Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'ENTERPRISE PRODUCTS PARTNERS L P | ' |
Entity Central Index Key | '0001061219 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 938,965,811 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $242 | $56.90 | ||
Restricted cash | 56.7 | 65.6 | ||
Accounts receivable - trade, net of allowance for doubtful accounts of $14.8 at June 30, 2014 and $7.5 at December 31, 2013 | 5,393.50 | 5,475.50 | ||
Accounts receivable - related parties | 56.3 | 6.8 | ||
Inventories | 1,318.30 | 1,093.10 | ||
Prepaid and other current assets | 405.1 | 325.5 | ||
Total current assets | 7,471.90 | 7,023.40 | ||
Property, plant and equipment, net | 27,554.70 | 26,946.60 | ||
Investments in unconsolidated affiliates | 2,879.30 | 2,437.10 | ||
Intangible assets, net of accumulated amortization of $1,194.3 at June 30, 2014 and $1,150.0 at December 31, 2013 | 1,414.90 | 1,462.20 | ||
Goodwill (see Note 8) | 2,079.90 | [1] | 2,080 | [1] |
Other assets | 170.6 | 189.4 | ||
Total assets | 41,571.30 | 40,138.70 | ||
Current liabilities: | ' | ' | ||
Current maturities of debt (see Note 9) | 1,300 | 1,125 | ||
Accounts payable - trade | 705.9 | 723.7 | ||
Accounts payable - related parties | 114 | 150.5 | ||
Accrued product payables | 5,606.60 | 5,608.70 | ||
Accrued interest | 319.6 | 304.3 | ||
Other current liabilities | 423.8 | 326.5 | ||
Total current liabilities | 8,469.90 | 8,238.70 | ||
Long-term debt (see Note 9) | 17,062.90 | 16,226.50 | ||
Deferred tax liabilities | 61.2 | 60.8 | ||
Other long-term liabilities | 174.9 | 172.3 | ||
Commitments and contingencies (see Note 14) | ' | ' | ||
Limited partners: | ' | ' | ||
Limited partners' equity | 15,930.80 | 15,573.80 | ||
Accumulated other comprehensive loss | -354.2 | -359 | ||
Total partners' equity | 15,576.60 | 15,214.80 | ||
Noncontrolling interests | 225.8 | 225.6 | ||
Total equity | 15,802.40 | 15,440.40 | ||
Total liabilities and equity | $41,571.30 | $40,138.70 | ||
[1] | The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $14.80 | $7.50 |
Intangible Assets, accumulated amortization | $1,194.30 | $1,150 |
Limited partners: | ' | ' |
Capital account, units outstanding (in units) | 938,975,136 | 935,685,008 |
UNAUDITED_CONDENSED_STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Third parties | $12,503.50 | $11,142.60 | $25,377.90 | $22,519.80 |
Related parties | 17.3 | 6.7 | 52.8 | 12.6 |
Total revenues (see Note 11) | 12,520.80 | 11,149.30 | 25,430.70 | 22,532.40 |
Operating costs and expenses: | ' | ' | ' | ' |
Third parties | 11,382.40 | 10,143 | 23,000.80 | 20,349.20 |
Related parties | 256.7 | 224.2 | 518.8 | 438.4 |
Total operating costs and expenses | 11,639.10 | 10,367.20 | 23,519.60 | 20,787.60 |
General and administrative costs: | ' | ' | ' | ' |
Third parties | 18.9 | 17.5 | 41.9 | 37.2 |
Related parties | 28.8 | 28 | 59 | 57.8 |
Total general and administrative costs | 47.7 | 45.5 | 100.9 | 95 |
Total costs and expenses | 11,686.80 | 10,412.70 | 23,620.50 | 20,882.60 |
Equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 |
Operating income | 884.3 | 774.2 | 1,917 | 1,731.90 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -228.9 | -200.2 | -449.8 | -396.1 |
Interest income | 0.5 | 0.3 | 0.8 | 0.5 |
Other, net | 0.6 | -0.6 | 0 | -0.9 |
Total other expense, net | -227.8 | -200.5 | -449 | -396.5 |
Income before income taxes | 656.5 | 573.7 | 1,468 | 1,335.40 |
Provision for income taxes | -10 | -20.4 | -14.8 | -26.8 |
Net income | 646.5 | 553.3 | 1,453.20 | 1,308.60 |
Net income attributable to noncontrolling interests (see Note 10) | -8.8 | -0.8 | -16.7 | -2.6 |
Net income attributable to limited partners | $637.70 | $552.50 | $1,436.50 | $1,306 |
Earnings per unit: (see Note 13) | ' | ' | ' | ' |
Basic earnings per unit (in dollars per unit) | $0.70 | $0.62 | $1.57 | $1.48 |
Diluted earnings per unit (in dollars per unit) | $0.68 | $0.60 | $1.53 | $1.43 |
UNAUDITED_CONDENSED_STATEMENTS1
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $646.50 | $553.30 | $1,453.20 | $1,308.60 |
Commodity derivative instruments: | ' | ' | ' | ' |
Changes in fair value of cash flow hedges | -32.8 | 34.1 | -42 | -13.5 |
Reclassification of losses (gains) to net income | 14.9 | -7.2 | 30.9 | 0.1 |
Interest rate derivative instruments: | ' | ' | ' | ' |
Changes in fair value of cash flow hedges | 0 | 0 | 0 | 6.7 |
Reclassification of losses to net income | 8 | 7.8 | 15.9 | 13.7 |
Total cash flow hedges | -9.9 | 34.7 | 4.8 | 7 |
Other | 0 | 0.4 | 0 | 0.4 |
Total other comprehensive income (loss) | -9.9 | 35.1 | 4.8 | 7.4 |
Comprehensive income | 636.6 | 588.4 | 1,458 | 1,316 |
Comprehensive income attributable to noncontrolling interests | -8.8 | -0.8 | -16.7 | -2.6 |
Comprehensive income attributable to limited partners | $627.80 | $587.60 | $1,441.30 | $1,313.40 |
UNAUDITED_CONDENSED_STATEMENTS2
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $1,453.20 | $1,308.60 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 651 | 599.8 |
Non-cash asset impairment charges (see Note 4) | 12.5 | 38.1 |
Equity in income of unconsolidated affiliates | -106.8 | -82.1 |
Distributions received from unconsolidated affiliates | 157.1 | 119.3 |
Net gains attributable to asset sales and insurance recoveries (see Note 16) | -96.4 | -58.2 |
Deferred income tax expense | 0.6 | 14.8 |
Changes in fair market value of derivative instruments | -6.2 | -1.2 |
Net effect of changes in operating accounts (see Note 16) | -198.6 | -409.2 |
Other operating activities | 5.5 | 1 |
Net cash flows provided by operating activities | 1,871.90 | 1,530.90 |
Investing activities: | ' | ' |
Capital expenditures | -1,186.40 | -1,447.30 |
Contributions in aid of construction costs | 13.9 | 14.9 |
Decrease (increase) in restricted cash | 8.9 | -22 |
Investments in unconsolidated affiliates | -498.8 | -547.9 |
Proceeds from asset sales and insurance recoveries (see Note 16) | 113.2 | 199.2 |
Other investing activities | -5.7 | 0.5 |
Cash used in investing activities | -1,554.90 | -1,802.60 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 4,182.80 | 7,064.50 |
Repayments of debt | -3,161.30 | -6,281.60 |
Debt issuance costs | -18.1 | -23.7 |
Monetization of interest rate derivative instruments (see Note 4) | 0 | -168.8 |
Cash distributions paid to limited partners (see Note 10) | -1,288.40 | -1,171.90 |
Cash payments made in connection with distribution equivalent rights | -1.2 | 0 |
Cash distributions paid to noncontrolling interests | -19.7 | -4.7 |
Cash contributions from noncontrolling interests (see Note 10) | 4 | 95.9 |
Net cash proceeds from the issuance of common units | 223.3 | 835.4 |
Other financing activities | -53.3 | -44.2 |
Cash provided by (used in) financing activities | -131.9 | 300.9 |
Net change in cash and cash equivalents | 185.1 | 29.2 |
Cash and cash equivalents, January 1 | 56.9 | 16.1 |
Cash and cash equivalents, June 30 | $242 | $45.30 |
UNAUDITED_CONDENSED_STATEMENTS3
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Limited Partners [Member] |
In Millions, unless otherwise specified | ||||
Balance at Dec. 31, 2012 | $13,296 | ($370.40) | $108.30 | $13,558.10 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Net income | 1,308.60 | 0 | 2.6 | 1,306 |
Cash distributions paid to limited partners | -1,171.90 | 0 | 0 | -1,171.90 |
Cash distributions paid to noncontrolling interests | -4.7 | 0 | -4.7 | 0 |
Cash contributions from noncontrolling interests | 95.9 | 0 | 95.9 | 0 |
Net cash proceeds from the issuance of common units | 835.4 | 0 | 0 | 835.4 |
Amortization of fair value of equity-based awards | 35.6 | 0 | 0 | 35.6 |
Cash flow hedges | 7 | 7 | 0 | 0 |
Other | -49.1 | 0.4 | -5.2 | -44.3 |
Balance at Jun. 30, 2013 | 14,352.80 | -363 | 196.9 | 14,518.90 |
Balance at Dec. 31, 2013 | 15,440.40 | -359 | 225.6 | 15,573.80 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Net income | 1,453.20 | 0 | 16.7 | 1,436.50 |
Cash distributions paid to limited partners | -1,288.40 | 0 | 0 | -1,288.40 |
Cash payments made in connection with distribution equivalent rights | -1.2 | 0 | 0 | -1.2 |
Cash distributions paid to noncontrolling interests | -19.7 | 0 | -19.7 | 0 |
Cash contributions from noncontrolling interests | 4 | 0 | 4 | 0 |
Net cash proceeds from the issuance of common units | 223.3 | 0 | 0 | 223.3 |
Amortization of fair value of equity-based awards | 39.9 | 0 | 0 | 39.9 |
Cash flow hedges | 4.8 | 4.8 | 0 | 0 |
Other | -53.9 | 0 | -0.8 | -53.1 |
Balance at Jun. 30, 2014 | $15,802.40 | ($354.20) | $225.80 | $15,930.80 |
Partnership_Operations_and_Org
Partnership Operations and Organization | 6 Months Ended |
Jun. 30, 2014 | |
Partnership Operations, Organization and Basis of Presentation [Abstract] | ' |
Partnership Operations, Organization and Basis of Presentation | ' |
Note 1. Partnership Operations and Organization | |
General | |
We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "EPD." We were formed in April 1998 to own and operate certain natural gas liquids ("NGLs") related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. | |
Our integrated midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States ("U.S."), Canada and Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and import and export terminals (including liquefied petroleum gas or "LPG"); crude oil gathering, transportation, storage and terminals; offshore production platforms; petrochemical and refined products transportation and services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems and in the Gulf of Mexico. Our assets include approximately 51,000 miles of onshore and offshore pipelines; 200 million barrels ("MMBbls") of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet ("Bcf") of natural gas storage capacity. In addition, our asset portfolio includes 24 natural gas processing plants, 22 NGL and propylene fractionators, six offshore hub platforms located in the Gulf of Mexico, a butane isomerization complex, NGL import and LPG export terminals, and octane enhancement and high-purity isobutylene production facilities. | |
We have five reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; and (v) Petrochemical & Refined Products Services. | |
We are 100% owned by our limited partners from an economic perspective. We are managed and controlled by Enterprise GP, which has a non-economic general partner interest in us. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to an administrative services agreement (the "ASA") or by other service providers. See Note 12 for information regarding the ASA and other related party matters. |
General_Accounting_Matters
General Accounting Matters | 6 Months Ended | |
Jun. 30, 2014 | ||
General Accounting Matters [Abstract] | ' | |
General Accounting Matters | ' | |
Note 2. General Accounting Matters | ||
Our results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of results expected for the full year of 2014. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). | ||
These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2013 (the "2013 Form 10-K") filed with the SEC on March 3, 2014. | ||
See Note 18 for information regarding a two-for-one common unit split announced on July 15, 2014. All per unit amounts and number of units outstanding in these Unaudited Condensed Consolidated Financial Statements and Notes thereto are presented on a pre-split basis. | ||
Contingencies | ||
Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | ||
We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. | ||
For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. | ||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. | ||
Derivative Instruments | ||
We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates, foreign currencies and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. | ||
For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 4 for additional information regarding our derivative instruments. | ||
Estimates | ||
Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. | ||
Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. | ||
Recent Accounting Developments | ||
In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board finished their joint project to converge U.S. GAAP and International Financial Reporting Standards in the area of revenue recognition. The resulting accounting standards update eliminates the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replaces it with a principles based approach for determining revenue recognition. | ||
The core principle in the new guidance is that a company should recognize revenue in a manner that depicts the transfer of goods or services to customers in an amount that reflects the consideration the company expects to receive for those goods or services. In order to apply this core principle, companies will apply the following five steps in determining the amount of revenues to recognize: | ||
§ | identify the contract; | |
§ | identify the performance obligations in the contract; | |
§ | determine the transaction price; | |
§ | allocate the transaction price to the performance obligations in the contract; and | |
§ | recognize revenue when (or as) the performance obligation is satisfied. | |
Each of these steps involves judgment and an analysis of the contract's terms and conditions. | ||
We are continuing to evaluate this recently issued accounting guidance; therefore, we are currently not in a position to estimate its impact on our consolidated financial statements. The effective date of the new standard is January 1, 2017. At present, we expect to adopt the new standard using the modified retrospective method. This modified approach allows us to apply the new standard to (i) all new contracts after the effective date and (ii) all existing contracts as of the effective date through a cumulative adjustment to equity. Consolidated revenues for periods prior to the effective date would not be retrospectively adjusted. | ||
Restricted Cash | ||
Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, crude oil, refined products and NGLs. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or deposit requirements change. At June 30, 2014 and December 31, 2013, our restricted cash amounts were $56.7 million and $65.6 million, respectively. See Note 4 for information regarding our derivative instruments and hedging activities. |
Equitybased_Awards
Equity-based Awards | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity-based Awards [Abstract] | ' | ||||||||||||||||
Equity-based Awards | ' | ||||||||||||||||
Note 3. Equity-based Awards | |||||||||||||||||
An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Equity-classified awards: | |||||||||||||||||
Restricted common unit awards | $ | 9 | $ | 18.3 | $ | 20.6 | $ | 34.9 | |||||||||
Unit option awards | -- | 0.2 | -- | 0.6 | |||||||||||||
Phantom unit awards | 13.6 | -- | 19.4 | -- | |||||||||||||
Liability-classified awards | 0.2 | 0.1 | 0.3 | 0.3 | |||||||||||||
Total | $ | 22.8 | $ | 18.6 | $ | 40.3 | $ | 35.8 | |||||||||
The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of common units upon vesting. Compensation expense for liability-classified awards is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting. | |||||||||||||||||
At June 30, 2014, EPCO's significant long-term incentive plans applicable to us were the Enterprise Products 1998 Long-Term Incentive Plan ("1998 Plan") and the 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) ("2008 Plan"). Up to 7,000,000 of our common units may be issued as awards under the 1998 Plan. The maximum number of common units available for issuance under the 2008 Plan was 12,500,000 at June 30, 2014. This amount will automatically increase under the terms of the 2008 Plan by 2,500,000 common units on January 1, 2015 and will continue to automatically increase annually on January 1 thereafter during the term of the 2008 Plan; provided, however, that in no event shall the maximum aggregate number exceed 35,000,000 common units. After giving effect to awards granted under the 1998 Plan and 2008 Plan through June 30, 2014, a total of 1,340,885 and 6,388,498 additional common units could be issued under these plans, respectively. | |||||||||||||||||
Restricted Common Unit Awards | |||||||||||||||||
Restricted common unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Restricted common unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. Restricted common units are included in the number of common units outstanding as presented on our Unaudited Condensed Consolidated Balance Sheets. | |||||||||||||||||
The following table presents information regarding restricted common unit awards for the period indicated: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Unit (1) | |||||||||||||||||
Restricted common units at December 31, 2013 | 3,610,607 | $ | 51.66 | ||||||||||||||
Vested | (1,276,762 | ) | $ | 47.81 | |||||||||||||
Forfeited | (115,250 | ) | $ | 52.49 | |||||||||||||
Restricted common units at June 30, 2014 | 2,218,595 | $ | 53.84 | ||||||||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. | |||||||||||||||||
Each recipient of a restricted common unit award is entitled to nonforfeitable cash distributions equal to the product of the number of restricted common units outstanding for the participant and the cash distribution per unit paid by Enterprise to its common unitholders. These distributions are included in "Cash distributions paid to limited partners" as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. | |||||||||||||||||
The following table presents supplemental information regarding our restricted common unit awards for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash distributions paid to restricted common unitholders | $ | 1.6 | $ | 3 | $ | 4.1 | $ | 5.6 | |||||||||
Total intrinsic value of restricted common unit awards that vested during period | $ | 2.7 | $ | 54 | $ | 84.1 | $ | 106.4 | |||||||||
For the EPCO group of companies, the unrecognized compensation cost associated with restricted common unit awards was an aggregate $47.1 million at June 30, 2014, of which our allocated share of the cost is currently estimated to be $42.2 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 1.7 years. | |||||||||||||||||
Unit Option Awards | |||||||||||||||||
EPCO's long-term incentive plans provide for the issuance of non-qualified incentive options denominated in the common units of Enterprise Products Partners L.P. In general, unit option awards have a vesting period of four years from the date of grant and expire at the end of the calendar year following the year of vesting (e.g., an option vesting on May 29, 2013 will expire on December 31, 2014). However, unit option awards only become exercisable at certain times during the calendar year following the year in which they vest (typically the months of February, May, August and November). | |||||||||||||||||
The following table presents unit option award activity for the period indicated: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Units | Average | Average | Intrinsic | ||||||||||||||
Strike Price | Remaining | Value (1) | |||||||||||||||
(dollars/unit) | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Unit option awards at December 31, 2013 | 2,025,000 | $ | 26.49 | 1.3 | $ | 57 | |||||||||||
Exercised | (1,360,000 | ) | $ | 23.66 | |||||||||||||
Forfeited | (30,000 | ) | $ | 32.27 | |||||||||||||
Unit option awards at June 30, 2014 | 635,000 | $ | 32.27 | 1.5 | $ | 29.2 | |||||||||||
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated. | |||||||||||||||||
(2) None of the unit option awards outstanding at June 30, 2014 and December 31, 2013 were exercisable as of such dates, respectively. | |||||||||||||||||
In order to fund its unit option award-related obligations, EPCO may purchase common units at fair value either in the open market or directly from us. When employees exercise unit option awards, we reimburse EPCO for the cash difference between the strike price paid by the employee and the actual purchase price paid by EPCO for the units issued to the employee. | |||||||||||||||||
The following table presents supplemental information regarding unit option awards during the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total intrinsic value of unit option awards exercised during period | $ | 2.8 | $ | 3.4 | $ | 57.5 | $ | 19.8 | |||||||||
Cash received from EPCO in connection with the exercise of unit option awards | 1.6 | 2 | 33.4 | 11.5 | |||||||||||||
Unit option award-related cash reimbursements to EPCO | 2.8 | 3.4 | 57.5 | 19.8 | |||||||||||||
As of June 30, 2014, all compensation expense related to unit option awards had been recognized. | |||||||||||||||||
Phantom Unit Awards | |||||||||||||||||
Phantom unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Phantom unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. | |||||||||||||||||
At June 30, 2014, substantially all of our phantom unit awards are expected to result in the issuance of common units upon vesting; therefore, the applicable awards are accounted for as equity-classified awards. Compensation expense attributable to these awards is based on the grant date fair value of the award, net of an allowance for estimated forfeitures, amortized over the requisite service or vesting period. The grant date fair value of a phantom unit award is based on the market price per unit of Enterprise's common units on the date of grant. These awards were first issued in February 2014. | |||||||||||||||||
The following table presents phantom unit award activity for the period indicated: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Unit (1) | |||||||||||||||||
Phantom unit awards at December 31, 2013 | -- | $ | -- | ||||||||||||||
Granted (2) | 1,737,945 | $ | 66.11 | ||||||||||||||
Vested | (15,800 | ) | $ | 66.08 | |||||||||||||
Forfeited | (32,070 | ) | $ | 66.08 | |||||||||||||
Phantom unit awards at June 30, 2014 | 1,690,075 | $ | 66.11 | ||||||||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. | |||||||||||||||||
(2) The aggregate grant date fair value of phantom unit awards issued during 2014 was $114.9 million based on a grant date market price of our common units ranging from $66.08 to $74.55 per unit. An estimated annual forfeiture rate of 3.4% was applied to these awards. | |||||||||||||||||
Our long-term incentive plans provide for the issuance of distribution equivalent rights ("DERs") in connection with phantom unit awards. A DER entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by Enterprise to its common unitholders. Cash payments made in connection with DERs are charged to partners' equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. | |||||||||||||||||
The following table presents supplemental information regarding our phantom unit awards and DERs for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash payments made in connection with DERs | $ | 1.2 | $ | -- | $ | 1.2 | $ | -- | |||||||||
Total intrinsic value of phantom unit awards that vested during period | $ | 1.2 | $ | -- | $ | 1.2 | $ | -- | |||||||||
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $84.2 million at June 30, 2014, of which our allocated share of the cost is currently estimated to be $77.4 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.3 years. |
Derivative_Instruments_Hedging
Derivative Instruments, Hedging Activities and Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements | ' | ||||||||||||||||||||||||
Note 4. Derivative Instruments, Hedging Activities and Fair Value Measurements | |||||||||||||||||||||||||
In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. | |||||||||||||||||||||||||
Interest Rate Hedging Activities | |||||||||||||||||||||||||
We may utilize interest rate swaps, forward starting swaps and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. The following table summarizes our portfolio of interest rate swaps at June 30, 2014: | |||||||||||||||||||||||||
Hedged Transaction | Number and Type | Notional | Period of | Rate | Accounting | ||||||||||||||||||||
of Derivatives | Amount | Hedge | Swap | Treatment | |||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Senior Notes AA | 10 fixed-to-floating swaps | $ | 750 | 1/2011 to 2/2016 | 3.2% to 1.2% | Fair value hedge | |||||||||||||||||||
Undesignated swaps | 6 floating-to-fixed swaps | $ | 600 | 5/2010 to 7/2014 | 0.2% to 2.0% | Mark-to-market | |||||||||||||||||||
In July 2014, six undesignated floating-to-fixed swaps having an aggregate notional amount of $600.0 million, that were outstanding at June 30, 2014, expired. These swaps were accounted for as mark-to-market instruments with changes in fair value recorded in "Interest expense" on our Unaudited Condensed Statements of Consolidated Operations. | |||||||||||||||||||||||||
In connection with the issuance of Senior Notes II and HH in March 2013, we settled 16 forward starting swaps having an aggregate notional amount of $1.0 billion, that were outstanding at December 31, 2012, which resulted in cash losses totaling $168.8 million. These losses are a component of accumulated other comprehensive loss and are being amortized to earnings (as an increase in interest expense) over the forecasted hedge period of ten years using the effective interest method. | |||||||||||||||||||||||||
Commodity Hedging Activities | |||||||||||||||||||||||||
The prices of natural gas, NGLs, crude oil, refined products and petrochemical products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2014 (volume measures as noted): | |||||||||||||||||||||||||
Volume (1) | Accounting | ||||||||||||||||||||||||
Derivative Purpose | Current (2) | Long-Term (2) | Treatment | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Natural gas processing: | |||||||||||||||||||||||||
Forecasted natural gas purchases for plant thermal reduction (Bcf) | 2.2 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of NGLs (MMBbls) (3) | 0.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Octane enhancement: | |||||||||||||||||||||||||
Forecasted purchases of NGLs (MMBbls) | 0.1 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of octane enhancement products (MMBbls) | 1.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Natural gas marketing: | |||||||||||||||||||||||||
Natural gas storage inventory management activities (Bcf) | 3.3 | n/a | Fair value hedge | ||||||||||||||||||||||
NGL marketing: | |||||||||||||||||||||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 6.2 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 7.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Refined products marketing: | |||||||||||||||||||||||||
Forecasted purchases of refined products (MMBbls) | 0.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of refined products (MMBbls) | 1 | n/a | Cash flow hedge | ||||||||||||||||||||||
Refined products inventory management activities (MMBbls) | 0.2 | n/a | Fair value hedge | ||||||||||||||||||||||
Crude oil marketing: | |||||||||||||||||||||||||
Forecasted purchases of crude oil (MMBbls) | 3.3 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of crude oil (MMBbls) | 5 | n/a | Cash flow hedge | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Natural gas risk management activities (Bcf) (4,5) | 73.1 | 12.6 | Mark-to-market | ||||||||||||||||||||||
Crude oil risk management activities (MMBbls) (5) | 13.2 | n/a | Mark-to-market | ||||||||||||||||||||||
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. | |||||||||||||||||||||||||
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2015, August 2014 and October 2016, respectively. | |||||||||||||||||||||||||
(3) Forecasted sales of NGL volumes under natural gas processing exclude 0.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | |||||||||||||||||||||||||
(4) Current volumes include 37.7 Bcf of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. | |||||||||||||||||||||||||
(5) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | |||||||||||||||||||||||||
At June 30, 2014, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging the fair value of commodity products held in inventory, (iii) hedging natural gas processing margins, and (iv) hedging octane enhancement margins. | |||||||||||||||||||||||||
Tabular Presentation of Fair Value Amounts, and Gains and Losses on | |||||||||||||||||||||||||
Derivative Instruments and Related Hedged Items | |||||||||||||||||||||||||
The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated: | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | Other current | $ | 20.4 | Other current | $ | 20.2 | Other current | $ | -- | Other current | $ | -- | |||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Interest rate derivatives | Other assets | 6.9 | Other assets | 12.4 | Other liabilities | -- | Other liabilities | -- | |||||||||||||||||
Total interest rate derivatives | 27.3 | 32.6 | -- | -- | |||||||||||||||||||||
Commodity derivatives | Other current | 35.7 | Other current | 30.9 | Other current | 61.9 | Other current | 46.5 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Commodity derivatives | Other assets | -- | Other assets | -- | Other liabilities | -- | Other liabilities | 0.3 | |||||||||||||||||
Total commodity derivatives | 35.7 | 30.9 | 61.9 | 46.8 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 63 | $ | 63.5 | $ | 61.9 | $ | 46.8 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | Other current | $ | -- | Other current | $ | -- | Other current | $ | 2.6 | Other current | $ | 7.8 | |||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Interest rate derivatives | Other assets | -- | Other assets | -- | Other liabilities | -- | Other liabilities | -- | |||||||||||||||||
Total interest rate derivatives | -- | -- | 2.6 | 7.8 | |||||||||||||||||||||
Commodity derivatives | Other current | 7.5 | Other current | 7.6 | Other current | 4 | Other current | 5.5 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Commodity derivatives | Other assets | 0.9 | Other assets | 2.8 | Other liabilities | 0.3 | Other liabilities | 2.8 | |||||||||||||||||
Total commodity derivatives | 8.4 | 10.4 | 4.3 | 8.3 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 8.4 | $ | 10.4 | $ | 6.9 | $ | 16.1 | |||||||||||||||||
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated: | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That Would Have Been Presented | |||||||||||||||||||||
Amounts of | Amounts | of Assets | in the Balance Sheet | On Net Basis | |||||||||||||||||||||
Recognized | Offset in the | Presented | |||||||||||||||||||||||
Assets | Balance Sheet | in the | |||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 27.3 | $ | -- | $ | 27.3 | $ | (0.9 | ) | $ | -- | $ | 26.4 | ||||||||||||
Commodity derivatives | 44.1 | -- | 44.1 | (31.5 | ) | -- | 12.6 | ||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 32.6 | $ | -- | $ | 32.6 | $ | (2.6 | ) | $ | -- | $ | 30 | ||||||||||||
Commodity derivatives | 41.3 | -- | 41.3 | (41.0 | ) | -- | 0.3 | ||||||||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That Would Have Been Presented | |||||||||||||||||||||
Amounts of | Amounts | of Liabilities | in the Balance Sheet | On Net Basis | |||||||||||||||||||||
Recognized | Offset in the | Presented | |||||||||||||||||||||||
Liabilities | Balance Sheet | in the | |||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Paid | |||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 2.6 | $ | -- | $ | 2.6 | $ | (0.9 | ) | $ | -- | $ | 1.7 | ||||||||||||
Commodity derivatives | 66.2 | -- | 66.2 | (31.5 | ) | (22.4 | ) | 12.3 | |||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 7.8 | $ | -- | $ | 7.8 | $ | (2.6 | ) | $ | -- | $ | 5.2 | ||||||||||||
Commodity derivatives | 55.1 | -- | 55.1 | (41.0 | ) | ( 9.3 | ) | 4.8 | |||||||||||||||||
Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in this table, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from this table. | |||||||||||||||||||||||||
The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: | |||||||||||||||||||||||||
Derivatives in Fair Value | Gain (Loss) Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Location | Income on Derivative | |||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (2.5 | ) | $ | (6.6 | ) | $ | (5.4 | ) | $ | (10.1 | ) | ||||||||||||
Commodity derivatives | Revenue | 1.3 | 6.9 | 0.9 | 6.2 | ||||||||||||||||||||
Total | $ | (1.2 | ) | $ | 0.3 | $ | (4.5 | ) | $ | (3.9 | ) | ||||||||||||||
Derivatives in Fair Value | Gain (Loss) Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Location | Income on Hedged Item | |||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 2.5 | $ | 6.5 | $ | 5.4 | $ | 9.9 | ||||||||||||||||
Commodity derivatives | Revenue | (1.0 | ) | (4.9 | ) | (2.4 | ) | (11.6 | ) | ||||||||||||||||
Total | $ | 1.5 | $ | 1.6 | $ | 3 | $ | (1.7 | ) | ||||||||||||||||
With respect to our derivative instruments designated as fair value hedges, amounts attributable to ineffectiveness and those excluded from the assessment of hedge effectiveness were not material to our Unaudited Condensed Consolidated Financial Statements during the periods presented. | |||||||||||||||||||||||||
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated: | |||||||||||||||||||||||||
Derivatives in Cash Flow | Change in Value Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
on Derivative (Effective Portion) | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | -- | $ | -- | $ | 6.7 | |||||||||||||||||
Commodity derivatives – Revenue (1) | (32.9 | ) | 34.1 | (43.6 | ) | (13.5 | ) | ||||||||||||||||||
Commodity derivatives – Operating costs and expenses (1) | 0.1 | -- | 1.6 | -- | |||||||||||||||||||||
Total | $ | (32.8 | ) | $ | 34.1 | $ | (42.0 | ) | $ | (6.8 | ) | ||||||||||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. | |||||||||||||||||||||||||
Derivatives in Cash Flow | Location | Gain (Loss) Reclassified from | |||||||||||||||||||||||
Hedging Relationships | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
to Income (Effective Portion) | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (8.0 | ) | $ | (7.8 | ) | $ | (15.9 | ) | $ | (13.7 | ) | ||||||||||||
Commodity derivatives | Revenue | (15.4 | ) | 7.2 | (32.3 | ) | (0.5 | ) | |||||||||||||||||
Commodity derivatives | Operating costs and expenses | 0.5 | -- | 1.4 | 0.4 | ||||||||||||||||||||
Total | $ | (22.9 | ) | $ | (0.6 | ) | $ | (46.8 | ) | $ | (13.8 | ) | |||||||||||||
Derivatives in Cash Flow | Location | Gain (Loss) Recognized in Income | |||||||||||||||||||||||
Hedging Relationships | on Derivative (Ineffective Portion) | ||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Commodity derivatives | Revenue | $ | 0.1 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||
Commodity derivatives | Operating costs and expenses | (0.1 | ) | -- | 0.1 | -- | |||||||||||||||||||
Total | $ | -- | $ | (0.1 | ) | $ | -- | $ | (0.1 | ) | |||||||||||||||
Over the next twelve months, we expect to reclassify $34.0 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $25.7 million of net losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, $26.8 million as a decrease in revenue and $1.1 million as a decrease in operating costs and expenses. | |||||||||||||||||||||||||
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: | |||||||||||||||||||||||||
Derivatives Not Designated | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||
as Hedging Instruments | Income on Derivative | ||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||
Commodity derivatives | Revenue | (6.6 | ) | 14.2 | (27.6 | ) | 8.9 | ||||||||||||||||||
Total | $ | (6.6 | ) | $ | 14 | $ | (27.7 | ) | $ | 8.8 | |||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Our fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the highest extent possible. Accordingly, we utilize valuation techniques (such as the market approach) that maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||||||||||
A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. | |||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at June 30, 2014 and December 31, 2013. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment. | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Markets for | Other | Significant | Carrying | ||||||||||||||||||||||
Identical Assets | Observable | Unobservable | Value | ||||||||||||||||||||||
and Liabilities | Inputs | Inputs | at June 30, | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 27.3 | $ | -- | $ | 27.3 | |||||||||||||||||
Commodity derivatives | 18 | 22 | 4.1 | 44.1 | |||||||||||||||||||||
Total | $ | 18 | $ | 49.3 | $ | 4.1 | $ | 71.4 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 2.6 | $ | -- | $ | 2.6 | |||||||||||||||||
Commodity derivatives | 32.1 | 32.6 | 1.5 | 66.2 | |||||||||||||||||||||
Total | $ | 32.1 | $ | 35.2 | $ | 1.5 | $ | 68.8 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Markets for | Other | Significant | Carrying | ||||||||||||||||||||||
Identical Assets | Observable | Unobservable | Value | ||||||||||||||||||||||
and Liabilities | Inputs | Inputs | at December 31, | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2013 | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 32.6 | $ | -- | $ | 32.6 | |||||||||||||||||
Commodity derivatives | 17.2 | 20.2 | 3.9 | 41.3 | |||||||||||||||||||||
Total | $ | 17.2 | $ | 52.8 | $ | 3.9 | $ | 73.9 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 7.8 | $ | -- | $ | 7.8 | |||||||||||||||||
Commodity derivatives | 30.8 | 23.6 | 0.7 | 55.1 | |||||||||||||||||||||
Total | $ | 30.8 | $ | 31.4 | $ | 0.7 | $ | 62.9 | |||||||||||||||||
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: | |||||||||||||||||||||||||
For the Six Months | |||||||||||||||||||||||||
Ended June 30, | |||||||||||||||||||||||||
Location | 2014 | 2013 | |||||||||||||||||||||||
Financial asset (liability) balance, net, January 1 | $ | 3.2 | $ | (1.5 | ) | ||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||
Net income (1) | Revenue | 4.6 | (0.6 | ) | |||||||||||||||||||||
Settlements | Revenue | (0.1 | ) | 1.5 | |||||||||||||||||||||
Financial asset (liability) balance, net, March 31 | 7.7 | (0.6 | ) | ||||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||
Net income (1) | Revenue | (3.3 | ) | (0.2 | ) | ||||||||||||||||||||
Settlements | Revenue | (1.8 | ) | 0.6 | |||||||||||||||||||||
Financial asset (liability) balance, net, June 30 (2) | $ | 2.6 | $ | (0.2 | ) | ||||||||||||||||||||
(1) There were $5.0 million and $0.5 million of unrealized losses included in these amounts for the three and six months ended June 30, 2014, respectively. There were unrealized gains of $0.4 million and $1.3 million included in these amounts for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||
(2) There were no transfers into or out of Level 3 during the three or six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
The following table provides quantitative information about our recurring Level 3 fair value measurements at June 30, 2014: | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial | Financial | Valuation | Unobservable | Range | |||||||||||||||||||||
Assets | Liabilities | Techniques | Input | ||||||||||||||||||||||
Commodity derivatives – Crude oil | $ | 4.1 | $ | 1.5 | Discounted cash flow | Forward commodity prices | $94.16-$106.21/barrel | ||||||||||||||||||
We believe forward commodity prices are the most significant unobservable inputs in determining our Level 3 recurring fair value measurements at June 30, 2014. In general, changes in the price of the underlying commodity increases or decreases the fair value of a commodity derivative depending on whether the derivative was purchased or sold. We generally expect changes in the fair value of our derivative instruments to be offset by corresponding changes in the fair value of our hedged exposures. | |||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||||||
The following table summarizes our non-cash impairment charges by segment during each of the periods indicated: | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
NGL Pipelines & Services | $ | 2.8 | $ | 8.7 | $ | 5.4 | $ | 9.7 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services | 0.1 | -- | 0.3 | -- | |||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 0.8 | 16.6 | 1.8 | 16.6 | |||||||||||||||||||||
Petrochemical & Refined Products Services | -- | 1.8 | 5 | 11.8 | |||||||||||||||||||||
Total | $ | 3.7 | $ | 27.1 | $ | 12.5 | $ | 38.1 | |||||||||||||||||
These impairment charges are a component of "Operating costs and expenses" on our Unaudited Condensed Statements of Consolidated Operations. | |||||||||||||||||||||||||
Our non-cash asset impairment charges for the six months ended June 30, 2014 primarily relate to the abandonment of assets classified as property, plant and equipment. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Carrying | Markets for | Other | Significant | Total | |||||||||||||||||||||
Value at | Identical | Observable | Unobservable | Non-Cash | |||||||||||||||||||||
June 30, | Assets | Inputs | Inputs | Impairment | |||||||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | Loss | |||||||||||||||||||||
Impairment of long-lived assets disposed of | $ | -- | $ | -- | $ | -- | $ | -- | $ | 7.5 | |||||||||||||||
other than by sale | |||||||||||||||||||||||||
Impairment of long-lived assets to be disposed | 0.1 | -- | -- | 0.1 | 5 | ||||||||||||||||||||
of by sale | |||||||||||||||||||||||||
Total | $ | 12.5 | |||||||||||||||||||||||
During the six months ended June 30, 2013, we recorded $38.1 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $16.6 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $10.0 million relates to the abandonment of certain refined products terminal and storage assets located in southeast Texas, and $6.3 million relates to the abandonment of an NGL storage cavern in Arizona. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2013: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Carrying | Markets for | Other | Significant | Total | |||||||||||||||||||||
Value at | Identical | Observable | Unobservable | Non-Cash | |||||||||||||||||||||
June 30, | Assets | Inputs | Inputs | Impairment | |||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | Loss | |||||||||||||||||||||
Impairment of long-lived assets disposed of | $ | -- | $ | -- | $ | -- | $ | -- | $ | 29.8 | |||||||||||||||
other than by sale | |||||||||||||||||||||||||
Impairment of long-lived assets held and used | 6.3 | -- | -- | 6.3 | 4.2 | ||||||||||||||||||||
Impairment of long-lived assets to be disposed | 34.6 | 33.8 | -- | 0.8 | 4.1 | ||||||||||||||||||||
of by sale | |||||||||||||||||||||||||
Total | $ | 38.1 | |||||||||||||||||||||||
Other Fair Value Information | |||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our fixed-rate debt obligations was $20.35 billion and $18.4 billion at June 30, 2014 and December 31, 2013, respectively. The aggregate carrying value of these debt obligations was $18.38 billion and $17.36 billion at June 30, 2014 and December 31, 2013, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities (Level 2), our credit standing and the credit standing of our counterparties. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. |
Inventories
Inventories | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Inventories [Abstract] | ' | ||||||||||||||||
Inventories | ' | ||||||||||||||||
Note 5. Inventories | |||||||||||||||||
Our inventory amounts by product type were as follows at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
NGLs | $ | 617.8 | $ | 593.8 | |||||||||||||
Petrochemicals and refined products | 300.8 | 395.1 | |||||||||||||||
Crude oil | 368.9 | 42.6 | |||||||||||||||
Natural gas | 30.8 | 61.6 | |||||||||||||||
Total | $ | 1,318.30 | $ | 1,093.10 | |||||||||||||
Due to fluctuating commodity prices, we recognize lower of cost or market adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or market adjustments for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales (1) | $ | 10,705.30 | $ | 9,458.30 | $ | 21,758.00 | $ | 19,150.80 | |||||||||
Lower of cost or market adjustments | 2.7 | 7.7 | 7.9 | 10.4 | |||||||||||||
(1) Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||
Note 6. Property, Plant and Equipment | |||||||||||||||||||
The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated: | |||||||||||||||||||
Estimated | June 30, | December 31, | |||||||||||||||||
Useful Life | 2014 | 2013 | |||||||||||||||||
in Years | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (6) | $ | 29,797.30 | $ | 27,540.40 | ||||||||||||||
Underground and other storage facilities (2) | 5-40 (7) | 2,134.70 | 2,101.80 | ||||||||||||||||
Platforms and facilities (3) | 20-31 | 659.6 | 659.6 | ||||||||||||||||
Transportation equipment (4) | 10-Mar | 143.6 | 138.9 | ||||||||||||||||
Marine vessels (5) | 15-30 | 773.3 | 744.8 | ||||||||||||||||
Land | 178.1 | 176.6 | |||||||||||||||||
Construction in progress | 1,463.00 | 2,655.50 | |||||||||||||||||
Total | 35,149.60 | 34,017.60 | |||||||||||||||||
Less accumulated depreciation | 7,594.90 | 7,071.00 | |||||||||||||||||
Property, plant and equipment, net | $ | 27,554.70 | $ | 26,946.60 | |||||||||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets. | |||||||||||||||||||
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. | |||||||||||||||||||
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico. | |||||||||||||||||||
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. | |||||||||||||||||||
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. | |||||||||||||||||||
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years. | |||||||||||||||||||
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. | |||||||||||||||||||
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: | |||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Depreciation expense (1) | $ | 271 | $ | 250.8 | $ | 538.9 | $ | 496.2 | |||||||||||
Capitalized interest (2) | 17.7 | 35.7 | 36.2 | 67.3 | |||||||||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. | |||||||||||||||||||
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. | |||||||||||||||||||
In March 2013, we sold the Stratton Ridge-to-Mont Belvieu segment of the Seminole Pipeline, along with a related storage cavern, for cash proceeds of $86.9 million. As a result, net income for the six months ended June 30, 2013 includes a $52.5 million gain attributable to the sale of these assets. The Seminole Pipeline remains connected to our Mont Belvieu complex through a newly constructed NGL pipeline that we own. | |||||||||||||||||||
In April 2013, we sold certain lubrication oil and specialty chemical distribution assets for cash proceeds of $35.3 million. As a result, net income for the three and six months ended June 30, 2013 includes a $6.7 million gain from the sale of these assets. | |||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||
Property, plant and equipment at June 30, 2014 and December 31, 2013 includes $32.3 million and $37.4 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. | |||||||||||||||||||
The following table presents information regarding our asset retirement obligations ("AROs") during the six months ended June 30, 2014: | |||||||||||||||||||
ARO liability balance, December 31, 2013 | $ | 90.2 | |||||||||||||||||
Liabilities incurred | 0.1 | ||||||||||||||||||
Liabilities settled | (2.4 | ) | |||||||||||||||||
Revisions in estimated cash flows | (0.2 | ) | |||||||||||||||||
Accretion expense | 3 | ||||||||||||||||||
ARO liability balance, June 30, 2014 | $ | 90.7 | |||||||||||||||||
The following table presents our forecast of accretion expense for the periods indicated: | |||||||||||||||||||
Remainder | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
of 2014 | |||||||||||||||||||
$ | 3.1 | $ | 6.3 | $ | 6.5 | $ | 7 | $ | 7.5 | ||||||||||
Certain of our unconsolidated affiliates have AROs recorded at June 30, 2014 and December 31, 2013 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our consolidated financial statements. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliates | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments in Unconsolidated Affiliates [Abstract] | ' | ||||||||||||||||
Investments in Unconsolidated Affiliates | ' | ||||||||||||||||
Note 7. Investments in Unconsolidated Affiliates | |||||||||||||||||
The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method. | |||||||||||||||||
Ownership | June 30, | December 31, | |||||||||||||||
Interest at | 2014 | 2013 | |||||||||||||||
June 30, | |||||||||||||||||
2014 | |||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||
Venice Energy Service Company, L.L.C. | 13.10% | $ | 28.8 | $ | 27.6 | ||||||||||||
K/D/S Promix, L.L.C. | 50% | 45.8 | 45.4 | ||||||||||||||
Baton Rouge Fractionators LLC | 32.20% | 19.6 | 19.5 | ||||||||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 39.5 | 40.8 | ||||||||||||||
Texas Express Pipeline LLC | 35% | 344.7 | 339.9 | ||||||||||||||
Texas Express Gathering LLC | 45% | 37.4 | 37.8 | ||||||||||||||
Front Range Pipeline LLC | 33.30% | 165.1 | 134.5 | ||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||
White River Hub, LLC | 50% | 23.6 | 24.2 | ||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,329.80 | 940.7 | ||||||||||||||
Eagle Ford Pipeline LLC | 50% | 247.3 | 224.5 | ||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||
Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") | 36% | 37.9 | 41.7 | ||||||||||||||
Cameron Highway Oil Pipeline Company | 50% | 203.7 | 207.7 | ||||||||||||||
Deepwater Gateway, L.L.C. | 50% | 81.1 | 84.5 | ||||||||||||||
Neptune Pipeline Company, L.L.C. | 25.70% | 36.7 | 38.7 | ||||||||||||||
Southeast Keathley Canyon Pipeline Company L.L.C. | 50% | 163.4 | 159.2 | ||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||
Baton Rouge Propylene Concentrator, LLC | 30% | 7.1 | 7.6 | ||||||||||||||
Centennial Pipeline LLC ("Centennial") | 50% | 65.2 | 60.1 | ||||||||||||||
Other | Various | 2.6 | 2.7 | ||||||||||||||
Total | $ | 2,879.30 | $ | 2,437.10 | |||||||||||||
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NGL Pipelines & Services | $ | 6.1 | $ | 3.8 | $ | 7.5 | $ | 7.7 | |||||||||
Onshore Natural Gas Pipelines & Services | 0.9 | 0.9 | 1.8 | 1.9 | |||||||||||||
Onshore Crude Oil Pipelines & Services | 42.2 | 30.1 | 84.9 | 66.7 | |||||||||||||
Offshore Pipelines & Services | 7.6 | 8.7 | 18.7 | 15.1 | |||||||||||||
Petrochemical & Refined Products Services | (6.5 | ) | (5.9 | ) | (6.1 | ) | (9.3 | ) | |||||||||
Total | $ | 50.3 | $ | 37.6 | $ | 106.8 | $ | 82.1 | |||||||||
The following table presents our unamortized excess cost amounts by business segment at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
NGL Pipelines & Services | $ | 27 | $ | 27.7 | |||||||||||||
Onshore Crude Oil Pipelines & Services | 17.5 | 17.8 | |||||||||||||||
Offshore Pipelines & Services | 9.5 | 10 | |||||||||||||||
Petrochemical & Refined Products Services | 2.5 | 2.6 | |||||||||||||||
Total | $ | 56.5 | $ | 58.1 | |||||||||||||
The following table presents our amortization of excess cost amounts by business segment for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NGL Pipelines & Services | $ | 0.4 | $ | 0.3 | $ | 0.7 | $ | 0.6 | |||||||||
Onshore Crude Oil Pipelines & Services | 0.1 | 0.2 | 0.3 | 0.4 | |||||||||||||
Offshore Pipelines & Services | 0.3 | 0.4 | 0.5 | 0.7 | |||||||||||||
Petrochemical & Refined Products Services | 0.1 | -- | 0.1 | -- | |||||||||||||
Total | $ | 0.9 | $ | 0.9 | $ | 1.6 | $ | 1.7 | |||||||||
Other | |||||||||||||||||
The credit agreements of Poseidon and Centennial restrict their ability to pay cash dividends if a default or event of default (as defined in each credit agreement) has occurred and is continuing at the time such payments are scheduled to be paid. These businesses were in compliance with the terms of their credit agreements at June 30, 2014. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||||||||||||||
Note 8. Intangible Assets and Goodwill | |||||||||||||||||||||||||
The following table summarizes our intangible assets by business segment at the dates indicated: | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | ||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | $ | 340.8 | $ | (174.8 | ) | $ | 166 | $ | 340.8 | $ | (165.7 | ) | $ | 175.1 | |||||||||||
Contract-based intangibles | 286.4 | (179.4 | ) | 107 | 281.3 | (171.2 | ) | 110.1 | |||||||||||||||||
Segment total | 627.2 | (354.2 | ) | 273 | 622.1 | (336.9 | ) | 285.2 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,163.60 | (295.5 | ) | 868.1 | 1,163.60 | (281.2 | ) | 882.4 | |||||||||||||||||
Contract-based intangibles | 466.1 | (339.5 | ) | 126.6 | 466.1 | (330.7 | ) | 135.4 | |||||||||||||||||
Segment total | 1,629.70 | (635.0 | ) | 994.7 | 1,629.70 | (611.9 | ) | 1,017.80 | |||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 10.7 | (6.9 | ) | 3.8 | 10.7 | (6.3 | ) | 4.4 | |||||||||||||||||
Contract-based intangibles | 0.4 | (0.3 | ) | 0.1 | 0.4 | (0.3 | ) | 0.1 | |||||||||||||||||
Segment total | 11.1 | (7.2 | ) | 3.9 | 11.1 | (6.6 | ) | 4.5 | |||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 195.8 | (150.1 | ) | 45.7 | 203.9 | (150.0 | ) | 53.9 | |||||||||||||||||
Contract-based intangibles | 1.2 | (0.5 | ) | 0.7 | 1.2 | (0.4 | ) | 0.8 | |||||||||||||||||
Segment total | 197 | (150.6 | ) | 46.4 | 205.1 | (150.4 | ) | 54.7 | |||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 104.3 | (40.8 | ) | 63.5 | 104.3 | (38.2 | ) | 66.1 | |||||||||||||||||
Contract-based intangibles | 39.9 | (6.5 | ) | 33.4 | 39.9 | (6.0 | ) | 33.9 | |||||||||||||||||
Segment total | 144.2 | (47.3 | ) | 96.9 | 144.2 | (44.2 | ) | 100 | |||||||||||||||||
Total all segments | $ | 2,609.20 | $ | (1,194.3 | ) | $ | 1,414.90 | $ | 2,612.20 | $ | (1,150.0 | ) | $ | 1,462.20 | |||||||||||
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
NGL Pipelines & Services | $ | 8.7 | $ | 9.5 | $ | 17.3 | $ | 19.1 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services | 11.5 | 12.3 | 23.1 | 24.7 | |||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 0.3 | 0.4 | 0.6 | 0.7 | |||||||||||||||||||||
Offshore Pipelines & Services | 2.5 | 2.9 | 5.1 | 5.9 | |||||||||||||||||||||
Petrochemical & Refined Products Services | 1.5 | 1.6 | 3.1 | 3.2 | |||||||||||||||||||||
Total | $ | 24.5 | $ | 26.7 | $ | 49.2 | $ | 53.6 | |||||||||||||||||
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: | |||||||||||||||||||||||||
Remainder | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
of 2014 | |||||||||||||||||||||||||
$ | 45.5 | $ | 86 | $ | 81.6 | $ | 86.1 | $ | 89.5 | ||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. The following table presents changes in the carrying amount of goodwill during the six months ended June 30, 2014: | |||||||||||||||||||||||||
NGL | Onshore | Onshore | Offshore | Petrochemical | Consolidated | ||||||||||||||||||||
Pipelines | Natural Gas | Crude Oil | Pipelines | & Refined | Total | ||||||||||||||||||||
& Services | Pipelines | Pipelines | & Services | Products | |||||||||||||||||||||
& Services | & Services | Services | |||||||||||||||||||||||
Balance at December 31, 2013 (1) | $ | 341.2 | $ | 296.3 | $ | 305.1 | $ | 82.1 | $ | 1,055.30 | $ | 2,080.00 | |||||||||||||
Reclassification of goodwill | 520 | -- | -- | -- | (520.0 | ) | -- | ||||||||||||||||||
Goodwill related to the sale of assets | -- | -- | -- | (0.1 | ) | -- | (0.1 | ) | |||||||||||||||||
Balance at June 30, 2014 (1) | $ | 861.2 | $ | 296.3 | $ | 305.1 | $ | 82 | $ | 535.3 | $ | 2,079.90 | |||||||||||||
(1) The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. | |||||||||||||||||||||||||
In January 2014, our Appalachia-to-Texas Express ("ATEX") ethane pipeline commenced operations. In addition to construction of new assets, this project involved repurposing portions of the TE Products Pipeline to accommodate the southbound delivery of ethane produced from the Marcellus and Utica Shales to the U.S. Gulf Coast. The repurposed assets were reclassified from the Petrochemical & Refined Products Services business segment to the NGL Pipelines & Services business segment in January 2014 when the ATEX pipeline commenced operations. Pipeline assets that continue to be utilized by the TE Products Pipeline in the northbound delivery of refined products and other hydrocarbons from the U.S. Gulf Coast remain in the Petrochemical & Refined Products Services business segment. | |||||||||||||||||||||||||
In total, the carrying value of the fixed assets at January 1, 2014 that were transferred from the TE Products Pipeline to the ATEX pipeline was $73.7 million. Based on the relative fair values of the assets involved, we also transferred $520.0 million of goodwill from the Petrochemical & Refined Products Services business segment to the NGL Pipelines & Services business segment. The relative fair values of the segment assets were determined based on assumptions regarding the future economic prospects of the ATEX pipeline versus the other assets that would remain in the associated reporting unit. These assumptions included: (i) discrete financial forecasts for the pipelines and related businesses contained within the reporting unit, which, in turn, relied on management's estimates of future operating margins, throughput volumes and similar factors; (ii) long-term growth rates for cash flows beyond the discrete forecast period; and (iii) appropriate discount rates. We believe our assumptions are consistent with those that market participants would utilize in estimating the reporting unit's fair value. |
Debt_Obligations
Debt Obligations | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Obligations [Abstract] | ' | ||||||||||||||||||||||||||||
Debt Obligations | ' | ||||||||||||||||||||||||||||
Note 9. Debt Obligations | |||||||||||||||||||||||||||||
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
EPO senior debt obligations: | |||||||||||||||||||||||||||||
Commercial Paper Notes, fixed-rates | $ | -- | $ | 475 | |||||||||||||||||||||||||
Senior Notes O, 9.75% fixed-rate, due January 2014 | -- | 500 | |||||||||||||||||||||||||||
Senior Notes G, 5.60% fixed-rate, due October 2014 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 | 250 | 250 | |||||||||||||||||||||||||||
Senior Notes X, 3.70% fixed-rate, due June 2015 | 400 | 400 | |||||||||||||||||||||||||||
Senior Notes FF, 1.25% fixed-rate, due August 2015 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes L, 6.30% fixed-rate, due September 2017 | 800 | 800 | |||||||||||||||||||||||||||
Senior Notes V, 6.65% fixed-rate, due April 2018 | 349.7 | 349.7 | |||||||||||||||||||||||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018 | -- | -- | |||||||||||||||||||||||||||
Senior Notes N, 6.50% fixed-rate, due January 2019 | 700 | 700 | |||||||||||||||||||||||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020 | 500 | 500 | |||||||||||||||||||||||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020 | 1,000.00 | 1,000.00 | |||||||||||||||||||||||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023 | 1,250.00 | 1,250.00 | |||||||||||||||||||||||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024 | 850 | -- | |||||||||||||||||||||||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500 | 500 | |||||||||||||||||||||||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350 | 350 | |||||||||||||||||||||||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250 | 250 | |||||||||||||||||||||||||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 399.6 | 399.6 | |||||||||||||||||||||||||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100.00 | 1,100.00 | |||||||||||||||||||||||||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,000.00 | 1,000.00 | |||||||||||||||||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.00 | -- | |||||||||||||||||||||||||||
TEPPCO senior debt obligations: | |||||||||||||||||||||||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018 | 0.3 | 0.3 | |||||||||||||||||||||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 | 0.4 | 0.4 | |||||||||||||||||||||||||||
Total principal amount of senior debt obligations | 16,850.00 | 15,825.00 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1) | 550 | 550 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2) | 285.8 | 285.8 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3) | 682.7 | 682.7 | |||||||||||||||||||||||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 (2) | 14.2 | 14.2 | |||||||||||||||||||||||||||
Total principal amount of senior and junior debt obligations | 18,382.70 | 17,357.70 | |||||||||||||||||||||||||||
Other, non-principal amounts | (19.8 | ) | (6.2 | ) | |||||||||||||||||||||||||
Less current maturities of debt (4) | (1,300.0 | ) | (1,125.0 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 17,062.90 | $ | 16,226.50 | |||||||||||||||||||||||||
(1) Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%. | |||||||||||||||||||||||||||||
(2) Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%. | |||||||||||||||||||||||||||||
(3) Fixed rate of 7.034% through January 15, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%. | |||||||||||||||||||||||||||||
(4) We expect to refinance the current maturities of our debt obligations at or prior to their maturity. | |||||||||||||||||||||||||||||
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2014 for the next five years, and in total thereafter: | |||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||
Total | Remainder | 2015 | 2016 | 2017 | 2018 | After | |||||||||||||||||||||||
of 2014 | 2018 | ||||||||||||||||||||||||||||
Senior Notes | $ | 16,850.00 | $ | 650 | $ | 1,300.00 | $ | 750 | $ | 800 | $ | 350 | $ | 13,000.00 | |||||||||||||||
Junior Subordinated Notes | 1,532.70 | -- | -- | -- | -- | -- | 1,532.70 | ||||||||||||||||||||||
Total | $ | 18,382.70 | $ | 650 | $ | 1,300.00 | $ | 750 | $ | 800 | $ | 350 | $ | 14,532.70 | |||||||||||||||
Apart from those items discussed below and routine fluctuations in the balance of our revolving credit facility and commercial paper notes, there have been no significant changes in the terms or amounts of our consolidated debt obligations since those reported in our 2013 Form 10-K. | |||||||||||||||||||||||||||||
Parent-Subsidiary Guarantor Relationships | |||||||||||||||||||||||||||||
Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. | |||||||||||||||||||||||||||||
Issuance of Senior Notes in February 2014 | |||||||||||||||||||||||||||||
In February 2014, EPO issued $850 million in principal amount of 3.90% senior notes due February 2024 ("Senior Notes JJ") and $1.15 billion in principal amount of 5.10% senior notes due February 2045 ("Senior Notes KK"). Senior Notes JJ were issued at 99.811% of their principal amount and Senior Notes KK were issued at 99.845% of their principal amount. Proceeds from the issuance of Senior Notes JJ and KK were used to repay debt, including amounts then outstanding under EPO's commercial paper program (which EPO used to repay $500.0 million in principal amount of Senior Notes O that matured in January 2014) and for general company purposes. | |||||||||||||||||||||||||||||
Enterprise Products Partners L.P. has unconditionally guaranteed Senior Notes JJ and KK on an unsecured and unsubordinated basis. These senior notes rank equal with EPO's existing and future unsecured and unsubordinated indebtedness and are senior to any existing and future subordinated indebtedness of EPO. These senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict EPO's ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. | |||||||||||||||||||||||||||||
364-Day Credit Agreement Terminated on May 1, 2014 | |||||||||||||||||||||||||||||
Effective May 1, 2014, EPO elected to terminate its $1.0 billion 364-Day Credit Agreement in advance of the facility's scheduled maturity date of June 18, 2014. No borrowings were made under this variable-rate revolving credit facility since its inception. | |||||||||||||||||||||||||||||
Letters of Credit | |||||||||||||||||||||||||||||
At June 30, 2014, EPO had $2.5 million of letters of credit outstanding related to operations at our facilities and motor fuel tax obligations. | |||||||||||||||||||||||||||||
Lender Financial Covenants | |||||||||||||||||||||||||||||
We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2014. | |||||||||||||||||||||||||||||
Information Regarding Variable Interest Rates Paid | |||||||||||||||||||||||||||||
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2014: | |||||||||||||||||||||||||||||
Range of | Weighted-Average | ||||||||||||||||||||||||||||
Interest Rates | Interest Rate | ||||||||||||||||||||||||||||
Paid | Paid | ||||||||||||||||||||||||||||
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.13% to 1.14% | 1.13% |
Equity_and_Distributions
Equity and Distributions | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Equity and Distributions [Abstract] | ' | |||||||||||||||||
Equity and Distributions | ' | |||||||||||||||||
Note 10. Equity and Distributions | ||||||||||||||||||
Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) that we have outstanding. The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2013: | ||||||||||||||||||
Common | Restricted | Total | ||||||||||||||||
Units | Common | Common | ||||||||||||||||
(Unrestricted) | Units | Units | ||||||||||||||||
Number of units outstanding at December 31, 2013 | 932,074,401 | 3,610,607 | 935,685,008 | |||||||||||||||
Common units issued in connection with at-the-market program | 795,167 | -- | 795,167 | |||||||||||||||
Common units issued in connection with DRIP and EUPP | 2,519,969 | -- | 2,519,969 | |||||||||||||||
Common units issued in connection with the vesting and exercise of unit options | 507,054 | -- | 507,054 | |||||||||||||||
Common units issued in connection with the vesting of phantom unit awards | 9,171 | -- | 9,171 | |||||||||||||||
Common units issued in connection with the vesting of restricted common unit awards | 1,276,762 | (1,276,762 | ) | -- | ||||||||||||||
Forfeiture of restricted common unit awards | -- | (115,250 | ) | (115,250 | ) | |||||||||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards | (434,584 | ) | -- | (434,584 | ) | |||||||||||||
Other | 8,601 | -- | 8,601 | |||||||||||||||
Number of units outstanding at June 30, 2014 | 936,756,541 | 2,218,595 | 938,975,136 | |||||||||||||||
We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements. We have a universal shelf registration statement (the "2013 Shelf") on file with the SEC. The 2013 Shelf allows Enterprise Products Partners L.P. and EPO (on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. EPO utilized the 2013 Shelf to issue $2.0 billion of senior notes in February 2014 (see Note 9). | ||||||||||||||||||
We have a registration statement on file with the SEC covering the issuance of up to $1.25 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings. Pursuant to this "at-the-market" program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers' transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement. During the six months ended June 30, 2014, we sold 795,167 common units under the "at-the-market" program for aggregate gross proceeds of $58.3 million, resulting in net cash proceeds of $57.7 million. During the six months ended June 30, 2013, we sold 3,766,557 common units under the program for aggregate gross proceeds of $228.5 million. After taking into account applicable costs, these transactions resulted in net cash proceeds of $226.5 million, of which $214.2 million was received as of June 30, 2013. After taking into account the aggregate sale price of common units sold under our at-the-market program through June 30, 2014, we have the capacity to issue additional common units under this program up to an aggregate sales price of $1.19 billion. | ||||||||||||||||||
We also have registration statements on file with the SEC collectively authorizing the issuance of up to 70,000,000 of our common units in connection with a distribution reinvestment plan (or "DRIP"). We issued 2,445,439 common units under our DRIP during the six months ended June 30, 2014, which generated net cash proceeds of $160.4 million. During the six months ended June 30, 2013, we issued 2,359,089 common units, which generated net cash proceeds of $129.8 million. After taking into account the number of common units issued under the DRIP through June 30, 2014, we have the capacity to issue an additional 16,035,439 common units under this plan. | ||||||||||||||||||
In January 2014, privately held affiliates of EPCO expressed their willingness to consider purchasing through the DRIP a total of $100 million of our common units during 2014. During the six months ended June 30, 2014, these EPCO affiliates reinvested $50.0 million, resulting in the issuance of 761,487 common units under our DRIP (this amount being a component of the total common units issued under the DRIP for the six months ended June 30, 2014). On August 7, 2014, these EPCO affiliates reinvested an additional $25 million through the DRIP. | ||||||||||||||||||
In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 4,000,000 of our common units in connection with an employee unit purchase plan (or "EUPP"). We issued 74,530 common units under our EUPP during the six months ended June 30, 2014, which generated net cash proceeds of $5.2 million. During the six months ended June 30, 2013, we issued 81,695 common units, which generated net cash proceeds of $4.8 million. After taking into account the number of common units issued under the EUPP through June 30, 2014, we may issue an additional 3,638,914 common units under this plan. | ||||||||||||||||||
The net cash proceeds we received from the issuance of common units during the six months ended June 30, 2014 were used to temporarily reduce amounts outstanding under EPO's commercial paper program and for general company purposes. | ||||||||||||||||||
Two-for-One Split of Limited Partner Units | ||||||||||||||||||
On July 15, 2014, we announced that our general partner approved a two-for-one split of our common units. The common unit split will be accomplished by distributing one additional common unit for each common unit outstanding as of the close of business on August 14, 2014. See Note 18 for additional information regarding this subsequent event. | ||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated: | ||||||||||||||||||
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||
Commodity | Interest Rate | Other | Total | |||||||||||||||
Derivative | Derivative | |||||||||||||||||
Instruments | Instruments | |||||||||||||||||
Balance, December 31, 2013 | $ | (14.7 | ) | $ | (347.2 | ) | $ | 2.9 | $ | (359.0 | ) | |||||||
Other comprehensive income before reclassifications | (42.0 | ) | -- | -- | (42.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 30.9 | 15.9 | -- | 46.8 | ||||||||||||||
Total other comprehensive income (loss) | (11.1 | ) | 15.9 | -- | 4.8 | |||||||||||||
Balance, June 30, 2014 | $ | (25.8 | ) | $ | (331.3 | ) | $ | 2.9 | $ | (354.2 | ) | |||||||
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||
Commodity | Interest Rate | Other | Total | |||||||||||||||
Derivative | Derivative | |||||||||||||||||
Instruments | Instruments | |||||||||||||||||
Balance, December 31, 2012 | $ | 10.1 | $ | (383.0 | ) | $ | 2.5 | $ | (370.4 | ) | ||||||||
Other comprehensive income before reclassifications | (13.5 | ) | 6.7 | 0.4 | (6.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.1 | 13.7 | -- | 13.8 | ||||||||||||||
Total other comprehensive income (loss) | (13.4 | ) | 20.4 | 0.4 | 7.4 | |||||||||||||
Balance, June 30, 2013 | $ | (3.3 | ) | $ | (362.6 | ) | $ | 2.9 | $ | (363.0 | ) | |||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated: | ||||||||||||||||||
For the Three Months | For the Six Months | |||||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||||
Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Losses (gains) on cash flow hedges: | ||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 8 | $ | 7.8 | $ | 15.9 | $ | 13.7 | |||||||||
Commodity derivatives | Revenue | 15.4 | (7.2 | ) | 32.3 | 0.5 | ||||||||||||
Commodity derivatives | Operating costs and expenses | (0.5 | ) | -- | (1.4 | ) | (0.4 | ) | ||||||||||
Total | $ | 22.9 | $ | 0.6 | $ | 46.8 | $ | 13.8 | ||||||||||
Noncontrolling Interests | ||||||||||||||||||
Noncontrolling interests as presented on our Unaudited Condensed Consolidated Financial Statements represent third party ownership interests in joint ventures that we consolidate for financial reporting purposes, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, Wilprise Pipeline Company LLC and Enterprise EF78 LLC. | ||||||||||||||||||
Cash Distributions | ||||||||||||||||||
The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated: | ||||||||||||||||||
Distribution Per | Record | Payment | ||||||||||||||||
Common Unit | Date | Date | ||||||||||||||||
2013:00:00 | ||||||||||||||||||
1st Quarter | $ | 0.67 | 4/30/13 | 5/7/13 | ||||||||||||||
2nd Quarter | $ | 0.68 | 7/31/13 | 8/7/13 | ||||||||||||||
2014:00:00 | ||||||||||||||||||
1st Quarter | $ | 0.71 | 4/30/14 | 5/7/14 | ||||||||||||||
2nd Quarter | $ | 0.72 | 7/31/14 | 8/7/14 | ||||||||||||||
As noted previously, on July 15, 2014, we announced that our general partner approved a two-for-one common unit split that will be completed on August 21, 2014 (see Note 18). The common unit split will reduce declared future distributions per common unit (e.g., a $0.72 per unit distribution rate will become a $0.36 per unit distribution rate), but not the total amount of distributions paid since the number of common units outstanding will increase proportionally (i.e., the number of common units outstanding will double). | ||||||||||||||||||
In November 2010, we completed our merger with Enterprise GP Holdings L.P. (the "Holdings Merger"). In connection with the Holdings Merger, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect to a certain number of our common units it owns (the "Designated Units"). Distributions paid during 2014 exclude 22,560,000 Designated Units. Distributions to be paid, if any, during 2015 will exclude 17,690,000 Designated Units. |
Business_Segments
Business Segments | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Business Segments [Abstract] | ' | ||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||
Note 11. Business Segments | |||||||||||||||||||||||||||||
We have five reportable business segments: (i) NGL Pipelines & Services; (ii) Onshore Natural Gas Pipelines & Services; (iii) Onshore Crude Oil Pipelines & Services; (iv) Offshore Pipelines & Services; and (v) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. | |||||||||||||||||||||||||||||
We evaluate segment performance based on the non-GAAP financial measure of gross operating margin. Gross operating margin (either in total or by individual segment) is an important performance measure of the core profitability of our operations. This measure forms the basis of our internal financial reporting and is used by our executive management in deciding how to allocate capital resources among business segments. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. | |||||||||||||||||||||||||||||
In total, gross operating margin represents operating income exclusive of (1) depreciation, amortization and accretion expenses, (2) impairment charges, (3) gains and losses attributable to asset sales and insurance recoveries and (4) general and administrative costs. Gross operating margin includes equity in income of unconsolidated affiliates and non-refundable deferred transportation revenues relating to the make-up rights of committed shippers associated with certain pipelines. Gross operating margin by segment is calculated by subtracting segment operating costs and expenses (net of the adjustments noted above) from segment revenues, with both segment totals before the elimination of intercompany transactions. In accordance with GAAP, intercompany accounts and transactions are eliminated in consolidation. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. | |||||||||||||||||||||||||||||
Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. | |||||||||||||||||||||||||||||
Segment assets consist of property, plant and equipment, investments in unconsolidated affiliates, intangible assets and goodwill. The carrying values of such amounts are assigned to each segment based on each asset's or investment's principal operations and contribution to the gross operating margin of that particular segment. Since construction-in-progress amounts (a component of property, plant and equipment) generally do not contribute to segment gross operating margin, such amounts are excluded from segment asset totals until the underlying assets are placed in service. Intangible assets and goodwill are assigned to each segment based on the classification of the assets to which they relate. Substantially all of our plants, pipelines and other fixed assets are located in the U.S. | |||||||||||||||||||||||||||||
The following table presents our measurement of non-GAAP total segment gross operating margin for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Revenues | $ | 12,520.80 | $ | 11,149.30 | $ | 25,430.70 | $ | 22,532.40 | |||||||||||||||||||||
Subtract operating costs and expenses | (11,639.1 | ) | (10,367.2 | ) | (23,519.6 | ) | (20,787.6 | ) | |||||||||||||||||||||
Add equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 | |||||||||||||||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 312.4 | 289.7 | 613.8 | 566.5 | |||||||||||||||||||||||||
Add impairment charges not reflected in gross operating margin | 3.7 | 27.1 | 12.5 | 38.1 | |||||||||||||||||||||||||
Subtract net gains or add net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin | (6.8 | ) | 5.7 | (96.4 | ) | (58.2 | ) | ||||||||||||||||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | 21.9 | -- | 45.2 | -- | |||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,263.20 | $ | 1,142.20 | $ | 2,593.00 | $ | 2,373.30 | |||||||||||||||||||||
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,263.20 | $ | 1,142.20 | $ | 2,593.00 | $ | 2,373.30 | |||||||||||||||||||||
Adjustments to reconcile total segment gross operating margin to operating income: | |||||||||||||||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | (312.4 | ) | (289.7 | ) | (613.8 | ) | (566.5 | ) | |||||||||||||||||||||
Subtract impairment charges not reflected in gross operating margin | (3.7 | ) | (27.1 | ) | (12.5 | ) | (38.1 | ) | |||||||||||||||||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin (see Note 16) | 6.8 | (5.7 | ) | 96.4 | 58.2 | ||||||||||||||||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | (21.9 | ) | -- | (45.2 | ) | -- | |||||||||||||||||||||||
Subtract general and administrative costs not reflected in gross operating margin | (47.7 | ) | (45.5 | ) | (100.9 | ) | (95.0 | ) | |||||||||||||||||||||
Operating income | 884.3 | 774.2 | 1,917.00 | 1,731.90 | |||||||||||||||||||||||||
Other expense, net | (227.8 | ) | (200.5 | ) | (449.0 | ) | (396.5 | ) | |||||||||||||||||||||
Income before income taxes | $ | 656.5 | $ | 573.7 | $ | 1,468.00 | $ | 1,335.40 | |||||||||||||||||||||
Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table: | |||||||||||||||||||||||||||||
Reportable Business Segments | |||||||||||||||||||||||||||||
NGL | Onshore | Onshore | Offshore | Petrochemical | Adjustments | Consolidated | |||||||||||||||||||||||
Pipelines | Natural Gas | Crude Oil | Pipelines | & Refined | and | Total | |||||||||||||||||||||||
& Services | Pipelines | Pipelines | & Services | Products | Eliminations | ||||||||||||||||||||||||
& Services | & Services | Services | |||||||||||||||||||||||||||
Revenues from third parties: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | $ | 4,019.50 | $ | 1,034.50 | $ | 5,865.60 | $ | 36.6 | $ | 1,547.30 | $ | -- | $ | 12,503.50 | |||||||||||||||
Three months ended June 30, 2013 | 3,504.70 | 953 | 5,129.50 | 39.3 | 1,516.10 | -- | 11,142.60 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 9,193.20 | 2,234.50 | 10,801.00 | 71.3 | 3,077.90 | -- | 25,377.90 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 7,455.40 | 1,827.20 | 9,922.70 | 79.8 | 3,234.70 | -- | 22,519.80 | ||||||||||||||||||||||
Revenues from related parties: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 1.7 | 6.5 | 6.7 | 2.4 | -- | -- | 17.3 | ||||||||||||||||||||||
Three months ended June 30, 2013 | 0.2 | 4.5 | -- | 2 | -- | -- | 6.7 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 7.5 | 11.1 | 29.6 | 4.6 | -- | -- | 52.8 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 0.5 | 8 | -- | 4.1 | -- | -- | 12.6 | ||||||||||||||||||||||
Intersegment and intrasegment | |||||||||||||||||||||||||||||
revenues: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 3,324.90 | 295.4 | 5,634.30 | 1.3 | 428.4 | (9,684.3 | ) | -- | |||||||||||||||||||||
Three months ended June 30, 2013 | 2,380.40 | 254.9 | 2,717.00 | 4.2 | 394.2 | (5,750.7 | ) | -- | |||||||||||||||||||||
Six months ended June 30, 2014 | 7,185.90 | 604.8 | 8,185.00 | 3.6 | 865.4 | (16,844.7 | ) | -- | |||||||||||||||||||||
Six months ended June 30, 2013 | 5,089.40 | 511.1 | 4,741.70 | 6.2 | 816.3 | (11,164.7 | ) | -- | |||||||||||||||||||||
Total revenues: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 7,346.10 | 1,336.40 | 11,506.60 | 40.3 | 1,975.70 | (9,684.3 | ) | 12,520.80 | |||||||||||||||||||||
Three months ended June 30, 2013 | 5,885.30 | 1,212.40 | 7,846.50 | 45.5 | 1,910.30 | (5,750.7 | ) | 11,149.30 | |||||||||||||||||||||
Six months ended June 30, 2014 | 16,386.60 | 2,850.40 | 19,015.60 | 79.5 | 3,943.30 | (16,844.7 | ) | 25,430.70 | |||||||||||||||||||||
Six months ended June 30, 2013 | 12,545.30 | 2,346.30 | 14,664.40 | 90.1 | 4,051.00 | (11,164.7 | ) | 22,532.40 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 6.1 | 0.9 | 42.2 | 7.6 | (6.5 | ) | -- | 50.3 | |||||||||||||||||||||
Three months ended June 30, 2013 | 3.8 | 0.9 | 30.1 | 8.7 | (5.9 | ) | -- | 37.6 | |||||||||||||||||||||
Six months ended June 30, 2014 | 7.5 | 1.8 | 84.9 | 18.7 | (6.1 | ) | -- | 106.8 | |||||||||||||||||||||
Six months ended June 30, 2013 | 7.7 | 1.9 | 66.7 | 15.1 | (9.3 | ) | -- | 82.1 | |||||||||||||||||||||
Gross operating margin: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 680.9 | 203 | 184 | 33.6 | 161.7 | -- | 1,263.20 | ||||||||||||||||||||||
Three months ended June 30, 2013 | 544.9 | 197.7 | 197.2 | 39.7 | 162.7 | -- | 1,142.20 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 1,460.90 | 423.4 | 343.7 | 72.9 | 292.1 | -- | 2,593.00 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 1,137.40 | 388.5 | 433.6 | 80.2 | 333.6 | -- | 2,373.30 | ||||||||||||||||||||||
Property, plant and equipment, net: (see Note 6) | |||||||||||||||||||||||||||||
At June 30, 2014 | 11,800.00 | 8,865.00 | 1,511.00 | 1,184.90 | 2,730.80 | 1,463.00 | 27,554.70 | ||||||||||||||||||||||
At December 31, 2013 | 9,957.80 | 8,917.30 | 1,479.90 | 1,223.70 | 2,712.40 | 2,655.50 | 26,946.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7) | |||||||||||||||||||||||||||||
At June 30, 2014 | 680.9 | 23.6 | 1,577.10 | 522.8 | 74.9 | -- | 2,879.30 | ||||||||||||||||||||||
At December 31, 2013 | 645.5 | 24.2 | 1,165.20 | 531.8 | 70.4 | -- | 2,437.10 | ||||||||||||||||||||||
Intangible assets, net: (see Note 8) | |||||||||||||||||||||||||||||
At June 30, 2014 | 273 | 994.7 | 3.9 | 46.4 | 96.9 | -- | 1,414.90 | ||||||||||||||||||||||
At December 31, 2013 | 285.2 | 1,017.80 | 4.5 | 54.7 | 100 | -- | 1,462.20 | ||||||||||||||||||||||
Goodwill: (see Note 8) | |||||||||||||||||||||||||||||
At June 30, 2014 | 861.2 | 296.3 | 305.1 | 82 | 535.3 | -- | 2,079.90 | ||||||||||||||||||||||
At December 31, 2013 | 341.2 | 296.3 | 305.1 | 82.1 | 1,055.30 | -- | 2,080.00 | ||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
At June 30, 2014 | 13,615.10 | 10,179.60 | 3,397.10 | 1,836.10 | 3,437.90 | 1,463.00 | 33,928.80 | ||||||||||||||||||||||
At December 31, 2013 | 11,229.70 | 10,255.60 | 2,954.70 | 1,892.30 | 3,938.10 | 2,655.50 | 32,925.90 | ||||||||||||||||||||||
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 3,630.60 | $ | 3,235.90 | $ | 8,426.40 | $ | 6,901.50 | |||||||||||||||||||||
Midstream services | 390.6 | 269 | 774.3 | 554.4 | |||||||||||||||||||||||||
Total | 4,021.20 | 3,504.90 | 9,200.70 | 7,455.90 | |||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | 787 | 723.9 | 1,740.20 | 1,363.40 | |||||||||||||||||||||||||
Midstream services | 254 | 233.6 | 505.4 | 471.8 | |||||||||||||||||||||||||
Total | 1,041.00 | 957.5 | 2,245.60 | 1,835.20 | |||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of crude oil | 5,781.90 | 5,057.40 | 10,655.30 | 9,800.20 | |||||||||||||||||||||||||
Midstream services | 90.4 | 72.1 | 175.3 | 122.5 | |||||||||||||||||||||||||
Total | 5,872.30 | 5,129.50 | 10,830.60 | 9,922.70 | |||||||||||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | -- | 0.1 | 0.2 | 0.2 | |||||||||||||||||||||||||
Sales of crude oil | 2.9 | (0.1 | ) | 5 | 2.2 | ||||||||||||||||||||||||
Midstream services | 36.1 | 41.3 | 70.7 | 81.5 | |||||||||||||||||||||||||
Total | 39 | 41.3 | 75.9 | 83.9 | |||||||||||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,376.60 | 1,334.20 | 2,732.80 | 2,881.40 | |||||||||||||||||||||||||
Midstream services | 170.7 | 181.9 | 345.1 | 353.3 | |||||||||||||||||||||||||
Total | 1,547.30 | 1,516.10 | 3,077.90 | 3,234.70 | |||||||||||||||||||||||||
Total consolidated revenues | $ | 12,520.80 | $ | 11,149.30 | $ | 25,430.70 | $ | 22,532.40 | |||||||||||||||||||||
Consolidated costs and expenses | |||||||||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||
Cost of sales | $ | 10,705.30 | $ | 9,458.30 | $ | 21,758.00 | $ | 19,150.80 | |||||||||||||||||||||
Other operating costs and expenses (1) | 624.5 | 586.4 | 1,231.70 | 1,090.40 | |||||||||||||||||||||||||
Depreciation, amortization and accretion | 312.4 | 289.7 | 613.8 | 566.5 | |||||||||||||||||||||||||
Net losses (gains) attributable to asset sales and insurance recoveries | (6.8 | ) | 5.7 | (96.4 | ) | (58.2 | ) | ||||||||||||||||||||||
Non-cash asset impairment charges | 3.7 | 27.1 | 12.5 | 38.1 | |||||||||||||||||||||||||
General and administrative costs | 47.7 | 45.5 | 100.9 | 95 | |||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 11,686.80 | $ | 10,412.70 | $ | 23,620.50 | $ | 20,882.60 | |||||||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges. | |||||||||||||||||||||||||||||
Period-to-period fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, lower energy commodity prices result in a decrease in our revenues attributable to product sales; however, these lower commodity prices also decrease the associated cost of sales as purchase costs decline. The same correlation would be true in the case of higher energy commodity sales prices and purchase costs. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||
Note 12. Related Party Transactions | |||||||||||||||||
The following table summarizes our related party transactions for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues – related parties: | |||||||||||||||||
Unconsolidated affiliates | $ | 17.3 | $ | 6.7 | $ | 52.8 | $ | 12.6 | |||||||||
Costs and expenses – related parties: | |||||||||||||||||
EPCO and affiliates | $ | 239.5 | $ | 222.9 | $ | 475.2 | $ | 435.6 | |||||||||
Unconsolidated affiliates | 46 | 29.3 | 102.6 | 60.6 | |||||||||||||
Total | $ | 285.5 | $ | 252.2 | $ | 577.8 | $ | 496.2 | |||||||||
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable - related parties: | |||||||||||||||||
Unconsolidated affiliates | $ | 56.3 | $ | 6.8 | |||||||||||||
Accounts payable - related parties: | |||||||||||||||||
EPCO and affiliates | $ | 101.9 | $ | 116.3 | |||||||||||||
Unconsolidated affiliates | 12.1 | 34.2 | |||||||||||||||
Total | $ | 114 | $ | 150.5 | |||||||||||||
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. | |||||||||||||||||
Relationship with EPCO and Affiliates | |||||||||||||||||
We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At June 30, 2014, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts, the beneficiaries of which include the estate of Dan L. Duncan) beneficially owned the following limited partner interests in us: | |||||||||||||||||
Number of Units | Percentage of | ||||||||||||||||
Total Units | |||||||||||||||||
Outstanding | |||||||||||||||||
341,641,866 | 36.40% | ||||||||||||||||
We and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their debt obligations. During the six months ended June 30, 2014 and 2013, we paid EPCO and its privately held affiliates cash distributions totaling $431.8 million and $397.5 million, respectively. | |||||||||||||||||
From time-to-time, EPCO and its privately held affiliates elect to reinvest a portion of the cash distributions they receive from us into the purchase of additional common units under our DRIP. See Note 10 for information regarding reinvestments made during 2014. | |||||||||||||||||
We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to the ASA or by other service providers. | |||||||||||||||||
The following table presents our costs and expenses attributable to the ASA and other related party transactions with EPCO for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating costs and expenses | $ | 208.9 | $ | 193.1 | $ | 412.6 | $ | 374.2 | |||||||||
General and administrative expenses | 30.6 | 29.8 | 62.6 | 61.4 | |||||||||||||
Total costs and expenses | $ | 239.5 | $ | 222.9 | $ | 475.2 | $ | 435.6 |
Earnings_Per_Unit
Earnings Per Unit | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Unit [Abstract] | ' | ||||||||||||||||
Earnings Per Unit | ' | ||||||||||||||||
Note 13. Earnings Per Unit | |||||||||||||||||
The following table presents our calculation of basic and diluted earnings per unit for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30 | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
BASIC EARNINGS PER UNIT | |||||||||||||||||
Net income attributable to limited partners | $ | 637.7 | $ | 552.5 | $ | 1,436.50 | $ | 1,306.00 | |||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (1.2 | ) | -- | (2.7 | ) | -- | |||||||||||
Net income available to common unitholders | $ | 636.5 | $ | 552.5 | $ | 1,433.80 | $ | 1,306.00 | |||||||||
Basic weighted-average number of common units outstanding | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Basic earnings per unit | $ | 0.7 | $ | 0.62 | $ | 1.57 | $ | 1.48 | |||||||||
DILUTED EARNINGS PER UNIT | |||||||||||||||||
Net income attributable to limited partners | $ | 637.7 | $ | 552.5 | $ | 1,436.50 | $ | 1,306.00 | |||||||||
Diluted weighted-average number of units outstanding: | |||||||||||||||||
Distribution-bearing common units | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Designated Units | 22.6 | 23.7 | 22.6 | 23.7 | |||||||||||||
Class B units (2) | -- | 4.5 | -- | 4.5 | |||||||||||||
Phantom units (1) | 1.7 | -- | 1.2 | -- | |||||||||||||
Incremental option units | 0.4 | 1.2 | 0.5 | 1.2 | |||||||||||||
Total | 940.2 | 918.5 | 939.1 | 914.8 | |||||||||||||
Diluted earnings per unit | $ | 0.68 | $ | 0.6 | $ | 1.53 | $ | 1.43 | |||||||||
(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to Enterprise's common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014. | |||||||||||||||||
(2) The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013. | |||||||||||||||||
See Note 18 for information regarding a two-for-one common unit split announced on July 15, 2014 and its pro forma effects on earnings per unit. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
Note 14. Commitments and Contingencies | |
Litigation | |
As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the partnership in litigation matters. | |
Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued. | |
We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Based on a consideration of all relevant known facts and circumstances, we do not believe that the ultimate outcome of any currently pending litigation directed against us will have a material impact on our consolidated financial statements either individually at the claim level or in the aggregate. | |
At June 30, 2014 and December 31, 2013, our accruals for litigation contingencies were $2.3 million and $3.7 million, respectively, and were recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of "Other current liabilities." Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court. | |
ETP Matter. In connection with a proposed pipeline project, we and Energy Transfer Partners, L.P. ("ETP") signed a non-binding letter of intent in April 2011 that disclaimed any partnership or joint venture related to such project absent executed definitive documents and board approvals of the respective companies. Definitive agreements were never executed and board approval was never obtained for the potential pipeline project. In August 2011, the proposed pipeline project was cancelled due to a lack of customer support. | |
In September 2011, ETP filed suit against us and a third party in connection with the cancelled project alleging, among other things, that we and ETP had formed a "partnership." The case was tried in the District Court of Dallas County, Texas, 298th Judicial District. While we firmly believe, and argued during our defense, that no agreement was ever executed forming a legal joint venture or partnership between the parties, the jury found that the actions of the two companies, nevertheless, constituted a legal partnership. As a result, the jury found that ETP was wrongfully excluded from a subsequent pipeline project involving a third party, and awarded ETP $319.4 million in actual damages on March 4, 2014. On July 29, 2014, the court entered judgment against us in an aggregate amount of $535.8 million, which includes (i) $319.4 million as the amount of actual damages awarded by the jury, (ii) an additional $150.0 million in disgorgement for the alleged benefit we received due to a breach of fiduciary duties by us against ETP and (iii) prejudgment interest in the amount of $66.4 million. The court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5% per annum, compounded annually. | |
We do not believe that the verdict or the judgment entered against us is supported by the evidence or the law and intend to vigorously oppose the judgment through the appeals process. As of June 30, 2014, we have not recorded a provision for this matter as management believes payment of damages in this case is not probable. | |
Contractual Obligations | |
Scheduled Maturities of Debt. With the exception of routine fluctuations in the balance of our revolving credit facility and commercial paper notes, the issuance of senior notes in February 2014 and the scheduled repayment of maturing debt obligations, there have been no significant changes in our consolidated debt obligations since those reported in our 2013 Form 10-K. See Note 9 for additional information regarding our consolidated debt obligations. | |
Operating Lease Obligations. Consolidated lease and rental expense was $22.5 million and $23.3 million during the second quarters of 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, consolidated lease and rental expense was $45.7 million and $45.3 million, respectively. | |
During the second quarter of 2014, we entered into a long-term lease in connection with our plans to construct an ethane export terminal on the Houston Ship Channel. In addition, we entered into long-term railcar leases in connection with our other operations. On a combined basis, these agreements increased our estimated long-term operating lease obligations by approximately $34 million over the next five years and $144 million overall. Apart from these new agreements, there have been no other material changes in our operating lease commitments since those reported in our 2013 Form 10-K. | |
Purchase Obligations. There have been no material changes in our consolidated purchase obligations since those reported in our 2013 Form 10-K. |
Insurance_Matters
Insurance Matters | 6 Months Ended |
Jun. 30, 2014 | |
Insurance Matters [Abstract] | ' |
Significant Risks and Uncertainties | ' |
Note 15. Insurance Matters | |
We participate as a named insured in EPCO's insurance program, which provides us with property damage, business interruption and other insurance coverage, the scope and amounts of which we believe are customary and prudent for the nature and extent of our operations. While we believe EPCO maintains adequate insurance coverage on our behalf, insurance may not fully cover every type of damage, interruption or other loss that might occur. | |
We elected to forego windstorm coverage for our Gulf of Mexico offshore assets during the 2014 Atlantic hurricane season, which extends from June 1 through November 30. The combination of increasingly high deductibles and proposed premiums resulted in such coverage being uneconomic to us. Although EPCO's coverage does not provide any windstorm coverage for our offshore assets during the annual policy period that began on June 1, 2014, producers affiliated with our Independence Hub and Marco Polo platforms will continue to provide certain levels of physical damage windstorm coverage for each of these key offshore assets. | |
West Storage Claims | |
In February 2011, we experienced an NGL release and fire at the West Storage location of our Mont Belvieu, Texas underground storage facility. We collected $95.0 million and $8.8 million of nonrefundable cash insurance proceeds attributable to this incident during the six months ended June 30, 2014 and 2013, respectively. The payments we received during the first quarter of 2014 represent the final installments on this property damage claim. | |
Operating income for the six months ended June 30, 2014 and 2013 includes $95.0 million and $8.8 million, respectively, of gains related to these insurance recoveries. To the extent that we received nonrefundable cash insurance proceeds related to this incident, we recorded gains equal to such proceeds as a reduction in operating costs and expenses. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 16. Supplemental Cash Flow Information | |||||||||
The following table presents the net effect of changes in our operating accounts for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Decrease (increase) in: | |||||||||
Accounts receivable – trade | $ | 80.3 | $ | (312.6 | ) | ||||
Accounts receivable – related parties | (43.4 | ) | (17.2 | ) | |||||
Inventories | (235.0 | ) | (255.1 | ) | |||||
Prepaid and other current assets | (64.3 | ) | (42.2 | ) | |||||
Other assets | 21.5 | 0.8 | |||||||
Increase (decrease) in: | |||||||||
Accounts payable – trade | (32.5 | ) | 35.3 | ||||||
Accounts payable – related parties | (36.5 | ) | 15 | ||||||
Accrued product payables | (0.6 | ) | 195.7 | ||||||
Accrued interest | 15.3 | 2.8 | |||||||
Other current liabilities | 90 | (16.5 | ) | ||||||
Other liabilities | 6.6 | (15.2 | ) | ||||||
Net effect of changes in operating accounts | $ | (198.6 | ) | $ | (409.2 | ) | |||
We incurred liabilities for construction in progress that had not been paid at June 30, 2014 and December 31, 2013 of $264.2 million and $205.3 million, respectively. Such amounts are not included under the caption "Capital expenditures" on the Unaudited Condensed Statements of Consolidated Cash Flows. | |||||||||
On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with projects related to pipeline construction activities and production well tie-ins. These cash receipts are presented as "Contributions in aid of construction costs" within the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows. | |||||||||
The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6) | $ | -- | $ | 86.9 | |||||
Sale of lubrication oil and specialty chemical distribution assets (see Note 6) | -- | 35.3 | |||||||
Sale of chemical trucking assets | -- | 29.5 | |||||||
Insurance recoveries attributable to West Storage claims (see Note 15) | 95 | 8.8 | |||||||
Other cash proceeds | 18.2 | 38.7 | |||||||
Total | $ | 113.2 | $ | 199.2 | |||||
The following table presents net gains (losses) attributable to asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6) | $ | -- | $ | 52.5 | |||||
Gains attributable to West Storage insurance recoveries (see Note 15) | 95 | 8.8 | |||||||
Net gains (losses) attributable to other asset sales | 1.4 | (3.1 | ) | ||||||
Total | $ | 96.4 | $ | 58.2 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||||||
Note 17. Condensed Consolidating Financial Information | |||||||||||||||||||||||||||||
EPO conducts all of our business. Currently, we have no independent operations and no material assets outside those of EPO. | |||||||||||||||||||||||||||||
EPO has issued publicly traded debt securities. Enterprise Products Partners L.P., as the parent company of EPO, guarantees the debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. EPO's consolidated subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Enterprise Products Partners L.P. See Note 9 for additional information regarding our consolidated debt obligations. | |||||||||||||||||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 241.9 | $ | 76.6 | $ | (19.8 | ) | $ | 298.7 | $ | -- | $ | -- | $ | 298.7 | ||||||||||||||
Accounts receivable – trade, net | 1,301.60 | 4,096.50 | (4.6 | ) | 5,393.50 | -- | -- | 5,393.50 | |||||||||||||||||||||
Accounts receivable – related parties | 272.9 | 1,369.60 | (1,576.7 | ) | 65.8 | -- | (9.5 | ) | 56.3 | ||||||||||||||||||||
Inventories | 868.6 | 450.8 | (1.1 | ) | 1,318.30 | -- | -- | 1,318.30 | |||||||||||||||||||||
Prepaid and other current assets | 183 | 232.1 | (12.2 | ) | 402.9 | 0.3 | 1.9 | 405.1 | |||||||||||||||||||||
Total current assets | 2,868.00 | 6,225.60 | (1,614.4 | ) | 7,479.20 | 0.3 | (7.6 | ) | 7,471.90 | ||||||||||||||||||||
Property, plant and equipment, net | 2,174.90 | 25,378.30 | 1.5 | 27,554.70 | -- | -- | 27,554.70 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 32,133.40 | 3,400.60 | (32,654.7 | ) | 2,879.30 | 15,585.70 | (15,585.7 | ) | 2,879.30 | ||||||||||||||||||||
Intangible assets, net | 81.1 | 1,349.20 | (15.4 | ) | 1,414.90 | -- | -- | 1,414.90 | |||||||||||||||||||||
Goodwill | 458.8 | 1,621.10 | -- | 2,079.90 | -- | -- | 2,079.90 | ||||||||||||||||||||||
Other assets | 130 | 41.9 | (1.4 | ) | 170.5 | 0.1 | -- | 170.6 | |||||||||||||||||||||
Total assets | $ | 37,846.20 | $ | 38,016.70 | $ | (34,284.4 | ) | $ | 41,578.50 | $ | 15,586.10 | $ | (15,593.3 | ) | $ | 41,571.30 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,300.00 | $ | -- | $ | -- | $ | 1,300.00 | $ | -- | $ | -- | $ | 1,300.00 | |||||||||||||||
Accounts payable – trade | 257 | 468.7 | (19.8 | ) | 705.9 | -- | -- | 705.9 | |||||||||||||||||||||
Accounts payable – related parties | 1,527.00 | 178.2 | (1,591.2 | ) | 114 | 9.5 | (9.5 | ) | 114 | ||||||||||||||||||||
Accrued product payables | 1,726.40 | 3,886.50 | (6.3 | ) | 5,606.60 | -- | -- | 5,606.60 | |||||||||||||||||||||
Accrued interest | 319.5 | 0.1 | -- | 319.6 | -- | -- | 319.6 | ||||||||||||||||||||||
Other current liabilities | 73.5 | 363.1 | (12.8 | ) | 423.8 | -- | -- | 423.8 | |||||||||||||||||||||
Total current liabilities | 5,203.40 | 4,896.60 | (1,630.1 | ) | 8,469.90 | 9.5 | (9.5 | ) | 8,469.90 | ||||||||||||||||||||
Long-term debt | 17,048.00 | 14.9 | -- | 17,062.90 | -- | -- | 17,062.90 | ||||||||||||||||||||||
Deferred tax liabilities | 4 | 54.7 | (1.4 | ) | 57.3 | -- | 3.9 | 61.2 | |||||||||||||||||||||
Other long-term liabilities | 10 | 165.4 | (0.5 | ) | 174.9 | -- | -- | 174.9 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners' and other owners' equity | 15,580.80 | 32,815.30 | (32,834.9 | ) | 15,561.20 | 15,576.60 | (15,561.2 | ) | 15,576.60 | ||||||||||||||||||||
Noncontrolling interests | -- | 69.8 | 182.5 | 252.3 | -- | (26.5 | ) | 225.8 | |||||||||||||||||||||
Total equity | 15,580.80 | 32,885.10 | (32,652.4 | ) | 15,813.50 | 15,576.60 | (15,587.7 | ) | 15,802.40 | ||||||||||||||||||||
Total liabilities and equity | $ | 37,846.20 | $ | 38,016.70 | $ | (34,284.4 | ) | $ | 41,578.50 | $ | 15,586.10 | $ | (15,593.3 | ) | $ | 41,571.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 93.9 | $ | 49.5 | $ | (20.9 | ) | $ | 122.5 | $ | -- | $ | -- | $ | 122.5 | ||||||||||||||
Accounts receivable – trade, net | 1,986.80 | 3,491.10 | (2.4 | ) | 5,475.50 | -- | -- | 5,475.50 | |||||||||||||||||||||
Accounts receivable – related parties | 384.7 | 1,348.10 | (1,726.0 | ) | 6.8 | 0.2 | (0.2 | ) | 6.8 | ||||||||||||||||||||
Inventories | 948.5 | 145.4 | (0.8 | ) | 1,093.10 | -- | -- | 1,093.10 | |||||||||||||||||||||
Prepaid and other current assets | 140.9 | 191.4 | (6.8 | ) | 325.5 | -- | -- | 325.5 | |||||||||||||||||||||
Total current assets | 3,554.80 | 5,225.50 | (1,756.9 | ) | 7,023.40 | 0.2 | (0.2 | ) | 7,023.40 | ||||||||||||||||||||
Property, plant and equipment, net | 1,945.00 | 24,999.70 | 1.9 | 26,946.60 | -- | -- | 26,946.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 30,819.90 | 2,921.20 | (31,304.0 | ) | 2,437.10 | 15,214.50 | (15,214.5 | ) | 2,437.10 | ||||||||||||||||||||
Intangible assets, net | 76.9 | 1,385.30 | -- | 1,462.20 | -- | -- | 1,462.20 | ||||||||||||||||||||||
Goodwill | 458.9 | 1,621.10 | -- | 2,080.00 | -- | -- | 2,080.00 | ||||||||||||||||||||||
Other assets | 123.5 | 67.2 | (1.4 | ) | 189.3 | 0.1 | -- | 189.4 | |||||||||||||||||||||
Total assets | $ | 36,979.00 | $ | 36,220.00 | $ | (33,060.4 | ) | $ | 40,138.60 | $ | 15,214.80 | $ | (15,214.7 | ) | $ | 40,138.70 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,125.00 | $ | -- | $ | -- | $ | 1,125.00 | $ | -- | $ | -- | $ | 1,125.00 | |||||||||||||||
Accounts payable – trade | 103 | 641.6 | (20.9 | ) | 723.7 | -- | -- | 723.7 | |||||||||||||||||||||
Accounts payable – related parties | 1,541.80 | 333.8 | (1,724.9 | ) | 150.7 | -- | (0.2 | ) | 150.5 | ||||||||||||||||||||
Accrued product payables | 2,388.60 | 3,224.50 | (4.4 | ) | 5,608.70 | -- | -- | 5,608.70 | |||||||||||||||||||||
Accrued interest | 304.2 | 0.1 | -- | 304.3 | -- | -- | 304.3 | ||||||||||||||||||||||
Other current liabilities | 92.3 | 242.4 | (6.7 | ) | 328 | -- | (1.5 | ) | 326.5 | ||||||||||||||||||||
Total current liabilities | 5,554.90 | 4,442.40 | (1,756.9 | ) | 8,240.40 | -- | (1.7 | ) | 8,238.70 | ||||||||||||||||||||
Long-term debt | 16,211.60 | 14.9 | -- | 16,226.50 | -- | -- | 16,226.50 | ||||||||||||||||||||||
Deferred tax liabilities | 4.3 | 55 | (1.4 | ) | 57.9 | -- | 2.9 | 60.8 | |||||||||||||||||||||
Other long-term liabilities | 11.8 | 160.5 | -- | 172.3 | -- | -- | 172.3 | ||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners' and other owners' equity | 15,196.40 | 31,475.90 | (31,482.4 | ) | 15,189.90 | 15,214.80 | (15,189.9 | ) | 15,214.80 | ||||||||||||||||||||
Noncontrolling interests | -- | 71.3 | 180.3 | 251.6 | -- | (26.0 | ) | 225.6 | |||||||||||||||||||||
Total equity | 15,196.40 | 31,547.20 | (31,302.1 | ) | 15,441.50 | 15,214.80 | (15,215.9 | ) | 15,440.40 | ||||||||||||||||||||
Total liabilities and equity | $ | 36,979.00 | $ | 36,220.00 | $ | (33,060.4 | ) | $ | 40,138.60 | $ | 15,214.80 | $ | (15,214.7 | ) | $ | 40,138.70 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 7,577.70 | $ | 9,151.10 | $ | (4,208.0 | ) | $ | 12,520.80 | $ | -- | $ | -- | $ | 12,520.80 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 7,397.90 | 8,449.60 | (4,208.4 | ) | 11,639.10 | -- | -- | 11,639.10 | |||||||||||||||||||||
General and administrative costs | 7.6 | 39.9 | -- | 47.5 | 0.2 | -- | 47.7 | ||||||||||||||||||||||
Total costs and expenses | 7,405.50 | 8,489.50 | (4,208.4 | ) | 11,686.60 | 0.2 | -- | 11,686.80 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 700.2 | 75.9 | (725.8 | ) | 50.3 | 637.9 | (637.9 | ) | 50.3 | ||||||||||||||||||||
Operating income | 872.4 | 737.5 | (725.4 | ) | 884.5 | 637.7 | (637.9 | ) | 884.3 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (228.6 | ) | (0.3 | ) | -- | (228.9 | ) | -- | -- | (228.9 | ) | ||||||||||||||||||
Other, net | 0.3 | 0.8 | -- | 1.1 | -- | -- | 1.1 | ||||||||||||||||||||||
Total other expense, net | (228.3 | ) | 0.5 | -- | (227.8 | ) | -- | -- | (227.8 | ) | |||||||||||||||||||
Income before income taxes | 644.1 | 738 | (725.4 | ) | 656.7 | 637.7 | (637.9 | ) | 656.5 | ||||||||||||||||||||
Provision for income taxes | (7.3 | ) | (2.7 | ) | 0.2 | (9.8 | ) | -- | (0.2 | ) | (10.0 | ) | |||||||||||||||||
Net income | 636.8 | 735.3 | (725.2 | ) | 646.9 | 637.7 | (638.1 | ) | 646.5 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.1 | (10.2 | ) | (10.1 | ) | -- | 1.3 | (8.8 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 636.8 | $ | 735.4 | $ | (735.4 | ) | $ | 636.8 | $ | 637.7 | $ | (636.8 | ) | $ | 637.7 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 6,491.00 | $ | 8,015.70 | $ | (3,357.4 | ) | $ | 11,149.30 | $ | -- | $ | -- | $ | 11,149.30 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 6,326.60 | 7,398.10 | (3,357.5 | ) | 10,367.20 | -- | -- | 10,367.20 | |||||||||||||||||||||
General and administrative costs | 7.4 | 37.4 | -- | 44.8 | 0.7 | -- | 45.5 | ||||||||||||||||||||||
Total costs and expenses | 6,334.00 | 7,435.50 | (3,357.5 | ) | 10,412.00 | 0.7 | -- | 10,412.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 612.3 | 42.9 | (617.6 | ) | 37.6 | 553.2 | (553.2 | ) | 37.6 | ||||||||||||||||||||
Operating income | 769.3 | 623.1 | (617.5 | ) | 774.9 | 552.5 | (553.2 | ) | 774.2 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (199.7 | ) | (0.5 | ) | -- | (200.2 | ) | -- | -- | (200.2 | ) | ||||||||||||||||||
Other, net | 0.1 | (0.4 | ) | -- | (0.3 | ) | -- | -- | (0.3 | ) | |||||||||||||||||||
Total other expense, net | (199.6 | ) | (0.9 | ) | -- | (200.5 | ) | -- | -- | (200.5 | ) | ||||||||||||||||||
Income before income taxes | 569.7 | 622.2 | (617.5 | ) | 574.4 | 552.5 | (553.2 | ) | 573.7 | ||||||||||||||||||||
Provision for income taxes | (17.5 | ) | (2.9 | ) | -- | (20.4 | ) | -- | -- | (20.4 | ) | ||||||||||||||||||
Net income | 552.2 | 619.3 | (617.5 | ) | 554 | 552.5 | (553.2 | ) | 553.3 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (0.4 | ) | (1.3 | ) | (1.7 | ) | -- | 0.9 | (0.8 | ) | ||||||||||||||||||
Net income attributable to entity | $ | 552.2 | $ | 618.9 | $ | (618.8 | ) | $ | 552.3 | $ | 552.5 | $ | (552.3 | ) | $ | 552.5 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 17,068.60 | $ | 17,261.70 | $ | (8,899.6 | ) | $ | 25,430.70 | $ | -- | $ | -- | $ | 25,430.70 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 16,565.70 | 15,854.10 | (8,900.2 | ) | 23,519.60 | -- | -- | 23,519.60 | |||||||||||||||||||||
General and administrative costs | 14.9 | 85.6 | -- | 100.5 | 0.4 | -- | 100.9 | ||||||||||||||||||||||
Total costs and expenses | 16,580.60 | 15,939.70 | (8,900.2 | ) | 23,620.10 | 0.4 | -- | 23,620.50 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,407.00 | 161.7 | (1,461.9 | ) | 106.8 | 1,436.90 | (1,436.9 | ) | 106.8 | ||||||||||||||||||||
Operating income | 1,895.00 | 1,483.70 | (1,461.3 | ) | 1,917.40 | 1,436.50 | (1,436.9 | ) | 1,917.00 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (449.4 | ) | (0.4 | ) | -- | (449.8 | ) | -- | -- | (449.8 | ) | ||||||||||||||||||
Other, net | 0.5 | 0.3 | -- | 0.8 | -- | -- | 0.8 | ||||||||||||||||||||||
Total other expense, net | (448.9 | ) | (0.1 | ) | -- | (449.0 | ) | -- | -- | (449.0 | ) | ||||||||||||||||||
Income before income taxes | 1,446.10 | 1,483.60 | (1,461.3 | ) | 1,468.40 | 1,436.50 | (1,436.9 | ) | 1,468.00 | ||||||||||||||||||||
Provision for income taxes | (11.5 | ) | (3.0 | ) | 0.2 | (14.3 | ) | -- | (0.5 | ) | (14.8 | ) | |||||||||||||||||
Net income | 1,434.60 | 1,480.60 | (1,461.1 | ) | 1,454.10 | 1,436.50 | (1,437.4 | ) | 1,453.20 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.1 | (19.3 | ) | (19.2 | ) | -- | 2.5 | (16.7 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 1,434.60 | $ | 1,480.70 | $ | (1,480.4 | ) | $ | 1,434.90 | $ | 1,436.50 | $ | (1,434.9 | ) | $ | 1,436.50 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 13,846.50 | $ | 15,456.10 | $ | (6,770.2 | ) | $ | 22,532.40 | $ | -- | $ | -- | $ | 22,532.40 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 13,470.50 | 14,087.30 | (6,770.2 | ) | 20,787.60 | -- | -- | 20,787.60 | |||||||||||||||||||||
General and administrative costs | 12.1 | 82 | -- | 94.1 | 0.9 | -- | 95 | ||||||||||||||||||||||
Total costs and expenses | 13,482.60 | 14,169.30 | (6,770.2 | ) | 20,881.70 | 0.9 | -- | 20,882.60 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,359.00 | 94.1 | (1,371.0 | ) | 82.1 | 1,306.90 | (1,306.9 | ) | 82.1 | ||||||||||||||||||||
Operating income | 1,722.90 | 1,380.90 | (1,371.0 | ) | 1,732.80 | 1,306.00 | (1,306.9 | ) | 1,731.90 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (395.0 | ) | (1.1 | ) | -- | (396.1 | ) | -- | -- | (396.1 | ) | ||||||||||||||||||
Other, net | 0.2 | (0.6 | ) | -- | (0.4 | ) | -- | -- | (0.4 | ) | |||||||||||||||||||
Total other expense, net | (394.8 | ) | (1.7 | ) | -- | (396.5 | ) | -- | -- | (396.5 | ) | ||||||||||||||||||
Income before income taxes | 1,328.10 | 1,379.20 | (1,371.0 | ) | 1,336.30 | 1,306.00 | (1,306.9 | ) | 1,335.40 | ||||||||||||||||||||
Provision for income taxes | (22.6 | ) | (3.9 | ) | -- | (26.5 | ) | -- | (0.3 | ) | (26.8 | ) | |||||||||||||||||
Net income | 1,305.50 | 1,375.30 | (1,371.0 | ) | 1,309.80 | 1,306.00 | (1,307.2 | ) | 1,308.60 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (0.9 | ) | (3.3 | ) | (4.2 | ) | -- | 1.6 | (2.6 | ) | ||||||||||||||||||
Net income attributable to entity | $ | 1,305.50 | $ | 1,374.40 | $ | (1,374.3 | ) | $ | 1,305.60 | $ | 1,306.00 | $ | (1,305.6 | ) | $ | 1,306.00 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 644.9 | $ | 717.2 | $ | (725.1 | ) | $ | 637 | $ | 627.8 | $ | (628.2 | ) | $ | 636.6 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.1 | (10.2 | ) | (10.1 | ) | -- | 1.3 | (8.8 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 644.9 | $ | 717.3 | $ | (735.3 | ) | $ | 626.9 | $ | 627.8 | $ | (626.9 | ) | $ | 627.8 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 575.1 | $ | 631.6 | $ | (617.6 | ) | $ | 589.1 | $ | 587.6 | $ | (588.3 | ) | $ | 588.4 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (0.4 | ) | (1.3 | ) | (1.7 | ) | -- | 0.9 | (0.8 | ) | ||||||||||||||||||
Comprehensive income attributable to entity | $ | 575.1 | $ | 631.2 | $ | (618.9 | ) | $ | 587.4 | $ | 587.6 | $ | (587.4 | ) | $ | 587.6 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 1,452.90 | $ | 1,467.00 | $ | (1,461.0 | ) | $ | 1,458.90 | $ | 1,441.30 | $ | (1,442.2 | ) | $ | 1,458.00 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.1 | (19.3 | ) | (19.2 | ) | -- | 2.5 | (16.7 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,452.90 | $ | 1,467.10 | $ | (1,480.3 | ) | $ | 1,439.70 | $ | 1,441.30 | $ | (1,439.7 | ) | $ | 1,441.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 1,328.10 | $ | 1,360.00 | $ | (1,371.0 | ) | $ | 1,317.10 | $ | 1,313.40 | $ | (1,314.5 | ) | $ | 1,316.00 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (0.9 | ) | (3.3 | ) | (4.2 | ) | -- | 1.6 | (2.6 | ) | ||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,328.10 | $ | 1,359.10 | $ | (1,374.3 | ) | $ | 1,312.90 | $ | 1,313.40 | $ | (1,312.9 | ) | $ | 1,313.40 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 1,434.60 | $ | 1,480.60 | $ | (1,461.1 | ) | $ | 1,454.10 | $ | 1,436.50 | $ | (1,437.4 | ) | $ | 1,453.20 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 74.9 | 576.3 | (0.2 | ) | 651 | -- | -- | 651 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,407.0 | ) | (161.7 | ) | 1,461.90 | (106.8 | ) | (1,436.9 | ) | 1,436.90 | (106.8 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 1,829.30 | 137.9 | (1,810.1 | ) | 157.1 | 1,346.50 | (1,346.5 | ) | 157.1 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (334.9 | ) | 56.5 | 0.6 | (277.8 | ) | (5.3 | ) | 0.5 | (282.6 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 1,596.90 | 2,089.60 | (1,808.9 | ) | 1,877.60 | 1,340.80 | (1,346.5 | ) | 1,871.90 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (166.8 | ) | (1,005.7 | ) | -- | (1,172.5 | ) | -- | -- | (1,172.5 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 3.8 | 109.4 | -- | 113.2 | -- | -- | 113.2 | ||||||||||||||||||||||
Other investing activities | (1,155.2 | ) | (443.7 | ) | 1,103.30 | (495.6 | ) | (221.3 | ) | 221.3 | (495.6 | ) | |||||||||||||||||
Cash used in investing activities | (1,318.2 | ) | (1,340.0 | ) | 1,103.30 | (1,554.9 | ) | (221.3 | ) | 221.3 | (1,554.9 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 4,182.80 | -- | -- | 4,182.80 | -- | -- | 4,182.80 | ||||||||||||||||||||||
Repayments of debt | (3,161.3 | ) | -- | -- | (3,161.3 | ) | -- | -- | (3,161.3 | ) | |||||||||||||||||||
Cash distributions paid to partners | (1,346.5 | ) | (1,829.8 | ) | 1,829.80 | (1,346.5 | ) | (1,288.4 | ) | 1,346.50 | (1,288.4 | ) | |||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (1.2 | ) | -- | (1.2 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (19.7 | ) | (19.7 | ) | -- | -- | (19.7 | ) | |||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 4 | 4 | -- | -- | 4 | ||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 223.3 | -- | 223.3 | ||||||||||||||||||||||
Cash contributions from owners | 221.3 | 1,107.30 | (1,107.3 | ) | 221.3 | -- | (221.3 | ) | -- | ||||||||||||||||||||
Other financing activities | (18.2 | ) | -- | -- | (18.2 | ) | (53.2 | ) | -- | (71.4 | ) | ||||||||||||||||||
Cash used in financing activities | (121.9 | ) | (722.5 | ) | 706.8 | (137.6 | ) | (1,119.5 | ) | 1,125.20 | (131.9 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 156.8 | 27.1 | 1.2 | 185.1 | -- | -- | 185.1 | ||||||||||||||||||||||
Cash and cash equivalents, January 1 | 28.4 | 49.5 | (21.0 | ) | 56.9 | -- | -- | 56.9 | |||||||||||||||||||||
Cash and cash equivalents, June 30 | $ | 185.2 | $ | 76.6 | $ | (19.8 | ) | $ | 242 | $ | -- | $ | -- | $ | 242 | ||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 1,305.50 | $ | 1,375.30 | $ | (1,371.0 | ) | $ | 1,309.80 | $ | 1,306.00 | $ | (1,307.2 | ) | $ | 1,308.60 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 69.8 | 530 | -- | 599.8 | -- | -- | 599.8 | ||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,359.0 | ) | (94.1 | ) | 1,371.00 | (82.1 | ) | (1,306.9 | ) | 1,306.90 | (82.1 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 2,432.20 | 116.8 | (2,429.7 | ) | 119.3 | 1,195.60 | (1,195.6 | ) | 119.3 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (744.5 | ) | 337.1 | 1.5 | (405.9 | ) | 21.6 | (30.4 | ) | (414.7 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 1,704.00 | 2,265.10 | (2,428.2 | ) | 1,540.90 | 1,216.30 | (1,226.3 | ) | 1,530.90 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (129.3 | ) | (1,303.1 | ) | -- | (1,432.4 | ) | -- | -- | (1,432.4 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 12.6 | 186.6 | -- | 199.2 | -- | -- | 199.2 | ||||||||||||||||||||||
Other investing activities | (1,798.7 | ) | (361.1 | ) | 1,590.40 | (569.4 | ) | (835.8 | ) | 835.8 | (569.4 | ) | |||||||||||||||||
Cash used in investing activities | (1,915.4 | ) | (1,477.6 | ) | 1,590.40 | (1,802.6 | ) | (835.8 | ) | 835.8 | (1,802.6 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 7,064.50 | -- | -- | 7,064.50 | -- | -- | 7,064.50 | ||||||||||||||||||||||
Repayments of debt | (6,251.7 | ) | (29.9 | ) | -- | (6,281.6 | ) | -- | -- | (6,281.6 | ) | ||||||||||||||||||
Cash distributions paid to partners | (1,226.3 | ) | (2,434.4 | ) | 2,434.40 | (1,226.3 | ) | (1,171.9 | ) | 1,226.30 | (1,171.9 | ) | |||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (4.7 | ) | (4.7 | ) | -- | -- | (4.7 | ) | |||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 95.9 | 95.9 | -- | -- | 95.9 | ||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 835.4 | -- | 835.4 | ||||||||||||||||||||||
Cash contributions from owners | 835.8 | 1,686.20 | (1,686.2 | ) | 835.8 | -- | (835.8 | ) | -- | ||||||||||||||||||||
Other financing activities | (192.6 | ) | 0.1 | -- | (192.5 | ) | (44.2 | ) | -- | (236.7 | ) | ||||||||||||||||||
Cash provided by (used in) financing activities | 229.7 | (778.0 | ) | 839.4 | 291.1 | (380.7 | ) | 390.5 | 300.9 | ||||||||||||||||||||
Net change in cash and cash equivalents | 18.3 | 9.5 | 1.6 | 29.4 | (0.2 | ) | -- | 29.2 | |||||||||||||||||||||
Cash and cash equivalents, January 1 | -- | 28 | (12.1 | ) | 15.9 | 0.2 | -- | 16.1 | |||||||||||||||||||||
Cash and cash equivalents, June 30 | $ | 18.3 | $ | 37.5 | $ | (10.5 | ) | $ | 45.3 | $ | -- | $ | -- | $ | 45.3 |
Subsequent_Event
Subsequent Event | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Subsequent Event [Abstract] | ' | ||||||||||||||||
Subsequent Event | ' | ||||||||||||||||
Note 18. Subsequent Event | |||||||||||||||||
Two-for-One Split of Limited Partner Units | |||||||||||||||||
On July 15, 2014, we announced that our general partner approved a two-for-one split of our common units. The common unit split will be accomplished by distributing one additional common unit for each common unit outstanding. The additional common units will be distributed on August 21, 2014 to holders of record as of the close of business on August 14, 2014. | |||||||||||||||||
All per unit amounts and number of units outstanding in these Unaudited Condensed Consolidated Financial Statements and Notes thereto are presented on a pre-split basis. As a result of the common unit split, all historical per unit data and number of units outstanding presented in future financial statements will be retroactively adjusted. | |||||||||||||||||
The following table presents pro forma earnings per unit (giving retroactive effect solely to the unit split) for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common unitholders (see Note 13) | $ | 636.5 | $ | 552.5 | $ | 1,433.80 | $ | 1,306.00 | |||||||||
Basic earnings per unit: | |||||||||||||||||
Weighted-average number of common units outstanding, as reported | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Weighted-average number of common units outstanding, pro forma | 1,831.00 | 1,778.20 | 1,829.60 | 1,770.80 | |||||||||||||
Basic earnings per unit, as reported | $ | 0.7 | $ | 0.62 | $ | 1.57 | $ | 1.48 | |||||||||
Basic earnings per unit, pro forma | $ | 0.35 | $ | 0.31 | $ | 0.78 | $ | 0.74 | |||||||||
Diluted earnings per unit: | |||||||||||||||||
Weighted-average number of common units outstanding, as reported | 940.2 | 918.5 | 939.1 | 914.8 | |||||||||||||
Weighted-average number of common units outstanding, pro forma | 1,880.40 | 1,837.00 | 1,878.20 | 1,829.60 | |||||||||||||
Diluted earnings per unit, as reported | $ | 0.68 | $ | 0.6 | $ | 1.53 | $ | 1.43 | |||||||||
Diluted earnings per unit, pro forma | $ | 0.34 | $ | 0.3 | $ | 0.76 | $ | 0.71 |
General_Accounting_Matters_Pol
General Accounting Matters (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
General Accounting Matters [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |
We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. | |
For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. | |
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 14 for additional information regarding our contingencies. | |
Derivative Instruments | ' |
Derivative Instruments | |
We use derivative instruments such as futures, swaps, options, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates, foreign currencies and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether similarly forecasted transactions are probable of occurring in the future. | |
For certain physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 4 for additional information regarding our derivative instruments. | |
Estimates | ' |
Estimates | |
Preparing our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals. | |
Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, crude oil, refined products and NGLs. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or deposit requirements change. At June 30, 2014 and December 31, 2013, our restricted cash amounts were $56.7 million and $65.6 million, respectively. See Note 4 for information regarding our derivative instruments and hedging activities. |
Equitybased_Awards_Tables
Equity-based Awards (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity-based Awards [Abstract] | ' | ||||||||||||||||
Equity-based Award Expense | ' | ||||||||||||||||
An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Equity-classified awards: | |||||||||||||||||
Restricted common unit awards | $ | 9 | $ | 18.3 | $ | 20.6 | $ | 34.9 | |||||||||
Unit option awards | -- | 0.2 | -- | 0.6 | |||||||||||||
Phantom unit awards | 13.6 | -- | 19.4 | -- | |||||||||||||
Liability-classified awards | 0.2 | 0.1 | 0.3 | 0.3 | |||||||||||||
Total | $ | 22.8 | $ | 18.6 | $ | 40.3 | $ | 35.8 | |||||||||
Restricted Common Unit Awards | ' | ||||||||||||||||
The following table presents information regarding restricted common unit awards for the period indicated: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Unit (1) | |||||||||||||||||
Restricted common units at December 31, 2013 | 3,610,607 | $ | 51.66 | ||||||||||||||
Vested | (1,276,762 | ) | $ | 47.81 | |||||||||||||
Forfeited | (115,250 | ) | $ | 52.49 | |||||||||||||
Restricted common units at June 30, 2014 | 2,218,595 | $ | 53.84 | ||||||||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. | |||||||||||||||||
Cash Distributions and Total Intrinsic Value of Restricted Common Unit Awards | ' | ||||||||||||||||
The following table presents supplemental information regarding our restricted common unit awards for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash distributions paid to restricted common unitholders | $ | 1.6 | $ | 3 | $ | 4.1 | $ | 5.6 | |||||||||
Total intrinsic value of restricted common unit awards that vested during period | $ | 2.7 | $ | 54 | $ | 84.1 | $ | 106.4 | |||||||||
Unit Option Awards | ' | ||||||||||||||||
The following table presents unit option award activity for the period indicated: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Units | Average | Average | Intrinsic | ||||||||||||||
Strike Price | Remaining | Value (1) | |||||||||||||||
(dollars/unit) | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Unit option awards at December 31, 2013 | 2,025,000 | $ | 26.49 | 1.3 | $ | 57 | |||||||||||
Exercised | (1,360,000 | ) | $ | 23.66 | |||||||||||||
Forfeited | (30,000 | ) | $ | 32.27 | |||||||||||||
Unit option awards at June 30, 2014 | 635,000 | $ | 32.27 | 1.5 | $ | 29.2 | |||||||||||
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated. | |||||||||||||||||
(2) None of the unit option awards outstanding at June 30, 2014 and December 31, 2013 were exercisable as of such dates, respectively. | |||||||||||||||||
Supplemental Information Regarding Unit Option Awards | ' | ||||||||||||||||
The following table presents supplemental information regarding unit option awards during the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total intrinsic value of unit option awards exercised during period | $ | 2.8 | $ | 3.4 | $ | 57.5 | $ | 19.8 | |||||||||
Cash received from EPCO in connection with the exercise of unit option awards | 1.6 | 2 | 33.4 | 11.5 | |||||||||||||
Unit option award-related cash reimbursements to EPCO | 2.8 | 3.4 | 57.5 | 19.8 | |||||||||||||
Phantom Unit Awards | ' | ||||||||||||||||
The following table presents phantom unit award activity for the period indicated: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Unit (1) | |||||||||||||||||
Phantom unit awards at December 31, 2013 | -- | $ | -- | ||||||||||||||
Granted (2) | 1,737,945 | $ | 66.11 | ||||||||||||||
Vested | (15,800 | ) | $ | 66.08 | |||||||||||||
Forfeited | (32,070 | ) | $ | 66.08 | |||||||||||||
Phantom unit awards at June 30, 2014 | 1,690,075 | $ | 66.11 | ||||||||||||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. | |||||||||||||||||
(2) The aggregate grant date fair value of phantom unit awards issued during 2014 was $114.9 million based on a grant date market price of our common units ranging from $66.08 to $74.55 per unit. An estimated annual forfeiture rate of 3.4% was applied to these awards. | |||||||||||||||||
Cash Distributions and Total Intrinsic Value of Phantom Unit Awards [Table Text Block] | ' | ||||||||||||||||
The following table presents supplemental information regarding our phantom unit awards and DERs for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash payments made in connection with DERs | $ | 1.2 | $ | -- | $ | 1.2 | $ | -- | |||||||||
Total intrinsic value of phantom unit awards that vested during period | $ | 1.2 | $ | -- | $ | 1.2 | $ | -- |
Derivative_Instruments_Hedging1
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | ' | ||||||||||||||||||||||||
We may utilize interest rate swaps, forward starting swaps and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. The following table summarizes our portfolio of interest rate swaps at June 30, 2014: | |||||||||||||||||||||||||
Hedged Transaction | Number and Type | Notional | Period of | Rate | Accounting | ||||||||||||||||||||
of Derivatives | Amount | Hedge | Swap | Treatment | |||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Senior Notes AA | 10 fixed-to-floating swaps | $ | 750 | 1/2011 to 2/2016 | 3.2% to 1.2% | Fair value hedge | |||||||||||||||||||
Undesignated swaps | 6 floating-to-fixed swaps | $ | 600 | 5/2010 to 7/2014 | 0.2% to 2.0% | Mark-to-market | |||||||||||||||||||
The prices of natural gas, NGLs, crude oil, refined products and petrochemical products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps, basis swaps and option contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2014 (volume measures as noted): | |||||||||||||||||||||||||
Volume (1) | Accounting | ||||||||||||||||||||||||
Derivative Purpose | Current (2) | Long-Term (2) | Treatment | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||
Natural gas processing: | |||||||||||||||||||||||||
Forecasted natural gas purchases for plant thermal reduction (Bcf) | 2.2 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of NGLs (MMBbls) (3) | 0.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Octane enhancement: | |||||||||||||||||||||||||
Forecasted purchases of NGLs (MMBbls) | 0.1 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of octane enhancement products (MMBbls) | 1.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Natural gas marketing: | |||||||||||||||||||||||||
Natural gas storage inventory management activities (Bcf) | 3.3 | n/a | Fair value hedge | ||||||||||||||||||||||
NGL marketing: | |||||||||||||||||||||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 6.2 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 7.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Refined products marketing: | |||||||||||||||||||||||||
Forecasted purchases of refined products (MMBbls) | 0.6 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of refined products (MMBbls) | 1 | n/a | Cash flow hedge | ||||||||||||||||||||||
Refined products inventory management activities (MMBbls) | 0.2 | n/a | Fair value hedge | ||||||||||||||||||||||
Crude oil marketing: | |||||||||||||||||||||||||
Forecasted purchases of crude oil (MMBbls) | 3.3 | n/a | Cash flow hedge | ||||||||||||||||||||||
Forecasted sales of crude oil (MMBbls) | 5 | n/a | Cash flow hedge | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Natural gas risk management activities (Bcf) (4,5) | 73.1 | 12.6 | Mark-to-market | ||||||||||||||||||||||
Crude oil risk management activities (MMBbls) (5) | 13.2 | n/a | Mark-to-market | ||||||||||||||||||||||
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. | |||||||||||||||||||||||||
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2015, August 2014 and October 2016, respectively. | |||||||||||||||||||||||||
(3) Forecasted sales of NGL volumes under natural gas processing exclude 0.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | |||||||||||||||||||||||||
(4) Current volumes include 37.7 Bcf of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. | |||||||||||||||||||||||||
(5) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | |||||||||||||||||||||||||
Derivative Assets and Liabilities Balance Sheet | ' | ||||||||||||||||||||||||
The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated: | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||
Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | ||||||||||||||||||
Sheet | Value | Sheet | Value | Sheet | Value | Sheet | Value | ||||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | Other current | $ | 20.4 | Other current | $ | 20.2 | Other current | $ | -- | Other current | $ | -- | |||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Interest rate derivatives | Other assets | 6.9 | Other assets | 12.4 | Other liabilities | -- | Other liabilities | -- | |||||||||||||||||
Total interest rate derivatives | 27.3 | 32.6 | -- | -- | |||||||||||||||||||||
Commodity derivatives | Other current | 35.7 | Other current | 30.9 | Other current | 61.9 | Other current | 46.5 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Commodity derivatives | Other assets | -- | Other assets | -- | Other liabilities | -- | Other liabilities | 0.3 | |||||||||||||||||
Total commodity derivatives | 35.7 | 30.9 | 61.9 | 46.8 | |||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 63 | $ | 63.5 | $ | 61.9 | $ | 46.8 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate derivatives | Other current | $ | -- | Other current | $ | -- | Other current | $ | 2.6 | Other current | $ | 7.8 | |||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Interest rate derivatives | Other assets | -- | Other assets | -- | Other liabilities | -- | Other liabilities | -- | |||||||||||||||||
Total interest rate derivatives | -- | -- | 2.6 | 7.8 | |||||||||||||||||||||
Commodity derivatives | Other current | 7.5 | Other current | 7.6 | Other current | 4 | Other current | 5.5 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||
Commodity derivatives | Other assets | 0.9 | Other assets | 2.8 | Other liabilities | 0.3 | Other liabilities | 2.8 | |||||||||||||||||
Total commodity derivatives | 8.4 | 10.4 | 4.3 | 8.3 | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 8.4 | $ | 10.4 | $ | 6.9 | $ | 16.1 | |||||||||||||||||
Offsetting Financial Assets | ' | ||||||||||||||||||||||||
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated: | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That Would Have Been Presented | |||||||||||||||||||||
Amounts of | Amounts | of Assets | in the Balance Sheet | On Net Basis | |||||||||||||||||||||
Recognized | Offset in the | Presented | |||||||||||||||||||||||
Assets | Balance Sheet | in the | |||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Received | |||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 27.3 | $ | -- | $ | 27.3 | $ | (0.9 | ) | $ | -- | $ | 26.4 | ||||||||||||
Commodity derivatives | 44.1 | -- | 44.1 | (31.5 | ) | -- | 12.6 | ||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 32.6 | $ | -- | $ | 32.6 | $ | (2.6 | ) | $ | -- | $ | 30 | ||||||||||||
Commodity derivatives | 41.3 | -- | 41.3 | (41.0 | ) | -- | 0.3 | ||||||||||||||||||
Offsetting Financial Liabilities | ' | ||||||||||||||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That Would Have Been Presented | |||||||||||||||||||||
Amounts of | Amounts | of Liabilities | in the Balance Sheet | On Net Basis | |||||||||||||||||||||
Recognized | Offset in the | Presented | |||||||||||||||||||||||
Liabilities | Balance Sheet | in the | |||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||
Paid | |||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 2.6 | $ | -- | $ | 2.6 | $ | (0.9 | ) | $ | -- | $ | 1.7 | ||||||||||||
Commodity derivatives | 66.2 | -- | 66.2 | (31.5 | ) | (22.4 | ) | 12.3 | |||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Interest rate derivatives | $ | 7.8 | $ | -- | $ | 7.8 | $ | (2.6 | ) | $ | -- | $ | 5.2 | ||||||||||||
Commodity derivatives | 55.1 | -- | 55.1 | (41.0 | ) | ( 9.3 | ) | 4.8 | |||||||||||||||||
Derivative Instruments Effects on Statements of Operations | ' | ||||||||||||||||||||||||
The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: | |||||||||||||||||||||||||
Derivatives in Fair Value | Gain (Loss) Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Location | Income on Derivative | |||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (2.5 | ) | $ | (6.6 | ) | $ | (5.4 | ) | $ | (10.1 | ) | ||||||||||||
Commodity derivatives | Revenue | 1.3 | 6.9 | 0.9 | 6.2 | ||||||||||||||||||||
Total | $ | (1.2 | ) | $ | 0.3 | $ | (4.5 | ) | $ | (3.9 | ) | ||||||||||||||
Derivatives in Fair Value | Gain (Loss) Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Location | Income on Hedged Item | |||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 2.5 | $ | 6.5 | $ | 5.4 | $ | 9.9 | ||||||||||||||||
Commodity derivatives | Revenue | (1.0 | ) | (4.9 | ) | (2.4 | ) | (11.6 | ) | ||||||||||||||||
Total | $ | 1.5 | $ | 1.6 | $ | 3 | $ | (1.7 | ) | ||||||||||||||||
Derivative Instruments Effects on Statements of Comprehensive Income | ' | ||||||||||||||||||||||||
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated: | |||||||||||||||||||||||||
Derivatives in Cash Flow | Change in Value Recognized in | ||||||||||||||||||||||||
Hedging Relationships | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
on Derivative (Effective Portion) | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | -- | $ | -- | $ | 6.7 | |||||||||||||||||
Commodity derivatives – Revenue (1) | (32.9 | ) | 34.1 | (43.6 | ) | (13.5 | ) | ||||||||||||||||||
Commodity derivatives – Operating costs and expenses (1) | 0.1 | -- | 1.6 | -- | |||||||||||||||||||||
Total | $ | (32.8 | ) | $ | 34.1 | $ | (42.0 | ) | $ | (6.8 | ) | ||||||||||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. | |||||||||||||||||||||||||
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) | ' | ||||||||||||||||||||||||
Derivatives in Cash Flow | Location | Gain (Loss) Reclassified from | |||||||||||||||||||||||
Hedging Relationships | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
to Income (Effective Portion) | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (8.0 | ) | $ | (7.8 | ) | $ | (15.9 | ) | $ | (13.7 | ) | ||||||||||||
Commodity derivatives | Revenue | (15.4 | ) | 7.2 | (32.3 | ) | (0.5 | ) | |||||||||||||||||
Commodity derivatives | Operating costs and expenses | 0.5 | -- | 1.4 | 0.4 | ||||||||||||||||||||
Total | $ | (22.9 | ) | $ | (0.6 | ) | $ | (46.8 | ) | $ | (13.8 | ) | |||||||||||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | ' | ||||||||||||||||||||||||
Derivatives in Cash Flow | Location | Gain (Loss) Recognized in Income | |||||||||||||||||||||||
Hedging Relationships | on Derivative (Ineffective Portion) | ||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Commodity derivatives | Revenue | $ | 0.1 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||
Commodity derivatives | Operating costs and expenses | (0.1 | ) | -- | 0.1 | -- | |||||||||||||||||||
Total | $ | -- | $ | (0.1 | ) | $ | -- | $ | (0.1 | ) | |||||||||||||||
Gain/(Loss) Recognized in Income on Derivative | ' | ||||||||||||||||||||||||
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: | |||||||||||||||||||||||||
Derivatives Not Designated | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||
as Hedging Instruments | Income on Derivative | ||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||||||||||||
Commodity derivatives | Revenue | (6.6 | ) | 14.2 | (27.6 | ) | 8.9 | ||||||||||||||||||
Total | $ | (6.6 | ) | $ | 14 | $ | (27.7 | ) | $ | 8.8 | |||||||||||||||
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | ' | ||||||||||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the carrying values of our financial assets and liabilities at June 30, 2014 and December 31, 2013. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment. | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Markets for | Other | Significant | Carrying | ||||||||||||||||||||||
Identical Assets | Observable | Unobservable | Value | ||||||||||||||||||||||
and Liabilities | Inputs | Inputs | at June 30, | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 27.3 | $ | -- | $ | 27.3 | |||||||||||||||||
Commodity derivatives | 18 | 22 | 4.1 | 44.1 | |||||||||||||||||||||
Total | $ | 18 | $ | 49.3 | $ | 4.1 | $ | 71.4 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 2.6 | $ | -- | $ | 2.6 | |||||||||||||||||
Commodity derivatives | 32.1 | 32.6 | 1.5 | 66.2 | |||||||||||||||||||||
Total | $ | 32.1 | $ | 35.2 | $ | 1.5 | $ | 68.8 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Markets for | Other | Significant | Carrying | ||||||||||||||||||||||
Identical Assets | Observable | Unobservable | Value | ||||||||||||||||||||||
and Liabilities | Inputs | Inputs | at December 31, | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2013 | ||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 32.6 | $ | -- | $ | 32.6 | |||||||||||||||||
Commodity derivatives | 17.2 | 20.2 | 3.9 | 41.3 | |||||||||||||||||||||
Total | $ | 17.2 | $ | 52.8 | $ | 3.9 | $ | 73.9 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Interest rate derivatives | $ | -- | $ | 7.8 | $ | -- | $ | 7.8 | |||||||||||||||||
Commodity derivatives | 30.8 | 23.6 | 0.7 | 55.1 | |||||||||||||||||||||
Total | $ | 30.8 | $ | 31.4 | $ | 0.7 | $ | 62.9 | |||||||||||||||||
Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: | |||||||||||||||||||||||||
For the Six Months | |||||||||||||||||||||||||
Ended June 30, | |||||||||||||||||||||||||
Location | 2014 | 2013 | |||||||||||||||||||||||
Financial asset (liability) balance, net, January 1 | $ | 3.2 | $ | (1.5 | ) | ||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||
Net income (1) | Revenue | 4.6 | (0.6 | ) | |||||||||||||||||||||
Settlements | Revenue | (0.1 | ) | 1.5 | |||||||||||||||||||||
Financial asset (liability) balance, net, March 31 | 7.7 | (0.6 | ) | ||||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||
Net income (1) | Revenue | (3.3 | ) | (0.2 | ) | ||||||||||||||||||||
Settlements | Revenue | (1.8 | ) | 0.6 | |||||||||||||||||||||
Financial asset (liability) balance, net, June 30 (2) | $ | 2.6 | $ | (0.2 | ) | ||||||||||||||||||||
(1) There were $5.0 million and $0.5 million of unrealized losses included in these amounts for the three and six months ended June 30, 2014, respectively. There were unrealized gains of $0.4 million and $1.3 million included in these amounts for the three and six months ended June 30, 2013, respectively. | |||||||||||||||||||||||||
(2) There were no transfers into or out of Level 3 during the three or six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
Fair Value Measurements, Valuation Techniques | ' | ||||||||||||||||||||||||
The following table provides quantitative information about our recurring Level 3 fair value measurements at June 30, 2014: | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Financial | Financial | Valuation | Unobservable | Range | |||||||||||||||||||||
Assets | Liabilities | Techniques | Input | ||||||||||||||||||||||
Commodity derivatives – Crude oil | $ | 4.1 | $ | 1.5 | Discounted cash flow | Forward commodity prices | $94.16-$106.21/barrel | ||||||||||||||||||
Noncash Impairment Charges by Segment | ' | ||||||||||||||||||||||||
The following table summarizes our non-cash impairment charges by segment during each of the periods indicated: | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
NGL Pipelines & Services | $ | 2.8 | $ | 8.7 | $ | 5.4 | $ | 9.7 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services | 0.1 | -- | 0.3 | -- | |||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 0.8 | 16.6 | 1.8 | 16.6 | |||||||||||||||||||||
Petrochemical & Refined Products Services | -- | 1.8 | 5 | 11.8 | |||||||||||||||||||||
Total | $ | 3.7 | $ | 27.1 | $ | 12.5 | $ | 38.1 | |||||||||||||||||
Nonrecurring Fair Value Measurements | ' | ||||||||||||||||||||||||
Our non-cash asset impairment charges for the six months ended June 30, 2014 primarily relate to the abandonment of assets classified as property, plant and equipment. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Carrying | Markets for | Other | Significant | Total | |||||||||||||||||||||
Value at | Identical | Observable | Unobservable | Non-Cash | |||||||||||||||||||||
June 30, | Assets | Inputs | Inputs | Impairment | |||||||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | Loss | |||||||||||||||||||||
Impairment of long-lived assets disposed of | $ | -- | $ | -- | $ | -- | $ | -- | $ | 7.5 | |||||||||||||||
other than by sale | |||||||||||||||||||||||||
Impairment of long-lived assets to be disposed | 0.1 | -- | -- | 0.1 | 5 | ||||||||||||||||||||
of by sale | |||||||||||||||||||||||||
Total | $ | 12.5 | |||||||||||||||||||||||
During the six months ended June 30, 2013, we recorded $38.1 million of non-cash asset impairment charges primarily due to the abandonment of assets classified as property, plant and equipment. Of this amount, $16.6 million relates to the abandonment of certain crude oil pipeline segments in Texas and Oklahoma, $10.0 million relates to the abandonment of certain refined products terminal and storage assets located in southeast Texas, and $6.3 million relates to the abandonment of an NGL storage cavern in Arizona. The following table summarizes our non-recurring fair value measurements for the six months ended June 30, 2013: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||
in Active | Significant | ||||||||||||||||||||||||
Carrying | Markets for | Other | Significant | Total | |||||||||||||||||||||
Value at | Identical | Observable | Unobservable | Non-Cash | |||||||||||||||||||||
June 30, | Assets | Inputs | Inputs | Impairment | |||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | Loss | |||||||||||||||||||||
Impairment of long-lived assets disposed of | $ | -- | $ | -- | $ | -- | $ | -- | $ | 29.8 | |||||||||||||||
other than by sale | |||||||||||||||||||||||||
Impairment of long-lived assets held and used | 6.3 | -- | -- | 6.3 | 4.2 | ||||||||||||||||||||
Impairment of long-lived assets to be disposed | 34.6 | 33.8 | -- | 0.8 | 4.1 | ||||||||||||||||||||
of by sale | |||||||||||||||||||||||||
Total | $ | 38.1 |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Inventories [Abstract] | ' | ||||||||||||||||
Inventory Amounts by Product Type | ' | ||||||||||||||||
Our inventory amounts by product type were as follows at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
NGLs | $ | 617.8 | $ | 593.8 | |||||||||||||
Petrochemicals and refined products | 300.8 | 395.1 | |||||||||||||||
Crude oil | 368.9 | 42.6 | |||||||||||||||
Natural gas | 30.8 | 61.6 | |||||||||||||||
Total | $ | 1,318.30 | $ | 1,093.10 | |||||||||||||
Cost of Sales and Lower of Cost or Market Adjustments | ' | ||||||||||||||||
Due to fluctuating commodity prices, we recognize lower of cost or market adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or market adjustments for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales (1) | $ | 10,705.30 | $ | 9,458.30 | $ | 21,758.00 | $ | 19,150.80 | |||||||||
Lower of cost or market adjustments | 2.7 | 7.7 | 7.9 | 10.4 | |||||||||||||
(1) Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
Property, Plant and Equipment and Accumulated Depreciation | ' | ||||||||||||||||||
The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated: | |||||||||||||||||||
Estimated | June 30, | December 31, | |||||||||||||||||
Useful Life | 2014 | 2013 | |||||||||||||||||
in Years | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (6) | $ | 29,797.30 | $ | 27,540.40 | ||||||||||||||
Underground and other storage facilities (2) | 5-40 (7) | 2,134.70 | 2,101.80 | ||||||||||||||||
Platforms and facilities (3) | 20-31 | 659.6 | 659.6 | ||||||||||||||||
Transportation equipment (4) | 10-Mar | 143.6 | 138.9 | ||||||||||||||||
Marine vessels (5) | 15-30 | 773.3 | 744.8 | ||||||||||||||||
Land | 178.1 | 176.6 | |||||||||||||||||
Construction in progress | 1,463.00 | 2,655.50 | |||||||||||||||||
Total | 35,149.60 | 34,017.60 | |||||||||||||||||
Less accumulated depreciation | 7,594.90 | 7,071.00 | |||||||||||||||||
Property, plant and equipment, net | $ | 27,554.70 | $ | 26,946.60 | |||||||||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets. | |||||||||||||||||||
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. | |||||||||||||||||||
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico. | |||||||||||||||||||
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. | |||||||||||||||||||
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. | |||||||||||||||||||
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years. | |||||||||||||||||||
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. | |||||||||||||||||||
Depreciation Expense and Capitalized Interest | ' | ||||||||||||||||||
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: | |||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Depreciation expense (1) | $ | 271 | $ | 250.8 | $ | 538.9 | $ | 496.2 | |||||||||||
Capitalized interest (2) | 17.7 | 35.7 | 36.2 | 67.3 | |||||||||||||||
(1) Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. | |||||||||||||||||||
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. | |||||||||||||||||||
AROs | ' | ||||||||||||||||||
The following table presents information regarding our asset retirement obligations ("AROs") during the six months ended June 30, 2014: | |||||||||||||||||||
ARO liability balance, December 31, 2013 | $ | 90.2 | |||||||||||||||||
Liabilities incurred | 0.1 | ||||||||||||||||||
Liabilities settled | (2.4 | ) | |||||||||||||||||
Revisions in estimated cash flows | (0.2 | ) | |||||||||||||||||
Accretion expense | 3 | ||||||||||||||||||
ARO liability balance, June 30, 2014 | $ | 90.7 | |||||||||||||||||
Forecasted Accretion Expense Associated with AROs | ' | ||||||||||||||||||
The following table presents our forecast of accretion expense for the periods indicated: | |||||||||||||||||||
Remainder | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
of 2014 | |||||||||||||||||||
$ | 3.1 | $ | 6.3 | $ | 6.5 | $ | 7 | $ | 7.5 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments in Unconsolidated Affiliates [Abstract] | ' | ||||||||||||||||
Investments in Unconsolidated Affiliates | ' | ||||||||||||||||
The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method. | |||||||||||||||||
Ownership | June 30, | December 31, | |||||||||||||||
Interest at | 2014 | 2013 | |||||||||||||||
June 30, | |||||||||||||||||
2014 | |||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||
Venice Energy Service Company, L.L.C. | 13.10% | $ | 28.8 | $ | 27.6 | ||||||||||||
K/D/S Promix, L.L.C. | 50% | 45.8 | 45.4 | ||||||||||||||
Baton Rouge Fractionators LLC | 32.20% | 19.6 | 19.5 | ||||||||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 39.5 | 40.8 | ||||||||||||||
Texas Express Pipeline LLC | 35% | 344.7 | 339.9 | ||||||||||||||
Texas Express Gathering LLC | 45% | 37.4 | 37.8 | ||||||||||||||
Front Range Pipeline LLC | 33.30% | 165.1 | 134.5 | ||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||
White River Hub, LLC | 50% | 23.6 | 24.2 | ||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,329.80 | 940.7 | ||||||||||||||
Eagle Ford Pipeline LLC | 50% | 247.3 | 224.5 | ||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||
Poseidon Oil Pipeline Company, L.L.C. ("Poseidon") | 36% | 37.9 | 41.7 | ||||||||||||||
Cameron Highway Oil Pipeline Company | 50% | 203.7 | 207.7 | ||||||||||||||
Deepwater Gateway, L.L.C. | 50% | 81.1 | 84.5 | ||||||||||||||
Neptune Pipeline Company, L.L.C. | 25.70% | 36.7 | 38.7 | ||||||||||||||
Southeast Keathley Canyon Pipeline Company L.L.C. | 50% | 163.4 | 159.2 | ||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||
Baton Rouge Propylene Concentrator, LLC | 30% | 7.1 | 7.6 | ||||||||||||||
Centennial Pipeline LLC ("Centennial") | 50% | 65.2 | 60.1 | ||||||||||||||
Other | Various | 2.6 | 2.7 | ||||||||||||||
Total | $ | 2,879.30 | $ | 2,437.10 | |||||||||||||
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NGL Pipelines & Services | $ | 6.1 | $ | 3.8 | $ | 7.5 | $ | 7.7 | |||||||||
Onshore Natural Gas Pipelines & Services | 0.9 | 0.9 | 1.8 | 1.9 | |||||||||||||
Onshore Crude Oil Pipelines & Services | 42.2 | 30.1 | 84.9 | 66.7 | |||||||||||||
Offshore Pipelines & Services | 7.6 | 8.7 | 18.7 | 15.1 | |||||||||||||
Petrochemical & Refined Products Services | (6.5 | ) | (5.9 | ) | (6.1 | ) | (9.3 | ) | |||||||||
Total | $ | 50.3 | $ | 37.6 | $ | 106.8 | $ | 82.1 | |||||||||
The following table presents our unamortized excess cost amounts by business segment at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
NGL Pipelines & Services | $ | 27 | $ | 27.7 | |||||||||||||
Onshore Crude Oil Pipelines & Services | 17.5 | 17.8 | |||||||||||||||
Offshore Pipelines & Services | 9.5 | 10 | |||||||||||||||
Petrochemical & Refined Products Services | 2.5 | 2.6 | |||||||||||||||
Total | $ | 56.5 | $ | 58.1 | |||||||||||||
The following table presents our amortization of excess cost amounts by business segment for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
NGL Pipelines & Services | $ | 0.4 | $ | 0.3 | $ | 0.7 | $ | 0.6 | |||||||||
Onshore Crude Oil Pipelines & Services | 0.1 | 0.2 | 0.3 | 0.4 | |||||||||||||
Offshore Pipelines & Services | 0.3 | 0.4 | 0.5 | 0.7 | |||||||||||||
Petrochemical & Refined Products Services | 0.1 | -- | 0.1 | -- | |||||||||||||
Total | $ | 0.9 | $ | 0.9 | $ | 1.6 | $ | 1.7 |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets by Segment | ' | ||||||||||||||||||||||||
The following table summarizes our intangible assets by business segment at the dates indicated: | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | ||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | $ | 340.8 | $ | (174.8 | ) | $ | 166 | $ | 340.8 | $ | (165.7 | ) | $ | 175.1 | |||||||||||
Contract-based intangibles | 286.4 | (179.4 | ) | 107 | 281.3 | (171.2 | ) | 110.1 | |||||||||||||||||
Segment total | 627.2 | (354.2 | ) | 273 | 622.1 | (336.9 | ) | 285.2 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,163.60 | (295.5 | ) | 868.1 | 1,163.60 | (281.2 | ) | 882.4 | |||||||||||||||||
Contract-based intangibles | 466.1 | (339.5 | ) | 126.6 | 466.1 | (330.7 | ) | 135.4 | |||||||||||||||||
Segment total | 1,629.70 | (635.0 | ) | 994.7 | 1,629.70 | (611.9 | ) | 1,017.80 | |||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 10.7 | (6.9 | ) | 3.8 | 10.7 | (6.3 | ) | 4.4 | |||||||||||||||||
Contract-based intangibles | 0.4 | (0.3 | ) | 0.1 | 0.4 | (0.3 | ) | 0.1 | |||||||||||||||||
Segment total | 11.1 | (7.2 | ) | 3.9 | 11.1 | (6.6 | ) | 4.5 | |||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 195.8 | (150.1 | ) | 45.7 | 203.9 | (150.0 | ) | 53.9 | |||||||||||||||||
Contract-based intangibles | 1.2 | (0.5 | ) | 0.7 | 1.2 | (0.4 | ) | 0.8 | |||||||||||||||||
Segment total | 197 | (150.6 | ) | 46.4 | 205.1 | (150.4 | ) | 54.7 | |||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 104.3 | (40.8 | ) | 63.5 | 104.3 | (38.2 | ) | 66.1 | |||||||||||||||||
Contract-based intangibles | 39.9 | (6.5 | ) | 33.4 | 39.9 | (6.0 | ) | 33.9 | |||||||||||||||||
Segment total | 144.2 | (47.3 | ) | 96.9 | 144.2 | (44.2 | ) | 100 | |||||||||||||||||
Total all segments | $ | 2,609.20 | $ | (1,194.3 | ) | $ | 1,414.90 | $ | 2,612.20 | $ | (1,150.0 | ) | $ | 1,462.20 | |||||||||||
Amortization Expense of Intangible Assets by Segment | ' | ||||||||||||||||||||||||
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: | |||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
NGL Pipelines & Services | $ | 8.7 | $ | 9.5 | $ | 17.3 | $ | 19.1 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services | 11.5 | 12.3 | 23.1 | 24.7 | |||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 0.3 | 0.4 | 0.6 | 0.7 | |||||||||||||||||||||
Offshore Pipelines & Services | 2.5 | 2.9 | 5.1 | 5.9 | |||||||||||||||||||||
Petrochemical & Refined Products Services | 1.5 | 1.6 | 3.1 | 3.2 | |||||||||||||||||||||
Total | $ | 24.5 | $ | 26.7 | $ | 49.2 | $ | 53.6 | |||||||||||||||||
Forecasted Amortization Expense | ' | ||||||||||||||||||||||||
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: | |||||||||||||||||||||||||
Remainder | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
of 2014 | |||||||||||||||||||||||||
$ | 45.5 | $ | 86 | $ | 81.6 | $ | 86.1 | $ | 89.5 | ||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. The following table presents changes in the carrying amount of goodwill during the six months ended June 30, 2014: | |||||||||||||||||||||||||
NGL | Onshore | Onshore | Offshore | Petrochemical | Consolidated | ||||||||||||||||||||
Pipelines | Natural Gas | Crude Oil | Pipelines | & Refined | Total | ||||||||||||||||||||
& Services | Pipelines | Pipelines | & Services | Products | |||||||||||||||||||||
& Services | & Services | Services | |||||||||||||||||||||||
Balance at December 31, 2013 (1) | $ | 341.2 | $ | 296.3 | $ | 305.1 | $ | 82.1 | $ | 1,055.30 | $ | 2,080.00 | |||||||||||||
Reclassification of goodwill | 520 | -- | -- | -- | (520.0 | ) | -- | ||||||||||||||||||
Goodwill related to the sale of assets | -- | -- | -- | (0.1 | ) | -- | (0.1 | ) | |||||||||||||||||
Balance at June 30, 2014 (1) | $ | 861.2 | $ | 296.3 | $ | 305.1 | $ | 82 | $ | 535.3 | $ | 2,079.90 | |||||||||||||
(1) The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. |
Debt_Obligations_Tables
Debt Obligations (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Debt Obligations [Abstract] | ' | ||||||||||||||||||||||||||||
Consolidated Debt Obligations | ' | ||||||||||||||||||||||||||||
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
EPO senior debt obligations: | |||||||||||||||||||||||||||||
Commercial Paper Notes, fixed-rates | $ | -- | $ | 475 | |||||||||||||||||||||||||
Senior Notes O, 9.75% fixed-rate, due January 2014 | -- | 500 | |||||||||||||||||||||||||||
Senior Notes G, 5.60% fixed-rate, due October 2014 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 | 250 | 250 | |||||||||||||||||||||||||||
Senior Notes X, 3.70% fixed-rate, due June 2015 | 400 | 400 | |||||||||||||||||||||||||||
Senior Notes FF, 1.25% fixed-rate, due August 2015 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes L, 6.30% fixed-rate, due September 2017 | 800 | 800 | |||||||||||||||||||||||||||
Senior Notes V, 6.65% fixed-rate, due April 2018 | 349.7 | 349.7 | |||||||||||||||||||||||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due June 2018 | -- | -- | |||||||||||||||||||||||||||
Senior Notes N, 6.50% fixed-rate, due January 2019 | 700 | 700 | |||||||||||||||||||||||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020 | 500 | 500 | |||||||||||||||||||||||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020 | 1,000.00 | 1,000.00 | |||||||||||||||||||||||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022 | 650 | 650 | |||||||||||||||||||||||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023 | 1,250.00 | 1,250.00 | |||||||||||||||||||||||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024 | 850 | -- | |||||||||||||||||||||||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500 | 500 | |||||||||||||||||||||||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350 | 350 | |||||||||||||||||||||||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250 | 250 | |||||||||||||||||||||||||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 399.6 | 399.6 | |||||||||||||||||||||||||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600 | 600 | |||||||||||||||||||||||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750 | 750 | |||||||||||||||||||||||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100.00 | 1,100.00 | |||||||||||||||||||||||||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,000.00 | 1,000.00 | |||||||||||||||||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.00 | -- | |||||||||||||||||||||||||||
TEPPCO senior debt obligations: | |||||||||||||||||||||||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018 | 0.3 | 0.3 | |||||||||||||||||||||||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 | 0.4 | 0.4 | |||||||||||||||||||||||||||
Total principal amount of senior debt obligations | 16,850.00 | 15,825.00 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1) | 550 | 550 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2) | 285.8 | 285.8 | |||||||||||||||||||||||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3) | 682.7 | 682.7 | |||||||||||||||||||||||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 (2) | 14.2 | 14.2 | |||||||||||||||||||||||||||
Total principal amount of senior and junior debt obligations | 18,382.70 | 17,357.70 | |||||||||||||||||||||||||||
Other, non-principal amounts | (19.8 | ) | (6.2 | ) | |||||||||||||||||||||||||
Less current maturities of debt (4) | (1,300.0 | ) | (1,125.0 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 17,062.90 | $ | 16,226.50 | |||||||||||||||||||||||||
(1) Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%. | |||||||||||||||||||||||||||||
(2) Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%. | |||||||||||||||||||||||||||||
(3) Fixed rate of 7.034% through January 15, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%. | |||||||||||||||||||||||||||||
(4) We expect to refinance the current maturities of our debt obligations at or prior to their maturity. | |||||||||||||||||||||||||||||
Consolidated Debt Maturities | ' | ||||||||||||||||||||||||||||
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2014 for the next five years, and in total thereafter: | |||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||
Total | Remainder | 2015 | 2016 | 2017 | 2018 | After | |||||||||||||||||||||||
of 2014 | 2018 | ||||||||||||||||||||||||||||
Senior Notes | $ | 16,850.00 | $ | 650 | $ | 1,300.00 | $ | 750 | $ | 800 | $ | 350 | $ | 13,000.00 | |||||||||||||||
Junior Subordinated Notes | 1,532.70 | -- | -- | -- | -- | -- | 1,532.70 | ||||||||||||||||||||||
Total | $ | 18,382.70 | $ | 650 | $ | 1,300.00 | $ | 750 | $ | 800 | $ | 350 | $ | 14,532.70 | |||||||||||||||
Interest Rates and Weighted-Average Interest Rates Paid on Consolidated Variable-Rate Debt Obligations | ' | ||||||||||||||||||||||||||||
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2014: | |||||||||||||||||||||||||||||
Range of | Weighted-Average | ||||||||||||||||||||||||||||
Interest Rates | Interest Rate | ||||||||||||||||||||||||||||
Paid | Paid | ||||||||||||||||||||||||||||
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.13% to 1.14% | 1.13% |
Equity_and_Distributions_Table
Equity and Distributions (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Equity and Distributions [Abstract] | ' | |||||||||||||||||
Summary of Changes in Outstanding Units | ' | |||||||||||||||||
Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) that we have outstanding. The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2013: | ||||||||||||||||||
Common | Restricted | Total | ||||||||||||||||
Units | Common | Common | ||||||||||||||||
(Unrestricted) | Units | Units | ||||||||||||||||
Number of units outstanding at December 31, 2013 | 932,074,401 | 3,610,607 | 935,685,008 | |||||||||||||||
Common units issued in connection with at-the-market program | 795,167 | -- | 795,167 | |||||||||||||||
Common units issued in connection with DRIP and EUPP | 2,519,969 | -- | 2,519,969 | |||||||||||||||
Common units issued in connection with the vesting and exercise of unit options | 507,054 | -- | 507,054 | |||||||||||||||
Common units issued in connection with the vesting of phantom unit awards | 9,171 | -- | 9,171 | |||||||||||||||
Common units issued in connection with the vesting of restricted common unit awards | 1,276,762 | (1,276,762 | ) | -- | ||||||||||||||
Forfeiture of restricted common unit awards | -- | (115,250 | ) | (115,250 | ) | |||||||||||||
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards | (434,584 | ) | -- | (434,584 | ) | |||||||||||||
Other | 8,601 | -- | 8,601 | |||||||||||||||
Number of units outstanding at June 30, 2014 | 936,756,541 | 2,218,595 | 938,975,136 | |||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated: | ||||||||||||||||||
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||
Commodity | Interest Rate | Other | Total | |||||||||||||||
Derivative | Derivative | |||||||||||||||||
Instruments | Instruments | |||||||||||||||||
Balance, December 31, 2013 | $ | (14.7 | ) | $ | (347.2 | ) | $ | 2.9 | $ | (359.0 | ) | |||||||
Other comprehensive income before reclassifications | (42.0 | ) | -- | -- | (42.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 30.9 | 15.9 | -- | 46.8 | ||||||||||||||
Total other comprehensive income (loss) | (11.1 | ) | 15.9 | -- | 4.8 | |||||||||||||
Balance, June 30, 2014 | $ | (25.8 | ) | $ | (331.3 | ) | $ | 2.9 | $ | (354.2 | ) | |||||||
Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||
Commodity | Interest Rate | Other | Total | |||||||||||||||
Derivative | Derivative | |||||||||||||||||
Instruments | Instruments | |||||||||||||||||
Balance, December 31, 2012 | $ | 10.1 | $ | (383.0 | ) | $ | 2.5 | $ | (370.4 | ) | ||||||||
Other comprehensive income before reclassifications | (13.5 | ) | 6.7 | 0.4 | (6.4 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.1 | 13.7 | -- | 13.8 | ||||||||||||||
Total other comprehensive income (loss) | (13.4 | ) | 20.4 | 0.4 | 7.4 | |||||||||||||
Balance, June 30, 2013 | $ | (3.3 | ) | $ | (362.6 | ) | $ | 2.9 | $ | (363.0 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated: | ||||||||||||||||||
For the Three Months | For the Six Months | |||||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||||
Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Losses (gains) on cash flow hedges: | ||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 8 | $ | 7.8 | $ | 15.9 | $ | 13.7 | |||||||||
Commodity derivatives | Revenue | 15.4 | (7.2 | ) | 32.3 | 0.5 | ||||||||||||
Commodity derivatives | Operating costs and expenses | (0.5 | ) | -- | (1.4 | ) | (0.4 | ) | ||||||||||
Total | $ | 22.9 | $ | 0.6 | $ | 46.8 | $ | 13.8 | ||||||||||
Declared Quarterly Cash Distribution Rates | ' | |||||||||||||||||
The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated: | ||||||||||||||||||
Distribution Per | Record | Payment | ||||||||||||||||
Common Unit | Date | Date | ||||||||||||||||
2013:00:00 | ||||||||||||||||||
1st Quarter | $ | 0.67 | 4/30/13 | 5/7/13 | ||||||||||||||
2nd Quarter | $ | 0.68 | 7/31/13 | 8/7/13 | ||||||||||||||
2014:00:00 | ||||||||||||||||||
1st Quarter | $ | 0.71 | 4/30/14 | 5/7/14 | ||||||||||||||
2nd Quarter | $ | 0.72 | 7/31/14 | 8/7/14 |
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Business Segments [Abstract] | ' | ||||||||||||||||||||||||||||
Measurement of Total Segment Gross Operating Margin | ' | ||||||||||||||||||||||||||||
The following table presents our measurement of non-GAAP total segment gross operating margin for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Revenues | $ | 12,520.80 | $ | 11,149.30 | $ | 25,430.70 | $ | 22,532.40 | |||||||||||||||||||||
Subtract operating costs and expenses | (11,639.1 | ) | (10,367.2 | ) | (23,519.6 | ) | (20,787.6 | ) | |||||||||||||||||||||
Add equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 | |||||||||||||||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 312.4 | 289.7 | 613.8 | 566.5 | |||||||||||||||||||||||||
Add impairment charges not reflected in gross operating margin | 3.7 | 27.1 | 12.5 | 38.1 | |||||||||||||||||||||||||
Subtract net gains or add net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin | (6.8 | ) | 5.7 | (96.4 | ) | (58.2 | ) | ||||||||||||||||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | 21.9 | -- | 45.2 | -- | |||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,263.20 | $ | 1,142.20 | $ | 2,593.00 | $ | 2,373.30 | |||||||||||||||||||||
Reconciliation of Total Segment Gross Operating Margin to Operating Income and Income Before Provision for Income Taxes | ' | ||||||||||||||||||||||||||||
The following table presents a reconciliation of total segment gross operating margin to operating income and further to income before income taxes for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,263.20 | $ | 1,142.20 | $ | 2,593.00 | $ | 2,373.30 | |||||||||||||||||||||
Adjustments to reconcile total segment gross operating margin to operating income: | |||||||||||||||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | (312.4 | ) | (289.7 | ) | (613.8 | ) | (566.5 | ) | |||||||||||||||||||||
Subtract impairment charges not reflected in gross operating margin | (3.7 | ) | (27.1 | ) | (12.5 | ) | (38.1 | ) | |||||||||||||||||||||
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin (see Note 16) | 6.8 | (5.7 | ) | 96.4 | 58.2 | ||||||||||||||||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | (21.9 | ) | -- | (45.2 | ) | -- | |||||||||||||||||||||||
Subtract general and administrative costs not reflected in gross operating margin | (47.7 | ) | (45.5 | ) | (100.9 | ) | (95.0 | ) | |||||||||||||||||||||
Operating income | 884.3 | 774.2 | 1,917.00 | 1,731.90 | |||||||||||||||||||||||||
Other expense, net | (227.8 | ) | (200.5 | ) | (449.0 | ) | (396.5 | ) | |||||||||||||||||||||
Income before income taxes | $ | 656.5 | $ | 573.7 | $ | 1,468.00 | $ | 1,335.40 | |||||||||||||||||||||
Information by Business Segments | ' | ||||||||||||||||||||||||||||
Information by business segment, together with reconciliations to our consolidated financial statement totals, is presented in the following table: | |||||||||||||||||||||||||||||
Reportable Business Segments | |||||||||||||||||||||||||||||
NGL | Onshore | Onshore | Offshore | Petrochemical | Adjustments | Consolidated | |||||||||||||||||||||||
Pipelines | Natural Gas | Crude Oil | Pipelines | & Refined | and | Total | |||||||||||||||||||||||
& Services | Pipelines | Pipelines | & Services | Products | Eliminations | ||||||||||||||||||||||||
& Services | & Services | Services | |||||||||||||||||||||||||||
Revenues from third parties: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | $ | 4,019.50 | $ | 1,034.50 | $ | 5,865.60 | $ | 36.6 | $ | 1,547.30 | $ | -- | $ | 12,503.50 | |||||||||||||||
Three months ended June 30, 2013 | 3,504.70 | 953 | 5,129.50 | 39.3 | 1,516.10 | -- | 11,142.60 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 9,193.20 | 2,234.50 | 10,801.00 | 71.3 | 3,077.90 | -- | 25,377.90 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 7,455.40 | 1,827.20 | 9,922.70 | 79.8 | 3,234.70 | -- | 22,519.80 | ||||||||||||||||||||||
Revenues from related parties: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 1.7 | 6.5 | 6.7 | 2.4 | -- | -- | 17.3 | ||||||||||||||||||||||
Three months ended June 30, 2013 | 0.2 | 4.5 | -- | 2 | -- | -- | 6.7 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 7.5 | 11.1 | 29.6 | 4.6 | -- | -- | 52.8 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 0.5 | 8 | -- | 4.1 | -- | -- | 12.6 | ||||||||||||||||||||||
Intersegment and intrasegment | |||||||||||||||||||||||||||||
revenues: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 3,324.90 | 295.4 | 5,634.30 | 1.3 | 428.4 | (9,684.3 | ) | -- | |||||||||||||||||||||
Three months ended June 30, 2013 | 2,380.40 | 254.9 | 2,717.00 | 4.2 | 394.2 | (5,750.7 | ) | -- | |||||||||||||||||||||
Six months ended June 30, 2014 | 7,185.90 | 604.8 | 8,185.00 | 3.6 | 865.4 | (16,844.7 | ) | -- | |||||||||||||||||||||
Six months ended June 30, 2013 | 5,089.40 | 511.1 | 4,741.70 | 6.2 | 816.3 | (11,164.7 | ) | -- | |||||||||||||||||||||
Total revenues: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 7,346.10 | 1,336.40 | 11,506.60 | 40.3 | 1,975.70 | (9,684.3 | ) | 12,520.80 | |||||||||||||||||||||
Three months ended June 30, 2013 | 5,885.30 | 1,212.40 | 7,846.50 | 45.5 | 1,910.30 | (5,750.7 | ) | 11,149.30 | |||||||||||||||||||||
Six months ended June 30, 2014 | 16,386.60 | 2,850.40 | 19,015.60 | 79.5 | 3,943.30 | (16,844.7 | ) | 25,430.70 | |||||||||||||||||||||
Six months ended June 30, 2013 | 12,545.30 | 2,346.30 | 14,664.40 | 90.1 | 4,051.00 | (11,164.7 | ) | 22,532.40 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 6.1 | 0.9 | 42.2 | 7.6 | (6.5 | ) | -- | 50.3 | |||||||||||||||||||||
Three months ended June 30, 2013 | 3.8 | 0.9 | 30.1 | 8.7 | (5.9 | ) | -- | 37.6 | |||||||||||||||||||||
Six months ended June 30, 2014 | 7.5 | 1.8 | 84.9 | 18.7 | (6.1 | ) | -- | 106.8 | |||||||||||||||||||||
Six months ended June 30, 2013 | 7.7 | 1.9 | 66.7 | 15.1 | (9.3 | ) | -- | 82.1 | |||||||||||||||||||||
Gross operating margin: | |||||||||||||||||||||||||||||
Three months ended June 30, 2014 | 680.9 | 203 | 184 | 33.6 | 161.7 | -- | 1,263.20 | ||||||||||||||||||||||
Three months ended June 30, 2013 | 544.9 | 197.7 | 197.2 | 39.7 | 162.7 | -- | 1,142.20 | ||||||||||||||||||||||
Six months ended June 30, 2014 | 1,460.90 | 423.4 | 343.7 | 72.9 | 292.1 | -- | 2,593.00 | ||||||||||||||||||||||
Six months ended June 30, 2013 | 1,137.40 | 388.5 | 433.6 | 80.2 | 333.6 | -- | 2,373.30 | ||||||||||||||||||||||
Property, plant and equipment, net: (see Note 6) | |||||||||||||||||||||||||||||
At June 30, 2014 | 11,800.00 | 8,865.00 | 1,511.00 | 1,184.90 | 2,730.80 | 1,463.00 | 27,554.70 | ||||||||||||||||||||||
At December 31, 2013 | 9,957.80 | 8,917.30 | 1,479.90 | 1,223.70 | 2,712.40 | 2,655.50 | 26,946.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7) | |||||||||||||||||||||||||||||
At June 30, 2014 | 680.9 | 23.6 | 1,577.10 | 522.8 | 74.9 | -- | 2,879.30 | ||||||||||||||||||||||
At December 31, 2013 | 645.5 | 24.2 | 1,165.20 | 531.8 | 70.4 | -- | 2,437.10 | ||||||||||||||||||||||
Intangible assets, net: (see Note 8) | |||||||||||||||||||||||||||||
At June 30, 2014 | 273 | 994.7 | 3.9 | 46.4 | 96.9 | -- | 1,414.90 | ||||||||||||||||||||||
At December 31, 2013 | 285.2 | 1,017.80 | 4.5 | 54.7 | 100 | -- | 1,462.20 | ||||||||||||||||||||||
Goodwill: (see Note 8) | |||||||||||||||||||||||||||||
At June 30, 2014 | 861.2 | 296.3 | 305.1 | 82 | 535.3 | -- | 2,079.90 | ||||||||||||||||||||||
At December 31, 2013 | 341.2 | 296.3 | 305.1 | 82.1 | 1,055.30 | -- | 2,080.00 | ||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
At June 30, 2014 | 13,615.10 | 10,179.60 | 3,397.10 | 1,836.10 | 3,437.90 | 1,463.00 | 33,928.80 | ||||||||||||||||||||||
At December 31, 2013 | 11,229.70 | 10,255.60 | 2,954.70 | 1,892.30 | 3,938.10 | 2,655.50 | 32,925.90 | ||||||||||||||||||||||
Consolidated Revenues and Expenses | ' | ||||||||||||||||||||||||||||
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 3,630.60 | $ | 3,235.90 | $ | 8,426.40 | $ | 6,901.50 | |||||||||||||||||||||
Midstream services | 390.6 | 269 | 774.3 | 554.4 | |||||||||||||||||||||||||
Total | 4,021.20 | 3,504.90 | 9,200.70 | 7,455.90 | |||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | 787 | 723.9 | 1,740.20 | 1,363.40 | |||||||||||||||||||||||||
Midstream services | 254 | 233.6 | 505.4 | 471.8 | |||||||||||||||||||||||||
Total | 1,041.00 | 957.5 | 2,245.60 | 1,835.20 | |||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of crude oil | 5,781.90 | 5,057.40 | 10,655.30 | 9,800.20 | |||||||||||||||||||||||||
Midstream services | 90.4 | 72.1 | 175.3 | 122.5 | |||||||||||||||||||||||||
Total | 5,872.30 | 5,129.50 | 10,830.60 | 9,922.70 | |||||||||||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | -- | 0.1 | 0.2 | 0.2 | |||||||||||||||||||||||||
Sales of crude oil | 2.9 | (0.1 | ) | 5 | 2.2 | ||||||||||||||||||||||||
Midstream services | 36.1 | 41.3 | 70.7 | 81.5 | |||||||||||||||||||||||||
Total | 39 | 41.3 | 75.9 | 83.9 | |||||||||||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,376.60 | 1,334.20 | 2,732.80 | 2,881.40 | |||||||||||||||||||||||||
Midstream services | 170.7 | 181.9 | 345.1 | 353.3 | |||||||||||||||||||||||||
Total | 1,547.30 | 1,516.10 | 3,077.90 | 3,234.70 | |||||||||||||||||||||||||
Total consolidated revenues | $ | 12,520.80 | $ | 11,149.30 | $ | 25,430.70 | $ | 22,532.40 | |||||||||||||||||||||
Consolidated costs and expenses | |||||||||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||
Cost of sales | $ | 10,705.30 | $ | 9,458.30 | $ | 21,758.00 | $ | 19,150.80 | |||||||||||||||||||||
Other operating costs and expenses (1) | 624.5 | 586.4 | 1,231.70 | 1,090.40 | |||||||||||||||||||||||||
Depreciation, amortization and accretion | 312.4 | 289.7 | 613.8 | 566.5 | |||||||||||||||||||||||||
Net losses (gains) attributable to asset sales and insurance recoveries | (6.8 | ) | 5.7 | (96.4 | ) | (58.2 | ) | ||||||||||||||||||||||
Non-cash asset impairment charges | 3.7 | 27.1 | 12.5 | 38.1 | |||||||||||||||||||||||||
General and administrative costs | 47.7 | 45.5 | 100.9 | 95 | |||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 11,686.80 | $ | 10,412.70 | $ | 23,620.50 | $ | 20,882.60 | |||||||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||
The following table summarizes our related party transactions for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues – related parties: | |||||||||||||||||
Unconsolidated affiliates | $ | 17.3 | $ | 6.7 | $ | 52.8 | $ | 12.6 | |||||||||
Costs and expenses – related parties: | |||||||||||||||||
EPCO and affiliates | $ | 239.5 | $ | 222.9 | $ | 475.2 | $ | 435.6 | |||||||||
Unconsolidated affiliates | 46 | 29.3 | 102.6 | 60.6 | |||||||||||||
Total | $ | 285.5 | $ | 252.2 | $ | 577.8 | $ | 496.2 | |||||||||
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable - related parties: | |||||||||||||||||
Unconsolidated affiliates | $ | 56.3 | $ | 6.8 | |||||||||||||
Accounts payable - related parties: | |||||||||||||||||
EPCO and affiliates | $ | 101.9 | $ | 116.3 | |||||||||||||
Unconsolidated affiliates | 12.1 | 34.2 | |||||||||||||||
Total | $ | 114 | $ | 150.5 | |||||||||||||
We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At June 30, 2014, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts, the beneficiaries of which include the estate of Dan L. Duncan) beneficially owned the following limited partner interests in us: | |||||||||||||||||
Number of Units | Percentage of | ||||||||||||||||
Total Units | |||||||||||||||||
Outstanding | |||||||||||||||||
341,641,866 | 36.40% | ||||||||||||||||
The following table presents our costs and expenses attributable to the ASA and other related party transactions with EPCO for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating costs and expenses | $ | 208.9 | $ | 193.1 | $ | 412.6 | $ | 374.2 | |||||||||
General and administrative expenses | 30.6 | 29.8 | 62.6 | 61.4 | |||||||||||||
Total costs and expenses | $ | 239.5 | $ | 222.9 | $ | 475.2 | $ | 435.6 |
Earnings_Per_Unit_Tables
Earnings Per Unit (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Unit [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Unit | ' | ||||||||||||||||
The following table presents our calculation of basic and diluted earnings per unit for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30 | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
BASIC EARNINGS PER UNIT | |||||||||||||||||
Net income attributable to limited partners | $ | 637.7 | $ | 552.5 | $ | 1,436.50 | $ | 1,306.00 | |||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (1.2 | ) | -- | (2.7 | ) | -- | |||||||||||
Net income available to common unitholders | $ | 636.5 | $ | 552.5 | $ | 1,433.80 | $ | 1,306.00 | |||||||||
Basic weighted-average number of common units outstanding | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Basic earnings per unit | $ | 0.7 | $ | 0.62 | $ | 1.57 | $ | 1.48 | |||||||||
DILUTED EARNINGS PER UNIT | |||||||||||||||||
Net income attributable to limited partners | $ | 637.7 | $ | 552.5 | $ | 1,436.50 | $ | 1,306.00 | |||||||||
Diluted weighted-average number of units outstanding: | |||||||||||||||||
Distribution-bearing common units | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Designated Units | 22.6 | 23.7 | 22.6 | 23.7 | |||||||||||||
Class B units (2) | -- | 4.5 | -- | 4.5 | |||||||||||||
Phantom units (1) | 1.7 | -- | 1.2 | -- | |||||||||||||
Incremental option units | 0.4 | 1.2 | 0.5 | 1.2 | |||||||||||||
Total | 940.2 | 918.5 | 939.1 | 914.8 | |||||||||||||
Diluted earnings per unit | $ | 0.68 | $ | 0.6 | $ | 1.53 | $ | 1.43 | |||||||||
(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to Enterprise's common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014. | |||||||||||||||||
(2) The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Net Effect of Changes in Operating Assets and Liabilities | ' | ||||||||
The following table presents the net effect of changes in our operating accounts for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Decrease (increase) in: | |||||||||
Accounts receivable – trade | $ | 80.3 | $ | (312.6 | ) | ||||
Accounts receivable – related parties | (43.4 | ) | (17.2 | ) | |||||
Inventories | (235.0 | ) | (255.1 | ) | |||||
Prepaid and other current assets | (64.3 | ) | (42.2 | ) | |||||
Other assets | 21.5 | 0.8 | |||||||
Increase (decrease) in: | |||||||||
Accounts payable – trade | (32.5 | ) | 35.3 | ||||||
Accounts payable – related parties | (36.5 | ) | 15 | ||||||
Accrued product payables | (0.6 | ) | 195.7 | ||||||
Accrued interest | 15.3 | 2.8 | |||||||
Other current liabilities | 90 | (16.5 | ) | ||||||
Other liabilities | 6.6 | (15.2 | ) | ||||||
Net effect of changes in operating accounts | $ | (198.6 | ) | $ | (409.2 | ) | |||
Schedule of Significant Acquisitions and Disposals | ' | ||||||||
The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6) | $ | -- | $ | 86.9 | |||||
Sale of lubrication oil and specialty chemical distribution assets (see Note 6) | -- | 35.3 | |||||||
Sale of chemical trucking assets | -- | 29.5 | |||||||
Insurance recoveries attributable to West Storage claims (see Note 15) | 95 | 8.8 | |||||||
Other cash proceeds | 18.2 | 38.7 | |||||||
Total | $ | 113.2 | $ | 199.2 | |||||
The following table presents net gains (losses) attributable to asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Six Months | |||||||||
Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Sale of Stratton Ridge-to-Mont Belvieu segment of Seminole Pipeline (see Note 6) | $ | -- | $ | 52.5 | |||||
Gains attributable to West Storage insurance recoveries (see Note 15) | 95 | 8.8 | |||||||
Net gains (losses) attributable to other asset sales | 1.4 | (3.1 | ) | ||||||
Total | $ | 96.4 | $ | 58.2 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 241.9 | $ | 76.6 | $ | (19.8 | ) | $ | 298.7 | $ | -- | $ | -- | $ | 298.7 | ||||||||||||||
Accounts receivable – trade, net | 1,301.60 | 4,096.50 | (4.6 | ) | 5,393.50 | -- | -- | 5,393.50 | |||||||||||||||||||||
Accounts receivable – related parties | 272.9 | 1,369.60 | (1,576.7 | ) | 65.8 | -- | (9.5 | ) | 56.3 | ||||||||||||||||||||
Inventories | 868.6 | 450.8 | (1.1 | ) | 1,318.30 | -- | -- | 1,318.30 | |||||||||||||||||||||
Prepaid and other current assets | 183 | 232.1 | (12.2 | ) | 402.9 | 0.3 | 1.9 | 405.1 | |||||||||||||||||||||
Total current assets | 2,868.00 | 6,225.60 | (1,614.4 | ) | 7,479.20 | 0.3 | (7.6 | ) | 7,471.90 | ||||||||||||||||||||
Property, plant and equipment, net | 2,174.90 | 25,378.30 | 1.5 | 27,554.70 | -- | -- | 27,554.70 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 32,133.40 | 3,400.60 | (32,654.7 | ) | 2,879.30 | 15,585.70 | (15,585.7 | ) | 2,879.30 | ||||||||||||||||||||
Intangible assets, net | 81.1 | 1,349.20 | (15.4 | ) | 1,414.90 | -- | -- | 1,414.90 | |||||||||||||||||||||
Goodwill | 458.8 | 1,621.10 | -- | 2,079.90 | -- | -- | 2,079.90 | ||||||||||||||||||||||
Other assets | 130 | 41.9 | (1.4 | ) | 170.5 | 0.1 | -- | 170.6 | |||||||||||||||||||||
Total assets | $ | 37,846.20 | $ | 38,016.70 | $ | (34,284.4 | ) | $ | 41,578.50 | $ | 15,586.10 | $ | (15,593.3 | ) | $ | 41,571.30 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,300.00 | $ | -- | $ | -- | $ | 1,300.00 | $ | -- | $ | -- | $ | 1,300.00 | |||||||||||||||
Accounts payable – trade | 257 | 468.7 | (19.8 | ) | 705.9 | -- | -- | 705.9 | |||||||||||||||||||||
Accounts payable – related parties | 1,527.00 | 178.2 | (1,591.2 | ) | 114 | 9.5 | (9.5 | ) | 114 | ||||||||||||||||||||
Accrued product payables | 1,726.40 | 3,886.50 | (6.3 | ) | 5,606.60 | -- | -- | 5,606.60 | |||||||||||||||||||||
Accrued interest | 319.5 | 0.1 | -- | 319.6 | -- | -- | 319.6 | ||||||||||||||||||||||
Other current liabilities | 73.5 | 363.1 | (12.8 | ) | 423.8 | -- | -- | 423.8 | |||||||||||||||||||||
Total current liabilities | 5,203.40 | 4,896.60 | (1,630.1 | ) | 8,469.90 | 9.5 | (9.5 | ) | 8,469.90 | ||||||||||||||||||||
Long-term debt | 17,048.00 | 14.9 | -- | 17,062.90 | -- | -- | 17,062.90 | ||||||||||||||||||||||
Deferred tax liabilities | 4 | 54.7 | (1.4 | ) | 57.3 | -- | 3.9 | 61.2 | |||||||||||||||||||||
Other long-term liabilities | 10 | 165.4 | (0.5 | ) | 174.9 | -- | -- | 174.9 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners' and other owners' equity | 15,580.80 | 32,815.30 | (32,834.9 | ) | 15,561.20 | 15,576.60 | (15,561.2 | ) | 15,576.60 | ||||||||||||||||||||
Noncontrolling interests | -- | 69.8 | 182.5 | 252.3 | -- | (26.5 | ) | 225.8 | |||||||||||||||||||||
Total equity | 15,580.80 | 32,885.10 | (32,652.4 | ) | 15,813.50 | 15,576.60 | (15,587.7 | ) | 15,802.40 | ||||||||||||||||||||
Total liabilities and equity | $ | 37,846.20 | $ | 38,016.70 | $ | (34,284.4 | ) | $ | 41,578.50 | $ | 15,586.10 | $ | (15,593.3 | ) | $ | 41,571.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | $ | 93.9 | $ | 49.5 | $ | (20.9 | ) | $ | 122.5 | $ | -- | $ | -- | $ | 122.5 | ||||||||||||||
Accounts receivable – trade, net | 1,986.80 | 3,491.10 | (2.4 | ) | 5,475.50 | -- | -- | 5,475.50 | |||||||||||||||||||||
Accounts receivable – related parties | 384.7 | 1,348.10 | (1,726.0 | ) | 6.8 | 0.2 | (0.2 | ) | 6.8 | ||||||||||||||||||||
Inventories | 948.5 | 145.4 | (0.8 | ) | 1,093.10 | -- | -- | 1,093.10 | |||||||||||||||||||||
Prepaid and other current assets | 140.9 | 191.4 | (6.8 | ) | 325.5 | -- | -- | 325.5 | |||||||||||||||||||||
Total current assets | 3,554.80 | 5,225.50 | (1,756.9 | ) | 7,023.40 | 0.2 | (0.2 | ) | 7,023.40 | ||||||||||||||||||||
Property, plant and equipment, net | 1,945.00 | 24,999.70 | 1.9 | 26,946.60 | -- | -- | 26,946.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 30,819.90 | 2,921.20 | (31,304.0 | ) | 2,437.10 | 15,214.50 | (15,214.5 | ) | 2,437.10 | ||||||||||||||||||||
Intangible assets, net | 76.9 | 1,385.30 | -- | 1,462.20 | -- | -- | 1,462.20 | ||||||||||||||||||||||
Goodwill | 458.9 | 1,621.10 | -- | 2,080.00 | -- | -- | 2,080.00 | ||||||||||||||||||||||
Other assets | 123.5 | 67.2 | (1.4 | ) | 189.3 | 0.1 | -- | 189.4 | |||||||||||||||||||||
Total assets | $ | 36,979.00 | $ | 36,220.00 | $ | (33,060.4 | ) | $ | 40,138.60 | $ | 15,214.80 | $ | (15,214.7 | ) | $ | 40,138.70 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,125.00 | $ | -- | $ | -- | $ | 1,125.00 | $ | -- | $ | -- | $ | 1,125.00 | |||||||||||||||
Accounts payable – trade | 103 | 641.6 | (20.9 | ) | 723.7 | -- | -- | 723.7 | |||||||||||||||||||||
Accounts payable – related parties | 1,541.80 | 333.8 | (1,724.9 | ) | 150.7 | -- | (0.2 | ) | 150.5 | ||||||||||||||||||||
Accrued product payables | 2,388.60 | 3,224.50 | (4.4 | ) | 5,608.70 | -- | -- | 5,608.70 | |||||||||||||||||||||
Accrued interest | 304.2 | 0.1 | -- | 304.3 | -- | -- | 304.3 | ||||||||||||||||||||||
Other current liabilities | 92.3 | 242.4 | (6.7 | ) | 328 | -- | (1.5 | ) | 326.5 | ||||||||||||||||||||
Total current liabilities | 5,554.90 | 4,442.40 | (1,756.9 | ) | 8,240.40 | -- | (1.7 | ) | 8,238.70 | ||||||||||||||||||||
Long-term debt | 16,211.60 | 14.9 | -- | 16,226.50 | -- | -- | 16,226.50 | ||||||||||||||||||||||
Deferred tax liabilities | 4.3 | 55 | (1.4 | ) | 57.9 | -- | 2.9 | 60.8 | |||||||||||||||||||||
Other long-term liabilities | 11.8 | 160.5 | -- | 172.3 | -- | -- | 172.3 | ||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners' and other owners' equity | 15,196.40 | 31,475.90 | (31,482.4 | ) | 15,189.90 | 15,214.80 | (15,189.9 | ) | 15,214.80 | ||||||||||||||||||||
Noncontrolling interests | -- | 71.3 | 180.3 | 251.6 | -- | (26.0 | ) | 225.6 | |||||||||||||||||||||
Total equity | 15,196.40 | 31,547.20 | (31,302.1 | ) | 15,441.50 | 15,214.80 | (15,215.9 | ) | 15,440.40 | ||||||||||||||||||||
Total liabilities and equity | $ | 36,979.00 | $ | 36,220.00 | $ | (33,060.4 | ) | $ | 40,138.60 | $ | 15,214.80 | $ | (15,214.7 | ) | $ | 40,138.70 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 7,577.70 | $ | 9,151.10 | $ | (4,208.0 | ) | $ | 12,520.80 | $ | -- | $ | -- | $ | 12,520.80 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 7,397.90 | 8,449.60 | (4,208.4 | ) | 11,639.10 | -- | -- | 11,639.10 | |||||||||||||||||||||
General and administrative costs | 7.6 | 39.9 | -- | 47.5 | 0.2 | -- | 47.7 | ||||||||||||||||||||||
Total costs and expenses | 7,405.50 | 8,489.50 | (4,208.4 | ) | 11,686.60 | 0.2 | -- | 11,686.80 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 700.2 | 75.9 | (725.8 | ) | 50.3 | 637.9 | (637.9 | ) | 50.3 | ||||||||||||||||||||
Operating income | 872.4 | 737.5 | (725.4 | ) | 884.5 | 637.7 | (637.9 | ) | 884.3 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (228.6 | ) | (0.3 | ) | -- | (228.9 | ) | -- | -- | (228.9 | ) | ||||||||||||||||||
Other, net | 0.3 | 0.8 | -- | 1.1 | -- | -- | 1.1 | ||||||||||||||||||||||
Total other expense, net | (228.3 | ) | 0.5 | -- | (227.8 | ) | -- | -- | (227.8 | ) | |||||||||||||||||||
Income before income taxes | 644.1 | 738 | (725.4 | ) | 656.7 | 637.7 | (637.9 | ) | 656.5 | ||||||||||||||||||||
Provision for income taxes | (7.3 | ) | (2.7 | ) | 0.2 | (9.8 | ) | -- | (0.2 | ) | (10.0 | ) | |||||||||||||||||
Net income | 636.8 | 735.3 | (725.2 | ) | 646.9 | 637.7 | (638.1 | ) | 646.5 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.1 | (10.2 | ) | (10.1 | ) | -- | 1.3 | (8.8 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 636.8 | $ | 735.4 | $ | (735.4 | ) | $ | 636.8 | $ | 637.7 | $ | (636.8 | ) | $ | 637.7 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 6,491.00 | $ | 8,015.70 | $ | (3,357.4 | ) | $ | 11,149.30 | $ | -- | $ | -- | $ | 11,149.30 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 6,326.60 | 7,398.10 | (3,357.5 | ) | 10,367.20 | -- | -- | 10,367.20 | |||||||||||||||||||||
General and administrative costs | 7.4 | 37.4 | -- | 44.8 | 0.7 | -- | 45.5 | ||||||||||||||||||||||
Total costs and expenses | 6,334.00 | 7,435.50 | (3,357.5 | ) | 10,412.00 | 0.7 | -- | 10,412.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 612.3 | 42.9 | (617.6 | ) | 37.6 | 553.2 | (553.2 | ) | 37.6 | ||||||||||||||||||||
Operating income | 769.3 | 623.1 | (617.5 | ) | 774.9 | 552.5 | (553.2 | ) | 774.2 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (199.7 | ) | (0.5 | ) | -- | (200.2 | ) | -- | -- | (200.2 | ) | ||||||||||||||||||
Other, net | 0.1 | (0.4 | ) | -- | (0.3 | ) | -- | -- | (0.3 | ) | |||||||||||||||||||
Total other expense, net | (199.6 | ) | (0.9 | ) | -- | (200.5 | ) | -- | -- | (200.5 | ) | ||||||||||||||||||
Income before income taxes | 569.7 | 622.2 | (617.5 | ) | 574.4 | 552.5 | (553.2 | ) | 573.7 | ||||||||||||||||||||
Provision for income taxes | (17.5 | ) | (2.9 | ) | -- | (20.4 | ) | -- | -- | (20.4 | ) | ||||||||||||||||||
Net income | 552.2 | 619.3 | (617.5 | ) | 554 | 552.5 | (553.2 | ) | 553.3 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (0.4 | ) | (1.3 | ) | (1.7 | ) | -- | 0.9 | (0.8 | ) | ||||||||||||||||||
Net income attributable to entity | $ | 552.2 | $ | 618.9 | $ | (618.8 | ) | $ | 552.3 | $ | 552.5 | $ | (552.3 | ) | $ | 552.5 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 17,068.60 | $ | 17,261.70 | $ | (8,899.6 | ) | $ | 25,430.70 | $ | -- | $ | -- | $ | 25,430.70 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 16,565.70 | 15,854.10 | (8,900.2 | ) | 23,519.60 | -- | -- | 23,519.60 | |||||||||||||||||||||
General and administrative costs | 14.9 | 85.6 | -- | 100.5 | 0.4 | -- | 100.9 | ||||||||||||||||||||||
Total costs and expenses | 16,580.60 | 15,939.70 | (8,900.2 | ) | 23,620.10 | 0.4 | -- | 23,620.50 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,407.00 | 161.7 | (1,461.9 | ) | 106.8 | 1,436.90 | (1,436.9 | ) | 106.8 | ||||||||||||||||||||
Operating income | 1,895.00 | 1,483.70 | (1,461.3 | ) | 1,917.40 | 1,436.50 | (1,436.9 | ) | 1,917.00 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (449.4 | ) | (0.4 | ) | -- | (449.8 | ) | -- | -- | (449.8 | ) | ||||||||||||||||||
Other, net | 0.5 | 0.3 | -- | 0.8 | -- | -- | 0.8 | ||||||||||||||||||||||
Total other expense, net | (448.9 | ) | (0.1 | ) | -- | (449.0 | ) | -- | -- | (449.0 | ) | ||||||||||||||||||
Income before income taxes | 1,446.10 | 1,483.60 | (1,461.3 | ) | 1,468.40 | 1,436.50 | (1,436.9 | ) | 1,468.00 | ||||||||||||||||||||
Provision for income taxes | (11.5 | ) | (3.0 | ) | 0.2 | (14.3 | ) | -- | (0.5 | ) | (14.8 | ) | |||||||||||||||||
Net income | 1,434.60 | 1,480.60 | (1,461.1 | ) | 1,454.10 | 1,436.50 | (1,437.4 | ) | 1,453.20 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.1 | (19.3 | ) | (19.2 | ) | -- | 2.5 | (16.7 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 1,434.60 | $ | 1,480.70 | $ | (1,480.4 | ) | $ | 1,434.90 | $ | 1,436.50 | $ | (1,434.9 | ) | $ | 1,436.50 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Revenues | $ | 13,846.50 | $ | 15,456.10 | $ | (6,770.2 | ) | $ | 22,532.40 | $ | -- | $ | -- | $ | 22,532.40 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 13,470.50 | 14,087.30 | (6,770.2 | ) | 20,787.60 | -- | -- | 20,787.60 | |||||||||||||||||||||
General and administrative costs | 12.1 | 82 | -- | 94.1 | 0.9 | -- | 95 | ||||||||||||||||||||||
Total costs and expenses | 13,482.60 | 14,169.30 | (6,770.2 | ) | 20,881.70 | 0.9 | -- | 20,882.60 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 1,359.00 | 94.1 | (1,371.0 | ) | 82.1 | 1,306.90 | (1,306.9 | ) | 82.1 | ||||||||||||||||||||
Operating income | 1,722.90 | 1,380.90 | (1,371.0 | ) | 1,732.80 | 1,306.00 | (1,306.9 | ) | 1,731.90 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (395.0 | ) | (1.1 | ) | -- | (396.1 | ) | -- | -- | (396.1 | ) | ||||||||||||||||||
Other, net | 0.2 | (0.6 | ) | -- | (0.4 | ) | -- | -- | (0.4 | ) | |||||||||||||||||||
Total other expense, net | (394.8 | ) | (1.7 | ) | -- | (396.5 | ) | -- | -- | (396.5 | ) | ||||||||||||||||||
Income before income taxes | 1,328.10 | 1,379.20 | (1,371.0 | ) | 1,336.30 | 1,306.00 | (1,306.9 | ) | 1,335.40 | ||||||||||||||||||||
Provision for income taxes | (22.6 | ) | (3.9 | ) | -- | (26.5 | ) | -- | (0.3 | ) | (26.8 | ) | |||||||||||||||||
Net income | 1,305.50 | 1,375.30 | (1,371.0 | ) | 1,309.80 | 1,306.00 | (1,307.2 | ) | 1,308.60 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | (0.9 | ) | (3.3 | ) | (4.2 | ) | -- | 1.6 | (2.6 | ) | ||||||||||||||||||
Net income attributable to entity | $ | 1,305.50 | $ | 1,374.40 | $ | (1,374.3 | ) | $ | 1,305.60 | $ | 1,306.00 | $ | (1,305.6 | ) | $ | 1,306.00 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 644.9 | $ | 717.2 | $ | (725.1 | ) | $ | 637 | $ | 627.8 | $ | (628.2 | ) | $ | 636.6 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.1 | (10.2 | ) | (10.1 | ) | -- | 1.3 | (8.8 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 644.9 | $ | 717.3 | $ | (735.3 | ) | $ | 626.9 | $ | 627.8 | $ | (626.9 | ) | $ | 627.8 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 575.1 | $ | 631.6 | $ | (617.6 | ) | $ | 589.1 | $ | 587.6 | $ | (588.3 | ) | $ | 588.4 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (0.4 | ) | (1.3 | ) | (1.7 | ) | -- | 0.9 | (0.8 | ) | ||||||||||||||||||
Comprehensive income attributable to entity | $ | 575.1 | $ | 631.2 | $ | (618.9 | ) | $ | 587.4 | $ | 587.6 | $ | (587.4 | ) | $ | 587.6 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 1,452.90 | $ | 1,467.00 | $ | (1,461.0 | ) | $ | 1,458.90 | $ | 1,441.30 | $ | (1,442.2 | ) | $ | 1,458.00 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.1 | (19.3 | ) | (19.2 | ) | -- | 2.5 | (16.7 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,452.90 | $ | 1,467.10 | $ | (1,480.3 | ) | $ | 1,439.70 | $ | 1,441.30 | $ | (1,439.7 | ) | $ | 1,441.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 1,328.10 | $ | 1,360.00 | $ | (1,371.0 | ) | $ | 1,317.10 | $ | 1,313.40 | $ | (1,314.5 | ) | $ | 1,316.00 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | (0.9 | ) | (3.3 | ) | (4.2 | ) | -- | 1.6 | (2.6 | ) | ||||||||||||||||||
Comprehensive income attributable to entity | $ | 1,328.10 | $ | 1,359.10 | $ | (1,374.3 | ) | $ | 1,312.90 | $ | 1,313.40 | $ | (1,312.9 | ) | $ | 1,313.40 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 1,434.60 | $ | 1,480.60 | $ | (1,461.1 | ) | $ | 1,454.10 | $ | 1,436.50 | $ | (1,437.4 | ) | $ | 1,453.20 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 74.9 | 576.3 | (0.2 | ) | 651 | -- | -- | 651 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,407.0 | ) | (161.7 | ) | 1,461.90 | (106.8 | ) | (1,436.9 | ) | 1,436.90 | (106.8 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 1,829.30 | 137.9 | (1,810.1 | ) | 157.1 | 1,346.50 | (1,346.5 | ) | 157.1 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (334.9 | ) | 56.5 | 0.6 | (277.8 | ) | (5.3 | ) | 0.5 | (282.6 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 1,596.90 | 2,089.60 | (1,808.9 | ) | 1,877.60 | 1,340.80 | (1,346.5 | ) | 1,871.90 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (166.8 | ) | (1,005.7 | ) | -- | (1,172.5 | ) | -- | -- | (1,172.5 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 3.8 | 109.4 | -- | 113.2 | -- | -- | 113.2 | ||||||||||||||||||||||
Other investing activities | (1,155.2 | ) | (443.7 | ) | 1,103.30 | (495.6 | ) | (221.3 | ) | 221.3 | (495.6 | ) | |||||||||||||||||
Cash used in investing activities | (1,318.2 | ) | (1,340.0 | ) | 1,103.30 | (1,554.9 | ) | (221.3 | ) | 221.3 | (1,554.9 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 4,182.80 | -- | -- | 4,182.80 | -- | -- | 4,182.80 | ||||||||||||||||||||||
Repayments of debt | (3,161.3 | ) | -- | -- | (3,161.3 | ) | -- | -- | (3,161.3 | ) | |||||||||||||||||||
Cash distributions paid to partners | (1,346.5 | ) | (1,829.8 | ) | 1,829.80 | (1,346.5 | ) | (1,288.4 | ) | 1,346.50 | (1,288.4 | ) | |||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (1.2 | ) | -- | (1.2 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (19.7 | ) | (19.7 | ) | -- | -- | (19.7 | ) | |||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 4 | 4 | -- | -- | 4 | ||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 223.3 | -- | 223.3 | ||||||||||||||||||||||
Cash contributions from owners | 221.3 | 1,107.30 | (1,107.3 | ) | 221.3 | -- | (221.3 | ) | -- | ||||||||||||||||||||
Other financing activities | (18.2 | ) | -- | -- | (18.2 | ) | (53.2 | ) | -- | (71.4 | ) | ||||||||||||||||||
Cash used in financing activities | (121.9 | ) | (722.5 | ) | 706.8 | (137.6 | ) | (1,119.5 | ) | 1,125.20 | (131.9 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 156.8 | 27.1 | 1.2 | 185.1 | -- | -- | 185.1 | ||||||||||||||||||||||
Cash and cash equivalents, January 1 | 28.4 | 49.5 | (21.0 | ) | 56.9 | -- | -- | 56.9 | |||||||||||||||||||||
Cash and cash equivalents, June 30 | $ | 185.2 | $ | 76.6 | $ | (19.8 | ) | $ | 242 | $ | -- | $ | -- | $ | 242 | ||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
EPO and Subsidiaries | |||||||||||||||||||||||||||||
Subsidiary | Other | EPO and | Consolidated | Enterprise | Eliminations | Consolidated | |||||||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | EPO and | Products | and | Total | |||||||||||||||||||||||
(EPO) | (Non- | Eliminations | Subsidiaries | Partners | Adjustments | ||||||||||||||||||||||||
guarantor) | and | L.P. | |||||||||||||||||||||||||||
Adjustments | (Guarantor) | ||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net income | $ | 1,305.50 | $ | 1,375.30 | $ | (1,371.0 | ) | $ | 1,309.80 | $ | 1,306.00 | $ | (1,307.2 | ) | $ | 1,308.60 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 69.8 | 530 | -- | 599.8 | -- | -- | 599.8 | ||||||||||||||||||||||
Equity in income of unconsolidated affiliates | (1,359.0 | ) | (94.1 | ) | 1,371.00 | (82.1 | ) | (1,306.9 | ) | 1,306.90 | (82.1 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 2,432.20 | 116.8 | (2,429.7 | ) | 119.3 | 1,195.60 | (1,195.6 | ) | 119.3 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (744.5 | ) | 337.1 | 1.5 | (405.9 | ) | 21.6 | (30.4 | ) | (414.7 | ) | ||||||||||||||||||
Net cash flows provided by operating activities | 1,704.00 | 2,265.10 | (2,428.2 | ) | 1,540.90 | 1,216.30 | (1,226.3 | ) | 1,530.90 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (129.3 | ) | (1,303.1 | ) | -- | (1,432.4 | ) | -- | -- | (1,432.4 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 12.6 | 186.6 | -- | 199.2 | -- | -- | 199.2 | ||||||||||||||||||||||
Other investing activities | (1,798.7 | ) | (361.1 | ) | 1,590.40 | (569.4 | ) | (835.8 | ) | 835.8 | (569.4 | ) | |||||||||||||||||
Cash used in investing activities | (1,915.4 | ) | (1,477.6 | ) | 1,590.40 | (1,802.6 | ) | (835.8 | ) | 835.8 | (1,802.6 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 7,064.50 | -- | -- | 7,064.50 | -- | -- | 7,064.50 | ||||||||||||||||||||||
Repayments of debt | (6,251.7 | ) | (29.9 | ) | -- | (6,281.6 | ) | -- | -- | (6,281.6 | ) | ||||||||||||||||||
Cash distributions paid to partners | (1,226.3 | ) | (2,434.4 | ) | 2,434.40 | (1,226.3 | ) | (1,171.9 | ) | 1,226.30 | (1,171.9 | ) | |||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (4.7 | ) | (4.7 | ) | -- | -- | (4.7 | ) | |||||||||||||||||||
Cash contributions from noncontrolling interests | -- | -- | 95.9 | 95.9 | -- | -- | 95.9 | ||||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 835.4 | -- | 835.4 | ||||||||||||||||||||||
Cash contributions from owners | 835.8 | 1,686.20 | (1,686.2 | ) | 835.8 | -- | (835.8 | ) | -- | ||||||||||||||||||||
Other financing activities | (192.6 | ) | 0.1 | -- | (192.5 | ) | (44.2 | ) | -- | (236.7 | ) | ||||||||||||||||||
Cash provided by (used in) financing activities | 229.7 | (778.0 | ) | 839.4 | 291.1 | (380.7 | ) | 390.5 | 300.9 | ||||||||||||||||||||
Net change in cash and cash equivalents | 18.3 | 9.5 | 1.6 | 29.4 | (0.2 | ) | -- | 29.2 | |||||||||||||||||||||
Cash and cash equivalents, January 1 | -- | 28 | (12.1 | ) | 15.9 | 0.2 | -- | 16.1 | |||||||||||||||||||||
Cash and cash equivalents, June 30 | $ | 18.3 | $ | 37.5 | $ | (10.5 | ) | $ | 45.3 | $ | -- | $ | -- | $ | 45.3 |
Subsequent_Event_Tables
Subsequent Event (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Subsequent Event [Abstract] | ' | ||||||||||||||||
Schedule of Subsequent Event | ' | ||||||||||||||||
The following table presents pro forma earnings per unit (giving retroactive effect solely to the unit split) for the periods indicated: | |||||||||||||||||
For the Three Months | For the Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available to common unitholders (see Note 13) | $ | 636.5 | $ | 552.5 | $ | 1,433.80 | $ | 1,306.00 | |||||||||
Basic earnings per unit: | |||||||||||||||||
Weighted-average number of common units outstanding, as reported | 915.5 | 889.1 | 914.8 | 885.4 | |||||||||||||
Weighted-average number of common units outstanding, pro forma | 1,831.00 | 1,778.20 | 1,829.60 | 1,770.80 | |||||||||||||
Basic earnings per unit, as reported | $ | 0.7 | $ | 0.62 | $ | 1.57 | $ | 1.48 | |||||||||
Basic earnings per unit, pro forma | $ | 0.35 | $ | 0.31 | $ | 0.78 | $ | 0.74 | |||||||||
Diluted earnings per unit: | |||||||||||||||||
Weighted-average number of common units outstanding, as reported | 940.2 | 918.5 | 939.1 | 914.8 | |||||||||||||
Weighted-average number of common units outstanding, pro forma | 1,880.40 | 1,837.00 | 1,878.20 | 1,829.60 | |||||||||||||
Diluted earnings per unit, as reported | $ | 0.68 | $ | 0.6 | $ | 1.53 | $ | 1.43 | |||||||||
Diluted earnings per unit, pro forma | $ | 0.34 | $ | 0.3 | $ | 0.76 | $ | 0.71 |
Partnership_Operations_and_Org1
Partnership Operations and Organization (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Platform | |
mi | |
Fractionator | |
bbl | |
ft3 | |
Plant | |
Partnership Operations, Organization and Basis of Presentation [Abstract] | ' |
Number of miles of onshore and offshore pipelines | 51,000 |
Number of barrels of storage capacity | 200,000,000 |
Number of cubic feet of storage capacity | 14,000,000,000 |
Number of natural gas processing plants | 24 |
Number of fractionators | 22 |
Number of offshore hub platforms | 6 |
Number of reportable segments | 5 |
Limited partners ownership interest (in hundredths) | 100.00% |
General_Accounting_Matters_Det
General Accounting Matters (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restricted cash [Abstract] | ' | ' |
Restricted cash | $56.70 | $65.60 |
Equitybased_Awards_Details
Equity-based Awards (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Total compensation expense | $22.80 | $18.60 | $40.30 | $35.80 |
Equity-classified awards [Member] | Restricted Common Unit Awards [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Total compensation expense | 9 | 18.3 | 20.6 | 34.9 |
Equity-classified awards [Member] | Unit Option Awards [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Total compensation expense | 0 | 0.2 | 0 | 0.6 |
Equity-classified awards [Member] | Phantom Unit Awards [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Total compensation expense | 13.6 | 0 | 19.4 | 0 |
Liability-classified awards [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Total compensation expense | $0.20 | $0.10 | $0.30 | $0.30 |
Long-Term Incentive Plan (2008) [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Maximum number of common units that may be issued as awards (in units) | 12,500,000 | ' | 12,500,000 | ' |
Incremental number of units to be authorized annually (in units) | ' | ' | 2,500,000 | ' |
Maximum number of additional units to be authorized for issuance (in units) | ' | ' | 35,000,000 | ' |
Remaining number of common units available to be issued as awards (in units) | 6,388,498 | ' | 6,388,498 | ' |
Long Term Incentive Plan (1998) [Member] | ' | ' | ' | ' |
Equity-based compensation expense [Abstract] | ' | ' | ' | ' |
Maximum number of common units that may be issued as awards (in units) | 7,000,000 | ' | 7,000,000 | ' |
Remaining number of common units available to be issued as awards (in units) | 1,340,885 | ' | 1,340,885 | ' |
Equitybased_Awards_Restricted_
Equity-based Awards, Restricted Unit Awards (Details) (Restricted Common Unit Awards [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Vesting rate of restricted common unit awards (in hundredths) | 25.00% | ' | 25.00% | ' | ||
Summary of awards activity, equity instruments other than options [Roll Forward] | ' | ' | ' | ' | ||
Beginning of period (in units) | ' | ' | 3,610,607 | ' | ||
Vested (in units) | ' | ' | -1,276,762 | ' | ||
Forfeited (in units) | ' | ' | -115,250 | ' | ||
End of period (in units) | 2,218,595 | ' | 2,218,595 | ' | ||
Restricted units outstanding, weighted-average grant date fair value [Roll Forward] | ' | ' | ' | ' | ||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | ' | ' | $51.66 | [1] | ' | |
Vested weighted-average grant date fair value per unit (in dollars per unit) | ' | ' | $47.81 | [1] | ' | |
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | ' | ' | $52.49 | [1] | ' | |
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | $53.84 | [1] | ' | $53.84 | [1] | ' |
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ' | ' | ' | ' | ||
Cash distributions paid to restricted common unitholders | $1.60 | $3 | $4.10 | $5.60 | ||
Total intrinsic value of our restricted common unit awards that vested during period | 2.7 | 54 | 84.1 | 106.4 | ||
Unrecognized Compensation Expense [Abstract] | ' | ' | ' | ' | ||
Unrecognized compensation cost | 47.1 | ' | 47.1 | ' | ||
Recognition period for total unrecognized compensation cost | ' | ' | '1 year 8 months 12 days | ' | ||
Enterprise [Member] | ' | ' | ' | ' | ||
Unrecognized Compensation Expense [Abstract] | ' | ' | ' | ' | ||
Unrecognized compensation cost | $42.20 | ' | $42.20 | ' | ||
[1] | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
Equitybased_Awards_Unit_Option
Equity-based Awards, Unit Option Awards (Details) (Unit Option Awards [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Unit Option Awards [Member] | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |||
Vesting period | ' | ' | '4 years | ' | ' | |||
Summary of awards activity, options [Roll Forward] | ' | ' | ' | ' | ' | |||
Beginning of period (in units) | ' | ' | 2,025,000 | [1] | ' | ' | ||
Exercised (in units) | ' | ' | -1,360,000 | ' | ' | |||
Forfeited (in units) | ' | ' | -30,000 | ' | ' | |||
End of period (in units) | 635,000 | [1] | ' | 635,000 | [1] | ' | 2,025,000 | [1] |
Options outstanding, weighted-average strike price [Roll Forward] | ' | ' | ' | ' | ' | |||
Weighted average strike price, beginning of period (in dollars per unit) | ' | ' | $26.49 | ' | ' | |||
Weighted average strike price, exercised (in dollars per unit) | ' | ' | $23.66 | ' | ' | |||
Weighted average strike price, forfeited (in dollars per unit) | ' | ' | $32.27 | ' | ' | |||
Weighted average strike price, end of period (in dollars per unit) | $32.27 | ' | $32.27 | ' | $26.49 | |||
Weighted average remaining contractual term | ' | ' | '1 year 6 months | ' | '1 year 3 months 18 days | |||
Aggregate intrinsic value | $29.20 | [2] | ' | $29.20 | [2] | ' | $57 | [2] |
Total intrinsic value of unit option awards exercised during period | 2.8 | 3.4 | 57.5 | 19.8 | ' | |||
Cash received from EPCO in connection with the exercise of unit option awards | 1.6 | 2 | 33.4 | 11.5 | ' | |||
Unit option award-related cash reimbursements to EPCO | $2.80 | $3.40 | $57.50 | $19.80 | ' | |||
[1] | None of the unit option awards outstanding at June 30, 2014 and December 31, 2013 were exercisable as of such dates, respectively. | |||||||
[2] | Aggregate intrinsic value reflects fully vested unit option awards at the date indicated. |
Equitybased_Awards_Phantom_Uni
Equity-based Awards, Phantom Unit Awards (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ' | ' | ' | ' | ||
Cash payments made in connection with DERs | ' | ' | $1.20 | $0 | ||
Phantom Unit Awards [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||
Vesting rate of phantom unit awards (in hundredths) | 25.00% | ' | 25.00% | ' | ||
Summary of awards activity, equity instruments other than options [Roll Forward] | ' | ' | ' | ' | ||
Beginning of period (in units) | ' | ' | 0 | ' | ||
Granted (in units) | ' | ' | 1,737,945 | [1] | ' | |
Vested (in units) | ' | ' | -15,800 | ' | ||
Forfeited (in units) | ' | ' | -32,070 | ' | ||
End of period (in units) | 1,690,075 | ' | 1,690,075 | ' | ||
Phantom units outstanding, weighted-average grant date fair value [Roll Forward] | ' | ' | ' | ' | ||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | ' | ' | $0 | [2] | ' | |
Granted weighted-average grant date fair value per unit (in dollars per unit) | ' | ' | $66.11 | [1],[2] | ' | |
Vested weighted-average grant date fair value per unit (in dollars per unit) | ' | ' | $66.08 | [2] | ' | |
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | ' | ' | $66.08 | [2] | ' | |
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | $66.11 | [2] | ' | $66.11 | [2] | ' |
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ' | ' | ' | ' | ||
Aggregate grant date fair value | ' | ' | 114.9 | ' | ||
Estimated forfeiture rate (in hundredths) | ' | ' | 3.40% | ' | ||
Cash payments made in connection with DERs | 1.2 | 0 | 1.2 | 0 | ||
Total intrinsic value of phantom unit awards that vested during period | 1.2 | 0 | 1.2 | 0 | ||
Unrecognized Compensation Expense [Abstract] | ' | ' | ' | ' | ||
Unrecognized compensation cost | 84.2 | ' | 84.2 | ' | ||
Recognition period for total unrecognized compensation cost | ' | ' | '2 years 3 months 18 days | ' | ||
Phantom Unit Awards [Member] | Minimum [Member] | ' | ' | ' | ' | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ' | ' | ' | ' | ||
Grant date market price of common units (in dollars per unit) | ' | ' | $66.08 | ' | ||
Phantom Unit Awards [Member] | Maximum [Member] | ' | ' | ' | ' | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | ' | ' | ' | ' | ||
Grant date market price of common units (in dollars per unit) | ' | ' | $74.55 | ' | ||
Phantom Unit Awards [Member] | Enterprise [Member] | ' | ' | ' | ' | ||
Unrecognized Compensation Expense [Abstract] | ' | ' | ' | ' | ||
Unrecognized compensation cost | $77.40 | ' | $77.40 | ' | ||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2014 was $114.9 million based on a grant date market price of our common units ranging from $66.08 to $74.55 per unit. An estimated annual forfeiture rate of 3.4% was applied to these awards. | |||||
[2] | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
Derivative_Instruments_Hedging2
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||||||||
Interest rate derivatives [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | Commodity derivatives [Member] | |||||||||||||||
Derivatives in cash flow hedging relationships [Member] | Derivatives in fair value hedging relationships [Member] | Derivatives in mark-to-market relationships [Member] | Derivatives in mark-to-market relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in cash flow hedging relationships [Member] | Derivatives in fair value hedging relationships [Member] | Derivatives in fair value hedging relationships [Member] | Derivatives in mark-to-market relationships [Member] | Derivatives in mark-to-market relationships [Member] | |||||||||||||||
Forward Starting Swaps [Member] | Senior Notes AA [Member] | Undesignated Swaps [Member] | Undesignated Swaps [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Octane enhancement: Forecasted purchases of NGLs [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Refined products marketing: Refined products inventory management activities [Member] | Natural gas risk management activities [Member] | Crude oil risk management activities [Member] | |||||||||||||||
Contract | Contract | Contract | Contract | ft3 | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | ft3 | bbl | ft3 | bbl | |||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Number of Derivatives Outstanding | ' | 10 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Type of Derivatives Outstanding | ' | 'fixed-to-floating swaps | ' | 'floating-to-fixed swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Notional Amount | ' | $750 | ' | $600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Period of Hedge | ' | '1/2011 to 2/2016 | ' | '5/2010 to 7/2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Rate Swap, fixed rate (in hundredths) | ' | 3.20% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Rate Swap, floating rate (in hundredths) | ' | 1.20% | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Current Volume | ' | ' | ' | ' | 2,200,000,000 | [1],[2] | 600,000 | [1],[2],[3] | 100,000 | [1],[2] | 1,600,000 | [1],[2] | 6,200,000 | [1],[2] | 7,600,000 | [1],[2] | 600,000 | [1],[2] | 1,000,000 | [1],[2] | 3,300,000 | [1],[2] | 5,000,000 | [1],[2] | 3,300,000,000 | [1],[2] | 200,000 | [1],[2] | 73,100,000,000 | [1],[2],[4],[5] | 13,200,000 | [1],[2],[4] |
Long Term Volume | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,600,000,000 | [1],[2],[4],[5] | ' | |||||||||||||
Number of derivative instruments settled | 16 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Notional amount of settled derivative instruments | 1,000 | ' | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Accumulated other comprehensive income (loss) related to interest rate derivative instruments | $168.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Accumulated Other Comprehensive Loss, Forecasted Hedging period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Forecasted NGL sales designated as normal sales agreements | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Current natural gas hedging volumes designated as an index plus or minus a discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,700,000,000 | ' | ||||||||||||||
[1] | Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. | |||||||||||||||||||||||||||||||
[2] | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2015, August 2014 and October 2016, respectively. | |||||||||||||||||||||||||||||||
[3] | Forecasted sales of NGL volumes under natural gas processing exclude 0.6 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | |||||||||||||||||||||||||||||||
[4] | Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. | |||||||||||||||||||||||||||||||
[5] | Current volumes include 37.7 Bcf of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. |
Derivative_Instruments_Hedging3
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest rate derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $27.30 | $32.60 |
Liability Derivatives | 2.6 | 7.8 |
Commodity derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 44.1 | 41.3 |
Liability Derivatives | 66.2 | 55.1 |
Derivatives designated as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 63 | 63.5 |
Liability Derivatives | 61.9 | 46.8 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 27.3 | 32.6 |
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 20.4 | 20.2 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 6.9 | 12.4 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 35.7 | 30.9 |
Liability Derivatives | 61.9 | 46.8 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 35.7 | 30.9 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 61.9 | 46.5 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 0.3 |
Derivatives not designated as hedging instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 8.4 | 10.4 |
Liability Derivatives | 6.9 | 16.1 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 2.6 | 7.8 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 2.6 | 7.8 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 8.4 | 10.4 |
Liability Derivatives | 4.3 | 8.3 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 7.5 | 7.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0.9 | 2.8 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 4 | 5.5 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | $0.30 | $2.80 |
Derivative_Instruments_Hedging4
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest rate derivatives [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $27.30 | $32.60 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 27.3 | 32.6 |
Financial Instruments | -0.9 | -2.6 |
Cash Collateral Received | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 26.4 | 30 |
Commodity derivatives [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 44.1 | 41.3 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 44.1 | 41.3 |
Financial Instruments | -31.5 | -41 |
Cash Collateral Received | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | $12.60 | $0.30 |
Derivative_Instruments_Hedging5
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest rate derivatives [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | $2.60 | $7.80 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 2.6 | 7.8 |
Financial Instruments | -0.9 | -2.6 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 1.7 | 5.2 |
Commodity derivatives [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 66.2 | 55.1 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 66.2 | 55.1 |
Financial Instruments | -31.5 | -41 |
Cash Collateral Paid | -22.4 | -9.3 |
Amounts That Would Have Been Presented On Net Basis | $12.30 | $4.80 |
Derivative_Instruments_Hedging6
Derivative Instruments, Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivatives in fair value hedging relationships [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | ($1.20) | $0.30 | ($4.50) | ($3.90) | ||||
Gain (Loss) Recognized in Income on Hedged Item | 1.5 | 1.6 | 3 | -1.7 | ||||
Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | -2.5 | -6.6 | -5.4 | -10.1 | ||||
Gain (Loss) Recognized in Income on Hedged Item | 2.5 | 6.5 | 5.4 | 9.9 | ||||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | 1.3 | 6.9 | 0.9 | 6.2 | ||||
Gain (Loss) Recognized in Income on Hedged Item | -1 | -4.9 | -2.4 | -11.6 | ||||
Derivatives in cash flow hedging relationships [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Change in Value Recognized in Other Comprehensive Income/(Loss) on Derivative (Effective Portion) | -32.8 | 34.1 | -42 | -6.8 | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) | -22.9 | -0.6 | -46.8 | -13.8 | ||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | -0.1 | 0 | -0.1 | ||||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Change in Value Recognized in Other Comprehensive Income/(Loss) on Derivative (Effective Portion) | 0 | 0 | 0 | 6.7 | ||||
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | -34 | ' | -34 | ' | ||||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) | -8 | -7.8 | -15.9 | -13.7 | ||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months | -25.7 | ' | -25.7 | ' | ||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | -26.8 | ' | -26.8 | ' | ||||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | 1.1 | ' | 1.1 | ' | ||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Change in Value Recognized in Other Comprehensive Income/(Loss) on Derivative (Effective Portion) | -32.9 | [1] | 34.1 | [1] | -43.6 | [1] | -13.5 | [1] |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) | -15.4 | 7.2 | -32.3 | -0.5 | ||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | 0.1 | -0.1 | -0.1 | -0.1 | ||||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Location - Operating costs and expenses [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Change in Value Recognized in Other Comprehensive Income/(Loss) on Derivative (Effective Portion) | 0.1 | [1] | 0 | [1] | 1.6 | [1] | 0 | [1] |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income (Effective Portion) | 0.5 | 0 | 1.4 | 0.4 | ||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | -0.1 | 0 | 0.1 | 0 | ||||
Derivatives not designated as hedging instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | -6.6 | 14 | -27.7 | 8.8 | ||||
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Location - Interest expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | 0 | -0.2 | -0.1 | -0.1 | ||||
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Location - Revenue [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) Recognized in Income on Derivative | ($6.60) | $14.20 | ($27.60) | $8.90 | ||||
[1] | The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Derivative_Instruments_Hedging7
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||||
Total gains (losses) included in: | ' | ' | ' | ' | ' | ' | ' | ||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | ' | ' | ' | ' | $6.20 | $1.20 | ' | ||||||
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' | ' | ||||||
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 27.3 | ' | ' | ' | 27.3 | ' | 32.6 | ||||||
Commodity derivatives | 44.1 | ' | ' | ' | 44.1 | ' | 41.3 | ||||||
Financial assets | 71.4 | ' | ' | ' | 71.4 | ' | 73.9 | ||||||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 2.6 | ' | ' | ' | 2.6 | ' | 7.8 | ||||||
Commodity derivatives | 66.2 | ' | ' | ' | 66.2 | ' | 55.1 | ||||||
Financial liabilities | 68.8 | ' | ' | ' | 68.8 | ' | 62.9 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' | ' | ||||||
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 0 | ' | ' | ' | 0 | ' | 0 | ||||||
Commodity derivatives | 18 | ' | ' | ' | 18 | ' | 17.2 | ||||||
Financial assets | 18 | ' | ' | ' | 18 | ' | 17.2 | ||||||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 0 | ' | ' | ' | 0 | ' | 0 | ||||||
Commodity derivatives | 32.1 | ' | ' | ' | 32.1 | ' | 30.8 | ||||||
Financial liabilities | 32.1 | ' | ' | ' | 32.1 | ' | 30.8 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' | ' | ||||||
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 27.3 | ' | ' | ' | 27.3 | ' | 32.6 | ||||||
Commodity derivatives | 22 | ' | ' | ' | 22 | ' | 20.2 | ||||||
Financial assets | 49.3 | ' | ' | ' | 49.3 | ' | 52.8 | ||||||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 2.6 | ' | ' | ' | 2.6 | ' | 7.8 | ||||||
Commodity derivatives | 32.6 | ' | ' | ' | 32.6 | ' | 23.6 | ||||||
Financial liabilities | 35.2 | ' | ' | ' | 35.2 | ' | 31.4 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ||||||
Financial assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 0 | ' | ' | ' | 0 | ' | 0 | ||||||
Commodity derivatives | 4.1 | ' | ' | ' | 4.1 | ' | 3.9 | ||||||
Financial assets | 4.1 | ' | ' | ' | 4.1 | ' | 3.9 | ||||||
Financial liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest rate derivatives | 0 | ' | ' | ' | 0 | ' | 0 | ||||||
Commodity derivatives | 1.5 | ' | ' | ' | 1.5 | ' | 0.7 | ||||||
Financial liabilities | 1.5 | ' | ' | ' | 1.5 | ' | 0.7 | ||||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||||||
Financial asset (liability) balance, net, beginning of period | 7.7 | 3.2 | -0.6 | -1.5 | 3.2 | -1.5 | ' | ||||||
Total gains (losses) included in: | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income | -3.3 | [1] | 4.6 | [1] | -0.2 | [1] | -0.6 | [1] | ' | ' | ' | ||
Settlements | -1.8 | -0.1 | 0.6 | 1.5 | ' | ' | ' | ||||||
Financial asset (liability) balance, net, end of period | 2.6 | [2] | 7.7 | -0.2 | [2] | -0.6 | 2.6 | [2] | -0.2 | [2] | ' | ||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | ($5) | ' | $0.40 | ' | ($0.50) | $1.30 | ' | ||||||
[1] | There were $5.0 million and $0.5 million of unrealized losses included in these amounts for the three and six months ended June 30, 2014, respectively. There were unrealized gains of $0.4 million and $1.3 million included in these amounts for the three and six months ended June 30, 2013, respectively. | ||||||||||||
[2] | There were no transfers into or out of Level 3 during the three or six months ended June 30, 2014 and 2013. |
Derivative_Instruments_Hedging8
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) (Level 3 [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Liability commodity derivatives - Crude oil [Member] | ' |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ' |
Liability commodity derivatives | 1.5 |
Asset commodity derivatives - Crude oil [Member] | ' |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ' |
Asset commodity derivatives | 4.1 |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | ' |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flow |
Input description | 'Forward commodity prices |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Minimum [Member] | ' |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ' |
Fair value inputs, forward commodity price (in dollars per unit) | 94.16 |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Maximum [Member] | ' |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ' |
Fair value inputs, forward commodity price (in dollars per unit) | 106.21 |
Derivative_Instruments_Hedging9
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | $3.70 | $27.10 | $12.50 | $38.10 |
Impairment of long-lived assets disposed of other than by sale | ' | ' | 7.5 | 29.8 |
Impairment of long-lived assets held and used | ' | ' | ' | 4.2 |
Impairment of long-lived assets to be disposed of by sale | ' | ' | 5 | 4.1 |
Crude oil pipeline segments in Texas and Oklahoma [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | ' | ' | ' | 16.6 |
Refined products terminal and storage assets in southeast Texas [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | ' | ' | ' | 10 |
NGL storage cavern in Arizona [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | ' | ' | ' | 6.3 |
NGL Pipelines and Services [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | 2.8 | 8.7 | 5.4 | 9.7 |
Onshore Natural Gas Pipelines and Services [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | 0.1 | 0 | 0.3 | 0 |
Onshore Crude Oil Pipelines and Services [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | 0.8 | 16.6 | 1.8 | 16.6 |
Petrochemical and Refined Products Services [Member] | ' | ' | ' | ' |
Asset Impairment Charges [Abstract] | ' | ' | ' | ' |
Non-cash asset impairment charges | 0 | 1.8 | 5 | 11.8 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held and Used [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | ' | 6.3 | ' | 6.3 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0.1 | 34.6 | 0.1 | 34.6 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held and Used [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | ' | 0 | ' | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 33.8 | 0 | 33.8 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held and Used [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | ' | 0 | ' | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held and Used [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | ' | 6.3 | ' | 6.3 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of By Sale [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Assets, fair value | $0.10 | $0.80 | $0.10 | $0.80 |
Recovered_Sheet1
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Financial Liabilities: [Abstract] | ' | ' |
Fixed Rate Debt Principal Amount Fair Value Disclosure | $18.38 | $17.36 |
Level 2 [Member] | Fair Value [Member] | ' | ' |
Financial Liabilities: [Abstract] | ' | ' |
Fixed Rate Debt Principal Amount Fair Value Disclosure | $20.35 | $18.40 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Available-for-Sale Inventory by Product Type [Abstract] | ' | ' | ' | ' | ' | ||||
NGLs | $617.80 | ' | $617.80 | ' | $593.80 | ||||
Petrochemicals and refined products | 300.8 | ' | 300.8 | ' | 395.1 | ||||
Crude oil | 368.9 | ' | 368.9 | ' | 42.6 | ||||
Natural gas | 30.8 | ' | 30.8 | ' | 61.6 | ||||
Total | 1,318.30 | ' | 1,318.30 | ' | 1,093.10 | ||||
Summary of cost of sales and lower of cost or market adjustments [Abstract] | ' | ' | ' | ' | ' | ||||
Cost of sales | 10,705.30 | [1] | 9,458.30 | [1] | 21,758 | [1] | 19,150.80 | [1] | ' |
Lower of cost or market adjustments | $2.70 | $7.70 | $7.90 | $10.40 | ' | ||||
[1] | Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | $35,149.60 | ' | $35,149.60 | ' | $34,017.60 | |||||
Less accumulated depreciation | 7,594.90 | ' | 7,594.90 | ' | 7,071 | |||||
Property, plant and equipment, net | 27,554.70 | ' | 27,554.70 | ' | 26,946.60 | |||||
Summary of depreciation expense and capitalized interest [Abstract] | ' | ' | ' | ' | ' | |||||
Depreciation expense | 271 | [1] | 250.8 | [1] | 538.9 | [1] | 496.2 | [1] | ' | |
Capitalized interest | 17.7 | [2] | 35.7 | [2] | 36.2 | [2] | 67.3 | [2] | ' | |
Asset Retirement Obligations [Roll Forward] | ' | ' | ' | ' | ' | |||||
Balance at beginning of period | ' | ' | 90.2 | ' | ' | |||||
Liabilities incurred | ' | ' | 0.1 | ' | ' | |||||
Liabilities settled | ' | ' | -2.4 | ' | ' | |||||
Revisions in estimated cash flows | ' | ' | -0.2 | ' | ' | |||||
Accretion expense | ' | ' | 3 | ' | ' | |||||
Balance at end of period | 90.7 | ' | 90.7 | ' | ' | |||||
Capitalized costs, asset retirement costs | 32.3 | ' | 32.3 | ' | 37.4 | |||||
Forecasted accretion expense [Abstract] | ' | ' | ' | ' | ' | |||||
Remainder of 2014 | 3.1 | ' | 3.1 | ' | ' | |||||
2015 | 6.3 | ' | 6.3 | ' | ' | |||||
2016 | 6.5 | ' | 6.5 | ' | ' | |||||
2017 | 7 | ' | 7 | ' | ' | |||||
2018 | 7.5 | ' | 7.5 | ' | ' | |||||
Plants, pipelines and facilities [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 29,797.30 | [3] | ' | 29,797.30 | [3] | ' | 27,540.40 | [3] | ||
Plants, pipelines and facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '3 years | [3],[4] | ' | ' | ||||
Plants, pipelines and facilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '45 years | [3],[4] | ' | ' | ||||
Underground and other storage facilities [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 2,134.70 | [5] | ' | 2,134.70 | [5] | ' | 2,101.80 | [5] | ||
Underground and other storage facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '5 years | [5],[6] | ' | ' | ||||
Underground and other storage facilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '40 years | [5],[6] | ' | ' | ||||
Platforms and facilities [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 659.6 | [7] | ' | 659.6 | [7] | ' | 659.6 | [7] | ||
Platforms and facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '20 years | [7] | ' | ' | ||||
Platforms and facilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '31 years | [7] | ' | ' | ||||
Transportation equipment [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 143.6 | [8] | ' | 143.6 | [8] | ' | 138.9 | [8] | ||
Transportation equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '3 years | [8] | ' | ' | ||||
Transportation equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '10 years | [8] | ' | ' | ||||
Marine vessels [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 773.3 | [9] | ' | 773.3 | [9] | ' | 744.8 | [9] | ||
Marine vessels [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '15 years | [9] | ' | ' | ||||
Marine vessels [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '30 years | [9] | ' | ' | ||||
Land [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | 178.1 | ' | 178.1 | ' | 176.6 | |||||
Construction in progress [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment, gross | $1,463 | ' | $1,463 | ' | $2,655.50 | |||||
Processing plants [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '20 years | ' | ' | |||||
Processing plants [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '35 years | ' | ' | |||||
Pipelines and related equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '5 years | ' | ' | |||||
Pipelines and related equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '45 years | ' | ' | |||||
Terminal facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '10 years | ' | ' | |||||
Terminal facilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '35 years | ' | ' | |||||
Office furniture and equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '3 years | ' | ' | |||||
Office furniture and equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '20 years | ' | ' | |||||
Buildings [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '20 years | ' | ' | |||||
Buildings [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '40 years | ' | ' | |||||
Laboratory and shop equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '5 years | ' | ' | |||||
Laboratory and shop equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '35 years | ' | ' | |||||
Underground storage facilities [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '5 years | ' | ' | |||||
Underground storage facilities [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '35 years | ' | ' | |||||
Storage tanks [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '10 years | ' | ' | |||||
Storage tanks [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '40 years | ' | ' | |||||
Water wells [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '5 years | ' | ' | |||||
Water wells [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||||
Property, plant and equipment and accumulated depreciation [Abstract] | ' | ' | ' | ' | ' | |||||
Estimated useful life | ' | ' | '35 years | ' | ' | |||||
[1] | Depreciation expense is a component of "Costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. | |||||||||
[2] | We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. | |||||||||
[3] | Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets. | |||||||||
[4] | In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years. | |||||||||
[5] | Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. | |||||||||
[6] | In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. | |||||||||
[7] | Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico. | |||||||||
[8] | Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. | |||||||||
[9] | Marine vessels include tow boats, barges and related equipment used in our marine transportation business. |
Property_Plant_and_Equipment_S
Property, Plant and Equipment, Significant Sales (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Proceeds from disposal of assets | $113.20 | $199.20 |
Gains attributable to disposal of assets | 96.4 | 58.2 |
Seminole Pipeline segment [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Proceeds from disposal of assets | 0 | 86.9 |
Gains attributable to disposal of assets | 0 | 52.5 |
Lubrication oil and specialty chemical distribution assets [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Proceeds from disposal of assets | 0 | 35.3 |
Gains attributable to disposal of assets | ' | $6.70 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Affiliates (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | $2,879.30 | ' | $2,879.30 | ' | $2,437.10 |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 | ' |
Unamortized excess cost amounts by business segment [Abstract] | ' | ' | ' | ' | ' |
Unamortized excess cost amounts | 56.5 | ' | 56.5 | ' | 58.1 |
Equity method investment amortization of excess cost | 0.9 | 0.9 | 1.6 | 1.7 | ' |
NGL Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | 6.1 | 3.8 | 7.5 | 7.7 | ' |
Unamortized excess cost amounts by business segment [Abstract] | ' | ' | ' | ' | ' |
Unamortized excess cost amounts | 27 | ' | 27 | ' | 27.7 |
Equity method investment amortization of excess cost | 0.4 | 0.3 | 0.7 | 0.6 | ' |
NGL Pipelines & Services [Member] | Venice Energy Service Company LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 13.10% | ' | 13.10% | ' | ' |
Investments in unconsolidated affiliates | 28.8 | ' | 28.8 | ' | 27.6 |
NGL Pipelines & Services [Member] | K/D/S Promix, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 45.8 | ' | 45.8 | ' | 45.4 |
NGL Pipelines & Services [Member] | Baton Rouge Fractionators LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 32.20% | ' | 32.20% | ' | ' |
Investments in unconsolidated affiliates | 19.6 | ' | 19.6 | ' | 19.5 |
NGL Pipelines & Services [Member] | Skelly-Belvieu Pipeline Company, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 39.5 | ' | 39.5 | ' | 40.8 |
NGL Pipelines & Services [Member] | Texas Express Pipeline LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 35.00% | ' | 35.00% | ' | ' |
Investments in unconsolidated affiliates | 344.7 | ' | 344.7 | ' | 339.9 |
NGL Pipelines & Services [Member] | Texas Express Gathering LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 45.00% | ' | 45.00% | ' | ' |
Investments in unconsolidated affiliates | 37.4 | ' | 37.4 | ' | 37.8 |
NGL Pipelines & Services [Member] | Front Range Pipeline LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 33.30% | ' | 33.30% | ' | ' |
Investments in unconsolidated affiliates | 165.1 | ' | 165.1 | ' | 134.5 |
Onshore Natural Gas Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | 0.9 | 0.9 | 1.8 | 1.9 | ' |
Onshore Natural Gas Pipelines & Services [Member] | White River Hub, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 23.6 | ' | 23.6 | ' | 24.2 |
Onshore Crude Oil Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | 42.2 | 30.1 | 84.9 | 66.7 | ' |
Unamortized excess cost amounts by business segment [Abstract] | ' | ' | ' | ' | ' |
Unamortized excess cost amounts | 17.5 | ' | 17.5 | ' | 17.8 |
Equity method investment amortization of excess cost | 0.1 | 0.2 | 0.3 | 0.4 | ' |
Onshore Crude Oil Pipelines & Services [Member] | Seaway Crude Pipeline Company LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 1,329.80 | ' | 1,329.80 | ' | 940.7 |
Onshore Crude Oil Pipelines & Services [Member] | Eagle Ford Pipeline LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 247.3 | ' | 247.3 | ' | 224.5 |
Offshore Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | 7.6 | 8.7 | 18.7 | 15.1 | ' |
Unamortized excess cost amounts by business segment [Abstract] | ' | ' | ' | ' | ' |
Unamortized excess cost amounts | 9.5 | ' | 9.5 | ' | 10 |
Equity method investment amortization of excess cost | 0.3 | 0.4 | 0.5 | 0.7 | ' |
Offshore Pipelines & Services [Member] | Poseidon Oil Pipeline Company, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 36.00% | ' | 36.00% | ' | ' |
Investments in unconsolidated affiliates | 37.9 | ' | 37.9 | ' | 41.7 |
Offshore Pipelines & Services [Member] | Cameron Highway Oil Pipeline Company [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 203.7 | ' | 203.7 | ' | 207.7 |
Offshore Pipelines & Services [Member] | Deepwater Gateway LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 81.1 | ' | 81.1 | ' | 84.5 |
Offshore Pipelines & Services [Member] | Neptune Pipeline Company, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 25.70% | ' | 25.70% | ' | ' |
Investments in unconsolidated affiliates | 36.7 | ' | 36.7 | ' | 38.7 |
Offshore Pipelines & Services [Member] | Southeast Keathley Canyon Pipeline Company, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 163.4 | ' | 163.4 | ' | 159.2 |
Petrochemical & Refined Products Services [Member] | ' | ' | ' | ' | ' |
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ' | ' | ' | ' | ' |
Equity in income of unconsolidated affiliates | -6.5 | -5.9 | -6.1 | -9.3 | ' |
Unamortized excess cost amounts by business segment [Abstract] | ' | ' | ' | ' | ' |
Unamortized excess cost amounts | 2.5 | ' | 2.5 | ' | 2.6 |
Equity method investment amortization of excess cost | 0.1 | 0 | 0.1 | 0 | ' |
Petrochemical & Refined Products Services [Member] | Baton Rouge Propylene Concentrator, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 30.00% | ' | 30.00% | ' | ' |
Investments in unconsolidated affiliates | 7.1 | ' | 7.1 | ' | 7.6 |
Petrochemical & Refined Products Services [Member] | Centennial Pipeline LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Ownership Interest (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Investments in unconsolidated affiliates | 65.2 | ' | 65.2 | ' | 60.1 |
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | $2.60 | ' | $2.60 | ' | $2.70 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill, Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | $2,609.20 | ' | $2,609.20 | ' | $2,612.20 |
Accumulated Amortization | -1,194.30 | ' | -1,194.30 | ' | -1,150 |
Carrying Value | 1,414.90 | ' | 1,414.90 | ' | 1,462.20 |
Amortization Expense | 24.5 | 26.7 | 49.2 | 53.6 | ' |
Forecasted amortization expense [Abstract] | ' | ' | ' | ' | ' |
Remainder of 2014 | 45.5 | ' | 45.5 | ' | ' |
2015 | 86 | ' | 86 | ' | ' |
2016 | 81.6 | ' | 81.6 | ' | ' |
2017 | 86.1 | ' | 86.1 | ' | ' |
2018 | 89.5 | ' | 89.5 | ' | ' |
NGL Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 627.2 | ' | 627.2 | ' | 622.1 |
Accumulated Amortization | -354.2 | ' | -354.2 | ' | -336.9 |
Carrying Value | 273 | ' | 273 | ' | 285.2 |
Amortization Expense | 8.7 | 9.5 | 17.3 | 19.1 | ' |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 340.8 | ' | 340.8 | ' | 340.8 |
Accumulated Amortization | -174.8 | ' | -174.8 | ' | -165.7 |
Carrying Value | 166 | ' | 166 | ' | 175.1 |
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 286.4 | ' | 286.4 | ' | 281.3 |
Accumulated Amortization | -179.4 | ' | -179.4 | ' | -171.2 |
Carrying Value | 107 | ' | 107 | ' | 110.1 |
Onshore Natural Gas Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 1,629.70 | ' | 1,629.70 | ' | 1,629.70 |
Accumulated Amortization | -635 | ' | -635 | ' | -611.9 |
Carrying Value | 994.7 | ' | 994.7 | ' | 1,017.80 |
Amortization Expense | 11.5 | 12.3 | 23.1 | 24.7 | ' |
Onshore Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 1,163.60 | ' | 1,163.60 | ' | 1,163.60 |
Accumulated Amortization | -295.5 | ' | -295.5 | ' | -281.2 |
Carrying Value | 868.1 | ' | 868.1 | ' | 882.4 |
Onshore Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 466.1 | ' | 466.1 | ' | 466.1 |
Accumulated Amortization | -339.5 | ' | -339.5 | ' | -330.7 |
Carrying Value | 126.6 | ' | 126.6 | ' | 135.4 |
Onshore Crude Oil Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 11.1 | ' | 11.1 | ' | 11.1 |
Accumulated Amortization | -7.2 | ' | -7.2 | ' | -6.6 |
Carrying Value | 3.9 | ' | 3.9 | ' | 4.5 |
Amortization Expense | 0.3 | 0.4 | 0.6 | 0.7 | ' |
Onshore Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 10.7 | ' | 10.7 | ' | 10.7 |
Accumulated Amortization | -6.9 | ' | -6.9 | ' | -6.3 |
Carrying Value | 3.8 | ' | 3.8 | ' | 4.4 |
Onshore Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 0.4 | ' | 0.4 | ' | 0.4 |
Accumulated Amortization | -0.3 | ' | -0.3 | ' | -0.3 |
Carrying Value | 0.1 | ' | 0.1 | ' | 0.1 |
Offshore Pipelines & Services [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 197 | ' | 197 | ' | 205.1 |
Accumulated Amortization | -150.6 | ' | -150.6 | ' | -150.4 |
Carrying Value | 46.4 | ' | 46.4 | ' | 54.7 |
Amortization Expense | 2.5 | 2.9 | 5.1 | 5.9 | ' |
Offshore Pipelines & Services [Member] | Customer relationship intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 195.8 | ' | 195.8 | ' | 203.9 |
Accumulated Amortization | -150.1 | ' | -150.1 | ' | -150 |
Carrying Value | 45.7 | ' | 45.7 | ' | 53.9 |
Offshore Pipelines & Services [Member] | Contract-based intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 1.2 | ' | 1.2 | ' | 1.2 |
Accumulated Amortization | -0.5 | ' | -0.5 | ' | -0.4 |
Carrying Value | 0.7 | ' | 0.7 | ' | 0.8 |
Petrochemical & Refined Products Services [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 144.2 | ' | 144.2 | ' | 144.2 |
Accumulated Amortization | -47.3 | ' | -47.3 | ' | -44.2 |
Carrying Value | 96.9 | ' | 96.9 | ' | 100 |
Amortization Expense | 1.5 | 1.6 | 3.1 | 3.2 | ' |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 104.3 | ' | 104.3 | ' | 104.3 |
Accumulated Amortization | -40.8 | ' | -40.8 | ' | -38.2 |
Carrying Value | 63.5 | ' | 63.5 | ' | 66.1 |
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | ' | ' | ' | ' | ' |
Identifiable intangible assets [Abstract] | ' | ' | ' | ' | ' |
Gross Value | 39.9 | ' | 39.9 | ' | 39.9 |
Accumulated Amortization | -6.5 | ' | -6.5 | ' | -6 |
Carrying Value | $33.40 | ' | $33.40 | ' | $33.90 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill, Goodwill (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | $2,080 | [1] | ' |
Goodwill related to the sale of assets | -0.1 | ' | |
Reclassification of goodwill | 0 | ' | |
Balance at end of period | 2,079.90 | [1] | ' |
Accumulated impairment charges | 1.3 | 1.3 | |
Fixed assets transferred | 73.7 | ' | |
NGL Pipelines & Services [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | 341.2 | [1] | ' |
Goodwill related to the sale of assets | 0 | ' | |
Reclassification of goodwill | 520 | ' | |
Balance at end of period | 861.2 | [1] | ' |
Onshore Natural Gas Pipelines & Services [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | 296.3 | [1] | ' |
Goodwill related to the sale of assets | 0 | ' | |
Reclassification of goodwill | 0 | ' | |
Balance at end of period | 296.3 | [1] | ' |
Onshore Crude Oil Pipelines & Services [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | 305.1 | [1] | ' |
Goodwill related to the sale of assets | 0 | ' | |
Reclassification of goodwill | 0 | ' | |
Balance at end of period | 305.1 | [1] | ' |
Offshore Pipelines & Services [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | 82.1 | [1] | ' |
Goodwill related to the sale of assets | -0.1 | ' | |
Reclassification of goodwill | 0 | ' | |
Balance at end of period | 82 | [1] | ' |
Petrochemical & Refined Products Services [Member] | ' | ' | |
Changes in carrying amount of goodwill [Roll Forward] | ' | ' | |
Balance at beginning of period | 1,055.30 | [1] | ' |
Goodwill related to the sale of assets | 0 | ' | |
Reclassification of goodwill | -520 | ' | |
Balance at end of period | $535.30 | [1] | ' |
[1] | The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | $18,382.70 | ' | $17,357.70 | ||
Other, non-principal amounts | -19.8 | ' | -6.2 | ||
Less current maturities of debt | -1,300 | ' | -1,125 | ||
Total long-term debt | 17,062.90 | ' | 16,226.50 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Letters of credit outstanding for facilities and motor fuel tax obligations | 2.5 | ' | ' | ||
Senior Debt Obligations [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 16,850 | ' | 15,825 | ||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 0 | ' | 475 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes O [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 0 | ' | 500 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 9.75% | ' | ' | ||
Maturity Date | 31-Jan-14 | ' | ' | ||
Repayment of senior notes | 500 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes G [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 650 | ' | 650 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.60% | ' | ' | ||
Maturity Date | 15-Oct-14 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes I [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 250 | ' | 250 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.00% | ' | ' | ||
Maturity Date | 1-Mar-15 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes X [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 400 | ' | 400 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 3.70% | ' | ' | ||
Maturity Date | 1-Jun-15 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes FF [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 650 | ' | 650 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 1.25% | ' | ' | ||
Maturity Date | 13-Aug-15 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes AA [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 750 | ' | 750 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 3.20% | ' | ' | ||
Maturity Date | 1-Feb-16 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes L [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 800 | ' | 800 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.30% | ' | ' | ||
Maturity Date | 1-Sep-17 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes V [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 349.7 | ' | 349.7 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.65% | ' | ' | ||
Maturity Date | 15-Apr-18 | ' | ' | ||
Senior Debt Obligations [Member] | EPO $3.5 Billion Multi-Year Revolving Credit Facility [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 0 | ' | 0 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'variable | ' | ' | ||
Maturity Date | 19-Jun-18 | ' | ' | ||
Maximum borrowing capacity | 3,500 | ' | ' | ||
Information regarding variable interest rates paid [Abstract] | ' | ' | ' | ||
Variable Interest Rates Paid, Minimum (in hundredths) | 1.13% | ' | ' | ||
Variable Interest Rates Paid, Maximum (in hundredths) | 1.14% | ' | ' | ||
Weighted-Average Interest Rate Paid (in hundredths) | 1.13% | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 700 | ' | 700 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.50% | ' | ' | ||
Maturity Date | 31-Jan-19 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 500 | ' | 500 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.25% | ' | ' | ||
Maturity Date | 31-Jan-20 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 1,000 | ' | 1,000 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.20% | ' | ' | ||
Maturity Date | 1-Sep-20 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 650 | ' | 650 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 4.05% | ' | ' | ||
Maturity Date | 15-Feb-22 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 1,250 | ' | 1,250 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 3.35% | ' | ' | ||
Maturity Date | 15-Mar-23 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 500 | ' | 500 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.88% | ' | ' | ||
Maturity Date | 1-Mar-33 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 350 | ' | 350 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.65% | ' | ' | ||
Maturity Date | 15-Oct-34 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 250 | ' | 250 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.75% | ' | ' | ||
Maturity Date | 1-Mar-35 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 399.6 | ' | 399.6 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 7.55% | ' | ' | ||
Maturity Date | 15-Apr-38 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 600 | ' | 600 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.13% | ' | ' | ||
Maturity Date | 15-Oct-39 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 600 | ' | 600 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.45% | ' | ' | ||
Maturity Date | 1-Sep-40 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 750 | ' | 750 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.95% | ' | ' | ||
Maturity Date | 1-Feb-41 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 600 | ' | 600 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.70% | ' | ' | ||
Maturity Date | 15-Feb-42 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 750 | ' | 750 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 4.85% | ' | ' | ||
Maturity Date | 15-Aug-42 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 1,100 | ' | 1,100 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 4.45% | ' | ' | ||
Maturity Date | 15-Feb-43 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 1,000 | ' | 1,000 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 4.85% | ' | ' | ||
Maturity Date | 15-Mar-44 | ' | ' | ||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 4 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 0.3 | ' | 0.3 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 6.65% | ' | ' | ||
Maturity Date | 15-Apr-18 | ' | ' | ||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 5 [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 0.4 | ' | 0.4 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 7.55% | ' | ' | ||
Maturity Date | 15-Apr-38 | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 850 | ' | 0 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 3.90% | ' | ' | ||
Maturity Date | 15-Feb-24 | ' | ' | ||
Aggregate debt principal issued | ' | 850 | ' | ||
Debt issued as percent of principal amount (in hundredths) | 99.81% | ' | ' | ||
Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 1,150 | ' | 0 | ||
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed | ' | ' | ||
Interest Rate, stated percentage (in hundredths) | 5.10% | ' | ' | ||
Maturity Date | 15-Feb-45 | ' | ' | ||
Aggregate debt principal issued | ' | 1,150 | ' | ||
Debt issued as percent of principal amount (in hundredths) | 99.85% | ' | ' | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 550 | [1] | ' | 550 | [1] |
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed/variable | [1] | ' | ' | |
Interest Rate, stated percentage (in hundredths) | 8.38% | ' | ' | ||
Maturity Date | 31-Aug-66 | [1] | ' | ' | |
Date through which interest rate is fixed | 'August 1, 2016 | ' | ' | ||
Variable annual interest rate thereafter, variable rate basis | '3-month LIBOR | ' | ' | ||
Variable interest rate (in hundredths) | 3.71% | ' | ' | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 285.8 | [2] | ' | 285.8 | [2] |
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed/variable | [2] | ' | ' | |
Interest Rate, stated percentage (in hundredths) | 7.00% | ' | ' | ||
Maturity Date | 1-Jun-67 | [2] | ' | ' | |
Date through which interest rate is fixed | 'September 1, 2017 | ' | ' | ||
Variable annual interest rate thereafter, variable rate basis | '3-month LIBOR | ' | ' | ||
Variable interest rate (in hundredths) | 2.78% | ' | ' | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes B [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | 682.7 | [3] | ' | 682.7 | [3] |
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed/variable | [3] | ' | ' | |
Interest Rate, stated percentage (in hundredths) | 7.03% | ' | ' | ||
Maturity Date | 15-Jan-68 | [3] | ' | ' | |
Date through which interest rate is fixed | 'January 15, 2018 | ' | ' | ||
Variable annual interest rate thereafter, variable rate basis | '3-month LIBOR | ' | ' | ||
Variable interest rate (in hundredths) | 2.68% | ' | ' | ||
Minimum variable annual interest rate (in hundredths) | 7.03% | ' | ' | ||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal Outstanding | $14.20 | [2] | ' | $14.20 | [2] |
Debt Obligations Terms [Abstract] | ' | ' | ' | ||
Interest Rate Terms | 'fixed/variable | [2] | ' | ' | |
Interest Rate, stated percentage (in hundredths) | 7.00% | ' | ' | ||
Maturity Date | 1-Jun-67 | [2] | ' | ' | |
Date through which interest rate is fixed | 'September 1, 2017 | ' | ' | ||
Variable annual interest rate thereafter, variable rate basis | '3-month LIBOR | ' | ' | ||
Variable interest rate (in hundredths) | 2.78% | ' | ' | ||
[1] | Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%. | ||||
[2] | Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%. | ||||
[3] | Fixed rate of 7.034% through January 15, 2018; thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.68%. |
Debt_Obligations_Debt_Maturiti
Debt Obligations, Debt Maturities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Scheduled Maturities of Debt [Abstract] | ' | ' |
Remainder of 2014 | $650 | ' |
2015 | 1,300 | ' |
2016 | 750 | ' |
2017 | 800 | ' |
2018 | 350 | ' |
After 2018 | 14,532.70 | ' |
Total | 18,382.70 | 17,357.70 |
Senior Notes [Member] | ' | ' |
Scheduled Maturities of Debt [Abstract] | ' | ' |
Remainder of 2014 | 650 | ' |
2015 | 1,300 | ' |
2016 | 750 | ' |
2017 | 800 | ' |
2018 | 350 | ' |
After 2018 | 13,000 | ' |
Total | 16,850 | ' |
Junior Subordinated Notes [Member] | ' | ' |
Scheduled Maturities of Debt [Abstract] | ' | ' |
Remainder of 2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
After 2018 | 1,532.70 | ' |
Total | $1,532.70 | ' |
Equity_and_Distributions_Summa
Equity and Distributions, Summary of Changes in Outstanding Units (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Common Units (Unrestricted) [Member] | ' |
Summary of changes in outstanding units [Roll Forward] | ' |
Beginning Balance (in units) | 932,074,401 |
Common units issued in connection with at-the-market program (in units) | 795,167 |
Common units issued in connection with DRIP and EUPP (in units) | 2,519,969 |
Common units issued in connection with the vesting and exercise of unit options (in units) | 507,054 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 9,171 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 1,276,762 |
Forfeiture of restricted common unit awards (in units) | 0 |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | -434,584 |
Other (in units) | 8,601 |
Ending Balance (in units) | 936,756,541 |
Restricted Common Units [Member] | ' |
Summary of changes in outstanding units [Roll Forward] | ' |
Beginning Balance (in units) | 3,610,607 |
Common units issued in connection with at-the-market program (in units) | 0 |
Common units issued in connection with DRIP and EUPP (in units) | 0 |
Common units issued in connection with the vesting and exercise of unit options (in units) | 0 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 0 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | -1,276,762 |
Forfeiture of restricted common unit awards (in units) | -115,250 |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | 0 |
Other (in units) | 0 |
Ending Balance (in units) | 2,218,595 |
Common units [Member] | ' |
Summary of changes in outstanding units [Roll Forward] | ' |
Beginning Balance (in units) | 935,685,008 |
Common units issued in connection with at-the-market program (in units) | 795,167 |
Common units issued in connection with DRIP and EUPP (in units) | 2,519,969 |
Common units issued in connection with the vesting and exercise of unit options (in units) | 507,054 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 9,171 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 0 |
Forfeiture of restricted common unit awards (in units) | -115,250 |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | -434,584 |
Other (in units) | 8,601 |
Ending Balance (in units) | 938,975,136 |
Equity_and_Distributions_Issua
Equity and Distributions, Issuances of Equity (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 07, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2013 |
Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Distribution Reinvestment Plan [Member] | Employee Unit Purchase Plan [Member] | Employee Unit Purchase Plan [Member] | 2013 At-the-Market Registration [Member] | 2012 At-the-Market Registration [Member] | 2012 At-the-Market Registration [Member] | |||
EPCO and affiliates [Member] | EPCO and affiliates [Member] | ||||||||||
Registration Statements and Equity Offerings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum common units authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | $1,250 | ' | ' |
Maximum common units authorized for issuance (in units) | ' | ' | 70,000,000 | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Remaining units available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 1,190 | ' | ' |
Remaining units available for issuance (in units) | ' | ' | 16,035,439 | ' | ' | ' | 3,638,914 | ' | ' | ' | ' |
Net Cash Proceeds from Sale of Common Units [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued (in units) | ' | ' | 2,445,439 | 2,359,089 | ' | 761,487 | 74,530 | 81,695 | 795,167 | ' | 3,766,557 |
Gross proceeds from the sale of common units | ' | ' | ' | ' | ' | ' | ' | ' | 58.3 | ' | 228.5 |
Net cash proceeds from the issuance of common units | 223.3 | 835.4 | 160.4 | 129.8 | 25 | 50 | 5.2 | 4.8 | 57.7 | 226.5 | 214.2 |
Senior notes issued under universal shelf registration | $2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_and_Distributions_Accum
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($359) | ($370.40) |
Other comprehensive income before reclassifications | ' | ' | -42 | -6.4 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 46.8 | 13.8 |
Total other comprehensive income (loss) | -9.9 | 35.1 | 4.8 | 7.4 |
Ending Balance | -354.2 | -363 | -354.2 | -363 |
Interest expense | 228.9 | 200.2 | 449.8 | 396.1 |
Revenue | -12,520.80 | -11,149.30 | -25,430.70 | -22,532.40 |
Operating costs and expenses | 11,639.10 | 10,367.20 | 23,519.60 | 20,787.60 |
Total | -646.5 | -553.3 | -1,453.20 | -1,308.60 |
Gains and Losses on Cash Flow Hedges [Member] | Interest rate derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -347.2 | -383 |
Other comprehensive income before reclassifications | ' | ' | 0 | 6.7 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 15.9 | 13.7 |
Total other comprehensive income (loss) | ' | ' | 15.9 | 20.4 |
Ending Balance | -331.3 | -362.6 | -331.3 | -362.6 |
Gains and Losses on Cash Flow Hedges [Member] | Commodity derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -14.7 | 10.1 |
Other comprehensive income before reclassifications | ' | ' | -42 | -13.5 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 30.9 | 0.1 |
Total other comprehensive income (loss) | ' | ' | -11.1 | -13.4 |
Ending Balance | -25.8 | -3.3 | -25.8 | -3.3 |
Other [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 2.9 | 2.5 |
Other comprehensive income before reclassifications | ' | ' | 0 | 0.4 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 0 |
Total other comprehensive income (loss) | ' | ' | 0 | 0.4 |
Ending Balance | 2.9 | 2.9 | 2.9 | 2.9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Total | 22.9 | 0.6 | 46.8 | 13.8 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Interest rate derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Interest expense | 8 | 7.8 | 15.9 | 13.7 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodity derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Revenue | 15.4 | -7.2 | 32.3 | 0.5 |
Operating costs and expenses | ($0.50) | $0 | ($1.40) | ($0.40) |
Equity_and_Distributions_Distr
Equity and Distributions, Distributions (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | ||
First Quarter 2014 Distribution [Member] | First Quarter 2014 Distribution [Member] | Second Quarter 2014 Distribution [Member] | Second Quarter 2014 Distribution [Member] | First Quarter 2013 Distribution [Member] | First Quarter 2013 Distribution [Member] | Second Quarter 2013 Distribution [Member] | Second Quarter 2013 Distribution [Member] | ||
Distributions to Partners [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution Per Common Unit (in dollars per unit) | ' | $0.71 | ' | $0.72 | ' | $0.67 | ' | $0.68 | ' |
Record Date | ' | ' | 30-Apr-14 | ' | 31-Jul-14 | ' | 30-Apr-13 | ' | 31-Jul-13 |
Payment Date | ' | ' | 7-May-14 | ' | 7-Aug-14 | ' | 7-May-13 | ' | 7-Aug-13 |
Number of Designated Units to be excluded from distributions during 2014 | 22,560,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Designated Units to be excluded from distributions during 2015 | 17,690,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment | ||||
Business Segments [Abstract] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 5 | ' |
Segment Gross Operating Margin [Abstract] | ' | ' | ' | ' |
Revenues | $12,520.80 | $11,149.30 | $25,430.70 | $22,532.40 |
Subtract operating costs and expenses | -11,639.10 | -10,367.20 | -23,519.60 | -20,787.60 |
Add equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 |
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 312.4 | 289.7 | 613.8 | 566.5 |
Add impairment charges not reflected in gross operating margin | 3.7 | 27.1 | 12.5 | 38.1 |
Subtract net gains or add net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin | -6.8 | 5.7 | -96.4 | -58.2 |
Add non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | 21.9 | 0 | 45.2 | 0 |
Total segment gross operating margin | 1,263.20 | 1,142.20 | 2,593 | 2,373.30 |
Reconciliation of total Segment Gross Operating Margin [Abstract] | ' | ' | ' | ' |
Total segment gross operating margin | 1,263.20 | 1,142.20 | 2,593 | 2,373.30 |
Adjustments to reconcile total segment gross operating margin to operating income: | ' | ' | ' | ' |
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | -312.4 | -289.7 | -613.8 | -566.5 |
Subtract impairment charges not reflected in gross operating margin | -3.7 | -27.1 | -12.5 | -38.1 |
Add net gains or subtract net losses attributable to asset sales and insurance recoveries not reflected in gross operating margin (see Note 16) | 6.8 | -5.7 | 96.4 | 58.2 |
Subtract non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | -21.9 | 0 | -45.2 | 0 |
Subtract general and administrative costs not reflected in gross operating margin | -47.7 | -45.5 | -100.9 | -95 |
Operating income | 884.3 | 774.2 | 1,917 | 1,731.90 |
Other expense, net | -227.8 | -200.5 | -449 | -396.5 |
Income before income taxes | $656.50 | $573.70 | $1,468 | $1,335.40 |
Business_Segments_Segment_Repo
Business Segments, Segment Reporting Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | $12,503.50 | $11,142.60 | $25,377.90 | $22,519.80 | ' | |||
Revenues from related parties | 17.3 | 6.7 | 52.8 | 12.6 | ' | |||
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | ' | |||
Total revenues | 12,520.80 | 11,149.30 | 25,430.70 | 22,532.40 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 | ' | |||
Gross operating margin | 1,263.20 | 1,142.20 | 2,593 | 2,373.30 | ' | |||
Property, plant and equipment, net (see Note 6) | 27,554.70 | ' | 27,554.70 | ' | 26,946.60 | |||
Investments in unconsolidated affiliates (see Note 7) | 2,879.30 | ' | 2,879.30 | ' | 2,437.10 | |||
Intangible assets, net (see Note 8) | 1,414.90 | ' | 1,414.90 | ' | 1,462.20 | |||
Goodwill (see Note 8) | 2,079.90 | [1] | ' | 2,079.90 | [1] | ' | 2,080 | [1] |
Segment assets | 33,928.80 | ' | 33,928.80 | ' | 32,925.90 | |||
NGL Pipelines and Services [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 4,019.50 | 3,504.70 | 9,193.20 | 7,455.40 | ' | |||
Revenues from related parties | 1.7 | 0.2 | 7.5 | 0.5 | ' | |||
Intersegment and intrasegment revenues | 3,324.90 | 2,380.40 | 7,185.90 | 5,089.40 | ' | |||
Total revenues | 7,346.10 | 5,885.30 | 16,386.60 | 12,545.30 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 6.1 | 3.8 | 7.5 | 7.7 | ' | |||
Gross operating margin | 680.9 | 544.9 | 1,460.90 | 1,137.40 | ' | |||
Property, plant and equipment, net (see Note 6) | 11,800 | ' | 11,800 | ' | 9,957.80 | |||
Investments in unconsolidated affiliates (see Note 7) | 680.9 | ' | 680.9 | ' | 645.5 | |||
Intangible assets, net (see Note 8) | 273 | ' | 273 | ' | 285.2 | |||
Goodwill (see Note 8) | 861.2 | [1] | ' | 861.2 | [1] | ' | 341.2 | [1] |
Segment assets | 13,615.10 | ' | 13,615.10 | ' | 11,229.70 | |||
Onshore Natural Gas Pipelines and Services [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 1,034.50 | 953 | 2,234.50 | 1,827.20 | ' | |||
Revenues from related parties | 6.5 | 4.5 | 11.1 | 8 | ' | |||
Intersegment and intrasegment revenues | 295.4 | 254.9 | 604.8 | 511.1 | ' | |||
Total revenues | 1,336.40 | 1,212.40 | 2,850.40 | 2,346.30 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | 1.8 | 1.9 | ' | |||
Gross operating margin | 203 | 197.7 | 423.4 | 388.5 | ' | |||
Property, plant and equipment, net (see Note 6) | 8,865 | ' | 8,865 | ' | 8,917.30 | |||
Investments in unconsolidated affiliates (see Note 7) | 23.6 | ' | 23.6 | ' | 24.2 | |||
Intangible assets, net (see Note 8) | 994.7 | ' | 994.7 | ' | 1,017.80 | |||
Goodwill (see Note 8) | 296.3 | [1] | ' | 296.3 | [1] | ' | 296.3 | [1] |
Segment assets | 10,179.60 | ' | 10,179.60 | ' | 10,255.60 | |||
Onshore Crude Oil Pipelines and Services [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 5,865.60 | 5,129.50 | 10,801 | 9,922.70 | ' | |||
Revenues from related parties | 6.7 | 0 | 29.6 | 0 | ' | |||
Intersegment and intrasegment revenues | 5,634.30 | 2,717 | 8,185 | 4,741.70 | ' | |||
Total revenues | 11,506.60 | 7,846.50 | 19,015.60 | 14,664.40 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 42.2 | 30.1 | 84.9 | 66.7 | ' | |||
Gross operating margin | 184 | 197.2 | 343.7 | 433.6 | ' | |||
Property, plant and equipment, net (see Note 6) | 1,511 | ' | 1,511 | ' | 1,479.90 | |||
Investments in unconsolidated affiliates (see Note 7) | 1,577.10 | ' | 1,577.10 | ' | 1,165.20 | |||
Intangible assets, net (see Note 8) | 3.9 | ' | 3.9 | ' | 4.5 | |||
Goodwill (see Note 8) | 305.1 | [1] | ' | 305.1 | [1] | ' | 305.1 | [1] |
Segment assets | 3,397.10 | ' | 3,397.10 | ' | 2,954.70 | |||
Offshore Pipelines And Services [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 36.6 | 39.3 | 71.3 | 79.8 | ' | |||
Revenues from related parties | 2.4 | 2 | 4.6 | 4.1 | ' | |||
Intersegment and intrasegment revenues | 1.3 | 4.2 | 3.6 | 6.2 | ' | |||
Total revenues | 40.3 | 45.5 | 79.5 | 90.1 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 7.6 | 8.7 | 18.7 | 15.1 | ' | |||
Gross operating margin | 33.6 | 39.7 | 72.9 | 80.2 | ' | |||
Property, plant and equipment, net (see Note 6) | 1,184.90 | ' | 1,184.90 | ' | 1,223.70 | |||
Investments in unconsolidated affiliates (see Note 7) | 522.8 | ' | 522.8 | ' | 531.8 | |||
Intangible assets, net (see Note 8) | 46.4 | ' | 46.4 | ' | 54.7 | |||
Goodwill (see Note 8) | 82 | [1] | ' | 82 | [1] | ' | 82.1 | [1] |
Segment assets | 1,836.10 | ' | 1,836.10 | ' | 1,892.30 | |||
Petrochemical and Refined Products Services [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 1,547.30 | 1,516.10 | 3,077.90 | 3,234.70 | ' | |||
Revenues from related parties | 0 | 0 | 0 | 0 | ' | |||
Intersegment and intrasegment revenues | 428.4 | 394.2 | 865.4 | 816.3 | ' | |||
Total revenues | 1,975.70 | 1,910.30 | 3,943.30 | 4,051 | ' | |||
Equity in income (loss) of unconsolidated affiliates | -6.5 | -5.9 | -6.1 | -9.3 | ' | |||
Gross operating margin | 161.7 | 162.7 | 292.1 | 333.6 | ' | |||
Property, plant and equipment, net (see Note 6) | 2,730.80 | ' | 2,730.80 | ' | 2,712.40 | |||
Investments in unconsolidated affiliates (see Note 7) | 74.9 | ' | 74.9 | ' | 70.4 | |||
Intangible assets, net (see Note 8) | 96.9 | ' | 96.9 | ' | 100 | |||
Goodwill (see Note 8) | 535.3 | [1] | ' | 535.3 | [1] | ' | 1,055.30 | [1] |
Segment assets | 3,437.90 | ' | 3,437.90 | ' | 3,938.10 | |||
Adjustments and Eliminations [Member] | ' | ' | ' | ' | ' | |||
Information by business segment [Abstract] | ' | ' | ' | ' | ' | |||
Revenues from third parties | 0 | 0 | 0 | 0 | ' | |||
Revenues from related parties | 0 | 0 | 0 | 0 | ' | |||
Intersegment and intrasegment revenues | -9,684.30 | -5,750.70 | -16,844.70 | -11,164.70 | ' | |||
Total revenues | -9,684.30 | -5,750.70 | -16,844.70 | -11,164.70 | ' | |||
Equity in income (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 | ' | |||
Gross operating margin | 0 | 0 | 0 | 0 | ' | |||
Property, plant and equipment, net (see Note 6) | 1,463 | ' | 1,463 | ' | 2,655.50 | |||
Investments in unconsolidated affiliates (see Note 7) | 0 | ' | 0 | ' | 0 | |||
Intangible assets, net (see Note 8) | 0 | ' | 0 | ' | 0 | |||
Goodwill (see Note 8) | 0 | ' | 0 | ' | 0 | |||
Segment assets | $1,463 | ' | $1,463 | ' | $2,655.50 | |||
[1] | The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. |
Business_Segments_Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Total consolidated revenues | $12,520.80 | $11,149.30 | $25,430.70 | $22,532.40 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 10,705.30 | [1] | 9,458.30 | [1] | 21,758 | [1] | 19,150.80 | [1] |
Other operating costs and expenses | 624.5 | [2] | 586.4 | [2] | 1,231.70 | [2] | 1,090.40 | [2] |
Depreciation, amortization and accretion | 312.4 | 289.7 | 613.8 | 566.5 | ||||
Net losses (gains) attributable to asset sales and insurance recoveries | -6.8 | 5.7 | -96.4 | -58.2 | ||||
Non-cash asset impairment charges | 3.7 | 27.1 | 12.5 | 38.1 | ||||
General and administrative costs | 47.7 | 45.5 | 100.9 | 95 | ||||
Total consolidated costs and expenses | 11,686.80 | 10,412.70 | 23,620.50 | 20,882.60 | ||||
NGL Pipelines and Services [Member] | ' | ' | ' | ' | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Sales of NGLs and related products | 3,630.60 | 3,235.90 | 8,426.40 | 6,901.50 | ||||
Midstream services | 390.6 | 269 | 774.3 | 554.4 | ||||
Total consolidated revenues | 4,021.20 | 3,504.90 | 9,200.70 | 7,455.90 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Non-cash asset impairment charges | 2.8 | 8.7 | 5.4 | 9.7 | ||||
Onshore Natural Gas Pipelines and Services [Member] | ' | ' | ' | ' | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Sales of natural gas | 787 | 723.9 | 1,740.20 | 1,363.40 | ||||
Midstream services | 254 | 233.6 | 505.4 | 471.8 | ||||
Total consolidated revenues | 1,041 | 957.5 | 2,245.60 | 1,835.20 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Non-cash asset impairment charges | 0.1 | 0 | 0.3 | 0 | ||||
Onshore Crude Oil Pipelines and Services [Member] | ' | ' | ' | ' | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Sales of crude oil | 5,781.90 | 5,057.40 | 10,655.30 | 9,800.20 | ||||
Midstream services | 90.4 | 72.1 | 175.3 | 122.5 | ||||
Total consolidated revenues | 5,872.30 | 5,129.50 | 10,830.60 | 9,922.70 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Non-cash asset impairment charges | 0.8 | 16.6 | 1.8 | 16.6 | ||||
Offshore Pipelines And Services [Member] | ' | ' | ' | ' | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Sales of natural gas | 0 | 0.1 | 0.2 | 0.2 | ||||
Sales of crude oil | 2.9 | -0.1 | 5 | 2.2 | ||||
Midstream services | 36.1 | 41.3 | 70.7 | 81.5 | ||||
Total consolidated revenues | 39 | 41.3 | 75.9 | 83.9 | ||||
Petrochemical and Refined Products Services [Member] | ' | ' | ' | ' | ||||
Consolidated Revenues [Abstract] | ' | ' | ' | ' | ||||
Sales of petrochemicals and refined products | 1,376.60 | 1,334.20 | 2,732.80 | 2,881.40 | ||||
Midstream services | 170.7 | 181.9 | 345.1 | 353.3 | ||||
Total consolidated revenues | 1,547.30 | 1,516.10 | 3,077.90 | 3,234.70 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Non-cash asset impairment charges | $0 | $1.80 | $5 | $11.80 | ||||
[1] | Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. | |||||||
[2] | Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Revenues - related parties: | ' | ' | ' | ' | ' |
Total revenue - related parties | $17.30 | $6.70 | $52.80 | $12.60 | ' |
Costs and expenses - related parties: | ' | ' | ' | ' | ' |
Total costs and expenses - related parties | 285.5 | 252.2 | 577.8 | 496.2 | ' |
Accounts receivable - related parties: | ' | ' | ' | ' | ' |
Total accounts receivable - related parties | 56.3 | ' | 56.3 | ' | 6.8 |
Accounts payable - related parties: | ' | ' | ' | ' | ' |
Total accounts payable - related parties | 114 | ' | 114 | ' | 150.5 |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Operating costs and expenses | 256.7 | 224.2 | 518.8 | 438.4 | ' |
General and administrative expenses | 28.8 | 28 | 59 | 57.8 | ' |
EPCO and affiliates [Member] | ' | ' | ' | ' | ' |
Costs and expenses - related parties: | ' | ' | ' | ' | ' |
Total costs and expenses - related parties | 239.5 | 222.9 | 475.2 | 435.6 | ' |
Accounts payable - related parties: | ' | ' | ' | ' | ' |
Total accounts payable - related parties | 101.9 | ' | 101.9 | ' | 116.3 |
Distributions: | ' | ' | ' | ' | ' |
Total cash distributions | ' | ' | 431.8 | 397.5 | ' |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Operating costs and expenses | 208.9 | 193.1 | 412.6 | 374.2 | ' |
General and administrative expenses | 30.6 | 29.8 | 62.6 | 61.4 | ' |
Relationship with Affiliates [Abstract] | ' | ' | ' | ' | ' |
Number of Units (in units) | 341,641,866 | ' | 341,641,866 | ' | ' |
Percentage of Total Units Outstanding (in hundredths) | 36.40% | ' | 36.40% | ' | ' |
Unconsolidated affiliates [Member] | ' | ' | ' | ' | ' |
Revenues - related parties: | ' | ' | ' | ' | ' |
Total revenue - related parties | 17.3 | 6.7 | 52.8 | 12.6 | ' |
Costs and expenses - related parties: | ' | ' | ' | ' | ' |
Total costs and expenses - related parties | 46 | 29.3 | 102.6 | 60.6 | ' |
Accounts receivable - related parties: | ' | ' | ' | ' | ' |
Total accounts receivable - related parties | 56.3 | ' | 56.3 | ' | 6.8 |
Accounts payable - related parties: | ' | ' | ' | ' | ' |
Total accounts payable - related parties | $12.10 | ' | $12.10 | ' | $34.20 |
Earnings_Per_Unit_Details
Earnings Per Unit (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
BASIC EARNINGS PER UNIT | ' | ' | ' | ' | ||||
Net income attributable to limited partners | $637.70 | $552.50 | $1,436.50 | $1,306 | ||||
Undistributed earnings allocated and cash payments on phantom unit awards | -1.2 | [1] | 0 | [1] | -2.7 | [1] | 0 | [1] |
Net income available to common unitholders | 636.5 | 552.5 | 1,433.80 | 1,306 | ||||
Basic weighted-average number of common units outstanding (in units) | 915.5 | 889.1 | 914.8 | 885.4 | ||||
Basic earnings per unit (in dollars per unit) | $0.70 | $0.62 | $1.57 | $1.48 | ||||
DILUTED EARNINGS PER UNIT | ' | ' | ' | ' | ||||
Net income attributable to limited partners | $637.70 | $552.50 | $1,436.50 | $1,306 | ||||
Diluted weighted-average number of units outstanding: | ' | ' | ' | ' | ||||
Distribution-bearing common units (in units) | 915.5 | 889.1 | 914.8 | 885.4 | ||||
Designated Units (in units) | 22.6 | 23.7 | 22.6 | 23.7 | ||||
Class B units (in units) | 0 | [2] | 4.5 | [2] | 0 | [2] | 4.5 | [2] |
Phantom units (in units) | 1.7 | [1] | 0 | [1] | 1.2 | [1] | 0 | [1] |
Incremental option units (in units) | 0.4 | 1.2 | 0.5 | 1.2 | ||||
Total (in units) | 940.2 | 918.5 | 939.1 | 914.8 | ||||
Diluted earnings per unit (in dollars per unit) | $0.68 | $0.60 | $1.53 | $1.43 | ||||
[1] | Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to Enterprise's common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014. | |||||||
[2] | The Class B units automatically converted into an equal number of distribution-bearing common units in August 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
New Lease Agreements [Member] | Litigation matters [Member] | Litigation matters [Member] | Litigation matters [Member] | |||||
ETP Lawsuit [Member] | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation accruals on an undiscounted basis | ' | ' | ' | ' | ' | $2.30 | $3.70 | ' |
Loss contingency, damages awarded | ' | ' | ' | ' | ' | ' | ' | 319.4 |
Loss contingency, total damages sought | ' | ' | ' | ' | ' | ' | ' | 535.8 |
Loss contingency, disgorgement damages sought | ' | ' | ' | ' | ' | ' | ' | 150 |
Prejudgment interest | ' | ' | ' | ' | ' | ' | ' | 66.4 |
Post-judgment interest rate | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Operating lease obligations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease and rental expense included in costs and expenses | 22.5 | 23.3 | 45.7 | 45.3 | ' | ' | ' | ' |
Contractual obligation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total lease commitments over the next five years | ' | ' | ' | ' | 34 | ' | ' | ' |
Total lease commitments | ' | ' | ' | ' | $144 | ' | ' | ' |
Insurance_Matters_Details
Insurance Matters (Details) (February 2011 West Storage Incident [Member], USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
February 2011 West Storage Incident [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Proceeds from property damage insurance recoveries | $95 | $8.80 |
Gains related to property damage proceeds | $95 | $8.80 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Decrease (increase) in: | ' | ' | ' |
Accounts receivable - trade | $80.30 | ($312.60) | ' |
Accounts receivable - related parties | -43.4 | -17.2 | ' |
Inventories | -235 | -255.1 | ' |
Prepaid and other current assets | -64.3 | -42.2 | ' |
Other assets | 21.5 | 0.8 | ' |
Increase (decrease) in: | ' | ' | ' |
Accounts payable - trade | -32.5 | 35.3 | ' |
Accounts payable - related parties | -36.5 | 15 | ' |
Accrued product payables | -0.6 | 195.7 | ' |
Accrued interest | 15.3 | 2.8 | ' |
Other current liabilities | 90 | -16.5 | ' |
Other liabilities | 6.6 | -15.2 | ' |
Net effect of changes in operating accounts | -198.6 | -409.2 | ' |
Liability for construction in progress expenditures | 264.2 | ' | 205.3 |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 113.2 | 199.2 | ' |
Net gains (losses) attributable to asset sales and insurance recoveries | 96.4 | 58.2 | ' |
Seminole Pipeline segment [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 0 | 86.9 | ' |
Net gains (losses) attributable to asset sales and insurance recoveries | 0 | 52.5 | ' |
Chemical Trucking Assets [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 0 | 29.5 | ' |
Lubrication oil and specialty chemical distribution assets [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 0 | 35.3 | ' |
Net gains (losses) attributable to asset sales and insurance recoveries | ' | 6.7 | ' |
West Storage Facilities [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 95 | 8.8 | ' |
Net gains (losses) attributable to asset sales and insurance recoveries | 95 | 8.8 | ' |
Other Disposal of Assets [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Proceeds from asset sales and insurance recoveries | 18.2 | 38.7 | ' |
Net gains (losses) attributable to asset sales and insurance recoveries | $1.40 | ($3.10) | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information, Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | $298.70 | $122.50 | ' | ' | ||
Accounts receivable - trade, net | 5,393.50 | 5,475.50 | ' | ' | ||
Accounts receivable - related parties | 56.3 | 6.8 | ' | ' | ||
Inventories | 1,318.30 | 1,093.10 | ' | ' | ||
Prepaid and other current assets | 405.1 | 325.5 | ' | ' | ||
Total current assets | 7,471.90 | 7,023.40 | ' | ' | ||
Property, plant and equipment, net | 27,554.70 | 26,946.60 | ' | ' | ||
Investments in unconsolidated affiliates | 2,879.30 | 2,437.10 | ' | ' | ||
Intangible assets, net | 1,414.90 | 1,462.20 | ' | ' | ||
Goodwill | 2,079.90 | [1] | 2,080 | [1] | ' | ' |
Other assets | 170.6 | 189.4 | ' | ' | ||
Total assets | 41,571.30 | 40,138.70 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 1,300 | 1,125 | ' | ' | ||
Accounts payable - trade | 705.9 | 723.7 | ' | ' | ||
Accounts payable - related parties | 114 | 150.5 | ' | ' | ||
Accrued product payables | 5,606.60 | 5,608.70 | ' | ' | ||
Accrued interest | 319.6 | 304.3 | ' | ' | ||
Other current liabilities | 423.8 | 326.5 | ' | ' | ||
Total current liabilities | 8,469.90 | 8,238.70 | ' | ' | ||
Long-term debt (see Note 9) | 17,062.90 | 16,226.50 | ' | ' | ||
Deferred tax liabilities | 61.2 | 60.8 | ' | ' | ||
Other long-term liabilities | 174.9 | 172.3 | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | 15,576.60 | 15,214.80 | ' | ' | ||
Noncontrolling interests | 225.8 | 225.6 | ' | ' | ||
Total equity | 15,802.40 | 15,440.40 | 14,352.80 | 13,296 | ||
Total liabilities and equity | 41,571.30 | 40,138.70 | ' | ' | ||
Eliminations and Adjustments [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | 0 | 0 | ' | ' | ||
Accounts receivable - trade, net | 0 | 0 | ' | ' | ||
Accounts receivable - related parties | -9.5 | -0.2 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Prepaid and other current assets | 1.9 | 0 | ' | ' | ||
Total current assets | -7.6 | -0.2 | ' | ' | ||
Property, plant and equipment, net | 0 | 0 | ' | ' | ||
Investments in unconsolidated affiliates | -15,585.70 | -15,214.50 | ' | ' | ||
Intangible assets, net | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | 0 | 0 | ' | ' | ||
Total assets | -15,593.30 | -15,214.70 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 0 | 0 | ' | ' | ||
Accounts payable - trade | 0 | 0 | ' | ' | ||
Accounts payable - related parties | -9.5 | -0.2 | ' | ' | ||
Accrued product payables | 0 | 0 | ' | ' | ||
Accrued interest | 0 | 0 | ' | ' | ||
Other current liabilities | 0 | -1.5 | ' | ' | ||
Total current liabilities | -9.5 | -1.7 | ' | ' | ||
Long-term debt (see Note 9) | 0 | 0 | ' | ' | ||
Deferred tax liabilities | 3.9 | 2.9 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | -15,561.20 | -15,189.90 | ' | ' | ||
Noncontrolling interests | -26.5 | -26 | ' | ' | ||
Total equity | -15,587.70 | -15,215.90 | ' | ' | ||
Total liabilities and equity | -15,593.30 | -15,214.70 | ' | ' | ||
Subsidiary Issuer (EPO) [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | 241.9 | 93.9 | ' | ' | ||
Accounts receivable - trade, net | 1,301.60 | 1,986.80 | ' | ' | ||
Accounts receivable - related parties | 272.9 | 384.7 | ' | ' | ||
Inventories | 868.6 | 948.5 | ' | ' | ||
Prepaid and other current assets | 183 | 140.9 | ' | ' | ||
Total current assets | 2,868 | 3,554.80 | ' | ' | ||
Property, plant and equipment, net | 2,174.90 | 1,945 | ' | ' | ||
Investments in unconsolidated affiliates | 32,133.40 | 30,819.90 | ' | ' | ||
Intangible assets, net | 81.1 | 76.9 | ' | ' | ||
Goodwill | 458.8 | 458.9 | ' | ' | ||
Other assets | 130 | 123.5 | ' | ' | ||
Total assets | 37,846.20 | 36,979 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 1,300 | 1,125 | ' | ' | ||
Accounts payable - trade | 257 | 103 | ' | ' | ||
Accounts payable - related parties | 1,527 | 1,541.80 | ' | ' | ||
Accrued product payables | 1,726.40 | 2,388.60 | ' | ' | ||
Accrued interest | 319.5 | 304.2 | ' | ' | ||
Other current liabilities | 73.5 | 92.3 | ' | ' | ||
Total current liabilities | 5,203.40 | 5,554.90 | ' | ' | ||
Long-term debt (see Note 9) | 17,048 | 16,211.60 | ' | ' | ||
Deferred tax liabilities | 4 | 4.3 | ' | ' | ||
Other long-term liabilities | 10 | 11.8 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | 15,580.80 | 15,196.40 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 15,580.80 | 15,196.40 | ' | ' | ||
Total liabilities and equity | 37,846.20 | 36,979 | ' | ' | ||
Other Subsidiaries (Non-guarantor) [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | 76.6 | 49.5 | ' | ' | ||
Accounts receivable - trade, net | 4,096.50 | 3,491.10 | ' | ' | ||
Accounts receivable - related parties | 1,369.60 | 1,348.10 | ' | ' | ||
Inventories | 450.8 | 145.4 | ' | ' | ||
Prepaid and other current assets | 232.1 | 191.4 | ' | ' | ||
Total current assets | 6,225.60 | 5,225.50 | ' | ' | ||
Property, plant and equipment, net | 25,378.30 | 24,999.70 | ' | ' | ||
Investments in unconsolidated affiliates | 3,400.60 | 2,921.20 | ' | ' | ||
Intangible assets, net | 1,349.20 | 1,385.30 | ' | ' | ||
Goodwill | 1,621.10 | 1,621.10 | ' | ' | ||
Other assets | 41.9 | 67.2 | ' | ' | ||
Total assets | 38,016.70 | 36,220 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 0 | 0 | ' | ' | ||
Accounts payable - trade | 468.7 | 641.6 | ' | ' | ||
Accounts payable - related parties | 178.2 | 333.8 | ' | ' | ||
Accrued product payables | 3,886.50 | 3,224.50 | ' | ' | ||
Accrued interest | 0.1 | 0.1 | ' | ' | ||
Other current liabilities | 363.1 | 242.4 | ' | ' | ||
Total current liabilities | 4,896.60 | 4,442.40 | ' | ' | ||
Long-term debt (see Note 9) | 14.9 | 14.9 | ' | ' | ||
Deferred tax liabilities | 54.7 | 55 | ' | ' | ||
Other long-term liabilities | 165.4 | 160.5 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | 32,815.30 | 31,475.90 | ' | ' | ||
Noncontrolling interests | 69.8 | 71.3 | ' | ' | ||
Total equity | 32,885.10 | 31,547.20 | ' | ' | ||
Total liabilities and equity | 38,016.70 | 36,220 | ' | ' | ||
Consolidated EPO and Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | 298.7 | 122.5 | ' | ' | ||
Accounts receivable - trade, net | 5,393.50 | 5,475.50 | ' | ' | ||
Accounts receivable - related parties | 65.8 | 6.8 | ' | ' | ||
Inventories | 1,318.30 | 1,093.10 | ' | ' | ||
Prepaid and other current assets | 402.9 | 325.5 | ' | ' | ||
Total current assets | 7,479.20 | 7,023.40 | ' | ' | ||
Property, plant and equipment, net | 27,554.70 | 26,946.60 | ' | ' | ||
Investments in unconsolidated affiliates | 2,879.30 | 2,437.10 | ' | ' | ||
Intangible assets, net | 1,414.90 | 1,462.20 | ' | ' | ||
Goodwill | 2,079.90 | 2,080 | ' | ' | ||
Other assets | 170.5 | 189.3 | ' | ' | ||
Total assets | 41,578.50 | 40,138.60 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 1,300 | 1,125 | ' | ' | ||
Accounts payable - trade | 705.9 | 723.7 | ' | ' | ||
Accounts payable - related parties | 114 | 150.7 | ' | ' | ||
Accrued product payables | 5,606.60 | 5,608.70 | ' | ' | ||
Accrued interest | 319.6 | 304.3 | ' | ' | ||
Other current liabilities | 423.8 | 328 | ' | ' | ||
Total current liabilities | 8,469.90 | 8,240.40 | ' | ' | ||
Long-term debt (see Note 9) | 17,062.90 | 16,226.50 | ' | ' | ||
Deferred tax liabilities | 57.3 | 57.9 | ' | ' | ||
Other long-term liabilities | 174.9 | 172.3 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | 15,561.20 | 15,189.90 | ' | ' | ||
Noncontrolling interests | 252.3 | 251.6 | ' | ' | ||
Total equity | 15,813.50 | 15,441.50 | ' | ' | ||
Total liabilities and equity | 41,578.50 | 40,138.60 | ' | ' | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | -19.8 | -20.9 | ' | ' | ||
Accounts receivable - trade, net | -4.6 | -2.4 | ' | ' | ||
Accounts receivable - related parties | -1,576.70 | -1,726 | ' | ' | ||
Inventories | -1.1 | -0.8 | ' | ' | ||
Prepaid and other current assets | -12.2 | -6.8 | ' | ' | ||
Total current assets | -1,614.40 | -1,756.90 | ' | ' | ||
Property, plant and equipment, net | 1.5 | 1.9 | ' | ' | ||
Investments in unconsolidated affiliates | -32,654.70 | -31,304 | ' | ' | ||
Intangible assets, net | -15.4 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | -1.4 | -1.4 | ' | ' | ||
Total assets | -34,284.40 | -33,060.40 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 0 | 0 | ' | ' | ||
Accounts payable - trade | -19.8 | -20.9 | ' | ' | ||
Accounts payable - related parties | -1,591.20 | -1,724.90 | ' | ' | ||
Accrued product payables | -6.3 | -4.4 | ' | ' | ||
Accrued interest | 0 | 0 | ' | ' | ||
Other current liabilities | -12.8 | -6.7 | ' | ' | ||
Total current liabilities | -1,630.10 | -1,756.90 | ' | ' | ||
Long-term debt (see Note 9) | 0 | 0 | ' | ' | ||
Deferred tax liabilities | -1.4 | -1.4 | ' | ' | ||
Other long-term liabilities | -0.5 | 0 | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | -32,834.90 | -31,482.40 | ' | ' | ||
Noncontrolling interests | 182.5 | 180.3 | ' | ' | ||
Total equity | -32,652.40 | -31,302.10 | ' | ' | ||
Total liabilities and equity | -34,284.40 | -33,060.40 | ' | ' | ||
Enterprise Products Partners L.P. (Guarantor) [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents and restricted cash | 0 | 0 | ' | ' | ||
Accounts receivable - trade, net | 0 | 0 | ' | ' | ||
Accounts receivable - related parties | 0 | 0.2 | ' | ' | ||
Inventories | 0 | 0 | ' | ' | ||
Prepaid and other current assets | 0.3 | 0 | ' | ' | ||
Total current assets | 0.3 | 0.2 | ' | ' | ||
Property, plant and equipment, net | 0 | 0 | ' | ' | ||
Investments in unconsolidated affiliates | 15,585.70 | 15,214.50 | ' | ' | ||
Intangible assets, net | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Other assets | 0.1 | 0.1 | ' | ' | ||
Total assets | 15,586.10 | 15,214.80 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current maturities of debt | 0 | 0 | ' | ' | ||
Accounts payable - trade | 0 | 0 | ' | ' | ||
Accounts payable - related parties | 9.5 | 0 | ' | ' | ||
Accrued product payables | 0 | 0 | ' | ' | ||
Accrued interest | 0 | 0 | ' | ' | ||
Other current liabilities | 0 | 0 | ' | ' | ||
Total current liabilities | 9.5 | 0 | ' | ' | ||
Long-term debt (see Note 9) | 0 | 0 | ' | ' | ||
Deferred tax liabilities | 0 | 0 | ' | ' | ||
Other long-term liabilities | 0 | 0 | ' | ' | ||
Equity: | ' | ' | ' | ' | ||
Partners' and other owners' equity | 15,576.60 | 15,214.80 | ' | ' | ||
Noncontrolling interests | 0 | 0 | ' | ' | ||
Total equity | 15,576.60 | 15,214.80 | ' | ' | ||
Total liabilities and equity | $15,586.10 | $15,214.80 | ' | ' | ||
[1] | The total carrying amount of goodwill at June 30, 2014 and December 31, 2013 is net of $1.3 million of accumulated impairment charges. No goodwill impairment charges were recorded during the six months ended June 30, 2014. |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information, Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | $12,520.80 | $11,149.30 | $25,430.70 | $22,532.40 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 11,639.10 | 10,367.20 | 23,519.60 | 20,787.60 |
General and administrative costs | 47.7 | 45.5 | 100.9 | 95 |
Total costs and expenses | 11,686.80 | 10,412.70 | 23,620.50 | 20,882.60 |
Equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 |
Operating income | 884.3 | 774.2 | 1,917 | 1,731.90 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -228.9 | -200.2 | -449.8 | -396.1 |
Other, net | 1.1 | -0.3 | 0.8 | -0.4 |
Total other expense, net | -227.8 | -200.5 | -449 | -396.5 |
Income before income taxes | 656.5 | 573.7 | 1,468 | 1,335.40 |
Provision for income taxes | -10 | -20.4 | -14.8 | -26.8 |
Net income | 646.5 | 553.3 | 1,453.20 | 1,308.60 |
Net income attributable to noncontrolling interests | -8.8 | -0.8 | -16.7 | -2.6 |
Net income attributable to entity | 637.7 | 552.5 | 1,436.50 | 1,306 |
Eliminations and Adjustments [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 0 | 0 | 0 | 0 |
General and administrative costs | 0 | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
Equity in income of unconsolidated affiliates | -637.9 | -553.2 | -1,436.90 | -1,306.90 |
Operating income | -637.9 | -553.2 | -1,436.90 | -1,306.90 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | -637.9 | -553.2 | -1,436.90 | -1,306.90 |
Provision for income taxes | -0.2 | 0 | -0.5 | -0.3 |
Net income | -638.1 | -553.2 | -1,437.40 | -1,307.20 |
Net income attributable to noncontrolling interests | 1.3 | 0.9 | 2.5 | 1.6 |
Net income attributable to entity | -636.8 | -552.3 | -1,434.90 | -1,305.60 |
Subsidiary Issuer (EPO) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | 7,577.70 | 6,491 | 17,068.60 | 13,846.50 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 7,397.90 | 6,326.60 | 16,565.70 | 13,470.50 |
General and administrative costs | 7.6 | 7.4 | 14.9 | 12.1 |
Total costs and expenses | 7,405.50 | 6,334 | 16,580.60 | 13,482.60 |
Equity in income of unconsolidated affiliates | 700.2 | 612.3 | 1,407 | 1,359 |
Operating income | 872.4 | 769.3 | 1,895 | 1,722.90 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -228.6 | -199.7 | -449.4 | -395 |
Other, net | 0.3 | 0.1 | 0.5 | 0.2 |
Total other expense, net | -228.3 | -199.6 | -448.9 | -394.8 |
Income before income taxes | 644.1 | 569.7 | 1,446.10 | 1,328.10 |
Provision for income taxes | -7.3 | -17.5 | -11.5 | -22.6 |
Net income | 636.8 | 552.2 | 1,434.60 | 1,305.50 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to entity | 636.8 | 552.2 | 1,434.60 | 1,305.50 |
Other Subsidiaries (Non-guarantor) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | 9,151.10 | 8,015.70 | 17,261.70 | 15,456.10 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 8,449.60 | 7,398.10 | 15,854.10 | 14,087.30 |
General and administrative costs | 39.9 | 37.4 | 85.6 | 82 |
Total costs and expenses | 8,489.50 | 7,435.50 | 15,939.70 | 14,169.30 |
Equity in income of unconsolidated affiliates | 75.9 | 42.9 | 161.7 | 94.1 |
Operating income | 737.5 | 623.1 | 1,483.70 | 1,380.90 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -0.3 | -0.5 | -0.4 | -1.1 |
Other, net | 0.8 | -0.4 | 0.3 | -0.6 |
Total other expense, net | 0.5 | -0.9 | -0.1 | -1.7 |
Income before income taxes | 738 | 622.2 | 1,483.60 | 1,379.20 |
Provision for income taxes | -2.7 | -2.9 | -3 | -3.9 |
Net income | 735.3 | 619.3 | 1,480.60 | 1,375.30 |
Net income attributable to noncontrolling interests | 0.1 | -0.4 | 0.1 | -0.9 |
Net income attributable to entity | 735.4 | 618.9 | 1,480.70 | 1,374.40 |
Consolidated EPO and Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | 12,520.80 | 11,149.30 | 25,430.70 | 22,532.40 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 11,639.10 | 10,367.20 | 23,519.60 | 20,787.60 |
General and administrative costs | 47.5 | 44.8 | 100.5 | 94.1 |
Total costs and expenses | 11,686.60 | 10,412 | 23,620.10 | 20,881.70 |
Equity in income of unconsolidated affiliates | 50.3 | 37.6 | 106.8 | 82.1 |
Operating income | 884.5 | 774.9 | 1,917.40 | 1,732.80 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -228.9 | -200.2 | -449.8 | -396.1 |
Other, net | 1.1 | -0.3 | 0.8 | -0.4 |
Total other expense, net | -227.8 | -200.5 | -449 | -396.5 |
Income before income taxes | 656.7 | 574.4 | 1,468.40 | 1,336.30 |
Provision for income taxes | -9.8 | -20.4 | -14.3 | -26.5 |
Net income | 646.9 | 554 | 1,454.10 | 1,309.80 |
Net income attributable to noncontrolling interests | -10.1 | -1.7 | -19.2 | -4.2 |
Net income attributable to entity | 636.8 | 552.3 | 1,434.90 | 1,305.60 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | -4,208 | -3,357.40 | -8,899.60 | -6,770.20 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | -4,208.40 | -3,357.50 | -8,900.20 | -6,770.20 |
General and administrative costs | 0 | 0 | 0 | 0 |
Total costs and expenses | -4,208.40 | -3,357.50 | -8,900.20 | -6,770.20 |
Equity in income of unconsolidated affiliates | -725.8 | -617.6 | -1,461.90 | -1,371 |
Operating income | -725.4 | -617.5 | -1,461.30 | -1,371 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | -725.4 | -617.5 | -1,461.30 | -1,371 |
Provision for income taxes | 0.2 | 0 | 0.2 | 0 |
Net income | -725.2 | -617.5 | -1,461.10 | -1,371 |
Net income attributable to noncontrolling interests | -10.2 | -1.3 | -19.3 | -3.3 |
Net income attributable to entity | -735.4 | -618.8 | -1,480.40 | -1,374.30 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 0 | 0 | 0 | 0 |
General and administrative costs | 0.2 | 0.7 | 0.4 | 0.9 |
Total costs and expenses | 0.2 | 0.7 | 0.4 | 0.9 |
Equity in income of unconsolidated affiliates | 637.9 | 553.2 | 1,436.90 | 1,306.90 |
Operating income | 637.7 | 552.5 | 1,436.50 | 1,306 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | 637.7 | 552.5 | 1,436.50 | 1,306 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | 637.7 | 552.5 | 1,436.50 | 1,306 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to entity | $637.70 | $552.50 | $1,436.50 | $1,306 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information, Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | $636.60 | $588.40 | $1,458 | $1,316 |
Comprehensive loss (income) attributable to noncontrolling interests | -8.8 | -0.8 | -16.7 | -2.6 |
Comprehensive income attributable to entity | 627.8 | 587.6 | 1,441.30 | 1,313.40 |
Eliminations and Adjustments [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | -628.2 | -588.3 | -1,442.20 | -1,314.50 |
Comprehensive loss (income) attributable to noncontrolling interests | 1.3 | 0.9 | 2.5 | 1.6 |
Comprehensive income attributable to entity | -626.9 | -587.4 | -1,439.70 | -1,312.90 |
Subsidiary Issuer (EPO) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | 644.9 | 575.1 | 1,452.90 | 1,328.10 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | 644.9 | 575.1 | 1,452.90 | 1,328.10 |
Other Subsidiaries (Non-guarantor) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | 717.2 | 631.6 | 1,467 | 1,360 |
Comprehensive loss (income) attributable to noncontrolling interests | 0.1 | -0.4 | 0.1 | -0.9 |
Comprehensive income attributable to entity | 717.3 | 631.2 | 1,467.10 | 1,359.10 |
Consolidated EPO and Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | 637 | 589.1 | 1,458.90 | 1,317.10 |
Comprehensive loss (income) attributable to noncontrolling interests | -10.1 | -1.7 | -19.2 | -4.2 |
Comprehensive income attributable to entity | 626.9 | 587.4 | 1,439.70 | 1,312.90 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | -725.1 | -617.6 | -1,461 | -1,371 |
Comprehensive loss (income) attributable to noncontrolling interests | -10.2 | -1.3 | -19.3 | -3.3 |
Comprehensive income attributable to entity | -735.3 | -618.9 | -1,480.30 | -1,374.30 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ' | ' | ' | ' |
Condensed Consolidating Statement of Comprehensive Income | ' | ' | ' | ' |
Comprehensive income | 627.8 | 587.6 | 1,441.30 | 1,313.40 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | $627.80 | $587.60 | $1,441.30 | $1,313.40 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information, Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $1,453.20 | $1,308.60 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 651 | 599.8 |
Equity in income of unconsolidated affiliates | -106.8 | -82.1 |
Distributions received from unconsolidated affiliates | 157.1 | 119.3 |
Net effect of changes in operating accounts and other operating activities | -282.6 | -414.7 |
Net cash flows provided by operating activities | 1,871.90 | 1,530.90 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | -1,172.50 | -1,432.40 |
Proceeds from asset sales and insurance recoveries | 113.2 | 199.2 |
Other investing activities | -495.6 | -569.4 |
Cash used in investing activities | -1,554.90 | -1,802.60 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 4,182.80 | 7,064.50 |
Repayments of debt | -3,161.30 | -6,281.60 |
Cash distributions paid to partners | -1,288.40 | -1,171.90 |
Cash payments made in connection with DERs | -1.2 | 0 |
Cash distributions paid to noncontrolling interests | -19.7 | -4.7 |
Cash contributions from noncontrolling interests | 4 | 95.9 |
Net cash proceeds from issuance of common units | 223.3 | 835.4 |
Cash contributions from owners | 0 | 0 |
Other financing activities | -71.4 | -236.7 |
Cash provided by (used in) financing activities | -131.9 | 300.9 |
Net change in cash and cash equivalents | 185.1 | 29.2 |
Cash and cash equivalents, January 1 | 56.9 | 16.1 |
Cash and cash equivalents, June 30 | 242 | 45.3 |
Eliminations and Adjustments [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | -1,437.40 | -1,307.20 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 0 | 0 |
Equity in income of unconsolidated affiliates | 1,436.90 | 1,306.90 |
Distributions received from unconsolidated affiliates | -1,346.50 | -1,195.60 |
Net effect of changes in operating accounts and other operating activities | 0.5 | -30.4 |
Net cash flows provided by operating activities | -1,346.50 | -1,226.30 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales and insurance recoveries | 0 | 0 |
Other investing activities | 221.3 | 835.8 |
Cash used in investing activities | 221.3 | 835.8 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | 1,346.50 | 1,226.30 |
Cash payments made in connection with DERs | 0 | ' |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | 0 |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | -221.3 | -835.8 |
Other financing activities | 0 | 0 |
Cash provided by (used in) financing activities | 1,125.20 | 390.5 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, January 1 | 0 | 0 |
Cash and cash equivalents, June 30 | 0 | 0 |
Subsidiary Issuer (EPO) [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | 1,434.60 | 1,305.50 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 74.9 | 69.8 |
Equity in income of unconsolidated affiliates | -1,407 | -1,359 |
Distributions received from unconsolidated affiliates | 1,829.30 | 2,432.20 |
Net effect of changes in operating accounts and other operating activities | -334.9 | -744.5 |
Net cash flows provided by operating activities | 1,596.90 | 1,704 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | -166.8 | -129.3 |
Proceeds from asset sales and insurance recoveries | 3.8 | 12.6 |
Other investing activities | -1,155.20 | -1,798.70 |
Cash used in investing activities | -1,318.20 | -1,915.40 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 4,182.80 | 7,064.50 |
Repayments of debt | -3,161.30 | -6,251.70 |
Cash distributions paid to partners | -1,346.50 | -1,226.30 |
Cash payments made in connection with DERs | 0 | ' |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | 0 |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 221.3 | 835.8 |
Other financing activities | -18.2 | -192.6 |
Cash provided by (used in) financing activities | -121.9 | 229.7 |
Net change in cash and cash equivalents | 156.8 | 18.3 |
Cash and cash equivalents, January 1 | 28.4 | 0 |
Cash and cash equivalents, June 30 | 185.2 | 18.3 |
Other Subsidiaries (Non-guarantor) [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | 1,480.60 | 1,375.30 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 576.3 | 530 |
Equity in income of unconsolidated affiliates | -161.7 | -94.1 |
Distributions received from unconsolidated affiliates | 137.9 | 116.8 |
Net effect of changes in operating accounts and other operating activities | 56.5 | 337.1 |
Net cash flows provided by operating activities | 2,089.60 | 2,265.10 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | -1,005.70 | -1,303.10 |
Proceeds from asset sales and insurance recoveries | 109.4 | 186.6 |
Other investing activities | -443.7 | -361.1 |
Cash used in investing activities | -1,340 | -1,477.60 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | -29.9 |
Cash distributions paid to partners | -1,829.80 | -2,434.40 |
Cash payments made in connection with DERs | 0 | ' |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | 0 |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 1,107.30 | 1,686.20 |
Other financing activities | 0 | 0.1 |
Cash provided by (used in) financing activities | -722.5 | -778 |
Net change in cash and cash equivalents | 27.1 | 9.5 |
Cash and cash equivalents, January 1 | 49.5 | 28 |
Cash and cash equivalents, June 30 | 76.6 | 37.5 |
Consolidated EPO and Subsidiaries [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | 1,454.10 | 1,309.80 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 651 | 599.8 |
Equity in income of unconsolidated affiliates | -106.8 | -82.1 |
Distributions received from unconsolidated affiliates | 157.1 | 119.3 |
Net effect of changes in operating accounts and other operating activities | -277.8 | -405.9 |
Net cash flows provided by operating activities | 1,877.60 | 1,540.90 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | -1,172.50 | -1,432.40 |
Proceeds from asset sales and insurance recoveries | 113.2 | 199.2 |
Other investing activities | -495.6 | -569.4 |
Cash used in investing activities | -1,554.90 | -1,802.60 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 4,182.80 | 7,064.50 |
Repayments of debt | -3,161.30 | -6,281.60 |
Cash distributions paid to partners | -1,346.50 | -1,226.30 |
Cash payments made in connection with DERs | 0 | ' |
Cash distributions paid to noncontrolling interests | -19.7 | -4.7 |
Cash contributions from noncontrolling interests | 4 | 95.9 |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 221.3 | 835.8 |
Other financing activities | -18.2 | -192.5 |
Cash provided by (used in) financing activities | -137.6 | 291.1 |
Net change in cash and cash equivalents | 185.1 | 29.4 |
Cash and cash equivalents, January 1 | 56.9 | 15.9 |
Cash and cash equivalents, June 30 | 242 | 45.3 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | -1,461.10 | -1,371 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | -0.2 | 0 |
Equity in income of unconsolidated affiliates | 1,461.90 | 1,371 |
Distributions received from unconsolidated affiliates | -1,810.10 | -2,429.70 |
Net effect of changes in operating accounts and other operating activities | 0.6 | 1.5 |
Net cash flows provided by operating activities | -1,808.90 | -2,428.20 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales and insurance recoveries | 0 | 0 |
Other investing activities | 1,103.30 | 1,590.40 |
Cash used in investing activities | 1,103.30 | 1,590.40 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | 1,829.80 | 2,434.40 |
Cash payments made in connection with DERs | 0 | ' |
Cash distributions paid to noncontrolling interests | -19.7 | -4.7 |
Cash contributions from noncontrolling interests | 4 | 95.9 |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | -1,107.30 | -1,686.20 |
Other financing activities | 0 | 0 |
Cash provided by (used in) financing activities | 706.8 | 839.4 |
Net change in cash and cash equivalents | 1.2 | 1.6 |
Cash and cash equivalents, January 1 | -21 | -12.1 |
Cash and cash equivalents, June 30 | -19.8 | -10.5 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ' | ' |
Operating activities: | ' | ' |
Net income | 1,436.50 | 1,306 |
Reconciliation of net income to net cash flows provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 0 | 0 |
Equity in income of unconsolidated affiliates | -1,436.90 | -1,306.90 |
Distributions received from unconsolidated affiliates | 1,346.50 | 1,195.60 |
Net effect of changes in operating accounts and other operating activities | -5.3 | 21.6 |
Net cash flows provided by operating activities | 1,340.80 | 1,216.30 |
Investing activities: | ' | ' |
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 |
Proceeds from asset sales and insurance recoveries | 0 | 0 |
Other investing activities | -221.3 | -835.8 |
Cash used in investing activities | -221.3 | -835.8 |
Financing activities: | ' | ' |
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | -1,288.40 | -1,171.90 |
Cash payments made in connection with DERs | -1.2 | ' |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | 0 |
Net cash proceeds from issuance of common units | 223.3 | 835.4 |
Cash contributions from owners | 0 | 0 |
Other financing activities | -53.2 | -44.2 |
Cash provided by (used in) financing activities | -1,119.50 | -380.7 |
Net change in cash and cash equivalents | 0 | -0.2 |
Cash and cash equivalents, January 1 | 0 | 0.2 |
Cash and cash equivalents, June 30 | $0 | $0 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Net income available to common unitholders (see Note 13) | $636.50 | $552.50 | $1,433.80 | $1,306 |
Basic earnings per unit: | ' | ' | ' | ' |
Weighted-average number of common units outstanding, as reported (in units) | 915.5 | 889.1 | 914.8 | 885.4 |
Basic earnings per unit, as reported (in dollars per unit) | $0.70 | $0.62 | $1.57 | $1.48 |
Diluted earnings per unit: | ' | ' | ' | ' |
Weighted-average number of common units outstanding, as reported (in units) | 940.2 | 918.5 | 939.1 | 914.8 |
Diluted earnings per unit, as reported (in dollars per unit) | $0.68 | $0.60 | $1.53 | $1.43 |
Subsequent Event [Member] | ' | ' | ' | ' |
Basic earnings per unit: | ' | ' | ' | ' |
Weighted-average number of common units outstanding, pro forma (in units) | 1,831 | 1,778.20 | 1,829.60 | 1,770.80 |
Basic earnings per unit, pro forma (in dollars per unit) | $0.35 | $0.31 | $0.78 | $0.74 |
Diluted earnings per unit: | ' | ' | ' | ' |
Weighted-average number of common units outstanding, pro forma (in units) | 1,880.40 | 1,837 | 1,878.20 | 1,829.60 |
Diluted earnings per unit, pro forma (in dollars per unit) | $0.34 | $0.30 | $0.76 | $0.71 |