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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) | 6 Months Ended
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Jun. 30, 2018
Investment in transmission affiliates |
Schedule of changes to our investments in transmission affiliates | The following tables provide a reconciliation of the changes in our investments in ATC and ATC Holdco:
|  | Three Months Ended June 30, 2018
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,561.1 |  |  | $ | 37.8 |  |  | $ | 1,598.9 |
Add: Earnings (loss) from equity method investment |  | 29.8 |  |  | (1.1 | ) |  | 28.7 |
Add: Capital contributions |  | 18.1 |  |  | 1.5 |  |  | 19.6 |
Less: Distributions |  | 50.7 |  |  | — |  |  | 50.7 |
Add: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 1,558.4 |  |  | $ | 38.2 |  |  | $ | 1,596.6 |
|  | Three Months Ended June 30, 2017
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,515.6 |  |  | $ | (2.3 | ) |  | $ | 1,513.3 |
Add: Earnings (loss) from equity method investment |  | 42.8 |  |  | (1.0 | ) |  | 41.8 |
Add: Capital contributions |  | 15.1 |  |  | 7.8 |  |  | 22.9 |
Less: Distributions |  | 34.0 |  |  | — |  |  | 34.0 |
Balance at end of period |  | $ | 1,539.5 |  |  | $ | 4.5 |  |  | $ | 1,544.0 |
|  | Six Months Ended June 30, 2018
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,515.8 |  | (1) | $ | 37.6 |  |  | $ | 1,553.4 |
Add: Earnings (loss) from equity method investment |  | 63.2 |  |  | (1.7 | ) |  | 61.5 |
Add: Capital contributions |  | 30.1 |  |  | 2.3 |  |  | 32.4 |
Less: Distributions |  | 50.7 |  | (2) | — |  |  | 50.7 |
Balance at end of period |  | $ | 1,558.4 |  |  | $ | 38.2 |  |  | $ | 1,596.6 |
(1) | Distributions of $39.9 million, received in the first quarter of 2018, were approved and recorded as a receivable from ATC in other current assets at December 31, 2017.
(2) | Distributions of $24.2 million, received in the third quarter of 2018, were approved and recorded as a receivable from ATC in accounts receivable at June 30, 2018.
|  | Six Months Ended June 30, 2017
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period * |  | $ | 1,443.9 |  |  | $ | — |  |  | $ | 1,443.9 |
Add: Earnings (loss) from equity method investment |  | 90.5 |  |  | (6.8 | ) |  | 83.7 |
Add: Capital contributions |  | 39.2 |  |  | 11.3 |  |  | 50.5 |
Less: Distributions |  | 34.0 |  |  | — |  |  | 34.0 |
Less: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 1,539.5 |  |  | $ | 4.5 |  |  | $ | 1,544.0 |
* | Distributions of $35.2 million, received in the first quarter of 2017, were approved and recorded as a receivable from ATC in other current assets at December 31, 2016.
ATC |
Investment in transmission affiliates |
Schedule of significant transactions with ATC | The following table summarizes our significant related party transactions with ATC:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Charges to ATC for services and construction |  | $ | 4.1 |  |  | $ | 3.7 |  |  | $ | 8.7 |  |  | $ | 7.9 |
Charges from ATC for network transmission services |  | 84.6 |  |  | 87.3 |  |  | 169.1 |  |  | 174.6 |
Refund from ATC related to a FERC audit |  | 22.0 |  |  | — |  |  | 22.0 |  |  | — |
Refund from ATC per FERC ROE order |  | — |  |  | — |  |  | — |  |  | 28.3 |
Schedule of receivables and payables with ATC | Our balance sheets included the following receivables and payables related to ATC:
(in millions) |  | June 30, 2018 |  | December 31, 2017
Accounts receivable |  |  |  |
Services provided to ATC |  | $ | 1.8 |  |  | $ | 1.5 |
Other current assets |  |  |  |
Dividends receivable from ATC |  | 24.2 |  |  | 39.9 |
Accounts payable |  |  |  |
Services received from ATC |  | 28.2 |  |  | 31.2 |
Schedule of summarized income statement data for ATC | Summarized financial data for ATC is included in the following tables:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
(in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 165.5 |  |  | $ | 176.6 |  |  | $ | 330.9 |  |  | $ | 351.3 |
Operating expenses |  | 91.5 |  |  | 83.0 |  |  | 176.4 |  |  | 165.7 |
Other expense, net |  | 25.4 |  |  | 25.4 |  |  | 53.0 |  |  | 51.5 |
Net income |  | $ | 48.6 |  |  | $ | 68.2 |  |  | $ | 101.5 |  |  | $ | 134.1 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | June 30, 2018 |  | December 31, 2017
Balance sheet data |  |  |  |
Current assets |  | $ | 97.1 |  |  | $ | 87.7 |
Noncurrent assets |  | 4,764.3 |  |  | 4,598.9 |
Total assets |  | $ | 4,861.4 |  |  | $ | 4,686.6 |
Current liabilities |  | $ | 700.3 |  |  | $ | 767.2 |
Long-term debt |  | 1,914.3 |  |  | 1,790.6 |
Other noncurrent liabilities |  | 288.0 |  |  | 240.3 |
Shareholders' equity |  | 1,958.8 |  |  | 1,888.5 |
Total liabilities and shareholders' equity |  | $ | 4,861.4 |  |  | $ | 4,686.6 |

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