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Investment in Transmission Affiliates | 12 Months Ended
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Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN AMERICAN TRANSMISSION COMPANY | INVESTMENT IN TRANSMISSION AFFILIATES We own approximately 60% of ATC, a for-profit, transmission-only company regulated by the FERC for cost of service and certain state regulatory commissions for routing and siting of transmission projects. We also own approximately 75% of ATC Holdco, a separate entity formed in December 2016 to invest in transmission-related projects outside of ATC's traditional footprint. The corporate managers for ATC and ATC Holdco each have an eleven-member board of directors. We have one representative on each board. Each member of the board has only one vote. Due to voting requirements, each individual board member has less than 10% of the voting control. The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
|  | 2017
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at January 1 |  | $ | 1,443.9 |  |  | $ | — |  |  | $ | 1,443.9 |
Add: Earnings (loss) from equity method investment |  | 166.0 |  |  | (11.7 | ) |  | 154.3 |
Add: Capital contributions |  | 60.3 |  |  | 49.3 |  |  | 109.6 |
Less: Distributions |  | 154.2 |  | * | — |  |  | 154.2 |
Less: Other |  | 0.2 |  |  | — |  |  | 0.2 |
Balance at December 31 |  | $ | 1,515.8 |  |  | $ | 37.6 |  |  | $ | 1,553.4 |
* | Of this amount, $39.9 million was recorded as a receivable from ATC in other current assets at December 31, 2017.
|  | ATC
(in millions) |  | 2016 |  | 2015
Balance at January 1 |  | $ | 1,380.9 |  |  | $ | 424.1 |
Add: Earnings from equity method investment |  | 146.5 |  |  | 96.1 |
Add: Capital contributions |  | 42.3 |  |  | 8.7 |
Add: Acquisition of Integrys's investment in ATC |  | (1.0 | ) |  | 541.5 |
Add: Equity method goodwill from the acquisition of Integrys (1) |  | 10.4 |  |  | 395.8 |
Less: Distributions |  | 135.1 |  | (2) | 85.1 |
Less: Other |  | 0.1 |  |  | 0.2 |
Balance at December 31 |  | $ | 1,443.9 |  |  | $ | 1,380.9 |
(1) | Represents the purchase price allocated to Integrys's investment in ATC in excess of the recorded value.
(2) | Of this amount, $35.2 million was recorded as a receivable from ATC in other current assets at December 31, 2016.
We pay ATC for network transmission and other related services it provides. In addition, we provide a variety of operational, maintenance, and project management work for ATC, which is 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 during the years ended December 31:
(in millions) |  | 2017 |  | 2016 |  | 2015
Charges to ATC for services and construction |  | $ | 17.1 |  |  | $ | 18.5 |  |  | $ | 15.4 |
Charges from ATC for network transmission services |  | 349.3 |  |  | 357.3 |  |  | 289.2 |
Refund from ATC per FERC ROE order |  | (28.3 | ) |  | — |  |  | — |
As of December 31, 2017 and 2016, our balance sheets included the following receivables and payables related to ATC:
(in millions) |  | 2017 |  | 2016
Accounts receivable |  |  |  |
Services provided to ATC |  | $ | 1.5 |  |  | $ | 2.2 |
Other current assets |  |  |  |
Dividends receivable from ATC |  | 39.9 |  |  | 35.2 |
Accounts payable |  |  |  |
Services received from ATC |  | 31.2 |  |  | 28.7 |
Summarized financial data for ATC is included in the tables below:
(in millions) |  | 2017 |  | 2016 |  | 2015
Income statement data |  |  |  |  |  |
Revenues |  | $ | 721.7 |  |  | $ | 650.8 |  |  | $ | 615.8 |
Operating expenses |  | 345.0 |  |  | 322.5 |  |  | 319.3 |
Other expense |  | 104.1 |  |  | 95.5 |  |  | 96.1 |
Net income |  | $ | 272.6 |  |  | $ | 232.8 |  |  | $ | 200.4 |
(in millions) |  | December 31, 2017 |  | December 31, 2016
Balance sheet data |  |  |  |
Current assets |  | $ | 87.7 |  |  | $ | 75.8 |
Noncurrent assets |  | 4,598.9 |  |  | 4,312.9 |
Total assets |  | $ | 4,686.6 |  |  | $ | 4,388.7 |
Current liabilities |  | $ | 767.2 |  |  | $ | 495.1 |
Long-term debt |  | 1,790.6 |  |  | 1,865.3 |
Other noncurrent liabilities |  | 240.3 |  |  | 271.5 |
Shareholders' equity |  | 1,888.5 |  |  | 1,756.8 |
Total liabilities and shareholders' equity |  | $ | 4,686.6 |  |  | $ | 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 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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