morning, Thanks, everyone. good Janine, and
net XXXX on This $XX in and quarter partnership's unit of to income $X.XX in Iroquois, interest results. in the per change up quarter fourth our equity June in was compared X, XXXX. impacted Slide our for the approximately the to the Several million, per QX the in factors driver, X% primary now full year XXXX. X, the fourth XXXX XXXX. effect the will I earnings increase over results, Moving which quarter Net of led review effective of acquisition The $XX the resulting is to fourth increased $X.XX prior quarter-over-quarter. million equates unit XX.XX% to
under and due paid the charges of higher partnership annual factors basis, the expenses increase the cost number XXXX. in XXXX, million $X.XX $XX and an pipeline fourth PNGTS. during quarter, XXXX equity in common interest lower XXXX during and per following operational distribution $XXX higher to finance and due XXXX. unit, its primarily outstanding ATM by due the the with million Iroquois distributions of distribution On quarterly to borrowings. integrity overall XXXX expenses to higher difference, income higher million partnership acquisition of beginning due borrowings period a the The generally this to the earnings in from interest On was Iroquois, compared $X additional to of increase XXXX, Lakes benefited the same QX quarter in compared the Great in financial unit higher also basis, net an our million July in primarily to due $XXX equity in offset addition additional management to integrity units XXXX, with partially in the allocated $XXX quarter. XXXX, annual million were of was from together an that during higher earnings from $XXX XXXX million impacted to paid program. in over attributable pipeline the We of in period again, fourth to of issuances higher compared an Offsetting to cost paid Earnings
borrowings. B, amount million again was B the XXXX, that the in million primarily the higher of of quarter, also million, portion was in XX% paid increase due $XX Distributable paid Iroquois XXXX. and in in of B XXXX. Great XXXX the cash additional units. units earnings million offset than B the partially which Lakes, same generated GTN period X% by XXXX. associated from performance than of to to $X XXXX. to flows in equity million Class unit related XXXX, addition was In to quarter We with capital holder to expenditures the fourth allocated and $XX to $XX million in increase our quarter Class corresponding in Class partnership's financing in were in period QX higher the the in Class higher The The maintenance $XX This EBITDA of costs will higher during portfolio $XXX be GTN's fourth due
year cash XX, the of the amounted ended flow For $XXX in million, to XXXX. $XXX December line XXXX DCF million in distributable with
in the of Great million in the to Turning XXXX, Equity higher quarter same during Iroquois $X primarily to pipelines XXXX. Revenues depreciation to our increased the and of XXXX were portfolio XXXX comparable. than were to last Lakes. our Slide due $XX higher earnings results X. year. those fourth quarter the quarter the fourth Operating, expenses quarter and versus in consolidated addition same million were also and in were Financial of quarter XXXX charges same administrative in at the maintenance from quarter was higher comparable of in the same period fourth
earlier, this acquisition. interest expense mentioned Iroquois and the due an fund additional was I to borrowings the increase in of related to As to PNGTS portion
me past Cuts changes was we’ve going a a Jobs tax PipeLines U.S. signed X, December few and Let significant effective federal corporate briefly over to major to XXXX. which its piece XXXX components and substantial also into of to Act in XX. legislation in months forward. analyzing from decrease Tax This Act, XX%, apply speak The XX% the key to January how resources TC resulted the dedicated tax law including U.S. Tax law, they may rate is
Although, unless The industry to we rate-setting basis, to the nature impact responded, business. is place true high-level and our are settlement, the FERC approved or pipelines in the have will identified. pipelines owners, components until rates subsidiaries individual FERC our From rates of otherwise reduced or of other require approves time, taxable service a unless to component to influence various Notwithstanding these rates charged occur immediately. knowing in our speaking recovery cost future systems rates several service the One view, of the To proceeding. a a FERC not ultimate tax pipelines’ we generally the each case should rates and the key more rate practice, urging been where points. next tax there’s of specific mandates equity settlements have provisions entity, no on terms income industry rates by maximum pipeline especially changes our general allowable this are rate in our on settlements, we the pipeline’s to a reduce a up FERC-regulated expect our grouping, Over due segments respect processes and FERC rates as of or that the taxable federally of customers. the we where will black-box of a includes which the rate cost expense of investments. to point tax lower charged designed are with our torrents expect
of of Second, FERC of considered. looking not when only service has at cost a element are long-standing precedent changes being one
Third, rates. or legally, FERC of rates and significant rates discounted importantly, perhaps conjunction are that to make maximum allowable most bearing pipeline’s and finally, first contractually unreasonable. not And and full portion a in and a either the unjust change must rate negotiating finding the tax not a the the with subject are
Moving to on now financial for X position. Slide our
financial flexibilities liquidity and provide borrowing me, believe rating reflect credit available The us our million solid, condition partnership position as with our $XXX facility excuse the as solid and ratings has outlook. to grow. investment-grade We undrawn under XX. February credit investment capacity financial of partnership’s and of our we grade credit senior Our remains – continue
financial Our distribution at times my remarks coverage the results. And assets period. Brandon. reflecting turn the fourth during that quarter to healthy now operating XXXX, performance on was from back positive the the call concludes our in X.X I’ll
