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Exhibit 4.198
TRANSCANADA PIPELINES LIMITED
SIGNIFICANT DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GAAP
- (a)
- Net Income in Accordance With U.S. GAAP
(millions of Canadian dollars except per share amounts)
| Six Months Ended June 30 | |||||||
---|---|---|---|---|---|---|---|---|
| 2002 | 2001 | ||||||
Net income from continuing operations as reported in accordance with Canadian GAAP | 417 | 380 | ||||||
U.S. GAAP adjustments: | ||||||||
Preferred securities charges | (29 | ) | (41 | ) | ||||
Tax recovery on preferred securities charges | 11 | 17 | ||||||
Unrealized gain/(loss) on derivatives (SFAS 133) | 17 | (9 | ) | |||||
Tax (expense)/recovery on gain/(loss) on derivatives (SFAS 133) | (7 | ) | 4 | |||||
Income taxes | — | 28 | ||||||
Income from continuing operations in accordance with U.S. GAAP | 409 | 379 | ||||||
Net loss from discontinued operations in accordance with U.S. GAAP | — | (87 | ) | |||||
Income before cumulative effect of the application of SFAS 133 in accordance with U.S. GAAP | 409 | 292 | ||||||
Cumulative effect of the application of SFAS 133, net of tax | — | (2 | ) | |||||
Net income for the year in accordance with U.S. GAAP | 409 | 290 | ||||||
Basic and diluted net income/(loss) per share in accordance with U.S. GAAP | ||||||||
Continuing operations | $ | 0.83 | $ | 0.77 | ||||
Discontinued operations | — | (0.19 | ) | |||||
Basic and diluted net income per share in accordance with U.S. GAAP | $ | 0.83 | $ | 0.58 | ||||
Basic and diluted net income per share in accordance with Canadian GAAP | $ | 0.81 | $ | 0.54 | ||||
- (b)
- Comprehensive Income in Accordance with U.S. GAAP
(millions of Canadian dollars)
| Six Months Ended June 30 | |||||
---|---|---|---|---|---|---|
| 2002 | 2001 | ||||
Net income in accordance with U.S. GAAP | 409 | 290 | ||||
Adjustments affecting comprehensive income under U.S. GAAP | ||||||
Foreign currency translation adjustment | (3 | ) | (19 | ) | ||
Unrealized gain/(loss) on derivatives (SFAS 133), net of tax | 3 | (1 | ) | |||
Comprehensive income before cumulative effect of the application of SFAS 133 in accordance with U.S. GAAP | 409 | 270 | ||||
Cumulative effect of the application of SFAS 133, net of tax | — | (4 | ) | |||
Comprehensive income in accordance with U.S. GAAP | 409 | 266 | ||||
- (c)
- Condensed Balance Sheet in Accordance with U.S. GAAP
June 30, 2002 (millions of Canadian dollars)
| Amount Reported Under Canadian GAAP | Adjusted Amount to Conform with U.S. GAAP (1) | ||
---|---|---|---|---|
Current assets | 1,279 | 1,083 | ||
Energy trading assets | 332 | 215 | ||
Long-term investments | 262 | 1,532 | ||
Plant, property and equipment | 17,550 | 15,178 | ||
Regulatory asset | 2,619 | |||
Other assets | 358 | 477 | ||
19,781 | 21,104 | |||
Current liabilities | 1,627 | 1,471 | ||
Provision for loss on discontinued operations | 241 | 241 | ||
Energy trading liabilities | 93 | 53 | ||
Deferred amounts | 364 | 465 | ||
Long-term debt | 9,226 | 9,375 | ||
Non-recourse debt of joint ventures | 1,190 | |||
Future income taxes | 127 | 2,648 | ||
Junior subordinated debentures | 237 | |||
Preferred securities | 694 | |||
Trust originated preferred securities | 218 | |||
Shareholders' equity | 6,676 | 5,939 | ||
19,781 | 21,104 | |||
- (1)
- Using the equity method of accounting for joint ventures.
TRANSCANADA PIPELINES LIMITED SIGNIFICANT DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GAAP