Equity Method Investments Certain investments of the Partnership are accounted for under the equity method of accounting. These investments are recorded within "Unconsolidated Affiliates" on the Partnership's Consolidated and Combined Balance Sheets and the Partnership's portion of the results are reflected in "Equity Earnings in Unconsolidated Affiliates" on the Partnership's Statements of Consolidated and Combined Operations. In the normal course of business, the Partnership engages in various transactions with these unconsolidated affiliates. During the year ended December 31, 2015, the Partnership had billed approximately $13.1 million for services and other costs to Millennium Pipeline. Contributions are made to these equity investees to fund the Partnership's share of projects.
The following is a list of the Partnership's equity method investments at December 31, 2015: | | | | | Investee | Type of Investment | % of Voting Power or Interest Held | Hardy Storage Company, LLC | LLC Membership | 49.0 | % | Pennant Midstream, LLC | LLC Membership | 47.5 | % | Millennium Pipeline Company, L.L.C. | LLC Membership | 47.5 | % |
As the Millennium Pipeline, Hardy Storage and Pennant investments are considered, in aggregate, material to the Partnership's business, the following table contains condensed summary financial data. | | | | | | | | | | | | | Year Ended December 31, (in millions) | 2015 | | 2014 | | 2013 | | | | Predecessor | | Predecessor | Millennium Pipeline | | | | | | Statement of Income Data: | | | | | | Net Revenues | $ | 206.3 |
| | $ | 190.5 |
| | $ | 157.8 |
| Operating Income | 136.1 |
| | 128.8 |
| | 101.3 |
| Net Income | 98.0 |
| | 89.6 |
| | 63.0 |
| Balance Sheet Data: | | | | | | Current Assets | 35.7 |
| | 32.1 |
| | 38.3 |
| Noncurrent Assets | 987.1 |
| | 1,016.3 |
| | 1,033.8 |
| Current Liabilities | 44.4 |
| | 42.6 |
| | 58.8 |
| Noncurrent Liabilities | 535.8 |
| | 568.3 |
| | 599.7 |
| Total Members’ Equity | 442.6 |
| | 437.5 |
| | 413.6 |
| Contribution/Distribution Data:(1) | | | | | | Contributions to Millennium Pipeline | 1.4 |
| | 2.6 |
| | 16.6 |
| Distribution of earnings from Millennium Pipeline | 47.5 |
| | 35.6 |
| | 29.0 |
| Hardy Storage | | | | | | Statement of Operations Data: | | | | | | Net Revenues | $ | 23.4 |
| | $ | 23.6 |
| | $ | 24.4 |
| Operating Income | 15.3 |
| | 16.1 |
| | 16.5 |
| Net Income | 10.3 |
| | 10.6 |
| | 10.6 |
| Balance Sheet Data: | | | | | | Current Assets | 12.1 |
| | 12.0 |
| | 12.5 |
| Noncurrent Assets | 155.5 |
| | 157.4 |
| | 160.2 |
| Current Liabilities | 19.3 |
| | 17.1 |
| | 18.3 |
| Noncurrent Liabilities | 68.5 |
| | 77.4 |
| | 85.7 |
| Total Members’ Equity | 79.8 |
| | 74.9 |
| | 68.7 |
| Contribution/Distribution Data:(1) | | | | | | Contributions to Hardy Storage | — |
| | — |
| | — |
| Distribution of earnings from Hardy Storage | 2.6 |
| | 2.2 |
| | 3.1 |
| Pennant | | | | | | Statement of Operations Data: | | | | | | Net Revenues | $ | 34.6 |
| | $ | 8.5 |
| | $ | 2.0 |
| Operating Income (Loss) | 17.8 |
| | (2.4 | ) | | 1.3 |
| Net Income (Loss) | 17.8 |
| | (2.4 | ) | | 1.3 |
| Balance Sheet Data: | | | | | | Current Assets | 11.0 |
| | 23.7 |
| | 34.1 |
| Noncurrent Assets | 389.6 |
| | 380.0 |
| | 231.9 |
| Current Liabilities | 8.4 |
| | 8.6 |
| | 11.4 |
| Total Members’ Equity | 392.2 |
| | 395.1 |
| | 254.6 |
| Contribution/Distribution Data:(1) | | | | | | Contributions to Pennant | — |
| | 66.6 |
| | 108.9 |
| Distribution of earnings from Pennant | 7.1 |
| | — |
| | — |
| Return of capital from Pennant | 16.0 |
| | — |
| | — |
|
(1)Contribution and distribution data represents the Partnership's portion based on the Partnership's ownership percentage of each investment. |