REVENUES

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Effective January 1, 2019, we renamed the Green Power and Transmission segment to Renewable Power Generation and Transmission. The presentation of the prior years' tables has been revised in order to align with the current presentation.

REVENUE FROM CONTRACTS WITH CUSTOMERS

Major Products and Services

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution		Renewable Power Generation and Transmission	Energy Services		Eliminations and Other		Consolidated
Three months ended June 30, 2019
(millions of Canadian dollars)
Transportation revenues	2,230	1,113	171		—	—		—		3,514
Storage and other revenues	25	46	52		—	—		—		123
Gas gathering and processing revenues	—	115	—		—	—		—		115
Gas distribution revenue	—	—	754		—	—		—		754
Electricity and transmission revenues	—	—	—		43	—		—		43
Commodity sales	—	3	—		—	—		—		3
Total revenue from contracts with customers	2,255	1,277	977		43	—		—		4,552
Commodity sales	—	—	—		—	8,413		—		8,413
Other revenues1,2	199	10	(3	)	94	(7	)	5		298
Intersegment revenues	115	1	3		—	12		(131	)	—
Total revenues	2,569	1,288	977		137	8,418		(126	)	13,263

	Liquids Pipelines		Gas Transmission and Midstream		Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Eliminations and Other		Consolidated
Three months ended June 30, 2018
(millions of Canadian dollars)
Transportation revenues	2,079		958		151	—	—	—		3,188
Storage and other revenues	42		51		52	—	—	—		145
Gas gathering and processing revenues	—		231		—	—	—	—		231
Gas distribution revenues	—		—		856	—	—	—		856
Electricity and transmission revenues	—		—		—	53	—	—		53
Commodity sales	—		639		—	—	—	—		639
Total revenue from contracts with customers	2,121		1,879		1,059	53	—	—		5,112
Commodity sales	—		—		—	—	5,812	—		5,812
Other revenues1, 2	(261	)	(17	)	9	96	—	(6	)	(179	)
Intersegment revenues	90		2		2	—	24	(118	)	—
Total revenues	1,950		1,864		1,070	149	5,836	(124	)	10,745

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services		Eliminations and Other		Consolidated
Six months ended June 30, 2019
(millions of Canadian dollars)
Transportation revenues	4,444	2,250	420	—	—		—		7,114
Storage and other revenues	52	99	106	—	—		—		257
Gas gathering and processing revenues	—	231	—	—	—		—		231
Gas distribution revenue	—	—	2,610	—	—		—		2,610
Electricity and transmission revenues	—	—	—	93	—		—		93
Commodity sales	—	3	—	—	—		—		3
Total revenue from contracts with customers	4,496	2,583	3,136	93	—		—		10,308
Commodity sales	—	—	—	—	15,045		—		15,045
Other revenues1,2	539	20	26	196	(1	)	(14	)	766
Intersegment revenues	192	3	6	—	47		(248	)	—
Total revenues	5,227	2,606	3,168	289	15,091		(262	)	26,119

	Liquids Pipelines		Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Eliminations and Other		Consolidated
Six months ended June 30, 2018
(millions of Canadian dollars)
Transportation revenues	4,137		1,910	390	—	—	—		6,437
Storage and other revenues	82		111	118	—	—	—		311
Gas gathering and processing revenues	—		436	—	—	—	—		436
Gas distribution revenues	—		—	2,782	—	—	—		2,782
Electricity and transmission revenues	—		—	—	110	—	—		110
Commodity sales	—		1,332	—	—	—	—		1,332
Total revenue from contracts with customers	4,219		3,789	3,290	110	—	—		11,408
Commodity sales	—		—	—	—	12,387	—		12,387
Other revenues1, 2	(530	)	8	11	196	—	(9	)	(324	)
Intersegment revenues	170		4	6	—	81	(261	)	—
Total revenues	3,859		3,801	3,307	306	12,468	(270	)	23,471

1 Includes mark-to-market gains/(losses) from our hedging program.

2 Includes revenues from lease contracts. Refer to Note 14 Leases.

We disaggregate revenues into categories which represent our principal performance obligations within each business segment because these revenues categories represent the most significant revenue streams in each segment and consequently are considered to be the most relevant revenues information for management to consider in evaluating performance.

Contract Balances

	Receivables	Contract Assets	Contract Liabilities
(millions of Canadian dollars)
Balance as at December 31, 2018	1,929	191	1,297
Balance as at June 30, 2019	1,845	191	1,275

Contract receivables represent the amount of receivables derived from contracts with customers. Contract assets represent the amount of revenues which has been recognized in advance of payments received for performance obligations we have fulfilled (or partially fulfilled) and prior to the point in time at which our right to the payment is unconditional. Amounts included in contract assets are transferred to accounts receivable when our right to the consideration becomes unconditional.

Contract liabilities represent payments received for performance obligations which have not been fulfilled. Contract liabilities primarily relate to make-up rights and deferred revenues. Revenue recognized during the three and six months ended June 30, 2019 included in contract liabilities at the beginning of the period was $38 million and $130 million, respectively. Increases in contract liabilities from cash received, net of amounts recognized as revenues during the three and six months ended June 30, 2019 were $69 million and $143 million, respectively.

Performance Obligations

There were no material revenues recognized in the three and six months ended June 30, 2019 from performance obligations satisfied in previous periods.

Revenues to be Recognized from Unfulfilled Performance Obligations

Total revenues from performance obligations expected to be fulfilled in future periods is $65.2 billion, of which $3.6 billion and $6.0 billion is expected to be recognized during the six months ending December 31, 2019, and the year ending December 31, 2020, 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 overall 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 unfulfilled performance obligations above. Variable consideration is excluded from the amounts above due to the uncertainty of the associated consideration, which is generally 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. Additionally, the effect of escalation on certain tolls which are contractually 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 tolls are periodically reset by the regulator are excluded from the amounts above since future tolls remain unknown. Finally, revenue from contracts with customers which have an original expected duration of one year or less are excluded from the amounts above.

Recognition and Measurement of Revenues

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Consolidated
Three months ended June 30, 2019
(millions of Canadian dollars)
Revenues from products transferred at a point in time1	—	3	17	—	—	20
Revenues from products and services transferred over time2	2,255	1,274	960	43	—	4,532
Total revenue from contracts with customers	2,255	1,277	977	43	—	4,552

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Consolidated
Three months ended June 30, 2018
(millions of Canadian dollars)
Revenues from products transferred at a point in time1	—	639	20	—	—	659
Revenues from products and services transferred over time2	2,121	1,240	1,039	53	—	4,453
Total revenue from contracts with customers	2,121	1,879	1,059	53	—	5,112

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Consolidated
Six months ended June 30, 2019
(millions of Canadian dollars)
Revenues from products transferred at a point in time1	—	3	34	—	—	37
Revenues from products and services transferred over time2	4,496	2,580	3,102	93	—	10,271
Total revenue from contracts with customers	4,496	2,583	3,136	93	—	10,308

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution	Renewable Power Generation and Transmission	Energy Services	Consolidated
Six months ended June 30, 2018
(millions of Canadian dollars)
Revenues from products transferred at a point in time1	—	1,332	45	—	—	1,377
Revenues from products and services transferred over time2	4,219	2,457	3,245	110	—	10,031
Total revenue from contracts with customers	4,219	3,789	3,290	110	—	11,408

1  Revenues from sales of crude oil, natural gas and NGLs.

2  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.