GOODWILL

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL

	Liquids Pipelines	Gas Transmission and Midstream	Gas Distribution and Storage	Renewable Power Generation	Energy Services	Consolidated
(millions of Canadian dollars)
Balance at January 1, 2021	7,828	19,480	5,378	—	2	32,688
Foreign exchange and other	(55)	(145)	—	—	—	(200)
Acquisition3	268	—	19	—	—	287
Balance at December 31, 20211,2	8,041	19,335	5,397	—	2	32,775
Impairment	—	(2,465)	—	—	—	(2,465)
Foreign exchange and other	506	1,236	—	(4)	—	1,738
Acquisition4	—	—	—	392	—	392
Balance at December 31, 20221,2	8,547	18,106	5,397	388	2	32,440

1Gross goodwill as at December 31, 2022 and 2021 was $36.5 billion and $34.4 billion, respectively.

2Accumulated impairment as at December 31, 2022 and 2021 was $4.1 billion and $1.6 billion, respectively.

3In 2021 we recorded $268 million of goodwill related to the acquisition of Moda. Refer to Note 8 - Acquisitions and Dispositions.

4In 2022, we recorded $392 million of goodwill related to the acquisition of TGE. Refer to Note 8 - Acquisitions and Dispositions.

IMPAIRMENT

Gas Transmission

During the year ended December 31, 2022, we recorded goodwill impairment of $2.5 billion related to our Gas Transmission reporting unit. The fair value of the reporting unit, determined using a combination of discounted cash flow and earnings multiples techniques, was impacted by a rise in cost of capital and lower projected long term growth rates for our existing assets.