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 8: Joint Venture Investments

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    TransCanada's Proportionate Share
    Income/(Loss) Before Income Taxes Year Ended December 31 Net Assets December 31
(millions of dollars) Ownership Interest as at December 31, 2009 2009 2008 2007     2009 2008
Pipelines            
Northern Border(1)   47 59 67     420 479
Iroquois 44.5% 44 32 25     183 239
TQM 50.0% 22 12 11     82 69
Keystone(2)   – (7) n/a(3) – 906
Great Lakes(4)   – – 13     – –
Other Various 17 15 13     56 70
Energy            
Bruce A 48.8% 3 46 8     2,386 2,012
Bruce B 31.6% 236 136 140     580 429
CrossAlta 60.0% 55 44 59     77 56
Cartier Wind(5) 62.0% 26 12 10     327 365
Portlands Energy(6) 50.0% 24 – –     358 334
Other Various 4 9 5     99 101
    478 358 351     4,568 5,060
(1) The results reflect a 50 per cent interest in Northern Border as a result of the Company fully consolidating PipeLines LP. Through TransCanada's 38.2 per cent (2008 and 2007 — 32.1 per cent) ownership interest in PipeLines LP, its effective ownership of Northern Border, net of non-controlling interests, was 19.1 per cent at December 31, 2009 (2008 and 2007 — 16.1 per cent).
(2) In August 2009, TransCanada purchased ConocoPhillips' remaining ownership interest in Keystone of approximately 20 per cent, increasing TransCanada's ownership interest to 100 per cent. As of the acquisition date, the Company began fully consolidating Keystone on a prospective basis. At December 31, 2008, TransCanada's equity ownership in the Keystone partnerships was 61.9 per cent (December 31, 2007 — 50.0 per cent). Strategic, operational and financial decisions were made jointly with ConocoPhillips until August 2009.
(3) Not applicable, as there were no comparative amounts in 2007.
(4) TransCanada has a direct ownership interest in Great Lakes of 53.6 per cent, and an indirect 17.7 per cent interest (2008 and 2007 — 14.9 per cent) through its 38.2 per cent (2008 and 2007 — 32.1 per cent) ownership interest in PipeLines LP. The Company's total effective ownership interest in Great Lakes, net of non-controlling interests, was 71.3 per cent at December 31, 2009 (2008 and 2007 — 68.5 per cent). TransCanada commenced consolidating its investment in Great Lakes on a prospective basis effective February 2007.
(5) TransCanada proportionately consolidates its 62 per cent interest in the Cartier Wind assets. The second and third phases of the five-phase Cartier Wind project, Anse-à-Valleau and Carleton, began operating in November 2007 and 2008, respectively.
(6) Portlands Energy began operating in April 2009.

Summarized Financial Information of Joint Ventures

Year ended December 31 (millions of dollars) 2009  2008  2007 
Income      
Revenues 1,418  1,264  1,305 
Plant operating costs and other (676) (683) (736)
Depreciation and amortization (196) (154) (150)
Interest expense and other (68) (69) (68)
Proportionate Share of Joint Venture Income Before Income Taxes 478  358  351 
Year ended December 31 (millions of dollars) 2009  2008  2007 
Cash Flows      
Operating activities 203  389  59 
Investing activities (399) (1,754) (400)
Financing activities(1) 130  1,353  409 
Effect of foreign exchange rate changes on cash and cash equivalents (17) 23  (8)
Proportionate Share of (Decrease)/Increase in Cash and Cash Equivalents of Joint Ventures (83) 11  60 
(1) Financing activities included cash outflows resulting from distributions paid to TransCanada of $252 million in 2009 (2008 — $287 million; 2007 — $361 million) and cash inflows resulting from capital contributions paid by TransCanada of $864 million in 2009 (2008- $1,170 million; 2007 — $771 million).
December 31 (millions of dollars) 2009  2008 
Balance Sheet    
Cash and cash equivalents 98  181 
Other current assets 552  560 
Plant, property and equipment 5,239  6,341 
Intangibles and other assets/(deferred amounts), net 5  45 
Current liabilities (572) (1,196)
Long-term debt (753) (869)
Future income taxes (1) (2)
Proportionate Share of Net Assets of Joint Ventures 4,568  5,060