Investor Center

Financial Highlights

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

             Three months
             ended
             September 30

             Nine months
             ended
             September 30

   2009  2008  2009  2008
 Net income(1) 27.4 33.0 81.2 93.9
 Net income prior to recast

 27.4

28.3

72.9

 81.1

           Per common unit (2)  $0.65  $0.72   $1.78   $2.06
 Partnership cash flows prior to recast (3) 40.4 41.6 117.2 121.5
 Cash distributions paid 30.7 27.8 86.3 80.8
 Cash distributions declared per common unit (4)  $0.730  $0.705  $2.165  $2.110
 Weighted average common units outstanding (millions)  41.2  34.9  37.0  34.9
 Common units outstanding at end of period (millions) 41.2  34.9  41.2  34.9
(1) Because North Baja Pipeline, LLC (North Baja) was acquired from TransCanada Corporation (TransCanada), the acquisition 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 the acquired entity for all periods presented. The effect of recasting the Partnership's consolidated financial statements to account for the common control transaction increased the Partnership's net income by $4.7 million and $12.8 million for the three and nine months ended September 30, 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.

(2) Net income per common unit is computed by dividing net income, 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 nine months ended September 30, 2008, respectively.

(3) The effect of recasting the Partnership's consolidated financial statements to account for the common control transaction increased Partnership cash flows by $5.2 million and $14.0 million for the three and nine months ended September 30, 2008, respectively, from amounts previously reported. In addition, Partnership cash flows increased by $9.7 million for the six months ended June 30, 2009 from amounts previously reported. Partnership cash flows is a non-GAAP financial measure. Refer to the November 6, 2009 News Release entitled "TC PipeLines, LP Reports 2009 Third Quarter Results."

(4) The Partnership's 2009 third quarter cash distribution will be paid on November 13, 2009 to unitholders of record as of October 31, 2009.


 

 

Section Highlights

2008 Annual Report

TC Pipeline's 2008 Annual Report

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