Total revenue from contracts with customers								2,256	1,148	627	46	4,077
		Gas
			Transmission	Gas		Renewable
	Liquids	and			Distribution	Power	Nine months endedSeptember 30, 2021(mil ions of Canadian dol ars)
	Pipelines		Midstream		and Storage	Generation Consolidated

Revenues from products transferred at a point in time								—	—	47	—	47
Revenues from products and services transferred over
time1								6,922	3,475	3,361	125	13,883
Total revenue from contracts with customers								6,922	3,475	3,408	125	13,930
		Gas
			Transmission	Gas		Renewable
	Liquids	and			Distribution	Power	Nine months endedSeptember 30, 2020(mil ions of Canadian dol ars)Revenues from products transferred at a point in time
	Pipelines		Midstream		and Storage	Generation Consolidated
								—	—	45	—	45
Revenues from products and services transferred over
time1								6,887	3,686	3,154	150	13,877
Total revenue from contracts with customers								6,887	3,686	3,199	150	13,922
1 Includes revenues from crude oil and natural gas pipeline transportation, storage, natural gas gathering, compression and
treating, natural gas distribution, natural gas storage services and electricity sales.
	11

4. SEGMENTED INFORMATION
		Gas		Gas
			Transmission		Distribution	Renewable
	Liquids	and		and		Power	Energy	Eliminations	Three months endedSeptember 30, 2021(mil ions of Canadian dol ars)
	Pipelines		Midstream	Storage		Generation	Services	and Other Consolidated

Revenues		2,370	1,159		687							122	7,290		(162)		11,466
Commodity and gas distribution
costs		(6)	—		(135)							— (7,485)	159			(7,467)
Operating and administrative		(919)	(445)		(280)							(51)	(13)		41		(1,667)
Income/(loss) from equity
investments		226	211		(12)							15	—		—	440
Impairment of equity investments		—	(111)		—							—	—		—	(111)
Other income/(expense)			2	70		22			5	4	(159)	(56)
Earnings/(loss) before interest,
income taxes, and depreciation and amortization
		1,673	884		282							91	(204)		(121)	2,605
Depreciation and amortization										(944)
Interest expense												(648)
Income tax expense												(199)
Earnings										814
Capital expenditures1		1,053	602		359							—	1	18	2,033
		Gas		Gas
			Transmission		Distribution	Renewable
	Liquids	and		and		Power	Energy	Eliminations	Three months endedSeptember 30, 2020(mil ions of Canadian dol ars)
	Pipelines		Midstream	Storage		Generation	Services	and Other Consolidated

Revenues		2,773	1,162		621							126	4,596		(168)	9,110
Commodity and gas distribution
costs		(5)	—		(87)							— (4,613)	179			(4,526)
Operating and administrative		(811)	(432)		(243)							(57)	(15)		4		(1,554)
Income/(loss) from equity
investments		118	191		(13)							22	(3)		—	315
Impairment of equity investments		—	(615)		—							—	—		—	(615)
Other income		15	28		20			2	1	192	258
Earnings/(loss) before interest,
income taxes, and depreciation and amortization
		2,090	334		298							93	(34)		207	2,988
Depreciation and amortization										(935)
Interest expense										(718)

Income tax expense										(231)

Earnings												1,104
Capital expenditures1		442	642		339							11	1	22	1,457
					12

	Gas		Gas
		Transmission		Distribution	Renewable
Liquids	and		and		Power	Energy	Eliminations	Nine months endedSeptember 30, 2021(mil ions of Canadian dol ars)
PipelinesMidstreamStorage		Generation	Services	and Other Consolidated

								Revenues		7,616	3,501		3,463							371 20,068	(468)			34,551
								Commodity and gas distribution
								costs		(16)	—		(1,392)							— (20,405)	479			(21,334)
								Operating and administrative	(2,411)	(1,303)		(794)							(131)	(36)			(35)			(4,710)
								Income from equity investments		560	525		37							65	—			—	1,187
								Impairment of equity investments		—	(111)		—							—	—			—	(111)
								Other income/(expense)			7	113		60							57	(6)			215	446
								Earnings/(loss) before interest,
								income taxes, and depreciation and amortization
	5,756	2,725		1,374								362	(379)		191			10,029
								Depreciation and amortization				(2,805)
								Interest expense												(1,923)
								Income tax expense										(952)
								Earnings									4,349
								Capital expenditures1		2,976	1,631		878		7	1		39	5,532
	Gas		Gas
		Transmission		Distribution	Renewable
Liquids	and		and		Power	Energy	Eliminations	Nine months endedSeptember 30, 2020(mil ions of Canadian dol ars)
PipelinesMidstreamStorage		Generation	Services	and Other Consolidated

								Revenues		7,252	3,722		3,206							429 14,943	(473)			29,079
								Commodity and gas distribution
								costs		(13)	—		(1,213)							— (14,877)	451			(15,652)
								Operating and administrative	(2,458)	(1,377)		(761)							(144)	(72)			(143)			(4,955)
								Income from equity investments		463	284		2							59	(3)			—	805
								Impairment of equity investments		—	(2,351)		—							—	—			—			(2,351)
								Other income/(expense)		36	(48)		51							32	(3)			(333)	(265)
								Earnings/(loss) before interest,
								income taxes, and depreciation and amortization
	5,280	230		1,285								376	(12)		(498)	6,661
								Depreciation and amortization				(2,766)
								Interest expense				(2,105)

								Income tax expense		(273)

								Earnings										1,517
								Capital expenditures1		1,503	1,462		765							41	2		63	3,836
								1 Includes al owance for equity funds used during construction.
				13

5. EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE
BASICEarnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding has been reduced by our pro-rata weighted average interest in our own common shares of approximately 2 mil ion for the three and nine months ended September 30, 2021, compared to 5 mil ion for the three and nine months ended September 30, 2020, resulting from our reciprocal investment in Noverco Inc. (Noverco).
DILUTEDThe treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options would be used to purchase common shares at the average market price during the period.
Weighted average shares outstanding used to calculate basic and diluted earnings per share are as fol ows:
	Three months ended	Nine months ended
	September 30,	September 30,
			2021	2020	2021			2020
(number of shares in mil ions)
Weighted average shares outstanding		2,024			2,021	2,023			2,020
Effect of dilutive options			2	—		2	1
Diluted weighted average shares outstanding		2,026			2,021	2,025			2,021
For the three months ended September 30, 2021 and 2020, 13.3 mil ion and 34.1 mil ion, respectively, of anti-dilutive stock options with a weighted average exercise price of $56.16 and $50.55, respectively, were excluded from the diluted earnings per common share calculation.
For the nine months ended September 30, 2021 and 2020, 20.5 mil ion and 28.5 mil ion, respectively, of anti-dilutive stock options with a weighted average exercise price of $52.19 and $51.85, respectively, were excluded from the diluted earnings per common share calculation.
							14

DIVIDENDS PER SHAREOn November 3, 2021, our Board of Directors declared the fol owing quarterly dividends. Al dividends are payable on December 1, 2021 to shareholders of record on November 15, 2021.
	Dividend per share
Common Shares1		$0.83500
Preference Shares, Series A		$0.34375
Preference Shares, Series B		$0.21340
Preference Shares, Series C2		$0.16081
Preference Shares, Series D		$0.27875
Preference Shares, Series F		$0.29306
Preference Shares, Series H		$0.27350
Preference Shares, Series J		US$0.30540
Preference Shares, Series L		US$0.30993
Preference Shares, Series N		$0.31788
Preference Shares, Series P		$0.27369
Preference Shares, Series R		$0.25456
Preference Shares, Series 1		US$0.37182
Preference Shares, Series 3		$0.23356
Preference Shares, Series 5		US$0.33596
Preference Shares, Series 7		$0.27806
Preference Shares, Series 9		$0.25606
Preference Shares, Series 11		$0.24613
Preference Shares, Series 13		$0.19019
Preference Shares, Series 15		$0.18644
Preference Shares, Series 17		$0.32188
Preference Shares, Series 19		$0.30625
1 The quarterly dividend per common share was increased 3% to $0.835 from $0.81, effective March 1, 2021.2 The quarterly dividend per share paid on Series C was increased to $0.15501 from $0.15349 on March 1, 2021, increased to
$0.15753 from $0.15501 on June 1, 2021, and increased to $0.16081 from $0.15753 on September 1, 2021, due to reset on a quarterly basis fol owing the date of issuance of the Series C Preference Shares.
6. DEBT
CREDIT FACILITIESThe fol owing table provides details of our committed credit facilities as at September 30, 2021:
				Total
			Maturity1	Facilities	Draws2	Available
(mil ions of Canadian dol ars)
Enbridge Inc.			2022-2026	9,169	7,378	1,791
Enbridge (U.S.) Inc.			2023-2026	6,968	2,515	4,453
Enbridge Pipelines Inc.			2023	3,000	469	2,531
Enbridge Gas Inc.			2023	2,000	1,205				795
Total committed credit facilities						21,137	11,567	9,570
	1 Maturity date is inclusive of the one-year term out option for certain credit facilities.2 Includes facility draws and commercial paper issuances that are back-stopped by credit facilities.
On February 10, 2021, Enbridge Inc. entered into a three year, revolving, extendible, sustainability-linked credit facility for $1.0 bil ion with a syndicate of lenders and concurrently terminated our one year, revolving, syndicated credit facility for $3.0 bil ion.
On February 25, 2021, two term loans with an aggregate total of US$500 mil ion were repaid with proceeds from a floating rate notes issuance.
								15

On July 22 and 23, 2021, we renewed approximately $8.0 bil ion of our five-year credit facilities, extending the maturity date out to July 2026. We also extended approximately $10.0 bil ion of our 364-day extendible credit facilities to July 2022, which includes a one-year term out provision to July 2023.
In addition to the committed credit facilities noted above, we maintain $1.3 bil ion of uncommitted demand letter of credit facilities, of which $868 mil ion was unutilized as at September 30, 2021. As at December 31, 2020, we had $849 mil ion of uncommitted demand letter of credit facilities, of which $533 mil ion was unutilized.
Our credit facilities carry a weighted average standby fee of 0.1% per annum on the unused portion and draws bear interest at market rates. Certain credit facilities serve as a back-stop to the commercial paper programs and we have the option to extend such facilities, which are currently scheduled to mature from 2022 to 2026.
As at September 30, 2021 and December 31, 2020, commercial paper and credit facility draws, net of short-term borrowings and non-revolving credit facilities that mature within one year, of $8.3 bil ion and $9.9 bil ion, respectively, were supported by the availability of long-term committed credit facilities and, therefore, have been classified as long-term debt.
LONG-TERM DEBT ISSUANCESDuring the nine months ended September 30, 2021, we completed the fol owing long-term debt issuances totaling US$2.4 bil ion and $3.2 bil ion:
		Principal
Company	Issue Date	Amount
(mil ions of Canadian dol ars unless otherwise stated)Enbridge Inc.
	February 2021		Floating rate notes due February 20231	US$500
	June 2021		2.50% Sustainability-Linked senior notes due August 2033	US$1,000
	June 2021		3.40% senior notes due August 2051	US$500
	September 2021 3.10% Sustainability-Linked medium-term notes due September 2033	$1,100
	September 2021 4.10% medium-term notes due September 2051	$400
Enbridge Gas Inc.
	September 2021 2.35% medium-term notes due September 2031	$475
	September 2021 3.20% medium-term notes due September 2051	$425
Enbridge Pipelines Inc.
	May 2021		2.82% medium-term notes due May 2031	$400
	May 2021		4.20% medium-term notes due May 2051	$400
Spectra Energy Partners, LP
	September 2021 2.50% senior notes due September 20312	US$400
1 Notes mature in two years and carry an interest rate set to equal Secured Overnight Financing Rate plus a margin of 40 basis
points.
2 Issued through Texas Eastern Transmission, LP, a whol y-owned operating subsidiary of Spectra Energy Partners, LP.
On October 4, 2021, we closed a three tranche offering of aggregate US$1.5 bil ion senior notes consisting of US$500 mil ion 0.55% 2-year notes, US$500 mil ion 1.60% 5-year notes, and a US$500 mil ion re-opening of the 3.40% 2051 notes issued in June 2021. Each tranche is payable semi-annual y in arrears and matures on October 4, 2023, October 4, 2026, and August 1, 2051, respectively.
				16

LONG-TERM DEBT REPAYMENTSDuring the nine months ended September 30, 2021, we completed the fol owing long-term debt repayments totaling $808 mil ion and US$880 mil ion:
	Repayment	Principal
CompanyDateAmount
(mil ions of Canadian dol ars unless otherwise stated)Enbridge Inc.
	February 2021		4.26% medium-term notes	$200
	March 2021		3.16% medium-term notes	$400
Enbridge Energy Partners, L.P.
	June 2021		4.20% senior notes	US$600
Enbridge Gas Inc.
	May 2021		2.76% medium-term notes	$200
Enbridge Pipelines (Southern Lights) L.L.C.
	June 2021		3.98% senior notes	US$30
Enbridge Southern Lights LP
	June 2021		4.01% senior notes	$8
Spectra Energy Partners, LP
	March 2021		4.60% senior notes	US$250
SUBORDINATED TERM NOTESAs at September 30, 2021 and December 31, 2020, our fixed-to-floating rate and fixed-to-fixed rate subordinated term notes had a principal value of $7.7 bil ion and $7.8 bil ion, respectively.
FAIR VALUE ADJUSTMENTAs at September 30, 2021 and December 31, 2020, the net fair value adjustments to total debt assumed in a historical acquisition were $687 mil ion and $750 mil ion, respectively. During the three months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $11 mil ion and $13 mil ion, respectively. During the nine months ended September 30, 2021 and 2020, amortization of the fair value adjustment recorded as a reduction to Interest expense in the Consolidated Statements of Earnings was $36 mil ion and $42 mil ion, respectively.
DEBT COVENANTSOur credit facility agreements and term debt indentures include standard events of default and covenant provisions whereby accelerated repayment and/or termination of the agreements may result if we were to default on payment or violate certain covenants. As at September 30, 2021, we were in compliance with al covenant provisions.
					17

7. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS
Changes in Accumulated other comprehensive loss (AOCI) attributable to our common shareholders for the nine months ended September 30, 2021 and 2020 are as fol ows:
		Excluded				Pension
	Cash	Components	Net	Cumulative			and
	Flow	of Fair Value		Investment	Translation		Equity	OPEB
	Hedges	Hedges	Hedges	Adjustment		Investees	Adjustment	Total
(mil ions of Canadian dol ars)
Balance as at January 1, 2021		(1,326)			5	(215)					568	66	(499) (1,401)
Other comprehensive income/(loss)
retained in AOCI		284			(3)	18					(340)	(33)	—	(74)
Other comprehensive loss/(income)
reclassified to earningsInterest rate contracts1
		218			—	—					—	—	—	218
Commodity contracts2		(4)			—	—					—	—	—	(4)
Foreign exchange contracts3		4			—	—					—	—	—	4
Other contracts4		1			—	—					—	—	—	1
Amortization of pension and OPEB
									actuarial loss and prior service costs5	—			—	—				—	—	21	21
Other		17			—	—					(20)	3	—	—
		520			(3)	18					(360)	(30)	21	166
Tax impact
Income tax on amounts retained in
									AOCI		(72)			—	(2)				—	5	—	(69)
Income tax on amounts reclassified to
									earnings		(51)			—	—				—	—			(5)	(56)
		(123)			—	(2)					—	5				(5)	(125)
Balance as at September 30, 2021		(929)			2	(199)					208	41	(483) (1,360)
		Excluded				Pension
	Cash	Components	Net	Cumulative			and
	Flow	of Fair Value		Investment	Translation		Equity	OPEB
	Hedges	Hedges	Hedges	Adjustment		Investees	Adjustment	Total
(mil ions of Canadian dol ars)Balance as at January 1, 2020
		(1,073)			—	(317)					1,396	67	(345)	(272)
Other comprehensive income/(loss)
retained in AOCI		(696)			7	(228)					1,760	8	—	851
Other comprehensive loss/(income)
reclassified to earningsInterest rate contracts1
		179			—	—					—	—	—	179
Commodity contracts2		(1)			—	—					—	—	—	(1)
Foreign exchange contracts3		3			—	—					—	—	—	3
Other contracts4		(1)			—	—					—	—	—	(1)
Amortization of pension and OPEB
									actuarial loss and prior service costs5	—			—	—				—	—	13	13
		(516)			7	(228)					1,760	8	13 1,044
Tax impact
Income tax on amounts retained in
									AOCI		167			—	7				—	(2)	—	172
Income tax on amounts reclassified to
									earnings		(42)			—	—				—	—			(3)	(45)
		125			—	7					—	(2)				(3)	127
Balance as at September 30, 2020		(1,464)			7	(538)					3,156	73	(335)	899
	1 Reported within Interest expense in the Consolidated Statements of Earnings.2 Reported within Transportation and other services revenues, Commodity sales revenue, Commodity costs and Operating and
administrative expense in the Consolidated Statements of Earnings.
3 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements
of Earnings.
4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.5 These components are included in the computation of net periodic benefit costs and are reported within Other income/(expense)
in the Consolidated Statements of Earnings.
		18

8. IMPAIRMENT OF EQUITY INVESTMENTS
PennEast Pipeline Company, L.L.C.PennEast Pipeline Company, L.L.C. (PennEast) is a joint venture formed to develop a natural gas transmission pipeline to serve local distribution companies and power generators in Southeastern Pennsylvania and New Jersey, is owned 20% by Enbridge, and is recorded as an equity method investment. During the three months ended September 30, 2021, PennEast determined further development of the project was no longer viable and further development of the project has ceased. As a result, we recorded an other than temporary impairment loss of $111 mil ion on our investment for the three and nine months ended September 30, 2021 based on the estimated fair value of our share of the net assets. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $11 mil ion and $116 mil ion, respectively.
Steckman Ridge, LPSteckman Ridge, LP (Steckman) is engaged in the storage of natural gas, is owned 50% by Enbridge, and is recorded as an equity method investment. In the third quarter of 2020, Steckman’s forecasted performance was adjusted for the expectation that future available capacity wil be re-contracted at lower than expected rates and an other than temporary impairment loss on our investment of $221 mil ion for the three and nine months ended September 30, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $88 mil ion and $90 mil ion, respectively.
Southeast Supply Header, L.L.C.Southeast Supply Header, L.L.C. (SESH) provides natural gas transmission services from east Texas and northern Louisiana to the southeast markets of the Gulf Coast. SESH is owned 50% by Enbridge and is recorded as an equity method investment. In the third quarter of 2020, SESH's forecasted performance was revised to reflect downward revisions to future negotiated rates as wel as higher than expected available capacity levels, caused primarily by a significant contract expiry. An other than temporary impairment loss on our investment of $394 mil ion for the three and nine months ended September 30, 2020 was recorded based on a discounted cash flow analysis. The carrying value of this investment as at September 30, 2021 and December 31, 2020 was $83 mil ion and $84 mil ion, respectively.
DCP Midstream, LLCDCP Midstream, LLC (DCP Midstream), a 50% owned equity method investment of Enbridge, holds an equity interest in DCP Midstream, LP. A decline in the market price of DCP Midstream, LP’s publicly traded units during the first quarter of 2020 resulted in an other than temporary impairment loss on our investment in DCP Midstream of $1.7 bil ion for the nine months ended September 30, 2020. In addition, we incurred losses of $324 mil ion through our equity earnings pick up in relation to asset and goodwil impairment losses recorded by DCP Midstream, LP during the nine months ended September 30, 2020. The carrying value of our investment in DCP Midstream as at September 30, 2021 and December 31, 2020 was $298 mil ion and $331 mil ion, respectively.
Our investments in PennEast, Steckman, SESH, and DCP Midstream form part of our Gas Transmission and Midstream segment. The impairment losses were recorded within Impairment of equity investments in the Consolidated Statements of Earnings.
9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
MARKET RISKOur earnings, cash flows and other comprehensive income/(loss) (OCI) are subject to movements in foreign exchange rates, interest rates, commodity prices and our share price (col ectively, market risks). Formal risk management policies, processes and systems have been designed to mitigate these risks.
	19

The fol owing summarizes the types of market risks to which we are exposed and the risk management instruments used to mitigate them. We use a combination of qualifying and non-qualifying derivative instruments to manage the risks noted below.
Foreign Exchange RiskWe generate certain revenues, incur expenses, and hold a number of investments and subsidiaries that are denominated in currencies other than Canadian dol ars. As a result, our earnings, cash flows and OCI are exposed to fluctuations resulting from foreign exchange rate variability.
We employ financial derivative instruments to hedge foreign currency denominated earnings exposure. A combination of qualifying cash flow, fair value and non-qualifying derivative instruments is used to hedge anticipated foreign currency denominated revenues and expenses, and to manage variability in cash flows. We hedge certain net investments in United States (US) dol ar denominated investments and subsidiaries using foreign currency derivatives and US dol ar denominated debt.
Interest Rate RiskOur earnings and cash flows are exposed to short-term interest rate variability due to the regular repricing of our variable rate debt, primarily commercial paper. We monitor our debt portfolio mix of fixed and variable rate debt instruments to manage a consolidated portfolio of floating rate debt within the Board of Directors approved policy limit of a maximum of 30% of floating rate debt as a percentage of total debt outstanding. We primarily use qualifying derivative instruments to manage interest rate risk. Pay fixed-receive floating interest rate swaps may be used to hedge against the effect of future interest rate movements. We have implemented a program to significantly mitigate the impact of short-term interest rate volatility on interest expense via execution of floating to fixed interest rate swaps with an average swap rate of 3.2%.
We are exposed to changes in the fair value of fixed rate debt that arise as a result of the changes in market interest rates. Pay floating-receive fixed interest rate swaps are used, when applicable, to hedge against future changes to the fair value of fixed rate debt which mitigates the impact of fluctuations in the fair value of fixed rate debt via execution of fixed to floating interest rate swaps. As at September 30, 2021, we do not have any pay floating-receive fixed interest rate swaps outstanding.
Our earnings and cash flows are also exposed to variability in longer term interest rates ahead of anticipated fixed rate term debt issuances. Forward starting interest rate swaps are used to hedge against the effect of future interest rate movements. We have established a program within some of our subsidiaries to mitigate our exposure to long-term interest rate variability on select forecast term debt issuances via execution of floating to fixed interest rate swaps with an average swap rate of 1.9%.
Commodity Price RiskOur earnings and cash flows are exposed to changes in commodity prices as a result of our ownership interests in certain assets and investments, as wel as through the activities of our energy services subsidiaries. These commodities include natural gas, crude oil, power and NGL. We employ financial and physical derivative instruments to fix a portion of the variable price exposures that arise from physical transactions involving these commodities. We use primarily non-qualifying derivative instruments to manage commodity price risk. Equity Price RiskEquity price risk is the risk of earnings fluctuations due to changes in our share price. We have exposure to our own common share price through the issuance of various forms of stock-based compensation, which affect earnings through revaluation of the outstanding units every period. We use equity derivatives to manage the earnings volatility derived from one form of stock-based compensation, restricted share units. We use a combination of qualifying and non-qualifying derivative instruments to manage equity price risk.
	20

COVID-19 PANDEMIC RISK The spread of the COVID-19 pandemic has caused significant volatility in Canada, the US and international markets. While we have taken proactive measures to deliver energy safely and reliably during this pandemic, given the ongoing dynamic nature of the circumstances surrounding COVID-19, including ongoing uncertainty as to the duration of the pandemic and corresponding public health measures, the impact of this pandemic and the ongoing recovery on our business remains uncertain.
TOTAL DERIVATIVE INSTRUMENTSWe general y have a policy of entering into individual International Swaps and Derivatives Association, Inc. agreements, or other similar derivative agreements, with the majority of our financial derivative counterparties. These agreements provide for the net settlement of derivative instruments outstanding with specific counterparties in the event of bankruptcy or other significant credit events, and reduce our credit risk exposure on financial derivative asset positions outstanding with the counterparties in those circumstances.
The fol owing table summarizes the maximum potential settlement amounts in the event of these specific circumstances. Al amounts are presented gross in the Consolidated Statements of Financial Position.
	Derivative	Derivative	Derivative
	Instruments	Instruments	Instruments	Non-		Total Gross
	Used as	Used as Net	Used as	QualifyingDerivative		Derivative	Amounts	Total Net
	Cash Flow	Investment	Fair Value			Instruments	Available	Derivative
September 30, 2021	Hedges	Hedges	Hedges		Instruments	as Presented	for Offset	Instruments
(mil ions of Canadian dol ars)Accounts receivable and other
Foreign exchange contracts									—	—	—	225		225	(31)	194
Commodity contracts									—	—	—	320		320	(278)				42
Other contracts									1	—	—	7		8		—	8
									1	—	—	552		553	(309)	244
Deferred amounts and other assets
Foreign exchange contracts									—	—	—	248		248	(86)	162
Interest rate contracts									168	—	—	—		168	(25)	143
Commodity contracts									—	—	—	83		83	(61)				22
Other contracts									1	—	—	2		3		—	3
									169	—	—	333		502	(172)	330
Accounts payable and other
Foreign exchange contracts									(8)	—	(105)	(148)		(261)		31	(230)
Interest rate contracts									(37)	—	—	2		(35)		—	(35)
Commodity contracts									(14)	—	—	(535)		(549)	278	(271)
									(59)	—	(105)	(681)		(845)	309	(536)
Other long-term liabilities
Foreign exchange contracts									—	—	—	(499)		(499)		86	(413)
Interest rate contracts		(115)									—	—	(23)		(138)		25	(113)
Commodity contracts									(18)	—	—	(131)		(149)		61	(88)
		(133)									—	—	(653)		(786)	172	(614)
Total net derivative assets/(liabilities)
Foreign exchange contracts									(8)	—	(105)	(174)		(287)		—	(287)
Interest rate contracts									16	—	—	(21)		(5)		—	(5)
Commodity contracts									(32)	—	—	(263)		(295)		—	(295)
Other contracts									2	—	—	9		11		—	11
									(22)	—	(105)	(449)		(576)		—	(576)
		21

	Derivative	Derivative	Derivative
	Instruments	Instruments	Instruments	Non-		Total Gross
	Used as	Used as Net	Used as	QualifyingDerivative		Derivative	Amounts	Total Net
	Cash Flow	Investment	Fair Value			Instruments	Available	Derivative
December 31, 2020	Hedges	Hedges	Hedges		Instruments	as Presented	for Offset	Instruments
(mil ions of Canadian dol ars)Accounts receivable and other
Foreign exchange contracts									—	—	—	180					180	(28)	152
Commodity contracts									—	—	—	143					143	(81)				62
									—	—	—	323					323	(109)	214
Deferred amounts and other assets
Foreign exchange contracts									14	—	—	452					466	(218)	248
Interest rate contracts									56	—	—	—					56	(25)				31
Commodity contracts									—	—	—	39					39		(9)	30
									70	—	—	491					561	(252)	309
Accounts payable and other
Foreign exchange contracts									(5)	—	(29)	(151)					(185)		28	(157)
Interest rate contracts		(423)									—	—	(2)					(425)		—	(425)
Commodity contracts									(2)	—	—	(278)					(280)		81	(199)
Other contracts									(1)	—	—	(3)					(4)		—	(4)
		(431)									—	(29)	(434)					(894)	109	(785)
Other long-term liabilities
Foreign exchange contracts									—	—	(87)	(673)					(760)	218	(542)
Interest rate contracts		(218)									—	—	(23)					(241)		25	(216)
Commodity contracts									(1)	—	—	(57)					(58)		9	(49)
		(219)									—	(87)	(753)	(1,059)	252	(807)
Total net derivative assets/(liabilities)
Foreign exchange contracts									9	—	(116)	(192)					(299)		—	(299)
Interest rate contracts		(585)									—	—	(25)					(610)		—	(610)
Commodity contracts									(3)	—	—	(153)					(156)		—	(156)
Other contracts									(1)	—	—	(3)					(4)		—	(4)
		(580)									—	(116)	(373)	(1,069)						—	(1,069)
The fol owing table summarizes the maturity and notional principal or quantity outstanding related to our derivative instruments.
September 30, 2021		2021	2022								2023	2024	2025 Thereafter		Total
Foreign exchange contracts - US dol ar forwards -
purchase (mil ions of US dol ars)		1,357 1,750			—	—		—	— 3,107
Foreign exchange contracts - US dol ar forwards - sel
(mil ions of US dol ars)		2,210 6,354 3,784 2,480 1,290										672 16,790
Foreign exchange contracts - British pound (GBP)
forwards - sel (mil ions of GBP)			62	28		29	30		30	60	239
Foreign exchange contracts - Euro forwards - sel (mil ions
of Euro)			38	94		92	91		86					428	829
Foreign exchange contracts - Japanese yen forwards -
purchase (mil ions of yen)			— 72,500			—	—		—	— 72,500
Interest rate contracts - short-term debt pay fixed rate
(mil ions of Canadian dol ars)			992	395		47	35		30	90 1,589
Interest rate contracts - long-term debt pay fixed rate
(mil ions of Canadian dol ars)			— 1,987 1,333		—		—	— 3,320
Equity contracts (mil ions of Canadian dol ars)			40	19		26	20		—	—	105
Commodity contracts - natural gas (bil ions of cubic feet)2			19	55		15	4		10					(16)	87
Commodity contracts - crude oil (mil ions of barrels)2			12	2		—	—		—	—	14
Commodity contracts - power (megawatt per hour) (MW/H)		(18)	(43)		(43)	(43)		(43)	—	(42) 1
1 Total is an average net purchase/(sale) of power.2 Total is a net purchase/(sale) of underlying commodity.
		22

Fair Value DerivativesFor foreign exchange derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as wel as the offsetting loss or gain on the hedged item attributable to the hedged risk is included in Net foreign currency gain/(loss) in the Consolidated Statements of Earnings. Any excluded components are included in the Consolidated Statements of Comprehensive Income.
	Three months ended	Nine months ended
	September 30,	September 30,
			2021	2020	2021			2020
(mil ions of Canadian dol ars)Unrealized gain/(loss) on derivative
			50	(60)		15	25
Unrealized gain/(loss) on hedged item			(50)	59		(22)	(6)
Realized loss on derivative			(1)	—		(40)	(12)
Realized gain on hedged item			—	—		45	—
The Effect of Derivative Instruments on the Statements of Earnings and Comprehensive IncomeThe fol owing table presents the effect of cash flow hedges, fair value hedges and net investment hedges on our consolidated earnings and consolidated comprehensive income, before the effect of income taxes:
	Three months ended	Nine months ended
	September 30,	September 30,
			2021	2020	2021			2020
(mil ions of Canadian dol ars)Amount of unrealized gain/(loss) recognized in OCI
Cash flow hedges
							Foreign exchange contracts		4	—	(21)	6
							Interest rate contracts		(1)	41	293	(709)
							Commodity contracts		(21)	(1)	(25)	8
							Other contracts		(2)	—	2	(6)
Fair value hedges
							Foreign exchange contracts		(1)	(1)	(3)	7
Net investment hedges
							Foreign exchange contracts		—	17	—	13
			(21)	56		246	(681)
Amount of (gain)/loss reclassified from AOCI to earnings
							Foreign exchange contracts1		1	1	4	3
							Interest rate contracts2		76	76	218	179
							Commodity contracts		(4)	(1)	(4)	(1)
							Other contracts3		—	(1)	1	(1)
									73	75	219	180
1 Reported within Transportation and other services revenues and Net foreign currency gain/(loss) in the Consolidated Statements
of Earnings.
2 Reported within Interest expense in the Consolidated Statements of Earnings.3 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.
We estimate that a loss of $59 mil ion of AOCI related to unrealized cash flow hedges wil 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 al forecasted transactions, the maximum term over which we are hedging exposures to the variability of cash flows is 27 months as at September 30, 2021.
								23

Non-Qualifying DerivativesThe fol owing table presents the unrealized gains and losses associated with changes in the fair value of our non-qualifying derivatives:
	Three months ended	Nine months ended
	September 30,	September 30,
			2021	2020	2021			2020
(mil ions of Canadian dol ars)Foreign exchange contracts1
			(436)	571		18	(186)
Interest rate contracts2			2	(13)		4	(28)
Commodity contracts3			(102)	69	(120)			25
Other contracts4			2	(3)		12	(11)
Total unrealized derivative fair value gain/(loss), net			(534)	624		(86)	(200)
1 For the respective nine months ended periods, reported within Transportation and other services revenues (2021 - $71 mil ion
gain; 2020 - $87 mil ion loss) and Net foreign currency gain/(loss) (2021 - $53 mil ion loss; 2020 - $99 mil ion loss) in the Consolidated Statements of Earnings.
2 Reported as an (increase)/decrease within Interest expense in the Consolidated Statements of Earnings.3 For the respective nine months ended periods, reported within Transportation and other services revenues (2021 - nil; 2020 - $8
mil ion gain), Commodity sales (2021 - $5 mil ion loss; 2020 - $176 mil ion loss), Commodity costs (2021 - $124 mil ion loss; 2020 - $195 mil ion gain) and Operating and administrative expense (2021 - $8 mil ion gain; 2020 - $2 mil ion loss) in the Consolidated Statements of Earnings.
4 Reported within Operating and administrative expense in the Consolidated Statements of Earnings.
LIQUIDITY RISK
	Liquidity risk is the risk that we wil not be able to meet our financial obligations, including commitments and guarantees, as they become due. In order to mitigate this risk, we forecast cash requirements over a 12-month rol ing time period to determine whether sufficient funds wil be available and maintain substantial capacity under our committed bank lines of credit to address any contingencies. Our primary sources of liquidity and capital resources are funds generated from operations, the issuance of commercial paper and draws under committed credit facilities and long-term debt, which includes debentures and medium-term notes. We also maintain current shelf prospectuses with securities regulators which enables ready access to either the Canadian or US public capital markets, subject to market conditions. In addition, we maintain sufficient liquidity through committed credit facilities with a diversified group of banks and institutions which, if necessary, enables us to fund al anticipated requirements for approximately one year without accessing the capital markets. We are in compliance with al the terms and conditions of our committed credit facility agreements and term debt indentures as at September 30, 2021. As a result, al credit facilities are available to us and the banks are obligated to fund and have been funding us under the terms of the facilities.
CREDIT RISK
	Entering into derivative instruments may result in exposure to credit risk from the possibility that a counterparty wil default on its contractual obligations. In order to mitigate this risk, we enter into risk management transactions primarily with institutions that possess strong investment grade credit ratings. Credit risk relating to derivative counterparties is mitigated through maintenance and monitoring of credit exposure limits and contractual requirements, netting arrangements and ongoing monitoring of counterparty credit exposure using external credit rating services and other analytical tools.
							24

We have credit concentrations and credit exposure, with respect to derivative instruments, in the fol owing counterparty segments:
	September 30,		December 31,
		2021		2020
(mil ions of Canadian dol ars)Canadian financial institutions
		471		481
US financial institutions		240		99
European financial institutions		176		28
Asian financial institutions		24		167
Other1		124		97
		1,035		872
	1 Other is comprised of commodity clearing house and physical natural gas and crude oil counterparties.
As at September 30, 2021, we provided letters of credit totaling nil in lieu of providing cash col ateral to our counterparties pursuant to the terms of the relevant International Swaps and Derivatives Association agreements. We held no cash col ateral on derivative asset exposures as at September 30, 2021 and December 31, 2020.
Gross derivative balances have been presented without the effects of col ateral posted. Derivative assets are adjusted for non-performance risk of our counterparties using their credit default swap spread rates, and are reflected at fair value. For derivative liabilities, our non-performance risk is considered in the valuation.
Credit risk also arises from trade and other long-term receivables, and is mitigated through credit exposure limits and contractual requirements, assessment of credit ratings and netting arrangements. Within Enbridge Gas Inc., credit risk is mitigated by the utility's large and diversified customer base and the ability to recover an estimate for expected credit losses through the ratemaking process. We actively monitor the financial strength of large industrial customers, and in select cases, have obtained additional security to minimize the risk of default on receivables. General y, we utilize a loss al owance matrix which contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations to measure lifetime expected credit losses of receivables. The maximum exposure to credit risk related to non-derivative financial assets is their carrying value.
FAIR VALUE MEASUREMENTSOur financial assets and liabilities measured at fair value on a recurring basis include derivative instruments. We also disclose the fair value of other financial instruments not measured at fair value. The fair value of financial instruments reflects our best estimates of market value based on general y accepted valuation techniques or models and is supported by observable market prices and rates. When such values are not available, we use discounted cash flow analysis from applicable yield curves based on observable market inputs to estimate fair value.
FAIR VALUE OF FINANCIAL INSTRUMENTSWe categorize our derivative instruments measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement.
Level 1Level 1 includes derivatives measured at fair value based on unadjusted quoted prices for identical assets and liabilities in active markets that are accessible at the measurement date. An active market for a derivative is considered to be a market where transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 instruments consist primarily of exchange-traded derivatives used to mitigate the risk of crude oil price fluctuations.
					25

Level 2Level 2 includes derivative valuations determined using directly or indirectly observable inputs other than quoted prices included within Level 1. Derivatives in this category are valued using models or other industry standard valuation techniques derived from observable market data. Such valuation techniques include inputs such as quoted forward prices, time value, volatility factors and broker quotes that can be observed or corroborated in the market for the entire duration of the derivative. Derivatives valued using Level 2 inputs include non-exchange traded derivatives such as over-the-counter foreign exchange forward and cross currency swap contracts, interest rate swaps, physical forward commodity contracts, as wel as commodity swaps and options for which observable inputs can be obtained.
We have also categorized the fair value of our available-for-sale preferred share investment and long-term debt as Level 2. The fair value of our available-for-sale preferred share investment is based on the redemption value, which equals the face value plus accrued and unpaid interest periodical y reset based on market interest rates. The fair value of our long-term debt is based on quoted market prices for instruments of similar yield, credit risk and tenor.
Level 3Level 3 includes derivative valuations based on inputs which are less observable, unavailable or where the observable data does not support a significant portion of the derivatives’ fair value. General y, Level 3 derivatives are longer dated transactions, occur in less active markets, occur at locations where pricing information is not available or have no binding broker quote to support Level 2 classification. We have developed methodologies, benchmarked against industry standards, to determine fair value for these derivatives based on extrapolation of observable future prices and rates. Derivatives valued using Level 3 inputs primarily include long-dated derivative power, NGL and natural gas contracts, basis swaps, commodity swaps, and power and energy swaps. We do not have any other financial instruments categorized in Level 3.
We use the most observable inputs available to estimate the fair value of our derivatives. When possible, we estimate the fair value of our derivatives based on quoted market prices. If quoted market prices are not available, we use estimates from third party brokers. For non-exchange traded derivatives classified in Levels 2 and 3, we use standard valuation techniques to calculate the estimated fair value. These methods include discounted cash flows for forwards and swaps and Black-Scholes-Merton pricing models for options. Depending on the type of derivative and nature of the underlying risk, we use observable market prices (interest, foreign exchange, commodity and share price) as primary inputs to these valuation techniques. Final y, we consider our own credit default swap spread as wel as the credit default swap spreads associated with our counterparties in our estimation of fair value.
	26

We have categorized our derivative assets and liabilities measured at fair value as fol ows:
				Total Gross
				Derivative
September 30, 2021	Level 1	Level 2	Level 3	Instruments
(mil ions of Canadian dol ars)
Financial assets
Current derivative assets
					Foreign exchange contracts		—	225		—		225
					Commodity contracts		129	150	41			320
					Other contracts		—	8	—		8
							129	383	41			553
Long-term derivative assets
					Foreign exchange contracts		—	248		—		248
					Interest rate contracts		—	168		—		168
					Commodity contracts		32	46		5		83
					Other contracts		—	3	—		3
							32	465		5		502
Financial liabilities
Current derivative liabilities
					Foreign exchange contracts		—	(261)		—		(261)
					Interest rate contracts		—	(35)		—		(35)
					Commodity contracts		(149)	(200)	(200)			(549)
							(149)	(496)	(200)			(845)
Long-term derivative liabilities
					Foreign exchange contracts		—	(499)		—		(499)
					Interest rate contracts		—	(138)		—		(138)
					Commodity contracts		(35)	(34)	(80)			(149)
							(35)	(671)	(80)			(786)
Total net financial assets/(liabilities)
					Foreign exchange contracts		—	(287)		—		(287)
					Interest rate contracts		—	(5)	—		(5)
					Commodity contracts		(23)	(38)	(234)			(295)
					Other contracts		—	11		—		11
							(23)	(319)	(234)			(576)
						27

				Total Gross
				Derivative
December 31, 2020	Level 1	Level 2	Level 3	Instruments
(mil ions of Canadian dol ars)
Financial assets
Current derivative assets
Foreign exchange contracts						—	180		—			180
Commodity contracts						43	33	67				143
						43	213	67				323
Long-term derivative assets
Foreign exchange contracts						—	466		—			466
Interest rate contracts						—	56		—			56
Commodity contracts						1	24	14				39
						1	546	14				561
Financial liabilities
Current derivative liabilities
Foreign exchange contracts						—	(185)		—			(185)
Interest rate contracts						—	(425)		—			(425)
Commodity contracts						(39)	(18)	(223)				(280)
Other contracts						—	(4)	—			(4)
						(39)	(632)	(223)				(894)
Long-term derivative liabilities
Foreign exchange contracts						—	(760)		—			(760)
Interest rate contracts						—	(241)		—			(241)
Commodity contracts						(1)	(8)	(49)				(58)
						(1)	(1,009)	(49)						(1,059)
Total net financial assets/(liabilities)
Foreign exchange contracts						—	(299)		—			(299)
Interest rate contracts						—	(610)		—			(610)
Commodity contracts						4	31	(191)				(156)
Other contracts						—	(4)	—			(4)
						4	(882)	(191)						(1,069)
The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments were as fol ows:
							Fair	Unobservable	Minimum	Maximum	Weighted				Unit of
September 30, 2021							Value	Input	Price	Price	Average Price	Measurement
(fair value in mil ions of Canadian dol ars)Commodity contracts - financial1
Natural gas							(20)	Forward gas price	3.34	9.66	4.95	$/mmbtu2
Crude								(2)		Forward crude price	68.14	94.91	81.51				$/barrel
NGL								—		Forward NGL price	$/gallon
Power							(65)		Forward power price	37.91	128.70	76.20				$/MW/H
Commodity contracts - physical1
Natural gas							(94)	Forward gas price	2.86	9.85	6.30	$/mmbtu2
Crude							(53)		Forward crude price	75.66	96.75	90.70				$/barrel
NGL								—		Forward NGL price	—	—	—	$/gallon
							(234)
1 Financial and physical forward commodity contracts are valued using a market approach valuation technique.2 One mil ion British thermal units (mmbtu).

					28

If adjusted, the significant unobservable inputs disclosed in the table above would have a direct impact on the fair value of our Level 3 derivative instruments. The significant unobservable inputs used in the fair value measurement of Level 3 derivative instruments include forward commodity prices. Changes in forward commodity prices could result in significantly different fair values for our Level 3 derivatives.
Changes in net fair value of derivative assets and liabilities classified as Level 3 in the fair value hierarchy were as fol ows:
	Nine months ended
	September 30,
	2021	2020
(mil ions of Canadian dol ars)
Level 3 net derivative liability at beginning of period		(191)	(69)
Total gain/(loss)
Included in earnings1		(181)	(40)
Included in OCI			(29)	7
Settlements			167	38
Level 3 net derivative liability at end of period		(234)	(64)
1 Reported within Transportation and other services revenues, Commodity costs and Operating and administrative expense in the
Consolidated Statements of Earnings.
There were no transfers into or out of Level 3 as at September 30, 2021 or December 31, 2020.
NET INVESTMENT HEDGESWe currently have designated a portion of our US dol ar denominated debt, as wel as a portfolio of foreign exchange forward contracts in prior periods, as a hedge of our net investment in US dol ar denominated investments and subsidiaries.
During the nine months ended September 30, 2021 and 2020, we recognized an unrealized foreign exchange gain of $18 mil ion and a loss of $226 mil ion, respectively, on the translation of US dol ar denominated debt and unrealized gain of nil and $13 mil ion, respectively, on the change in fair value of our outstanding foreign exchange forward contracts in OCI. During the nine months ended September 30, 2021 and 2020, we recognized realized losses of nil and $15 mil ion, respectively, in OCI associated with the settlement of foreign exchange forward contracts or with the settlement of US dol ar denominated debt that had matured during the period.
FAIR VALUE OF OTHER FINANCIAL INSTRUMENTSCertain long-term investments in other entities with no actively quoted prices are classified as Fair Value Measurement Alternative (FVMA) investments and are recorded at cost less impairment. The carrying value of FVMA investments totaled $52 mil ion as at September 30, 2021 and December 31, 2020.
We have Restricted long-term investments held in trust totaling $575 mil ion and $553 mil ion as at September 30, 2021 and December 31, 2020, respectively, which are recognized at fair value.
During the nine months ended September 30, 2021, we entered into a definitive agreement to sel our 38.9% noncontrol ing interest in Noverco, which is comprised of both common shares and preferred shares. Historical y, the preferred shares have been classified as held-to-maturity and carried at amortized cost. As a result of our intent to sel our interest in Noverco, the preferred shares were reclassified from held-to-maturity to available-for-sale at fair value during the second quarter of 2021. The fair value of the preferred shares was $580 mil ion and $567 mil ion as at September 30, 2021 and December 31, 2020, respectively. There were no gains or losses recognized in OCI on reclassification.
				29

As at September 30, 2021 and December 31, 2020, our long-term debt had a carrying value of $70.0 bil ion and $66.1 bil ion, respectively, before debt issuance costs and a fair value of $76.5 bil ion and $75.1 bil ion, respectively. We also have non-current notes receivable carried at book value and recorded in Deferred amounts and other assets in the Consolidated Statements of Financial Position. As at September 30, 2021 and December 31, 2020, the non-current notes receivable had a carrying value of $1.0 bil ion and $1.1 bil ion, respectively, which also approximates their fair value.
The fair value of financial assets and liabilities other than derivative instruments, long-term investments, restricted long-term investments, long-term debt and non-current notes receivable described above approximate their carrying value due to the short period to maturity.
10. INCOME TAXES
The effective income tax rates for the three months ended September 30, 2021 and 2020 were 19.6% and 17.3%, respectively, and for the nine months ended September 30, 2021 and 2020 were 18.0% and 15.3%, respectively.
The period-over-period increases in the effective income tax rates are due to the effect of rate-regulated accounting for income taxes, the benefit of foreign tax rate differentials and an adjustment related to regulatory balances from prior year. The increase is partial y offset by a reduction in US minimum tax and the release of previously recognized uncertain tax positions.
11. PENSION AND OTHER POSTRETIREMENT BENEFITS
	Three months ended	Nine months ended
	September 30,	September 30,
			2021	2020	2021			2020
(mil ions of Canadian dol ars)Service cost
			48	50		144	150
Interest cost			32	44		96	131
Expected return on plan assets			(84)	(90)	(252)			(270)
Amortization of actuarial loss and prior service costs			14	9		42	28
Net periodic benefit costs			10	13		30	39
For the three and nine months ended September 30, 2020, we incurred nil and $236 mil ion in severance costs related to our voluntary workforce reduction program. For the three and nine months ended September 30, 2021, there were no such costs incurred. Severance costs are included in Operating and administrative expense in the Consolidated Statements of Earnings.
12. CONTINGENCIES We and our subsidiaries are involved in various legal and regulatory actions and proceedings which arise in the normal course of business, including interventions in regulatory proceedings and chal enges to regulatory approvals and permits. While the final outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolution of such actions and proceedings wil not have a material impact on our interim consolidated financial position or results of operations.
TAX MATTERSWe and our subsidiaries maintain tax liabilities related to uncertain tax positions. While ful y supportable in our view, these tax positions, if chal enged by tax authorities, may not be ful y sustained on review.
							30

13. SUBSEQUENT EVENT
On October 12, 2021, through a whol y-owned US subsidiary, we acquired al of the outstanding membership interests in Moda Midstream Operating, LLC (Moda) for US$3 bil ion of cash plus contingent consideration dependent on performance of the assets (the Acquisition). The Acquisition is also subject to customary closing and working capital adjustments. Moda owns and operates a light crude export platform with very large crude carrier capability. The Acquisition aligns with and advances our US Gulf Coast export strategy and enables connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins.
We wil account for the Acquisition using the acquisition method as prescribed by ASC 805 Business Combinations. The acquired assets and assumed liabilities wil be recorded at their estimated fair values as at the date of acquisition, with any remaining amount al ocated to goodwil . Due to the proximity of the acquisition date to the release date of our interim consolidated financial statements, we have not performed our initial accounting for the Acquisition. The preliminary purchase price al ocation wil be disclosed in the fourth quarter of 2021 after asset and liability valuations become available.
	31