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Investments Subject to Significant Influence and Equity Income | 12 Months Ended
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Dec. 31, 2016
Investments Subject to Significant Influence and Equity Earnings [Abstract] |
INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE AND EQUITY INCOME | 6. INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE AND EQUITY INCOME
Investments subject to significant influence consisted of the following:
|  |  |  |  | Equity Income | Percentage
| Carrying Value | For the year ended | of
millions of Canadian dollars | As at December 31 | December 31 | Ownership
|  | 2016 |  | 2015 |  | 2016 |  | 2015 | 2016
LIL (1) | $ | 400 | $ | 208 | $ | 24 | $ | 9 | 62.7
NSPML |  | 315 |  | 188 |  | 21 |  | 15 | 100.0
M&NP (2) |  | 175 |  | 189 |  | 23 |  | 23 | 12.9
Lucelec (2) |  | 39 |  | 39 |  | 3 |  | 3 | 19.1
APUC (3) |  | - |  | 504 |  | 18 |  | 37 | -
Bear Swamp (4) |  | - |  | - |  | 11 |  | 17 | 50.0
Other Investments |  | 18 |  | 17 |  | - |  | 4 |
| $ | 947 | $ | 1,145 | $ | 100 | $ | 108 |
(1) Emera indirectly owns 100 per cent of the Class B units, which comprises 24.9 per cent of the total units issued.
(2) Although Emera’s ownership percentage of these entities is relatively low, it is considered to have significant influence over the operating and financial decisions of these companies through Board representation. Therefore, Emera records its investment in these entities using the equity method. This is consistent with industry practice for similar investments with significant influence.
(3) On May 24, 2016, Emera completed the sale of 50.1 million common shares or 19.3 per cent of APUC's issued and outstanding common shares. This resulted in a pre-tax gain of $172 million (after-tax gain of $146 million), which was recorded in "Other income (expenses), net" in Q2 2016. On June 30, 2016, Emera exchanged 12.9 million of APUC subscription receipts and dividend equivalents into common shares. This resulted in a pre-tax gain of $63 million (after-tax gain of $53 million), which was recorded in "Other income (expenses), net" in Q2 2016. As a result of these transactions, Emera reclassified its investment in APUC from "Investments Subject to Significant Influence" to "Investment Securities" on the Consolidated Balance Sheets in Q2 2016, recorded at fair value. On December 8, 2016, Emera completed the sale of 12.9 million common shares or 4.7 per cent of APUC's issued and outstanding common shares. This sale resulted in a pre-tax loss of $12 million (after-tax loss of $10 million), which was recorded in "Other income (expenses), net" in Q4 2016. Emera no longer holds any interest in APUC.
(4) The investment balance in Bear Swamp is in a credit position primarily a result of a $179 million distribution received in Q4 2015. Bear Swamp's credit investment balance of $217 million (2015 - $225 million) is recorded in "Other long-term liabilities" on the Consolidated Balance Sheets.
Equity investments include a $14 million difference between the cost and the underlying fair value of the investees' assets as at the date of acquisition. The excess is attributable to goodwill.
Emera accounts for its variable interest investment in NSPML as an equity investment (note 33). NSPML's consolidated summarized balance sheets are illustrated as follows:
As at | December 31
millions of Canadian dollars | 2016 | 2015
Balance Sheets |  |  |  |
Current assets | $ | 439 | $ | 439
Property, plant and equipment |  | 1,132 |  | 648
Non-current assets |  | 276 |  | 554
Total assets | $ | 1,847 | $ | 1,641
Current liabilities | $ | 219 | $ | 130
Long-term debt |  | 1,288 |  | 1,288
Non-current liabilities |  | 25 |  | 35
Equity |  | 315 |  | 188
Total liabilities and equity | $ | 1,847 | $ | 1,641

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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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