OTHER LIABILITIES

12 Months Ended

Dec. 31, 2013

OTHER LIABILITIES

OTHER LIABILITIES

NOTE 8    OTHER LIABILITIES

December 31 (millions of dollars)	2013	2012(a)
Regulatory liabilities	22	20
Fair value of derivative contracts (Note 18)	–	–
Other liabilities	2	1
	24	21

^(a)

Recast as discussed in Note 2 and Note 6.

The Partnership collects estimated future removal costs related to its transmission and gathering facilities in its current rates and recognizes regulatory liabilities in this respect in the balance sheet. Estimated costs associated with the future removal of transmission and gathering facilities are collected through depreciation as allowed by FERC. These amounts do not represent asset retirement obligations as defined by FASB ASC 410, Accounting for Asset Retirement Obligations.