EX-99.4 6 a17-15510_1ex99d4.htm EX-99.4

Exhibit 99.4

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

December 31 (millions of dollars)

 

2016 (a)

 

2015(a)

 

2014(a)

 

2013(a)(b)

 

2012 (a) (b)

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Net income before adjustment for income from equity investees

 

166

 

160

 

153

 

154

 

145

 

Fixed charges

 

73

 

68

 

62

 

57

 

50

 

Distributed income (loss) of equity investees (c)

 

97

 

(102

)

88

 

67

 

99

 

Non-controlling interests of subsidiaries that have not incurred fixed charges

 

 

 

(10

)

(14

)

(13

)

Total Earnings

 

336

 

126

 

293

 

264

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

69

 

64

 

56

 

50

 

49

 

Amortization of other assets

 

4

 

4

 

6

 

7

 

1

 

Total Fixed Charges

 

73

 

68

 

62

 

57

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings/Fixed Charges

 

4.60X

 

1.85x

 

4.73x

 

4.63x

 

5.62x

 

 


(a)              Recast information to consolidate PNGTS for all periods presented as a result of an additional 11.81 percent in PNGTS that was acquired from a subsidiary of TransCanada on June 1, 2017. Prior to this transaction, the Partnership owned a 49.9 percent interest in PNGTS that was acquired from TransCanada on January 1, 2016.  Please read Note 2- Significant Accounting policies-Basis of Presentation section of  the Notes to the Consolidated Financial Statements included in Exhibit 99.2 of this Current Report on Form 8K.

 

(b)             Recast information to consolidate GTN and Bison for all periods presented as a result of additional 45 percent membership interests in each of GTN and Bison that were acquired from subsidiaries of TransCanada in 2013 resulting in a 70 percent ownership in each. Please read Note 2, Significant Accounting Policies-Basis of Presentation section of the Notes to the Consolidated Financial Statements included in Exhibit 99.2 of this Current Report on Form 8K.

 

(c)              Distributed income of equity investees for 2015 includes $199 million impairment charge on our Investment in Great Lakes. Please read Note 4-Equity Investments, Notes to the Consolidated Financial Statements included in Exhibit 99.2 of this Current Report on Form 8K.

 

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