Annual Report of Employee Stock Plans (11-k)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 11-K

 

 

þ			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2022.

 

OR

 

¨			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

 

Commission File No. 1-31690

 

A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

TransCanada 401(k) and Savings Plan

TransCanada USA Services Inc., 700 Louisiana Street, Suite 700

Houston, Texas 77002-2700

 

 

B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

TC Energy Corporation

450 – 1 Street S.W., Calgary, Alberta, T2P 5H1, Canada

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TRANSCANADA 401(k) AND SAVINGS PLAN

TABLE OF CONTENTS 

Report of Independent Registered Public Accounting Firm			1
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2022 and 2021			2
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2022			3
Notes to Financial Statements December 31, 2022 and 2021			4
Supplemental Schedule
Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022			10
Exhibit Index
Exhibit 23.1 Consent of Independent Registered Public Accounting Firm			13
Signature			14

All other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

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Report of Independent Registered Public Accounting Firm

To the Plan Administrator, Investment Oversight Committee, and Plan participants of TransCanada 401(k) and Savings Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the TransCanada 401(k) and Savings Plan (the Plan) as of December 31, 2022 and 2021, and the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021 and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Caron & Bletzer, PLLC

We have served as the Plan’s auditor since 2016

Kingston, NH

June 21, 2023

TransCanada 401(k) and Savings Plan 1

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Statements of net assets available for benefits

December 31 (thousands of U.S. dollars)						2022						2021
Assets
Non-interest bearing cash						1						—
Investments at fair value (Note 3)						816,269						1,036,458
Notes receivable from participants						14,844						15,049
Employer contribution receivable						766						876
Other receivables (Note 4)						14						7
						831,894						1,052,390
Liabilities
Accrued management fees						48						69
Other liabilities (Note 4)						—						340
						48						409
Net Assets Available for Benefits						831,846						1,051,981

 

The accompanying notes to the financial statements are an integral part of these statements.

TransCanada 401(k) and Savings Plan 2

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Statement of changes in net assets available for benefits

Year ended December 31 (thousands of U.S. dollars)						2022
Additions
Contributions
Employee contributions						36,631
Employer contributions						34,748
Employee rollovers						9,193
						80,572
Investment Income
Net appreciation (depreciation) in fair value of investments						(205,713)
Interest and dividend income						23,252
						(182,461)
Interest on notes receivable from participants						738
Other revenue						103
Total Additions						(101,048)
Deductions
Benefits paid to participants						118,972
Administrative expenses						115
Total Deductions						119,087
Increase (Decrease) in Net Assets Available for Benefits						(220,135)
Net Assets Available for Benefits
Beginning of Year						1,051,981
End of Year						831,846

    

The accompanying notes to the financial statements are an integral part of these statements.

TransCanada 401(k) and Savings Plan 3

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Notes to financial statements

Year ended December 31, 2022 and 2021

1. Description of plan

The TransCanada 401(k) and Savings Plan (the Plan) is a defined contribution plan that provides retirement benefits for employees of TransCanada USA Services Inc. (TCUSA or the Company) or its subsidiaries not covered by a collective bargaining agreement, unless participation is required by the agreement. The Plan excludes employees hired under the Company’s student program, until they reach age 21 and have completed at least 1,000 hours of service, special project employees, non-resident persons with no income from a United States source and non-resident persons who have been non-residents for a period of 183 days or more, unless the employee remains on the Company's payroll. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

The Board of Directors of TCUSA (the Board) has appointed the TransCanada USA Investment Committee and TransCanada USA Benefits Committee as the plan administrators and fiduciaries of the Plan. The Board has also appointed Fidelity Management Trust Company (Fidelity or the Trustee) as custodian and trustee of the Plan’s assets. Fidelity Investments Institutional Operations Company serves as the record keeper for the Plan. 

Employee and Employer Contributions 

Each year participants may elect to defer up to 60 percent of their eligible compensation into the Plan on a pre-tax basis, Roth after-tax basis or a combination of both, subject certain limitations under the Internal Revenue Code of 1986, as amended (the Code). Participants may also elect to contribute up to 25 percent of their compensation as an after-tax contribution, subject to certain limitations under the Code. Participants age 50 or older who are making deferral contributions may also make catch-up contributions of up to $6,500. Subject to the Deferral Limit, eligible employees may contribute from 1 percent to 100 percent of any bonuses designated by the Company. The Company will match 100 percent of each participant’s contributions up to a maximum of the first five percent of the participant’s eligible compensation for the Plan year.

The Company will also make annual enhanced profit sharing contributions in an amount equal to seven percent of a participant’s base salary, if the participant has elected, or is deemed to have elected, not to accrue credited service under the TransCanada USA Services Inc. Retirement Plan. Collectively bargained employees may be eligible for a different match and/or enhanced profit sharing contribution as defined in their collective bargaining agreement. In 2022, the Company made enhanced contributions of $16,122,082. Participants may also contribute amounts transferred to the Plan from another qualified plan at the participant’s request (rollover).

Participant Accounts

Each participant’s account is credited with the participant’s and Company’s contributions and an allocation of Plan earnings. Earnings are allocated from a particular fund based on the ratio of a participant’s account invested in the fund to all participants’ investments in that fund. 

Participants are responsible for investment decisions relating to the investment of assets in their account. The Trustee carries out all investing transactions on behalf of the participant. In the event investment instructions are not received from the participant, contributions are allocated to the Plan's qualified default option, the Vanguard Target Retirement funds, based upon the participant's expected retirement date.

TransCanada 401(k) and Savings Plan 4

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Investment in TC Energy Corporation 

Investment options available to participants include a TC Energy Corporation (TC Energy) stock fund (the TC Energy Stock Fund). TC Energy is the indirect parent company to TCUSA. Participants may elect to invest up to 10 percent of contributions in the TC Energy Stock Fund. Participants may also elect to exchange up to 10 percent of their existing account balance into the TC Energy Stock Fund, subject to a 10 percent maximum account value. Additionally, no more than 10 percent of any rollover contribution can be invested in the TC Energy Stock Fund.

Vesting

Participants are immediately vested in their contributions, including rollovers, employer contributions and any earnings thereon. 

Notes Receivable from Participants 

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by the highest outstanding note balance in their account during the prior 12 month period or 50 percent of their vested account balance. Participants may only have two loans outstanding at any given time and may not refinance an existing loan or obtain an additional loan for the purpose of paying off an existing loan. Note terms range up to five years for general notes or up to 15 years for the purchase of a primary residence. The notes are secured by the balance in the participant’s account and bear interest at a reasonable interest rate, as determined by the Plan Administrator, based on prevailing market interest rates at the time. Interest rates remain fixed throughout the duration of the term. Interest rates on notes outstanding at December 31, 2022 ranged from 3.25 percent to 8 percent (2021 – 3.25 percent to 8.25 percent). Principal and interest are paid through payroll deductions. 

A note receivable from a participant shall be considered in default if any scheduled repayment remains unpaid as of the last business day of the calendar quarter following the calendar quarter in which the note is initially considered past due. In the event of a default or termination of employment, the entire outstanding note and accrued interest is considered to be a deemed distribution to the participant. 

Payment of Benefits 

Participants are eligible to request a distribution of their vested amounts upon retirement, death, disability, severance of employment with the Company or, in very limited circumstances, in the event of financial hardship. Participants may withdraw rollover contributions at any time. Distributions are made in the form of a lump-sum payment, installment payments or a rollover to another qualified account. 

A participant’s normal retirement age is 65; however, participants may elect to withdraw all or a portion of their contributions after the age of 59½, subject to certain conditions.  

In certain circumstances, participants may elect to withdraw all or a portion of their vested matching and profit sharing contributions that have been in their account for at least 24 months or after they have at least 60 months of participation in the Plan. 

Forfeitures 

As participants are immediately 100 percent vested in their account balance, there are no forfeitures.

Administrative Expenses 

The Plan Administrator is responsible for filing all required reports on behalf of the Plan. The Company provides or pays for certain accounting, legal and management services on behalf of the Plan. The Company has not charged the Plan for these expenses or services. Loans and other transaction-specific fees are charged to the accounts of participants electing such transaction. Certain investment-related expenses, including management fees, are deducted from the funds in which the Plan invests, including those sponsored by an affiliate of Fidelity. These expenses are presented as a reduction of investment income.

TransCanada 401(k) and Savings Plan 5

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Plan Termination

Although it has not expressed any intent to do so, with approval from the Board, TCUSA has the right under the Plan to discontinue contributions at any time and to terminate the Plan, subject to the provisions of ERISA.

2. Summary of accounting policies

Basis of Accounting 

The financial statements of the Plan are presented on an accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Amounts are stated in U.S. dollars unless otherwise indicated.

Use of Estimates 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. 

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements. 

Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. 

Net appreciation (depreciation) in fair value of investments consists of: (1) the unrealized gains or losses on investments held during the year and (2) the realized gains or losses recognized on the sale of investments during the year. Realized gains and losses from security transactions are reported on the average cost basis. 

Purchases and sales of securities are recorded on a trade-date basis.

Notes Receivable from Participants 

Notes receivable from participants includes the unpaid principal balance plus any accrued interest. Defaulted notes receivable from participants are recorded as a distribution based upon the terms of the plan document. 

Other Revenue

Certain mutual fund companies share their management fees with the Trustee. The agreement between the Trustee and the Plan includes a revenue sharing arrangement whereby the Trustee shares this revenue with the Plan. These deposits are included in the other revenue amount in the Statement of changes in net assets available for benefits. The funds can be allocated to participants. Income from revenue sharing during 2022 was $10,174, none of which was used to pay plan expenses. At December 31, 2022, $10,268 was available for allocation to participants (2021 – nil). During 2022, there were no plan expenses paid from the revenue sharing account (2021 – $78,588).

Payment of Benefits 

Benefits are recorded when paid.

TransCanada 401(k) and Savings Plan 6

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3. Investments

Participants direct the investment of their account balances into a broad range of investment securities offered by the Plan. Refer to Note 1, Description of plan, for additional information. Investment securities are exposed to various risks, such as counterparty credit risk, liquidity risk and market risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in value of these investments, it is reasonably possible that changes in the values of investment securities may occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the financial statements.

The Plan offers alternatives that may mitigate participant risks, including the opportunity to diversify investments across multiple participant-directed fund elections including active and passively managed funds covering multiple asset classes. Additionally, the investments within each participant-directed fund election are further diversified into various financial instruments, with the exception of the TC Energy Stock Fund, which invests in securities of a single issuer. 

The Plan’s exposure to credit loss in the event of nonperformance of investments is limited to the carrying value of such instruments. The Plan’s concentrations of credit risk, interest rate risk and market risk are dictated by the Plan’s provisions as well as those of ERISA and the participants’ investment preference. 

Fair Value Hierarchy 

The Plan’s financial assets and liabilities recorded at fair value have been categorized into three levels based on a fair value hierarchy. In Level I, the fair value of assets and liabilities is determined by reference to quoted prices in active markets for identical assets and liabilities. In Level II, determination of the fair value of assets and liabilities includes valuations using inputs, other than quoted prices, for which all significant inputs are observable, directly or indirectly. This category includes fair value determined using valuation techniques, such as option pricing models and extrapolation using observable inputs. In Level III, determination of the fair value of assets and liabilities is based on inputs that are not readily observable and are significant to the overall fair value measurement. There were no Level II or Level III investments or transfers between levels in 2022 or 2021. 

Interest bearing cash: Stated at cost which approximates fair value.

Common stock: Valued at the closing price reported on the New York Stock Exchange. 

Mutual funds: Valued at the daily closing price reported by the fund. Mutual funds held by the Plan are open end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value and transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Common collective trusts: Common collective trusts hold underlying investments that have prices which are derived from quoted prices in active markets. The fair value of the Plan's interest in these funds is based on the funds' daily net asset value (NAV), which is considered to be the best approximation of fair value. The funds’ underlying assets are principally short-term money market funds, marketable equities and fixed income securities. Units held in common collective trusts are valued at the unit value as reported by the investment managers as of December 31, 2022 and 2021. Participants are allowed to redeem units of common collective trusts held by the Plan on a daily basis; however, the Plan is subject to a twelve-month redemption notice period for the Mellon Stable Value Fund. There are no unfunded commitments.

The method described above for common collective trusts may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

TransCanada 401(k) and Savings Plan 7

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The following tables set forth, by level within the fair value hierarchy, the Plan’s investment assets at fair value as of December 31, 2022 and 2021. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

						Fair Value Measurements at December 31, 2022
(thousands of U.S. dollars)						Total						Level I			Level II			Level III			Other1
Interest bearing cash						1,067						1,067			—			—			—
Mutual funds						666,821						666,821			—			—			—
Common collective trusts						120,892						—			—			—			120,892
Common stock						19,770						19,770			—			—			—
TC Energy common stock						7,719						7,719			—			—			—
Total						816,269						695,377			—			—			120,892

1     Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.

						Fair Value Measurements at December 31, 2021
(thousands of U.S. dollars)						Total						Level I			Level I			Level III			Other1
Mutual funds						808,670						808,670			—			—			—
Common collective trusts						185,425						—			—			—			185,425
Common stock						33,214						33,214			—			—			—
TC Energy common stock						9,149						9,149			—			—			—
Total						1,036,458						851,033			—			—			185,425

1     Fair value is measured using net asset value as a practical expedient, and is therefore excluded from the fair value hierarchy.

4. Other receivables and other liabilities

Other receivables and liabilities consist of non-monetary balances from an investment account separately managed by Baron Capital specifically for the Plan. Baron Capital deploys the funds in U.S. mid-cap securities, which are valued at the last sale reported on the exchange in which the securities are principally traded.

5. Income taxes

The pre-approved plan document sponsor obtained an advisory opinion on June 30, 2020 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. Although the Plan was amended after receiving the opinion letter, the Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. The Plan is exempt from federal income taxes. Accordingly, no provision for federal income taxes has been made in the accompanying financial statements.

The Plan Administrator has analyzed any income tax assets and liabilities of the Plan and has concluded that as of December 31, 2022 and 2021, there are no uncertain income tax positions taken or expected to be taken that would require recognition of a liability or asset, or disclosure in the financial statements. The Plan is subject to audits by taxing jurisdictions. However, there are currently no audits in progress for any tax periods.

TransCanada 401(k) and Savings Plan 8

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6. Party-in-interest and related party transactions

Parties-in-interest are defined under Department of Labor Regulations as any fiduciary of the Plan, any party rendering service to the Plan, the Company, and certain others. Transactions resulting in Plan assets being transferred to or used by a related party are prohibited under ERISA unless a specific exemption is applied. Transactions involving the investments described below are permitted party-in-interest transactions.

Fidelity is a party-in-interest as defined by ERISA given its position as record keeper and custodian of the Plan's assets. The Plan holds units of mutual funds and common collective trusts that are managed by an affiliate of Fidelity.

TC Energy is a party-in-interest as the indirect parent of the Plan Sponsor. At December 31, 2022, Plan investments included $7,712,838 (2021 – $9,142,123) of TC Energy common stock and $6,671 (2021 – $6,676) in a stock purchase account.

7. Subsequent events

The Plan has evaluated subsequent events through the date these financial statements were issued.

TransCanada 401(k) and Savings Plan 9

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 TRANSCANADA 401(k) AND SAVINGS PLAN

 EIN #: 98-0460263

PLAN #: 001

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2022

(a)

(b) Identity of Issue, Borrower, Lessor or Similar Party

(c) Description of Investment

(d) Cost of Investment**

(e) Current Value

Interest Bearing Cash

Cash

1,066,701

*

Fidelity® 500 Index Fund

Mutual Fund

96,493,988

Vanguard Target Retirement 2030

Mutual Fund

57,169,026

Vanguard Target Retirement 2040

Mutual Fund

52,756,594

Vanguard Target Retirement 2050

Mutual Fund

47,379,819

Vanguard Target Retirement 2035

Mutual Fund

43,579,280

Vanguard Target Retirement 2045

Mutual Fund

42,930,463

Vanguard Target Retirement 2025

Mutual Fund

40,778,767

Vanguard Federal Money Market Fund

Mutual Fund

36,204,554

JPMorgan Equity Income Fund Class R6

Mutual Fund

35,913,080

Vanguard Target Retirement 2055

Mutual Fund

31,381,387

*

Fidelity® Small Cap index Fund

Mutual Fund

29,870,401

*

Fidelity® U.S. Bond Index Fund

Mutual Fund

21,873,258

*

Fidelity® Diversified International K

Mutual Fund

21,261,153

Vanguard Target Retirement 2020

Mutual Fund

18,855,191

Allspring Special Mid-Cap Value Fund

Mutual Fund

18,121,914

*

Fidelity® Extended Market Index Fund

Mutual Fund

14,927,764

Vanguard Institutional Target Retirement Income Fund

Mutual Fund

14,012,813

Vanguard Target Retirement 2060

Mutual Fund

11,182,838

Baird Core Plus Bond Fund

Mutual Fund

9,617,146

*

Fidelity® Inflation-Protected Bond Index Fund

Mutual Fund

9,506,349

Vanguard Total International Stock Index Fund

Mutual Fund

9,402,552

Baillie Gifford Emerging Markets

Mutual Fund

3,168,239

Vanguard Target Retirement 2065

Mutual Fund

390,529

Vanguard Target Retirement 2070

Mutual Fund

43,699

Total mutual funds

$

666,820,804

*

Fidelity® Growth Company Commingled Pool

Common collective trust

99,455,053

Mellon Stable Value

Common collective trust

21,437,221

Total common collective trusts

$

120,892,274

Gartner, Inc.

Common Stock

1,464,562

Mettler-Toledo International, Inc.

Common Stock

1,364,505

IDEXX Laboratories, Inc.

Common Stock

1,311,999

CoStar Group, Inc.

Common Stock

856,340

Verisk Analytics, Inc.

Common Stock

831,115

FactSet Research Systems, Inc.

Common Stock

736,622

Arch Capital Group, Ltd.

Common Stock

717,136

Vail Resorts, Inc.

Common Stock

665,950

The Charles Schwab Corp.

Common Stock

654,340

ANSYS, Inc.

Common Stock

639,006

Bio-Techne Corporation

Common Stock

634,198

TransCanada 401(k) and Savings Plan 10

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(a)

(b) Identity of Issue, Borrower, Lessor or Similar Party

(c) Description of Investment

(d) Cost of Investment**

(e) Current Value

Roper Technologies, Inc.

Common Stock

537,952

Ceridian HCM Holding, Inc.

Common Stock

522,117

Verisign, Inc.

Common Stock

500,863

SBA Communications Corp.

Common Stock

496,709

Guidewire Software, Inc.

Common Stock

440,860

Dexcom, Inc.

Common Stock

389,999

West Pharmaceutical Services, Inc.

Common Stock

374,442

TransUnion

Common Stock

373,018

IDEX Corporation

Common Stock

371,493

Veeva Systems Inc. Cl - A

Common Stock

351,163

Amphenol Corporation

Common Stock

345,904

Fair ISAAC Corp.

Common Stock

334,606

Cooper Companies, Inc.

Common Stock

321,742

CDW Corporation

Common Stock

312,872

Rollins, Inc.

Common Stock

286,035

MarketAxess Holdings, Inc.

Common Stock

252,953

Choice Hotels International, Inc.

Common Stock

244,429

Hyatt Hotels Corp.

Common Stock

234,266

Zoominfo Technologies, Inc.

Common Stock

231,576

CBRE Group, Inc.

Common Stock

216,950

SS&C Technologies Holdings, Inc.

Common Stock

212,405

Illumina, Inc.

Common Stock

201,189

Aspen Technology, Inc.

Common Stock

196,362

Argenex SE Sponsored ADR

Common Stock

195,855

Alexandria Real Estate REIT

Common Stock

164,898

Fidelity National Information Services, Inc.

Common Stock

160,533

Epam Systems, Inc.

Common Stock

156,332

First Republic Bank

Common Stock

147,121

ICON Plc

Common Stock

139,860

T. Rowe Price Group, Inc.

Common Stock

133,708

Trade Desk, Inc.

Common Stock

131,531

Clearwater Analytics Holdings, Inc.

Common Stock

123,038

MSCI, Inc.

Common Stock

118,618

Teleflex, Inc.

Common Stock

118,574

Liberty Broadband Corp.

Common Stock

108,303

Tradweb Markets, Inc.

Common Stock

104,862

Hubspot, Inc.

Common Stock

82,691

Bright Horizons Family Solutions, Inc.

Common Stock

77,992

Wix.com, Ltd.

Common Stock

73,603

Warby Parker, Inc.

Common Stock

45,326

Rivian Automotive

Common Stock

36,620

LPL Financial Holdings, Inc.

Common Stock

24,643

Total common stock

$

19,769,786

TransCanada 401(k) and Savings Plan 11

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(a)

(b) Identity of Issue, Borrower, Lessor or Similar Party

(c) Description of Investment

(d) Cost of Investment**

(e) Current Value

*

TC Energy Corporation

Common Stock

7,712,838

*

TC Energy Stock Fund

Stock Purchase Account

6,671

Total TC Energy common stock

$

7,719,509

Total investments on the Statement of net assets available for plan benefits

$

816,269,074

*

Participant Loans

Interest rates ranging from 3.25% to 8.00% maturing through 2037

14,843,885

Total Assets Held

$

831,112,959

 * Represents a party-in-interest (Note 6).

** Cost omitted for participant-directed investments. 

See accompanying Report of Independent Registered Public Accounting Firm.

TransCanada 401(k) and Savings Plan 12

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EXHIBIT INDEX

 

23.1			Consent of Independent Registered Public Accounting Firm.

TransCanada 401(k) and Savings Plan 13

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SIGNATURE

 

 The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: June 21, 2023

 

 

			TransCanada 401(k) and Savings Plan
			By:			/s/ Craig Rutkunas
						Craig Rutkunas Chair TransCanada USA Investment Committee

TransCanada 401(k) and Savings Plan 14