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Equity Method Investments
 12 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
Activity related to the Company's equity method investments is as follows:
 
 
Constitution
 
Meade
 
Total
 
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Balance at beginning of period
 
$
—

 
$
732

 
$
96,850

 
$
163,181

 
$
85,345

 
$
32,674

 
$
163,181

 
$
86,077

 
$
129,524

Contributions
 
725

 
500

 
4,350

 
8,613

 
76,763

 
52,689

 
9,338

 
77,263

 
57,039

Distributions
 
—

 
—

 
—

 
(17,453
)
 
(1,296
)
 
—

 
(17,453
)
 
(1,296
)
 
—

Earnings (loss) on equity method investments
 
(10,125
)
 
(1,232
)
 
(100,468
)
 
90,621

 
2,369

 
(18
)
 
80,496

 
1,137

 
(100,486
)
Reclassification of accumulated losses(1)
 
9,400

 
—

 
—

 
—

 
—

 
—

 
9,400

 
—

 
—

Sale of investment
 
—

 
—

 
—

 
(244,962
)
 
—

 
—

 
(244,962
)
 
—

 
—

Balance at end of period
 
$
—

 
$
—

 
$
732

 
$
—

 
$
163,181

 
$
85,345

 
$
—

 
$
163,181

 
$
86,077

_______________________________________________________________________________
(1) Amount is included in accounts payable in the Consolidated Balance Sheet as of December 31, 2019.
Constitution Pipeline Company, LLC
In April 2012, the Company acquired a 25 percent equity interest in Constitution Pipeline Company, LLC (Constitution), which was formed to develop, construct and operate a 124-mile large diameter pipeline to transport natural gas from northeast Pennsylvania to both the New England and New York markets.
As of December 31, 2017, as a result of the ongoing legal and regulatory challenges associated with the project, the Company evaluated its investment in Constitution for other than temporary impairment (OTTI). At that time, the Company recorded an OTTI of $95.9 million, reducing its investment in Constitution to its estimated fair value. Fair value was determined using a market approach.
Although Constitution received a certificate of public convenience and necessity from the Federal Energy and Regulatory Commission (FERC) to construct the proposed pipeline and obtained, among other approvals, a waiver of the water quality certification under Section 401 of the Clean Water Act for the New York portion of the project, the members of Constitution, following extensive evaluation and discussions regarding the diminished underlying economics for this project, have elected to not proceed with the project. As a result of this decision, as of December 31, 2019, the Company recorded a liability of $9.4 million which represents its estimated remaining obligations associated with the project.
On February 10, 2020, the Company sold its 25 percent equity interest in Constitution to Williams Partners Operating LLC (Williams). The Company did not receive any proceeds and paid Williams $9.4 million that was previously accrued. Upon closing of the sale, the Company has no further obligations with respect to the project.
Meade Pipeline Co LLC
In February 2014, the Company acquired a 20 percent equity interest in Meade, which was formed to participate in the development and construction of the Central Penn Line, a 177-mile pipeline operated by Transcontinental Gas Pipe Line Company, LLC (Transco) that transports natural gas from Susquehanna County, Pennsylvania to an interconnect with Transco’s mainline in Lancaster County, Pennsylvania. The Central Penn Line is owned by Transco and Meade in proportion to their respective ownership percentages of approximately 61 percent and 39 percent, respectively. The Central Penn Line was placed into service on October 6, 2018.
In November 2019, the Company sold its 20 percent ownership interest in Meade to a subsidiary of NextEra Energy Partners, LP for net proceeds of $249.5 million and recognized a gain on sale of investment of $75.8 million. At closing, the Company was required to escrow $13.6 million related to certain contingencies related to the transaction. The cash held in escrow has been classified as restricted cash in the Consolidated Balance Sheet.