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INVESTMENTS IN UNCONSOLIDATED AFFILIATES
9 Months Ended
Sep. 30, 2015
INVESTMENTS IN UNCONSOLIDATED AFFILIATES  
INVESTMENTS IN UNCONSOLIDATED AFFILIATES

 

NOTE 4INVESTMENTS IN UNCONSOLIDATED AFFILIATES

 

Northern Border and Great Lakes are regulated by FERC and are operated by TransCanada. The Partnership uses the equity method of accounting for its interests in its equity investees.

 

 

 

Ownership

 

Equity Earnings from
Unconsolidated Affiliates

 

Investments in
Unconsolidated Affiliates

 

 

 

Interest at

 

Three months

 

Nine Months

 

 

 

 

 

(unaudited)

 

September 30,

 

ended September 30,

 

ended September 30,

 

September 30,

 

December 31,

 

(millions of dollars)

 

2015 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Border (a)

 

50% 

 

16

 

14

 

50

 

53

 

487

 

505

 

Great Lakes

 

46.45% 

 

1

 

1

 

13

 

13

 

664

 

672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

15

 

63

 

66

 

1,151

 

1,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)Equity earnings from Northern Border is net of the 12-year amortization of a $10 million transaction fee paid to the operator of Northern Border at the time of the Partnership’s additional 20 percent interest acquisition in April 2006.

 

Northern Border

 

The Partnership does not have undistributed earnings from Northern Border for the nine months ended September 30, 2015 and 2014.

 

The summarized financial information for Northern Border is as follows:

 

(unaudited)

 

 

 

 

 

(millions of dollars)

 

September 30, 2015 

 

December 31, 2014

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Cash and cash equivalents

 

40

 

41

 

Other current assets

 

33

 

34

 

Plant, property and equipment, net

 

1,135

 

1,163

 

Other assets

 

18

 

34

 

 

 

 

 

 

 

 

 

1,226

 

1,272

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ EQUITY

 

 

 

 

 

Current liabilities

 

50

 

64

 

Deferred credits and other

 

25

 

22

 

Long-term debt, including current maturities

 

411

 

411

 

Partners’ equity

 

 

 

 

 

Partners’ capital

 

742

 

777

 

Accumulated other comprehensive loss

 

(2)

 

(2)

 

 

 

 

 

 

 

 

 

1,226

 

1,272

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

 

 

(unaudited)

 

September 30,

 

September 30,

 

 

 

 

 

(millions of dollars)

 

2015 

 

2014 

 

2015 

 

  2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission revenues

 

71 

 

66 

 

215 

 

221 

Operating expenses

 

(17)

 

(16)

 

(51)

 

(50)

Depreciation

 

(16)

 

(15)

 

(45)

 

(44)

Financial charges and other

 

(6)

 

(8)

 

(17)

 

(20)

 

 

 

 

 

 

 

 

 

Net income

 

32 

 

27 

 

102 

 

107 

 

 

 

 

 

 

 

 

 

 

Great Lakes

The Partnership made an equity contribution to Great Lakes of $4 million in the first quarter of 2015. This amount represents the Partnership’s 46.45 percent share of a $9 million cash call from Great Lakes to make a scheduled debt repayment.

 

The Partnership does not have undistributed earnings from Great Lakes for the nine months ended September 30, 2015 and 2014.

 

The summarized financial information for Great Lakes is as follows:

 

(unaudited)

 

 

 

 

 

(millions of dollars)

 

September 30, 2015 

 

December 31, 2014 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets

 

67

 

66

 

Plant, property and equipment, net

 

730

 

748

 

 

 

 

 

 

 

 

 

797

 

814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ EQUITY

 

 

 

 

 

Current liabilities

 

48

 

38

 

Long-term debt, including current maturities

 

307

 

316

 

Partners’ equity

 

442

 

460

 

 

 

 

 

 

 

 

 

797

 

814

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

 

 

(unaudited)

 

September 30,

 

September 30,

 

 

 

 

 

(millions of dollars)

 

2015 

 

2014 

 

2015 

 

2014 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission revenues

 

29

 

29

 

105

 

106

Operating expenses

 

(15)

 

(14)

 

(40)

 

(38)

Depreciation

 

(7)

 

(7)

 

(21)

 

(21)

Financial charges and other

 

(5)

 

(6)

 

(17)

 

(19)

Net income

 

2

 

2

 

27

 

28