Notes to Consolidated Financial Statements

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

Note 8: Joint Venture Investments

top
    TransCanada's Proportionate Share
(millions of dollars) Ownership Interest as at December 31, 2011
Income before Income Taxes
Year Ended December 31
Net Assets
December 31
2011 2010 2009 2011 2010
Natural Gas Pipelines            
Northern Border(1)   75 69 47 429 389
Iroquois 44.5% 40 40 44 181 181
TQM 50.0% 17 16 22 82 85
Other Various 14 16 17 32 36
             
Energy            
Bruce A 48.8% 33 35 3 3,537 3,011
Bruce B 31.6% 77 138 236 493 505
ASTC Power Partnership 50.0% 84 41 34 58 61
Portlands Energy 50.0% 33 33 24 313 335
CrossAlta 60.0% 23 45 55 81 73
Cartier Wind(2) 62.0% 27 24 26 518 355
Other Various 7 8 4 50 42
    430 465 512 5,774 5,073
(1) The results reflect a 50 per cent interest in Northern Border as a result of the Company fully consolidating TC PipeLines, LP. At December 31, 2011, TransCanada had an ownership interest in TC PipeLines, LP of 33.3 per cent (2010 and 2009 – 38.2 per cent) and its effective ownership of Northern Border, net of non-controlling interests, was 16.7 per cent (2010 and 2009 – 19.1 per cent).
(2) TransCanada proportionately consolidates its 62 per cent interest in the Cartier Wind assets. The Montagne-Sèche project and phase one of the Gros-Morne wind farm were placed in service in November 2011.

Summarized Financial Information of Joint Ventures

Year ended December 31 (millions of dollars) 2011 2010  2009 
Income      
Revenues 1,668  1,643  1,632 
Plant operating costs and other (974) (913) (856)
Depreciation and amortization (212) (208) (196)
Interest expense and other (52) (57) (68)
Proportionate Share of Joint Venture Income before Income Taxes 430  465  512 
Year ended December 31 (millions of dollars) 2011 2010  2009 
Cash Flows      
Operating activities 733  678  455 
Investing activities (827) (722) (651)
Financing activities(1) 99  51  130 
Effect of foreign exchange rate changes on cash and cash equivalents (1) (17)
Proportionate Share of Increase/(Decrease) in Cash and Cash Equivalents of Joint Ventures (83)
(1) Financing activities included cash outflows resulting from distributions paid to TransCanada of $486 million in 2011 (2010 – $475 million; 2009 – $252 million) and cash inflows resulting from capital contributions paid by TransCanada of $633 million in 2011 (2010 – $601 million; 2009 – $864 million).
December 31 (millions of dollars) 2011 2010   
Balance Sheet      
Cash and cash equivalents 111  104   
Other current assets 433  438   
Plant, property and equipment 6,430  5,704   
Intangibles and other assets/(deferred amounts), net 26  14   
Current liabilities (437) (387)  
Long-term debt (789) (801)  
Future income taxes –   
Proportionate Share of Net Assets of Joint Ventures 5,774  5,073