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INVESTMENT IN AMERICAN TRANSMISSION COMPANY | 6 Months Ended
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Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN AMERICAN TRANSMISSION COMPANY | INVESTMENT IN AMERICAN TRANSMISSION COMPANY We own approximately 60% of ATC, a for-profit, electric transmission company regulated by the FERC and certain state regulatory commissions. The following table shows changes to our investment in ATC:
|  | Three Months Ended June 30 |  | Six Months Ended June 30 |
(in millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Balance at beginning of period |  | $ | 1,513.3 |  |  | $ | 1,422.5 |  |  | $ | 1,443.9 |  |  | $ | 1,380.9 |  |
Add: Earnings from equity method investment |  | 41.8 |  |  | 30.9 |  |  | 83.7 |  |  | 69.4 |  |
Add: Capital contributions |  | 22.9 |  |  | 3.1 |  |  | 50.5 |  |  | 12.1 |  |
Add: Acquisition of Integrys's investment in ATC |  | — |  |  | (1.0 | ) | (1) | — |  |  | (1.0 | ) | (1)
Add: Adjustment to equity method goodwill |  | — |  |  | 1.1 |  |  | — |  |  | 10.4 |  |
Less: Distributions |  | 34.0 |  |  | 31.6 |  |  | 34.0 |  | (2) | 46.7 |  |
Less: Other |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |
Balance at end of period |  | $ | 1,544.0 |  |  | $ | 1,425.0 |  |  | $ | 1,544.0 |  |  | $ | 1,425.0 |  |
(1) | Amount reflects an adjustment to the allocation of the purchase price for Integrys made in the second quarter of 2016.
(2) | Distributions of $35.2 million, received in the first quarter of 2017, were approved and recorded in December 2016.
We pay ATC for transmission and other related services it provides. In addition, we provide a variety of operational, maintenance, and project management work for ATC, which are reimbursed by ATC. We are required to pay the cost of needed transmission infrastructure upgrades for new generation projects while the projects are under construction. ATC reimburses us for these costs when the new generation is placed in service. The following table summarizes our significant related party transactions with ATC:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Charges to ATC for services and construction |  | $ | 3.7 |  |  | $ | 4.3 |  |  | $ | 7.9 |  |  | $ | 8.4 |
Charges from ATC for network transmission services |  | 87.3 |  |  | 91.1 |  |  | 174.6 |  |  | 182.1 |
Refund from ATC per FERC ROE order |  | — |  |  | — |  |  | (28.3 | ) |  | — |
Our balance sheets included the following receivables and payables related to ATC:
(in millions) |  | June 30, 2017 |  | December 31, 2016
Accounts receivable |  |  |  |
Services provided to ATC |  | $ | 1.2 |  |  | $ | 2.2 |
Accounts payable |  |  |  |
Services received from ATC |  | 29.1 |  |  | 28.7 |
Summarized financial data for ATC is included in the following tables:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Income statement data |  |  |  |  |  |  |  |
Revenues |  | $ | 176.6 |  |  | $ | 154.3 |  |  | $ | 351.3 |  |  | $ | 318.5 |
Operating expenses |  | 82.7 |  |  | 81.7 |  |  | 165.1 |  |  | 160.8 |
Other expense |  | 25.7 |  |  | 23.7 |  |  | 52.1 |  |  | 47.7 |
Net income |  | $ | 68.2 |  |  | $ | 48.9 |  |  | $ | 134.1 |  |  | $ | 110.0 |
(in millions) |  | June 30, 2017 |  | December 31, 2016
Balance sheet data |  |  |  |
Current assets |  | $ | 86.2 |  |  | $ | 75.8 |
Noncurrent assets |  | 4,489.3 |  |  | 4,312.9 |
Total assets |  | $ | 4,575.5 |  |  | $ | 4,388.7 |
Current liabilities |  | $ | 640.3 |  |  | $ | 495.1 |
Long-term debt |  | 1,740.6 |  |  | 1,865.3 |
Other noncurrent liabilities |  | 291.4 |  |  | 271.5 |
Shareholders' equity |  | 1,903.2 |  |  | 1,756.8 |
Total liabilities and shareholders' equity |  | $ | 4,575.5 |  |  | $ | 4,388.7 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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