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INVESTMENT IN TRANSMISSION AFFILIATES (Tables) | 6 Months Ended
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Jun. 30, 2019
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, 2019
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,630.6 |  |  | $ | 40.0 |  |  | $ | 1,670.6 |
Add: Earnings (loss) from equity method investment |  | 37.4 |  |  | (0.5 | ) |  | 36.9 |
Add: Capital contributions |  | 18.1 |  |  | 0.4 |  |  | 18.5 |
Less: Distributions |  | 29.4 |  |  | — |  |  | 29.4 |
Less: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 1,656.6 |  |  | $ | 39.9 |  |  | $ | 1,696.5 |
|  | 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 |
|  | Six Months Ended June 30, 2019
(in millions) |  | ATC |  | ATC Holdco |  | Total
Balance at beginning of period |  | $ | 1,625.3 |  |  | $ | 40.0 |  |  | $ | 1,665.3 |
Add: Earnings (loss) from equity method investment |  | 73.9 |  |  | (0.9 | ) |  | 73.0 |
Add: Capital contributions |  | 21.1 |  |  | 0.8 |  |  | 21.9 |
Less: Distributions |  | 63.6 |  |  | — |  |  | 63.6 |
Less: Other |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at end of period |  | $ | 1,656.6 |  |  | $ | 39.9 |  |  | $ | 1,696.5 |
|  | 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.
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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Charges to ATC for services and construction |  | $ | 3.3 |  |  | $ | 4.1 |  |  | $ | 7.3 |  |  | $ | 8.7 |
Charges from ATC for network transmission services |  | 87.0 |  |  | 84.6 |  |  | 174.1 |  |  | 169.1 |
Refund from ATC related to a FERC audit |  | — |  |  | 22.0 |  |  | — |  |  | 22.0 |
Schedule of receivables and payables with ATC | Our balance sheets included the following receivables and payables for services received from or provided to ATC:
(in millions) |  | June 30, 2019 |  | December 31, 2018
Accounts receivable for services provided to ATC |  | $ | 2.3 |  |  | $ | 3.4 |
Accounts payable for services received from ATC |  | 29.0 |  |  | 28.2 |
Amounts due from ATC for transmission infrastructure upgrades* |  | — |  |  | 29.4 |
* In connection with UMERC's construction of the new natural gas-fired generation in the Upper Peninsula of Michigan, UMERC was required to initially fund the construction of the transmission infrastructure upgrades owned by ATC that are needed for the new generation. In the second quarter of 2019, ATC fully reimbursed UMERC for these costs.
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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Income statement data |  |  |  |  |  |  |  |
Operating revenues |  | $ | 182.2 |  |  | $ | 165.5 |  |  | $ | 359.9 |  |  | $ | 330.9 |
Operating expenses |  | 93.6 |  |  | 91.5 |  |  | 184.0 |  |  | 176.4 |
Other expense, net |  | 28.6 |  |  | 25.4 |  |  | 57.4 |  |  | 53.0 |
Net income |  | $ | 60.0 |  |  | $ | 48.6 |  |  | $ | 118.5 |  |  | $ | 101.5 |
Schedule of summarized balance sheet data for ATC |
(in millions) |  | June 30, 2019 |  | December 31, 2018
Balance sheet data |  |  |  |
Current assets |  | $ | 88.8 |  |  | $ | 87.2 |
Noncurrent assets |  | 5,100.7 |  |  | 4,928.8 |
Total assets |  | $ | 5,189.5 |  |  | $ | 5,016.0 |
Current liabilities |  | $ | 562.1 |  |  | $ | 640.0 |
Long-term debt |  | 2,213.0 |  |  | 2,014.0 |
Other noncurrent liabilities |  | 294.4 |  |  | 295.3 |
Shareholders' equity |  | 2,120.0 |  |  | 2,066.7 |
Total liabilities and shareholders' equity |  | $ | 5,189.5 |  |  | $ | 5,016.0 |

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