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TC Energy Corp., et al. – ‘40-F’ for 12/31/23

On:  Friday, 2/16/24, at 7:12am ET   ·   For:  12/31/23   ·   Accession #:  1232384-24-15   ·   File #s:  1-08887, 1-31690

Previous ‘40-F’:  ‘40-F’ on 2/14/23 for 12/31/22   ·   Latest ‘40-F’:  This Filing   ·   1 Reference:  By:  South Bow Corp. – ‘40FR12B’ on 4/16/24

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/16/24  TC Energy Corp.                   40-F       12/31/23  185:55M
          Transcanada Pipelines Ltd.

Annual Report by a Canadian Issuer   —   Form 40-F   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40-F        Annual Report by a Canadian Issuer                  HTML    839K 
 2: EX-13.1     Annual Information Form                             HTML    608K 
 3: EX-13.2     Management's Discussion and Analysis                HTML   2.05M 
 4: EX-13.3     Annual Financial Statements                         HTML   3.46M 
 5: EX-23.1     Consent of Independent Registered Public            HTML     48K 
                Accounting Firm                                                  
10: EX-97.1     Incentive Compensation Recoupment and Holdback      HTML     60K 
                Policy                                                           
11: EX-99.1     Code of Business Ethics Policy, as Amended          HTML    141K 
 6: EX-31.1     CEO Certificate Pursuant to Section 302             HTML     56K 
 7: EX-31.2     CFO Certificate Pursuant to Section 302             HTML     56K 
 8: EX-32.1     CEO Certificate Pursuant to Section 906             HTML     50K 
 9: EX-32.2     CFO Certificate Pursuant to Section 906             HTML     50K 
17: R1          Cover Page                                          HTML    116K 
18: R2          Audit Information                                   HTML     52K 
19: R3          Consolidated statement of income                    HTML    176K 
20: R4          Consolidated statement of comprehensive income      HTML    102K 
21: R5          Consolidated statement of cash flows                HTML    163K 
22: R6          Consolidated balance sheet                          HTML    177K 
23: R7          Consolidated balance sheet (Parenthetical)          HTML     52K 
24: R8          Consolidated statement of equity                    HTML    141K 
25: R9          Description of Tc Energy's Business                 HTML     52K 
26: R10         Accounting Policies                                 HTML    122K 
27: R11         Accounting Changes                                  HTML     60K 
28: R12         Spinoff of Liquids Pipelines Business               HTML     50K 
29: R13         Segmented Information                               HTML    297K 
30: R14         Revenues                                            HTML    135K 
31: R15         Keystone Xl                                         HTML     71K 
32: R16         Coastal Gaslink                                     HTML    152K 
33: R17         Other Current Assets                                HTML     62K 
34: R18         Plant, Property and Equipment                       HTML    244K 
35: R19         Leases                                              HTML    244K 
36: R20         Equity Investments                                  HTML    152K 
37: R21         Loans Receivable From Affiliates                    HTML     66K 
38: R22         Rate-Regulated Businesses                           HTML    103K 
39: R23         Goodwill                                            HTML     77K 
40: R24         Other Long-Term Assets                              HTML     59K 
41: R25         Notes Payable                                       HTML     83K 
42: R26         Accounts Payable and Other                          HTML     61K 
43: R27         Other Long-Term Liabilities                         HTML     57K 
44: R28         Income Taxes                                        HTML    142K 
45: R29         Long-Term Debt                                      HTML    278K 
46: R30         Junior Subordinated Notes                           HTML     88K 
47: R31         Foreign Exchange (Gains) Losses, Net                HTML     57K 
48: R32         Non-Controlling Interests                           HTML     82K 
49: R33         Common Shares                                       HTML    103K 
50: R34         Preferred Shares                                    HTML    101K 
51: R35         Other Comprehensive Income(Loss) and Accumulated    HTML    170K 
                Other Comprehensive Income(Loss)                                 
52: R36         Employee Post-Retirement Benefits                   HTML    369K 
53: R37         Risk Management and Financial Instruments           HTML    399K 
54: R38         Changes in Operating Working Capital                HTML     60K 
55: R39         Acquisitions and Dispositions                       HTML     51K 
56: R40         Commitments, Contingencies and Guarantees           HTML     77K 
57: R41         Variable Interest Entities                          HTML     89K 
58: R42         Subsequent Event                                    HTML     48K 
59: R43         Accounting Policies (Policies)                      HTML    205K 
60: R44         Segmented Information (Tables)                      HTML    299K 
61: R45         Revenues (Tables)                                   HTML    130K 
62: R46         Keystone Xl (Tables)                                HTML     65K 
63: R47         Coastal Gaslink (Tables)                            HTML     57K 
64: R48         Other Current Assets (Tables)                       HTML     62K 
65: R49         Plant, Property and Equipment (Tables)              HTML    244K 
66: R50         Leases (Tables)                                     HTML    113K 
67: R51         Equity Investments (Tables)                         HTML    135K 
68: R52         Loans Receivable From Affiliates (Tables)           HTML     62K 
69: R53         Rate-Regulated Businesses (Tables)                  HTML     89K 
70: R54         Goodwill (Tables)                                   HTML     73K 
71: R55         Other Long-Term Assets (Tables)                     HTML     59K 
72: R56         Notes Payable (Tables)                              HTML     85K 
73: R57         Accounts Payable and Other (Tables)                 HTML     60K 
74: R58         Other Long-Term Liabilities (Tables)                HTML     57K 
75: R59         Income Taxes (Tables)                               HTML    142K 
76: R60         Long-Term Debt (Tables)                             HTML    286K 
77: R61         Junior Subordinated Notes (Tables)                  HTML     84K 
78: R62         Foreign Exchange (Gains) Losses, Net (Tables)       HTML     55K 
79: R63         Non-Controlling Interests (Tables)                  HTML     78K 
80: R64         Common Shares (Tables)                              HTML    106K 
81: R65         Preferred Shares (Tables)                           HTML    102K 
82: R66         Other Comprehensive Income(Loss) and Accumulated    HTML    174K 
                Other Comprehensive Income(Loss) (Tables)                        
83: R67         Employee Post-Retirement Benefits (Tables)          HTML    386K 
84: R68         Risk Management and Financial Instruments (Tables)  HTML    437K 
85: R69         Changes in Operating Working Capital (Tables)       HTML     60K 
86: R70         Commitments, Contingencies and Guarantees (Tables)  HTML     64K 
87: R71         Variable Interest Entities (Tables)                 HTML     90K 
88: R72         Description of Tc Energy's Business (Details)       HTML     73K 
89: R73         Accounting Policies (Details)                       HTML     69K 
90: R74         Spinoff of Liquids Pipelines Business (Details)     HTML     50K 
91: R75         SEGMENTED INFORMATION - Schedule of Segment         HTML    232K 
                Reporting Information, by Segment (Details)                      
92: R76         SEGMENTED INFORMATION - Revenue from External       HTML     63K 
                Customers by Geographic Areas (Details)                          
93: R77         SEGMENTED INFORMATION - Schedule of Long-Lived      HTML     55K 
                Assets by Country (Details)                                      
94: R78         REVENUES - Disaggregation of Revenues (Details)     HTML    119K 
95: R79         REVENUES - Contract Balances (Details)              HTML     61K 
96: R80         REVENUES - Remaining Performance Obligations -      HTML     53K 
                Narrative (Details)                                              
97: R81         KEYSTONE XL - Narrative (Details)                   HTML    137K 
98: R82         KEYSTONE XL - Impairment of Long-Lived Assets Held  HTML    101K 
                and Used (Details)                                               
99: R83         COASTAL GASLINK - Narrative (Details)               HTML     84K 
100: R84         COASTAL GASLINK - Changes in Loan Balances          HTML     60K  
                (Details)                                                        
101: R85         Other Current Assets (Details)                      HTML     73K  
102: R86         Plant, Property and Equipment (Details)             HTML    191K  
103: R87         Leases - (Lessee) Narrative (Details)               HTML     60K  
104: R88         Leases - (Lessee) Operating Lease Cost and Other    HTML     62K  
                Information (Details)                                            
105: R89         Leases - (Lessee) Maturities of Operating Lease     HTML     74K  
                Liabilities (Details)                                            
106: R90         Leases - (Lessor) Narrative (Details)               HTML     54K  
107: R91         Leases - (Lessor) Future Lease Payments to be       HTML     57K  
                Received Under Operating Leases (Details)                        
108: R92         Leases - Sale Type Leases Narrative (Details)       HTML     56K  
109: R93         LEASES - Component of Aggregate Investment in       HTML     66K  
                Leases (Details)                                                 
110: R94         LEASES - Sales-Type Leases (Details)                HTML     62K  
111: R95         EQUITY INVESTMENTS - Ownership Information of       HTML    107K  
                Equity Investments (Details)                                     
112: R96         EQUITY INVESTMENTS - Narrative (Details)            HTML     65K  
113: R97         EQUITY INVESTMENTS - Schedule of Distribution       HTML     62K  
                Received and Contribution Paid (Details)                         
114: R98         EQUITY INVESTMENTS - Summarized Financial           HTML    109K  
                Information of Equity Investments (Details)                      
115: R99         EQUITY INVESTMENTS - Interest income and foreign    HTML     48K  
                exchange impact (Details)                                        
116: R100        LOANS RECEIVABLE FROM AFFILIATES - Narrative        HTML     83K  
                (Details)                                                        
117: R101        LOANS RECEIVABLE FROM AFFILIATES - Schedule of      HTML     60K  
                Loan Receivable Interest Income and Foreign                      
                Exchange Impact (Details)                                        
118: R102        RATE-REGULATED BUSINESSES - Narrative (Details)     HTML     61K  
119: R103        RATE-REGULATED BUSINESSES - Assets and Liabilities  HTML    115K  
                (Details)                                                        
120: R104        GOODWILL - Acquisitions (Details)                   HTML     71K  
121: R105        GOODWILL - Narrative (Details)                      HTML     69K  
122: R106        OTHER LONG-TERM ASSETS - Summary (Details)          HTML     66K  
123: R107        Notes Payable (Details)                             HTML     97K  
124: R108        ACCOUNTS PAYABLE AND OTHER - Schedule of Accounts   HTML     66K  
                Payable and Other (Details)                                      
125: R109        ACCOUNTS PAYABLE AND OTHER - Narratives (Details)   HTML     71K  
126: R110        Other Long-Term Liabilities (Details)               HTML     62K  
127: R111        INCOME TAXES - Geographic Components of             HTML     56K  
                Income/(Loss) (Details)                                          
128: R112        INCOME TAXES - Provision (Details)                  HTML     67K  
129: R113        INCOME TAXES - Reconciliation of Income Tax         HTML     84K  
                Expense (Details)                                                
130: R114        INCOME TAXES - Deferred Assets and Liabilities      HTML     88K  
                (Details)                                                        
131: R115        INCOME TAXES - Narrative (Details)                  HTML     93K  
132: R116        INCOME TAXES - Reconciliation of Unrecognized Tax   HTML     58K  
                Benefit (Details)                                                
133: R117        LONG-TERM DEBT - Amounts Outstanding and Principal  HTML    157K  
                Repayments (Details)                                             
134: R118        LONG-TERM DEBT - Issued (Details)                   HTML    260K  
135: R119        LONG-TERM DEBT - Retired/Repaid (Details)           HTML    190K  
136: R120        LONG-TERM DEBT - Interest Expense (Details)         HTML     67K  
137: R121        Junior Subordinated Notes (Details)                 HTML    160K  
138: R122        Foreign Exchange (Gains) Losses, Net (Details)      HTML     54K  
139: R123        NON-CONTROLLING INTERESTS - Narrative (Details)     HTML    105K  
140: R124        NON-CONTROLLING INTERESTS - Business Acquisition    HTML     69K  
                and its Effect on the Balance Sheet (Details)                    
141: R125        NON-CONTROLLING INTERESTS - Schedule of             HTML     78K  
                Non-controlling Interests (Details)                              
142: R126        COMMON SHARES - Reconciliation and Weighted         HTML     85K  
                Average Common Shares Outstanding (Details)                      
143: R127        COMMON SHARES - Common Shares Issued Under Public   HTML     58K  
                Offering (Details)                                               
144: R128        COMMON SHARES - Dividend Reinvestment and Share     HTML     50K  
                Purchase Plan (Details)                                          
145: R129        COMMON SHARES - Acquisition of TC Pipelines, LP     HTML     58K  
                (Details)                                                        
146: R130        COMMON SHARES - Weighted Average Common Shares      HTML     59K  
                Outstanding (Details)                                            
147: R131        COMMON SHARES - Options (Details)                   HTML     87K  
148: R132        COMMON SHARES - Stock Options Assumptions Used      HTML     65K  
                (Details)                                                        
149: R133        COMMON SHARES - Summary of Additional Stock         HTML     58K  
                Options Information (Details)                                    
150: R134        COMMON SHARES - Shareholder Rights Plan (Details)   HTML     48K  
151: R135        PREFERRED SHARES - Schedule of Preferred Shares     HTML    147K  
                (Details)                                                        
152: R136        Preferred Shares (Details)                          HTML     94K  
153: R137        Other Comprehensive Income(Loss) and Accumulated    HTML    105K  
                Other Comprehensive Income(LOSS) - Components                    
                (Details)                                                        
154: R138        Other Comprehensive Income(Loss) and Accumulated    HTML    107K  
                Other Comprehensive Income(LOSS) - Reconciliation                
                (Details)                                                        
155: R139        Other Comprehensive Income(Loss) and Accumulated    HTML    102K  
                Other Comprehensive Income(LOSS) -                               
                Reclassifications (Details)                                      
156: R140        EMPLOYEE POST-RETIREMENT BENEFITS - Cash Payments,  HTML    170K  
                Changes and Balance Sheet Presentation (Details)                 
157: R141        EMPLOYEE POST-RETIREMENT BENEFITS - Obligations,    HTML    103K  
                Fair Value and Weighted Average Assets (Details)                 
158: R142        EMPLOYEE POST-RETIREMENT BENEFITS - Measured at     HTML    197K  
                Fair Value (Details)                                             
159: R143        EMPLOYEE POST-RETIREMENT BENEFITS - Net Change in   HTML     58K  
                Level III Fair Value (Details)                                   
160: R144        EMPLOYEE POST-RETIREMENT BENEFITS - Savings,        HTML    154K  
                Payments, Future Benefits and Assumptions                        
                (Details)                                                        
161: R145        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     65K  
                Derivatives Designated as a Net Investment Hedge                 
                (Details)                                                        
162: R146        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - U.S.    HTML     55K  
                Dollar-Denominated Debt Designated as Net                        
                Investment Hedges (Details)                                      
163: R147        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     60K  
                Counterparty Credit Risk (Details)                               
164: R148        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Fair    HTML     71K  
                Value of Non-Derivative Financial Instruments                    
                (Details)                                                        
165: R149        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML    178K  
                Available for Sale and Balance Sheet Presentation                
                (Details)                                                        
166: R150        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     58K  
                Derivatives in Fair Value Hedging Relationships                  
                (Details)                                                        
167: R151        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     79K  
                Notional and Maturity Summary (Details)                          
168: R152        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     64K  
                Unrealized and Realized (Losses) / Gains on                      
                Derivative Instruments (Details)                                 
169: R153        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     55K  
                Derivatives in Cash Flow Hedging Relationships                   
                (Details)                                                        
170: R154        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Effect  HTML     60K  
                of Fair Value and Cash Flow Hedging Relationships                
                (Details)                                                        
171: R155        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML     94K  
                Offsetting of Derivative Instruments (Details)                   
172: R156        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS -         HTML    208K  
                Derivative Assets and Liabilities Measured on a                  
                Recurring Basis (Details)                                        
173: R157        RISK MANAGEMENT AND FINANCIAL INSTRUMENTS - Net     HTML     68K  
                Change in Fair Value of Derivative Assets and                    
                Liabilities Classified as Level III (Details)                    
174: R158        Changes in Operating Working Capital (Details)      HTML     59K  
175: R159        Acquisitions and Dispositions (Details)             HTML     94K  
176: R160        COMMITMENTS, CONTINGENCIES AND GUARANTEES -         HTML     86K  
                Narrative (Details)                                              
177: R161        COMMITMENTS, CONTINGENCIES AND GUARANTEES -         HTML     60K  
                Guarantees (Details)                                             
178: R162        VARIABLE INTEREST ENTITIES - Narrative (Details)    HTML     59K  
179: R163        VARIABLE INTEREST ENTITIES - Assets and             HTML    127K  
                Liabilities of Variable Interest Entities                        
                (Details)                                                        
180: R164        VARIABLE INTEREST ENTITIES - Carrying Value of      HTML     84K  
                Non-consolidated VIEs and Maximum Exposure                       
                (Details)                                                        
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‘40-F’   —   Annual Report by a Canadian Issuer


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U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form  i 40-F
 i REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 i ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended  i  i  i December 31 / , 2023 / 
 i TC ENERGY CORPORATION
(Commission File Number  i 1-31690)

 i TRANSCANADA PIPELINES LIMITED
(Commission File Number  i 1-8887)
(Exact name of Registrant as specified in its charter)
 i Canada
(Province or other jurisdiction of incorporation or organization)
 i 4922, 4923, 4924, 5172
(Primary Standard Industrial Classification Code Number (if applicable))
Not Applicable
(TC Energy Corporation)
(I.R.S. Employer Identification Number (if applicable))
 i 52-2179728
(TransCanada PipeLines Limited)
(I.R.S. Employer Identification Number (if applicable))
 i TC Energy Tower, 450 - 1 Street S.W.
 i Calgary,  i Alberta,  i Canada,  i T2P 5H1
( i 403 i 920-2000
(Address and telephone number of Registrant's principal executive offices)
 i TransCanada PipeLine USA Ltd.,  i 700 Louisiana Street,  i Suite 700
 i Houston,  i Texas,  i 77002-2700; ( i 832 i 320-5201
(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
 i Common Shares (including Rights under Shareholder Rights Plan) of TC Energy Corporation i TRP i New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section  i 15(d) of the Act:
Debt Securities of TransCanada PipeLines Limited

For annual reports, indicate by check mark the information filed with this Form:
 i 
Annual information form
 i 
Audited annual financial statements
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the Annual report.
At December 31, 2023,  i 1,037,487,829 common shares;
14,577,184 Cumulative Redeemable First Preferred Shares, Series 1;
7,422,816 Cumulative Redeemable First Preferred Shares, Series 2;
9,997,177 Cumulative Redeemable First Preferred Shares, Series 3;
4,002,823 Cumulative Redeemable First Preferred Shares, Series 4;
12,070,593 Cumulative Redeemable First Preferred Shares, Series 5;
1,929,407 Cumulative Redeemable First Preferred Shares Series 6;
24,000,000 Cumulative Redeemable First Preferred Shares Series 7;
18,000,000 Cumulative Redeemable First Preferred Shares Series 9; and
10,000,000 Cumulative Redeemable First Preferred Shares, Series 11
of TC Energy Corporation were issued and outstanding.

At December 31, 2023,  i 992,720,977 common shares of TransCanada PipeLines Limited,
which were all owned by TC Energy Corporation, were issued and outstanding.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  i Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  i Yes ☒    No ☐

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company  i 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

†The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  i 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  i 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐






The documents (or portions thereof) forming part of this Form 40-F are incorporated by reference into the following registration statements under the Securities Act of 1933, as amended:
FormRegistration No.
S-8333-5916
S-8333-8470
S-8333-9130
S-8333-151736
S-8333-184074
S-8333-227114
S-8333-237979
F-333-13564
F-3333-6132
F-10333-208585
F-10333-250988
F-10333-252123
F-10333-267323
F-10333-276558


EXPLANATORY NOTE
TransCanada PipeLines Limited (“TransCanada PipeLines”) is a wholly owned subsidiary of TC Energy Corporation (“TC Energy”). As of the date of filing of this Form 40-F, TransCanada PipeLines is relying on the continuous disclosure documents filed by TC Energy pursuant to an exemption from the requirements of National Instrument 51-102 - Continuous Disclosure Obligations and as provided in the decision of the Alberta Securities Commission and the Ontario Securities Commission in Re TransCanada Corporation, 2019 ABASC 1, issued on January 3, 2019. Consistent with the exemptive relief, information contained in this Form 40-F is that provided by TC Energy except as indicated below.



AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND
MANAGEMENT'S DISCUSSION & ANALYSIS
Except sections specifically referenced below which shall be deemed incorporated by reference herein and filed, no other portion of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements to shareholders, except as otherwise specifically incorporated by reference in the TC Energy Annual information form, shall be deemed filed with the U.S. Securities and Exchange Commission (the "Commission") as part of this report under the Exchange Act.
A.    Audited Consolidated Financial Statements
For audited consolidated financial statements, including the auditors' report, see pages 135 through 225 of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements included herein.
B.    Management's Discussion and Analysis
For management's discussion and analysis, see pages 9 through 134 of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements included herein under the heading "Management's discussion and analysis".
C.    Management's Report on Internal Control over Financial Reporting
For management's report on internal control over financial reporting, see "Management's Report on Internal Control over Financial Reporting" that accompanies the audited consolidated financial statements on page 135 of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements included herein.
UNDERTAKING
Each Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING
For information on disclosure controls and procedures and management's annual report on internal control over financial reporting, see "Other information - Controls and Procedures" on page 115 of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements.
AUDIT COMMITTEE FINANCIAL EXPERT
Each Registrant's Board of Directors has determined that it has at least one audit committee financial expert serving on its Audit committee. Ms. Una Power has been designated as an audit committee financial expert and is independent, as that term is defined by the New York Stock Exchange's listing standards applicable to each Registrant. The Commission has indicated that the designation of Ms. Power as an audit committee financial expert does not make Ms. Power an "expert" for any purpose, impose any duties, obligations or liability on Ms. Power that is greater than those imposed on members of the Audit committee and Board of Directors who do not carry this designation or affect the duties, obligations or liability of any other member of the Audit committee.
CODE OF ETHICS
The Registrants have adopted a code of business ethics ("Code") for their directors, officers, employees and contractors. In 2023, the Code was updated with amendments to include the addition of a designated human rights section to capture the UN Global Compact Principles, linking human rights to TC Energy's Commitment Statement, and context regarding company training courses that support human rights awareness. Other minor amendments included additional clarifications regarding conducting outside business activities outside of company work hours and prohibited disclosures of confidential market moving information.
The Registrants' Code is available on TC Energy's website at www.tcenergy.com and any person can obtain the Code without charge upon request from the Corporate Secretary of TC Energy. No waivers have been granted from any provision of the Code during the 2023 fiscal year.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Our independent registered public accounting firm is  i KPMG LLP,  i Calgary, AB, Canada, Auditor Firm ID:  i 85. For information on principal accountant fees and services, see "Audit committee - Pre-approval Policies and Procedures" and "Audit committee - External Auditor Service Fees" on page 35 of the TC Energy 2023 Annual information form.
OFF-BALANCE SHEET ARRANGEMENTS
The Registrants have no off-balance sheet arrangements, as defined in this Form, other than the guarantees and commitments described in Note 32 of the Notes to the audited consolidated financial statements attached to this Form 40-F and incorporated herein by reference.



DISCLOSURE OF CONTRACTUAL OBLIGATIONS
For information on disclosure of contractual obligations, see "Financial Condition - Contractual obligations" in Management's discussion and analysis on page 96 of the TC Energy 2023 Management's discussion and analysis and audited consolidated financial statements.
IDENTIFICATION OF THE AUDIT COMMITTEE
Each Registrant has a separately-designated standing Audit committee. The members of the Audit committee as of February 15, 2024 (unless otherwise indicated) are:
Chair:
Members:
U. Power
C.F. Campbell
M.R. Culbert
W.D. Johnson
S.C. Jones
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not Applicable.
FORWARD-LOOKING INFORMATION
We disclose forward-looking information to help the reader understand management's assessment of our future plans and financial outlook, and our future prospects overall.
Statements that are forward looking are based on certain assumptions and on what we know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate or other similar words.
Forward-looking statements included or incorporated by reference in this document include information about the following, among other things:
our financial and operational performance, including the performance of our subsidiaries
expectations about strategies and goals for growth and expansion, including acquisitions
expected cash flows and future financing options available along with portfolio management
expectations about the new Liquids Pipelines Company, South Bow Corporation, following the anticipated completion of the proposed spinoff transaction of our Liquids Pipelines business into a separate publicly listed company, including the management and credit ratings thereof
expectations regarding the size, structure, timing, conditions and outcome of ongoing and future transactions, including the proposed spinoff transaction and our asset divestiture program
expected dividend growth
expected access to and cost of capital
expected energy demand levels
expected costs and schedules for planned projects, including projects under construction and in development
expected capital expenditures, contractual obligations, commitments and contingent liabilities, including environmental remediation costs
expected regulatory processes and outcomes
statements related to our GHG emissions reduction goals
expected outcomes with respect to legal proceedings, including arbitration and insurance claims
expected impact of future tax and accounting changes
commitments and targets contained in our Report on Sustainability and GHG Emissions Reduction Plan
expected industry, market and economic conditions, including their impact on our customers and suppliers.



Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to our business or events that happen after the date of this document.
Our forward-looking information is based on the following key assumptions and subject to the following risks and uncertainties:
Assumptions
realization of expected benefits from acquisitions, divestitures, the proposed spinoff transaction and energy transition
regulatory decisions and outcomes
planned and unplanned outages and the use of our pipelines, power and storage assets
integrity and reliability of our assets
anticipated construction costs, schedules and completion dates
access to capital markets, including portfolio management
expected industry, market and economic conditions, including the impact of these on our customers and suppliers
inflation rates, commodity and labour prices
interest, tax and foreign exchange rates
nature and scope of hedging.
Risks and uncertainties
realization of expected benefits from acquisitions, divestitures, the proposed spinoff transaction and energy transition
terms, timing and completion of the proposed spinoff transaction, including the timely receipt of all necessary approvals and tax rulings
that market or other conditions are no longer favourable to completing the proposed spinoff transaction
business disruption during the period prior to or directly following the proposed spinoff transaction
our ability to successfully implement our strategic priorities, including the Focus Project, and whether they will yield the expected benefits
our ability to implement a capital allocation strategy aligned with maximizing shareholder value
operating performance of our pipelines, power generation and storage assets
amount of capacity sold and rates achieved in our pipeline businesses
amount of capacity payments and revenues from power generation assets due to plant availability
production levels within supply basins
construction and completion of capital projects
cost, availability of, and inflationary pressures on, labour, equipment and materials
availability and market prices of commodities
access to capital markets on competitive terms
interest, tax and foreign exchange rates
performance and credit risk of our counterparties
regulatory decisions and outcomes of legal proceedings, including arbitration and insurance claims
our ability to effectively anticipate and assess changes to government policies and regulations, including those related to the environment
our ability to realize the value of tangible assets and contractual recoveries
competition in the businesses in which we operate
unexpected or unusual weather
acts of civil disobedience
cybersecurity and technological developments
sustainability-related risks
impact of energy transition on our business
economic conditions in North America, as well as globally
global health crises, such as pandemics and epidemics, and the impacts related thereto.
You can read more about these factors and others in reports we have filed with Canadian securities regulators and the Commission.
As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law.



DOCUMENTS FILED AS PART OF THIS REPORT
EXHIBITS
13.1
13.2
13.3
23.1
31.1
31.2
32.1
32.2
97.1
99.1
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).




SIGNATURES
Pursuant to the requirements of the Exchange Act, each Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Calgary, Province of Alberta, Canada.
 TC ENERGY CORPORATION
TRANSCANADA PIPELINES LIMITED
(Registrants)
 By:
  
Executive Vice-President and Chief Financial Officer
Date: February 16, 2024


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘40-F’ Filing    Date    Other Filings
Filed on:2/16/246-K
2/15/24
For Period end:12/31/236-K
1/3/19
4/5/12
 List all Filings 


1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/16/24  South Bow Corp.                   40FR12B                3:35K                                    Donnelley … Solutions/FA
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