v3.25.0.1
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, 2024December 31, 2023
(millions of Canadian dollars, except lease term and discount rate)
Operating leases1
Operating lease right-of-use assets, net2
785669
Operating lease liabilities - current3
12198
Operating lease liabilities - long-term3
738652
Total operating lease liabilities859750
Finance leases
Finance lease right-of-use assets, net4
294287
Finance lease liabilities - current5
1619
Finance lease liabilities - long-term5
300264
Total finance lease liabilities316283
Weighted average remaining lease term
Operating leases14 years12 years
Finance leases31 years31 years
Weighted average discount rate
Operating leases4.8 %4.5 %
Finance leases5.8 %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 leasesFinance
 leases
(millions of Canadian dollars)
2025148 31 
2026134 30 
2027123 23 
202897 23 
202965 22 
Thereafter685 531 
Total undiscounted lease payments1,252 660 
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 leasesFinance
 leases
(millions of Canadian dollars)
2025148 31 
2026134 30 
2027123 23 
202897 23 
202965 22 
Thereafter685 531 
Total undiscounted lease payments1,252 660 
Less imputed interest(393)(344)
Total 859 316 
Schedule of Operating Lease, Lease Income
Year ended December 31,202420232022
(millions of Canadian dollars)
Operating lease income229 241 266 
Variable lease income321 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)
2025221 
2026202 
2027197 
2028198 
2029199 
Thereafter1,415 
Future lease payments2,432