Investor Center

Financial Highlights

 
(unaudited)
(millions of dollars except for common unit amounts)
 

             Three months
             ended
             December 31

             Twelve months
             ended
             December 31

   2009  2008  2009  2008
 Partnership cash flows(1) 40.1 31.4 150.2 143.5
 Cash distributions paid

 30.7

27.8

117.0

 108.6

 Cash distributions declared per common unit(2)  $0.730  $0.705   $2.895   $2.815
 Net income(3) 24.9 29.1 106.1 123.0
 Net income prior to recast(3)(4) 24.9 26.6 97.8 107.7
 Net income per common unit(5)  $0.56  $0.67  $2.34  $2.73
 Weighted average common units outstanding (millions)  43.6  34.9  38.7  34.9
 Common units outstanding at end of period (millions) 46.2  34.9  46.2  34.9
 (1) Partnership cash flows is a non-GAAP financial measure. Refer to the February 18, 2010 News Release entitled "TC PipeLines, LP Reports Fourth Quarter 2009 Results".

(2) The Partnership's 2009 fourth quarter cash distribution was paid on February 12, 2010 to unitholders of record as of January 31, 2010.

(3) The acquisition of North Baja Pipeline, LLC (North Baja) from TransCanada Corporation (TransCanada) was accounted for as a transaction between entities under common control, similar to a pooling of interests, whereby the assets and liabilities of North Baja were recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to include North Baja for all periods presented on a consolidated basis. The effect of recasting the Partnership's consolidated financial statements to account for the common control transaction increased the Partnership's net income by $2.5 million and $15.3 million for the three and twelve months ended December 31, 2008, respectively, from amounts previously reported. In addition, the Partnership's net income increased by $8.3 million for the six months ended June 30, 2009 from amounts previously reported.

(4) Net income prior to recast is a non-GAAP financial measure.  Refer to the February 18, 2010 News Release entitled "TC PipeLines, LP Reports Fourth Quarter 2009 Results".

(5) Net income per common unit is computed by dividing net income prior to recast, after deduction of the general partner's allocation, by the weighted average number of common units outstanding. The general partner's allocation is computed based upon the general partner's two per cent interest plus an amount equal to incentive distributions.

Effective January 1, 2009, the Partnership adopted the provisions of Accounting Standards Codification (ASC) 260-10-55 Earnings Per Share - Overall - Implementation Guidance and Illustrations - Master Limited Partnerships. The retrospective application of ASC 260-10-55 has impacted the amount of net income allocated to the Incentive Distribution Rights (IDRs) held by the general partner. Previously, the net income allocated to the IDRs was based on the cash distribution paid in the period, and now it is based on the cash distribution declared for the period. This resulted in a reduction in the net income per common unit of nil and $0.02 for the three and twelve months ended December 31, 2008, respectively.


 

 

Section Highlights

2008 Annual Report

TC Pipeline's 2008 Annual Report

Events Calendar

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Contact Investor Relations

If you would like additional information or have further questions:
Tel: 1-877-290-2772 (toll free)
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E-mail: investor_relations@tcpipelineslp.com