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920-138 exam Dumps Source : VoIP Succession 1000/1000M Rls. 3.0 Installation and Maintena
Test Code : 920-138
Test Name : VoIP Succession 1000/1000M Rls. 3.0 Installation and Maintena
Vendor Name : Nortel
Q&A : 59 Real Questions
Succession commercial enterprise utility unlock three.0 is slated to be unveiled at global join 2003 in Las Vegas, an adventure sponsored through the foreign Nortel Networks Meridian user neighborhood.
the brand new software will deliver a common platform for each Nortel's Succession a thousand IP-PBX and its Meridian 1 PBX, noted Ann Swenson, senior product advertising supervisor of business IP telephony at Nortel, Brampton, Ontario.
The Succession improve will replace Meridian's X11 device utility,now in its 25th liberate,and provide a simplified migration path to IP telephony, Swenson stated.
"For Meridian customers obtainable, here is an additional demonstration that Nortel is presenting an funding-included direction to new know-how," she observed.
With the upgrade, Nortel is additionally expanding its Succession portfolio with Succession 1000m, which supports as much as 10,000 IP users per call server. prior to now, the Succession one thousand line supported as much as 1,000 IP clients per call server, Swenson said.
free up three.0 integrates seamlessly with Nortel's Multimedia change, a Session Initiation Protocol-based collaboration platform that facets conferencing, personalized call screening and video calling.
the brand new multimedia capabilities and simplified migration direction should still supply Meridian 1 consumers respectable explanations to improve, talked about Mike Olson, senior vp of earnings and advertising at NextiraOne, a solution company based mostly in Houston. "obviously, IP telephony is whatever we're all going to at some aspect," Olson referred to.
the new gadget utility will also aid Nortel's coming near near low-conclusion i2001 web telephone, and a brand new survivable small branch office gateway for five to 50 clients, each scheduled for availability later this year.
unlock three.0 is scheduled for ordinary availability in the fourth quarter. Pricing has now not been established.
WASHINGTON -- Nortel Networks (NYSE:NT)(TSX:NT) these days introduced that it changed into the first networking dealer to flow voice over IP (cyber web Protocol) interoperability trying out for the U.S. protection branch's Joint Interoperability look at various Command (JITC) and get hold of the intent to certify. JITC certification testing is required for all items that guide voice, statistics or video communications connecting to the defense Switched network. "Our latest voice over IP analysis concludes that seventy six percent of IT executives cost requisites compliance and interoperability as essential or very critical," says Robin Gareiss, major research officer for Nemertes research. "Receiving the protection branch's voice over IP intent to certify underscores Nortel Networks capability to tackle this compelling subject among IT professionals throughout all industries. Given the stringent necessities of the protection branch for reliability, interoperability, and cost-effectiveness, its acceptance of Nortel Networks items validates that voice over IP is right away becoming a mature, reliable expertise." "Demonstrating that Nortel Networks portfolio can function under probably the most attempting circumstances is important not handiest for our defense force customers, but additionally for corporations requiring cozy, respectable solutions which are confirmed to face up to operations below worst-case situations," mentioned Jim Biard, vice chairman, Federal business, Nortel Networks. The JITC certification process, coordinated by means of the protection assistance programs agency (DISA), entails an arduous routine of equipment and interoperability checks. JITC certification ensures that items are secure, function devoid of performance degradation in a multi-seller environment, possess exacting ranges of resiliency and redundancy to make sure reliability beneath duress, and offer the enjoyable armed forces elements and functionality required for national safety. As a fight support company, DISA is responsible for planning, engineering, acquiring, fielding and aiding world internet-centric solutions and operating the global suggestions Grid to serve the needs of the president, vice chairman, secretary of protection, joint chiefs of group of workers, combatant commanders, and different protection branch components during both conflict and peace. The JITC-tested voice over IP answer from Nortel Networks includes:
A CSP's digital transformation contains so plenty greater than expertise. essential – and infrequently most challenging – is the cultural transformation that goes along with it. As Sigma's Chief know-how Officer, Catherine Michel has wide adventure with technology as she leads the company's total product portfolio and approach. but she's also no stranger to merging technology and tradition, having taken an organization — Tribold — from inception to acquisition (with the aid of Sigma in 2013), and he or she continues to recommend carrier suppliers on a way to drive their personal transformations. This mind-blowing female leader and vocal suggest for other ladies within the business will join women in Comms for a live radio display to focus on all issues digital transformation, including the cultural transformation that goes together with it.
April 30, 1999Web posted at: 2:21 p.m. EDT (1821 GMT)
by Jason ok. Krause
(IDG) -- every telecom player on this planet will inform you that finally all phone calls will be placed on cyber web-based mostly networks. notwithstanding that might not occur quickly, Lucent wants to be the enterprise that receives us there.
opposite to regular belief, telecom avid gamers don't seem to be racing to set up internet-primarily based hardware, which is nowhere close as legitimate as circuit networks. but these days Lucent introduced three new products a good way to convey typical circuit-switch elements and dependability to information superhighway-primarily based products.
"[The new products] enable cyber web carrier providers to offer roughly the equal three,000 features attainable on ordinary circuit-switched networks," says Frank D'Amelio, VP of product administration and marketing for Lucent's Switching and access solutions group.
The product line, R/Evolutionary Networking, will convey over packet networks very nearly each service and feature accessible on brand new public community (name ready, 911, three-approach calling, and so forth.), with the same voice first-rate and reliability. the brand new items can run cellphone calls over circuit, packet and cyber web protocol (IP) technology.
Lucent and Nortel give well-nigh the entire call-routing hardware and utility in North the us. whereas Nortel's product suite Succession already performs similar functions, some analysts believe Lucent's offering extra finished. but Lucent is truly taking goal at Cisco and the internet hardware companies.
"For all the talk coming out of Cisco about including ancient World expertise to their web items, or not it's basically up to groups like Lucent and Nortel, who actually have adventure in the ancient telecom world, to make it turn up," says Hilary Mine of Probe analysis. "If i am a provider, i would like a person who can do the entire mundane, vague things, the dull criminal requirements and stuff that a carrier has to be capable of do. I don't know that Cisco can do this."
Why must carriers slowly wean themselves from natural telephone networks earlier than moving to information superhighway Protocol expertise? In a speech past this year, Frank Ianna, president of network functions for AT&T, printed that voice traffic still money owed for 51 percent of the site visitors on AT&T networks. inner most lines, similar to T1 and T3 cables, cover 45.three %. IP site visitors debts for a mere 1.5 % of exercise on AT&T networks. (The leisure goes to body relay and ATM functions.) Voice services are nevertheless a high-profits, profitable business, and trusting them to modern untested IP items can be very dangerous.
"Lucent is trying to construct products on the way to let their embedded customer base make the transition and nevertheless be ecocnomic," says Mine.connected stories:
Lucent's digital song participant to challenge MP3April 22, 1999AT&T, Lucent sued over Y2K problemsMarch 12, 1999related IDG.net experiences:
Lucent proclaims packet-community service items(community World Fusion)Lucent maintains internet users' phone traces open(pc World on-line)Lucent hands for campus assault(community World Fusion)Lucent's Q2 income double 'ninety eight figures(InfoWorld electric)Lucent CEO: forget the net, the long run's in networks(InfoWorld electric powered)
notice: Pages will open in a brand new browser windowExternal sites are not endorsed via CNN Interactive.related sites:
Lucent TechnologiesCisco methods, Inc.AT&T Corp.
notice: Pages will open in a brand new browser windowExternal sites aren't counseled through CNN Interactive.
920-138 exam Dumps Source : VoIP Succession 1000/1000M Rls. 3.0 Installation and Maintena
Test Code : 920-138
Test Name : VoIP Succession 1000/1000M Rls. 3.0 Installation and Maintena
Vendor Name : Nortel
Q&A : 59 Real Questions
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Shane Watson and Jacques Kallis are among the infrequent allrounders who bat within the suitable five and bowl a considerable variety of overs
Shane Watson opens for Australia and is their fourth speedy bowler © AFP
On the 2nd day of the Newlands check, Shane Watson began the insanity after lunch with a 5-wicket burst that routed South Africa for 96. He had little time to savour his performance for he changed into soon opening Australia's 2nd innings. Watson lasted most effective three balls as Australia had been razed for forty seven. within the aftermath of that eight-wicket defeat, Watson spoke of it had been a challenge to swap to a batting mindset soon after bowling. during this week's column, therefore, we have now examined the look at various stats of good-order allrounders: those that batted within the precise five and bowled a huge variety of overs as neatly. The likes of Watson and Garry Sobers, no longer Daniel Vettori and Ian Botham, who batted reduce than No. 5.
the primary desk lists all players who batted within the true 5 for greater than half their careers and bowled a regular of 15 overs per verify. It begins with George Ulyett (1877-1890) and ends with Watson (2005-2011). There are best forty two in all, out of 2658 look at various cricketers, making the suitable-order allrounder a infrequent asset. Manoj Prabhakar, Carl Hooper, Jacques Kallis, Neil Johnson, Shahid Afridi and Watson are the handiest ones for the reason that 1980.
another current allrounder who is near getting on that list is Mohammad Hafeez. He has opened in all forty one innings however bowled most effective 310 overs in 21 checks, which is fewer than our qualification normal of 15 overs a healthy. He has become a a good deal greater usual bowler for Pakistan in the ultimate 365 days, although. Bangladesh's Shakib Al Hasan has batted above No. 6 most effective once, so would not make the reduce.listing of accurate-order allrounders (over half of profession in proper 5, general of ninety balls per match, minimal of 10 assessments) participant Span Mat resortsNO Runs HS Bat Av one hundred 50 Balls Conc Wkts BBI Bowl Av fiveG Ulyett (Eng) 1877-1890 25 39 0 949 149 24.33 1 7 2627 1020 50 7/36 20.40 1 AG steel (Eng) 1880-1888 13 20 3 six hundred148 35.29 2 0 1360 605 29 3/27 20.86 0 RG Barlow (Eng) 1881-1887 17 30 four 591 62 22.73 0 2 2456 767 34 7/forty 22.fifty five 3 W Bates (Eng) 1881-1887 15 26 2 656 64 27.33 0 52364 821 50 7/28 sixteen.42 4 G Giffen (Aus) 1881-1896 31 fifty three 0 1238 161 23.35 1 6 6391 2791 103 7/117 27.09 7 MA Noble (Aus) 1898-1909 42 seventy three 7 1997 133 30.25 1 sixteen 7159 3025 121 7/17 25.00 nineW Rhodes (Eng) 1899-1930 58 98 21 2325 179 30.19 2 eleven 8225 3425 127 eight/sixty eight 26.ninety six 6 WW Armstrong (Aus) 1902-1921 50 84 10 2863 159* 38.68 6 eight 8022 2923 87 6/35 33.fifty nine 3 GA Faulkner (SA) 1906-1924 25 47 4 1754 204 forty.seventy nine 4 eight 4227 2180 82 7/84 26.fifty eight four CG Macartney (Aus) 1907-1926 35 fifty five 4 2131 one hundred seventy 41.78 7 nine3561 1240 45 7/58 27.55 2 FE Woolley (Eng) 1909-1934 64 ninety eight 7 3283 154 36.07 five23 6495 2815 83 7/seventy six 33.ninety one four C Kelleway (Aus) 1910-1928 26 forty two 4 1422 147 37.forty two 3 6 4363 1683 52 5/33 32.36 1 JW Hearne (Eng) 1911-1926 24 36 five806 114 26.00 1 2 2926 1462 30 5/49 forty eight.seventy three 1 J Ryder (Aus) 1920-1929 20 32 51394 201* fifty one.62 three 91897 743 17 2/20 forty three.70 0 WR Hammond (Eng) 1927-1947 eighty five a hundred and forty sixteen 7249 336* 58.forty five 22 24 7969 3138 eighty three 5/36 37.eighty 2 DPB Morkel (SA) 1927-1932 sixteen 28 1 663 88 24.55 0 4 1704 821 18 4/93 forty five.sixty one 0 SJ McCabe (Aus) 1930-1938 39 sixty two five2748 232 48.21 6 13 3746 1543 36 four/13 42.86 0 L Amarnath (India) 1933-1952 24 40 4 878 118 24.38 1 4 4241 1481 forty five 5/ninety six 32.ninety one 2 KR Miller (Aus) 1946-1956 55 87 7 2958 147 36.ninety seven 7 13 10461 3906 170 7/60 22.ninety seven 7 VS Hazare (India) 1946-1953 30 fifty two 6 2192 164* forty seven.65 7 92840 1220 20 4/29 sixty one.00 0 MH Mankad (India) 1946-1959 forty four seventy two 52109 231 31.forty seven 56 14686 5236 162 8/fifty two 32.32 eight FMM Worrell (WI) 1948-1963 51 87 nine3860 261 forty nine.48 nine22 7141 2672 69 7/70 38.seventy two 2 AJ Watkins (Eng) 1948-1952 15 24 4 810 137* forty.50 2 four 1364 554 11 three/20 50.36 0 GO Rabone (NZ) 1949-1955 12 20 2 562 107 31.22 1 2 1385 635 sixteen 6/68 39.68 1 JR Reid (NZ) 1949-1965 fifty eight 108 five3428 142 33.28 6 22 7725 2835 85 6/60 33.35 1 GS Sobers (WI) 1954-1974 93 a hundred and sixty 21 8032 365* 57.seventy eight 26 30 21599 7999 235 6/seventy three 34.03 6 OG Smith (WI) 1955-1959 26 forty two 0 1331 168 31.sixty nine four 6 4431 1625 48 5/ninety 33.eighty five 1 TL Goddard (SA) 1955-1970 forty one 78 five2516 112 34.46 1 18 11736 3226 123 6/fifty three 26.22 fiveRB Simpson (Aus) 1957-1978 sixty two 111 7 4869 311 46.eighty one 10 27 6881 3001 seventy one 5/fifty seven 42.26 2 Mushtaq Mohammad (Pak) 1959-1979 fifty seven 100 7 3643 201 39.17 10 19 5260 2309 79 5/28 29.22 3 RW Barber (Eng) 1960-1968 28 forty five three 1495 185 35.fifty nine 1 93426 1806 forty two 4/132 43.00 0 RF Surti (India) 1960-1969 26 48 4 1263 ninety nine 28.70 0 nine3870 1962 forty two 5/seventy four 46.seventy one 1 EJ Barlow (SA) 1961-1970 30 57 2 2516 201 forty five.seventy four 6 15 3021 1362 40 5/eighty five 34.05 1 RM Cowper (Aus) 1964-1968 27 46 2 2061 307 forty six.eighty four 510 3005 1139 36 four/48 31.sixty three 0 BE Congdon (NZ) 1965-1978 61 114 7 3448 176 32.22 7 19 5620 2154 fifty nine 5/65 36.50 1 BL D'Oliveira (Eng) 1966-1972 44 70 8 2484 158 40.06 515 5706 1859 forty seven 3/forty six 39.55 0 M Prabhakar (India) 1984-1995 39 58 nine1600 120 32.65 1 nine7475 3581 ninety six 6/132 37.30 3 CL Hooper (WI) 1987-2002 102 173 15 5762 233 36.forty six 13 27 13794 5635 114 5/26 forty nine.forty two four JH Kallis (ICC/SA) 1995-2011 146 248 39 11949 201* 57.17 forty 54 18373 8680 270 6/54 32.14 5NC Johnson (Zim) 1998-2000 13 23 1 532 107 24.18 1 four 1186 594 15 4/77 39.60 0 Shahid Afridi (Pak) 1998-2010 27 48 1 1716 156 36.fifty one five8 3194 1709 48 5/52 35.60 1 SR Watson (Aus) 2005-2011 31 fifty six 2 2047 126 37.ninety 2 15 3141 1556 fifty five 6/33 28.29 3
Our 2nd desk is a list of allrounders with the top of the line averages whereas batting within the desirable 5, in exams by which they bowled more than 10 overs within the equal innings. Jacques Kallis, as an instance, has batted within the desirable five for South Africa and bowled more than 10 overs in an innings in 129 innings. He has scored 5713 runs in those innings at an ordinary of fifty one, while taking 176 wickets at 35.sixty one apiece.
Garry Sobers, largely mentioned to be the allrounder sans pareil, batted better than No. 6 and bowled more than 10 overs in 54 innings. He scored 2696 runs in these innings at a typical of fifty five, and took 94 wickets at an average of 34 every.
The most excellent batting normal when bowling at the least 10 overs within the equal innings belongs to former West Indies captain Frank Worrell. He averaged 71.sixty five with the bat in 36 innings, with seven centuries and 10 fifties, and took 41 wickets at an ordinary of simply below forty.finest batting usual in the precise 5 when bowling more than 60 balls within the equal innings (minimum of 20 innings) player Span resortsNO Runs HS Bat Av 100 50 Balls Conc Wkts BBI Bowl Av fiveFMM Worrell (WI) 1948-1961 36 four 2293 261 seventy one.sixty five 7 10 4197 1625 41 7/70 39.sixty three 2 RB Simpson (Aus) 1960-1978 37 2 2462 311 70.34 7 13 4290 1761 forty one 5/57 42.95 2 SJ McCabe (Aus) 1930-1938 24 2 1415 232 sixty four.31 4 52421 983 21 4/13 forty six.eighty 0 GS Sobers (WI) 1955-1974 fifty four five2696 226 55.02 10 7 8607 3208 94 5/sixty three 34.12 2 ER Dexter (Eng) 1959-1964 26 1 1354 205 fifty four.sixteen 1 12 3020 1298 32 4/38 forty.56 0 RJ Shastri (India) 1981-1992 26 1 1318 206 52.seventy two five53572 1633 32 4/78 fifty one.03 0 JH Kallis (SA) 1997-2010 129 17 5713 a hundred and sixty 51.00 18 29 13033 6269 176 6/fifty four 35.sixty one four GA Faulkner (SA) 1907-1912 25 2 1129 204 forty nine.08 3 6 3045 1668 fifty six 7/84 29.seventy eight 3 ST Jayasuriya (SL) 1994-2007 forty 2 1855 340 48.81 4 7 4340 1631 59 5/34 27.sixty four 2 MH Mankad (India) 1946-1956 33 2 1442 231 forty six.51 53 7859 2890 eighty three 8/fifty two 34.eighty one 5CH Gayle (WI) 2000-2009 forty five 2 1999 317 46.forty eight five9 4986 2109 fifty four 5/34 39.05 2 Mushtaq Mohammad (Pak) 1967-1978 22 2 929 157 forty six.45 three 52630 1114 forty four 5/28 25.31 1 KR Miller (Aus) 1946-1956 fifty nine five2304 147 forty two.sixty six 7 nine7232 2759 122 7/60 22.sixty one 6 CL Hooper (WI) 1988-2002 62 three 2315 233 39.23 4 15 7550 2952 59 5/26 50.03 1 EJ Barlow (SA) 1962-1970 24 0 920 138 38.33 three 6 2199 967 31 5/eighty five 31.19 1 ME Waugh (Aus) 1992-2002 20 1 713 137 37.fifty two 2 3 1619 746 21 5/40 35.52 1 Mudassar Nazar (Pak) 1978-1989 36 three 1237 199 37.48 four 2 3764 1597 forty three four/55 37.13 0 WR Hammond (Eng) 1927-1939 forty nine 1 1789 177 37.27 4 7 5385 2065 47 5/57 forty three.93 1 BE Congdon (NZ) 1965-1978 32 three 1076 166* 37.10 three 6 4008 1510 47 5/65 32.12 1 BL D'Oliveira (Eng) 1967-1972 21 1 729 117 36.forty five 1 four 2438 739 22 3/forty six 33.59 0
The third table contains allrounders with the most beneficial bowling averages when batting in the accurate 5 in the same innings. Keith Miller averaged 22.41 apiece for his 129 wickets and batted within the properly five in 76 innings, scoring 2687 runs at a regular of 38.
Trevor Goddard, the former South Africa captain, used to open the innings and bowl first or 2d change. He opened the bowling in 5 innings as well. So in 72 innings during which Goddard batted within the proper five, he took 114 wickets at a regular of below 27. He scored 2337 runs in these innings at an average of 34.premiere bowling normal when batting within the right 5 in the same innings (minimum of 20 innings, 2000 balls) participant Span lodgesNO Runs HS Bat Av a hundred 50 Balls Conc Wkts BBI Bowl Av fiveTE Bailey (Eng) 1949-1959 29 1 749 134* 26.75 1 2 2744 893 43 7/34 20.76 2 KR Miller (Aus) 1946-1956 seventy six 6 2687 147 38.38 7 12 7623 2891 129 7/60 22.forty one 6 WJ Cronje (SA) 1992-2000 96 6 3313 a hundred thirty five 36.eighty one 6 20 2827 942 36 3/14 26.16 0 TL Goddard (SA) 1955-1970 seventy two 4 2337 112 34.36 1 sixteen 10894 3055 114 6/53 26.79 fiveMushtaq Mohammad (Pak) 1960-1978 seventy one 4 2706 201 forty.38 8 15 3515 1543 57 5/28 27.07 1 GA Faulkner (SA) 1907-1912 29 2 1372 204 50.81 3 8 3105 1696 fifty six 7/84 30.28 three MA Noble (Aus) 1899-1909 fifty three three 1561 133 31.22 1 14 4352 1880 61 7/17 30.eighty one 2 BL D'Oliveira (Eng) 1967-1972 43 51553 117 forty.86 3 92972 898 29 3/forty six 30.ninety six 0 RM Cowper (Aus) 1964-1968 39 1 1898 307 forty nine.ninety four 59 2821 1058 33 4/48 32.06 0 M Prabhakar (India) 1984-1995 30 2 905 a hundred and twenty 32.32 1 five2379 1165 35 5/104 33.28 1 JR Reid (NZ) 1949-1965 77 2 2732 135 36.42 five18 7121 2630 seventy nine 6/60 33.29 1 G Giffen (Aus) 1883-1896 36 0 981 161 27.25 1 54944 2173 sixty five 6/seventy two 33.43 3 JH Kallis (ICC/SA) 1997-2011 226 34 11338 201* 59.05 39 fifty one 15478 7455 219 6/54 34.04 four FE Woolley (Eng) 1910-1934 67 4 2262 154 35.90 3 16 3885 1642 forty eight 7/76 34.20 3 ST Jayasuriya (SL) 1992-2007 151 8 5711 340 39.93 12 24 6418 2640 77 5/34 34.28 2 MH Mankad (India) 1946-1956 38 2 1567 231 43.fifty two five4 8026 3019 88 8/52 34.30 5GS Sobers (WI) 1955-1974 79 eight 4384 365* 61.seventy four 17 eleven 9127 3445 a hundred 5/sixty three 34.forty five 2 EJ Barlow (SA) 1961-1970 fifty five 2 2501 201 47.18 6 15 2793 1279 37 5/eighty five 34.fifty six 1 BE Congdon (NZ) 1965-1978 96 five3104 176 34.10 7 17 4750 1838 fifty three 5/65 34.sixty seven 1 WW Armstrong (Aus) 1902-1921 forty two 2 1646 159* forty one.15 3 five4464 1583 45 5/27 35.17 2
So which allrounder needed to do probably the most bowling on normal after batting in the suitable 5? Goddard had one of the optimum common variety of balls bowled when batting in the top five in the same innings. He bowled 10894 balls in 72 innings - an ordinary of 151.three balls.
The maximum common, youngsters, belongs to India's Vinoo Mankad, who averaged 211 balls per innings for the 38 innings through which he batted within the accurate 5. Mankad took 88 wickets at 34.30 apiece in these innings and scored 1567 runs at a typical of 43,52.maximum rate of balls bowled per innings when batting within the precise 5 in the same innings (minimal of 20 innings) participant Span hotelsNO Runs HS Bat Av a hundred 50 Balls Conc Wkts BBI Bowl Av 5B/I MH Mankad (India) 1946-1956 38 2 1567 231 forty three.fifty two fivefour 8026 3019 88 eight/52 34.30 five211.2 TL Goddard (SA) 1955-1970 72 four 2337 112 34.36 1 sixteen 10894 3055 114 6/fifty three 26.79 five151.3 G Giffen (Aus) 1883-1896 36 0 981 161 27.25 1 five4944 2173 sixty five 6/72 33.forty three three 137.three IT Botham (Eng) 1978-1987 20 1 994 208 52.31 3 4 2343 1313 34 5/46 38.61 1 117.1 GS Sobers (WI) 1955-1974 79 eight 4384 365* 61.74 17 eleven 9127 3445 100 5/63 34.45 2 115.fiveL Amarnath (India) 1933-1952 22 1 503 118 23.95 1 1 2437 900 22 5/118 40.ninety 1 110.7 GA Faulkner (SA) 1907-1912 29 2 1372 204 50.81 three 8 3105 1696 fifty six 7/eighty four 30.28 three 107.0 WW Armstrong (Aus) 1902-1921 42 2 1646 159* forty one.15 three 54464 1583 45 5/27 35.17 2 106.2 KR Miller (Aus) 1946-1956 76 6 2687 147 38.38 7 12 7623 2891 129 7/60 22.forty one 6 100.3 TE Bailey (Eng) 1949-1959 29 1 749 134* 26.75 1 2 2744 893 43 7/34 20.76 2 ninety four.6 JR Reid (NZ) 1949-1965 77 2 2732 a hundred thirty five 36.42 518 7121 2630 79 6/60 33.29 1 92.4 RF Surti (India) 1961-1969 28 2 832 ninety nine 32.00 0 7 2450 1302 26 5/seventy four 50.07 1 87.fiveRJ Shastri (India) 1981-1992 forty nine 2 1738 206 36.97 56 4100 1917 35 four/seventy eight fifty four.seventy seven 0 83.6 C Kelleway (Aus) 1911-1928 24 2 903 147 41.04 3 three 1985 832 17 three/forty six 48.ninety four 0 eighty two.7 MA Noble (Aus) 1899-1909 fifty three 3 1561 133 31.22 1 14 4352 1880 61 7/17 30.81 2 eighty two.1 FMM Worrell (WI) 1948-1962 60 7 3248 261 sixty one.28 nine17 4802 1902 47 7/70 forty.46 2 80.0 M Prabhakar (India) 1984-1995 30 2 905 one hundred twenty 32.32 1 52379 1165 35 5/104 33.28 1 79.3 RG Barlow (Eng) 1881-1887 21 1 403 sixty two 20.15 0 1 1664 484 27 7/40 17.ninety two three seventy nine.2 SA Durani (India) 1961-1973 21 0 509 104 24.23 1 2 1562 674 26 6/seventy three 25.ninety two 1 seventy four.three RM Cowper (Aus) 1964-1968 39 1 1898 307 49.94 59 2821 1058 33 four/forty eight 32.06 0 72.three
Travis Basevi is a cricket statistician and UK Senior Programmer for ESPNcricinfo and other ESPN sports web sites. George Binoy is an Assistant Editor at ESPNcricinfo
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CALGARY, Alberta, Feb. 15, 2018 (GLOBE NEWSWIRE) -- TransCanada business enterprise (TSX:TRP) (NYSE:TRP) (TransCanada or the business) nowadays announced net earnings because of common shares for fourth quarter 2017 of $861 million or $0.98 per share in comparison to a web lack of $358 million or $0.forty three per share for the same length in 2016. For the yr ended December 31, 2017, internet revenue attributable to typical shares was $three.0 billion or $3.44 per share in comparison to web salary of $124 million or $0.16 per share in 2016. related income for fourth quarter 2017 have been $719 million or $0.82 per commonplace share in comparison to $626 million or $0.75 per share for a similar period final yr. For the yr ended December 31, 2017, related profits had been $2.7 billion or $3.09 per average share compared to $2.1 billion or $2.78 per share in 2016. TransCanada's Board of administrators additionally declared a quarterly dividend of $0.sixty nine per general share for the quarter ending March 31, 2018, comparable to $2.76 per general share on an annualized groundwork, an increase of 10.four per cent. here is the eighteenth consecutive year the Board of administrators has raised the dividend.
"we're joyful that our imaginative and prescient of fitting one among North the united states’s leading power infrastructure groups is becoming a reality. In 2017, we superior a few strategic initiatives and delivered record fiscal performance following the a hit integration of Columbia into our operations," talked about Russ Girling, TransCanada’s president and chief executive officer. "similar salary per share increased eleven per cent compared to 2016 while comparable funds generated from operations of $5.6 billion had been nine per cent greater than closing yr. The raises mirror the mighty performance of our current assets and about $5 billion of growth tasks that have been accomplished and positioned into carrier right through 2017. They included expansions of our NGTL and Canadian Mainline methods in our Canadian natural gas pipelines enterprise, the Gibraltar and Rayne XPress initiatives in U.S. herbal fuel pipelines and the Grand Rapids and northern Courier liquids pipelines in Alberta."
"searching forward, we are able to proceed to boost a $23 billion near-time period capital application, together with an additional $2.four billion on NGTL. This software is anticipated to generate large further boom in salary and cash movement and aid persisted annual dividend boom at the higher conclusion of an eight to 10 per cent range via 2020 and an further eight to ten per cent in 2021," introduced Girling. "we now have invested about $8 billion into these projects to date and are well located to fund the the rest of this capital program through our effective and starting to be internally generated cash circulate and access to capital markets on compelling terms."
"furthermore, we proceed to increase more than $20 billion of medium to longer-time period projects including Keystone XL, Coastal GasLink and the Bruce power existence extension application. progress on Keystone XL continues following the Nebraska Public provider fee approval of a doable route during the state, which we assist, and the receipt of business commitments for the venture. at the same time we are expecting to cozy additional organic increase associated with our extensive North American footprint in herbal gas pipelines, liquids pipelines and vigour technology as evidenced by ongoing expansions of the NGTL equipment. These initiatives highlight the robust competitive position of our asset base and our proven ability to normally top off our growth portfolio with appealing, strategic, low-possibility investment alternatives. Success in advancing these and other projects into construction and operation could prolong our dividend growth outlook past 2021," concluded Girling.
(All economic figures are unaudited and in Canadian bucks except mentioned otherwise)
• Fourth quarter 2017 fiscal results:
• For the 12 months ended December 31, 2017:
• Fourth quarter highlights:
internet salary attributable to common shares expanded through $1.2 billion or $1.41 per share to $861 million or $0.98 per share for the three months ended December 31, 2017 compared to the equal period final year. Fourth quarter 2017 results included an $804 million recuperation of deferred salary taxes because of U.S. Tax Reform, a $136 million after- tax profit involving the sale of our Ontario solar assets and a $sixty four million after-tax web profit regarding the monetization of our U.S. Northeast power company. These good points had been in part offset with the aid of a $954 million after-tax impairment cost for the power East pipeline and linked projects on account of our determination not to proceed with the undertaking functions and a $9 million after-tax charge concerning the preservation and liquidation of Keystone XL assets which have been expensed pending further advancement of the project. All of these certain gadgets, as well as unrealized positive aspects and losses from changes in chance management actions, are excluded from similar revenue.
web profits attributable to average shares for the year ended December 31, 2017 turned into $three.0 billion or $three.44 per share compared to $124 million or $0.sixteen per share in 2016. net earnings per commonplace share contains the dilutive impact of issuing 161 million general shares in 2016 and common shares issued beneath our DRP and company ATM application in 2017. effects in 2017 included an $804 million healing of deferred profits taxes as a result of U.S. Tax Reform, a $307 million after-tax net gain regarding the monetization of our U.S. Northeast power business and a $136 million after-tax profit involving the sale of our Ontario photo voltaic belongings. These objects had been in part offset by using a $954 million after-tax impairment can charge for the power East pipeline and related tasks because of our decision now not to proceed with the task functions, a $69 million after-tax charge for integration-connected fees linked to the acquisition of Columbia, a $28 million after-tax charge involving the renovation and liquidation of Keystone XL assets that have been expensed pending additional advancement of the project and a $7 million earnings tax recuperation in first quarter involving the realized loss on a 3rd birthday celebration sale of Keystone XL mission belongings. All of these certain objects, in addition to unrealized features and losses from alterations in risk administration activities, are excluded from related revenue.
comparable revenue for fourth quarter 2017 were $719 million or $0.82 per share compared to $626 million or $0.75 per share for the same length in 2016, a rise of $93 million or $0.07 per share. The increase in fourth quarter similar earnings changed into primarily because of the internet effect of a more robust contribution from U.S. herbal fuel Pipelines due to lessen operating fees together with synergies carried out from the Columbia acquisition, a higher contribution from drinks Pipelines basically because of bigger volumes on Keystone, the graduation of operations on Northern Courier and Grand Rapids and liquids advertising actions, bigger profits from Bruce power specially due to better volumes on account of fewer outage days, and better AFUDC on our cost-regulated U.S. natural gasoline pipelines, in part offset by means of our decision no longer to proceed with the power East pipeline, a decrease contribution from U.S. vigor due to the monetization of our U.S. Northeast energy generation belongings in second quarter 2017 and the continued wind-down of our U.S. energy marketing operations and an after-tax impairment cost in 2017 related to obsolete power machine.
comparable profits for the year ended December 31, 2017 of $2.7 billion or $3.09 per share had been $582 million or $0.31 per typical share higher than in 2016 and comprises the dilutive effect of issuing 161 million regular shares in 2016 and customary shares issued under our DRP and corporate ATM application in 2017. The 2017 enhance in similar income changed into basically the net effect of a much better contribution from U.S. natural fuel Pipelines as a result of incremental revenue from Columbia following the July 2016 acquisition and higher ANR transportation earnings resulting from a FERC-permitted expense settlement, improved revenue from beverages Pipelines basically as a result of higher volumes on the Keystone Pipeline equipment, liquids advertising activities and the commencement of operations on Grand Rapids and northerly Courier, better income from Bruce vigor in particular because of higher volumes because of fewer outage days, an improved contribution from Mexico herbal gas Pipelines due to earnings from Topolobampo beginning in July 2016 and Mazatlán starting in December 2016, bigger AFUDC on our cost-regulated U.S. natural gas pipelines, the NGTL gadget, Tula and Villa de Reyes, in part offset by the business in-provider of Topolobampo and completion of Mazatlán building, and better hobby profits and different because of earnings concerning Coastal GasLink mission charges and the termination of the PRGT project. These objects have been in part offset with the aid of reduce contributions from U.S. vigour as a result of the sales of our U.S. Northeast vigor era property in second quarter 2017 and the wind-down of our U.S. energy advertising operations, in addition to larger activity rate on account of debt assumed in the acquisition of Columbia on July 1, 2016 and long-term debt and junior subordinated word issuances in 2017, internet of maturities.
wonderful fresh tendencies include:
Canadian herbal fuel Pipelines:
On December 28, 2017, the NEB approved the Sundre Crossover challenge on the NGTL device. The approximate $one hundred million venture will boost birth of 245 TJ/d (229 MMcf/d) to the Alberta / British Columbia border to connect with TransCanada downstream pipelines. In-service is deliberate for April 1, 2018.
U.S. natural gasoline Pipelines:
Mexico herbal gas Pipelines:
In January 2018, TransCanada announced that we secured approximately 500,000 barrels per day of firm, 20- year commitments, following an open season in 2017, positioning the proposed task to proceed. The enterprise will look to continue to comfortable further lengthy-term contracted volumes. we are additionally continuing an outreach program in the communities the place the pipeline might be constructed and are working collaboratively with landowners in an open and transparent solution to acquire the imperative easements for the authorised route. construction education has commenced and should enhance as the enabling procedure advances all through 2018. simple building is anticipated to begin in 2019 and should take about two years to complete.
On November sixteen, 2017, the Keystone pipeline turned into briefly shut down after a leak changed into detected in Marshall County, South Dakota. On November 29, 2017, the pipeline was repaired and returned to carrier at a reduced pressure in the affected part of the pipeline. extra investigative actions and corrective measures required by way of the Pipeline and hazardous materials protection Administration (PHMSA) are planned for 2018. This shutdown didn't have a big affect on our 2017 profits.
Teleconference and Webcast:
we can dangle a teleconference and webcast on Thursday, February 15, 2018 to talk about our fourth quarter 2017 and 12 months-conclusion financial outcomes. Russ Girling, TransCanada President and Chief govt Officer, and Don Marchand, executive Vice-President and Chief economic Officer, together with different members of the TransCanada govt leadership team, will talk about the financial consequences and company tendencies at 2 p.m. (MST) / four p.m. (EST).
participants of the funding neighborhood and other fascinated parties are invited to take part by means of calling 800.273.9672 or 416.340.2216 (Toronto area). No move code is required. Please dial in 10 minutes prior to the birth of the name. A live webcast of the teleconference should be obtainable at www.transcanada.com.
A replay of the teleconference can be available two hours after the conclusion of the call until middle of the night (EST) on February 22, 2018. Please call 800.408.3053 or 905.694.9451 (Toronto area) and enter flow code 2578190#.
The audited annual Consolidated financial Statements and administration’s discussion and analysis (MD&A) can be found beneath TransCanada's profile on SEDAR at www.sedar.com, with the U.S. Securities and alternate commission on EDGAR at www.sec.gov/information/edgar.shtml and on the TransCanada site at www.transcanada.com.
With greater than 65 years' adventure, TransCanada is a pacesetter within the responsible development and respectable operation of North American power infrastructure including herbal fuel and beverages pipelines, vigour generation and gas storage facilities. TransCanada operates probably the most greatest natural gasoline transmission networks that extends greater than ninety one,900 kilometres (fifty seven,a hundred miles), tapping into almost all predominant fuel supply basins in North the us. TransCanada is a leading company of gasoline storage and linked features with 653 billion cubic feet of storage ability. a large impartial energy producer, TransCanada presently owns or has interests in approximately 6,one hundred megawatts of vigor era in Canada and the us. TransCanada is also the developer and operator of one of North the us's leading liquids pipeline programs that extends approximately four,900 kilometres (three,000 miles) connecting becoming continental oil resources to key markets and refineries. TransCanada's common shares change on the Toronto and ny inventory exchanges below the symbol TRP. seek advice from TransCanada.com to gain knowledge of extra, or connect with us on social media and 3BL Media.
Media Enquiries:Mark Cooper / Grady Semmens403.920.7859 or 800.608.7859
Investor & Analyst Enquiries: David Moneta / Stuart Kampel403.920.7911 or 800.361.6522
Fourth quarter 2017 financial highlightsthree months endedDecember 31 year endedDecember 31 (unaudited - thousands and thousands of $, apart from per share amounts) 2017 2016 2017 2016 revenue Revenues 3,617 3,635 13,449 12,547 web profits/(loss) as a result of general shares 861 (358 ) 2,997 124 per regular share - basic $0.ninety eight ($0.43 ) $three.44 $0.16 - diluted $0.98 ($0.43 ) $3.43 $0.sixteen related EBITDA1 1,903 1,890 7,377 6,647 related earnings1 719 626 2,690 2,108 per average share1 $0.eighty two $0.seventy five $3.09 $2.seventy eight operating cash flow internet cash provided by using operations 1,390 1,575 5,230 5,069 comparable dollars generated from operations1 1,450 1,425 5,641 5,171 similar distributable money flow1 - reflecting all upkeep capital expenditures 727 928 three,599 3,541 - reflecting only non-recoverable protection capital bills 1,268 1,251 four,963 four,482 comparable distributable cash flow per usual share1 - reflecting all renovation capital costs $0.83 $1.12 $four.13 $4.67 - reflecting best non-recoverable protection capital fees $1.forty five $1.50 $5.69 $5.ninety one Investing actions Capital spending2 2,552 2,016 9,210 6,067 Acquisitions, net of cash acquired — — — 13,608 Proceeds from earnings of assets, net of transaction costs 1,a hundred and seventy — 5,317 6 Dividends declared per average share $0.625 $0.565 $2.50 $2.26 primary common shares surprising (tens of millions) - weighted average 877 832 872 759 - issued and excellent 881 864 881 864 1 related EBITDA, related salary, similar income per standard share, related cash generated from operations, related distributable money circulation and similar distributable money move per regular share are all non-GAAP measures. See the non-GAAP measures section for more assistance. 2 comprises capital expenditures, capital projects in building and contributions to fairness investments.
forward-searching INFORMATIONWe divulge forward-searching tips to aid latest and capabilities buyers take into account management’s evaluation of our future plans and monetary outlook, and our future possibilities overall.
Statements which are forward-searching are in keeping with certain assumptions and on what we recognize and expect nowadays. These statements commonly include words like expect, are expecting, believe, may additionally, will, may still, estimate or other identical words.
forward-looking statements in this information free up include information concerning the following, among other issues:
ahead-looking statements don't guarantee future efficiency. genuine movements and outcomes may well be drastically distinctive on account of assumptions, hazards or uncertainties related to our enterprise or events that occur after the date of this information release.
Our ahead-searching assistance is according to right here key assumptions, and is discipline to right here hazards and uncertainties:
hazards and uncertainties
that you would be able to examine greater about these factors and others in studies we now have filed with Canadian securities regulators and the SEC, including the MD&A in our 2016 Annual file.
As precise effects may fluctuate drastically from the ahead-looking assistance, you should no longer put undue reliance on ahead-searching information and will no longer use future-oriented assistance or fiscal outlooks for anything other than their intended goal. We do not replace our ahead-looking statements as a result of new assistance or future hobbies, until we're required to with the aid of law.
FOR greater INFORMATIONYou can locate more assistance about TransCanada in our Annual information form and other disclosure documents, which are available on SEDAR (www.sedar.com).
NON-GAAP MEASURESThis news release references here non-GAAP measures:
These measures will not have any standardized meaning as prescribed with the aid of GAAP and therefore may additionally no longer be similar to measures offered with the aid of other entities.
similar measuresWe calculate comparable measures by adjusting definite GAAP and non-GAAP measures for specific items we believe are large but now not reflective of our underlying operations in the length. apart from as otherwise described herein, these similar measures are calculated on a consistent basis from length to length and are adjusted for selected items in each and every length, as applicable.
Our decision to alter for a specific item is subjective and made after careful consideration. certain items may encompass:
We exclude the unrealized gains and losses from alterations within the reasonable cost of derivatives used to in the reduction of our exposure to definite financial and commodity expense risks. These derivatives generally supply effective financial hedges, however don't meet the standards for hedge accounting. subsequently, the changes in reasonable cost are recorded in internet income. As these quantities don't accurately mirror the features and losses that might be realized at agreement, we do not consider them reflective of our underlying operations.
here table identifies our non-GAAP measures in opposition t their equivalent GAAP measures.similar measure long-established degreecomparable earnings web revenue/(loss) brought on by common stockssimilar revenue per common share net income/(loss) per ordinary proportioncomparable EBITDA segmented revenue/(losses) comparable EBIT segmented profits/(losses) related money generated from operations internet cash provided via operations related distributable cash stream net money offered by way of operations
similar salary and similar profits per shareComparable profits represents salary or loss brought on by standard shareholders on a consolidated foundation adjusted for certain items. similar revenue is created from segmented income, activity price, AFUDC, interest salary and different, profits taxes and non-controlling pursuits adjusted for the specific objects. See the reconciliation of web profits to comparable earnings.
similar EBIT and related EBITDAComparable EBIT represents segmented earnings adjusted for the specific items described above. We use comparable EBIT as a measure of our salary from ongoing operations because it is a positive measure of our efficiency and an effective device for evaluating traits in every segment. similar EBITDA is calculated the same means as similar EBIT however excludes the non-money fees for depreciation and amortization. See the reconciliation of non-GAAP measures for a reconciliation to segmented revenue.
cash generated from operations and similar funds generated from operationsFunds generated from operations reflects web money supplied via operations before adjustments in operating working capital. We agree with it's a effective measure of our consolidated working money stream because it does not encompass fluctuations from working capital balances, which don't necessarily replicate underlying operations within the equal period, and is used to give a consistent measure of the cash producing performance of our belongings. related money generated from operations is adjusted for the money impact of selected items mentioned above. See the comparable distributable money circulate area for the reconciliation to internet money offered through operations.
related distributable cash move and comparable distributable money flow per shareWe consider comparable distributable cash flow is a helpful supplemental measure of performance that defines money obtainable to general shareholders before capital allocation. comparable distributable cash move is described as similar funds generated from operations less favorite share dividends, distributions to non-controlling pursuits and maintenance capital expenses. protection capital expenses are expenditures incurred to retain our operating capacity, asset integrity and reliability, and consist of amounts caused by our proportionate share of maintenance capital expenditures on our fairness investments. See the similar distributable money circulation section for the reconciliation to web money supplied with the aid of operations.
however we deduct renovation capital fees in determining related distributable money flow, we now have the capacity to get well the majority of these charges in Canadian herbal fuel Pipelines, U.S. herbal fuel Pipelines and drinks Pipelines. Canadian natural gas pipelines preservation capital fees are reflected in rate bases, on which we earn a regulated return and subsequently improve in tolls. the majority of our U.S. natural gas pipelines can are seeking to improve preservation capital bills via charges based in future fee circumstances or expense settlements. As such, these maintenance capital costs are readily recovered in the identical manner as expansion capital fees. Tolling preparations in beverages Pipelines provide for healing of upkeep capital.
constructive December 31, 2017, we amended our presentation of related distributable money stream and related distributable money circulate per share as an instance the have an impact on of with the exception of recoverable upkeep capital expenditures from their respective calculations. we have included related distributable money flow and comparative distributable cash stream per share for 2016 to mirror the amended presentation structure which we agree with provides more desirable tips for readers.
Consolidated outcomes - fourth quarter 2017
We operate in three core agencies - natural gasoline Pipelines, drinks Pipelines and power. so as to deliver assistance that is aligned with how administration decisions about our company are made and how performance of our business is assessed, our effects are reflected in 5 working segments: Canadian herbal gas Pipelines, U.S. herbal gas Pipelines, Mexico natural gasoline Pipelines, beverages Pipelines and power. We also have a non-operational corporate phase such as company and administrative functions that deliver governance and other support to our operational business segments.
definite prices up to now pronounced in our company segment are now being mentioned within the business segments to more advantageous align with how we measure our fiscal efficiency. 2016 effects were adjusted to replicate this exchange.three months endedDecember 31 year endedDecember 31 (unaudited - millions of $, apart from per share amounts) 2017 2016 2017 2016 Canadian natural gas Pipelines 333 364 1,236 1,307 U.S. herbal fuel Pipelines 461 403 1,760 1,190 Mexico herbal fuel Pipelines ninety three 103 426 287 beverages Pipelines (932 ) 213 (251 ) 806 energy 472 (574 ) 1,552 (1,157 ) company sixty three (33 ) (39 ) (a hundred and twenty ) complete segmented salary 490 476 4,684 2,313 hobby rate (541 ) (542 ) (2,069 ) (1,998 ) Allowance for funds used all over development 140 ninety seven 507 419 pastime profits and different (9 ) (15 ) 184 103 earnings earlier than salary taxes eighty 16 three,306 837 income tax recuperation/(cost) 870 (274 ) 89 (352 ) internet profits/(loss) 950 (258 ) three,395 485 web revenue as a result of non-controlling pursuits (forty nine ) (68 ) (238 ) (252 ) internet earnings/(loss) attributable to controlling pursuits 901 (326 ) three,157 233 favourite share dividends (40 ) (32 ) (a hundred and sixty ) (109 ) web salary/(loss) because of usual shares 861 (358 ) 2,997 124 net income/(loss) per normal share - primary $0.98 ($0.43 ) $three.forty four $0.sixteen - diluted $0.ninety eight ($0.43 ) $three.forty three $0.16
internet income/(loss) caused by ordinary shares expanded by $1,219 million or $1.forty one per share for the three months ended December 31, 2017 compared to the equal period in 2016 as a result of the adjustments in net salary described below, as well because the dilutive effect of issuing 60 million standard shares within the fourth quarter of 2016 and common shares issued beneath our DRP and corporate ATM program in 2017.
Fourth quarter 2017 consequences blanketed:
Fourth quarter 2016 results covered:
internet salary in all intervals covered unrealized positive aspects and losses from changes in chance administration actions which we exclude, along with the above-referred to objects, to arrive at comparable profits. A reconciliation of web revenue/(loss) attributable to ordinary shares to comparable income is shown in right here desk.
RECONCILIATION OF internet earnings/(LOSS) TO comparable revenuethree months endedDecember 31 year endedDecember 31 (unaudited - tens of millions of $, apart from per share quantities) 2017 2016 2017 2016 net earnings/(loss) because of common shares 861 (358 ) 2,997 124 selected items (internet of tax): U.S. Tax Reform adjustment (804 ) — (804 ) — gain on sale of Ontario solar assets (136 ) — (136 ) — web (profit)/loss on income of U.S. Northeast energy belongings (sixty four ) 870 (307 ) 873 power East impairment charge 954 — 954 — Keystone XL asset costs 9 18 28 forty two Integration and acquisition related prices – Columbia — 67 sixty nine 273 Keystone XL income tax recoveries — — (7 ) (28 ) Ravenswood goodwill impairment — — — 656 Alberta PPA terminations and contract — sixty eight — 244 Restructuring prices — 6 — sixteen TC Offshore loss on sale — — — 3 chance administration activities1 (one hundred and one ) (forty five ) (104 ) (95 ) similar profits 719 626 2,690 2,108 web earnings/(loss) per commonplace share $0.ninety eight ($0.43 ) $3.forty four $0.sixteen specific items (web of tax): U.S. Tax Reform adjustment (0.92 ) — (0.ninety two ) — profit on sale of Ontario photo voltaic property (0.16 ) — (0.sixteen ) — web loss/(gain) on sales of U.S. Northeast power belongings (0.08 ) 1.05 (0.34 ) 1.15 energy East impairment can charge 1.09 — 1.09 — Keystone XL asset fees 0.01 0.02 0.03 0.06 Integration and acquisition related fees – Columbia — 0.08 0.08 0.37 Keystone XL profits tax recoveries — — (0.01 ) (0.04 ) Ravenswood goodwill impairment — — — 0.86 Alberta PPA terminations and contract — 0.08 — 0.32 Restructuring prices — 0.01 — 0.02 chance administration activities (0.10 ) (0.06 ) (0.12 ) (0.12 ) related income per regular share $0.82 $0.75 $3.09 $2.seventy eight 1 possibility management activities three months endedDecember 31 yr endedDecember 31 (unaudited - tens of millions of $) 2017 2016 2017 2016 Canadian energy6 1 eleven four U.S. power136 97 39 113 drinks advertising and marketing 15 4 — (2 ) natural gasoline garage7 (1 ) 12 8 activity fee — — (1 ) — foreign alternate (1 ) (23 ) 88 26 earnings tax as a result of chance management actions (62 ) (33 ) (forty five ) (fifty four ) total unrealized gains from chance management actions one zero one forty five 104 95
related earnings elevated by way of $ninety three million or $0.07 per share for the three months ended December 31, 2017 in comparison to the identical period in 2016 and become basically the web impact of:
U.S. TAX REFORM
On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (U.S. Tax Reform or the Act) become signed, resulting in tremendous adjustments to U.S. tax law, together with a decrease within the U.S. federal company profits tax price from 35 per cent to 21 per cent constructive January 1, 2018. on account of this trade, we've remeasured present deferred revenue tax assets and deferred profits tax liabilities concerning our U.S. agencies to reflect the new lessen profits tax rate as at December 31, 2017.
For our corporations in the U.S. now not field to cost-regulated accounting (RRA), the discount in enacted tax quotes has been recorded as a reduce in web deferred revenue tax liabilities and revenue tax price, resulting in a rise in net salary brought on by general shares within the fourth quarter and for the 12 months ended December 31, 2017 within the volume of $816 million.
For our organizations within the U.S. discipline to RRA, we predict the decrease salary tax costs to impact future expense environment methods and have for this reason diagnosed a internet regulatory legal responsibility with a corresponding discount in internet deferred revenue tax liabilities within the volume of $1,686 million. These regulatory liabilities could be amortized to salary over time.
web deferred salary tax liabilities involving the cumulative remeasurements of worker post-retirement merits covered in accumulated different complete profits have also been adjusted with a corresponding increase in deferred salary tax fee of $12 million.
Given the magnitude of the law, the Securities and trade fee (SEC) issued information which makes it possible for registrants to listing provisional quantities which could be adjusted as suggestions turns into purchasable, organized or analyzed during a dimension duration no longer to exceed twelve months.
The SEC advice summarizes a 3-step system to be applied at every reporting duration to identify: (1) where the accounting is comprehensive; (2) provisional amounts where the accounting is not yet comprehensive, however a reasonable estimate has been decided; and (3) where an inexpensive estimate can not yet be decided and therefore income taxes are mirrored in keeping with legislation ahead of the enactment of the Act.
At December 31, 2017, we trust all quantities recorded concerning U.S. Tax Reform to be reasonably-priced estimates which are provisional, as our interpretation, evaluation and presentation of the have an impact on of the tax legislation alternate, specifically as it has been applied to our organizations subject to RRA, may be extra clarified with additional assistance from regulatory, tax and accounting authorities. should still additional assistance be provided by means of these authorities or different sources right through the one-yr dimension duration, we are able to evaluation the provisional amounts and adjust as appropriate.
on account of the lower U.S. profits tax costs included as part of the Act, we predict a modest boost to 2018 earnings. apart from the reduction in statutory charges, longer-term there are a number of different provisions within the new legislation which may additionally have an effect on us prospectively, including adjustments to the expensing of depreciable property, barriers to pastime deductions, the advent of Base Erosion Anti-Abuse Tax along with certain exemptions for price-regulated companies. We continue to consider the influence of those and other provisions of the Act.
we're establishing fine projects under our capital software. These lengthy-existence infrastructure property are supported by using long-time period business preparations with creditworthy counterparties or regulated business fashions and are expected to generate giant boom in earnings and cash move.
Our capital software carries approximately $23 billion of close-term tasks and approximately $24 billion of commercially supported medium to longer-term projects. amounts offered exclude preservation capital bills, capitalized hobby and AFUDC.
All projects are area to charge changes as a result of market circumstances, route refinement, enabling conditions, scheduling and timing of regulatory enables.
close-term tasks(unaudited - billions of $) expected in-carrier date Estimated assignment cost Carrying value atDecember 31, 2017 Canadian natural gasoline Pipelines Canadian Mainline 2018-2021 0.2 — NGTL equipment 2018 0.6 0.2 2019 2.three 0.three 2020 1.6 0.1 2021 2.7 — u.s.natural gas Pipelines Columbia gasoline Leach XPress1 2018 US 1.6 US 1.fiveWB XPress 2018 US 0.eight US 0.four Mountaineer XPress 2018 US 2.6 US 0.fiveModernization II 2018-2020 US 1.1 US 0.1 Buckeye XPress 2020 US 0.2 — Columbia Gulf Cameron access 2018 US 0.three US 0.3 Gulf XPress 2018 US 0.6 US 0.2 Other2 2018-2020 US 0.3 — Mexico herbal fuel Pipelines Sur de Texas3 2018 US 1.three US 1.0 Villa de Reyes 2018 US 0.eight US 0.5Tula 2019 US 0.7 US 0.5liquids Pipelines White Spruce 2019 0.2 — power Napanee 2018 1.3 0.nineBruce vigor – life extension4 up to 2020 0.90.3 20.1 6.eight overseas change affect on near-time period projects5 2.6 1.3 complete close-term initiatives (billions of Cdn$) 22.7 eight.1
1 Leach XPress turned into placed in carrier in January 2018.2 reflects our proportionate share of charges concerning Portland Xpress and a lot of enlargement projects.three Our proportionate share.four volume reflects our proportionate share of the ultimate capital fees that Bruce vigor expects to incur on its existence extension funding programs in improve of the Unit 6 predominant refurbishment outage which is expected to begin in 2020.5 reflects U.S./Canada overseas alternate cost of 1.25 at December 31, 2017.
Medium to longer-time period projectsThe medium to longer-time period tasks have better uncertainty with appreciate to timing and estimated task prices. The anticipated in-carrier dates of these projects are publish-2020, and fees supplied in the schedule below replicate the most contemporary costs for every undertaking as filed with the relevant regulatory authorities or otherwise determined. These initiatives are discipline to approvals that encompass FID and/or advanced regulatory techniques, although, each task has commercial help apart from where referred to.(unaudited – billions of $) section Estimated undertaking cost Carrying value at December 31, 2017 Heartland and TC Terminals1 beverages Pipelines 0.nine0.1 Grand Rapids part 22 drinks Pipelines 0.7 — Bruce vigour–existence extension2 calories5.3 — Keystone tasks Keystone XL3 drinks Pipelines US 8.0 US 0.3 Keystone Hardisty Terminal1,3 beverages Pipelines 0.three 0.1 BC west coast LNG-related initiatives Coastal GasLink Canadian herbal gasoline Pipelines four.8 0.four NGTL system – Merrick Canadian herbal gasoline Pipelines 1.9 — 21.90.9overseas trade affect on medium to longer-time period projects4 2.0 0.1 complete medium to longer-time period tasks (billions of Cdn$) 23.nine1.0
1 Regulatory approvals had been got, further business aid is being pursued.2 Our proportionate share.three Carrying value reflects quantity closing after impairment can charge recorded in 2015.4 displays U.S./Canada international alternate rate of 1.25 at December 31, 2017.
Canadian herbal gasoline Pipelines
here is a reconciliation of similar EBITDA and related EBIT (our non-GAAP measures) to segmented profits (the equivalent GAAP measure). certain prices prior to now said in our corporate segment are now being said inside the enterprise segments to enhanced align with how we measure our monetary performance. 2016 outcomes had been adjusted to replicate this trade.three months ended yr ended December 31 December 31 (unaudited – tens of millions of $) 2017 2016 2017 2016 NGTL equipment 274 255 996 968 Canadian Mainline 269 305 1,043 1,one zero five different Canadian pipelines1 29 27 110 116 business development (3 ) (three ) (5 ) (7 ) comparable EBITDA 569 584 2,144 2,182 Depreciation and amortization (236 ) (220 ) (908 ) (875 ) comparable EBIT and segmented income 333 364 1,236 1,307
1 includes results from Foothills, Ventures LP, extremely good Lakes Canada, our share of fairness earnings from our investment in TQM, and accepted and administration charges involving our Canadian Pipelines.
Canadian natural fuel Pipelines segmented income reduced through $31 million for the three months ended December 31, 2017 in comparison to the identical period in 2016 and are equivalent to related EBIT.
web earnings and similar EBITDA for our price-regulated Canadian natural fuel Pipelines are generally littered with our authorized ROE, our funding base, our degree of deemed typical equity and incentive profits. alterations in depreciation, financial fees and revenue taxes also influence similar EBITDA but don't have a major have an impact on on net salary as they are almost entirely recovered in revenue on a move-through foundation.
web profits - NGTL system AND CANADIAN MAINLINEthree months endedDecember 31 year endedDecember 31 (unaudited – thousands and thousands of $) 2017 2016 2017 2016 NGTL gadget 91 85 352 318 Canadian Mainline 50 54 199 208
net profits for the NGTL system extended through $6 million for the three months ended December 31, 2017 compared to the identical length in 2016 mainly due to a more robust common investment base, in part offset via lessen OM&A incentive revenue. The NGTL gadget operated beneath both-year 2016-2017 salary Requirement settlement which covered an ROE of 10.1 per cent on forty per cent deemed fairness and a mechanism for sharing variances between actual and a set OM&A amount.
Canadian Mainline's net revenue diminished through $four million for the three months ended December 31, 2017 in comparison to the identical period in 2016 essentially because of a lessen normal investment base and lower incentive revenue. The Canadian Mainline is operating beneath the NEB 2014 decision which comprises an accepted ROE of 10.1 per cent on a forty per cent deemed equity with a probable latitude of accomplished effects between eight.7 per cent and 11.5 per cent. The choice also comprises an incentive mechanism that has both upside and downside chance and a $20 million annual after-tax contribution from TransCanada.
DEPRECIATION AND AMORTIZATIONDepreciation and amortization accelerated by $sixteen million for the three months ended December 31, 2017 in comparison to the identical length in 2016 exceptionally as a result of amenities that had been positioned in carrier for the NGTL system and Canadian Mainline.
working data - NGTL device AND CANADIAN MAINLINEyr ended December 31 NGTL System1 Canadian Mainline2 (unaudited) 2017 2016 2017 2016 commonplace funding base (millions of $) 8,385 7,451 four,184 4,441 beginning volumes (Bcf): whole4,153 4,055 1,620 1,634 ordinary per day 11.4 11.1 four.4 4.5
1 field receipt volumes for the NGTL system for the yr ended December 31, 2017 had been 4,224 Bcf (2016 – four,117 Bcf). typical per day was 11.6 Bcf (2016 – 11.3 Bcf).2 Canadian Mainline’s throughput volumes characterize actual deliveries to home and export markets. physical receipts originating at the Alberta border and in Saskatchewan for the year ended December 31, 2017 had been 1,019 Bcf (2016 – 1,055 Bcf). common per day turned into 2.eight Bcf (2016 – 2.9 Bcf).
U.S. natural fuel Pipelines
the following is a reconciliation of related EBITDA and similar EBIT (our non-GAAP measures) to segmented profits (the equivalent GAAP measure). certain costs previously stated in our company section are actually being stated in the enterprise segments to improved align with how we measure our fiscal performance. 2016 effects have been adjusted to reflect this trade.three months endedDecember 31 yr endedDecember 31 (unaudited - thousands and thousands of US$, except in any other case noted) 2017 2016 2017 2016 Columbia Gas1 177 146 623 269 ANR ninety nine 88 four hundred 321 TC PipeLines, LP2,3 27 28 a hundred and ten 118 Midstream1 23 14 93 forty Columbia Gulf1 21 14 76 25 tremendous Lakes3,four 15 12 64 60 other U.S. pipelines1,2,3,five30 28 108 seventy four Non-controlling interests6 84 a hundred and one 341 365 business construction (1 ) (1 ) (2 ) (3 ) related EBITDA 475 430 1,813 1,269 Depreciation and amortization (113 ) (118 ) (453 ) (322 ) similar EBIT 362 312 1,360 947 international exchange have an effect on 99 102 410 310 related EBIT (Cdn$) 461 414 1,770 1,257 certain objects: Integration and acquisition connected charges – Columbia — (eleven ) (10 ) (sixty three ) TC Offshore loss on sale — — — (four ) Segmented profits (Cdn$) 461 403 1,760 1,a hundred ninety
1 We accomplished the acquisition of Columbia on July 1, 2016. results reflect our useful possession in these property from that date.2 consequences from Northern Border and Iroquois reflect our share of equity profits from these investments. We bought extra interests in Iroquois of four.87 per cent on March 31, 2016 and 0.65 per cent on can also 1, 2016. TC PipeLines, LP received forty nine.34 per cent of our 50 per cent activity in Iroquois on June 1, 2017. On January 1, 2016, we bought a forty nine.9 per cent direct pastime in PNGTS to TC PipeLines, LP and its ultimate eleven.81 per cent interest to TC PipeLines, LP on June 1, 2017.three TC PipeLines, LP periodically conducts at-the-market fairness issuances which lessen our ownership in TC PipeLines, LP. right here shows our ownership hobby in TC PipeLines, LP and our helpful ownership activity of super Lakes and PNGTS via our ownership hobby in TC PipeLines, LP at the date offered.advantageous possession percent as of December 31, 2017 December 31, 2016 TC PipeLines, LP 25.7 26.8 effective possession via TC PipeLines, LP: superb Lakes eleven.912.5PNGTS 15.913.4
4 Represents our fifty three.6 per cent direct pastime in fantastic Lakes. The ultimate forty six.four per cent is held by means of TC PipeLines, LP.5 contains our direct possession in Iroquois and PNGTS (until June 1, 2017), our positive possession in Millennium and Hardy Storage, and regularly occurring and administrative costs related to U.S. natural fuel assets. 6 related EBITDA for the portions of TC PipeLines, LP, PNGTS (until June 1, 2017) and CPPL that we do not own. constructive February 17, 2017, we obtained the final publicly held gadgets of CPPL.
U.S. herbal gasoline Pipelines segmented income elevated with the aid of $58 million for the three months ended December 31, 2017 in comparison to the equal duration in 2016. Segmented profits for the three months ended December 31, 2016 protected pre-tax expenses of $eleven million in particular concerning retention and severance fees due to the Columbia acquisition. These amounts had been excluded from our calculation of related EBIT.
income from our U.S. natural gasoline Pipelines operations, which include Columbia valuable July 1, 2016, are often affected by reduced in size extent tiers, volumes delivered and the quotes charged in addition to via the can charge of proposing services. Columbia and ANR results are also affected by the contracting and pricing of their storage capability and commodity revenue. Transmission and storage revenues are commonly larger in iciness months as a result of expanded seasonal demand for our features.
related EBITDA for U.S. natural gas Pipelines expanded through US$45 million for the three months ended December 31, 2017 compared to the identical period in 2016. This turned into basically because of lessen working fees including synergies accomplished from the Columbia acquisition.
DEPRECIATION AND AMORTIZATIONDepreciation and amortization diminished via US$5 million for the three months ended December 31, 2017 in comparison to the identical length in 2016 basically due to reasonable cost adjustments regarding our Midstream belongings recorded in fourth quarter 2016.
Mexico herbal gasoline Pipelines
right here is a reconciliation of similar EBITDA and comparable EBIT (our non-GAAP measures) to segmented revenue (the equivalent GAAP measure). certain costs prior to now pronounced in our corporate segment at the moment are being stated within the company segments to greater align with how we measure our financial efficiency. 2016 consequences have been adjusted to replicate this change.three months ended December 31 12 months ended December 31 (unaudited – tens of millions of US$, except in any other case cited) 2017 2016 2017 2016 Topolobampo 38 41 157 eighty one Tamazunchale 27 26 112 one zero five Guadalajara 17 18 sixty eight 67 Mazatlán sixteen 5 65 5 Sur de Texas1 (6 ) — eight — different (1 ) (3 ) (11 ) (3 ) business construction — (1 ) — (5 ) similar EBITDA 91 86 399 250 Depreciation and amortization (18 ) (12 ) (72 ) (35 ) similar EBIT seventy three seventy four 327 215 international change affect 20 29 ninety nine seventy two related EBIT and segmented revenue (Cdn$) 93 103 426 287
1 Represents our 60 per cent fairness activity in a three way partnership with IEnova to construct, personal and function the Sur de Texas pipeline.
Mexico natural gasoline Pipelines segmented profits lowered by means of $10 million for the three months ended December 31, 2017 compared to the same length in 2016 and are comparable to related EBIT. other than the commercial factors outlined beneath, a weaker U.S. greenback had a negative impact on the Canadian dollar equivalent segmented earnings from our Mexico operations.
income from our Mexico operations are underpinned with the aid of long-term, strong, basically U.S. dollar-denominated earnings contracts, and are suffering from the can charge of offering provider.
related EBITDA for Mexico natural gasoline Pipelines accelerated by means of US$5 million for the three months December 31, 2017 in comparison to the equal duration in 2016 and changed into the internet effect of:
DEPRECIATION AND AMORTIZATIONDepreciation and amortization increased by using US$6 million for the three months ended December 31, 2017 compared to the equal period in 2016 essentially because of the commencement of depreciation on Mazatlán.
here is a reconciliation of comparable EBITDA and related EBIT (our non-GAAP measures) to segmented earnings (the equal GAAP measure). definite fees prior to now reported in our corporate segment are now being suggested in the business segments to improved align with how we measure our monetary performance. 2016 effects have been adjusted to replicate this trade.three months endedDecember 31 12 months endedDecember 31 (unaudited – millions of $) 2017 2016 2017 2016 Keystone Pipeline gadget 346 296 1,283 1,a hundred and fifty five Intra-Alberta pipelines 29 — 33 — other services1 26 6 32 (3 ) comparable EBITDA 401 302 1,348 1,152 Depreciation and amortization (81 ) (78 ) (309 ) (292 ) similar EBIT 320 224 1,039 860 specific objects: power East impairment cost (1,256 ) — (1,256 ) — Keystone XL asset costs (eleven ) (15 ) (34 ) (52 ) possibility management actions 15 four — (2 ) Segmented (losses)/revenue (932 ) 213 (251 ) 806 similar EBIT denominated as follows: Canadian dollars80 63 255 223 U.S. dollars188 122 604 482 foreign trade influence 52 39 a hundred and eighty a hundred and fifty five 320 224 1,039 860
1 contains primarily drinks advertising and company building actions.
drinks Pipelines segmented profits lowered by $1,145 million for the three months ended December 31, 2017 in comparison to the identical duration in 2016. This become basically the web effect of a $1,256 million pre-tax impairment can charge for the energy East pipeline and connected tasks, $eleven million (2016 - $15 million) of pre-tax expenses related to Keystone XL for the maintenance and liquidation of mission belongings which have been expensed pending further development of the undertaking, and unrealized positive factors from changes within the fair cost of derivatives concerning our drinks advertising and marketing business. These amounts were excluded from our calculation of comparable EBIT.
Keystone Pipeline system profits are generated basically by using offering pipeline capacity to shippers for fastened month-to-month payments that don't seem to be linked to actual throughput volumes. Uncontracted means is obtainable to the market on a spot foundation and gives opportunities to generate incremental earnings.
similar EBITDA for liquids Pipelines accelerated by way of $99 million for the three months ended December 31, 2017 compared to the identical duration in 2016 and was the net impact of:
DEPRECIATION AND AMORTIZATIONDepreciation and amortization improved by means of $three million for the three months ended December 31, 2017 in comparison to the equal duration in 2016 because of the new amenities being positioned in-service, in part offset by means of the effect of a weaker U.S. dollar.
here is a reconciliation of similar EBITDA and similar EBIT (our non-GAAP measures) to segmented salary (the equal GAAP measure). certain charges up to now suggested in our company phase are actually being stated inside the company segments to improved align with how we measure our economic performance. 2016 consequences have been adjusted to replicate this alternate.three months endedDecember 31 yr endedDecember 31 (unaudited – hundreds of thousands of $) 2017 2016 2017 2016 Canadian vigour Western Power1 23 26 100 74 japanese power92 eighty two 344 349 Bruce energya hundred and twenty 83 434 293 Canadian energy - similar EBITDA1,2 235 191 878 716 Depreciation and amortization (30 ) (26 ) (138 ) (145 ) Canadian power - comparable EBIT1,2 205 a hundred sixty five 740 571 U.S. energy - similar EBITDA3 (US$) (8 ) seventy three 100 394 Depreciation and amortization4 — (11 ) — (109 ) U.S. energy - related EBIT (8 ) sixty two 100 285 international trade have an effect on (4 ) 20 30 ninety two U.S. vigor - comparable EBIT (Cdn$) (12 ) 82 one hundred thirty 377 herbal gasoline Storage and other operations - comparable EBITDA 15 20 fifty five 58 Depreciation and amortization (three ) (three ) (13 ) (12 ) natural fuel Storage and other operations - related EBIT 12 17 forty two 46 business building and different costs - comparable EBITDA and EBIT5 (24 ) (four ) (33 ) (15 ) power - related EBIT 181 260 879 979 particular gadgets: gain on sale of Ontario solar belongings 127 — 127 — benefit/(loss) on income of U.S. Northeast energy assets 15 (839 ) 484 (844 ) Ravenswood goodwill impairment — — — (1,085 ) Alberta PPA terminations and agreement — (ninety two ) — (332 ) chance management actions 149 97 62 one hundred twenty five Segmented revenue/(losses) 472 (574 ) 1,552 (1,157 )
1 protected losses from the Alberta PPAs up to March 2016 when the PPAs were terminated.2 contains our share of equity revenue from our investments in Portlands power and Bruce power.3 TC Hydro earnings protected as much as April 19, 2017 sale date; Ravenswood, Ironwood, Ocean State vigor and Kibby Wind earnings included as much as June 2, 2017 sale date.4 Depreciation of U.S. Northeast vigor assets ceased helpful November 2016 when categorised as belongings held for sale.5 comprises a $21 million impairment cost in fourth quarter 2017 of obsolete device.
energy segmented earnings increased by using $1,046 million for the three months ended December 31, 2017 compared to the equal length in 2016 and included here particular gadgets:
The remainder of the energy segmented earnings are such as related EBIT together with similar EBITDA.
Western PowerWestern vigor comparable EBITDA become consistent for the three months ended December 31, 2017 in comparison to the equal period in 2016.
japanese PowerEastern vigor comparable EBITDA accelerated by way of $10 million for the three months ended December 31, 2017 in comparison to the equal duration in 2016 specifically because of higher salary from our wind amenities.
DEPRECIATION AND AMORTIZATIONDepreciation and amortization extended through $4 million primarily as a result of a 2016 adjustment regarding the anticipated valuable life of our cogeneration property, partly offset by means of the cessation of depreciation on our Ontario photo voltaic property upon classification as held on the market in October 2017.
Bruce PowerBruce vigor consequences mirror our proportionate share. right here is our proportionate share of the add-ons of comparable EBITDA and comparable EBIT.three months endedDecember 31 yr endedDecember 31 (unaudited – tens of millions of $, until in any other case noted) 2017 2016 2017 2016 fairness salary blanketed in similar EBITDA and EBIT created from: Revenues 414 382 1,626 1,491 operating costs (208 ) (212 ) (846 ) (870 ) Depreciation and different (86 ) (87 ) (346 ) (328 ) similar EBITDA and related EBIT1 a hundred and twenty 83 434 293 Bruce energy – different information Plant availability2 92 % 85 % 90 % eighty three % planned outage days forty three 80 221 415 Unplanned outage days 10 27 forty nine seventy six sales volumes (GWh)1 6,275 5,758 24,368 22,178 Realized earnings fee per MWh3 $sixty seven $sixty nine $sixty seven $sixty eight
1 Represents our forty eight.4 per cent (2016 - 48.5 per cent) ownership activity in Bruce power. sales volumes consist of deemed technology.2 The percentage of time the plant changed into available to generate power, regardless of no matter if it became working.3 Calculation in response to precise and deemed era. Realized revenue expenditures per MWh includes realized positive aspects and losses from contracting activities and price flow-through gadgets. Excludes unrealized good points and losses on contracting activities and non-electricity revenues.
Bruce energy comparable EBITDA improved with the aid of $37 million for the three months ended December 31, 2017 in comparison to the identical period in 2016 particularly because of better volumes resulting from fewer outage days.
U.S. POWERIn second quarter 2017, we accomplished the earnings of our U.S. power era property and initiated the wind down of our U.S. energy advertising operations.
herbal fuel STORAGE AND different OPERATINGNatural gas Storage comparable EBITDA reduced by $5 million for the three months ended December 31, 2017 in comparison to the same length in 2016 principally as a result of lessen realized natural fuel storage price spreads.
the following is a reconciliation of comparable EBITDA and comparable EBIT (our non-GAAP measures) to segmented revenue/(losses) (the equivalent GAAP measure). certain prices prior to now said in our corporate phase are actually being reported inside the company segments to more suitable align with how we measure our monetary performance. 2016 outcomes have been adjusted to replicate this change.three months endedDecember 31 year endedDecember 31 (unaudited - thousands and thousands of $) 2017 2016 2017 2016 comparable EBITDA and EBIT (1 ) 11 (21 ) 18 certain objects: Integration and acquisition related prices – Columbia — (36 ) (81 ) (116 ) foreign alternate gain – inter-affiliate loan1 64 — 63 — Restructuring charges — (8 ) — (22 ) Segmented revenue/(losses) sixty three (33 ) (39 ) (a hundred and twenty )
1 suggested in income from equity investments on the Condensed consolidated observation of earnings.
corporate segmented profits were $sixty three million for the three months ended December 31, 2017 in comparison to a loss of $33 million for the same length in 2016 and included the following particular gadgets which have been excluded from similar EBIT:
related EBITDA reduced by means of $12 million for the three months ended December 31, 2017 in comparison to the equal duration in 2016 basically because of elevated conventional and administrative charges.
other earnings remark gadgets
pastime costthree months endedDecember 31 yr endedDecember 31 (unaudited - thousands and thousands of $) 2017 2016 2017 2016 interest on long-term debt and junior subordinated notes Canadian dollar-denominated (138 ) (109 ) (494 ) (452 ) U.S. dollar-denominated (315 ) (316 ) (1,269 ) (1,127 ) foreign trade have an effect on (86 ) (106 ) (379 ) (366 ) (539 ) (531 ) (2,142 ) (1,945 ) different pastime and amortization fee (25 ) (fifty four ) (99 ) (114 ) Capitalized attention23 43 173 176 pastime price blanketed in comparable salary (541 ) (542 ) (2,068 ) (1,883 ) certain gadgets: Integration and acquisition related fees – Columbia — — — (one hundred fifteen ) chance administration activities — — (1 ) — activity fee (541 ) (542 ) (2,069 ) (1,998 )
pastime expense become constant for the three months ended December 31, 2017 compared to the equal length in 2016 and reflects the net effect of:
Allowance for cash used all over buildingthree months endedDecember 31 year endedDecember 31 (unaudited – hundreds of thousands of $) 2017 2016 2017 2016 Canadian greenback-denominated 25 forty eight 174 181 U.S. dollar-denominated ninety one 32 259 181 foreign alternate have an impact on 24 17 seventy four 57 Allowance for dollars used all through construction 140 97 507 419
AFUDC increased with the aid of $forty three million for the three months ended December 31, 2017 in comparison to the same period in 2016 primarily as a result of to continued funding in and better costs on initiatives obtained as a part of the 2016 Columbia acquisition, in addition to endured funding in Mexico tasks, partly offset by using the commercial in-provider of Topolobampo, the completion of Mazatlán development and our resolution not to proceed with the energy East Pipeline.
hobby income and other(unaudited - millions of $) three months endedDecember 31 yr endedDecember 31 2017 2016 2017 2016 pastime salary and different blanketed in related revenue fifty six eight 159 71 certain items: Integration and acquisition related costs – Columbia — — — 6 international exchange loss – inter-affiliate personal loan (64) — (sixty three) — possibility administration actions (1) (23) 88 26 pastime income and other (9) (15) 184 103
pastime income and other extended by way of $6 million for the three months ended December 31, 2017 compared to the same duration in 2016 as a result of the web effect of:
salary tax costthree months endedDecember 31 yr endedDecember 31 (unaudited - tens of millions of $) 2017 2016 2017 2016 earnings tax expense protected in comparable revenue (234 ) (211 ) (839 ) (841 ) specific items: U.S. Tax Reform adjustment 804 — 804 — power East impairment can charge 302 — 302 — net loss/(gain) on revenue of U.S. Northeast vigour assets 49 (31 ) (177 ) (29 ) benefit on sale of Ontario solar belongings 9 — 9 — Keystone XL asset charges 2 (three ) 6 10 Integration and acquisition related costs – Columbia — (22 ) 22 10 Keystone XL earnings tax recoveries — — 7 28 Ravenswood goodwill impairment — — — 429 Alberta PPA terminations — 24 — 88 Restructuring expenses — 2 — 6 TC Offshore loss on sale — — — 1 possibility administration actions (sixty two ) (33 ) (forty five ) (54 ) revenue tax healing/(expense) 870 (274 ) 89 (352 )
salary tax cost covered in similar profits accelerated with the aid of $23 million for the three months ended December 31, 2017 in comparison to the identical length in 2016 essentially as a result of an increase in related salary, adjustments in the proportion of salary earned between Canadian and overseas jurisdictions and adjustments in movement-via taxes in regulatory operations.
internet salary brought on by non-controlling pastimesthree months ended 12 months ended December 31 December 31 (unaudited - tens of millions of $) 2017 2016 2017 2016 internet revenue brought on by non-controlling interests protected in similar profits (49 ) (70 ) (238 ) (257 ) particular items: Acquisition connected fees - Columbia — 2 — 5 web earnings as a result of non-controlling hobbies (49 ) (sixty eight ) (238 ) (252 )
web profits because of non-controlling interests diminished by way of $19 million, and $21 million as blanketed in comparable revenue, for the three months ended December 31, 2017 compared to the identical duration in 2016 basically because of the acquisition of the final miraculous publicly held general instruments of CPPL in February 2017.
favorite share dividendsthree months ended yr ended December 31 December 31 (unaudited - hundreds of thousands of $) 2017 2016 2017 2016 favourite share dividends (40 ) (32 ) (a hundred and sixty ) (109 )
preferred share dividends expanded by way of $8 million for the three months ended December 31, 2017 in comparison to the same length in 2016 basically because of the issuance of series 15 favourite shares in November 2016.related DISTRIBUTABLE money flow three months ended 12 months ended December 31 December 31 (unaudited - millions of $, except per share amounts) 2017 2016 2017 2016 web money provided by operations 1,390 1,575 5,230 5,069 enhance/(lessen) in working working capital forty nine (220 ) 273 (248 ) money generated from operations1 1,439 1,355 5,503 four,821 particular gadgets: Integration and acquisition linked expenses - Columbia — 45 eighty four 283 Keystone XL asset charges 11 15 34 52 U.S. Northeast vigour disposition costs — 10 20 15 similar dollars generated from operations1 1,450 1,425 5,641 5,171 Dividends on favored shares (39 ) (26 ) (one hundred fifty five ) (a hundred ) Distributions paid to non-controlling pursuits (68 ) (78 ) (283 ) (279 ) renovation capital expenditures including fairness investments - Recoverable in future tolls (541 ) (323 ) (1,364 ) (941 ) - different (75 ) (70 ) (240 ) (310 ) similar distributable cash flow1 - Reflecting all renovation capital expenses 727 928 three,599 three,541 - Reflecting simplest non-recoverable maintenance capital bills 1,268 1,251 4,963 four,482 comparable distributable cash movement per average share1 - Reflecting all maintenance capital costs $0.eighty three $1.12 $4.13 $4.67 - Reflecting most effective non-recoverable preservation capital bills $1.forty five $1.50 $5.69 $5.ninety one
1 See the non-GAAP measures section during this MD&A for further discussion of cash generated from operations, comparable money generated from operations, comparable distributable money move and similar distributable cash stream per normal share.
comparable cash generated from operationsComparable money generated from operations, a non-GAAP measure, extended $25 million for the three months ended December 31, 2017 in comparison to the identical duration in 2016 essentially because of bigger similar earnings.
related distributable money flowComparable distributable money move, a non-GAAP measure, helps us check the cash available to normal shareholders earlier than capital allocation.
The lower in related distributable money stream reflecting all renovation capital costs for the three months ended December 31, 2017 in comparison to the identical length in 2016 was essentially driven by the raise in recoverable maintenance capital expenditures in Canadian and U.S. herbal gasoline pipelines. similar distributable cash movement reflecting simplest non-recoverable upkeep capital expenses is in keeping with fourth quarter 2016. related distributable money stream per standard share for the three months ended December 31, 2017 also includes the dilutive effect of general shares issued in fourth quarter 2016 and 2017.
however we deduct renovation capital bills in making a choice on comparable distributable money move, we have the capability to recuperate the bulk of these expenses in Canadian natural gas Pipelines, U.S. natural gasoline Pipelines and liquids Pipelines. Canadian natural fuel pipelines preservation capital fees are reflected in rate bases, on which we earn a regulated return and as a result recuperate in tolls. the majority of our U.S. herbal gas pipelines can get better maintenance capital via tolls under present expense settlements, or have the means to recover maintenance capital through tolls dependent in future fee instances or settlements. Tolling preparations in drinks Pipelines give for recuperation of maintenance capital.
here provides a breakdown of maintenance capital fees:three months ended 12 months ended December 31 December 31 (unaudited - thousands and thousands of $) 2017 2016 2017 2016 Canadian natural fuel Pipelines 301 133 601 323 U.S. herbal gas Pipelines 237 182 749 586 liquids Pipelines eight eight 19 32 different 70 70 235 310 preservation capital fees including equity investments 616 393 1,604 1,251
Reconciliation of non-GAAP measuresthree months endedDecember 31 year endedDecember 31 (unaudited - hundreds of thousands of $) 2017 2016 2017 2016 comparable EBITDA Canadian herbal gas Pipelines 569 584 2,a hundred and forty four 2,182 U.S. natural gas Pipelines 604 570 2,357 1,682 Mexico herbal fuel Pipelines 116 119 519 332 drinks Pipelines 401 302 1,348 1,152 calories214 304 1,030 1,281 corporate (1 ) eleven (21 ) 18 comparable EBITDA 1,903 1,890 7,377 6,647 Depreciation and amortization (516 ) (514 ) (2,048 ) (1,939 ) related EBIT 1,387 1,376 5,329 4,708 selected gadgets: power East impairment can charge (1,256 ) — (1,256 ) — Integration and acquisition linked fees – Columbia — (forty seven ) (91 ) (179 ) Keystone XL asset expenses (eleven ) (15 ) (34 ) (52 ) web profit/(loss) on sales of U.S. Northeast power assets 15 (839 ) 484 (844 ) benefit on sale of Ontario photo voltaic assets 127 — 127 — foreign alternate benefit – inter-affiliate mortgage 64 — sixty three — Ravenswood goodwill impairment — — — (1,085 ) Alberta PPA terminations and settlement — (92 ) — (332 ) Restructuring prices — (8 ) — (22 ) TC Offshore loss on sale — — — (four ) risk management actions 164 one zero one sixty two 123 Segmented salary 490 476 four,684 2,313
Condensed consolidated commentary of incomethree months endedDecember 31 yr endedDecember 31 (unaudited - tens of millions of Canadian $, except per shareamounts) 2017 2016 2017 2016 Revenues Canadian natural fuel Pipelines 968 1,005 three,693 three,682 U.S. natural gas Pipelines 900 941 3,584 2,526 Mexico herbal fuel Pipelines 138 129 570 378 liquids Pipelines 599 463 2,009 1,755 power 1,012 1,097 3,593 four,206 three,617 3,635 13,449 12,547 profits from fairness Investments 246 159 773 514 operating and different expenses Plant operating fees and different 944 1,189 3,906 three,861 Commodity purchases resold 671 544 2,382 2,172 Property taxes 127 150 569 555 Depreciation and amortization 516 514 2,055 1,939 Goodwill and different asset impairment expenses 1,257 92 1,257 1,388 3,515 2,489 10,169 9,915 benefit/(Loss) on belongings Held on the market/bought 142 (829 ) 631 (833 ) fiscal charges interest fee 541 542 2,069 1,998 Allowance for cash used throughout building (140 ) (ninety seven ) (507 ) (419 ) hobby salary and different 9 15 (184 ) (103 ) 410 460 1,378 1,476 profits before salary Taxes eighty 16 three,306 837 salary Tax (recuperation)/cost current 21 fifty three 149 156 Deferred (87 ) 221 566 196 Deferred - U.S. Tax Reform (804 ) — (804 ) — (870 ) 274 (89 ) 352 net revenue/(Loss) 950 (258 ) 3,395 485 internet salary because of non-controlling hobbies 49 68 238 252 web income/(Loss)caused by Controlling interests 901 (326 ) 3,157 233 favorite share dividends 40 32 one hundred sixty 109 web earnings/(Loss) attributable to standard Shares 861 (358 ) 2,997 124 internet salary/(Loss) per regular Share fundamental $0.98 ($0.forty three ) $three.forty four $0.16 Diluted $0.ninety eight ($0.43 ) $three.forty three $0.16 Dividends Declared per commonplace Share $0.625 $0.565 $2.50 $2.26 Weighted common number of usual Shares (millions) fundamental 877 832 872 759 Diluted 879 833 874 760
Condensed consolidated observation of cash flowsthree months endedDecember 31 12 months endedDecember 31 (unaudited - millions of Canadian $) 2017 2016 2017 2016 money Generated from Operations net income/(loss) 950 (258 ) three,395 485 Depreciation and amortization 516 514 2,055 1,939 Goodwill and other asset impairment expenses 1,257 ninety two 1,257 1,388 Deferred income taxes (87 ) 221 566 196 Deferred income taxes - U.S. Tax Reform (804 ) — (804 ) — profits from fairness investments (246 ) (159 ) (773 ) (514 ) Distributions received from working activities of fairness investments 227 219 970 844 employee submit-retirement benefits funding, net of expense — 2 (64 ) (3 ) (benefit)/loss on property held on the market/bought (142 ) 829 (631 ) 833 equity allowance for money used right through building (113 ) (fifty eight ) (362 ) (253 ) Unrealized beneficial properties on financial gadgets (163 ) (78 ) (149 ) (149 ) other 44 31 43 fifty five (enhance)/lower in operating working capital (49 ) 220 (273 ) 248 web cash provided through operations 1,390 1,575 5,230 5,069 Investing activities Capital expenditures (2,000 ) (1,745 ) (7,383 ) (5,007 ) Capital projects in development (11 ) (seventy six ) (146 ) (295 ) Contributions to fairness investments (541 ) (195 ) (1,681 ) (765 ) Acquisitions, web of cash acquired — — — (13,608 ) Proceeds from sales of property, net of transaction charges 1,a hundred and seventy — 5,317 6 different distributions from fairness investments — 2 362 727 Deferred quantities and different (81 ) 141 (168 ) 159 net money utilized in investing actions (1,463 ) (1,873 ) (3,699 ) (18,783 ) Financing activities Notes payable (repaid)/issued, web (194 ) (229 ) 1,038 (329 ) long-time period debt issued, net of problem fees 1,675 — three,643 12,333 lengthy-time period debt repaid (1,570 ) (four,810 ) (7,085 ) (7,153 ) Junior subordinated notes issued, web of problem charges — (2 ) three,468 1,549 Dividends on standard shares (357 ) (277 ) (1,339 ) (1,436 ) Dividends on favourite shares (39 ) (26 ) (a hundred and fifty five ) (100 ) Distributions paid to non-controlling pastimes (sixty eight ) (78 ) (283 ) (279 ) common shares issued, web of situation prices 232 three,410 274 7,747 common shares repurchased — — — (14 ) favorite shares issued, net of problem fees — 982 — 1,474 Partnership gadgets of TC PipeLines, LP issued, internet of situation fees sixty three 64 225 215 general contraptions of Columbia Pipeline partners LP bought — — (1,205 ) — web money (utilized in)/supplied by using financing activities (258 ) (966 ) (1,419 ) 14,007 impact of international trade expense changes on cash and cash Equivalents (four ) — (39 ) (127 ) (lessen)/increase in cash and cash Equivalents (335 ) (1,264 ) 73 166 cash and money Equivalents beginning of length 1,424 2,280 1,016 850 cash and cash Equivalents end of period 1,089 1,016 1,089 1,016
Condensed consolidated stability sheet(unaudited - tens of millions of Canadian $) December 31,2017 December 31,2016 ASSETSCurrent property cash and money equivalents 1,089 1,016 bills receivable 2,522 2,075 Inventories 378 368 property held on the market — three,717 different 691 908 4,680 eight,084 Plant, Property and machine internet of collected depreciation of $23,734 and$22,288, respectively fifty seven,277 fifty four,475 fairness Investments 6,366 6,544 Regulatory assets 1,376 1,322 Goodwill 13,084 13,958 mortgage Receivable from Affiliate 919 — Intangible and different belongings 1,484 three,026 limited Investments 915 642 86,one hundred and one 88,051 LIABILITIES latest Liabilities Notes payable 1,763 774 bills payable and different 4,057 3,861 Dividends payable 586 526 accrued interest 605 595 Liabilities related to assets held on the market — 86 existing element of long-term debt 2,866 1,838 9,877 7,680 Regulatory Liabilities 4,321 2,121 other long-term Liabilities 727 1,183 Deferred salary Tax Liabilities 5,403 7,662 lengthy-term Debt 31,875 38,312 Junior Subordinated Notes 7,007 three,931 fifty nine,210 60,889 standard devices area to Rescission or Redemption — 1,179 equity usual shares, no par value 21,167 20,099 Issued and staggering: December 31, 2017 - 881 million shares December 31, 2016 - 864 million shares preferred shares 3,980 three,980 further paid-in capital — — Retained salary 1,623 1,138 gathered different complete loss (1,731 ) (960 ) Controlling pastimes 25,039 24,257 Non-controlling interests 1,852 1,726 26,891 25,983 86,one zero one 88,051
Segmented suggestionsCanadian U.S. Mexico three months ended December 31, 2017 herbal natural natural fuel gasoline fuel drinks (unaudited - hundreds of thousands of Canadian $) Pipelines Pipelines Pipelines Pipelines power Corporate1 complete sales968 900 138 599 1,012 — 3,617 Intersegment revenues — 20 — — — (20 ) — 968 920 138 599 1,012 (20 ) 3,617 profits (loss) from fairness investments 2 65 (9 ) (6 ) one hundred thirty 64 2 246 Plant operating expenses and different (342 ) (336 ) (13 ) (186 ) (86 ) 19 (944 ) Commodity purchases resold — — — — (671 ) — (671 ) Property taxes (fifty nine ) (forty five ) — (22 ) (1 ) — (127 ) Depreciation and amortization (236 ) (143 ) (23 ) (eighty one ) (33 ) — (516 ) Goodwill and different asset impairment costs — — — (1,236 ) (21 ) — (1,257 ) gain on sale of assets — — — — 142 — 142 Segmented revenue/(losses) 333 461 ninety three (932 ) 472 sixty three 490 hobby rate (541 ) Allowance for dollars used right through development one hundred forty interest earnings and other (9 ) income before earnings taxes 80 income tax restoration 870 internet salary 950 net earnings because of non-controlling interests (forty nine ) web revenue because of controlling hobbies 901 favorite share dividends (40 ) web income caused by normal shares 861
1 The business facts intersegment revenue at shriveled quotes. For segmented reporting, these transactions are included as revenues within the phase providing the provider, as fees within the section receiving the carrier and are eradicated on consolidation within the corporate segment. Intersegment income is identified when the product or service has been provided to 3rd parties.2 This income from equity investments pertains to international alternate good points on the enterprise's inter-affiliate mortgage with Sur de Texas. The peso-denominated loan to the Sur de Texas joint venture represents the company's proportionate share of debt financing for this three way partnership.Canadian U.S. Mexico three months ended December 31, 2016 natural natural natural gas gasoline fuel beverages (unaudited - tens of millions of Canadian $) Pipelines Pipelines Pipelines Pipelines power Corporate1 complete revenues1,005 941 129 463 1,097 — three,635 Intersegment earnings — 11 — — — (eleven ) — 1,005 952 129 463 1,097 (eleven ) 3,635 profits/(loss) from fairness investments 3 64 (1 ) — 93 — 159 Plant operating expenses and different (359 ) (415 ) (9 ) (151 ) (233 ) (22 ) (1,189 ) Commodity purchases resold — — — — (544 ) — (544 ) Property taxes (65 ) (forty two ) — (21 ) (22 ) — (150 ) Depreciation and amortization (220 ) (156 ) (sixteen ) (seventy eight ) (44 ) — (514 ) Asset impairment costs — — — — (ninety two ) — (ninety two ) Loss on sale of belongings — — — — (829 ) — (eighty two ) Segmented income/(losses) 364 403 103 213 (574 ) (33 ) 476 interest fee (542 ) Allowance for dollars used all over development ninety seven interest revenue and different (15 ) Loss earlier than revenue taxes 16 profits tax restoration (274 ) net loss (258 ) web revenue caused by non-controlling hobbies (sixty eight ) internet loss as a result of controlling interests (326 ) favourite share dividends (32 ) internet loss attributable to ordinary shares (358 )
1 The enterprise facts intersegment sales at shriveled rates. For segmented reporting, these transactions are included as revenues in the section presenting the provider, as expenses within the section receiving the carrier and are eliminated on consolidation within the corporate section. Intersegment earnings is recognized when the product or service has been provided to third events.Canadian U.S. Mexico year ended December 31, 2017 herbal natural natural gas fuel gasoline drinks (unaudited - millions of Canadian $) Pipelines Pipelines Pipelines Pipelines power Corporate1 complete revenues3,693 3,584 570 2,009 three,593 — 13,449 Intersegment revenues — fifty one — — — (51 ) — three,693 three,635 570 2,009 3,593 (fifty one ) 13,449 revenue/(loss) from equity investments eleven 240 (9 ) (3 ) 471 sixty three 2 773 Plant operating fees and different (1,300 ) (1,340 ) (42 ) (623 ) (550 ) (51 ) (three,906 ) Commodity purchases resold — — — — (2,382 ) — (2,382 ) Property taxes (260 ) (181 ) — (89 ) (39 ) — (569 ) Depreciation and amortization (908 ) (594 ) (93 ) (309 ) (151 ) — (2,055 ) Goodwill and other asset impairment expenses — — — (1,236 ) (21 ) — (1,257 ) gain on belongings held for sale/bought — — — — 631 — 631 Segmented income/(losses) 1,236 1,760 426 (251 ) 1,552 (39 ) four,684 pastime price (2,069 ) Allowance for dollars used all over building 507 activity salary and different 184 income earlier than revenue taxes 3,306 earnings tax recovery 89 web earnings 3,395 internet profits brought on by non-controlling pastimes (238 ) internet revenue attributable to controlling pursuits 3,157 favourite share dividends (160 ) internet earnings brought on by typical shares 2,997
1 The business records intersegment income at shrunk fees. For segmented reporting, these transactions are covered as revenues within the segment proposing the carrier, as charges in the phase receiving the provider and are eliminated on consolidation in the corporate segment. Intersegment income is diagnosed when the product or provider has been offered to third parties.2 This salary from equity investments relates to foreign change beneficial properties on the enterprise's inter-affiliate mortgage with Sur de Texas. The peso-denominated loan to the Sur de Texas joint venture represents the company's proportionate share of debt financing for this three way partnership.Canadian U.S. Mexico yr ended December 31, 2016 natural herbal herbal gasoline gasoline gas liquids (unaudited - thousands and thousands of Canadian $) Pipelines Pipelines Pipelines Pipelines energy Corporate1 complete revenuesthree,682 2,526 378 1,755 4,206 — 12,547 Intersegment revenues — 56 — — — (fifty six ) — three,682 2,582 378 1,755 four,206 (fifty six ) 12,547 revenue/(loss) from fairness investments 12 214 (three ) (1 ) 292 — 514 Plant operating fees and different (1,245 ) (1,057 ) (43 ) (568 ) (884 ) (sixty four ) (3,861 ) Commodity purchases resold — — — — (2,172 ) — (2,172 ) Property taxes (267 ) (a hundred and twenty ) — (88 ) (80 ) — (555 ) Depreciation and amortization (875 ) (425 ) (45 ) (292 ) (302 ) — (1,939 ) Asset impairment charges — — — — (1,388 ) — (1,388 ) Loss on sale of belongings — (four ) — — (829 ) — (833 ) Segmented profits/(losses) 1,307 1,one hundred ninety 287 806 (1,157 ) (one hundred twenty ) 2,313 activity expense (1,998 ) Allowance for cash used right through development 419 interest revenue and other 103 earnings before profits taxes 837 income tax cost (352 ) web earnings 485 internet income brought on by non-controlling interests (252 ) internet profits brought on by controlling hobbies 233 favourite share dividends (109 ) net revenue attributable to commonplace shares 124
1 The enterprise facts intersegment revenue at contracted quotes. For segmented reporting, these transactions are covered as revenues within the section offering the carrier, as charges in the section receiving the provider and are eliminated on consolidation within the company phase. Intersegment earnings is diagnosed when the product or service has been supplied to third parties.
total property(unaudited - millions of Canadian $) December 31, 2017 December 31, 2016 Canadian herbal fuel Pipelines sixteen,904 15,816 U.S. natural gasoline Pipelines 35,898 34,422 Mexico herbal gasoline Pipelines 5,716 5,013 liquids Pipelines 15,438 16,896 calorieseight,503 13,169 corporate three,642 2,735 86,101 88,051
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