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Investments Subject to Significant Influence and Equity Income | 12 Months Ended
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Dec. 31, 2020
8. Investments Subject to Significant Influence and Equity Income |
Investments Subject to Significant Influence and Equity Income | 7. INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE AND EQUITY INCOME
|  |  |  |  | Equity Income | Percentage
| Carrying Value | For the year ended | of
millions of Canadian dollars | As at December 31 | December 31 | Ownership
|  | 2020 |  | 2019 |  | 2020 |  | 2019 | 2020
LIL (1) | $ | 629 | $ | 579 | $ | 49 | $ | 45 | 45.6
NSPML |  | 547 |  | 554 |  | 47 |  | 46 | 100.0
M&NP (2) |  | 129 |  | 138 |  | 20 |  | 22 | 12.9
Lucelec (2) |  | 41 |  | 41 |  | 4 |  | 3 | 19.5
Bear Swamp (3) |  | - |  | - |  | 29 |  | 35 | 50.0
Other Investments |  | - |  | - |  | - |  | 3 |
| $ | 1,346 | $ | 1,312 | $ | 149 | $ | 154 |
(1) Emera indirectly owns 100 per cent of the Class B units, which comprises 24.9 per cent of the total units issued. Emera’s percentage ownership in LIL ‎is subject to change, based on the balance of capital investments required from Emera and Nalcor Energy to complete construction of the LIL. Emera’s ultimate percentage investment in LIL will be determined upon final costing of all transmission projects related to the Muskrat Falls development, including the LIL, Labrador Transmission Assets and Maritime Link Projects, such that Emera’s total investment in the Maritime Link and LIL will equal 49 per cent of the cost of all of these transmission developments.
(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.
(3) The investment balance in Bear Swamp is in a credit position primarily as a result of a $179 million distribution received in 2015. Bear Swamp's credit investment balance of $118 million (2019 - $137 million) is recorded in "Other long-term liabilities" on the Consolidated Balance Sheets.
Equity investments include a $12 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 32). NSPML's consolidated summarized balance sheets are illustrated as follows:
As at | December 31
millions of Canadian dollars | 2020 | 2019
Balance Sheets |  |  |  |
Current assets | $ | 57 | $ | 69
Property, plant and equipment |  | 1,629 |  | 1,671
Regulatory assets |  | 210 |  | 177
Non-current assets |  | 32 |  | 32
Total assets | $ | 1,928 | $ | 1,949
Current liabilities | $ | 56 | $ | 23
Long-term debt (1) |  | 1,228 |  | 1,288
Non-current liabilities |  | 97 |  | 84
Equity |  | 547 |  | 554
Total liabilities and equity | $ | 1,928 | $ | 1,949
(1) The project debt has been guaranteed by the Government of Canada.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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