Exhibit 13.2
Consolidated Income
(unaudited) |
| Three months ended June 30 |
| Six months ended June 30 |
| ||||||||
(millions of dollars except per share amounts) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues |
| 1,444 |
| 1,344 |
| 2,851 |
| 2,700 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Expenses |
|
|
|
|
|
|
|
|
| ||||
Cost of sales |
| 245 |
| 242 |
| 510 |
| 491 |
| ||||
Other costs and expenses |
| 423 |
| 398 |
| 844 |
| 773 |
| ||||
Depreciation |
| 253 |
| 232 |
| 503 |
| 464 |
| ||||
|
| 921 |
| 872 |
| 1,857 |
| 1,728 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Income |
| 523 |
| 472 |
| 994 |
| 972 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other Expenses/(Income) |
|
|
|
|
|
|
|
|
| ||||
Financial charges |
| 208 |
| 210 |
| 415 |
| 417 |
| ||||
Financial charges of joint ventures |
| 16 |
| 16 |
| 32 |
| 30 |
| ||||
Equity income |
| (17 | ) | (59 | ) | (58 | ) | (117 | ) | ||||
Interest income and other |
| (4 | ) | (9 | ) | (28 | ) | (24 | ) | ||||
Gain related to PipeLines LP |
| (2 | ) | — |
| (82 | ) | — |
| ||||
Gains related to Power LP |
| — |
| (197 | ) | — |
| (197 | ) | ||||
Gain related to Millennium |
| — |
| (7 | ) | — |
| (7 | ) | ||||
|
| 201 |
| (46 | ) | 279 |
| 102 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income before Income Taxes and Non-Controlling Interests |
| 322 |
| 518 |
| 715 |
| 870 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income Taxes |
|
|
|
|
|
|
|
|
| ||||
Current |
| 79 |
| 127 |
| 240 |
| 230 |
| ||||
Future |
| 38 |
| (2 | ) | 26 |
| 21 |
| ||||
|
| 117 |
| 125 |
| 266 |
| 251 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Non-Controlling Interests |
|
|
|
|
|
|
|
|
| ||||
Preferred share dividends |
| 5 |
| 5 |
| 11 |
| 11 |
| ||||
Other |
| — |
| — |
| 6 |
| 6 |
| ||||
|
| 5 |
| 5 |
| 17 |
| 17 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income |
| 200 |
| 388 |
| 432 |
| 602 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net Income Per Share - Basic and Diluted |
| $ | 0.41 |
| $ | 0.80 |
| $ | 0.89 |
| $ | 1.24 |
|
|
|
|
|
|
|
|
|
|
| ||||
Average Shares Outstanding - Basic (millions) |
| 485.9 |
| 484.0 |
| 485.6 |
| 483.7 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Average Shares Outstanding - Diluted (millions) |
| 488.4 |
| 486.6 |
| 488.1 |
| 486.3 |
| ||||
See accompanying notes to the consolidated financial statements.
Consolidated Cash Flows
(unaudited) |
| Three months ended June 30 |
| Six months ended June 30 |
| ||||
(millions of dollars) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
|
|
|
|
|
|
|
|
|
|
Cash Generated From Operations |
|
|
|
|
|
|
|
|
|
Net income |
| 200 |
| 388 |
| 432 |
| 602 |
|
Depreciation |
| 253 |
| 232 |
| 503 |
| 464 |
|
Gain related to PipeLines LP, net of current tax expense (Note 5) |
| (1 | ) | — |
| (31 | ) | — |
|
Gains related to Power LP |
| — |
| (197 | ) | — |
| (197 | ) |
Gain related to Millennium |
| — |
| (7 | ) | — |
| (7 | ) |
Equity income lower than/(in excess of) distributions received |
| 8 |
| (39 | ) | (26 | ) | (90 | ) |
Pension funding (in excess of)/lower than expense |
| (10 | ) | 13 |
| (17 | ) | 1 |
|
Future income taxes |
| 38 |
| (2 | ) | 26 |
| 21 |
|
Non-controlling interests |
| 5 |
| 5 |
| 17 |
| 17 |
|
Other |
| (14 | ) | (11 | ) | (18 | ) | (14 | ) |
Funds generated from operations |
| 479 |
| 382 |
| 886 |
| 797 |
|
Increase in operating working capital |
| (176 | ) | (38 | ) | (218 | ) | (82 | ) |
Net cash provided by operations |
| 303 |
| 344 |
| 668 |
| 715 |
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
| (135 | ) | (93 | ) | (243 | ) | (194 | ) |
Acquisitions, net of cash acquired |
| (632 | ) | (14 | ) | (632 | ) | (14 | ) |
Disposition of assets |
| 2 |
| 408 |
| 153 |
| 408 |
|
Deferred amounts and other |
| 3 |
| 33 |
| (55 | ) | (14 | ) |
Net cash (used in)/ provided by investing activities |
| (762 | ) | 334 |
| (777 | ) | 186 |
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
Dividends |
| (154 | ) | (150 | ) | (300 | ) | (290 | ) |
Notes payable issued/(repaid), net |
| 289 |
| (72 | ) | 533 |
| (301 | ) |
Long-term debt issued |
| 499 |
| — |
| 799 |
| 665 |
|
Reduction of long-term debt |
| (615 | ) | (25 | ) | (936 | ) | (501 | ) |
Non-recourse debt of joint ventures issued |
| — |
| 81 |
| 5 |
| 87 |
|
Reduction of non-recourse debt of joint ventures |
| (14 | ) | (3 | ) | (21 | ) | (12 | ) |
Partnership units of joint ventures issued |
| — |
| 88 |
| — |
| 88 |
|
Common shares issued |
| 18 |
| 4 |
| 29 |
| 17 |
|
Net cash provided by/(used in) financing activities |
| 23 |
| (77 | ) | 109 |
| (247 | ) |
|
|
|
|
|
|
|
|
|
|
Effect of Foreign Exchange Rate Changes on Cash and Short-Term Investments |
| 20 |
| (1 | ) | 22 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
(Decrease)/Increase in Cash and Short-Term Investments |
| (416 | ) | 600 |
| 22 |
| 657 |
|
|
|
|
|
|
|
|
|
|
|
Cash and Short-Term Investments |
|
|
|
|
|
|
|
|
|
Beginning of period |
| 626 |
| 395 |
| 188 |
| 338 |
|
|
|
|
|
|
|
|
|
|
|
Cash and Short-Term Investments |
|
|
|
|
|
|
|
|
|
End of period |
| 210 |
| 995 |
| 210 |
| 995 |
|
|
|
|
|
|
|
|
|
|
|
Supplementary Cash Flow Information |
|
|
|
|
|
|
|
|
|
Income taxes paid |
| 115 |
| 91 |
| 307 |
| 252 |
|
Interest paid |
| 238 |
| 221 |
| 428 |
| 393 |
|
See accompanying notes to the consolidated financial statements.
Consolidated Balance Sheet
|
| June 30, 2005 |
| December 31, |
|
(millions of dollars) |
| (unaudited) |
| 2004 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and short-term investments |
| 210 |
| 188 |
|
Accounts receivable |
| 537 |
| 627 |
|
Inventories |
| 239 |
| 174 |
|
Other |
| 153 |
| 120 |
|
|
| 1,139 |
| 1,109 |
|
Long-Term Investments |
| 830 |
| 840 |
|
Plant, Property and Equipment |
| 19,184 |
| 18,704 |
|
Other Assets |
| 1,490 |
| 1,459 |
|
|
| 22,643 |
| 22,112 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Notes payable |
| 1,079 |
| 546 |
|
Accounts payable |
| 885 |
| 1,135 |
|
Accrued interest |
| 220 |
| 214 |
|
Current portion of long-term debt |
| 391 |
| 766 |
|
Current portion of non-recourse debt of joint ventures |
| 73 |
| 83 |
|
|
| 2,648 |
| 2,744 |
|
Deferred Amounts |
| 851 |
| 783 |
|
Long-Term Debt |
| 10,014 |
| 9,713 |
|
Future Income Taxes |
| 562 |
| 509 |
|
Non-Recourse Debt of Joint Ventures |
| 798 |
| 779 |
|
Preferred Securities |
| 564 |
| 554 |
|
|
| 15,437 |
| 15,082 |
|
Non-Controlling Interests |
|
|
|
|
|
Preferred shares of subsidiary |
| 389 |
| 389 |
|
Other |
| 77 |
| 76 |
|
|
| 466 |
| 465 |
|
Shareholders’ Equity |
|
|
|
|
|
Common shares |
| 4,740 |
| 4,711 |
|
Contributed surplus |
| 271 |
| 270 |
|
Retained earnings |
| 1,790 |
| 1,655 |
|
Foreign exchange adjustment |
| (61 | ) | (71 | ) |
|
| 6,740 |
| 6,565 |
|
|
| 22,643 |
| 22,112 |
|
See accompanying notes to the consolidated financial statements.
Consolidated Retained Earnings
(unaudited) |
| Six months ended June 30 |
| ||
(millions of dollars) |
| 2005 |
| 2004 |
|
|
|
|
|
|
|
Balance at beginning of period |
| 1,655 |
| 1,185 |
|
Net income |
| 432 |
| 602 |
|
Common share dividends |
| (297 | ) | (281 | ) |
|
|
|
|
|
|
|
| 1,790 |
| 1,506 |
|
See accompanying notes to the consolidated financial statements.
Notes to Consolidated Financial Statements
(Unaudited)
1. Significant Accounting Policies
The consolidated financial statements of TransCanada Corporation (TransCanada or the company) have been prepared in accordance with Canadian generally accepted accounting principles (GAAP). The accounting policies applied are consistent with those outlined in TransCanada’s annual financial statements for the year ended December 31, 2004 except as stated below. These consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. These consolidated financial statements do not include all disclosures required in the annual financial statements and should be read in conjunction with the restated 2004 annual financial statements. Amounts are stated in Canadian dollars unless otherwise indicated. Certain comparative figures have been reclassified to conform with the current period’s presentation.
Since a determination of many assets, liabilities, revenues and expenses is dependent upon future events, the preparation of these consolidated financial statements requires the use of estimates and assumptions. In the opinion of Management, these consolidated financial statements have been properly prepared within reasonable limits of materiality and within the framework of the company’s significant accounting policies.
2. Accounting Change
Financial Instruments – Disclosure and Presentation
Effective January 1, 2005, the company adopted the provisions of the Canadian Institute of Chartered Accountants amendment to the existing Handbook Section “Financial Instruments – Disclosure and Presentation” which provides guidance for classifying certain financial instruments that embody obligations that may be settled by issuance of the issuer’s equity shares as debt when the instrument does not establish an ownership relationship. In accordance with this amendment, TransCanada reclassified the non-controlling interest component of preferred securities as long-term debt.
This accounting change was applied retroactively with restatement of prior periods. The impact of this change on TransCanada’s net income in second quarter 2005 and prior periods was nil.
The impact of the accounting change on the company’s consolidated balance sheet as at December 31, 2004 is as follows.
(unaudited - millions of dollars) |
| Increase/(Decrease) |
|
Deferred Amounts (1) |
| 135 |
|
Preferred Securities |
| 535 |
|
Non-Controlling Interest Preferred securities of subsidiary |
| (670 | ) |
Total Liabilities and Shareholders’ Equity |
| — |
|
(1) Regulatory deferral
3. Segmented Information
Three months ended June 30 |
| GasTransmission |
| Power |
| Corporate |
| Total |
| ||||||||
(unaudited - millions of dollars) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
Revenues |
| 1,032 |
| 948 |
| 412 |
| 396 |
| — |
| — |
| 1,444 |
| 1,344 |
|
Cost of sales |
| — |
| — |
| (245 | ) | (242 | ) | — |
| — |
| (245 | ) | (242 | ) |
Other costs and expenses |
| (324 | ) | (298 | ) | (98 | ) | (99 | ) | (1 | ) | (1 | ) | (423 | ) | (398 | ) |
Depreciation |
| (233 | ) | (215 | ) | (20 | ) | (17 | ) | — |
| — |
| (253 | ) | (232 | ) |
Operating income/(loss) |
| 475 |
| 435 |
| 49 |
| 38 |
| (1 | ) | (1 | ) | 523 |
| 472 |
|
Financial charges and non-controlling interests |
| (182 | ) | (193 | ) | — |
| (2 | ) | (31 | ) | (20 | ) | (213 | ) | (215 | ) |
Financial charges of joint ventures |
| (13 | ) | (15 | ) | (3 | ) | (1 | ) | — |
| — |
| (16 | ) | (16 | ) |
Equity income |
| 4 |
| 11 |
| 13 |
| 48 |
| — |
| — |
| 17 |
| 59 |
|
Interest income and other |
| (1 | ) | 2 |
| — |
| 1 |
| 5 |
| 6 |
| 4 |
| 9 |
|
Gain related to PipeLines LP |
| 2 |
| — |
| — |
| — |
| — |
| — |
| 2 |
| — |
|
Gains related to Power LP |
| — |
| — |
| — |
| 197 |
| — |
| — |
| — |
| 197 |
|
Gain related to Millennium |
| — |
| 7 |
| — |
| — |
| — |
| — |
| — |
| 7 |
|
Income taxes |
| (120 | ) | (101 | ) | (17 | ) | (32 | ) | 20 |
| 8 |
| (117 | ) | (125 | ) |
Net Income |
| 165 |
| 146 |
| 42 |
| 249 |
| (7 | ) | (7 | ) | 200 |
| 388 |
|
Six months ended June 30 |
| GasTransmission |
| Power |
| Corporate |
| Total |
| ||||||||
(unaudited - millions of dollars) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
| 2,027 |
| 1,897 |
| 824 |
| 803 |
| — |
| — |
| 2,851 |
| 2,700 |
|
Cost of sales |
| — |
| — |
| (510 | ) | (491 | ) | — |
| — |
| (510 | ) | (491 | ) |
Other costs and expenses |
| (630 | ) | (583 | ) | (211 | ) | (187 | ) | (3 | ) | (3 | ) | (844 | ) | (773 | ) |
Depreciation |
| (465 | ) | (427 | ) | (38 | ) | (37 | ) | — |
| — |
| (503 | ) | (464 | ) |
Operating income/(loss) |
| 932 |
| 887 |
| 65 |
| 88 |
| (3 | ) | (3 | ) | 994 |
| 972 |
|
Financial charges and non-controlling interests |
| (369 | ) | (389 | ) | (2 | ) | (4 | ) | (61 | ) | (41 | ) | (432 | ) | (434 | ) |
Financial charges of joint ventures |
| (27 | ) | (29 | ) | (5 | ) | (1 | ) | — |
| — |
| (32 | ) | (30 | ) |
Equity income |
| 15 |
| 21 |
| 43 |
| 96 |
| — |
| — |
| 58 |
| 117 |
|
Interest income and other |
| 13 |
| 5 |
| 3 |
| 5 |
| 12 |
| 14 |
| 28 |
| 24 |
|
Gain related to PipeLines LP |
| 82 |
| — |
| — |
| — |
| — |
| — |
| 82 |
| — |
|
Gains related to Power LP |
| — |
| — |
| — |
| 197 |
| — |
| — |
| — |
| 197 |
|
Gain related to Millennium |
| — |
| 7 |
| — |
| — |
| — |
| — |
| — |
| 7 |
|
Income taxes |
| (270 | ) | (207 | ) | (32 | ) | (67 | ) | 36 |
| 23 |
| (266 | ) | (251 | ) |
Net Income |
| 376 |
| 295 |
| 72 |
| 314 |
| (16 | ) | (7 | ) | 432 |
| 602 |
|
Total Assets |
| June 30, 2005 |
| December 31, |
|
(millions of dollars) |
| (unaudited) |
| 2004 |
|
Gas Transmission |
| 18,140 |
| 18,410 |
|
Power |
| 3,589 |
| 2,802 |
|
Corporate |
| 914 |
| 900 |
|
|
| 22,643 |
| 22,112 |
|
4. Risk Management and Financial Instruments
The following represents the material changes to the company’s financial instruments since December 31, 2004.
Energy Price Risk Management
The company executes power, natural gas and heat rate derivatives for overall management of its asset portfolio. Heat rate contracts are contracts for the sale or purchase of power that are priced based on a natural gas index. The fair values and notional volumes of the swap, option, future and heat rate contracts are shown in the tables below. In accordance with the company’s accounting policy, each of the derivatives in the table below is recorded on the balance sheet at its fair value at June 30, 2005 and December 31, 2004.
Power
|
|
|
| June 30, 2005 |
|
|
|
|
|
|
| (unaudited) |
| December 31, 2004 |
|
Asset/(Liability) |
| Accounting |
| Fair |
| Fair |
|
(millions of dollars) |
| Treatment |
| Value |
| Value |
|
|
|
|
|
|
|
|
|
Power - swaps |
|
|
|
|
|
|
|
(maturing 2005 to 2011) |
| Hedge |
| (60 | ) | 7 |
|
(maturing 2005 to 2010) |
| Non-hedge |
| 2 |
| (2 | ) |
Gas - swaps, futures and options |
|
|
|
|
|
|
|
(maturing 2005 to 2016) |
| Hedge |
| (27 | ) | (39 | ) |
(maturing 2005 to 2006) |
| Non-hedge |
| 1 |
| (2 | ) |
Heat rate contracts |
|
|
|
|
|
|
|
(maturing 2005 to 2006) |
| Hedge |
| — |
| (1 | ) |
Notional Volumes |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2005 |
| Accounting |
| Power (GWh) |
| Gas (Bcf) |
| ||||
(unaudited) |
| Treatment |
| Purchases |
| Sales |
| Purchases |
| Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Power - swaps |
|
|
|
|
|
|
|
|
|
|
|
(maturing 2005 to 2011) |
| Hedge |
| 1,299 |
| 7,177 |
| — |
| — |
|
(maturing 2005 to 2010) |
| Non-hedge |
| 878 |
| — |
| — |
| — |
|
Gas - swaps, futures and options |
|
|
|
|
|
|
|
|
|
|
|
(maturing 2005 to 2016) |
| Hedge |
| — |
| — |
| 85 |
| 73 |
|
(maturing 2005 to 2006) |
| Non-hedge |
| — |
| — |
| 5 |
| 7 |
|
Heat rate contracts |
|
|
|
|
|
|
|
|
|
|
|
(maturing 2005 to 2006) |
| Hedge |
| — |
| 55 |
| — |
| — |
|
Notional Volumes |
| Accounting |
| Power (GWh) |
| Gas (Bcf) |
| ||||
December 31, 2004 |
| Treatment |
| Purchases |
| Sales |
| Purchases |
| Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Power - swaps |
| Hedge |
| 3,314 |
| 7,029 |
| — |
| — |
|
|
| Non-hedge |
| 438 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas - swaps, futures and options |
| Hedge |
| — |
| — |
| 80 |
| 84 |
|
|
| Non-hedge |
| — |
| — |
| 5 |
| 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Heat rate contracts |
| Hedge |
| — |
| 229 |
| 2 |
| — |
|
5. Dispositions
PipeLines LP
In March 2005, TransCanada sold 3.5 million common units of TC PipeLines, LP (PipeLines LP) for US$37.04 per unit, resulting in net proceeds to the company of approximately $151 million and an after-tax gain of approximately $48 million. The net gain was recorded in the Gas Transmission segment and the company recorded a $32 million tax charge, including $50 million of current income tax expense, on this transaction. In April 2005, underwriters purchased an additional 74,200 common units, exercising, in part, their option to purchase up to 525,000 additional units on the same terms and conditions as the 3.5 million common units already sold and an additional net after-tax gain of $1 million was recorded in the Gas Transmission segment. Subsequent to these transactions, TransCanada continues to own a 13.4 per cent interest in PipeLines LP represented by the general partner interest of 2.0 per cent as well as an 11.4 per cent limited partner interest.
Power LP
In May 2005, TransCanada announced that it had entered into an agreement with EPCOR Utilities Inc. (EPCOR) whereby EPCOR will purchase TransCanada’s interest in TransCanada Power, L.P. (Power LP) for $529 million. EPCOR’s acquisition includes 14.5 million units of Power LP, representing 30.6 per cent of the outstanding units; 100 per cent ownership of the General Partner of Power LP; and management and operations’ agreements governing the ongoing operation of Power LP’s generation assets.
The Boards of Directors of each of TransCanada, EPCOR and Power LP have approved this transaction. This transaction is expected to close in third quarter 2005 pending receipt of regulatory approvals. TransCanada expects to realize an after-tax gain of approximately $200 million from this sale. TransCanada will continue to operate and maintain Power LP’s power plants until closing.
Paiton Energy
In June 2005, TransCanada reached an agreement to sell its approximate 11 per cent interest in PT Paiton Energy Company (Paiton Energy) to subsidiaries of The Tokyo Electric Power Company for US$103 million ($127 million), subject to adjustments. TransCanada originally purchased its interest in Paiton Energy in 1996. Paiton Energy owns two 615 megawatt coal-fired plants in East Java, Indonesia. Pending various approvals, this transaction is expected to close in third quarter 2005. Upon closing,
TransCanada expects to realize an after-tax gain of approximately $115 million.
6. Employee Future Benefits
The net benefit plan expense for the company’s defined benefit pension plans and other post-employment benefit plans for the three and six months ended June 30 is as follows.
Three months ended June 30 |
| Pension Benefit Plans |
| Other Benefit Plans |
| ||||
(unaudited - millions of dollars) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
Current service cost |
| 8 |
| 7 |
| 1 |
| 1 |
|
Interest cost |
| 16 |
| 14 |
| 2 |
| 2 |
|
Expected return on plan assets |
| (16 | ) | (13 | ) | — |
| — |
|
Amortization of transitional obligation related to regulated business |
| — |
| — |
| — |
| — |
|
Amortization of net actuarial loss |
| 4 |
| 3 |
| — |
| — |
|
Amortization of past service costs |
| — |
| — |
| — |
| — |
|
Net benefit cost recognized |
| 12 |
| 11 |
| 3 |
| 3 |
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30 |
| Pension Benefit Plans |
| Other Benefit Plans |
| ||||
(unaudited - millions of dollars) |
| 2005 |
| 2004 |
| 2005 |
| 2004 |
|
Current service cost |
| 15 |
| 14 |
| 1 |
| 1 |
|
Interest cost |
| 32 |
| 28 |
| 3 |
| 3 |
|
Expected return on plan assets |
| (32 | ) | (27 | ) | — |
| — |
|
Amortization of transitional obligation related to regulated business |
| — |
| — |
| 1 |
| 1 |
|
Amortization of net actuarial loss |
| 8 |
| 6 |
| 1 |
| 1 |
|
Amortization of past service costs |
| 1 |
| 1 |
| — |
| — |
|
Net benefit cost recognized |
| 24 |
| 22 |
| 6 |
| 6 |
|
TransCanada welcomes questions from shareholders and potential investors. Please telephone:
Investor Relations, at 1-800-361-6522 (Canada and U.S. Mainland) or direct dial David Moneta at (403) 920-7911. The investor fax line is (403) 920-2457. Media Relations: Kurt Kadatz/Hejdi Feick at (403) 920-7859
Visit TransCanada’s Internet site at: http://www.transcanada.com