EQUITY INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of equity investments

	Ownership	Equity Earnings				Equity Investments
	Interest at	Three months ended		Nine months ended
(unaudited)	September 30,	September 30,		September 30,		September 30,	December 31,
(millions of dollars)	2020	2020	2019	2020	2019	2020	2019
Northern Border	50.00%	22	15	57	50	412	422
Great Lakes	46.45%	10	8	39	37	487	491
Iroquois	49.34%	7	8	27	28	152	185
		39	31	123	115	1,051	1,098

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

(unaudited)
(millions of dollars)	September 30, 2020	December 31, 2019
ASSETS
Cash and cash equivalents	40	21
Other current assets	39	37
Property, plant and equipment, net	979	989
Other assets	12	12
	1,070	1,059
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	58	42
Deferred credits and other	40	39
Long-term debt, net (a)	378	364
Partners’ equity
Partners’ capital	594	615
Accumulated other comprehensive loss	—	(1)
	1,070	1,059

	Three months ended		Nine months ended
(unaudited)	September 30,		September 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	83	73	232	221
Operating expenses	(19)	(21)	(58)	(61)
Depreciation	(16)	(15)	(47)	(46)
Financial charges and other	(4)	(5)	(13)	(13)
Net income	44	32	114	101

(a)  Includes current maturities of $250 million as of September 30, 2020 for Northern Border's 7.50% Senior Notes (December 31, 2019 - nil), net of unamortized debt issuance costs and debt discounts. At September 30, 2020, Northern Border was in compliance with all of its financial covenants.

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

(unaudited)
(millions of dollars)	September 30, 2020	December 31, 2019
ASSETS
Current assets	27	72
Property, plant and equipment, net	710	685
	737	757
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	31	33
Net long-term debt, including current maturities (a)	208	219
Other long term liabilities	8	6
Partners’ equity	490	499
	737	757

	Three months ended		Nine months ended
(unaudited)	September 30,		September 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	50	51	172	174
Operating expenses	(18)	(23)	(53)	(58)
Depreciation	(8)	(8)	(24)	(24)
Financial charges and other	(4)	(3)	(11)	(12)
Net income	20	17	84	80

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

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

(unaudited)
(millions of dollars)	September 30, 2020	December 31, 2019
ASSETS
Cash and cash equivalents	26	43
Other current assets	32	36
Property, plant and equipment, net	509	570
Other assets	19	16
	586	665
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	21	34
Long-term debt, net (a)	316	317
Other non-current liabilities	22	20
Partners’ equity	227	294
	586	665

	Three months ended		Nine months ended
(unaudited)	September 30,		September 30,
(millions of dollars)	2020	2019	2020	2019
Transmission revenues	40	39	133	131
Operating expenses	(15)	(15)	(44)	(43)
Depreciation	(7)	(7)	(22)	(22)
Financial charges and other	(3)	(2)	(12)	(9)
Net income	15	15	55	57

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