Consolidated Financial Review
Consolidated Financial Review
SEGMENT RESULTS
Reconciliation of Comparable Earnings to Net Income |
Year ended December 31
(millions of dollars except per share amounts) |
2008 |
2007 |
2006 |
| Pipelines |
|
|
|
| Comparable earnings |
740 |
686 |
529 |
| Specific items (net of tax): |
|
|
|
Calpine bankruptcy settlements |
152 |
– |
– |
GTN lawsuit settlement |
10 |
– |
– |
Bankruptcy settlement with Mirant |
– |
– |
18 |
|
Gain on sale of Northern Border Partners, L.P. interest |
– |
– |
13 |
| Net earnings |
902 |
686 |
560 |
| Energy |
|
|
|
| Comparable earnings |
641 |
459 |
429 |
| Specific items (net of tax, where applicable): |
|
|
|
|
Writedown of Broadwater costs |
(27) |
– |
– |
Gain on sale of land |
– |
14 |
– |
Fair value adjustments of natural gas storage
inventory and forward contracts |
– |
7 |
– |
|
Income tax reassessments and adjustments |
– |
34 |
23 |
| Net earnings |
614 |
514 |
452 |
| Corporate |
|
|
|
| Comparable expenses |
(102) |
(45) |
(33) |
| Specific item: |
|
|
|
|
Income tax reassessments and adjustments |
26 |
68 |
72 |
| Net (expenses)/earnings |
(76) |
23 |
39 |
| Net Income |
|
|
|
| Continuing operations(1) |
1,440 |
1,223 |
1,051 |
| Discontinued operations |
– |
– |
28 |
| Net Income |
1,440 |
1,223 |
1,079 |
| Comparable Earnings(1) |
1,279 |
1,100 |
925 |
| Net Income Per Share — Basic |
|
|
|
| Continuing operations(2) |
$2.53 |
$2.31 |
$2.15 |
| Discontinued operations |
– |
– |
0.06 |
|
$2.53 |
$2.31 |
$2.21 |
| Comparable Earnings Per Share(2) |
$2.25 |
$2.08 |
$1.90 |
| |
| (1) |
Comparable Earnings |
1,279 |
1,100 |
925 |
| |
Specific items (net of tax, where applicable): |
|
|
|
| |
Calpine bankruptcy settlements |
152 |
– |
– |
| |
GTN lawsuit settlement |
10 |
– |
– |
| |
Writedown of Broadwater costs |
(27) |
– |
– |
| |
Gain on sale of land |
– |
14 |
– |
| |
Fair value adjustments of natural gas storage inventory and forward contracts |
– |
7 |
– |
| |
Bankruptcy settlement with Mirant |
– |
– |
18 |
| |
Gain on sale of Northern Border Partners, L.P. interest |
– |
– |
13 |
| |
Income tax reassessments and adjustments |
26 |
102 |
95 |
| |
Net Income from Continuing Operations |
1,440 |
1,223 |
1,051 |
| (2) |
Comparable Earnings Per Share |
$2.25 |
$2.08 |
$1.90 |
| |
Specific items — per share: |
|
|
|
| |
Calpine bankruptcy settlements |
0.27 |
– |
– |
| |
GTN lawsuit settlement |
0.02 |
– |
– |
| |
Writedown of Broadwater costs |
(0.05) |
– |
– |
| |
Gain on sale of land |
– |
0.03 |
– |
| |
Fair value adjustments of natural gas storage inventory and forward contracts |
– |
0.01 |
– |
| |
Bankruptcy settlement with Mirant |
– |
– |
0.04 |
| |
Gain on sale of Northern Border Partners, L.P. interest |
– |
– |
0.03 |
| |
Income tax reassessments and adjustments |
0.04 |
0.19 |
0.18 |
| |
Net Income Per Share from Continuing Operations |
$2.53 |
$2.31 |
$2.15 |
