LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Supplemental Statements of Financial Position

Supplemental Statements of Financial Position Information

	December 31, 2024		December 31, 2023
(millions of Canadian dollars, except lease term and discount rate)
Operating leases1
Operating lease right-of-use assets, net2	785		669
Operating lease liabilities - current3	121		98
Operating lease liabilities - long-term3	738		652
Total operating lease liabilities	859		750
Finance leases
Finance lease right-of-use assets, net4	294		287
Finance lease liabilities - current5	16		19
Finance lease liabilities - long-term5	300		264
Total finance lease liabilities	316		283
Weighted average remaining lease term
Operating leases	14 years		12 years
Finance leases	31 years		31 years
Weighted average discount rate
Operating leases	4.8	%	4.5	%
Finance leases	5.8	%	5.7	%

1Affiliate ROU assets, current lease liabilities and long-term lease liabilities as at December 31, 2024 were $42 million (December 31, 2023 - $42 million), $6 million (December 31, 2023 - $5 million) and $37 million (December 31, 2023 - $38 million), respectively.

2Operating lease ROU assets are reported under Deferred amounts and other assets in the Consolidated Statements of Financial Position.

3Current operating lease liabilities and long-term operating lease liabilities are reported under Other current liabilities and Other long-term liabilities, respectively, in the Consolidated Statements of Financial Position.

4Finance lease ROU assets are reported under Property, plant and equipment, net in the Consolidated Statements of Financial Position.

5Current finance lease liabilities and long-term finance lease liabilities are reported under Current portion of long-term debt and Long-term debt in the Consolidated Statements of Financial Position.

Schedule of Lessee, Operating Lease Liability, Maturity

As at December 31, 2024, our operating and finance lease liabilities are expected to mature as follows:

	Operating leases	Finance  leases
(millions of Canadian dollars)
2025	148	31
2026	134	30
2027	123	23
2028	97	23
2029	65	22
Thereafter	685	531
Total undiscounted lease payments	1,252	660
Less imputed interest	(393)	(344)
Total	859	316

Schedule of Lessee, Finance Lease Liability, Maturity

As at December 31, 2024, our operating and finance lease liabilities are expected to mature as follows:

	Operating leases	Finance  leases
(millions of Canadian dollars)
2025	148	31
2026	134	30
2027	123	23
2028	97	23
2029	65	22
Thereafter	685	531
Total undiscounted lease payments	1,252	660
Less imputed interest	(393)	(344)
Total	859	316

Schedule of Operating Lease, Lease Income

Year ended December 31,	2024	2023	2022
(millions of Canadian dollars)
Operating lease income	229	241	266
Variable lease income	321	299	321
Total lease income1	550	540	587

1Lease income is recorded under Transportation and other services in the Consolidated Statements of Earnings.

Schedule of Lessor, Operating Lease, Payments to be Received, Maturity

As at December 31, 2024, our future lease payments to be received under operating lease contracts where we are the lessor are as follows:

	Operating leases
(millions of Canadian dollars)
2025	221
2026	202
2027	197
2028	198
2029	199
Thereafter	1,415
Future lease payments	2,432