EQUITY INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of equity investments

	Ownership	Equity Earnings				Equity Investments
	Interest at	Three months ended		Six months ended
(unaudited)	June 30,	June 30,		June 30,		June 30,	December 31,
(millions of dollars)	2020	2020	2019	2020	2019	2020	2019
Northern Border	50.00%	13	14	35	35	412	422
Great Lakes	46.45%	9	9	29	29	489	491
Iroquois	49.34%	7	7	20	20	181	185
		29	30	84	84	1,082	1,098

The summarized financial information provided to us by Northern Border is as follows:

(unaudited)
(millions of dollars)	June 30, 2020	December 31, 2019
ASSETS
Cash and cash equivalents	17	21
Other current assets	38	37
Property, plant and equipment, net	978	989
Other assets	12	12
	1,045	1,059
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	42	42
Deferred credits and other	41	39
Long-term debt, net (a)	369	364
Partners’ equity
Partners’ capital	594	615
Accumulated other comprehensive loss	(1)	(1)
	1,045	1,059

	Three months ended		Six months ended
(unaudited)	June 30,		June 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	66	67	149	148
Operating expenses	(19)	(20)	(39)	(40)
Depreciation	(16)	(16)	(31)	(31)
Financial charges and other	(5)	(4)	(9)	(8)
Net income	26	27	70	69

^(a)  No current maturities as of June 30, 2020 and December 31, 2019. At June 30, 2020, Northern Border was in compliance with all its financial covenants.

The summarized financial information provided to us by Great Lakes is as follows:

(unaudited)
(millions of dollars)	June 30, 2020	December 31, 2019
ASSETS
Current assets	58	72
Property, plant and equipment, net	684	685
	742	757
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	34	33
Net long-term debt, including current maturities (a)	208	219
Other long term liabilities	7	6
Partners’ equity	493	499
	742	757

	Three months ended		Six months ended
(unaudited)	June 30,		June 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	50	51	122	123
Operating expenses	(19)	(19)	(35)	(35)
Depreciation	(8)	(8)	(16)	(16)
Financial charges and other	(3)	(5)	(7)	(9)
Net income	20	19	64	63

^(a)  Includes current maturities of $31 million as of June 30, 2020 (December 31, 2019 - $21 million). At June 30, 2020, Great Lakes was in compliance with all its financial covenants.

The summarized financial information provided to us by Iroquois is as follows:

(unaudited)
(millions of dollars)	June 30, 2020	December 31, 2019
ASSETS
Cash and cash equivalents	35	43
Other current assets	72	36
Property, plant and equipment, net	513	570
Other assets	19	16
	639	665
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	14	34
Long-term debt, net (a)	316	317
Other non-current liabilities	22	20
Partners’ equity	287	294
	639	665

	Three months ended		Six months ended
(unaudited)	June 30,		June 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	41	40	93	92
Operating expenses	(14)	(13)	(29)	(28)
Depreciation	(7)	(8)	(15)	(15)
Financial charges and other	(6)	(4)	(9)	(7)
Net income	14	15	40	42

^(a)   Includes current maturities of $4 million as of June 30, 2020 (December 31, 2019 - $3 million). At June 30, 2020, Iroquois was in compliance with all of its financial covenants.