NET INCOME (LOSS) PER COMMON UNIT (Tables)

12 Months Ended

Dec. 31, 2016

NET INCOME (LOSS) PER COMMON UNIT

Schedule of net income (loss) per common unit

(millions of dollars, except per common unit amounts)	2016		2015		2014
Net income attributable to controlling interests	244		13		172
Net income attributable to General Partner	(4	)	–		(3	)
Incentive distributions attributable to the General Partner(a)	(7	)	(3	)	(1	)
Net income attributable to the Class B units(b)	(22	)	(12	)	–
Net income (loss) attributable to common units	211		(2	)	168
Weighted average common units outstanding(millions) – basic and diluted	65.7	(c)	63.9		62.7
Net income (loss) per common unit – basic and diluted	$ 3.21		$ (0.03	)	$ 2.67

(a)	Under the terms of the Partnership Agreement, for any quarterly period, the participation of the incentive distribution rights (IDRs) is limited to the available cash distributions declared. Accordingly, incentive distributions allocated to the General Partner are based on the Partnership's available cash during the current reporting period, but declared and paid in the subsequent reporting period.
(b)	As discussed in Note 9, the Class B units entitle TransCanada to a distribution which is an amount based on 30 percent of GTN's distributions after exceeding certain annual thresholds. The distribution will be payable in the first quarter with respect to the prior year's distributions. Consistent with the application of Accounting Standards Codification (ASC) Topic 260 – "Earnings per share", the Partnership allocated a portion of net income attributable to controlling interests to the Class B units in an amount equal to 30 percent of GTN's total distributable cash flows during the year ended December 31, 2016 less the threshold level of $20 million (2015 – less $15 million). During the year ended December 31, 2016, 30 percent of GTN's total distributable cash flow was $42 million. As a result of exceeding the threshold level of $20 million, $22 million of net income attributable to controlling interests was allocated to the Class B units at December 31, 2016 (2015 – $12 million). Refer to Note 9.
(c)	Includes the common units subject to rescission. These units are treated as outstanding for financial reporting purposes. Refer to Note 9.