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REVENUES
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
REVENUE FROM CONTRACTS WITH CUSTOMERS
Major Products and Services
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
September 30, 2021
(millions of Canadian dollars)       
Transportation revenue2,340 1,081 128 — — — 3,549 
Storage and other revenue33 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 revenue140 1 (11)— 12 (142)— 
Total revenue2,370 1,159 687 122 7,290 (162)11,466 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Three months ended
September 30, 2020
(millions of Canadian dollars)       
Transportation revenue2,234 1,077 128 — — — 3,439 
Storage and other revenue22 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 revenue157 — 2 — 4 (163)— 
Total revenue2,773 1,162 621 126 4,596 (168)9,110 
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Nine months ended
September 30, 2021
(millions of Canadian dollars)       
Transportation revenue6,826 3,248 494 — — — 10,568 
Storage and other revenue96 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 revenue410 1 13 — 26 (450)— 
Total revenue7,616 3,501 3,463 371 20,068 (468)34,551 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Energy ServicesEliminations and OtherConsolidated
Nine months ended
September 30, 2020
(millions of Canadian dollars)       
Transportation revenue6,815 3,458 494 — — — 10,767 
Storage and other revenue72 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 revenue424 1 8 — 22 (455)— 
Total revenue7,252 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 million mark-to-market loss and $276 million mark-to-market gain, respectively. For the nine months ended September 30, 2021 and 2020, Other revenue includes a $36 million mark-to-market gain and $298 million mark-to-market loss, respectively.
2 Includes revenues from lease contracts for the three months ended September 30, 2021 and 2020 of $140 million and $144 million, respectively and for the nine months ended September 30, 2021 and 2020 of $442 million and $459 million, 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.
Contract Balances
Contract ReceivablesContract AssetsContract Liabilities
(millions of Canadian dollars)
Balance as at September 30, 20211,673 212 1,842 
Balance as at December 31, 20202,042 226 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 fulfilled (or partially fulfilled) 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 fulfilled. 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 million and $269 million, 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 million and $299 million, 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 Obligations
Total revenues from performance obligations expected to be fulfilled in future periods are $55.6 billion, of which $1.7 billion and $5.6 billion 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 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.
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 Tolling Settlement, which expired on June 30, 2021. The tolls 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 tolling pursuant to a Canada Energy Regulator decision and potential customer negotiations, the interim toll 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
Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
September 30, 2021
(millions of Canadian dollars)    
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 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Three months ended
September 30, 2020
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 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 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Nine months ended
September 30, 2021
(millions of Canadian dollars)    
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 

Liquids PipelinesGas Transmission and MidstreamGas Distribution and StorageRenewable Power Generation Consolidated
Nine months ended
September 30, 2020
(millions of Canadian dollars)
Revenues from products transferred at a point in time
— — 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.