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EQUITY INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2016
EQUITY INVESTMENTS  
Schedule of equity investments and summarized financial information for 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)

 

2016

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Border (a)

 

50 

%

18 

 

16 

 

52 

 

50 

 

449 

 

480 

 

Great Lakes

 

46.45 

%

 

 

23 

 

13 

 

470 

 

485 

 

PNGTS (b)

 

49.90 

%

 

 

13 

 

 

123 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24 

 

17 

 

88 

 

63 

 

1,042 

 

965 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

(b)

On January 1, 2016, the Partnership acquired a 49.9 percent interest in PNGTS (Refer to Note 6). For the three and nine months ended September 30, 2016, the Partnership recorded no undistributed earnings from PNGTS.

Northern Border  
EQUITY INVESTMENTS  
Schedule of equity investments and summarized financial information for equity investees

 

 

(unaudited)

 

 

 

 

 

(millions of dollars)

 

September 30, 2016

 

December 31, 2015

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Cash and cash equivalents

 

17

 

27

 

Other current assets

 

35

 

33

 

Plant, property and equipment, net

 

1,100

 

1,124

 

Other assets (a)

 

15

 

16

 

 

 

 

 

 

 

 

 

1,167

 

1,200

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ EQUITY

 

 

 

 

 

Current liabilities

 

43

 

39

 

Deferred credits and other

 

28

 

26

 

Long-term debt, net (a), (b)

 

430

 

409

 

Partners’ equity

 

 

 

 

 

Partners’ capital

 

668

 

728

 

Accumulated other comprehensive loss

 

(2

)

(2

)

 

 

 

 

 

 

 

 

1,167

 

1,200

 

 

 

 

 

 

 

 

 

(a)

As a result of the application of ASU No. 2015-03 and similar to the presentation of debt discounts, debt issuance costs of $2 million at December 31, 2015 previously reported as other assets in the balance sheet were reclassified as an offset against their respective debt liabilities.

 

(b)

Includes current maturities of $100 million senior notes at December 31, 2015. During August 2016, the $100 million senior notes were refinanced with a draw on Northern Border’s $200 million revolving credit agreement that expires in 2020.

 

 

 

Three months ended

 

Nine months ended

 

(unaudited)

 

September 30,

 

September 30,

 

(millions of dollars)

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Transmission revenues

 

74

 

71

 

218

 

215

 

Operating expenses

 

(18

)

(17

)

(53

)

(51

)

Depreciation

 

(15

)

(16

)

(44

)

(45

)

Financial charges and other

 

(5

)

(6

)

(16

)

(17

)

 

 

 

 

 

 

 

 

 

 

Net income

 

36

 

32

 

105

 

102

 

 

 

 

 

 

 

 

 

 

 

 

 

Great Lakes  
EQUITY INVESTMENTS  
Schedule of equity investments and summarized financial information for equity investees

 

(unaudited)

 

 

 

 

 

(millions of dollars)

 

September 30, 2016

 

December 31, 2015

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets

 

48 

 

86 

 

Plant, property and equipment, net

 

718 

 

727 

 

 

 

 

 

 

 

 

 

766 

 

813 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ EQUITY

 

 

 

 

 

Current liabilities

 

25 

 

31 

 

Long-term debt, net (a), (b)

 

288 

 

297 

 

Partners’ equity

 

453 

 

485 

 

 

 

 

 

 

 

 

 

766 

 

813 

 

 

 

 

 

 

 

 

 

(a)

The application of ASU No. 2015-03 did not have a material effect on Great Lakes’ financial statements.

 

(b)

Includes current maturities of $19 million as of September 30, 2016 (December 31, 2015 - $19 million).

 

 

 

Three months ended

 

Nine months ended

 

(unaudited)

 

September 30,

 

September 30,

 

(millions of dollars)

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Transmission revenues

 

36

 

29

 

133

 

105

 

Operating expenses

 

(15

)

(15

)

(45

)

(40

)

Depreciation

 

(7

)

(7

)

(21

)

(21

)

Financial charges and other

 

(6

)

(5

)

(17

)

(17

)

 

 

 

 

 

 

 

 

 

 

Net income

 

8

 

2

 

50

 

27