EQUITY INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity investments and summarized financial information for equity investees

	Ownership Interest at		Equity Earnings (b)			Equity Investments
	December 31, 2020		Year ended December 31			December 31
(millions of dollars)			2020	2019	2018	2020	2019
Northern Border(a)	50.00	%	76	69	68	407	422
Great Lakes	46.45	%	56	51	59	509	491
Iroquois	49.34	%	38	40	46	154	185
			170	160	173	1,070	1,098

(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 acquisition of an additional 20 percent in April 2006. The fee was fully amortized in May 2018.

(b)Equity Earnings represents our share in an investee’s earnings and does not include any impairment charge on the equity method investment recorded as a reduction of carrying value of these investments. Accordingly, no impairment charge was recorded by the Partnership on its equity investees for all the periods presented here.

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

December 31 (millions of dollars)	2020	2019
Assets
Cash and cash equivalents	31	21
Other current assets	38	37
Property, plant and equipment, net	977	989
Other assets	12	12
	1,058	1,059
Liabilities and Partners’ Equity
Current liabilities	52	42
Deferred credits and other	42	39
Long-term debt, net (a)	380	364
Partners’ equity
Partners’ capital	584	615
Accumulated other comprehensive loss	—	(1)
	1,058	1,059

Year ended December 31 (millions of dollars)	2020	2019	2018
Transmission revenues	308	300	289
Operating expenses	(77)	(82)	(78)
Depreciation	(62)	(62)	(60)
Financial charges and other	(18)	(18)	(15)
Net income	151	138	136

(a)Includes current maturities of $250 million as of December 31, 2020 for Northern Border's 7.50% Senior Notes (December 31, 2019 - none), net of unamortized debt issuance costs and debt discounts. At December 31, 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:

December 31 (millions of dollars)	2020	2019
Assets
Current assets	66	72
Property, plant and equipment, net	716	685
	782	757
Liabilities and Partners’ Equity
Current liabilities	38	33
Long-term debt, net (a)	198	219
Other long-term liabilities	9	6
Partners’ equity	537	499
	782	757

Year ended December 31 (millions of dollars)	2020	2019	2018
Transmission revenues	239	238	246
Operating expenses	(70)	(79)	(68)
Depreciation	(33)	(32)	(32)
Financial charges and other	(15)	(16)	(18)
Net income	121	111	128

(a)Includes current maturities of $31 million as of December 31, 2020 (December 31, 2019 - $21 million).

The summarized financial information provided to us by Iroquois, which is not considered a significant equity investee under Regulation SX-3-09, is as follows:

December 31 (millions of dollars)	2020	2019
ASSETS
Cash and cash equivalents	25	43
Other current assets	36	36
Property, plant and equipment, net	506	570
Other assets	20	16
	587	665
LIABILITIES AND PARTNERS’ EQUITY
Current liabilities	20	34
Net long-term debt, net (a)	314	317
Other non-current liabilities	21	20
Partners’ equity	232	294
	587	665

Year ended December 31 (millions of dollars)	2020	2019	2018
Transmission revenues	183	180	194
Operating expenses	(59)	(58)	(57)
Depreciation	(30)	(29)	(29)
Financial charges and other	(15)	(11)	(14)
Net income	79	82	94

(a)Includes current maturities of $5 million as of December 31, 2020 (December 31, 2019 - $3 million).