Notes

Notes

1. Description of TransCanada's Business
2. Accounting Policies
3. Accounting Changes
4. Segmented Information
5. Plant, Property and Equipment
6. Goodwill
7. Intangibles and Other Assets
8. Joint Venture Investments
9. Acquisitions and Dispositions
10. Long-Term Debt
11. Long-Term Debt of Joint Ventures
12. Junior Subordinated Notes
13. Deferred Amounts
14. Rate Regulated Businesses
15. Non-Controlling Interests
16. Common Shares
17. Preferred Shares
18. Risk Management and Financial Instruments
19. Income Taxes
20. Notes Payable
21. Asset Retirement Obligations
22. Employee Future Benefits
23. Changes In Operating Working Capital
24. Commitments, Contingencies and Guarantees
25. Subsequent Events

Note 15: Non-Controlling Interests

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The Company's non-controlling interests included in the Consolidated Balance Sheet were as follows:

December 31 (millions of dollars) 2009 2008
Non-controlling interest in PipeLines LP(1) 705 721
Preferred shares of subsidiary 389 389
Non-controlling interest in Portland 80 84
  1,174 1,194

The Company's non-controlling interests included in the Consolidated Income Statement were as follows:

Year ended December 31 (millions of dollars) 2009 2008 2007
Non-controlling interest in PipeLines LP(1) 66 62 65
Preferred share dividends of subsidiary 22 22 22
Non-controlling interest in Portland 8 46 10
  96 130 97
(1) Effective November 18, 2009, the non-controlling interests in PipeLines LP was 61.8 per cent. From July 1, 2009 to November 17, 2009, the non-controlling interests in PipeLines LP was 57.4 per cent. From February 22, 2007 to June 30, 2009, the non-controlling interests in PipeLines LP was 67.9 per cent.

The non-controlling interests in PipeLines LP and Portland as at December 31, 2009 represented the 61.8 per cent and 38.3 per cent interest, respectively, not owned by TransCanada (2008 and 2007 — 67.9 per cent and 38.3 per cent, respectively).

TransCanada received fees of $2 million from PipeLines LP in 2009 (2008 and 2007 — $2 million) and $8 million from Portland in 2009 (2008 and 2007 — $7 million) for services it provided.

Preferred Shares of Subsidiary

December 31 Number of Shares Dividend Rate per Share Redemption Price per Share 2009 2008
  (thousands)     (millions of dollars) (millions of dollars)
Cumulative First Preferred Shares of Subsidiary          
Series U 4,000 $2.80 $50.00 195 195
Series Y 4,000 $2.80 $50.00 194 194
        389 389

The authorized number of preferred shares of TCPL issuable in each series is unlimited. All of the cumulative first preferred shares of TCPL are without par value.

On or after October 15, 2013, TCPL may redeem the Series U shares at $50 per share, and on or after March 5, 2014, TCPL may redeem the Series Y shares at $50 per share.

Cash Dividends

Cash dividends of $22 million or $2.80 per share were paid on the Series U and Series Y preferred shares in each of 2009, 2008 and 2007.