UNCONSOLIDATED AFFILIATES (Notes)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates - The following table sets forth our investments in unconsolidated affiliates as of the dates indicated:


	Net Ownership Interest	December 31, 2022		December 31, 2021
		(Thousands of dollars)
Overland Pass	50%	$	401,244	$	403,011
Northern Border	50%	265,096		283,170
Roadrunner	50%	94,271		70,777
Other	Various	41,183		40,655
Investments in unconsolidated affiliates (a)		$	801,794	$	797,613

(a) - Equity-method goodwill (Note A) was $16.5 million at December 31, 2022 and 2021.

Equity in Net Earnings from Investments and Impairments - The following table sets forth our equity in net earnings from investments for the periods indicated:


	Years Ended December 31,
	2022		2021		2020
	(Thousands of dollars)
Northern Border	$	71,106	$	64,470	$	75,409
Roadrunner	37,114		33,293		29,017
Overland Pass	32,519		19,434		38,618


Other	6,981		5,323		197
Equity in net earnings from investments	$	147,720	$	122,520	$	143,241

Impairment of equity investments	$	—	$	—	$	(37,730)

Impairment Charges - In 2020, we incurred a noncash impairment charge of $30.5 million related to our 10.2% investment in Venice Energy Services Company in our Natural Gas Gathering and Processing segment, which includes $22.3 million related to equity-method goodwill, and a $7.2 million noncash impairment charge related to our 50% investment in Chisholm Pipeline Company in our Natural Gas Liquids segment. These impairment charges are included within impairment of equity investments in our Consolidated Statement of Income for the year ended December 31, 2020.

We incurred expenses in transactions with unconsolidated affiliates of $82.8 million, $62.8 million and $135.4 million for 2022, 2021 and 2020, respectively, primarily related to Overland Pass and Northern Border. Revenue earned and accounts receivable from, and accounts payable to, our equity-method investees were not material.

Northern Border - The Northern Border partnership agreement provides that distributions to Northern Border’s partners are to be made on a pro rata basis according to each partner’s ownership percentage interest. The Northern Border Management Committee determines the amount and timing of such distributions. Any changes to, or suspension of, the cash distribution policy of Northern Border requires the unanimous approval of the Northern Border Management Committee. Cash distributions are equal to 100% of distributable cash flow as determined from Northern Border’s financial statements based upon EBITDA less interest expense and maintenance capital expenditures. Loans or other advances from Northern Border to its partners or affiliates are prohibited under its credit agreement. In all periods presented, we made no contributions to Northern Border.

Roadrunner - The Roadrunner agreement provides that distributions to members are made on a pro rata basis according to each member’s ownership interest. As the operator, we have been delegated the authority to determine such distributions in accordance with, and on the frequency set forth in, the Roadrunner agreement. Cash distributions are equal to 100% of available cash, as defined in the limited liability company agreement. In 2022, 2021 and 2020, our contributions to Roadrunner were not material.

We have an operating agreement with Roadrunner that provides for reimbursement or payment to us for management services and certain operating costs. Reimbursements and payments from Roadrunner included in operating income in our Consolidated Statements of Income for all periods presented were not material.

Overland Pass - The Overland Pass agreement provides that distributions to Overland Pass’s members are to be made on a pro rata basis according to each member’s ownership percentage interest. The Overland Pass Management Committee determines the amount and timing of such distributions. Any changes to, or suspension of, the cash distributions from Overland Pass requires the unanimous approval of the Overland Pass Management Committee. Cash distributions are equal to 100% of available cash as defined in the limited liability company agreement. In all periods presented, our contributions to Overland Pass were not material.