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Year ended December 31 (millions of dollars)
2008   2007  2006 
Indirect financial charges and non-controlling interests 291   248  136 
Interest income and other (9) (83) (31)
Income taxes (180) (120) (72)
Comparable Expenses(1) 102   45  33 
Income tax reassessments and adjustments (26) (68) (72)
Net Expenses/(Earnings), after income taxes 76   (23) (39)
(1) Refer to the "Non-GAAP Measures" section of this MD&A for further discussion of comparable earnings.

Corporate reflects net expenses not allocated to specific business segments, including:

  • Indirect Financial Charges and Non-Controlling Interests
    Direct financial charges are reported in their respective business segments and are associated primarily with debt and preferred securities related to the Company's wholly owned natural gas pipelines. Indirect financial charges, including the related foreign exchange impacts, reside mainly in Corporate. These costs are influenced directly by the amount of debt the Company maintains, the degree to which the Company is affected by fluctuations in interest and foreign exchange rates and the amount of interest capitalized for projects under construction.
  • Interest Income and Other
    Interest Income and Other includes interest earned on invested cash balances and income tax refunds. Also included are foreign exchange gains and losses related to translation of foreign-denominated working capital and derivatives used to manage the Company's exposure to U.S. dollar net income.
  • Income Taxes
    Income tax recoveries includes income taxes calculated on Corporate's net expenses as well as income tax refunds, reassessments and adjustments that have not been excluded for comparable earnings purposes.