Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L P | |
Entity Central Index Key | 1061219 | |
Current Fiscal Year End Date | -19 | |
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 | 1,991,455,631 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $81.10 | $74.40 | ||
Restricted cash | 28.2 | 0 | ||
Accounts receivable - trade, net of allowance for doubtful accounts of $14.3 at March 31, 2015 and $13.9 at December 31, 2014 | 2,985.10 | 3,823 | ||
Accounts receivable - related parties | 3.4 | 2.8 | ||
Inventories | 855.4 | 1,014.20 | ||
Prepaid and other current assets | 481.6 | 576.3 | ||
Total current assets | 4,434.80 | 5,490.70 | ||
Property, plant and equipment, net | 30,367.60 | 29,881.60 | ||
Investments in unconsolidated affiliates | 3,064.90 | 3,042 | ||
Intangible assets, net of accumulated amortization of $1,285.1 at March 31, 2015 and $1,246.3 at December 31, 2014 (see Note 8) | 2,804.10 | 4,302.10 | ||
Goodwill (see Note 8) | 5,654 | 4,199.90 | ||
Other assets | 179.9 | 184.4 | ||
Total assets | 46,505.30 | 47,100.70 | ||
Current liabilities: | ||||
Current maturities of debt (see Note 9) | 1,399.80 | [1] | 2,206.40 | [1] |
Accounts payable - trade | 704.5 | 773.8 | ||
Accounts payable - related parties | 49.3 | 118.9 | ||
Accrued product payables | 3,085.20 | 3,853.30 | ||
Accrued interest | 180 | 335.5 | ||
Other current liabilities | 457.1 | 585.8 | ||
Total current liabilities | 5,875.90 | 7,873.70 | ||
Long-term debt (see Note 9) | 20,192.20 | 19,157.40 | ||
Deferred tax liabilities | 68 | 66.6 | ||
Other long-term liabilities | 311.1 | 310.8 | ||
Commitments and contingencies (see Note 14) | ||||
Limited partners: | ||||
Common units (1,988,553,334 units outstanding at March 31, 2015 and 1,937,324,817 units outstanding at December 31, 2014) | 20,098.90 | 18,304.80 | ||
Accumulated other comprehensive loss | -263.2 | -241.6 | ||
Total partners' equity | 19,835.70 | 18,063.20 | ||
Noncontrolling interests (see Note 10) | 222.4 | 1,629 | ||
Total equity | 20,058.10 | 19,692.20 | ||
Total liabilities and equity | $46,505.30 | $47,100.70 | ||
[1] | We expect to refinance the current maturities of our debt obligations at or prior to their maturity. Long-term and current maturities of debt reflect the classification of such obligations at March 31, 2015, after taking into consideration the long-term refinancing of Senior Notes X and Commercial Paper Notes using proceeds from our senior notes offering in May 2015 (see Note 17). |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $14.30 | $13.90 |
Intangible assets, accumulated amortization | $1,285.10 | $1,246.30 |
Limited partners: | ||
Capital account, units outstanding (in units) | 1,988,553,334 | 1,937,324,817 |
UNAUDITED_CONDENSED_STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Third parties | $7,466.40 | $12,874.40 |
Related parties | 6.1 | 35.5 |
Total revenues (see Note 11) | 7,472.50 | 12,909.90 |
Operating costs and expenses: | ||
Third parties | 6,384.30 | 11,618.40 |
Related parties | 232.1 | 262.1 |
Total operating costs and expenses | 6,616.40 | 11,880.50 |
General and administrative costs: | ||
Third parties | 20.3 | 23 |
Related parties | 29 | 30.2 |
Total general and administrative costs | 49.3 | 53.2 |
Total costs and expenses | 6,665.70 | 11,933.70 |
Equity in income of unconsolidated affiliates | 89.2 | 56.5 |
Operating income | 896 | 1,032.70 |
Other income (expense): | ||
Interest expense | -239.1 | -220.9 |
Other, net | 0.5 | -0.3 |
Total other expense, net | -238.6 | -221.2 |
Income before income taxes | 657.4 | 811.5 |
Provision for income taxes | -6.8 | -4.8 |
Net income | 650.6 | 806.7 |
Net income attributable to noncontrolling interests (see Note 10) | -14.5 | -7.9 |
Net income attributable to limited partners | $636.10 | $798.80 |
Earnings per unit: (see Note 13) | ||
Basic earnings per unit (in dollars per unit) | $0.33 | $0.44 |
Diluted earnings per unit (in dollars per unit) | $0.32 | $0.43 |
UNAUDITED_CONDENSED_STATEMENTS1
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||
Net income | $650.60 | $806.70 |
Commodity derivative instruments: | ||
Changes in fair value of cash flow hedges | 30.8 | -9.2 |
Reclassification of losses (gains) to net income | -61.1 | 16 |
Interest rate derivative instruments: | ||
Reclassification of losses to net income | 8.7 | 7.9 |
Total other comprehensive income (loss) | -21.6 | 14.7 |
Comprehensive income | 629 | 821.4 |
Comprehensive income attributable to noncontrolling interests | -14.5 | -7.9 |
Comprehensive income attributable to limited partners | $614.50 | $813.50 |
UNAUDITED_CONDENSED_STATEMENTS2
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $650.60 | $806.70 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 367.4 | 319.9 |
Non-cash asset impairment charges (see Note 4) | 33.3 | 8.8 |
Equity in income of unconsolidated affiliates | -89.2 | -56.5 |
Distributions received from unconsolidated affiliates | 134.4 | 71.7 |
Net gains attributable to asset sales and insurance recoveries (see Note 15) | -0.1 | -89.6 |
Deferred income tax expense | 1.5 | 0.2 |
Changes in fair market value of derivative instruments | -4.6 | -7.8 |
Net effect of changes in operating accounts (see Note 15) | -139 | 342.5 |
Other operating activities | -0.3 | 8.2 |
Net cash flows provided by operating activities | 954 | 1,404.10 |
Investing activities: | ||
Capital expenditures | -812.8 | -699.7 |
Contributions in aid of construction costs | 19.6 | 4.3 |
Decrease (increase) in restricted cash | -28.2 | 22.3 |
Investments in unconsolidated affiliates | -68.3 | -284.7 |
Proceeds from asset sales and insurance recoveries (see Note 15) | 0.5 | 96.3 |
Other investing activities | 0.1 | 0 |
Cash used in investing activities | -889.1 | -861.5 |
Financing activities: | ||
Borrowings under debt agreements | 9,182.50 | 4,181.50 |
Repayments of debt | -8,953.20 | -3,160 |
Debt issuance costs | -0.1 | -15.9 |
Cash distributions paid to limited partners (see Note 10) | -703.8 | -639.2 |
Cash payments made in connection with distribution equivalent rights | -1.2 | 0 |
Cash distributions paid to noncontrolling interests | -16.5 | -8 |
Cash contributions from noncontrolling interests | 4 | 0 |
Net cash proceeds from the issuance of common units | 468.4 | 83 |
Other financing activities | -38.3 | -52.5 |
Cash provided by (used in) financing activities | -58.2 | 388.9 |
Net change in cash and cash equivalents | 6.7 | 931.5 |
Cash and cash equivalents, beginning balance | 74.4 | 56.9 |
Cash and cash equivalents, ending balance | $81.10 | $988.40 |
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, 2013 | $15,440.40 | ($359) | $225.60 | $15,573.80 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 806.7 | 0 | 7.9 | 798.8 |
Cash distributions paid to limited partners | -639.2 | 0 | 0 | -639.2 |
Cash distributions paid to noncontrolling interests | -8 | 0 | -8 | 0 |
Net cash proceeds from the issuance of common units | 83 | 0 | 0 | 83 |
Amortization of fair value of equity-based awards | 17.4 | 0 | 0 | 17.4 |
Cash flow hedges | 14.7 | 14.7 | 0 | 0 |
Other | -53 | 0 | -2.4 | -50.6 |
Balance at Mar. 31, 2014 | 15,662 | -344.3 | 223.1 | 15,783.20 |
Balance at Dec. 31, 2014 | 19,692.20 | -241.6 | 1,629 | 18,304.80 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 650.6 | 0 | 14.5 | 636.1 |
Cash distributions paid to limited partners | -703.8 | 0 | 0 | -703.8 |
Cash payments made in connection with distribution equivalent rights | -1.2 | 0 | 0 | -1.2 |
Cash distributions paid to noncontrolling interests | -16.5 | 0 | -16.5 | 0 |
Cash contributions from noncontrolling interests | 4 | 0 | 4 | 0 |
Common units issued in connection with Step 2 of Oiltanking acquisition | 0 | 0 | -1,408.70 | 1,408.70 |
Net cash proceeds from the issuance of common units | 468.4 | 0 | 0 | 468.4 |
Amortization of fair value of equity-based awards | 23.3 | 0 | 0 | 23.3 |
Cash flow hedges | -21.6 | -21.6 | 0 | 0 |
Other | -37.3 | 0 | 0.1 | -37.4 |
Balance at Mar. 31, 2015 | $20,058.10 | ($263.20) | $222.40 | $20,098.90 |
Partnership_Operations_Organiz
Partnership Operations, Organization and Basis for Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Partnership Operations and Organization [Abstract] | |
Partnership Operations and Organization | |
With the exception of per unit amounts, or as noted within the context of each disclosure, | |
the dollar amounts presented in the tabular data within these disclosures are | |
stated in millions of dollars. | |
KEY REFERENCES USED IN THESE | |
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
Unless the context requires otherwise, references to “we,” “us,” “our,” “Enterprise” or “Enterprise Products Partners” are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to “EPO” mean Enterprise Products Operating LLC, which is a wholly owned subsidiary of Enterprise, and its consolidated subsidiaries, through which Enterprise Products Partners L.P. conducts its business. Enterprise is managed by its general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company. | |
The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Enterprise GP; (ii) Dr. Ralph S. Cunningham; and (iii) Richard H. Bachmann. Each of the DD LLC Trustees also currently serves as one of the three managers of Dan Duncan LLC. | |
References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. A majority of the outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Williams, who serves as Chairman of EPCO; (ii) Dr. Cunningham, who serves as a Vice Chairman of EPCO; and (iii) Mr. Bachmann, who serves as the President and Chief Executive Officer (“CEO”) of EPCO. Each of the EPCO Trustees is also a director of EPCO. | |
In addition to owning our general partner, EPCO and its privately held affiliates owned approximately 34.6% of our limited partner interests at March 31, 2015. | |
References to “Oiltanking” and “Oiltanking GP” mean Oiltanking Partners, L.P. and OTLP GP, LLC, the general partner of Oiltanking, respectively. In October 2014, we acquired approximately 65.9% of the limited partner interests of Oiltanking, all of the member interests of Oiltanking GP and the incentive distribution rights (“IDRs”) held by Oiltanking GP from Oiltanking Holding Americas, Inc. (“OTA”) as the first step of a two-step acquisition of Oiltanking. In February 2015, we completed the second step of this acquisition. See Note 10 for additional information regarding this acquisition. | |
References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. | |
Note 1. Partnership Operations, Organization and Basis of Presentation | |
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 now 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 currently 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, storage and terminals, and related 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; 225 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, a refined products export terminal 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 conduct substantially all of our business through EPO and are owned 100% by our limited partners from an economic perspective. Enterprise GP manages our partnership and owns 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. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed 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. | |
In August 2014, we completed a two-for-one common unit split. All per unit amounts and number of units outstanding presented in these Unaudited Condensed Consolidated Financial Statements and Notes thereto are on a post-split basis. |
General_Accounting_and_Disclos
General Accounting and Disclosure Matters | 3 Months Ended |
Mar. 31, 2015 | |
General Accounting Matters [Abstract] | |
General Accounting Matters | Note 2. General Accounting and Disclosure Matters |
Our results of operations for the three months ended March 31, 2015 are not necessarily indicative of results expected for the full year of 2015. 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, 2014 (the “2014 Form 10-K”) filed with the SEC on March 2, 2015. | |
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. | |
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 March 31, 2015, our restricted cash amounts were $28.2 million. We did not have any restricted cash as of December 31, 2014. See Note 4 for information regarding our derivative instruments and hedging activities. |
Equitybased_Awards
Equity-based Awards | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Equity-classified awards: | |||||||||||||||||
Restricted common unit awards | $ | 6.1 | $ | 11.6 | |||||||||||||
Phantom unit awards | 17.2 | 5.8 | |||||||||||||||
Liability-classified awards | 0.1 | 0.1 | |||||||||||||||
Total | $ | 23.4 | $ | 17.5 | |||||||||||||
The fair value of equity-classified awards is amortized into 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 March 31, 2015, 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 14,000,000 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 30,000,000 at March 31, 2015. This amount will automatically increase under the terms of the 2008 Plan by 5,000,000 common units on January 1, 2016 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 70,000,000 common units. After giving effect to awards granted under the 1998 Plan and 2008 Plan through March 31, 2015, a total of 2,990,928 and 15,902,141 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 fair value of a restricted common unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. | |||||||||||||||||
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, 2014 | 4,229,790 | $ | 26.96 | ||||||||||||||
Vested | (1,852,746 | ) | $ | 25.89 | |||||||||||||
Forfeited | (84,700 | ) | $ | 27.16 | |||||||||||||
Restricted common units at March 31, 2015 | 2,292,344 | $ | 27.82 | ||||||||||||||
(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 to our 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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash distributions paid to restricted common unitholders | $ | 1.5 | $ | 2.5 | |||||||||||||
Total intrinsic value of restricted common unit awards that vested during period | $ | 62.4 | $ | 81.4 | |||||||||||||
For the EPCO group of companies, the unrecognized compensation cost associated with restricted common unit awards was an aggregate $20.5 million at March 31, 2015, of which our allocated share of the cost is currently estimated to be $17.7 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 1.4 years. | |||||||||||||||||
Unit Option Awards | |||||||||||||||||
EPCO’s long-term incentive plans provide for the issuance of non-qualified incentive options denominated in our common units. 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, 2014 will expire on December 31, 2015). 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 (1) | Average | Average | Intrinsic | ||||||||||||||
Strike Price | Remaining | Value (2) | |||||||||||||||
(dollars/unit) | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Unit option awards at December 31, 2014 | 1,270,000 | $ | 16.14 | ||||||||||||||
Exercised | (940,000 | ) | $ | 16.14 | |||||||||||||
Unit option awards at March 31, 2015 | 330,000 | $ | 16.14 | 0.8 | $ | 5.5 | |||||||||||
(1) All of the unit option awards outstanding at March 31, 2015 were exercisable. None of the unit option awards outstanding at December 31, 2014 were exercisable. | |||||||||||||||||
(2) Aggregate intrinsic value reflects fully vested unit option awards at the dates indicated. | |||||||||||||||||
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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total intrinsic value of unit option awards exercised during period | $ | 17.4 | $ | 54.7 | |||||||||||||
Cash received from EPCO in connection with the exercise of unit option awards | 10.1 | 31.8 | |||||||||||||||
Unit option award-related cash reimbursements to EPCO | 17.4 | 54.7 | |||||||||||||||
As of March 31, 2015, 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 March 31, 2015, 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. The grant date fair value of a phantom unit award is based on the market price per unit of our common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. | |||||||||||||||||
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, 2014 | 3,342,390 | $ | 33.13 | ||||||||||||||
Granted (2) | 3,446,240 | $ | 34.05 | ||||||||||||||
Vested | (786,890 | ) | $ | 33.04 | |||||||||||||
Forfeited | (78,204 | ) | $ | 33.16 | |||||||||||||
Phantom unit awards at March 31, 2015 | 5,923,536 | $ | 33.67 | ||||||||||||||
(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 2015 was $117.3 million based on a grant date market price of our common units ranging from $34.04 to $34.40 per unit. An estimated annual forfeiture rate of 3.5% 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 to our 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 for the periods indicated: | |||||||||||||||||
For the Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash payments made in connection with DERs | $ | 1.2 | $ | -- | |||||||||||||
Total intrinsic value of phantom unit awards that vested during period | $ | 26.6 | $ | -- | |||||||||||||
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $146.9 million at March 31, 2015, of which our allocated share of the cost is currently estimated to be $136.5 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 | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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. At March 31, 2015 and December 31, 2014, we did not have any interest rate hedging derivative instruments outstanding. | |||||||||||||||||||||||||||||
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 March 31, 2015 (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) | 12.8 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of NGLs (MMBbls) (3) | 4.2 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Natural gas marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of natural gas (Bcf) | 11.1 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of natural gas (Bcf) | 2.1 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Natural gas storage inventory management activities (Bcf) | 3.5 | n/a | Fair value hedge | ||||||||||||||||||||||||||
NGL marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 18.5 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 18.6 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Refined products marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of refined products (MMBbls) | 1.2 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of refined products (MMBbls) | 1.8 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Refined products inventory management activities (MMBbls) | 1.1 | n/a | Fair value hedge | ||||||||||||||||||||||||||
Crude oil marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of crude oil (MMBbls) | 9.3 | 0.4 | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of crude oil (MMBbls) | 11.5 | 0.4 | Cash flow hedge | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Natural gas risk management activities (Bcf) (4,5) | 89.5 | 10 | Mark-to-market | ||||||||||||||||||||||||||
NGL risk management activities (MMBbls) (5) | 1.8 | n/a | Mark-to-market | ||||||||||||||||||||||||||
Crude oil risk management activities (MMBbls) (5) | 5.5 | 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 June 2016, February 2016 and March 2018, respectively. | |||||||||||||||||||||||||||||
(3) Forecasted sales of NGL volumes under natural gas processing exclude 1.3 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | |||||||||||||||||||||||||||||
(4) Current volumes include 56.2 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 March 31, 2015, 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 natural gas processing margins and (iii) hedging the fair value of commodity products held in inventory. | |||||||||||||||||||||||||||||
§ | The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of forward contracts and derivative instruments. | ||||||||||||||||||||||||||||
§ | The objective of our natural gas processing hedging program is to hedge an amount of gross margin associated with these activities. We achieve this objective by executing forward fixed-price sales of a portion of our expected equity NGL production using forward contracts and commodity derivative instruments. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged by executing forward fixed-price purchases using forward contracts and derivative instruments. | ||||||||||||||||||||||||||||
§ | The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of forward contracts and derivative instruments. | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Commodity derivatives | Other current | $ | 123.9 | Other current | $ | 217.9 | Other current | $ | 100.3 | Other current | $ | 145.3 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||||||
Commodity derivatives | Other assets | 0.7 | Other assets | -- | Other liabilities | 0.9 | Other liabilities | -- | |||||||||||||||||||||
Total commodity derivatives | $ | 124.6 | $ | 217.9 | $ | 101.2 | $ | 145.3 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivatives | Other current | $ | 7.8 | Other current | $ | 8.1 | Other current | $ | 5.5 | Other current | $ | 0.7 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||||||
Commodity derivatives | Other assets | 0.3 | Other assets | 0.6 | Other liabilities | 1.3 | Other liabilities | 1.4 | |||||||||||||||||||||
Total commodity derivatives | $ | 8.1 | $ | 8.7 | $ | 6.8 | $ | 2.1 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
Amounts of | Amounts | of Assets | in the Balance Sheet | Would Have | |||||||||||||||||||||||||
Recognized | Offset in the | Presented | Been Presented | ||||||||||||||||||||||||||
Assets | Balance Sheet | in the | On Net Basis | ||||||||||||||||||||||||||
Balance Sheet | Financial | Cash | Cash | ||||||||||||||||||||||||||
Instruments | Collateral | Collateral | |||||||||||||||||||||||||||
Received | Paid | ||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 132.7 | $ | -- | $ | 132.7 | $ | (91.2 | ) | $ | -- | $ | (28.4 | ) | $ | 13.1 | |||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 226.6 | $ | -- | $ | 226.6 | $ | (147.3 | ) | $ | (23.9 | ) | $ | -- | $ | 55.4 | |||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That | |||||||||||||||||||||||||
Amounts of | Amounts | of Liabilities | in the Balance Sheet | Would Have | |||||||||||||||||||||||||
Recognized | Offset in the | Presented | Been Presented | ||||||||||||||||||||||||||
Liabilities | Balance Sheet | in the | On Net Basis | ||||||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||||||
Paid | |||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 108 | $ | -- | $ | 108 | $ | (91.2 | ) | $ | -- | $ | 16.8 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 147.4 | $ | -- | $ | 147.4 | $ | (147.3 | ) | $ | -- | $ | 0.1 | ||||||||||||||||
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 these tables, 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 these tables. | |||||||||||||||||||||||||||||
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 | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||||||
Hedging Relationships | Income on Derivative | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | (2.9 | ) | |||||||||||||||||||||||
Commodity derivatives | Revenue | 0.7 | (0.4 | ) | |||||||||||||||||||||||||
Total | $ | 0.7 | $ | (3.3 | ) | ||||||||||||||||||||||||
Derivatives in Fair Value | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||||||
Hedging Relationships | Income on Hedged Item | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | 2.9 | ||||||||||||||||||||||||
Commodity derivatives | Revenue | 8.6 | (1.4 | ) | |||||||||||||||||||||||||
Total | $ | 8.6 | $ | 1.5 | |||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives – Revenue (1) | $ | 32.6 | $ | (10.7 | ) | ||||||||||||||||||||||||
Commodity derivatives – Operating costs and expenses (1) | (1.8 | ) | 1.5 | ||||||||||||||||||||||||||
Total | $ | 30.8 | $ | (9.2 | ) | ||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (8.7 | ) | $ | (7.9 | ) | ||||||||||||||||||||||
Commodity derivatives | Revenue | 61.1 | (16.9 | ) | |||||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | -- | 0.9 | ||||||||||||||||||||||||||
Total | $ | 52.4 | $ | (23.9 | ) | ||||||||||||||||||||||||
Derivatives in Cash Flow | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||||||
Hedging Relationships | Income on Derivative | ||||||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives | Revenue | $ | 0.3 | $ | (0.1 | ) | |||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | -- | 0.1 | ||||||||||||||||||||||||||
Total | $ | 0.3 | $ | -- | |||||||||||||||||||||||||
Over the next twelve months, we expect to reclassify $35.8 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 $39.9 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $41.8 million as an increase in revenue and $1.9 million as an increase 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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives | Revenue | $ | (0.4 | ) | $ | (21.0 | ) | ||||||||||||||||||||||
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 the dates indicated. 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. | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 19.9 | $ | 112.4 | $ | 0.4 | $ | 132.7 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 119.4 | $ | 119.4 | |||||||||||||||||||||
Commodity derivatives | 10.9 | 94.8 | 2.3 | 108 | |||||||||||||||||||||||||
Total | $ | 10.9 | $ | 94.8 | $ | 121.7 | $ | 227.4 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 37.8 | $ | 187.8 | $ | 1 | $ | 226.6 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 119.4 | $ | 119.4 | |||||||||||||||||||||
Commodity derivatives | 13.8 | 133 | 0.6 | 147.4 | |||||||||||||||||||||||||
Total | $ | 13.8 | $ | 133 | $ | 120 | $ | 266.8 | |||||||||||||||||||||
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 Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
Location | 2015 | 2014 | |||||||||||||||||||||||||||
Financial asset (liability) balance, net, January 1 | $ | (119.0 | ) | $ | 3.2 | ||||||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||||||
Net income (1) | Revenue | (0.4 | ) | 4.6 | |||||||||||||||||||||||||
Other comprehensive income | Commodity derivative instruments – | (1.5 | ) | -- | |||||||||||||||||||||||||
changes in fair value of cash flow hedges | |||||||||||||||||||||||||||||
Settlements | Revenue | (0.5 | ) | (0.1 | ) | ||||||||||||||||||||||||
Transfers out of Level 3 | 0.1 | -- | |||||||||||||||||||||||||||
Financial asset (liability) balance, net, March 31 | $ | (121.3 | ) | $ | 7.7 | ||||||||||||||||||||||||
(1) There were $1.0 million of unrealized losses and $4.5 million of unrealized gains included in these amounts for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||
The following table provides quantitative information about our recurring Level 3 fair value measurements at March 31, 2015: | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Financial | Financial | Valuation | Unobservable | Range | |||||||||||||||||||||||||
Assets | Liabilities | Techniques | Input | ||||||||||||||||||||||||||
Commodity derivatives – Crude oil | $ | 0.4 | $ | 0.8 | Discounted cash flow | Forward commodity prices | $47.63-$57.73/barrel | ||||||||||||||||||||||
Commodity derivatives – Natural gasoline | -- | 1.5 | Discounted cash flow | Forward commodity prices | $1.12-$1.13/gallon | ||||||||||||||||||||||||
Total | $ | 0.4 | $ | 2.3 | |||||||||||||||||||||||||
With respect to commodity derivatives, we believe forward commodity prices are the most significant unobservable inputs in determining our Level 3 recurring fair value measurements at March 31, 2015. 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. | |||||||||||||||||||||||||||||
There were no changes in the unobservable inputs associated with the fair value of the Liquidity Option Agreement from those listed in our 2014 Form 10-K. | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 0.8 | $ | 2.6 | |||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services | 20.7 | 0.2 | |||||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 7.8 | 1 | |||||||||||||||||||||||||||
Offshore Pipelines & Services | 3.6 | -- | |||||||||||||||||||||||||||
Petrochemical & Refined Products Services | 0.4 | 5 | |||||||||||||||||||||||||||
Total | $ | 33.3 | $ | 8.8 | |||||||||||||||||||||||||
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 three months ended March 31, 2015 primarily represent the abandonment of certain natural gas and crude oil pipeline segments in Texas. The following table summarizes our non-recurring fair value measurements for the three months ended March 31, 2015: | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||
Value at | in Active | Other | Unobservable | Non-Cash | |||||||||||||||||||||||||
March 31, | Markets for | Observable | Inputs | Impairment | |||||||||||||||||||||||||
2015 | Identical | Inputs | (Level 3) | Loss | |||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Impairment of long-lived assets disposed of other than by sale | $ | -- | $ | -- | $ | -- | $ | -- | $ | 33.1 | |||||||||||||||||||
Impairment of long-lived assets to be disposed of by sale | 0.6 | -- | -- | 0.6 | 0.2 | ||||||||||||||||||||||||
Total | $ | 33.3 | |||||||||||||||||||||||||||
Our non-cash asset impairment charges for the three months ended March 31, 2014 primarily represent the abandonment of assets classified as property, plant and equipment. The following table summarizes our non-recurring fair value measurements for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||
Value at | in Active | Other | Unobservable | Non-Cash | |||||||||||||||||||||||||
March 31, | Markets for | Observable | Inputs | Impairment | |||||||||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | Loss | |||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Impairment of long-lived assets disposed of other than by sale | $ | -- | $ | -- | $ | -- | $ | -- | $ | 3.8 | |||||||||||||||||||
Impairment of long-lived assets to be disposed of by sale | 0.1 | -- | -- | 0.1 | 5 | ||||||||||||||||||||||||
Total | $ | 8.8 | |||||||||||||||||||||||||||
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 $22.35 billion and $22.16 billion at March 31, 2015 and December 31, 2014, respectively. The aggregate carrying value of these debt obligations was $20.23 billion and $20.48 billion at March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | Note 5. Inventories | ||||||||
Our inventory amounts by product type were as follows at the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
NGLs | $ | 490.8 | $ | 579.1 | |||||
Petrochemicals and refined products | 218.5 | 295.6 | |||||||
Crude oil | 130.5 | 97.8 | |||||||
Natural gas | 15.6 | 41.7 | |||||||
Total | $ | 855.4 | $ | 1,014.20 | |||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of sales (1) | $ | 5,678.10 | $ | 11,052.70 | |||||
Lower of cost or market adjustments | 3.5 | 5.2 | |||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. 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 | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 | March 31, | December 31, | |||||||||||||||||
Useful Life | 2015 | 2014 | |||||||||||||||||
in Years | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (6) | $ | 31,153.80 | $ | 30,834.90 | ||||||||||||||
Underground and other storage facilities (2) | 5-40 (7) | 2,609.30 | 2,584.20 | ||||||||||||||||
Platforms and facilities (3) | 20-31 | 659.7 | 659.7 | ||||||||||||||||
Transportation equipment (4) | 10-Mar | 158.7 | 154.2 | ||||||||||||||||
Marine vessels (5) | 15-30 | 803.1 | 796.4 | ||||||||||||||||
Land | 260.9 | 262.6 | |||||||||||||||||
Construction in progress | 3,196.60 | 2,754.70 | |||||||||||||||||
Total | 38,842.10 | 38,046.70 | |||||||||||||||||
Less accumulated depreciation | 8,474.50 | 8,165.10 | |||||||||||||||||
Property, plant and equipment, net | $ | 30,367.60 | $ | 29,881.60 | |||||||||||||||
(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 | |||||||||||||||||||
Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Depreciation expense (1) | $ | 291.3 | $ | 267.9 | |||||||||||||||
Capitalized interest (2) | 29.6 | 18.5 | |||||||||||||||||
(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. | |||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||
Property, plant and equipment at March 31, 2015 and December 31, 2014 includes $32.9 million and $31.3 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”) since December 31, 2014: | |||||||||||||||||||
ARO liability balance, December 31, 2014 | $ | 98.3 | |||||||||||||||||
Liabilities incurred | -- | ||||||||||||||||||
Liabilities settled | (3.3 | ) | |||||||||||||||||
Revisions in estimated cash flows | 11 | ||||||||||||||||||
Accretion expense | 1.6 | ||||||||||||||||||
ARO liability balance, March 31, 2015 | $ | 107.6 | |||||||||||||||||
The following table presents our forecast of accretion expense for the periods indicated: | |||||||||||||||||||
Remainder | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
of 2015 | |||||||||||||||||||
$ | 4.7 | $ | 6.4 | $ | 6.8 | $ | 7.3 | $ | 7.9 | ||||||||||
Certain of our unconsolidated affiliates have AROs recorded at March 31, 2015 and December 31, 2014 relating to contractual agreements and regulatory requirements. These amounts are immaterial to our consolidated financial statements. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliates | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 | March 31, | December 31, | ||||||||||
Interest at | 2015 | 2014 | ||||||||||
March 31, | ||||||||||||
2015 | ||||||||||||
NGL Pipelines & Services: | ||||||||||||
Venice Energy Service Company, L.L.C. | 13.10% | $ | 27 | $ | 27.7 | |||||||
K/D/S Promix, L.L.C. | 50% | 37.6 | 38.5 | |||||||||
Baton Rouge Fractionators LLC | 32.20% | 18.6 | 18.8 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 39.5 | 40.1 | |||||||||
Texas Express Pipeline LLC | 35% | 349.6 | 349.3 | |||||||||
Texas Express Gathering LLC | 45% | 37.6 | 37.9 | |||||||||
Front Range Pipeline LLC | 33.30% | 171.7 | 170 | |||||||||
Onshore Natural Gas Pipelines & Services: | ||||||||||||
White River Hub, LLC | 50% | 23.1 | 23.2 | |||||||||
Onshore Crude Oil Pipelines & Services: | ||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,430.10 | 1,431.20 | |||||||||
Eagle Ford Pipeline LLC | 50% | 350.5 | 336.5 | |||||||||
Eagle Ford Terminals Corpus Christi LLC (1) | 50% | 17.3 | -- | |||||||||
Offshore Pipelines & Services: | ||||||||||||
Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”) | 36% | 29.2 | 31.8 | |||||||||
Cameron Highway Oil Pipeline Company | 50% | 198.1 | 201.3 | |||||||||
Deepwater Gateway, L.L.C. | 50% | 78.9 | 79.6 | |||||||||
Neptune Pipeline Company, L.L.C. | 25.70% | 33.7 | 34.9 | |||||||||
Southeast Keathley Canyon Pipeline Company L.L.C. | 50% | 147.6 | 146.1 | |||||||||
Petrochemical & Refined Products Services: | ||||||||||||
Baton Rouge Propylene Concentrator, LLC | 30% | 6.1 | 6.5 | |||||||||
Centennial Pipeline LLC (“Centennial”) | 50% | 66.3 | 66.1 | |||||||||
Other | Various | 2.4 | 2.5 | |||||||||
Total | $ | 3,064.90 | $ | 3,042.00 | ||||||||
(1) New joint venture formed with Plains Marketing, L.P. in March 2015 to construct and operate a marine terminal that will handle crude oil delivered by Eagle Ford Pipeline LLC. | ||||||||||||
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: | ||||||||||||
For the Three Months | ||||||||||||
Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 11.6 | $ | 1.4 | ||||||||
Onshore Natural Gas Pipelines & Services | 0.9 | 0.9 | ||||||||||
Onshore Crude Oil Pipelines & Services | 59.9 | 42.7 | ||||||||||
Offshore Pipelines & Services | 20.2 | 11.1 | ||||||||||
Petrochemical & Refined Products Services | (3.4 | ) | 0.4 | |||||||||
Total | $ | 89.2 | $ | 56.5 | ||||||||
The following table presents our unamortized excess cost amounts by business segment at the dates indicated: | ||||||||||||
March 31, | December 31, | |||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 26.2 | $ | 26.5 | ||||||||
Onshore Crude Oil Pipelines & Services | 21.4 | 21.7 | ||||||||||
Offshore Pipelines & Services | 53.1 | 9 | ||||||||||
Petrochemical & Refined Products Services | 2.4 | 2.4 | ||||||||||
Total | $ | 103.1 | $ | 59.6 | ||||||||
The following table presents our amortization of excess cost amounts by business segment for the periods indicated: | ||||||||||||
For the Three Months | ||||||||||||
Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 0.3 | $ | 0.3 | ||||||||
Onshore Crude Oil Pipelines & Services | 0.3 | 0.2 | ||||||||||
Offshore Pipelines & Services | 2 | 0.2 | ||||||||||
Total | $ | 2.6 | $ | 0.7 | ||||||||
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 March 31, 2015. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||
Intangible Assets and Goodwill | Note 8. Intangible Assets and Goodwill | ||||||||||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||||||||
The following table summarizes our intangible assets by business segment at the dates indicated: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | ||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | $ | 340.8 | $ | (187.2 | ) | $ | 153.6 | $ | 340.8 | $ | (183.2 | ) | $ | 157.6 | |||||||||||
Contract-based intangibles | 277.7 | (182.2 | ) | 95.5 | 277.7 | (178.7 | ) | 99 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 432.6 | -- | 432.6 | |||||||||||||||||||
Segment total | 618.5 | (369.4 | ) | 249.1 | 1,051.10 | (361.9 | ) | 689.2 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,163.60 | (314.9 | ) | 848.7 | 1,163.60 | (308.9 | ) | 854.7 | |||||||||||||||||
Contract-based intangibles | 466 | (351.7 | ) | 114.3 | 466 | (347.8 | ) | 118.2 | |||||||||||||||||
Segment total | 1,629.60 | (666.6 | ) | 963 | 1,629.60 | (656.7 | ) | 972.9 | |||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,108.00 | (10.3 | ) | 1,097.70 | 1,108.00 | (7.7 | ) | 1,100.30 | |||||||||||||||||
Contract-based intangibles | 281.4 | (27.6 | ) | 253.8 | 281.4 | (13.5 | ) | 267.9 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 855.4 | -- | 855.4 | |||||||||||||||||||
Segment total | 1,389.40 | (37.9 | ) | 1,351.50 | 2,244.80 | (21.2 | ) | 2,223.60 | |||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 195.8 | (157.2 | ) | 38.6 | 195.8 | (154.9 | ) | 40.9 | |||||||||||||||||
Contract-based intangibles | 1.2 | (0.5 | ) | 0.7 | 1.2 | (0.5 | ) | 0.7 | |||||||||||||||||
Segment total | 197 | (157.7 | ) | 39.3 | 197 | (155.4 | ) | 41.6 | |||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 198.4 | (44.6 | ) | 153.8 | 198.4 | (43.3 | ) | 155.1 | |||||||||||||||||
Contract-based intangibles | 56.3 | (8.9 | ) | 47.4 | 56.3 | (7.8 | ) | 48.5 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 171.2 | -- | 171.2 | |||||||||||||||||||
Segment total | 254.7 | (53.5 | ) | 201.2 | 425.9 | (51.1 | ) | 374.8 | |||||||||||||||||
Total all segments | $ | 4,089.20 | $ | (1,285.1 | ) | $ | 2,804.10 | $ | 5,548.40 | $ | (1,246.3 | ) | $ | 4,302.10 | |||||||||||
(1) At December 31, 2014, we had indefinite-lived intangible assets outstanding with a carrying value of $1.46 billion recorded in connection with our acquisition of the Oiltanking IDRs in October 2014. The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of the IDRs were reclassified to goodwill. | |||||||||||||||||||||||||
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: | |||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
NGL Pipelines & Services | $ | 7.5 | $ | 8.6 | |||||||||||||||||||||
Onshore Natural Gas Pipelines & Services | 9.9 | 11.6 | |||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 16.7 | 0.3 | |||||||||||||||||||||||
Offshore Pipelines & Services | 2.3 | 2.6 | |||||||||||||||||||||||
Petrochemical & Refined Products Services | 2.4 | 1.6 | |||||||||||||||||||||||
Total | $ | 38.8 | $ | 24.7 | |||||||||||||||||||||
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: | |||||||||||||||||||||||||
Remainder | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
of 2015 | |||||||||||||||||||||||||
$ | 112.3 | $ | 152.3 | $ | 149.3 | $ | 142.7 | $ | 131.3 | ||||||||||||||||
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 since December 31, 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, 2014 | $ | 2,180.40 | $ | 296.3 | $ | 859.9 | $ | 82 | $ | 781.3 | $ | 4,199.90 | |||||||||||||
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 432.6 | -- | 850.7 | -- | 170.8 | 1,454.10 | |||||||||||||||||||
Balance at March 31, 2015 | $ | 2,613.00 | $ | 296.3 | $ | 1,710.60 | $ | 82 | $ | 952.1 | $ | 5,654.00 | |||||||||||||
Upon completion of Step 2 of the Oiltanking acquisition in February 2015, the IDRs of Oiltanking were cancelled and the associated carrying values were reclassified from intangible assets to goodwill and allocated to the appropriate business segments. |
Debt_Obligations
Debt Obligations | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
EPO senior debt obligations: | |||||||||||||||||||||||||||||
Commercial Paper Notes, variable-rates | $ | 1,388.00 | $ | 906.5 | |||||||||||||||||||||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 | -- | 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 | |||||||||||||||||||||||||||
$1.5 Billion 364-Day Credit Agreement, variable-rate, due September 2015 | -- | -- | |||||||||||||||||||||||||||
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 LL, 2.55% fixed-rate, due October 2019 | 800 | 800 | |||||||||||||||||||||||||||
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 | 850 | |||||||||||||||||||||||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025 | 1,150.00 | 1,150.00 | |||||||||||||||||||||||||||
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 | 1,400.00 | 1,400.00 | |||||||||||||||||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.00 | 1,150.00 | |||||||||||||||||||||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400 | 400 | |||||||||||||||||||||||||||
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 | 20,088.00 | 19,856.50 | |||||||||||||||||||||||||||
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 | 14.2 | 14.2 | |||||||||||||||||||||||||||
Total principal amount of senior and junior debt obligations | 21,620.70 | 21,389.20 | |||||||||||||||||||||||||||
Other, non-principal amounts | (28.7 | ) | (25.4 | ) | |||||||||||||||||||||||||
Less current maturities of debt (4) | (1,399.8 | ) | (2,206.4 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 20,192.20 | $ | 19,157.40 | |||||||||||||||||||||||||
(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. Long-term and current maturities of debt reflect the classification of such obligations at March 31, 2015, after taking into consideration the long-term refinancing of Senior Notes X and Commercial Paper Notes using proceeds from our senior notes offering in May 2015 (see Note 17). | |||||||||||||||||||||||||||||
The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at March 31, 2015 for the next five years, and in total thereafter: | |||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||
Total | Remainder | 2016 | 2017 | 2018 | 2019 | After | |||||||||||||||||||||||
of 2015 | 2019 | ||||||||||||||||||||||||||||
Commercial Paper | $ | 1,388.00 | $ | 1,388.00 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||
Senior Notes | 18,700.00 | 1,050.00 | 750 | 800 | 350 | 1,500.00 | 14,250.00 | ||||||||||||||||||||||
Junior Subordinated Notes | 1,532.70 | -- | -- | -- | -- | -- | 1,532.70 | ||||||||||||||||||||||
Total | $ | 21,620.70 | $ | 2,438.00 | $ | 750 | $ | 800 | $ | 350 | $ | 1,500.00 | $ | 15,782.70 | |||||||||||||||
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 immaterial 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. | |||||||||||||||||||||||||||||
Letters of Credit | |||||||||||||||||||||||||||||
At March 31, 2015, 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 March 31, 2015. | |||||||||||||||||||||||||||||
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 three months ended March 31, 2015: | |||||||||||||||||||||||||||||
Range of | Weighted-Average | ||||||||||||||||||||||||||||
Interest Rates | Interest Rate | ||||||||||||||||||||||||||||
Paid | Paid | ||||||||||||||||||||||||||||
Commercial Paper Notes | 0.35% to 0.78% | 0.59% | |||||||||||||||||||||||||||
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.15% to 3.25% | 1.26% |
Equity_and_Distributions
Equity and Distributions | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 our outstanding units since December 31, 2014: | |||||||||||||||||
Common | Restricted | Total | |||||||||||||||
Units | Common | Common | |||||||||||||||
(Unrestricted) | Units | Units | |||||||||||||||
Number of units outstanding at December 31, 2014 | 1,933,095,027 | 4,229,790 | 1,937,324,817 | ||||||||||||||
Common units issued in connection with at-the-market program | 12,350,761 | -- | 12,350,761 | ||||||||||||||
Common units issued in connection with DRIP and EUPP | 1,940,832 | -- | 1,940,832 | ||||||||||||||
Common units issued in connection with Step 2 of Oiltanking acquisition | 36,827,517 | -- | 36,827,517 | ||||||||||||||
Common units issued in connection with the vesting and exercise of unit options | 291,250 | -- | 291,250 | ||||||||||||||
Common units issued in connection with the vesting of phantom unit awards | 519,247 | -- | 519,247 | ||||||||||||||
Common units issued in connection with the vesting of restricted common unit awards | 1,852,746 | (1,852,746 | ) | -- | |||||||||||||
Forfeiture of restricted common unit awards | -- | (84,700 | ) | (84,700 | ) | ||||||||||||
Acquisition and cancellation of treasury units in connection with the | (628,750 | ) | -- | (628,750 | ) | ||||||||||||
vesting of equity-based awards | |||||||||||||||||
Other | 12,360 | -- | 12,360 | ||||||||||||||
Number of units outstanding at March 31, 2015 | 1,986,260,990 | 2,292,344 | 1,988,553,334 | ||||||||||||||
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. | |||||||||||||||||
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 three months ended March 31, 2015, we issued 12,350,761 common units under this program for aggregate gross proceeds of $407.8 million. This includes 3,225,057 common units sold in March 2015 to a privately held affiliate of EPCO, which generated gross proceeds of $100 million. After taking into account applicable costs, our transactions under the at-the-market program resulted in aggregate net cash proceeds of $404.2 million for the first quarter of 2015. As of March 31, 2015, we have the capacity to issue additional common units under this program up to an aggregate sales price of $783.9 million. We did not issue any common units under this program during the three months ended March 31, 2014. | |||||||||||||||||
We also have registration statements on file with the SEC collectively authorizing the issuance of up to 140,000,000 of our common units in connection with a distribution reinvestment plan (or “DRIP”). We issued a total of 1,869,079 common units under our DRIP during the three months ended March 31, 2015, which generated net cash proceeds of $61.7 million. During the three months ended March 31, 2014, we issued 2,614,370 common units under our DRIP, which generated net cash proceeds of $81.0 million. After taking into account the number of common units issued under the DRIP through March 31, 2015, we have the capacity to issue an additional 25,612,270 common units under this plan. | |||||||||||||||||
In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 8,000,000 of our common units in connection with our employee unit purchase plan (“EUPP”). We issued 71,753 common units under our EUPP during the three months ended March 31, 2015, which generated net cash proceeds of $2.5 million. During the three months ended March 31, 2014, we issued 62,560 common units under our EUPP, which generated net cash proceeds of $2.0 million. After taking into account the number of common units issued under the EUPP through March 31, 2015, we may issue an additional 7,081,315 common units under this plan. | |||||||||||||||||
The net cash proceeds we received from the issuance of common units during the three months ended March 31, 2015 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and for general company purposes. | |||||||||||||||||
Completion of Oiltanking Acquisition | |||||||||||||||||
In October 2014, we completed the first step of a two-step acquisition of Oiltanking by paying approximately $4.41 billion to OTA for Oiltanking GP, the related IDRs and approximately 65.9% of the limited partner interests of Oiltanking. As a second step of the Oiltanking acquisition (separately negotiated by the conflicts committee of Oiltanking GP on behalf of Oiltanking), we entered into an Agreement and Plan of Merger (the “merger agreement”) with Oiltanking in November 2014 that provided for the following: | |||||||||||||||||
§ | the merger of a wholly owned subsidiary of Enterprise with and into Oiltanking, with Oiltanking surviving the merger as a wholly owned subsidiary of Enterprise; and | ||||||||||||||||
§ | all outstanding common units of Oiltanking at the effective time of the merger held by Oiltanking’s public unitholders (which consisted of Oiltanking unitholders other than Enterprise and its subsidiaries) to be cancelled and converted into Enterprise common units based on an exchange ratio of 1.30 Enterprise common units for each Oiltanking common unit. | ||||||||||||||||
In accordance with the merger agreement and Oiltanking’s partnership agreement, the merger was submitted to a vote of Oiltanking’s common unitholders, with the required majority of unitholders (including our ownership interests) voting to approve the merger on February 13, 2015. Upon approval of the merger, a total of 36,827,517 of our common units were issued to Oiltanking’s former public unitholders. With the completion of this second step, total consideration paid by Enterprise for Oiltanking was approximately $5.9 billion. | |||||||||||||||||
Step 2 of the acquisition was accounted for in accordance with ASC Topic 810, Consolidations – Overall – Changes in Parent’s Ownership Interest in a Subsidiary. Since we had a controlling financial interest in Oiltanking before and after completion of Step 2, the increase in our ownership interest in Oiltanking was accounted for as an equity transaction with no gain or loss recognized. Step 2 represented our acquisition of the noncontrolling interests in Oiltanking; therefore, approximately $1.4 billion of noncontrolling interests attributable to Oiltanking was reclassified to limited partners’ equity to reflect the February 2015 issuance of 36,827,517 new common units. | |||||||||||||||||
See Note 14 for information regarding requests from the Federal Trade Commission (“FTC”) and the Attorney General of the State of Texas in connection with the Oiltanking acquisition. | |||||||||||||||||
With the exception of the fair value assigned to the Liquidity Option Agreement (see Note 4), we consider our purchase price allocation to be final. We expect to finalize the fair value of the Liquidity Option Agreement as soon as practicable but no later than one year from the acquisition date. Subsequent changes in the fair value of this option (other than those attributable to the finalization of the purchase price) will be recorded in earnings each reporting period until the option expires or is exercised. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
Noncontrolling interests represent third party equity ownership interests in our consolidated subsidiaries, including Enterprise EF78 LLC, Independence Hub LLC, Rio Grande Pipeline Company, Tri-States NGL Pipeline L.L.C., Panola Pipeline Company, LLC and Wilprise Pipeline Company LLC. | |||||||||||||||||
As previously described, we reclassified approximately $1.4 billion of noncontrolling interests to limited partners’ equity in connection with completing Step 2 of the Oiltanking acquisition in February 2015. Cash distributions paid in the first quarter of 2015 to the limited partners of Oiltanking other than EPO and its subsidiaries are presented as amounts paid to noncontrolling interests. | |||||||||||||||||
In February 2015, we formed a joint venture involving our Panola NGL Pipeline with affiliates of Anadarko Petroleum Corporation (“Anadarko”), DCP Midstream Partners, LP (“DCP”) and MarkWest Energy Partners, L.P. (“MarkWest”). We will continue to serve as operator of the Panola Pipeline and own 55% of the member interests in the joint venture. Affiliates of Anadarko, DCP and MarkWest will own the remaining 45% member interests, with each holding a 15% interest. The Panola Pipeline transports mixed NGLs from points near Carthage, Texas to Mont Belvieu, Texas and supports the Haynesville and Cotton Valley oil and gas production areas. | |||||||||||||||||
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, 2014 | $ | 69.9 | $ | (314.8 | ) | $ | 3.3 | $ | (241.6 | ) | |||||||
Other comprehensive income before reclassifications | 30.8 | -- | -- | 30.8 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss (income) | (61.1 | ) | 8.7 | -- | (52.4 | ) | |||||||||||
Total other comprehensive income (loss) | (30.3 | ) | 8.7 | -- | (21.6 | ) | |||||||||||
Balance, March 31, 2015 | $ | 39.6 | $ | (306.1 | ) | $ | 3.3 | $ | (263.2 | ) | |||||||
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 | (9.2 | ) | -- | -- | (9.2 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 16 | 7.9 | -- | 23.9 | |||||||||||||
Total other comprehensive income | 6.8 | 7.9 | -- | 14.7 | |||||||||||||
Balance, March 31, 2014 | $ | (7.9 | ) | $ | (339.3 | ) | $ | 2.9 | $ | (344.3 | ) | ||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated: | |||||||||||||||||
For the Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
Location | 2015 | 2014 | |||||||||||||||
Losses (gains) on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | Interest expense | $ | 8.7 | $ | 7.9 | ||||||||||||
Commodity derivatives | Revenue | (61.1 | ) | 16.9 | |||||||||||||
Commodity derivatives | Operating costs and expenses | -- | (0.9 | ) | |||||||||||||
Total | $ | (52.4 | ) | $ | 23.9 | ||||||||||||
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 | |||||||||||||||
2014:00:00 | |||||||||||||||||
1st Quarter | $ | 0.355 | 4/30/14 | 5/7/14 | |||||||||||||
2015:00:00 | |||||||||||||||||
1st Quarter | $ | 0.375 | 4/30/15 | 5/7/15 | |||||||||||||
Distributions paid during 2015 exclude 35,380,000 common units (or “Designated Units”) owned by a privately held affiliate of EPCO for which such affiliate has agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect thereto. The Designated Units will be entitled to receive quarterly cash distributions paid, if any, beginning in the first quarter of 2016. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
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 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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Revenues | $ | 7,472.50 | $ | 12,909.90 | |||||||||||||||||||||||||
Subtract operating costs and expenses | (6,616.4 | ) | (11,880.5 | ) | |||||||||||||||||||||||||
Add equity in income of unconsolidated affiliates | 89.2 | 56.5 | |||||||||||||||||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 345.3 | 301.4 | |||||||||||||||||||||||||||
Add impairment charges not reflected in gross operating margin | 33.3 | 8.8 | |||||||||||||||||||||||||||
Subtract net gains attributable to asset sales and insurance recoveries not reflected in | (0.1 | ) | (89.6 | ) | |||||||||||||||||||||||||
gross operating margin (see Note 15) | |||||||||||||||||||||||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on major | 30.7 | 23.3 | |||||||||||||||||||||||||||
new pipeline projects reflected in gross operating margin | |||||||||||||||||||||||||||||
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected in | (20.1 | ) | -- | ||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,334.40 | $ | 1,329.80 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,334.40 | $ | 1,329.80 | |||||||||||||||||||||||||
Adjustments to reconcile total segment gross operating margin to operating income: | |||||||||||||||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | (345.3 | ) | (301.4 | ) | |||||||||||||||||||||||||
Subtract impairment charges not reflected in gross operating margin | (33.3 | ) | (8.8 | ) | |||||||||||||||||||||||||
Add net gains attributable to asset sales and insurance recoveries not reflected in | 0.1 | 89.6 | |||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on major | (30.7 | ) | (23.3 | ) | |||||||||||||||||||||||||
new pipeline projects reflected in gross operating margin | |||||||||||||||||||||||||||||
Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in | 20.1 | -- | |||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Subtract general and administrative costs not reflected in gross operating margin | (49.3 | ) | (53.2 | ) | |||||||||||||||||||||||||
Operating income | 896 | 1,032.70 | |||||||||||||||||||||||||||
Other expense, net | (238.6 | ) | (221.2 | ) | |||||||||||||||||||||||||
Income before income taxes | $ | 657.4 | $ | 811.5 | |||||||||||||||||||||||||
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 March 31, 2015 | $ | 2,674.80 | $ | 730.9 | $ | 2,677.00 | $ | 34.6 | $ | 1,349.10 | $ | -- | $ | 7,466.40 | |||||||||||||||
Three months ended March 31, 2014 | 5,173.70 | 1,200.00 | 4,935.40 | 34.7 | 1,530.60 | -- | 12,874.40 | ||||||||||||||||||||||
Revenues from related parties: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 1.5 | 3 | 1 | 0.6 | -- | -- | 6.1 | ||||||||||||||||||||||
Three months ended March 31, 2014 | 5.8 | 4.6 | 22.9 | 2.2 | -- | -- | 35.5 | ||||||||||||||||||||||
Intersegment and intrasegment revenues: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 2,443.10 | 170 | 1,277.10 | 0.4 | 285.6 | (4,176.2 | ) | -- | |||||||||||||||||||||
Three months ended March 31, 2014 | 3,861.00 | 309.4 | 2,550.70 | 2.3 | 437 | (7,160.4 | ) | -- | |||||||||||||||||||||
Total revenues: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 5,119.40 | 903.9 | 3,955.10 | 35.6 | 1,634.70 | (4,176.2 | ) | 7,472.50 | |||||||||||||||||||||
Three months ended March 31, 2014 | 9,040.50 | 1,514.00 | 7,509.00 | 39.2 | 1,967.60 | (7,160.4 | ) | 12,909.90 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 11.6 | 0.9 | 59.9 | 20.2 | (3.4 | ) | -- | 89.2 | |||||||||||||||||||||
Three months ended March 31, 2014 | 1.4 | 0.9 | 42.7 | 11.1 | 0.4 | -- | 56.5 | ||||||||||||||||||||||
Gross operating margin: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 695.2 | 204.5 | 214 | 46.1 | 174.6 | -- | 1,334.40 | ||||||||||||||||||||||
Three months ended March 31, 2014 | 780 | 220.4 | 159.7 | 39.3 | 130.4 | -- | 1,329.80 | ||||||||||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||||||||||||||
(see Note 6) | |||||||||||||||||||||||||||||
At March 31, 2015 | 11,775.80 | 8,839.50 | 2,382.80 | 1,130.10 | 3,042.80 | 3,196.60 | 30,367.60 | ||||||||||||||||||||||
At December 31, 2014 | 11,766.90 | 8,835.50 | 2,332.20 | 1,145.10 | 3,047.20 | 2,754.70 | 29,881.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates: | |||||||||||||||||||||||||||||
(see Note 7) | |||||||||||||||||||||||||||||
At March 31, 2015 | 681.6 | 23.1 | 1,797.90 | 487.5 | 74.8 | -- | 3,064.90 | ||||||||||||||||||||||
At December 31, 2014 | 682.3 | 23.2 | 1,767.70 | 493.7 | 75.1 | -- | 3,042.00 | ||||||||||||||||||||||
Intangible assets, net: (see Note 8) | |||||||||||||||||||||||||||||
At March 31, 2015 | 249.1 | 963 | 1,351.50 | 39.3 | 201.2 | -- | 2,804.10 | ||||||||||||||||||||||
At December 31, 2014 | 689.2 | 972.9 | 2,223.60 | 41.6 | 374.8 | -- | 4,302.10 | ||||||||||||||||||||||
Goodwill: (see Note 8) | |||||||||||||||||||||||||||||
At March 31, 2015 | 2,613.00 | 296.3 | 1,710.60 | 82 | 952.1 | -- | 5,654.00 | ||||||||||||||||||||||
At December 31, 2014 | 2,180.40 | 296.3 | 859.9 | 82 | 781.3 | -- | 4,199.90 | ||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
At March 31, 2015 | 15,319.50 | 10,121.90 | 7,242.80 | 1,738.90 | 4,270.90 | 3,196.60 | 41,890.60 | ||||||||||||||||||||||
At December 31, 2014 | 15,318.80 | 10,127.90 | 7,183.40 | 1,762.40 | 4,278.40 | 2,754.70 | 41,425.60 | ||||||||||||||||||||||
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated: | |||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 2,242.20 | $ | 4,795.80 | |||||||||||||||||||||||||
Midstream services | 434.1 | 383.7 | |||||||||||||||||||||||||||
Total | 2,676.30 | 5,179.50 | |||||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | 476.3 | 953.2 | |||||||||||||||||||||||||||
Midstream services | 257.6 | 251.4 | |||||||||||||||||||||||||||
Total | 733.9 | 1,204.60 | |||||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of crude oil | 2,570.70 | 4,873.40 | |||||||||||||||||||||||||||
Midstream services | 107.3 | 84.9 | |||||||||||||||||||||||||||
Total | 2,678.00 | 4,958.30 | |||||||||||||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | -- | 0.2 | |||||||||||||||||||||||||||
Sales of crude oil | 1.1 | 2.1 | |||||||||||||||||||||||||||
Midstream services | 34.1 | 34.6 | |||||||||||||||||||||||||||
Total | 35.2 | 36.9 | |||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,151.00 | 1,356.20 | |||||||||||||||||||||||||||
Midstream services | 198.1 | 174.4 | |||||||||||||||||||||||||||
Total | 1,349.10 | 1,530.60 | |||||||||||||||||||||||||||
Total consolidated revenues | $ | 7,472.50 | $ | 12,909.90 | |||||||||||||||||||||||||
Consolidated costs and expenses | |||||||||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||
Cost of sales | $ | 5,678.10 | $ | 11,052.70 | |||||||||||||||||||||||||
Other operating costs and expenses (1) | 559.8 | 607.2 | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 345.3 | 301.4 | |||||||||||||||||||||||||||
Net gains attributable to asset sales and insurance recoveries | (0.1 | ) | (89.6 | ) | |||||||||||||||||||||||||
Non-cash asset impairment charges | 33.3 | 8.8 | |||||||||||||||||||||||||||
General and administrative costs | 49.3 | 53.2 | |||||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 6,665.70 | $ | 11,933.70 | |||||||||||||||||||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding depreciation, amortization and accretion charges. | |||||||||||||||||||||||||||||
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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues – related parties: | |||||||||
Unconsolidated affiliates | $ | 6.1 | $ | 35.5 | |||||
Costs and expenses – related parties: | |||||||||
EPCO and affiliates | $ | 221.9 | $ | 235.7 | |||||
Unconsolidated affiliates | 39.2 | 56.6 | |||||||
Total | $ | 261.1 | $ | 292.3 | |||||
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable - related parties: | |||||||||
Unconsolidated affiliates | $ | 3.4 | $ | 2.8 | |||||
Accounts payable - related parties: | |||||||||
EPCO and affiliates | $ | 31.3 | $ | 98.1 | |||||
Unconsolidated affiliates | 18 | 20.8 | |||||||
Total | $ | 49.3 | $ | 118.9 | |||||
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 March 31, 2015, 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 | |||||||||
687,946,688 | 34.60% | ||||||||
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 three months ended March 31, 2015 and 2014, we paid EPCO and its privately held affiliates cash distributions totaling $231.2 million and $214.2 million, respectively. | |||||||||
In March 2015, a privately held affiliate of EPCO purchased 3,225,057 common units from us under our at-the-market program for $31.01 per unit. See Note 10 for information regarding our at-the-market program. | |||||||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Operating costs and expenses | $ | 191.1 | $ | 203.7 | |||||
General and administrative expenses | 30.8 | 32 | |||||||
Total costs and expenses | $ | 221.9 | $ | 235.7 |
Earnings_Per_Unit
Earnings Per Unit | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
BASIC EARNINGS PER UNIT | |||||||||
Net income attributable to limited partners | $ | 636.1 | $ | 798.8 | |||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (2.2 | ) | (1.5 | ) | |||||
Net income available to common unitholders | $ | 633.9 | $ | 797.3 | |||||
Basic weighted-average number of common units outstanding | 1,926.40 | 1,828.00 | |||||||
Basic earnings per unit | $ | 0.33 | $ | 0.44 | |||||
DILUTED EARNINGS PER UNIT | |||||||||
Net income attributable to limited partners | $ | 636.1 | $ | 798.8 | |||||
Diluted weighted-average number of units outstanding: | |||||||||
Distribution-bearing common units | 1,926.40 | 1,828.00 | |||||||
Designated Units | 35.4 | 45.1 | |||||||
Phantom units (1) | 4.5 | 1.6 | |||||||
Incremental option units | 0.4 | 1.2 | |||||||
Total | 1,966.70 | 1,875.90 | |||||||
Diluted earnings per unit | $ | 0.32 | $ | 0.43 | |||||
(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 our 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. | |||||||||
See Note 1 for information regarding a two-for-one common unit split completed in August 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and December 31, 2014, our accruals for litigation contingencies were $2.4 million 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. On March 30, 2015, we filed our Brief of the Appellant in the Court of Appeals for the Fifth District of Dallas, Texas and intend to vigorously oppose the judgment through the appeals process. As of March 31, 2015, we have not recorded a provision for this matter as management believes payment of damages in this case is not probable. | |
FTC Matter. On February 23, 2015, we received a Civil Investigative Demand and a related Subpoena Duces Tecum from the FTC requesting specified information relating to the Oiltanking acquisition and Enterprise’s operations. On April 13, 2015, we received a Civil Investigative Demand issued by the Attorney General of the State of Texas requesting copies of the same information and any correspondence with the FTC. We are in the process of complying with the requests and are cooperating with the investigations. Based on the limited information that we have at this time, we are unable to predict the outcome of the investigations. | |
Contractual Obligations | |
Scheduled Maturities of Debt. With the exception of (i) routine fluctuations in the balances of our revolving credit facility and commercial paper notes outstanding and (ii) the scheduled repayment of maturing senior debt obligations, our consolidated debt obligations at March 31, 2015 did not differ materially from those reported in our 2014 Form 10-K. See Note 9 for additional information regarding our consolidated debt obligations. | |
Operating Lease Obligations. Consolidated lease and rental expense was $22.4 million and $23.2 million during the three months ended March 31, 2015 and 2014, respectively. Our operating lease commitments at March 31, 2015 did not differ materially from those reported in our 2014 Form 10-K. | |
Purchase Obligations. Our consolidated purchase obligations at March 31, 2015 did not differ materially from those reported in our 2014 Form 10-K. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Cash Flow Information | Note 15. Supplemental Cash Flow Information | ||||||||
The following table presents the net effect of changes in our operating accounts for the periods indicated: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Decrease (increase) in: | |||||||||
Accounts receivable – trade | $ | 837.5 | $ | 483.3 | |||||
Accounts receivable – related parties | (0.6 | ) | 1.3 | ||||||
Inventories | 161 | 65.7 | |||||||
Prepaid and other current assets | (3.2 | ) | 5.6 | ||||||
Other assets | 0.5 | 23.5 | |||||||
Increase (decrease) in: | |||||||||
Accounts payable – trade | (61.6 | ) | 106.9 | ||||||
Accounts payable – related parties | (69.6 | ) | (59.5 | ) | |||||
Accrued product payables | (768.7 | ) | (149.1 | ) | |||||
Accrued interest | (155.6 | ) | (132.2 | ) | |||||
Other current liabilities | (71.9 | ) | (9.6 | ) | |||||
Other liabilities | (6.8 | ) | 6.6 | ||||||
Net effect of changes in operating accounts | $ | (139.0 | ) | $ | 342.5 | ||||
We incurred liabilities for construction in progress that had not been paid at March 31, 2015 and December 31, 2014 of $386.6 million and $372.8 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. | |||||||||
In February 2011, we experienced an NGL release and fire at the West Storage location of our Mont Belvieu, Texas underground storage facility. As a final installment on the property damage claim we filed in connection with this incident, we received $95.0 million of nonrefundable cash insurance proceeds during the first quarter of 2014. Operating income for the three months ended March 31, 2014 includes $95.0 million of gains related to these proceeds. This gain was classified as a reduction in operating costs and expenses for the period. | |||||||||
The following table presents our cash proceeds from asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Insurance recoveries attributable to West Storage claims | $ | -- | $ | 95 | |||||
Other cash proceeds | 0.5 | 1.3 | |||||||
Total | $ | 0.5 | $ | 96.3 | |||||
The following table presents net gains attributable to asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Gains attributable to West Storage insurance recoveries | $ | -- | $ | 95 | |||||
Net gains (losses) attributable to other asset sales | 0.1 | (5.4 | ) | ||||||
Total | $ | 0.1 | $ | 89.6 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Note 16. 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. As the parent company of EPO, Enterprise Products Partners L.P. guarantees substantially all of the debt obligations of EPO. 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. See Note 9 for additional information regarding our consolidated debt obligations. | |||||||||||||||||||||||||||||
EPO’s consolidated subsidiaries have no significant restrictions on their ability to pay distributions or make loans to Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 | $ | 59.8 | $ | 57.3 | $ | (7.8 | ) | $ | 109.3 | $ | -- | $ | -- | $ | 109.3 | ||||||||||||||
Accounts receivable – trade, net | 875.1 | 2,111.70 | (1.7 | ) | 2,985.10 | -- | -- | 2,985.10 | |||||||||||||||||||||
Accounts receivable – related parties | 220.2 | 869.8 | (1,033.0 | ) | 57 | -- | (53.6 | ) | 3.4 | ||||||||||||||||||||
Inventories | 671.6 | 184.2 | (0.4 | ) | 855.4 | -- | -- | 855.4 | |||||||||||||||||||||
Prepaid and other current assets | 153.6 | 339.8 | (13.1 | ) | 480.3 | 0.7 | 0.6 | 481.6 | |||||||||||||||||||||
Total current assets | 1,980.30 | 3,562.80 | (1,056.0 | ) | 4,487.10 | 0.7 | (53.0 | ) | 4,434.80 | ||||||||||||||||||||
Property, plant and equipment, net | 2,860.20 | 27,505.90 | 1.5 | 30,367.60 | -- | -- | 30,367.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 38,733.10 | 3,177.30 | (38,845.5 | ) | 3,064.90 | 20,007.90 | (20,007.9 | ) | 3,064.90 | ||||||||||||||||||||
Intangible assets, net | 78.9 | 2,740.30 | (15.1 | ) | 2,804.10 | -- | -- | 2,804.10 | |||||||||||||||||||||
Goodwill | 458.8 | 5,195.20 | -- | 5,654.00 | -- | -- | 5,654.00 | ||||||||||||||||||||||
Other assets | 135.9 | 44.7 | (0.9 | ) | 179.7 | 0.2 | -- | 179.9 | |||||||||||||||||||||
Total assets | $ | 44,247.20 | $ | 42,226.20 | $ | (39,916.0 | ) | $ | 46,557.40 | $ | 20,008.80 | $ | (20,060.9 | ) | $ | 46,505.30 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,399.70 | $ | 0.1 | $ | -- | $ | 1,399.80 | $ | -- | $ | -- | $ | 1,399.80 | |||||||||||||||
Accounts payable – trade | 186.9 | 525.3 | (7.8 | ) | 704.4 | 0.1 | -- | 704.5 | |||||||||||||||||||||
Accounts payable – related parties | 921.8 | 175.8 | (1,048.3 | ) | 49.3 | 53.6 | (53.6 | ) | 49.3 | ||||||||||||||||||||
Accrued product payables | 1,307.30 | 1,780.20 | (2.3 | ) | 3,085.20 | -- | -- | 3,085.20 | |||||||||||||||||||||
Accrued interest | 179.6 | 0.4 | -- | 180 | -- | -- | 180 | ||||||||||||||||||||||
Other current liabilities | 109.6 | 360.8 | (13.3 | ) | 457.1 | -- | -- | 457.1 | |||||||||||||||||||||
Total current liabilities | 4,104.90 | 2,842.60 | (1,071.7 | ) | 5,875.80 | 53.7 | (53.6 | ) | 5,875.90 | ||||||||||||||||||||
Long-term debt | 20,176.90 | 15.3 | -- | 20,192.20 | -- | -- | 20,192.20 | ||||||||||||||||||||||
Deferred tax liabilities | 4.3 | 60.1 | (0.9 | ) | 63.5 | -- | 4.5 | 68 | |||||||||||||||||||||
Other long-term liabilities | 10.7 | 181.4 | (0.4 | ) | 191.7 | 119.4 | -- | 311.1 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 19,950.40 | 39,054.80 | (39,021.6 | ) | 19,983.60 | 19,835.70 | (19,983.6 | ) | 19,835.70 | ||||||||||||||||||||
Noncontrolling interests | -- | 72 | 178.6 | 250.6 | -- | (28.2 | ) | 222.4 | |||||||||||||||||||||
Total equity | 19,950.40 | 39,126.80 | (38,843.0 | ) | 20,234.20 | 19,835.70 | (20,011.8 | ) | 20,058.10 | ||||||||||||||||||||
Total liabilities and equity | $ | 44,247.20 | $ | 42,226.20 | $ | (39,916.0 | ) | $ | 46,557.40 | $ | 20,008.80 | $ | (20,060.9 | ) | $ | 46,505.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Dec-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 | $ | 18.7 | $ | 70.4 | $ | (14.7 | ) | $ | 74.4 | $ | -- | $ | -- | $ | 74.4 | ||||||||||||||
Accounts receivable – trade, net | 1,128.50 | 2,698.20 | (3.7 | ) | 3,823.00 | -- | -- | 3,823.00 | |||||||||||||||||||||
Accounts receivable – related parties | 158.8 | 1,114.60 | (1,266.6 | ) | 6.8 | -- | (4.0 | ) | 2.8 | ||||||||||||||||||||
Inventories | 831.8 | 182.8 | (0.4 | ) | 1,014.20 | -- | -- | 1,014.20 | |||||||||||||||||||||
Prepaid and other current assets | 537.7 | 346.3 | (308.5 | ) | 575.5 | -- | 0.8 | 576.3 | |||||||||||||||||||||
Total current assets | 2,675.50 | 4,412.30 | (1,593.9 | ) | 5,493.90 | -- | (3.2 | ) | 5,490.70 | ||||||||||||||||||||
Property, plant and equipment, net | 2,871.70 | 26,912.00 | 97.9 | 29,881.60 | -- | -- | 29,881.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 36,937.50 | 3,556.40 | (37,451.9 | ) | 3,042.00 | 18,187.20 | (18,187.2 | ) | 3,042.00 | ||||||||||||||||||||
Intangible assets, net | 2,527.30 | 1,292.40 | 482.4 | 4,302.10 | -- | -- | 4,302.10 | ||||||||||||||||||||||
Goodwill | 1,956.10 | 1,621.10 | 622.7 | 4,199.90 | -- | -- | 4,199.90 | ||||||||||||||||||||||
Other assets | 139.3 | 45.8 | (0.7 | ) | 184.4 | -- | -- | 184.4 | |||||||||||||||||||||
Total assets | $ | 47,107.40 | $ | 37,840.00 | $ | (37,843.5 | ) | $ | 47,103.90 | $ | 18,187.20 | $ | (18,190.4 | ) | $ | 47,100.70 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,206.40 | $ | -- | $ | -- | $ | 2,206.40 | $ | -- | $ | -- | $ | 2,206.40 | |||||||||||||||
Accounts payable – trade | 216.6 | 571.4 | (14.8 | ) | 773.2 | 0.6 | -- | 773.8 | |||||||||||||||||||||
Accounts payable – related parties | 1,226.50 | 173.3 | (1,280.9 | ) | 118.9 | 4 | (4.0 | ) | 118.9 | ||||||||||||||||||||
Accrued product payables | 1,570.00 | 2,287.90 | (4.6 | ) | 3,853.30 | -- | -- | 3,853.30 | |||||||||||||||||||||
Accrued interest | 335.4 | 0.7 | (0.6 | ) | 335.5 | -- | -- | 335.5 | |||||||||||||||||||||
Other current liabilities | 130.8 | 763.7 | (308.7 | ) | 585.8 | -- | -- | 585.8 | |||||||||||||||||||||
Total current liabilities | 5,685.70 | 3,797.00 | (1,609.6 | ) | 7,873.10 | 4.6 | (4.0 | ) | 7,873.70 | ||||||||||||||||||||
Long-term debt | 19,142.50 | 14.9 | -- | 19,157.40 | -- | -- | 19,157.40 | ||||||||||||||||||||||
Deferred tax liabilities | 4.9 | 58.5 | (0.9 | ) | 62.5 | -- | 4.1 | 66.6 | |||||||||||||||||||||
Other long-term liabilities | 10.9 | 180.8 | (0.3 | ) | 191.4 | 119.4 | -- | 310.8 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 22,263.40 | 33,720.60 | (37,820.6 | ) | 18,163.40 | 18,063.20 | (18,163.4 | ) | 18,063.20 | ||||||||||||||||||||
Noncontrolling interests | -- | 68.2 | 1,587.90 | 1,656.10 | -- | (27.1 | ) | 1,629.00 | |||||||||||||||||||||
Total equity | 22,263.40 | 33,788.80 | (36,232.7 | ) | 19,819.50 | 18,063.20 | (18,190.5 | ) | 19,692.20 | ||||||||||||||||||||
Total liabilities and equity | $ | 47,107.40 | $ | 37,840.00 | $ | (37,843.5 | ) | $ | 47,103.90 | $ | 18,187.20 | $ | (18,190.4 | ) | $ | 47,100.70 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 5,579.80 | $ | 4,825.20 | $ | (2,932.5 | ) | $ | 7,472.50 | $ | -- | $ | -- | $ | 7,472.50 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 5,324.10 | 4,224.90 | (2,932.6 | ) | 6,616.40 | -- | -- | 6,616.40 | |||||||||||||||||||||
General and administrative costs | 8.4 | 40.7 | -- | 49.1 | 0.2 | -- | 49.3 | ||||||||||||||||||||||
Total costs and expenses | 5,332.50 | 4,265.60 | (2,932.6 | ) | 6,665.50 | 0.2 | -- | 6,665.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 627.7 | 91.6 | (630.1 | ) | 89.2 | 636.3 | (636.3 | ) | 89.2 | ||||||||||||||||||||
Operating income | 875 | 651.2 | (630.0 | ) | 896.2 | 636.1 | (636.3 | ) | 896 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (238.3 | ) | (2.8 | ) | 2 | (239.1 | ) | -- | -- | (239.1 | ) | ||||||||||||||||||
Other, net | 2 | 0.5 | (2.0 | ) | 0.5 | -- | -- | 0.5 | |||||||||||||||||||||
Total other expense, net | (236.3 | ) | (2.3 | ) | -- | (238.6 | ) | -- | -- | (238.6 | ) | ||||||||||||||||||
Income before income taxes | 638.7 | 648.9 | (630.0 | ) | 657.6 | 636.1 | (636.3 | ) | 657.4 | ||||||||||||||||||||
Provision for income taxes | (3.2 | ) | (3.1 | ) | -- | (6.3 | ) | -- | (0.5 | ) | (6.8 | ) | |||||||||||||||||
Net income | 635.5 | 645.8 | (630.0 | ) | 651.3 | 636.1 | (636.8 | ) | 650.6 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.3 | (16.0 | ) | (15.7 | ) | -- | 1.2 | (14.5 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 635.5 | $ | 646.1 | $ | (646.0 | ) | $ | 635.6 | $ | 636.1 | $ | (635.6 | ) | $ | 636.1 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 9,490.90 | $ | 8,110.60 | $ | (4,691.6 | ) | $ | 12,909.90 | $ | -- | $ | -- | $ | 12,909.90 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 9,167.80 | 7,404.50 | (4,691.8 | ) | 11,880.50 | -- | -- | 11,880.50 | |||||||||||||||||||||
General and administrative costs | 7.3 | 45.7 | -- | 53 | 0.2 | -- | 53.2 | ||||||||||||||||||||||
Total costs and expenses | 9,175.10 | 7,450.20 | (4,691.8 | ) | 11,933.50 | 0.2 | -- | 11,933.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 706.8 | 85.8 | (736.1 | ) | 56.5 | 799 | (799.0 | ) | 56.5 | ||||||||||||||||||||
Operating income | 1,022.60 | 746.2 | (735.9 | ) | 1,032.90 | 798.8 | (799.0 | ) | 1,032.70 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (220.8 | ) | (0.1 | ) | -- | (220.9 | ) | -- | -- | (220.9 | ) | ||||||||||||||||||
Other, net | 0.2 | (0.5 | ) | -- | (0.3 | ) | -- | -- | (0.3 | ) | |||||||||||||||||||
Total other expense, net | (220.6 | ) | (0.6 | ) | -- | (221.2 | ) | -- | -- | (221.2 | ) | ||||||||||||||||||
Income before income taxes | 802 | 745.6 | (735.9 | ) | 811.7 | 798.8 | (799.0 | ) | 811.5 | ||||||||||||||||||||
Provision for income taxes | (4.2 | ) | (0.3 | ) | -- | (4.5 | ) | -- | (0.3 | ) | (4.8 | ) | |||||||||||||||||
Net income | 797.8 | 745.3 | (735.9 | ) | 807.2 | 798.8 | (799.3 | ) | 806.7 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | -- | (9.1 | ) | (9.1 | ) | -- | 1.2 | (7.9 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 797.8 | $ | 745.3 | $ | (745.0 | ) | $ | 798.1 | $ | 798.8 | $ | (798.1 | ) | $ | 798.8 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 621.9 | $ | 637.8 | $ | (630.0 | ) | $ | 629.7 | $ | 614.5 | $ | (615.2 | ) | $ | 629 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.3 | (16.0 | ) | (15.7 | ) | -- | 1.2 | (14.5 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 621.9 | $ | 638.1 | $ | (646.0 | ) | $ | 614 | $ | 614.5 | $ | (614.0 | ) | $ | 614.5 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 808 | $ | 749.8 | $ | (735.9 | ) | $ | 821.9 | $ | 813.5 | $ | (814.0 | ) | $ | 821.4 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | -- | (9.1 | ) | (9.1 | ) | -- | 1.2 | (7.9 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 808 | $ | 749.8 | $ | (745.0 | ) | $ | 812.8 | $ | 813.5 | $ | (812.8 | ) | $ | 813.5 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 635.5 | $ | 645.8 | $ | (630.0 | ) | $ | 651.3 | $ | 636.1 | $ | (636.8 | ) | $ | 650.6 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 32.9 | 334.6 | (0.1 | ) | 367.4 | -- | -- | 367.4 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (627.7 | ) | (91.6 | ) | 630.1 | (89.2 | ) | (636.3 | ) | 636.3 | (89.2 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 633.9 | 97.5 | (597.0 | ) | 134.4 | 726.7 | (726.7 | ) | 134.4 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (146.6 | ) | 13 | 6.9 | (126.7 | ) | 17 | 0.5 | (109.2 | ) | |||||||||||||||||||
Net cash flows provided by operating activities | 528 | 999.3 | (590.1 | ) | 937.2 | 743.5 | (726.7 | ) | 954 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (234.2 | ) | (559.0 | ) | -- | (793.2 | ) | -- | -- | (793.2 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | -- | 0.5 | -- | 0.5 | -- | -- | 0.5 | ||||||||||||||||||||||
Other investing activities | (252.0 | ) | (24.0 | ) | 179.6 | (96.4 | ) | (468.4 | ) | 468.4 | (96.4 | ) | |||||||||||||||||
Cash used in investing activities | (486.2 | ) | (582.5 | ) | 179.6 | (889.1 | ) | (468.4 | ) | 468.4 | (889.1 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 9,182.50 | -- | -- | 9,182.50 | -- | -- | 9,182.50 | ||||||||||||||||||||||
Repayments of debt | (8,953.2 | ) | -- | -- | (8,953.2 | ) | -- | -- | (8,953.2 | ) | |||||||||||||||||||
Cash distributions paid to partners | (726.7 | ) | (613.1 | ) | 613.1 | (726.7 | ) | (703.8 | ) | 726.7 | (703.8 | ) | |||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (1.2 | ) | -- | (1.2 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (0.4 | ) | (16.1 | ) | (16.5 | ) | -- | -- | (16.5 | ) | ||||||||||||||||||
Cash contributions from noncontrolling interests | -- | 4.4 | (0.4 | ) | 4 | -- | -- | 4 | |||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 468.4 | -- | 468.4 | ||||||||||||||||||||||
Cash contributions from owners | 468.4 | 179.2 | (179.2 | ) | 468.4 | -- | (468.4 | ) | -- | ||||||||||||||||||||
Other financing activities | 0.1 | -- | -- | 0.1 | (38.5 | ) | -- | (38.4 | ) | ||||||||||||||||||||
Cash used in financing activities | (28.9 | ) | (429.9 | ) | 417.4 | (41.4 | ) | (275.1 | ) | 258.3 | (58.2 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 12.9 | (13.1 | ) | 6.9 | 6.7 | -- | -- | 6.7 | |||||||||||||||||||||
Cash and cash equivalents, January 1 | 18.7 | 70.4 | (14.7 | ) | 74.4 | -- | -- | 74.4 | |||||||||||||||||||||
Cash and cash equivalents, March 31 | $ | 31.6 | $ | 57.3 | $ | (7.8 | ) | $ | 81.1 | $ | -- | $ | -- | $ | 81.1 | ||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 797.8 | $ | 745.3 | $ | (735.9 | ) | $ | 807.2 | $ | 798.8 | $ | (799.3 | ) | $ | 806.7 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 35.4 | 284.7 | (0.2 | ) | 319.9 | -- | -- | 319.9 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (706.8 | ) | (85.8 | ) | 736.1 | (56.5 | ) | (799.0 | ) | 799 | (56.5 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 1,039.30 | 68.8 | (1,036.4 | ) | 71.7 | 685.2 | (685.2 | ) | 71.7 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (4.5 | ) | 250.1 | 14 | 259.6 | 2.7 | -- | 262.3 | |||||||||||||||||||||
Net cash flows provided by operating activities | 1,161.20 | 1,263.10 | (1,022.4 | ) | 1,401.90 | 687.7 | (685.5 | ) | 1,404.10 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (85.3 | ) | (610.1 | ) | -- | (695.4 | ) | -- | -- | (695.4 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 0.1 | 96.2 | -- | 96.3 | -- | -- | 96.3 | ||||||||||||||||||||||
Other investing activities | (555.3 | ) | (255.2 | ) | 548.1 | (262.4 | ) | (80.9 | ) | 80.9 | (262.4 | ) | |||||||||||||||||
Cash used in investing activities | (640.5 | ) | (769.1 | ) | 548.1 | (861.5 | ) | (80.9 | ) | 80.9 | (861.5 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 4,181.50 | -- | -- | 4,181.50 | -- | -- | 4,181.50 | ||||||||||||||||||||||
Repayments of debt | (3,160.0 | ) | -- | -- | (3,160.0 | ) | -- | -- | (3,160.0 | ) | |||||||||||||||||||
Cash distributions paid to partners | (685.2 | ) | (1,044.3 | ) | 1,044.30 | (685.2 | ) | (639.2 | ) | 685.2 | (639.2 | ) | |||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (8.0 | ) | (8.0 | ) | -- | -- | (8.0 | ) | |||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 83 | -- | 83 | ||||||||||||||||||||||
Cash contributions from owners | 80.9 | 546.1 | (546.1 | ) | 80.9 | -- | (80.9 | ) | -- | ||||||||||||||||||||
Other financing activities | (15.9 | ) | -- | (1.9 | ) | (17.8 | ) | (50.6 | ) | -- | (68.4 | ) | |||||||||||||||||
Cash provided by (used in) financing activities | 401.3 | (498.2 | ) | 488.3 | 391.4 | (606.8 | ) | 604.3 | 388.9 | ||||||||||||||||||||
Net change in cash and cash equivalents | 922 | (4.2 | ) | 14 | 931.8 | -- | (0.3 | ) | 931.5 | ||||||||||||||||||||
Cash and cash equivalents, January 1 | 28.4 | 49.5 | (21.0 | ) | 56.9 | -- | -- | 56.9 | |||||||||||||||||||||
Cash and cash equivalents, March 31 | $ | 950.4 | $ | 45.3 | $ | (7.0 | ) | $ | 988.7 | $ | -- | $ | (0.3 | ) | $ | 988.4 |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 17. Subsequent Event |
Issuance of $2.5 Billion of Senior Notes in May 2015 | |
On May 7, 2015, EPO issued $750 million in principal amount of 1.65% senior notes due May 2018 (“Senior Notes OO”), $875 million in principal amount of 3.70% senior notes due February 2026 (“Senior Notes PP”) and $875 million in principal amount of 4.90% senior notes due May 2046 (“Senior Notes QQ”). Senior Notes OO, PP and QQ were issued at 99.881%, 99.635% and 99.635% of their principal amounts, respectively. | |
Net proceeds from the issuance of these senior notes were used as follows: (i) the repayment of amounts outstanding under EPO’s commercial paper program, which included amounts we used to repay $250 million in principal amount of Senior Notes I that matured in March 2015, (ii) the repayment of amounts outstanding at the maturity of our $400 million in principal amount of Senior Notes X due June 2015 and (iii) for general company purposes. | |
Enterprise Products Partners L.P. has unconditionally guaranteed these senior notes 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 an indenture 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. |
General_Accounting_and_Disclos1
General Accounting and Disclosure Matters (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, our restricted cash amounts were $28.2 million. We did not have any restricted cash as of December 31, 2014. See Note 4 for information regarding our derivative instruments and hedging activities. |
Equitybased_Awards_Tables
Equity-based Awards (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Equity-classified awards: | |||||||||||||||||
Restricted common unit awards | $ | 6.1 | $ | 11.6 | |||||||||||||
Phantom unit awards | 17.2 | 5.8 | |||||||||||||||
Liability-classified awards | 0.1 | 0.1 | |||||||||||||||
Total | $ | 23.4 | $ | 17.5 | |||||||||||||
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, 2014 | 4,229,790 | $ | 26.96 | ||||||||||||||
Vested | (1,852,746 | ) | $ | 25.89 | |||||||||||||
Forfeited | (84,700 | ) | $ | 27.16 | |||||||||||||
Restricted common units at March 31, 2015 | 2,292,344 | $ | 27.82 | ||||||||||||||
(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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash distributions paid to restricted common unitholders | $ | 1.5 | $ | 2.5 | |||||||||||||
Total intrinsic value of restricted common unit awards that vested during period | $ | 62.4 | $ | 81.4 | |||||||||||||
Unit Option Awards | The following table presents unit option award activity for the period indicated: | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Units (1) | Average | Average | Intrinsic | ||||||||||||||
Strike Price | Remaining | Value (2) | |||||||||||||||
(dollars/unit) | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Unit option awards at December 31, 2014 | 1,270,000 | $ | 16.14 | ||||||||||||||
Exercised | (940,000 | ) | $ | 16.14 | |||||||||||||
Unit option awards at March 31, 2015 | 330,000 | $ | 16.14 | 0.8 | $ | 5.5 | |||||||||||
(1) All of the unit option awards outstanding at March 31, 2015 were exercisable. None of the unit option awards outstanding at December 31, 2014 were exercisable. | |||||||||||||||||
(2) Aggregate intrinsic value reflects fully vested unit option awards at the dates indicated. | |||||||||||||||||
Supplemental Information Regarding Unit Option Awards | The following table presents supplemental information regarding unit option awards during the periods indicated: | ||||||||||||||||
For the Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total intrinsic value of unit option awards exercised during period | $ | 17.4 | $ | 54.7 | |||||||||||||
Cash received from EPCO in connection with the exercise of unit option awards | 10.1 | 31.8 | |||||||||||||||
Unit option award-related cash reimbursements to EPCO | 17.4 | 54.7 | |||||||||||||||
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, 2014 | 3,342,390 | $ | 33.13 | ||||||||||||||
Granted (2) | 3,446,240 | $ | 34.05 | ||||||||||||||
Vested | (786,890 | ) | $ | 33.04 | |||||||||||||
Forfeited | (78,204 | ) | $ | 33.16 | |||||||||||||
Phantom unit awards at March 31, 2015 | 5,923,536 | $ | 33.67 | ||||||||||||||
(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 2015 was $117.3 million based on a grant date market price of our common units ranging from $34.04 to $34.40 per unit. An estimated annual forfeiture rate of 3.5% was applied to these awards. | |||||||||||||||||
Cash Distributions and Total Intrinsic Value of Phantom Unit Awards | The following table presents supplemental information regarding our phantom unit awards for the periods indicated: | ||||||||||||||||
For the Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash payments made in connection with DERs | $ | 1.2 | $ | -- | |||||||||||||
Total intrinsic value of phantom unit awards that vested during period | $ | 26.6 | $ | -- |
Derivative_Instruments_Hedging1
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | 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 March 31, 2015 (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) | 12.8 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of NGLs (MMBbls) (3) | 4.2 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Natural gas marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of natural gas (Bcf) | 11.1 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of natural gas (Bcf) | 2.1 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Natural gas storage inventory management activities (Bcf) | 3.5 | n/a | Fair value hedge | ||||||||||||||||||||||||||
NGL marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 18.5 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 18.6 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Refined products marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of refined products (MMBbls) | 1.2 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of refined products (MMBbls) | 1.8 | n/a | Cash flow hedge | ||||||||||||||||||||||||||
Refined products inventory management activities (MMBbls) | 1.1 | n/a | Fair value hedge | ||||||||||||||||||||||||||
Crude oil marketing: | |||||||||||||||||||||||||||||
Forecasted purchases of crude oil (MMBbls) | 9.3 | 0.4 | Cash flow hedge | ||||||||||||||||||||||||||
Forecasted sales of crude oil (MMBbls) | 11.5 | 0.4 | Cash flow hedge | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Natural gas risk management activities (Bcf) (4,5) | 89.5 | 10 | Mark-to-market | ||||||||||||||||||||||||||
NGL risk management activities (MMBbls) (5) | 1.8 | n/a | Mark-to-market | ||||||||||||||||||||||||||
Crude oil risk management activities (MMBbls) (5) | 5.5 | 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 June 2016, February 2016 and March 2018, respectively. | |||||||||||||||||||||||||||||
(3) Forecasted sales of NGL volumes under natural gas processing exclude 1.3 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | |||||||||||||||||||||||||||||
(4) Current volumes include 56.2 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 | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Commodity derivatives | Other current | $ | 123.9 | Other current | $ | 217.9 | Other current | $ | 100.3 | Other current | $ | 145.3 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||||||
Commodity derivatives | Other assets | 0.7 | Other assets | -- | Other liabilities | 0.9 | Other liabilities | -- | |||||||||||||||||||||
Total commodity derivatives | $ | 124.6 | $ | 217.9 | $ | 101.2 | $ | 145.3 | |||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivatives | Other current | $ | 7.8 | Other current | $ | 8.1 | Other current | $ | 5.5 | Other current | $ | 0.7 | |||||||||||||||||
assets | assets | liabilities | liabilities | ||||||||||||||||||||||||||
Commodity derivatives | Other assets | 0.3 | Other assets | 0.6 | Other liabilities | 1.3 | Other liabilities | 1.4 | |||||||||||||||||||||
Total commodity derivatives | $ | 8.1 | $ | 8.7 | $ | 6.8 | $ | 2.1 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
Amounts of | Amounts | of Assets | in the Balance Sheet | Would Have | |||||||||||||||||||||||||
Recognized | Offset in the | Presented | Been Presented | ||||||||||||||||||||||||||
Assets | Balance Sheet | in the | On Net Basis | ||||||||||||||||||||||||||
Balance Sheet | Financial | Cash | Cash | ||||||||||||||||||||||||||
Instruments | Collateral | Collateral | |||||||||||||||||||||||||||
Received | Paid | ||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 132.7 | $ | -- | $ | 132.7 | $ | (91.2 | ) | $ | -- | $ | (28.4 | ) | $ | 13.1 | |||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 226.6 | $ | -- | $ | 226.6 | $ | (147.3 | ) | $ | (23.9 | ) | $ | -- | $ | 55.4 | |||||||||||||
Offsetting Financial Liabilities | |||||||||||||||||||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||||||
Gross | Gross | Amounts | Gross Amounts Not Offset | Amounts That | |||||||||||||||||||||||||
Amounts of | Amounts | of Liabilities | in the Balance Sheet | Would Have | |||||||||||||||||||||||||
Recognized | Offset in the | Presented | Been Presented | ||||||||||||||||||||||||||
Liabilities | Balance Sheet | in the | On Net Basis | ||||||||||||||||||||||||||
Balance Sheet | Financial | Cash | |||||||||||||||||||||||||||
Instruments | Collateral | ||||||||||||||||||||||||||||
Paid | |||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) – (ii) | (iv) | (v) =iii) + (iv) | |||||||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 108 | $ | -- | $ | 108 | $ | (91.2 | ) | $ | -- | $ | 16.8 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 147.4 | $ | -- | $ | 147.4 | $ | (147.3 | ) | $ | -- | $ | 0.1 | ||||||||||||||||
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 | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||||||
Hedging Relationships | Income on Derivative | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | (2.9 | ) | |||||||||||||||||||||||
Commodity derivatives | Revenue | 0.7 | (0.4 | ) | |||||||||||||||||||||||||
Total | $ | 0.7 | $ | (3.3 | ) | ||||||||||||||||||||||||
Derivatives in Fair Value | Location | Gain (Loss) Recognized in | |||||||||||||||||||||||||||
Hedging Relationships | Income on Hedged Item | ||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | -- | $ | 2.9 | ||||||||||||||||||||||||
Commodity derivatives | Revenue | 8.6 | (1.4 | ) | |||||||||||||||||||||||||
Total | $ | 8.6 | $ | 1.5 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives – Revenue (1) | $ | 32.6 | $ | (10.7 | ) | ||||||||||||||||||||||||
Commodity derivatives – Operating costs and expenses (1) | (1.8 | ) | 1.5 | ||||||||||||||||||||||||||
Total | $ | 30.8 | $ | (9.2 | ) | ||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (8.7 | ) | $ | (7.9 | ) | ||||||||||||||||||||||
Commodity derivatives | Revenue | 61.1 | (16.9 | ) | |||||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | -- | 0.9 | ||||||||||||||||||||||||||
Total | $ | 52.4 | $ | (23.9 | ) | ||||||||||||||||||||||||
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Derivatives in Cash Flow | Location | Gain (Loss) Recognized in | ||||||||||||||||||||||||||
Hedging Relationships | Income on Derivative | ||||||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||||||
For the Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives | Revenue | $ | 0.3 | $ | (0.1 | ) | |||||||||||||||||||||||
Commodity derivatives | Operating costs and expenses | -- | 0.1 | ||||||||||||||||||||||||||
Total | $ | 0.3 | $ | -- | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Commodity derivatives | Revenue | $ | (0.4 | ) | $ | (21.0 | ) | ||||||||||||||||||||||
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 the dates indicated. 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. | ||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 19.9 | $ | 112.4 | $ | 0.4 | $ | 132.7 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 119.4 | $ | 119.4 | |||||||||||||||||||||
Commodity derivatives | 10.9 | 94.8 | 2.3 | 108 | |||||||||||||||||||||||||
Total | $ | 10.9 | $ | 94.8 | $ | 121.7 | $ | 227.4 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Commodity derivatives | $ | 37.8 | $ | 187.8 | $ | 1 | $ | 226.6 | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Liquidity Option Agreement | $ | -- | $ | -- | $ | 119.4 | $ | 119.4 | |||||||||||||||||||||
Commodity derivatives | 13.8 | 133 | 0.6 | 147.4 | |||||||||||||||||||||||||
Total | $ | 13.8 | $ | 133 | $ | 120 | $ | 266.8 | |||||||||||||||||||||
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 Three Months | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
Location | 2015 | 2014 | |||||||||||||||||||||||||||
Financial asset (liability) balance, net, January 1 | $ | (119.0 | ) | $ | 3.2 | ||||||||||||||||||||||||
Total gains (losses) included in: | |||||||||||||||||||||||||||||
Net income (1) | Revenue | (0.4 | ) | 4.6 | |||||||||||||||||||||||||
Other comprehensive income | Commodity derivative instruments – | (1.5 | ) | -- | |||||||||||||||||||||||||
changes in fair value of cash flow hedges | |||||||||||||||||||||||||||||
Settlements | Revenue | (0.5 | ) | (0.1 | ) | ||||||||||||||||||||||||
Transfers out of Level 3 | 0.1 | -- | |||||||||||||||||||||||||||
Financial asset (liability) balance, net, March 31 | $ | (121.3 | ) | $ | 7.7 | ||||||||||||||||||||||||
(1) There were $1.0 million of unrealized losses and $4.5 million of unrealized gains included in these amounts for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||
Fair Value Measurements, Valuation Techniques | The following table provides quantitative information about our recurring Level 3 fair value measurements at March 31, 2015: | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Financial | Financial | Valuation | Unobservable | Range | |||||||||||||||||||||||||
Assets | Liabilities | Techniques | Input | ||||||||||||||||||||||||||
Commodity derivatives – Crude oil | $ | 0.4 | $ | 0.8 | Discounted cash flow | Forward commodity prices | $47.63-$57.73/barrel | ||||||||||||||||||||||
Commodity derivatives – Natural gasoline | -- | 1.5 | Discounted cash flow | Forward commodity prices | $1.12-$1.13/gallon | ||||||||||||||||||||||||
Total | $ | 0.4 | $ | 2.3 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
NGL Pipelines & Services | $ | 0.8 | $ | 2.6 | |||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services | 20.7 | 0.2 | |||||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 7.8 | 1 | |||||||||||||||||||||||||||
Offshore Pipelines & Services | 3.6 | -- | |||||||||||||||||||||||||||
Petrochemical & Refined Products Services | 0.4 | 5 | |||||||||||||||||||||||||||
Total | $ | 33.3 | $ | 8.8 | |||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | Our non-cash asset impairment charges for the three months ended March 31, 2015 primarily represent the abandonment of certain natural gas and crude oil pipeline segments in Texas. The following table summarizes our non-recurring fair value measurements for the three months ended March 31, 2015: | ||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||
Value at | in Active | Other | Unobservable | Non-Cash | |||||||||||||||||||||||||
March 31, | Markets for | Observable | Inputs | Impairment | |||||||||||||||||||||||||
2015 | Identical | Inputs | (Level 3) | Loss | |||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Impairment of long-lived assets disposed of other than by sale | $ | -- | $ | -- | $ | -- | $ | -- | $ | 33.1 | |||||||||||||||||||
Impairment of long-lived assets to be disposed of by sale | 0.6 | -- | -- | 0.6 | 0.2 | ||||||||||||||||||||||||
Total | $ | 33.3 | |||||||||||||||||||||||||||
Our non-cash asset impairment charges for the three months ended March 31, 2014 primarily represent the abandonment of assets classified as property, plant and equipment. The following table summarizes our non-recurring fair value measurements for the three months ended March 31, 2014: | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||
Value at | in Active | Other | Unobservable | Non-Cash | |||||||||||||||||||||||||
March 31, | Markets for | Observable | Inputs | Impairment | |||||||||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | Loss | |||||||||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Impairment of long-lived assets disposed of other than by sale | $ | -- | $ | -- | $ | -- | $ | -- | $ | 3.8 | |||||||||||||||||||
Impairment of long-lived assets to be disposed of by sale | 0.1 | -- | -- | 0.1 | 5 | ||||||||||||||||||||||||
Total | $ | 8.8 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventories [Abstract] | |||||||||
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
NGLs | $ | 490.8 | $ | 579.1 | |||||
Petrochemicals and refined products | 218.5 | 295.6 | |||||||
Crude oil | 130.5 | 97.8 | |||||||
Natural gas | 15.6 | 41.7 | |||||||
Total | $ | 855.4 | $ | 1,014.20 | |||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Cost of sales (1) | $ | 5,678.10 | $ | 11,052.70 | |||||
Lower of cost or market adjustments | 3.5 | 5.2 | |||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. 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) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
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 | March 31, | December 31, | |||||||||||||||||
Useful Life | 2015 | 2014 | |||||||||||||||||
in Years | |||||||||||||||||||
Plants, pipelines and facilities (1) | 3-45 (6) | $ | 31,153.80 | $ | 30,834.90 | ||||||||||||||
Underground and other storage facilities (2) | 5-40 (7) | 2,609.30 | 2,584.20 | ||||||||||||||||
Platforms and facilities (3) | 20-31 | 659.7 | 659.7 | ||||||||||||||||
Transportation equipment (4) | 10-Mar | 158.7 | 154.2 | ||||||||||||||||
Marine vessels (5) | 15-30 | 803.1 | 796.4 | ||||||||||||||||
Land | 260.9 | 262.6 | |||||||||||||||||
Construction in progress | 3,196.60 | 2,754.70 | |||||||||||||||||
Total | 38,842.10 | 38,046.70 | |||||||||||||||||
Less accumulated depreciation | 8,474.50 | 8,165.10 | |||||||||||||||||
Property, plant and equipment, net | $ | 30,367.60 | $ | 29,881.60 | |||||||||||||||
(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 | |||||||||||||||||||
Ended March 31, | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Depreciation expense (1) | $ | 291.3 | $ | 267.9 | |||||||||||||||
Capitalized interest (2) | 29.6 | 18.5 | |||||||||||||||||
(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”) since December 31, 2014: | ||||||||||||||||||
ARO liability balance, December 31, 2014 | $ | 98.3 | |||||||||||||||||
Liabilities incurred | -- | ||||||||||||||||||
Liabilities settled | (3.3 | ) | |||||||||||||||||
Revisions in estimated cash flows | 11 | ||||||||||||||||||
Accretion expense | 1.6 | ||||||||||||||||||
ARO liability balance, March 31, 2015 | $ | 107.6 | |||||||||||||||||
Forecasted Accretion Expense Associated with AROs | The following table presents our forecast of accretion expense for the periods indicated: | ||||||||||||||||||
Remainder | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
of 2015 | |||||||||||||||||||
$ | 4.7 | $ | 6.4 | $ | 6.8 | $ | 7.3 | $ | 7.9 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 | March 31, | December 31, | ||||||||||
Interest at | 2015 | 2014 | ||||||||||
March 31, | ||||||||||||
2015 | ||||||||||||
NGL Pipelines & Services: | ||||||||||||
Venice Energy Service Company, L.L.C. | 13.10% | $ | 27 | $ | 27.7 | |||||||
K/D/S Promix, L.L.C. | 50% | 37.6 | 38.5 | |||||||||
Baton Rouge Fractionators LLC | 32.20% | 18.6 | 18.8 | |||||||||
Skelly-Belvieu Pipeline Company, L.L.C. | 50% | 39.5 | 40.1 | |||||||||
Texas Express Pipeline LLC | 35% | 349.6 | 349.3 | |||||||||
Texas Express Gathering LLC | 45% | 37.6 | 37.9 | |||||||||
Front Range Pipeline LLC | 33.30% | 171.7 | 170 | |||||||||
Onshore Natural Gas Pipelines & Services: | ||||||||||||
White River Hub, LLC | 50% | 23.1 | 23.2 | |||||||||
Onshore Crude Oil Pipelines & Services: | ||||||||||||
Seaway Crude Pipeline Company LLC | 50% | 1,430.10 | 1,431.20 | |||||||||
Eagle Ford Pipeline LLC | 50% | 350.5 | 336.5 | |||||||||
Eagle Ford Terminals Corpus Christi LLC (1) | 50% | 17.3 | -- | |||||||||
Offshore Pipelines & Services: | ||||||||||||
Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”) | 36% | 29.2 | 31.8 | |||||||||
Cameron Highway Oil Pipeline Company | 50% | 198.1 | 201.3 | |||||||||
Deepwater Gateway, L.L.C. | 50% | 78.9 | 79.6 | |||||||||
Neptune Pipeline Company, L.L.C. | 25.70% | 33.7 | 34.9 | |||||||||
Southeast Keathley Canyon Pipeline Company L.L.C. | 50% | 147.6 | 146.1 | |||||||||
Petrochemical & Refined Products Services: | ||||||||||||
Baton Rouge Propylene Concentrator, LLC | 30% | 6.1 | 6.5 | |||||||||
Centennial Pipeline LLC (“Centennial”) | 50% | 66.3 | 66.1 | |||||||||
Other | Various | 2.4 | 2.5 | |||||||||
Total | $ | 3,064.90 | $ | 3,042.00 | ||||||||
(1) New joint venture formed with Plains Marketing, L.P. in March 2015 to construct and operate a marine terminal that will handle crude oil delivered by Eagle Ford Pipeline LLC. | ||||||||||||
The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: | ||||||||||||
For the Three Months | ||||||||||||
Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 11.6 | $ | 1.4 | ||||||||
Onshore Natural Gas Pipelines & Services | 0.9 | 0.9 | ||||||||||
Onshore Crude Oil Pipelines & Services | 59.9 | 42.7 | ||||||||||
Offshore Pipelines & Services | 20.2 | 11.1 | ||||||||||
Petrochemical & Refined Products Services | (3.4 | ) | 0.4 | |||||||||
Total | $ | 89.2 | $ | 56.5 | ||||||||
The following table presents our unamortized excess cost amounts by business segment at the dates indicated: | ||||||||||||
March 31, | December 31, | |||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 26.2 | $ | 26.5 | ||||||||
Onshore Crude Oil Pipelines & Services | 21.4 | 21.7 | ||||||||||
Offshore Pipelines & Services | 53.1 | 9 | ||||||||||
Petrochemical & Refined Products Services | 2.4 | 2.4 | ||||||||||
Total | $ | 103.1 | $ | 59.6 | ||||||||
The following table presents our amortization of excess cost amounts by business segment for the periods indicated: | ||||||||||||
For the Three Months | ||||||||||||
Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
NGL Pipelines & Services | $ | 0.3 | $ | 0.3 | ||||||||
Onshore Crude Oil Pipelines & Services | 0.3 | 0.2 | ||||||||||
Offshore Pipelines & Services | 2 | 0.2 | ||||||||||
Total | $ | 2.6 | $ | 0.7 |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Intangible Assets and Goodwill [Abstract] | |||||||||||||||||||||||||
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | ||||||||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | ||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | $ | 340.8 | $ | (187.2 | ) | $ | 153.6 | $ | 340.8 | $ | (183.2 | ) | $ | 157.6 | |||||||||||
Contract-based intangibles | 277.7 | (182.2 | ) | 95.5 | 277.7 | (178.7 | ) | 99 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 432.6 | -- | 432.6 | |||||||||||||||||||
Segment total | 618.5 | (369.4 | ) | 249.1 | 1,051.10 | (361.9 | ) | 689.2 | |||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,163.60 | (314.9 | ) | 848.7 | 1,163.60 | (308.9 | ) | 854.7 | |||||||||||||||||
Contract-based intangibles | 466 | (351.7 | ) | 114.3 | 466 | (347.8 | ) | 118.2 | |||||||||||||||||
Segment total | 1,629.60 | (666.6 | ) | 963 | 1,629.60 | (656.7 | ) | 972.9 | |||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 1,108.00 | (10.3 | ) | 1,097.70 | 1,108.00 | (7.7 | ) | 1,100.30 | |||||||||||||||||
Contract-based intangibles | 281.4 | (27.6 | ) | 253.8 | 281.4 | (13.5 | ) | 267.9 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 855.4 | -- | 855.4 | |||||||||||||||||||
Segment total | 1,389.40 | (37.9 | ) | 1,351.50 | 2,244.80 | (21.2 | ) | 2,223.60 | |||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 195.8 | (157.2 | ) | 38.6 | 195.8 | (154.9 | ) | 40.9 | |||||||||||||||||
Contract-based intangibles | 1.2 | (0.5 | ) | 0.7 | 1.2 | (0.5 | ) | 0.7 | |||||||||||||||||
Segment total | 197 | (157.7 | ) | 39.3 | 197 | (155.4 | ) | 41.6 | |||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||
Customer relationship intangibles | 198.4 | (44.6 | ) | 153.8 | 198.4 | (43.3 | ) | 155.1 | |||||||||||||||||
Contract-based intangibles | 56.3 | (8.9 | ) | 47.4 | 56.3 | (7.8 | ) | 48.5 | |||||||||||||||||
IDRs (1) | -- | -- | -- | 171.2 | -- | 171.2 | |||||||||||||||||||
Segment total | 254.7 | (53.5 | ) | 201.2 | 425.9 | (51.1 | ) | 374.8 | |||||||||||||||||
Total all segments | $ | 4,089.20 | $ | (1,285.1 | ) | $ | 2,804.10 | $ | 5,548.40 | $ | (1,246.3 | ) | $ | 4,302.10 | |||||||||||
(1) At December 31, 2014, we had indefinite-lived intangible assets outstanding with a carrying value of $1.46 billion recorded in connection with our acquisition of the Oiltanking IDRs in October 2014. The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of the IDRs were reclassified to goodwill. | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
NGL Pipelines & Services | $ | 7.5 | $ | 8.6 | |||||||||||||||||||||
Onshore Natural Gas Pipelines & Services | 9.9 | 11.6 | |||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services | 16.7 | 0.3 | |||||||||||||||||||||||
Offshore Pipelines & Services | 2.3 | 2.6 | |||||||||||||||||||||||
Petrochemical & Refined Products Services | 2.4 | 1.6 | |||||||||||||||||||||||
Total | $ | 38.8 | $ | 24.7 | |||||||||||||||||||||
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: | ||||||||||||||||||||||||
Remainder | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
of 2015 | |||||||||||||||||||||||||
$ | 112.3 | $ | 152.3 | $ | 149.3 | $ | 142.7 | $ | 131.3 | ||||||||||||||||
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 since December 31, 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, 2014 | $ | 2,180.40 | $ | 296.3 | $ | 859.9 | $ | 82 | $ | 781.3 | $ | 4,199.90 | |||||||||||||
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 432.6 | -- | 850.7 | -- | 170.8 | 1,454.10 | |||||||||||||||||||
Balance at March 31, 2015 | $ | 2,613.00 | $ | 296.3 | $ | 1,710.60 | $ | 82 | $ | 952.1 | $ | 5,654.00 | |||||||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Obligations [Abstract] | |||||||||||||||||||||||||||||
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: | ||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
EPO senior debt obligations: | |||||||||||||||||||||||||||||
Commercial Paper Notes, variable-rates | $ | 1,388.00 | $ | 906.5 | |||||||||||||||||||||||||
Senior Notes I, 5.00% fixed-rate, due March 2015 | -- | 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 | |||||||||||||||||||||||||||
$1.5 Billion 364-Day Credit Agreement, variable-rate, due September 2015 | -- | -- | |||||||||||||||||||||||||||
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 LL, 2.55% fixed-rate, due October 2019 | 800 | 800 | |||||||||||||||||||||||||||
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 | 850 | |||||||||||||||||||||||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025 | 1,150.00 | 1,150.00 | |||||||||||||||||||||||||||
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 | 1,400.00 | 1,400.00 | |||||||||||||||||||||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150.00 | 1,150.00 | |||||||||||||||||||||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400 | 400 | |||||||||||||||||||||||||||
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 | 20,088.00 | 19,856.50 | |||||||||||||||||||||||||||
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 | 14.2 | 14.2 | |||||||||||||||||||||||||||
Total principal amount of senior and junior debt obligations | 21,620.70 | 21,389.20 | |||||||||||||||||||||||||||
Other, non-principal amounts | (28.7 | ) | (25.4 | ) | |||||||||||||||||||||||||
Less current maturities of debt (4) | (1,399.8 | ) | (2,206.4 | ) | |||||||||||||||||||||||||
Total long-term debt | $ | 20,192.20 | $ | 19,157.40 | |||||||||||||||||||||||||
(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. Long-term and current maturities of debt reflect the classification of such obligations at March 31, 2015, after taking into consideration the long-term refinancing of Senior Notes X and Commercial Paper Notes using proceeds from our senior notes offering in May 2015 (see Note 17). | |||||||||||||||||||||||||||||
Consolidated Debt Maturities | The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at March 31, 2015 for the next five years, and in total thereafter: | ||||||||||||||||||||||||||||
Scheduled Maturities of Debt | |||||||||||||||||||||||||||||
Total | Remainder | 2016 | 2017 | 2018 | 2019 | After | |||||||||||||||||||||||
of 2015 | 2019 | ||||||||||||||||||||||||||||
Commercial Paper | $ | 1,388.00 | $ | 1,388.00 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||||
Senior Notes | 18,700.00 | 1,050.00 | 750 | 800 | 350 | 1,500.00 | 14,250.00 | ||||||||||||||||||||||
Junior Subordinated Notes | 1,532.70 | -- | -- | -- | -- | -- | 1,532.70 | ||||||||||||||||||||||
Total | $ | 21,620.70 | $ | 2,438.00 | $ | 750 | $ | 800 | $ | 350 | $ | 1,500.00 | $ | 15,782.70 | |||||||||||||||
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 three months ended March 31, 2015: | ||||||||||||||||||||||||||||
Range of | Weighted-Average | ||||||||||||||||||||||||||||
Interest Rates | Interest Rate | ||||||||||||||||||||||||||||
Paid | Paid | ||||||||||||||||||||||||||||
Commercial Paper Notes | 0.35% to 0.78% | 0.59% | |||||||||||||||||||||||||||
EPO $3.5 Billion Multi-Year Revolving Credit Facility | 1.15% to 3.25% | 1.26% |
Equity_and_Distributions_Table
Equity and Distributions (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 our outstanding units since December 31, 2014: | ||||||||||||||||
Common | Restricted | Total | |||||||||||||||
Units | Common | Common | |||||||||||||||
(Unrestricted) | Units | Units | |||||||||||||||
Number of units outstanding at December 31, 2014 | 1,933,095,027 | 4,229,790 | 1,937,324,817 | ||||||||||||||
Common units issued in connection with at-the-market program | 12,350,761 | -- | 12,350,761 | ||||||||||||||
Common units issued in connection with DRIP and EUPP | 1,940,832 | -- | 1,940,832 | ||||||||||||||
Common units issued in connection with Step 2 of Oiltanking acquisition | 36,827,517 | -- | 36,827,517 | ||||||||||||||
Common units issued in connection with the vesting and exercise of unit options | 291,250 | -- | 291,250 | ||||||||||||||
Common units issued in connection with the vesting of phantom unit awards | 519,247 | -- | 519,247 | ||||||||||||||
Common units issued in connection with the vesting of restricted common unit awards | 1,852,746 | (1,852,746 | ) | -- | |||||||||||||
Forfeiture of restricted common unit awards | -- | (84,700 | ) | (84,700 | ) | ||||||||||||
Acquisition and cancellation of treasury units in connection with the | (628,750 | ) | -- | (628,750 | ) | ||||||||||||
vesting of equity-based awards | |||||||||||||||||
Other | 12,360 | -- | 12,360 | ||||||||||||||
Number of units outstanding at March 31, 2015 | 1,986,260,990 | 2,292,344 | 1,988,553,334 | ||||||||||||||
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, 2014 | $ | 69.9 | $ | (314.8 | ) | $ | 3.3 | $ | (241.6 | ) | |||||||
Other comprehensive income before reclassifications | 30.8 | -- | -- | 30.8 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss (income) | (61.1 | ) | 8.7 | -- | (52.4 | ) | |||||||||||
Total other comprehensive income (loss) | (30.3 | ) | 8.7 | -- | (21.6 | ) | |||||||||||
Balance, March 31, 2015 | $ | 39.6 | $ | (306.1 | ) | $ | 3.3 | $ | (263.2 | ) | |||||||
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 | (9.2 | ) | -- | -- | (9.2 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 16 | 7.9 | -- | 23.9 | |||||||||||||
Total other comprehensive income | 6.8 | 7.9 | -- | 14.7 | |||||||||||||
Balance, March 31, 2014 | $ | (7.9 | ) | $ | (339.3 | ) | $ | 2.9 | $ | (344.3 | ) | ||||||
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 | |||||||||||||||||
Ended March 31, | |||||||||||||||||
Location | 2015 | 2014 | |||||||||||||||
Losses (gains) on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | Interest expense | $ | 8.7 | $ | 7.9 | ||||||||||||
Commodity derivatives | Revenue | (61.1 | ) | 16.9 | |||||||||||||
Commodity derivatives | Operating costs and expenses | -- | (0.9 | ) | |||||||||||||
Total | $ | (52.4 | ) | $ | 23.9 | ||||||||||||
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 | |||||||||||||||
2014:00:00 | |||||||||||||||||
1st Quarter | $ | 0.355 | 4/30/14 | 5/7/14 | |||||||||||||
2015:00:00 | |||||||||||||||||
1st Quarter | $ | 0.375 | 4/30/15 | 5/7/15 |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Revenues | $ | 7,472.50 | $ | 12,909.90 | |||||||||||||||||||||||||
Subtract operating costs and expenses | (6,616.4 | ) | (11,880.5 | ) | |||||||||||||||||||||||||
Add equity in income of unconsolidated affiliates | 89.2 | 56.5 | |||||||||||||||||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 345.3 | 301.4 | |||||||||||||||||||||||||||
Add impairment charges not reflected in gross operating margin | 33.3 | 8.8 | |||||||||||||||||||||||||||
Subtract net gains attributable to asset sales and insurance recoveries not reflected in | (0.1 | ) | (89.6 | ) | |||||||||||||||||||||||||
gross operating margin (see Note 15) | |||||||||||||||||||||||||||||
Add non-refundable deferred revenues attributable to shipper make-up rights on major | 30.7 | 23.3 | |||||||||||||||||||||||||||
new pipeline projects reflected in gross operating margin | |||||||||||||||||||||||||||||
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected in | (20.1 | ) | -- | ||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,334.40 | $ | 1,329.80 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Total segment gross operating margin | $ | 1,334.40 | $ | 1,329.80 | |||||||||||||||||||||||||
Adjustments to reconcile total segment gross operating margin to operating income: | |||||||||||||||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | (345.3 | ) | (301.4 | ) | |||||||||||||||||||||||||
Subtract impairment charges not reflected in gross operating margin | (33.3 | ) | (8.8 | ) | |||||||||||||||||||||||||
Add net gains attributable to asset sales and insurance recoveries not reflected in | 0.1 | 89.6 | |||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Subtract non-refundable deferred revenues attributable to shipper make-up rights on major | (30.7 | ) | (23.3 | ) | |||||||||||||||||||||||||
new pipeline projects reflected in gross operating margin | |||||||||||||||||||||||||||||
Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in | 20.1 | -- | |||||||||||||||||||||||||||
gross operating margin | |||||||||||||||||||||||||||||
Subtract general and administrative costs not reflected in gross operating margin | (49.3 | ) | (53.2 | ) | |||||||||||||||||||||||||
Operating income | 896 | 1,032.70 | |||||||||||||||||||||||||||
Other expense, net | (238.6 | ) | (221.2 | ) | |||||||||||||||||||||||||
Income before income taxes | $ | 657.4 | $ | 811.5 | |||||||||||||||||||||||||
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 March 31, 2015 | $ | 2,674.80 | $ | 730.9 | $ | 2,677.00 | $ | 34.6 | $ | 1,349.10 | $ | -- | $ | 7,466.40 | |||||||||||||||
Three months ended March 31, 2014 | 5,173.70 | 1,200.00 | 4,935.40 | 34.7 | 1,530.60 | -- | 12,874.40 | ||||||||||||||||||||||
Revenues from related parties: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 1.5 | 3 | 1 | 0.6 | -- | -- | 6.1 | ||||||||||||||||||||||
Three months ended March 31, 2014 | 5.8 | 4.6 | 22.9 | 2.2 | -- | -- | 35.5 | ||||||||||||||||||||||
Intersegment and intrasegment revenues: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 2,443.10 | 170 | 1,277.10 | 0.4 | 285.6 | (4,176.2 | ) | -- | |||||||||||||||||||||
Three months ended March 31, 2014 | 3,861.00 | 309.4 | 2,550.70 | 2.3 | 437 | (7,160.4 | ) | -- | |||||||||||||||||||||
Total revenues: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 5,119.40 | 903.9 | 3,955.10 | 35.6 | 1,634.70 | (4,176.2 | ) | 7,472.50 | |||||||||||||||||||||
Three months ended March 31, 2014 | 9,040.50 | 1,514.00 | 7,509.00 | 39.2 | 1,967.60 | (7,160.4 | ) | 12,909.90 | |||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 11.6 | 0.9 | 59.9 | 20.2 | (3.4 | ) | -- | 89.2 | |||||||||||||||||||||
Three months ended March 31, 2014 | 1.4 | 0.9 | 42.7 | 11.1 | 0.4 | -- | 56.5 | ||||||||||||||||||||||
Gross operating margin: | |||||||||||||||||||||||||||||
Three months ended March 31, 2015 | 695.2 | 204.5 | 214 | 46.1 | 174.6 | -- | 1,334.40 | ||||||||||||||||||||||
Three months ended March 31, 2014 | 780 | 220.4 | 159.7 | 39.3 | 130.4 | -- | 1,329.80 | ||||||||||||||||||||||
Property, plant and equipment, net: | |||||||||||||||||||||||||||||
(see Note 6) | |||||||||||||||||||||||||||||
At March 31, 2015 | 11,775.80 | 8,839.50 | 2,382.80 | 1,130.10 | 3,042.80 | 3,196.60 | 30,367.60 | ||||||||||||||||||||||
At December 31, 2014 | 11,766.90 | 8,835.50 | 2,332.20 | 1,145.10 | 3,047.20 | 2,754.70 | 29,881.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates: | |||||||||||||||||||||||||||||
(see Note 7) | |||||||||||||||||||||||||||||
At March 31, 2015 | 681.6 | 23.1 | 1,797.90 | 487.5 | 74.8 | -- | 3,064.90 | ||||||||||||||||||||||
At December 31, 2014 | 682.3 | 23.2 | 1,767.70 | 493.7 | 75.1 | -- | 3,042.00 | ||||||||||||||||||||||
Intangible assets, net: (see Note 8) | |||||||||||||||||||||||||||||
At March 31, 2015 | 249.1 | 963 | 1,351.50 | 39.3 | 201.2 | -- | 2,804.10 | ||||||||||||||||||||||
At December 31, 2014 | 689.2 | 972.9 | 2,223.60 | 41.6 | 374.8 | -- | 4,302.10 | ||||||||||||||||||||||
Goodwill: (see Note 8) | |||||||||||||||||||||||||||||
At March 31, 2015 | 2,613.00 | 296.3 | 1,710.60 | 82 | 952.1 | -- | 5,654.00 | ||||||||||||||||||||||
At December 31, 2014 | 2,180.40 | 296.3 | 859.9 | 82 | 781.3 | -- | 4,199.90 | ||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
At March 31, 2015 | 15,319.50 | 10,121.90 | 7,242.80 | 1,738.90 | 4,270.90 | 3,196.60 | 41,890.60 | ||||||||||||||||||||||
At December 31, 2014 | 15,318.80 | 10,127.90 | 7,183.40 | 1,762.40 | 4,278.40 | 2,754.70 | 41,425.60 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Ended March 31, | |||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
NGL Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of NGLs and related products | $ | 2,242.20 | $ | 4,795.80 | |||||||||||||||||||||||||
Midstream services | 434.1 | 383.7 | |||||||||||||||||||||||||||
Total | 2,676.30 | 5,179.50 | |||||||||||||||||||||||||||
Onshore Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | 476.3 | 953.2 | |||||||||||||||||||||||||||
Midstream services | 257.6 | 251.4 | |||||||||||||||||||||||||||
Total | 733.9 | 1,204.60 | |||||||||||||||||||||||||||
Onshore Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of crude oil | 2,570.70 | 4,873.40 | |||||||||||||||||||||||||||
Midstream services | 107.3 | 84.9 | |||||||||||||||||||||||||||
Total | 2,678.00 | 4,958.30 | |||||||||||||||||||||||||||
Offshore Pipelines & Services: | |||||||||||||||||||||||||||||
Sales of natural gas | -- | 0.2 | |||||||||||||||||||||||||||
Sales of crude oil | 1.1 | 2.1 | |||||||||||||||||||||||||||
Midstream services | 34.1 | 34.6 | |||||||||||||||||||||||||||
Total | 35.2 | 36.9 | |||||||||||||||||||||||||||
Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||
Sales of petrochemicals and refined products | 1,151.00 | 1,356.20 | |||||||||||||||||||||||||||
Midstream services | 198.1 | 174.4 | |||||||||||||||||||||||||||
Total | 1,349.10 | 1,530.60 | |||||||||||||||||||||||||||
Total consolidated revenues | $ | 7,472.50 | $ | 12,909.90 | |||||||||||||||||||||||||
Consolidated costs and expenses | |||||||||||||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||||||||
Cost of sales | $ | 5,678.10 | $ | 11,052.70 | |||||||||||||||||||||||||
Other operating costs and expenses (1) | 559.8 | 607.2 | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 345.3 | 301.4 | |||||||||||||||||||||||||||
Net gains attributable to asset sales and insurance recoveries | (0.1 | ) | (89.6 | ) | |||||||||||||||||||||||||
Non-cash asset impairment charges | 33.3 | 8.8 | |||||||||||||||||||||||||||
General and administrative costs | 49.3 | 53.2 | |||||||||||||||||||||||||||
Total consolidated costs and expenses | $ | 6,665.70 | $ | 11,933.70 | |||||||||||||||||||||||||
(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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions | The following table summarizes our related party transactions for the periods indicated: | ||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues – related parties: | |||||||||
Unconsolidated affiliates | $ | 6.1 | $ | 35.5 | |||||
Costs and expenses – related parties: | |||||||||
EPCO and affiliates | $ | 221.9 | $ | 235.7 | |||||
Unconsolidated affiliates | 39.2 | 56.6 | |||||||
Total | $ | 261.1 | $ | 292.3 | |||||
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accounts receivable - related parties: | |||||||||
Unconsolidated affiliates | $ | 3.4 | $ | 2.8 | |||||
Accounts payable - related parties: | |||||||||
EPCO and affiliates | $ | 31.3 | $ | 98.1 | |||||
Unconsolidated affiliates | 18 | 20.8 | |||||||
Total | $ | 49.3 | $ | 118.9 | |||||
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 March 31, 2015, 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 | |||||||||
687,946,688 | 34.60% | ||||||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Operating costs and expenses | $ | 191.1 | $ | 203.7 | |||||
General and administrative expenses | 30.8 | 32 | |||||||
Total costs and expenses | $ | 221.9 | $ | 235.7 |
Earnings_Per_Unit_Tables
Earnings Per Unit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
BASIC EARNINGS PER UNIT | |||||||||
Net income attributable to limited partners | $ | 636.1 | $ | 798.8 | |||||
Undistributed earnings allocated and cash payments on phantom unit awards (1) | (2.2 | ) | (1.5 | ) | |||||
Net income available to common unitholders | $ | 633.9 | $ | 797.3 | |||||
Basic weighted-average number of common units outstanding | 1,926.40 | 1,828.00 | |||||||
Basic earnings per unit | $ | 0.33 | $ | 0.44 | |||||
DILUTED EARNINGS PER UNIT | |||||||||
Net income attributable to limited partners | $ | 636.1 | $ | 798.8 | |||||
Diluted weighted-average number of units outstanding: | |||||||||
Distribution-bearing common units | 1,926.40 | 1,828.00 | |||||||
Designated Units | 35.4 | 45.1 | |||||||
Phantom units (1) | 4.5 | 1.6 | |||||||
Incremental option units | 0.4 | 1.2 | |||||||
Total | 1,966.70 | 1,875.90 | |||||||
Diluted earnings per unit | $ | 0.32 | $ | 0.43 | |||||
(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 our 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. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Decrease (increase) in: | |||||||||
Accounts receivable – trade | $ | 837.5 | $ | 483.3 | |||||
Accounts receivable – related parties | (0.6 | ) | 1.3 | ||||||
Inventories | 161 | 65.7 | |||||||
Prepaid and other current assets | (3.2 | ) | 5.6 | ||||||
Other assets | 0.5 | 23.5 | |||||||
Increase (decrease) in: | |||||||||
Accounts payable – trade | (61.6 | ) | 106.9 | ||||||
Accounts payable – related parties | (69.6 | ) | (59.5 | ) | |||||
Accrued product payables | (768.7 | ) | (149.1 | ) | |||||
Accrued interest | (155.6 | ) | (132.2 | ) | |||||
Other current liabilities | (71.9 | ) | (9.6 | ) | |||||
Other liabilities | (6.8 | ) | 6.6 | ||||||
Net effect of changes in operating accounts | $ | (139.0 | ) | $ | 342.5 | ||||
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 Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Insurance recoveries attributable to West Storage claims | $ | -- | $ | 95 | |||||
Other cash proceeds | 0.5 | 1.3 | |||||||
Total | $ | 0.5 | $ | 96.3 | |||||
The following table presents net gains attributable to asset sales and insurance recoveries for the periods indicated: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Gains attributable to West Storage insurance recoveries | $ | -- | $ | 95 | |||||
Net gains (losses) attributable to other asset sales | 0.1 | (5.4 | ) | ||||||
Total | $ | 0.1 | $ | 89.6 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. | ||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||
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 | $ | 59.8 | $ | 57.3 | $ | (7.8 | ) | $ | 109.3 | $ | -- | $ | -- | $ | 109.3 | ||||||||||||||
Accounts receivable – trade, net | 875.1 | 2,111.70 | (1.7 | ) | 2,985.10 | -- | -- | 2,985.10 | |||||||||||||||||||||
Accounts receivable – related parties | 220.2 | 869.8 | (1,033.0 | ) | 57 | -- | (53.6 | ) | 3.4 | ||||||||||||||||||||
Inventories | 671.6 | 184.2 | (0.4 | ) | 855.4 | -- | -- | 855.4 | |||||||||||||||||||||
Prepaid and other current assets | 153.6 | 339.8 | (13.1 | ) | 480.3 | 0.7 | 0.6 | 481.6 | |||||||||||||||||||||
Total current assets | 1,980.30 | 3,562.80 | (1,056.0 | ) | 4,487.10 | 0.7 | (53.0 | ) | 4,434.80 | ||||||||||||||||||||
Property, plant and equipment, net | 2,860.20 | 27,505.90 | 1.5 | 30,367.60 | -- | -- | 30,367.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 38,733.10 | 3,177.30 | (38,845.5 | ) | 3,064.90 | 20,007.90 | (20,007.9 | ) | 3,064.90 | ||||||||||||||||||||
Intangible assets, net | 78.9 | 2,740.30 | (15.1 | ) | 2,804.10 | -- | -- | 2,804.10 | |||||||||||||||||||||
Goodwill | 458.8 | 5,195.20 | -- | 5,654.00 | -- | -- | 5,654.00 | ||||||||||||||||||||||
Other assets | 135.9 | 44.7 | (0.9 | ) | 179.7 | 0.2 | -- | 179.9 | |||||||||||||||||||||
Total assets | $ | 44,247.20 | $ | 42,226.20 | $ | (39,916.0 | ) | $ | 46,557.40 | $ | 20,008.80 | $ | (20,060.9 | ) | $ | 46,505.30 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 1,399.70 | $ | 0.1 | $ | -- | $ | 1,399.80 | $ | -- | $ | -- | $ | 1,399.80 | |||||||||||||||
Accounts payable – trade | 186.9 | 525.3 | (7.8 | ) | 704.4 | 0.1 | -- | 704.5 | |||||||||||||||||||||
Accounts payable – related parties | 921.8 | 175.8 | (1,048.3 | ) | 49.3 | 53.6 | (53.6 | ) | 49.3 | ||||||||||||||||||||
Accrued product payables | 1,307.30 | 1,780.20 | (2.3 | ) | 3,085.20 | -- | -- | 3,085.20 | |||||||||||||||||||||
Accrued interest | 179.6 | 0.4 | -- | 180 | -- | -- | 180 | ||||||||||||||||||||||
Other current liabilities | 109.6 | 360.8 | (13.3 | ) | 457.1 | -- | -- | 457.1 | |||||||||||||||||||||
Total current liabilities | 4,104.90 | 2,842.60 | (1,071.7 | ) | 5,875.80 | 53.7 | (53.6 | ) | 5,875.90 | ||||||||||||||||||||
Long-term debt | 20,176.90 | 15.3 | -- | 20,192.20 | -- | -- | 20,192.20 | ||||||||||||||||||||||
Deferred tax liabilities | 4.3 | 60.1 | (0.9 | ) | 63.5 | -- | 4.5 | 68 | |||||||||||||||||||||
Other long-term liabilities | 10.7 | 181.4 | (0.4 | ) | 191.7 | 119.4 | -- | 311.1 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 19,950.40 | 39,054.80 | (39,021.6 | ) | 19,983.60 | 19,835.70 | (19,983.6 | ) | 19,835.70 | ||||||||||||||||||||
Noncontrolling interests | -- | 72 | 178.6 | 250.6 | -- | (28.2 | ) | 222.4 | |||||||||||||||||||||
Total equity | 19,950.40 | 39,126.80 | (38,843.0 | ) | 20,234.20 | 19,835.70 | (20,011.8 | ) | 20,058.10 | ||||||||||||||||||||
Total liabilities and equity | $ | 44,247.20 | $ | 42,226.20 | $ | (39,916.0 | ) | $ | 46,557.40 | $ | 20,008.80 | $ | (20,060.9 | ) | $ | 46,505.30 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||
31-Dec-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 | $ | 18.7 | $ | 70.4 | $ | (14.7 | ) | $ | 74.4 | $ | -- | $ | -- | $ | 74.4 | ||||||||||||||
Accounts receivable – trade, net | 1,128.50 | 2,698.20 | (3.7 | ) | 3,823.00 | -- | -- | 3,823.00 | |||||||||||||||||||||
Accounts receivable – related parties | 158.8 | 1,114.60 | (1,266.6 | ) | 6.8 | -- | (4.0 | ) | 2.8 | ||||||||||||||||||||
Inventories | 831.8 | 182.8 | (0.4 | ) | 1,014.20 | -- | -- | 1,014.20 | |||||||||||||||||||||
Prepaid and other current assets | 537.7 | 346.3 | (308.5 | ) | 575.5 | -- | 0.8 | 576.3 | |||||||||||||||||||||
Total current assets | 2,675.50 | 4,412.30 | (1,593.9 | ) | 5,493.90 | -- | (3.2 | ) | 5,490.70 | ||||||||||||||||||||
Property, plant and equipment, net | 2,871.70 | 26,912.00 | 97.9 | 29,881.60 | -- | -- | 29,881.60 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 36,937.50 | 3,556.40 | (37,451.9 | ) | 3,042.00 | 18,187.20 | (18,187.2 | ) | 3,042.00 | ||||||||||||||||||||
Intangible assets, net | 2,527.30 | 1,292.40 | 482.4 | 4,302.10 | -- | -- | 4,302.10 | ||||||||||||||||||||||
Goodwill | 1,956.10 | 1,621.10 | 622.7 | 4,199.90 | -- | -- | 4,199.90 | ||||||||||||||||||||||
Other assets | 139.3 | 45.8 | (0.7 | ) | 184.4 | -- | -- | 184.4 | |||||||||||||||||||||
Total assets | $ | 47,107.40 | $ | 37,840.00 | $ | (37,843.5 | ) | $ | 47,103.90 | $ | 18,187.20 | $ | (18,190.4 | ) | $ | 47,100.70 | |||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Current maturities of debt | $ | 2,206.40 | $ | -- | $ | -- | $ | 2,206.40 | $ | -- | $ | -- | $ | 2,206.40 | |||||||||||||||
Accounts payable – trade | 216.6 | 571.4 | (14.8 | ) | 773.2 | 0.6 | -- | 773.8 | |||||||||||||||||||||
Accounts payable – related parties | 1,226.50 | 173.3 | (1,280.9 | ) | 118.9 | 4 | (4.0 | ) | 118.9 | ||||||||||||||||||||
Accrued product payables | 1,570.00 | 2,287.90 | (4.6 | ) | 3,853.30 | -- | -- | 3,853.30 | |||||||||||||||||||||
Accrued interest | 335.4 | 0.7 | (0.6 | ) | 335.5 | -- | -- | 335.5 | |||||||||||||||||||||
Other current liabilities | 130.8 | 763.7 | (308.7 | ) | 585.8 | -- | -- | 585.8 | |||||||||||||||||||||
Total current liabilities | 5,685.70 | 3,797.00 | (1,609.6 | ) | 7,873.10 | 4.6 | (4.0 | ) | 7,873.70 | ||||||||||||||||||||
Long-term debt | 19,142.50 | 14.9 | -- | 19,157.40 | -- | -- | 19,157.40 | ||||||||||||||||||||||
Deferred tax liabilities | 4.9 | 58.5 | (0.9 | ) | 62.5 | -- | 4.1 | 66.6 | |||||||||||||||||||||
Other long-term liabilities | 10.9 | 180.8 | (0.3 | ) | 191.4 | 119.4 | -- | 310.8 | |||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||
Partners’ and other owners’ equity | 22,263.40 | 33,720.60 | (37,820.6 | ) | 18,163.40 | 18,063.20 | (18,163.4 | ) | 18,063.20 | ||||||||||||||||||||
Noncontrolling interests | -- | 68.2 | 1,587.90 | 1,656.10 | -- | (27.1 | ) | 1,629.00 | |||||||||||||||||||||
Total equity | 22,263.40 | 33,788.80 | (36,232.7 | ) | 19,819.50 | 18,063.20 | (18,190.5 | ) | 19,692.20 | ||||||||||||||||||||
Total liabilities and equity | $ | 47,107.40 | $ | 37,840.00 | $ | (37,843.5 | ) | $ | 47,103.90 | $ | 18,187.20 | $ | (18,190.4 | ) | $ | 47,100.70 | |||||||||||||
Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. | ||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 5,579.80 | $ | 4,825.20 | $ | (2,932.5 | ) | $ | 7,472.50 | $ | -- | $ | -- | $ | 7,472.50 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 5,324.10 | 4,224.90 | (2,932.6 | ) | 6,616.40 | -- | -- | 6,616.40 | |||||||||||||||||||||
General and administrative costs | 8.4 | 40.7 | -- | 49.1 | 0.2 | -- | 49.3 | ||||||||||||||||||||||
Total costs and expenses | 5,332.50 | 4,265.60 | (2,932.6 | ) | 6,665.50 | 0.2 | -- | 6,665.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 627.7 | 91.6 | (630.1 | ) | 89.2 | 636.3 | (636.3 | ) | 89.2 | ||||||||||||||||||||
Operating income | 875 | 651.2 | (630.0 | ) | 896.2 | 636.1 | (636.3 | ) | 896 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (238.3 | ) | (2.8 | ) | 2 | (239.1 | ) | -- | -- | (239.1 | ) | ||||||||||||||||||
Other, net | 2 | 0.5 | (2.0 | ) | 0.5 | -- | -- | 0.5 | |||||||||||||||||||||
Total other expense, net | (236.3 | ) | (2.3 | ) | -- | (238.6 | ) | -- | -- | (238.6 | ) | ||||||||||||||||||
Income before income taxes | 638.7 | 648.9 | (630.0 | ) | 657.6 | 636.1 | (636.3 | ) | 657.4 | ||||||||||||||||||||
Provision for income taxes | (3.2 | ) | (3.1 | ) | -- | (6.3 | ) | -- | (0.5 | ) | (6.8 | ) | |||||||||||||||||
Net income | 635.5 | 645.8 | (630.0 | ) | 651.3 | 636.1 | (636.8 | ) | 650.6 | ||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | -- | 0.3 | (16.0 | ) | (15.7 | ) | -- | 1.2 | (14.5 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 635.5 | $ | 646.1 | $ | (646.0 | ) | $ | 635.6 | $ | 636.1 | $ | (635.6 | ) | $ | 636.1 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 9,490.90 | $ | 8,110.60 | $ | (4,691.6 | ) | $ | 12,909.90 | $ | -- | $ | -- | $ | 12,909.90 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Operating costs and expenses | 9,167.80 | 7,404.50 | (4,691.8 | ) | 11,880.50 | -- | -- | 11,880.50 | |||||||||||||||||||||
General and administrative costs | 7.3 | 45.7 | -- | 53 | 0.2 | -- | 53.2 | ||||||||||||||||||||||
Total costs and expenses | 9,175.10 | 7,450.20 | (4,691.8 | ) | 11,933.50 | 0.2 | -- | 11,933.70 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | 706.8 | 85.8 | (736.1 | ) | 56.5 | 799 | (799.0 | ) | 56.5 | ||||||||||||||||||||
Operating income | 1,022.60 | 746.2 | (735.9 | ) | 1,032.90 | 798.8 | (799.0 | ) | 1,032.70 | ||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest expense | (220.8 | ) | (0.1 | ) | -- | (220.9 | ) | -- | -- | (220.9 | ) | ||||||||||||||||||
Other, net | 0.2 | (0.5 | ) | -- | (0.3 | ) | -- | -- | (0.3 | ) | |||||||||||||||||||
Total other expense, net | (220.6 | ) | (0.6 | ) | -- | (221.2 | ) | -- | -- | (221.2 | ) | ||||||||||||||||||
Income before income taxes | 802 | 745.6 | (735.9 | ) | 811.7 | 798.8 | (799.0 | ) | 811.5 | ||||||||||||||||||||
Provision for income taxes | (4.2 | ) | (0.3 | ) | -- | (4.5 | ) | -- | (0.3 | ) | (4.8 | ) | |||||||||||||||||
Net income | 797.8 | 745.3 | (735.9 | ) | 807.2 | 798.8 | (799.3 | ) | 806.7 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | -- | -- | (9.1 | ) | (9.1 | ) | -- | 1.2 | (7.9 | ) | |||||||||||||||||||
Net income attributable to entity | $ | 797.8 | $ | 745.3 | $ | (745.0 | ) | $ | 798.1 | $ | 798.8 | $ | (798.1 | ) | $ | 798.8 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Enterprise Products Partners L.P. | ||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 621.9 | $ | 637.8 | $ | (630.0 | ) | $ | 629.7 | $ | 614.5 | $ | (615.2 | ) | $ | 629 | |||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | -- | 0.3 | (16.0 | ) | (15.7 | ) | -- | 1.2 | (14.5 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 621.9 | $ | 638.1 | $ | (646.0 | ) | $ | 614 | $ | 614.5 | $ | (614.0 | ) | $ | 614.5 | |||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 808 | $ | 749.8 | $ | (735.9 | ) | $ | 821.9 | $ | 813.5 | $ | (814.0 | ) | $ | 821.4 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | -- | -- | (9.1 | ) | (9.1 | ) | -- | 1.2 | (7.9 | ) | |||||||||||||||||||
Comprehensive income attributable to entity | $ | 808 | $ | 749.8 | $ | (745.0 | ) | $ | 812.8 | $ | 813.5 | $ | (812.8 | ) | $ | 813.5 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P. | ||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 635.5 | $ | 645.8 | $ | (630.0 | ) | $ | 651.3 | $ | 636.1 | $ | (636.8 | ) | $ | 650.6 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 32.9 | 334.6 | (0.1 | ) | 367.4 | -- | -- | 367.4 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (627.7 | ) | (91.6 | ) | 630.1 | (89.2 | ) | (636.3 | ) | 636.3 | (89.2 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 633.9 | 97.5 | (597.0 | ) | 134.4 | 726.7 | (726.7 | ) | 134.4 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (146.6 | ) | 13 | 6.9 | (126.7 | ) | 17 | 0.5 | (109.2 | ) | |||||||||||||||||||
Net cash flows provided by operating activities | 528 | 999.3 | (590.1 | ) | 937.2 | 743.5 | (726.7 | ) | 954 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (234.2 | ) | (559.0 | ) | -- | (793.2 | ) | -- | -- | (793.2 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | -- | 0.5 | -- | 0.5 | -- | -- | 0.5 | ||||||||||||||||||||||
Other investing activities | (252.0 | ) | (24.0 | ) | 179.6 | (96.4 | ) | (468.4 | ) | 468.4 | (96.4 | ) | |||||||||||||||||
Cash used in investing activities | (486.2 | ) | (582.5 | ) | 179.6 | (889.1 | ) | (468.4 | ) | 468.4 | (889.1 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 9,182.50 | -- | -- | 9,182.50 | -- | -- | 9,182.50 | ||||||||||||||||||||||
Repayments of debt | (8,953.2 | ) | -- | -- | (8,953.2 | ) | -- | -- | (8,953.2 | ) | |||||||||||||||||||
Cash distributions paid to partners | (726.7 | ) | (613.1 | ) | 613.1 | (726.7 | ) | (703.8 | ) | 726.7 | (703.8 | ) | |||||||||||||||||
Cash payments made in connection with DERs | -- | -- | -- | -- | (1.2 | ) | -- | (1.2 | ) | ||||||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | (0.4 | ) | (16.1 | ) | (16.5 | ) | -- | -- | (16.5 | ) | ||||||||||||||||||
Cash contributions from noncontrolling interests | -- | 4.4 | (0.4 | ) | 4 | -- | -- | 4 | |||||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 468.4 | -- | 468.4 | ||||||||||||||||||||||
Cash contributions from owners | 468.4 | 179.2 | (179.2 | ) | 468.4 | -- | (468.4 | ) | -- | ||||||||||||||||||||
Other financing activities | 0.1 | -- | -- | 0.1 | (38.5 | ) | -- | (38.4 | ) | ||||||||||||||||||||
Cash used in financing activities | (28.9 | ) | (429.9 | ) | 417.4 | (41.4 | ) | (275.1 | ) | 258.3 | (58.2 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 12.9 | (13.1 | ) | 6.9 | 6.7 | -- | -- | 6.7 | |||||||||||||||||||||
Cash and cash equivalents, January 1 | 18.7 | 70.4 | (14.7 | ) | 74.4 | -- | -- | 74.4 | |||||||||||||||||||||
Cash and cash equivalents, March 31 | $ | 31.6 | $ | 57.3 | $ | (7.8 | ) | $ | 81.1 | $ | -- | $ | -- | $ | 81.1 | ||||||||||||||
Enterprise Products Partners L.P. | |||||||||||||||||||||||||||||
Unaudited Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | 797.8 | $ | 745.3 | $ | (735.9 | ) | $ | 807.2 | $ | 798.8 | $ | (799.3 | ) | $ | 806.7 | |||||||||||||
Reconciliation of net income to net cash flows provided by operating activities: | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 35.4 | 284.7 | (0.2 | ) | 319.9 | -- | -- | 319.9 | |||||||||||||||||||||
Equity in income of unconsolidated affiliates | (706.8 | ) | (85.8 | ) | 736.1 | (56.5 | ) | (799.0 | ) | 799 | (56.5 | ) | |||||||||||||||||
Distributions received from unconsolidated affiliates | 1,039.30 | 68.8 | (1,036.4 | ) | 71.7 | 685.2 | (685.2 | ) | 71.7 | ||||||||||||||||||||
Net effect of changes in operating accounts and other operating activities | (4.5 | ) | 250.1 | 14 | 259.6 | 2.7 | -- | 262.3 | |||||||||||||||||||||
Net cash flows provided by operating activities | 1,161.20 | 1,263.10 | (1,022.4 | ) | 1,401.90 | 687.7 | (685.5 | ) | 1,404.10 | ||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs | (85.3 | ) | (610.1 | ) | -- | (695.4 | ) | -- | -- | (695.4 | ) | ||||||||||||||||||
Proceeds from asset sales and insurance recoveries | 0.1 | 96.2 | -- | 96.3 | -- | -- | 96.3 | ||||||||||||||||||||||
Other investing activities | (555.3 | ) | (255.2 | ) | 548.1 | (262.4 | ) | (80.9 | ) | 80.9 | (262.4 | ) | |||||||||||||||||
Cash used in investing activities | (640.5 | ) | (769.1 | ) | 548.1 | (861.5 | ) | (80.9 | ) | 80.9 | (861.5 | ) | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Borrowings under debt agreements | 4,181.50 | -- | -- | 4,181.50 | -- | -- | 4,181.50 | ||||||||||||||||||||||
Repayments of debt | (3,160.0 | ) | -- | -- | (3,160.0 | ) | -- | -- | (3,160.0 | ) | |||||||||||||||||||
Cash distributions paid to partners | (685.2 | ) | (1,044.3 | ) | 1,044.30 | (685.2 | ) | (639.2 | ) | 685.2 | (639.2 | ) | |||||||||||||||||
Cash distributions paid to noncontrolling interests | -- | -- | (8.0 | ) | (8.0 | ) | -- | -- | (8.0 | ) | |||||||||||||||||||
Net cash proceeds from issuance of common units | -- | -- | -- | -- | 83 | -- | 83 | ||||||||||||||||||||||
Cash contributions from owners | 80.9 | 546.1 | (546.1 | ) | 80.9 | -- | (80.9 | ) | -- | ||||||||||||||||||||
Other financing activities | (15.9 | ) | -- | (1.9 | ) | (17.8 | ) | (50.6 | ) | -- | (68.4 | ) | |||||||||||||||||
Cash provided by (used in) financing activities | 401.3 | (498.2 | ) | 488.3 | 391.4 | (606.8 | ) | 604.3 | 388.9 | ||||||||||||||||||||
Net change in cash and cash equivalents | 922 | (4.2 | ) | 14 | 931.8 | -- | (0.3 | ) | 931.5 | ||||||||||||||||||||
Cash and cash equivalents, January 1 | 28.4 | 49.5 | (21.0 | ) | 56.9 | -- | -- | 56.9 | |||||||||||||||||||||
Cash and cash equivalents, March 31 | $ | 950.4 | $ | 45.3 | $ | (7.0 | ) | $ | 988.7 | $ | -- | $ | (0.3 | ) | $ | 988.4 |
Partnership_Operations_Organiz1
Partnership Operations, Organization and Basis for Presentation (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Segment | ||
Platform | ||
Fractionator | ||
Plant | ||
mi | ||
bbl | ||
ft3 | ||
Related Party Transaction [Line Items] | ||
Number of miles of onshore and offshore pipelines | 51,000 | |
Number of barrels of storage capacity | 225,000,000 | |
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% | |
Unit split conversion ratio | 2 | |
Oiltanking Partners L.P. [Member] | ||
Business Acquisition [Line Items] | ||
Limited partner interests acquired (in hundredths) | 65.90% | |
EPCO and affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of Total Units Outstanding (in hundredths) | 34.60% |
General_Accounting_and_Disclos2
General Accounting and Disclosure Matters (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Restricted cash [Abstract] | ||
Restricted cash | $28.20 | $0 |
Equitybased_Awards_Details
Equity-based Awards (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity-based compensation expense [Abstract] | ||
Total compensation expense | $23.40 | $17.50 |
Equity-classified awards [Member] | Restricted Common Unit Awards [Member] | ||
Equity-based compensation expense [Abstract] | ||
Total compensation expense | 6.1 | 11.6 |
Equity-classified awards [Member] | Phantom Unit Awards [Member] | ||
Equity-based compensation expense [Abstract] | ||
Total compensation expense | 17.2 | 5.8 |
Liability-classified awards [Member] | ||
Equity-based compensation expense [Abstract] | ||
Total compensation expense | $0.10 | $0.10 |
Long-Term Incentive Plan (2008) [Member] | ||
Equity-based compensation expense [Abstract] | ||
Maximum number of common units that may be issued as awards (in units) | 30,000,000 | |
Incremental number of units to be authorized annually (in units) | 5,000,000 | |
Maximum number of additional units to be authorized for issuance (in units) | 70,000,000 | |
Remaining number of common units available to be issued as awards (in units) | 15,902,141 | |
Long Term Incentive Plan (1998) [Member] | ||
Equity-based compensation expense [Abstract] | ||
Maximum number of common units that may be issued as awards (in units) | 14,000,000 | |
Remaining number of common units available to be issued as awards (in units) | 2,990,928 |
Equitybased_Awards_Restricted_
Equity-based Awards, Restricted Unit Awards (Details) (Restricted Common Unit Awards [Member], USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rate of restricted common unit awards (in hundredths) | 25.00% | ||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||
Beginning of period (in units) | 4,229,790 | ||
Vested (in units) | -1,852,746 | ||
Forfeited (in units) | -84,700 | ||
End of period (in units) | 2,292,344 | ||
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) | $26.96 | [1] | |
Vested weighted-average grant date fair value per unit (in dollars per unit) | $25.89 | [1] | |
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | $27.16 | [1] | |
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | $27.82 | [1] | |
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||
Cash distributions paid to restricted common unitholders | $1.50 | $2.50 | |
Total intrinsic value of our restricted common unit awards that vested during period | 62.4 | 81.4 | |
Unrecognized Compensation Expense [Abstract] | |||
Unrecognized compensation cost | 20.5 | ||
Recognition period for total unrecognized compensation cost | 1 year 4 months 24 days | ||
Enterprise [Member] | |||
Unrecognized Compensation Expense [Abstract] | |||
Unrecognized compensation cost | $17.70 | ||
[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 | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
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) | 1,270,000 | [1] | |
Exercised (in units) | -940,000 | ||
End of period (in units) | 330,000 | [1] | |
Options outstanding, weighted-average strike price [Roll Forward] | |||
Weighted average strike price, beginning of period (in dollars per unit) | $16.14 | ||
Weighted average strike price, exercised (in dollars per unit) | $16.14 | ||
Weighted average strike price, end of period (in dollars per unit) | $16.14 | ||
Weighted average remaining contractual term | 0 years 9 months 18 days | ||
Aggregate intrinsic value | $5.50 | [2] | |
Total intrinsic value of unit option awards exercised during period | 17.4 | 54.7 | |
Cash received from EPCO in connection with the exercise of unit option awards | 10.1 | 31.8 | |
Unit option award-related cash reimbursements to EPCO | $17.40 | $54.70 | |
[1] | All of the unit option awards outstanding at March 31, 2015 were exercisable. None of the unit option awards outstanding at December 31, 2014 were exercisable. | ||
[2] | Aggregate intrinsic value reflects fully vested unit option awards at the dates indicated. |
Equitybased_Awards_Phantom_Uni
Equity-based Awards, Phantom Unit Awards (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
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% | ||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||
Beginning of period (in units) | 3,342,390 | ||
Granted (in units) | 3,446,240 | [1] | |
Vested (in units) | -786,890 | ||
Forfeited (in units) | -78,204 | ||
End of period (in units) | 5,923,536 | ||
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) | $33.13 | [2] | |
Granted weighted-average grant date fair value per unit (in dollars per unit) | $34.05 | [1],[2] | |
Vested weighted-average grant date fair value per unit (in dollars per unit) | $33.04 | [2] | |
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | $33.16 | [2] | |
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | $33.67 | [2] | |
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||
Aggregate grant date fair value | 117.3 | ||
Estimated forfeiture rate (in hundredths) | 3.50% | ||
Cash payments made in connection with DERs | 1.2 | 0 | |
Total intrinsic value of phantom unit awards that vested during period | 26.6 | 0 | |
Unrecognized Compensation Expense [Abstract] | |||
Unrecognized compensation cost | 146.9 | ||
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) | $34.04 | ||
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) | $34.40 | ||
Phantom Unit Awards [Member] | Enterprise [Member] | |||
Unrecognized Compensation Expense [Abstract] | |||
Unrecognized compensation cost | $136.50 | ||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2015 was $117.3 million based on a grant date market price of our common units ranging from $34.04 to $34.40 per unit. An estimated annual forfeiture rate of 3.5% 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) (Commodity derivatives [Member]) | Mar. 31, 2015 | |
ft3 | ||
Derivatives in cash flow hedging relationships [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | ||
Derivative [Line Items] | ||
Current Volume | 12,800,000,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | ||
Derivative [Line Items] | ||
Current Volume | 4,200,000 | [1],[2],[3] |
Forecasted NGL sales designated as normal sales agreements | 1,300,000 | |
Derivatives in cash flow hedging relationships [Member] | Natural gas marketing: Forecasted purchases of natural gas [Member] | ||
Derivative [Line Items] | ||
Current Volume | 11,100,000,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Natural gas marketing: Forecasted sales of natural gas [Member] | ||
Derivative [Line Items] | ||
Current Volume | 2,100,000,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | ||
Derivative [Line Items] | ||
Current Volume | 18,500,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | ||
Derivative [Line Items] | ||
Current Volume | 18,600,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | ||
Derivative [Line Items] | ||
Current Volume | 1,200,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Refined products marketing: Forecasted sales of refined products [Member] | ||
Derivative [Line Items] | ||
Current Volume | 1,800,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | ||
Derivative [Line Items] | ||
Current Volume | 9,300,000 | [1],[2] |
Long Term Volume | 400,000 | [1],[2] |
Derivatives in cash flow hedging relationships [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | ||
Derivative [Line Items] | ||
Current Volume | 11,500,000 | [1],[2] |
Long Term Volume | 400,000 | [1],[2] |
Derivatives in fair value hedging relationships [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | ||
Derivative [Line Items] | ||
Current Volume | 3,500,000,000 | [1],[2] |
Derivatives in fair value hedging relationships [Member] | Refined products marketing: Refined products inventory management activities [Member] | ||
Derivative [Line Items] | ||
Current Volume | 1,100,000 | [1],[2] |
Derivatives in mark-to-market relationships [Member] | Natural gas risk management activities [Member] | ||
Derivative [Line Items] | ||
Current Volume | 89,500,000,000 | [1],[2],[4],[5] |
Long Term Volume | 10,000,000,000 | [1],[2],[4],[5] |
Current natural gas hedging volumes designated as an index plus or minus a discount | 56,200,000,000 | |
Derivatives in mark-to-market relationships [Member] | NGL risk management activities [Member] | ||
Derivative [Line Items] | ||
Current Volume | 1,800,000 | [1],[2],[4] |
Derivatives in mark-to-market relationships [Member] | Crude oil risk management activities [Member] | ||
Derivative [Line Items] | ||
Current Volume | 5,500,000 | [1],[2],[4] |
[1] | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is June 2016, February 2016 and March 2018, respectively. | |
[2] | 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. | |
[3] | Forecasted sales of NGL volumes under natural gas processing exclude 1.3 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 56.2 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) (Commodity derivatives [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $132.70 | $226.60 |
Liability Derivatives | 108 | 147.4 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 124.6 | 217.9 |
Liability Derivatives | 101.2 | 145.3 |
Derivatives designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 123.9 | 217.9 |
Derivatives designated as hedging instruments [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.7 | 0 |
Derivatives designated as hedging instruments [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 100.3 | 145.3 |
Derivatives designated as hedging instruments [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.9 | 0 |
Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 8.1 | 8.7 |
Liability Derivatives | 6.8 | 2.1 |
Derivatives not designated as hedging instruments [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 7.8 | 8.1 |
Derivatives not designated as hedging instruments [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.3 | 0.6 |
Derivatives not designated as hedging instruments [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 5.5 | 0.7 |
Derivatives not designated as hedging instruments [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $1.30 | $1.40 |
Derivative_Instruments_Hedging4
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) (Commodity derivatives [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commodity derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $132.70 | $226.60 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 132.7 | 226.6 |
Financial Instruments | -91.2 | -147.3 |
Cash Collateral Received | 0 | -23.9 |
Cash Collateral Paid | -28.4 | 0 |
Amounts That Would Have Been Presented On Net Basis | $13.10 | $55.40 |
Derivative_Instruments_Hedging5
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) (Commodity derivatives [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commodity derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $108 | $147.40 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 108 | 147.4 |
Financial Instruments | -91.2 | -147.3 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | $16.80 | $0.10 |
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 | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivatives in fair value hedging relationships [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | $0.70 | ($3.30) | ||
Gain (Loss) Recognized in Income on Hedged Item | 8.6 | 1.5 | ||
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 | 0 | -2.9 | ||
Gain (Loss) Recognized in Income on Hedged Item | 0 | 2.9 | ||
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 | 0.7 | -0.4 | ||
Gain (Loss) Recognized in Income on Hedged Item | 8.6 | -1.4 | ||
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) | 30.8 | -9.2 | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 52.4 | -23.9 | ||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0.3 | 0 | ||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | -35.8 | |||
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 | -7.9 | ||
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 | 39.9 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 41.8 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | -1.9 | |||
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) | 32.6 | [1] | -10.7 | [1] |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 61.1 | -16.9 | ||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0.3 | -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) | -1.8 | [1] | 1.5 | [1] |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 0 | 0.9 | ||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 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 | ($0.40) | ($21) | ||
[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 | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Total gains (losses) included in: | |||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $4.60 | $7.80 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||
Financial assets [Abstract] | |||||
Commodity derivatives | 0.4 | ||||
Financial liabilities [Abstract] | |||||
Commodity derivatives | 2.3 | ||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | |||||
Financial asset (liability) balance, net, beginning of period | -119 | 3.2 | |||
Total gains (losses) included in: | |||||
Net income | -0.4 | [1] | 4.6 | [1] | |
Other comprehensive income | -1.5 | 0 | |||
Settlements | -0.5 | -0.1 | |||
Transfers out of Level 3 | 0.1 | 0 | |||
Financial asset (liability) balance, net, end of period | -121.3 | 7.7 | |||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | -1 | 4.5 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||
Financial assets [Abstract] | |||||
Commodity derivatives | 132.7 | 226.6 | |||
Financial liabilities [Abstract] | |||||
Liquidity Option Agreement | 119.4 | 119.4 | |||
Commodity derivatives | 108 | 147.4 | |||
Total | 227.4 | 266.8 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | |||||
Financial assets [Abstract] | |||||
Commodity derivatives | 19.9 | 37.8 | |||
Financial liabilities [Abstract] | |||||
Liquidity Option Agreement | 0 | 0 | |||
Commodity derivatives | 10.9 | 13.8 | |||
Total | 10.9 | 13.8 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | |||||
Financial assets [Abstract] | |||||
Commodity derivatives | 112.4 | 187.8 | |||
Financial liabilities [Abstract] | |||||
Liquidity Option Agreement | 0 | 0 | |||
Commodity derivatives | 94.8 | 133 | |||
Total | 94.8 | 133 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | |||||
Financial assets [Abstract] | |||||
Commodity derivatives | 0.4 | 1 | |||
Financial liabilities [Abstract] | |||||
Liquidity Option Agreement | 119.4 | 119.4 | |||
Commodity derivatives | 2.3 | 0.6 | |||
Total | $121.70 | $120 | |||
[1] | There were $1.0 million of unrealized losses and $4.5 million of unrealized gains included in these amounts for the three months ended March 31, 2015 and 2014, respectively. |
Derivative_Instruments_Hedging8
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) (Level 3 [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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) | 47.63 |
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) | 57.73 |
Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [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 - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Fair value inputs, forward commodity price (in dollars per unit) | 1.12 |
Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Fair value inputs, forward commodity price (in dollars per unit) | 1.13 |
Fair Value, Measurements, Recurring [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Commodity asset derivatives | 0.4 |
Commodity liability derivatives | 2.3 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Commodity liability derivatives | 0.8 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Natural gasoline [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Commodity liability derivatives | 1.5 |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Commodity asset derivatives | 0.4 |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Natural gasoline [Member] | |
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | |
Commodity asset derivatives | 0 |
Derivative_Instruments_Hedging9
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | $33.30 | $8.80 |
Impairment of long-lived assets disposed of other than by sale | 33.1 | 3.8 |
Impairment of long-lived assets to be disposed of by sale | 0.2 | 5 |
NGL Pipelines and Services [Member] | ||
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | 0.8 | 2.6 |
Onshore Natural Gas Pipelines and Services [Member] | ||
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | 20.7 | 0.2 |
Onshore Crude Oil Pipelines and Services [Member] | ||
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | 7.8 | 1 |
Offshore Pipelines And Services [Member] | ||
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | 3.6 | 0 |
Petrochemical and Refined Products Services [Member] | ||
Asset Impairment Charges [Abstract] | ||
Non-cash asset impairment charges | 0.4 | 5 |
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 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of By Sale [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, fair value | 0.6 | 0.1 |
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 |
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 | 0 |
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 |
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 |
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 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of By Sale [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, fair value | $0.60 | $0.10 |
Recovered_Sheet1
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $20.23 | $20.48 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $22.35 | $22.16 |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Available-for-Sale Inventory by Product Type [Abstract] | |||||
NGLs | $490.80 | $579.10 | |||
Petrochemicals and refined products | 218.5 | 295.6 | |||
Crude oil | 130.5 | 97.8 | |||
Natural gas | 15.6 | 41.7 | |||
Total | 855.4 | 1,014.20 | |||
Summary of cost of sales and lower of cost or market adjustments [Abstract] | |||||
Cost of sales | 5,678.10 | [1] | 11,052.70 | [1] | |
Lower of cost or market adjustments | $3.50 | $5.20 | |||
[1] | Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. 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 | |||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $38,842.10 | $38,046.70 | ||||
Less accumulated depreciation | 8,474.50 | 8,165.10 | ||||
Property, plant and equipment, net | 30,367.60 | 29,881.60 | ||||
Summary of depreciation expense and capitalized interest [Abstract] | ||||||
Depreciation expense | 291.3 | [1] | 267.9 | [1] | ||
Capitalized interest | 29.6 | [2] | 18.5 | [2] | ||
Asset Retirement Obligations [Roll Forward] | ||||||
Balance at beginning of period | 98.3 | |||||
Liabilities incurred | 0 | |||||
Liabilities settled | -3.3 | |||||
Revisions in estimated cash flows | 11 | |||||
Accretion expense | 1.6 | |||||
Balance at end of period | 107.6 | |||||
Capitalized costs, asset retirement costs | 32.9 | 31.3 | ||||
Forecasted accretion expense [Abstract] | ||||||
Remainder of 2015 | 4.7 | |||||
2016 | 6.4 | |||||
2017 | 6.8 | |||||
2018 | 7.3 | |||||
2019 | 7.9 | |||||
Plants, pipelines and facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | 31,153.80 | [3] | 30,834.90 | [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 | 2,609.30 | [5] | 2,584.20 | [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 | 659.7 | [7] | 659.7 | [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 | 158.7 | [8] | 154.2 | [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 | 803.1 | [9] | 796.4 | [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 | 260.9 | 262.6 | ||||
Construction in progress [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $3,196.60 | $2,754.70 | ||||
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. |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Affiliates (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $3,064.90 | $3,042 | |||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 89.2 | 56.5 | |||
Unamortized excess cost amounts by business segment [Abstract] | |||||
Unamortized excess cost amounts | 103.1 | 59.6 | |||
Equity method investment amortization of excess cost | 2.6 | 0.7 | |||
NGL Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 11.6 | 1.4 | |||
Unamortized excess cost amounts by business segment [Abstract] | |||||
Unamortized excess cost amounts | 26.2 | 26.5 | |||
Equity method investment amortization of excess cost | 0.3 | 0.3 | |||
NGL Pipelines & Services [Member] | Venice Energy Service Company LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 13.10% | ||||
Investments in unconsolidated affiliates | 27 | 27.7 | |||
NGL Pipelines & Services [Member] | K/D/S Promix, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 37.6 | 38.5 | |||
NGL Pipelines & Services [Member] | Baton Rouge Fractionators LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 32.20% | ||||
Investments in unconsolidated affiliates | 18.6 | 18.8 | |||
NGL Pipelines & Services [Member] | Skelly-Belvieu Pipeline Company, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 39.5 | 40.1 | |||
NGL Pipelines & Services [Member] | Texas Express Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 35.00% | ||||
Investments in unconsolidated affiliates | 349.6 | 349.3 | |||
NGL Pipelines & Services [Member] | Texas Express Gathering LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 45.00% | ||||
Investments in unconsolidated affiliates | 37.6 | 37.9 | |||
NGL Pipelines & Services [Member] | Front Range Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 33.30% | ||||
Investments in unconsolidated affiliates | 171.7 | 170 | |||
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 | |||
Onshore Natural Gas Pipelines & Services [Member] | White River Hub, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 23.1 | 23.2 | |||
Onshore Crude Oil Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 59.9 | 42.7 | |||
Unamortized excess cost amounts by business segment [Abstract] | |||||
Unamortized excess cost amounts | 21.4 | 21.7 | |||
Equity method investment amortization of excess cost | 0.3 | 0.2 | |||
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% | ||||
Investments in unconsolidated affiliates | 1,430.10 | 1,431.20 | |||
Onshore Crude Oil Pipelines & Services [Member] | Eagle Ford Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 350.5 | 336.5 | |||
Onshore Crude Oil Pipelines & Services [Member] | Eagle Ford Terminals Corpus Christi LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 17.3 | [1] | 0 | [1] | |
Offshore Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | 20.2 | 11.1 | |||
Unamortized excess cost amounts by business segment [Abstract] | |||||
Unamortized excess cost amounts | 53.1 | 9 | |||
Equity method investment amortization of excess cost | 2 | 0.2 | |||
Offshore Pipelines & Services [Member] | Poseidon Oil Pipeline Company, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 36.00% | ||||
Investments in unconsolidated affiliates | 29.2 | 31.8 | |||
Offshore Pipelines & Services [Member] | Cameron Highway Oil Pipeline Company [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 198.1 | 201.3 | |||
Offshore Pipelines & Services [Member] | Deepwater Gateway LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 78.9 | 79.6 | |||
Offshore Pipelines & Services [Member] | Neptune Pipeline Company, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 25.70% | ||||
Investments in unconsolidated affiliates | 33.7 | 34.9 | |||
Offshore Pipelines & Services [Member] | Southeast Keathley Canyon Pipeline Company, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 147.6 | 146.1 | |||
Petrochemical & Refined Products Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income of unconsolidated affiliates | -3.4 | 0.4 | |||
Unamortized excess cost amounts by business segment [Abstract] | |||||
Unamortized excess cost amounts | 2.4 | 2.4 | |||
Petrochemical & Refined Products Services [Member] | Baton Rouge Propylene Concentrator, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 30.00% | ||||
Investments in unconsolidated affiliates | 6.1 | 6.5 | |||
Petrochemical & Refined Products Services [Member] | Centennial Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Interest (in hundredths) | 50.00% | ||||
Investments in unconsolidated affiliates | 66.3 | 66.1 | |||
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $2.40 | $2.50 | |||
[1] | New joint venture formed with Plains Marketing, L.P. in March 2015 to construct and operate a marine terminal that will handle crude oil delivered by Eagle Ford Pipeline LLC. |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill, Intangible Assets (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Identifiable intangible assets [Abstract] | |||||
Gross Value | $4,089.20 | $5,548.40 | |||
Accumulated Amortization | -1,285.10 | -1,246.30 | |||
Carrying Value | 2,804.10 | 4,302.10 | |||
Amortization Expense | 38.8 | 24.7 | |||
Forecasted amortization expense [Abstract] | |||||
Remainder of 2015 | 112.3 | ||||
2016 | 152.3 | ||||
2017 | 149.3 | ||||
2018 | 142.7 | ||||
2019 | 131.3 | ||||
Oiltanking Partners L.P. - Step 1 [Member] | Incentive distribution rights [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,460 | ||||
Carrying Value | 1,460 | ||||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 618.5 | 1,051.10 | |||
Accumulated Amortization | -369.4 | -361.9 | |||
Carrying Value | 249.1 | 689.2 | |||
Amortization Expense | 7.5 | 8.6 | |||
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 340.8 | 340.8 | |||
Accumulated Amortization | -187.2 | -183.2 | |||
Carrying Value | 153.6 | 157.6 | |||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 277.7 | 277.7 | |||
Accumulated Amortization | -182.2 | -178.7 | |||
Carrying Value | 95.5 | 99 | |||
NGL Pipelines & Services [Member] | Incentive distribution rights [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 0 | [1] | 432.6 | [1] | |
Accumulated Amortization | 0 | [1] | 0 | [1] | |
Carrying Value | 0 | [1] | 432.6 | [1] | |
Onshore Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,629.60 | 1,629.60 | |||
Accumulated Amortization | -666.6 | -656.7 | |||
Carrying Value | 963 | 972.9 | |||
Amortization Expense | 9.9 | 11.6 | |||
Onshore Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,163.60 | 1,163.60 | |||
Accumulated Amortization | -314.9 | -308.9 | |||
Carrying Value | 848.7 | 854.7 | |||
Onshore Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 466 | 466 | |||
Accumulated Amortization | -351.7 | -347.8 | |||
Carrying Value | 114.3 | 118.2 | |||
Onshore Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,389.40 | 2,244.80 | |||
Accumulated Amortization | -37.9 | -21.2 | |||
Carrying Value | 1,351.50 | 2,223.60 | |||
Amortization Expense | 16.7 | 0.3 | |||
Onshore Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,108 | 1,108 | |||
Accumulated Amortization | -10.3 | -7.7 | |||
Carrying Value | 1,097.70 | 1,100.30 | |||
Onshore Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 281.4 | 281.4 | |||
Accumulated Amortization | -27.6 | -13.5 | |||
Carrying Value | 253.8 | 267.9 | |||
Onshore Crude Oil Pipelines & Services [Member] | Incentive distribution rights [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 0 | [1] | 855.4 | [1] | |
Accumulated Amortization | 0 | [1] | 0 | [1] | |
Carrying Value | 0 | [1] | 855.4 | [1] | |
Offshore Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 197 | 197 | |||
Accumulated Amortization | -157.7 | -155.4 | |||
Carrying Value | 39.3 | 41.6 | |||
Amortization Expense | 2.3 | 2.6 | |||
Offshore Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 195.8 | 195.8 | |||
Accumulated Amortization | -157.2 | -154.9 | |||
Carrying Value | 38.6 | 40.9 | |||
Offshore Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1.2 | 1.2 | |||
Accumulated Amortization | -0.5 | -0.5 | |||
Carrying Value | 0.7 | 0.7 | |||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 254.7 | 425.9 | |||
Accumulated Amortization | -53.5 | -51.1 | |||
Carrying Value | 201.2 | 374.8 | |||
Amortization Expense | 2.4 | 1.6 | |||
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 198.4 | 198.4 | |||
Accumulated Amortization | -44.6 | -43.3 | |||
Carrying Value | 153.8 | 155.1 | |||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 56.3 | 56.3 | |||
Accumulated Amortization | -8.9 | -7.8 | |||
Carrying Value | 47.4 | 48.5 | |||
Petrochemical & Refined Products Services [Member] | Incentive distribution rights [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 0 | [1] | 171.2 | [1] | |
Accumulated Amortization | 0 | [1] | 0 | [1] | |
Carrying Value | $0 | [1] | $171.20 | [1] | |
[1] | At December 31, 2014, we had indefinite-lived intangible assets outstanding with a carrying value of $1.46 billion recorded in connection with our acquisition of the Oiltanking IDRs in October 2014. The IDRs represented contractual rights to future cash incentive distributions to be paid by Oiltanking. In February 2015 (following completion of Step 2 of the Oiltanking acquisition), the Oiltanking IDRs were cancelled and the carrying value of the IDRs were reclassified to goodwill. |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill, Goodwill (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | $4,199.90 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 1,454.10 |
Balance at end of period | 5,654 |
NGL Pipelines & Services [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | 2,180.40 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 432.6 |
Balance at end of period | 2,613 |
Onshore Natural Gas Pipelines & Services [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | 296.3 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 0 |
Balance at end of period | 296.3 |
Onshore Crude Oil Pipelines & Services [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | 859.9 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 850.7 |
Balance at end of period | 1,710.60 |
Offshore Pipelines & Services [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | 82 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 0 |
Balance at end of period | 82 |
Petrochemical & Refined Products Services [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Balance at beginning of period | 781.3 |
Reclassification of Oiltanking IDR balances to goodwill in connection with the cancellation of such rights in February 2015 | 170.8 |
Balance at end of period | $952.10 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $21,620.70 | $21,389.20 | ||
Other, non-principal amounts | -28.7 | -25.4 | ||
Less current maturities of debt | -1,399.80 | [1] | -2,206.40 | [1] |
Total long-term debt | 20,192.20 | 19,157.40 | ||
Debt Obligations Terms [Abstract] | ||||
Letters of credit outstanding for facilities and motor fuel tax obligations | 2.5 | |||
EPO Senior Notes I [Member] | ||||
Debt Obligations Terms [Abstract] | ||||
Repayment of senior notes | 250 | |||
Senior Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 20,088 | 19,856.50 | ||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 1,388 | 906.5 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | variable | |||
Information regarding variable interest rates paid [Abstract] | ||||
Variable Interest Rates Paid, Minimum (in hundredths) | 0.35% | |||
Variable Interest Rates Paid, Maximum (in hundredths) | 0.78% | |||
Weighted-Average Interest Rate Paid (in hundredths) | 0.59% | |||
Senior Debt Obligations [Member] | EPO Senior Notes I [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 0 | 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 $1.5 Billion 364-Day Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 0 | 0 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | variable | |||
Maturity Date | 29-Sep-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 | |||
Information regarding variable interest rates paid [Abstract] | ||||
Variable Interest Rates Paid, Minimum (in hundredths) | 1.15% | |||
Variable Interest Rates Paid, Maximum (in hundredths) | 3.25% | |||
Weighted-Average Interest Rate Paid (in hundredths) | 1.26% | |||
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 LL [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 800 | 800 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed | |||
Interest Rate, stated percentage (in hundredths) | 2.55% | |||
Maturity Date | 15-Oct-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 JJ [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 850 | 850 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed | |||
Interest Rate, stated percentage (in hundredths) | 3.90% | |||
Maturity Date | 15-Feb-24 | |||
Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 1,150 | 1,150 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed | |||
Interest Rate, stated percentage (in hundredths) | 3.75% | |||
Maturity Date | 15-Feb-25 | |||
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 | 1,400 | 1,400 | ||
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] | EPO Senior Notes KK [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 1,150 | 1,150 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed | |||
Interest Rate, stated percentage (in hundredths) | 5.10% | |||
Maturity Date | 15-Feb-45 | |||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 400 | 400 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed | |||
Interest Rate, stated percentage (in hundredths) | 4.95% | |||
Maturity Date | 15-Oct-54 | |||
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 | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 550 | [2] | 550 | [2] |
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed/variable | [2] | ||
Interest Rate, stated percentage (in hundredths) | 8.38% | [2] | ||
Maturity Date | 31-Aug-66 | [2] | ||
Date through which interest rate is fixed | 8/1/16 | |||
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 | [3] | 285.8 | [3] |
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed/variable | [3] | ||
Interest Rate, stated percentage (in hundredths) | 7.00% | [3] | ||
Maturity Date | 1-Jun-67 | [3] | ||
Date through which interest rate is fixed | 9/1/17 | |||
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 | [4] | 682.7 | [4] |
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed/variable | [4] | ||
Interest Rate, stated percentage (in hundredths) | 7.03% | [4] | ||
Maturity Date | 15-Jan-68 | [4] | ||
Date through which interest rate is fixed | 1/15/18 | |||
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 | $14.20 | ||
Debt Obligations Terms [Abstract] | ||||
Interest Rate Terms | fixed/variable | |||
Maturity Date | 1-Jun-67 | |||
[1] | We expect to refinance the current maturities of our debt obligations at or prior to their maturity. Long-term and current maturities of debt reflect the classification of such obligations at March 31, 2015, after taking into consideration the long-term refinancing of Senior Notes X and Commercial Paper Notes using proceeds from our senior notes offering in May 2015 (see Note 17). | |||
[2] | Fixed rate of 8.375% through August 1, 2016; thereafter, variable rate based on 3-month LIBOR plus 3.7075%. | |||
[3] | Fixed rate of 7.0% through September 1, 2017; thereafter, variable rate based on 3-month LIBOR plus 2.7775%. | |||
[4] | 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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2015 | $2,438 | |
2016 | 750 | |
2017 | 800 | |
2018 | 350 | |
2019 | 1,500 | |
After 2019 | 15,782.70 | |
Total | 21,620.70 | 21,389.20 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2015 | 1,388 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
After 2019 | 0 | |
Total | 1,388 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2015 | 1,050 | |
2016 | 750 | |
2017 | 800 | |
2018 | 350 | |
2019 | 1,500 | |
After 2019 | 14,250 | |
Total | 18,700 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
After 2019 | 1,532.70 | |
Total | $1,532.70 |
Equity_and_Distributions_Summa
Equity and Distributions, Summary of Changes in Outstanding Units (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Common Units (Unrestricted) [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 1,933,095,027 |
Common units issued in connection with at-the-market program (in units) | 12,350,761 |
Common units issued in connection with DRIP and EUPP (in units) | 1,940,832 |
Common units issued in connection with Step 2 of Oiltanking acquisition (in units) | 36,827,517 |
Common units issued in connection with the vesting and exercise of unit options (in units) | 291,250 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 519,247 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 1,852,746 |
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) | -628,750 |
Other (in units) | 12,360 |
Ending Balance (in units) | 1,986,260,990 |
Restricted Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 4,229,790 |
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 Step 2 of Oiltanking acquisition (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) | -1,852,746 |
Forfeiture of restricted common unit awards (in units) | -84,700 |
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) | 2,292,344 |
Common units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 1,937,324,817 |
Common units issued in connection with at-the-market program (in units) | 12,350,761 |
Common units issued in connection with DRIP and EUPP (in units) | 1,940,832 |
Common units issued in connection with Step 2 of Oiltanking acquisition (in units) | 36,827,517 |
Common units issued in connection with the vesting and exercise of unit options (in units) | 291,250 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 519,247 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 0 |
Forfeiture of restricted common unit awards (in units) | -84,700 |
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards (in units) | -628,750 |
Other (in units) | 12,360 |
Ending Balance (in units) | 1,988,553,334 |
Equity_and_Distributions_Issua
Equity and Distributions, Issuances of Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Net cash proceeds from the issuance of common units | $468,400,000 | $83,000,000 | |
Oiltanking Partners L.P. [Member] | |||
Completion of Oiltanking acquisition | |||
Limited partner interests acquired (in hundredths) | 65.90% | ||
Oiltanking Acquisition [Member] | |||
Completion of Oiltanking acquisition | |||
Total consideration for acquisition | 5,900,000,000 | ||
Oiltanking Partners L.P. - Step 1 [Member] | |||
Completion of Oiltanking acquisition | |||
Total consideration for acquisition | 4,410,000,000 | ||
Oiltanking Partners L.P. - Step 2 [Member] | |||
Completion of Oiltanking acquisition | |||
Common units exchanged for each Oiltanking unit (in units) | 1.3 | ||
Common units issued in connection with acquisition of Oiltanking (in units) | 36,827,517 | ||
Distribution Reinvestment Plan [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Maximum common units authorized for issuance (in units) | 140,000,000 | ||
Remaining units available for issuance (in units) | 25,612,270 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 1,869,079 | 2,614,370 | |
Net cash proceeds from the issuance of common units | 61,700,000 | 81,000,000 | |
Employee Unit Purchase Plan [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Maximum common units authorized for issuance (in units) | 8,000,000 | ||
Remaining units available for issuance (in units) | 7,081,315 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 71,753 | 62,560 | |
Net cash proceeds from the issuance of common units | 2,500,000 | 2,000,000 | |
2013 At-the-Market Registration [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Maximum common units authorized for issuance | 1,250,000,000 | ||
Remaining units available for issuance | 783,900,000 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 12,350,761 | ||
Gross proceeds from the sale of common units | 407,800,000 | ||
Net cash proceeds from the issuance of common units | 404,200,000 | ||
2013 At-the-Market Registration [Member] | EPCO and affiliates [Member] | |||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 3,225,057 | ||
Net cash proceeds from the issuance of common units | $100,000,000 |
Equity_and_Distributions_Nonco
Equity and Distributions, Noncontrolling Interests (Details) (USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2015 |
Noncontrolling Interest | |
Noncontrolling interests acquired | $1.40 |
Panola Pipeline Company, LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Parent (in hundredths) | 55.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 45.00% |
Anadarko Petroleum Corporation [Member] | Panola Pipeline Company, LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% |
DCP Midstream Partners, LP [Member] | Panola Pipeline Company, LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% |
MarkWest Energy Partners, L.P. [Member] | Panola Pipeline Company, LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners (in hundredths) | 15.00% |
Equity_and_Distributions_Accum
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Beginning Balance | ($241.60) | ($359) |
Other comprehensive income before reclassifications | 30.8 | -9.2 |
Amounts reclassified from accumulated other comprehensive loss (income) | -52.4 | 23.9 |
Total other comprehensive income (loss) | -21.6 | 14.7 |
Ending Balance | -263.2 | -344.3 |
Interest expense | 239.1 | 220.9 |
Revenue | -7,472.50 | -12,909.90 |
Operating costs and expenses | 6,616.40 | 11,880.50 |
Total | -650.6 | -806.7 |
Gains and Losses on Cash Flow Hedges [Member] | Interest rate derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Beginning Balance | -314.8 | -347.2 |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss (income) | 8.7 | 7.9 |
Total other comprehensive income (loss) | 8.7 | 7.9 |
Ending Balance | -306.1 | -339.3 |
Gains and Losses on Cash Flow Hedges [Member] | Commodity derivatives [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Beginning Balance | 69.9 | -14.7 |
Other comprehensive income before reclassifications | 30.8 | -9.2 |
Amounts reclassified from accumulated other comprehensive loss (income) | -61.1 | 16 |
Total other comprehensive income (loss) | -30.3 | 6.8 |
Ending Balance | 39.6 | -7.9 |
Other [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Beginning Balance | 3.3 | 2.9 |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss (income) | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 |
Ending Balance | 3.3 | 2.9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Total | -52.4 | 23.9 |
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 | 7.9 |
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 | -61.1 | 16.9 |
Operating costs and expenses | $0 | ($0.90) |
Equity_and_Distributions_Distr
Equity and Distributions, Distributions (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2015 | |
Distributions to Partners [Abstract] | ||
Number of Designated Units to be excluded from distributions during 2015 | 35,380,000 | |
Cash Distribution [Member] | First Quarter 2014 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $0.36 | |
Record Date | 30-Apr-14 | |
Payment Date | 7-May-14 | |
Cash Distribution [Member] | First Quarter 2015 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $0.38 | |
Record Date | 30-Apr-15 | |
Payment Date | 7-May-15 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment | ||
Business Segments [Abstract] | ||
Number of reportable segments | 5 | |
Segment Gross Operating Margin [Abstract] | ||
Revenues | $7,472.50 | $12,909.90 |
Subtract operating costs and expenses | -6,616.40 | -11,880.50 |
Add equity in income of unconsolidated affiliates | 89.2 | 56.5 |
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin | 345.3 | 301.4 |
Add impairment charges not reflected in gross operating margin | 33.3 | 8.8 |
Subtract net gains attributable to asset sales and insurance recoveries not reflected in gross operating margin (see Note 15) | -0.1 | -89.6 |
Add non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | 30.7 | 23.3 |
Subtract subsequent recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin | -20.1 | 0 |
Total segment gross operating margin | 1,334.40 | 1,329.80 |
Reconciliation of total Segment Gross Operating Margin [Abstract] | ||
Total segment gross operating margin | 1,334.40 | 1,329.80 |
Adjustments to reconcile total segment gross operating margin to operating income: | ||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin | -345.3 | -301.4 |
Subtract impairment charges not reflected in gross operating margin | -33.3 | -8.8 |
Add net gains attributable to asset sales and insurance recoveries not reflected in gross operating margin | 0.1 | 89.6 |
Subtract non-refundable deferred revenues attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin | -30.7 | -23.3 |
Add subsequent recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin | 20.1 | 0 |
Subtract general and administrative costs not reflected in gross operating margin | -49.3 | -53.2 |
Operating income | 896 | 1,032.70 |
Other expense, net | -238.6 | -221.2 |
Income before income taxes | $657.40 | $811.50 |
Business_Segments_Segment_Repo
Business Segments, Segment Reporting Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Information by business segment [Abstract] | |||
Revenues from third parties | $7,466.40 | $12,874.40 | |
Revenues from related parties | 6.1 | 35.5 | |
Intersegment and intrasegment revenues | 0 | 0 | |
Total revenues | 7,472.50 | 12,909.90 | |
Equity in income (loss) of unconsolidated affiliates | 89.2 | 56.5 | |
Gross operating margin | 1,334.40 | 1,329.80 | |
Property, plant and equipment, net (see Note 6) | 30,367.60 | 29,881.60 | |
Investments in unconsolidated affiliates (see Note 7) | 3,064.90 | 3,042 | |
Intangible assets, net (see Note 8) | 2,804.10 | 4,302.10 | |
Goodwill (see Note 8) | 5,654 | 4,199.90 | |
Segment assets | 41,890.60 | 41,425.60 | |
NGL Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Equity in income (loss) of unconsolidated affiliates | 11.6 | 1.4 | |
Intangible assets, net (see Note 8) | 249.1 | 689.2 | |
Goodwill (see Note 8) | 2,613 | 2,180.40 | |
Onshore Natural Gas Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | |
Intangible assets, net (see Note 8) | 963 | 972.9 | |
Goodwill (see Note 8) | 296.3 | 296.3 | |
Onshore Crude Oil Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Equity in income (loss) of unconsolidated affiliates | 59.9 | 42.7 | |
Intangible assets, net (see Note 8) | 1,351.50 | 2,223.60 | |
Goodwill (see Note 8) | 1,710.60 | 859.9 | |
Offshore Pipelines And Services [Member] | |||
Information by business segment [Abstract] | |||
Equity in income (loss) of unconsolidated affiliates | 20.2 | 11.1 | |
Intangible assets, net (see Note 8) | 39.3 | 41.6 | |
Goodwill (see Note 8) | 82 | 82 | |
Petrochemical and Refined Products Services [Member] | |||
Information by business segment [Abstract] | |||
Equity in income (loss) of unconsolidated affiliates | -3.4 | 0.4 | |
Intangible assets, net (see Note 8) | 201.2 | 374.8 | |
Goodwill (see Note 8) | 952.1 | 781.3 | |
Reportable Business Segments [Member] | NGL Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 2,674.80 | 5,173.70 | |
Revenues from related parties | 1.5 | 5.8 | |
Intersegment and intrasegment revenues | 2,443.10 | 3,861 | |
Total revenues | 5,119.40 | 9,040.50 | |
Equity in income (loss) of unconsolidated affiliates | 11.6 | 1.4 | |
Gross operating margin | 695.2 | 780 | |
Property, plant and equipment, net (see Note 6) | 11,775.80 | 11,766.90 | |
Investments in unconsolidated affiliates (see Note 7) | 681.6 | 682.3 | |
Intangible assets, net (see Note 8) | 249.1 | 689.2 | |
Goodwill (see Note 8) | 2,613 | 2,180.40 | |
Segment assets | 15,319.50 | 15,318.80 | |
Reportable Business Segments [Member] | Onshore Natural Gas Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 730.9 | 1,200 | |
Revenues from related parties | 3 | 4.6 | |
Intersegment and intrasegment revenues | 170 | 309.4 | |
Total revenues | 903.9 | 1,514 | |
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | |
Gross operating margin | 204.5 | 220.4 | |
Property, plant and equipment, net (see Note 6) | 8,839.50 | 8,835.50 | |
Investments in unconsolidated affiliates (see Note 7) | 23.1 | 23.2 | |
Intangible assets, net (see Note 8) | 963 | 972.9 | |
Goodwill (see Note 8) | 296.3 | 296.3 | |
Segment assets | 10,121.90 | 10,127.90 | |
Reportable Business Segments [Member] | Onshore Crude Oil Pipelines and Services [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 2,677 | 4,935.40 | |
Revenues from related parties | 1 | 22.9 | |
Intersegment and intrasegment revenues | 1,277.10 | 2,550.70 | |
Total revenues | 3,955.10 | 7,509 | |
Equity in income (loss) of unconsolidated affiliates | 59.9 | 42.7 | |
Gross operating margin | 214 | 159.7 | |
Property, plant and equipment, net (see Note 6) | 2,382.80 | 2,332.20 | |
Investments in unconsolidated affiliates (see Note 7) | 1,797.90 | 1,767.70 | |
Intangible assets, net (see Note 8) | 1,351.50 | 2,223.60 | |
Goodwill (see Note 8) | 1,710.60 | 859.9 | |
Segment assets | 7,242.80 | 7,183.40 | |
Reportable Business Segments [Member] | Offshore Pipelines And Services [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 34.6 | 34.7 | |
Revenues from related parties | 0.6 | 2.2 | |
Intersegment and intrasegment revenues | 0.4 | 2.3 | |
Total revenues | 35.6 | 39.2 | |
Equity in income (loss) of unconsolidated affiliates | 20.2 | 11.1 | |
Gross operating margin | 46.1 | 39.3 | |
Property, plant and equipment, net (see Note 6) | 1,130.10 | 1,145.10 | |
Investments in unconsolidated affiliates (see Note 7) | 487.5 | 493.7 | |
Intangible assets, net (see Note 8) | 39.3 | 41.6 | |
Goodwill (see Note 8) | 82 | 82 | |
Segment assets | 1,738.90 | 1,762.40 | |
Reportable Business Segments [Member] | Petrochemical and Refined Products Services [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 1,349.10 | 1,530.60 | |
Revenues from related parties | 0 | 0 | |
Intersegment and intrasegment revenues | 285.6 | 437 | |
Total revenues | 1,634.70 | 1,967.60 | |
Equity in income (loss) of unconsolidated affiliates | -3.4 | 0.4 | |
Gross operating margin | 174.6 | 130.4 | |
Property, plant and equipment, net (see Note 6) | 3,042.80 | 3,047.20 | |
Investments in unconsolidated affiliates (see Note 7) | 74.8 | 75.1 | |
Intangible assets, net (see Note 8) | 201.2 | 374.8 | |
Goodwill (see Note 8) | 952.1 | 781.3 | |
Segment assets | 4,270.90 | 4,278.40 | |
Eliminations [Member] | |||
Information by business segment [Abstract] | |||
Revenues from third parties | 0 | 0 | |
Revenues from related parties | 0 | 0 | |
Intersegment and intrasegment revenues | -4,176.20 | -7,160.40 | |
Total revenues | -4,176.20 | -7,160.40 | |
Equity in income (loss) of unconsolidated affiliates | 0 | 0 | |
Gross operating margin | 0 | 0 | |
Adjustments [Member] | |||
Information by business segment [Abstract] | |||
Property, plant and equipment, net (see Note 6) | 3,196.60 | 2,754.70 | |
Investments in unconsolidated affiliates (see Note 7) | 0 | 0 | |
Intangible assets, net (see Note 8) | 0 | 0 | |
Goodwill (see Note 8) | 0 | 0 | |
Segment assets | $3,196.60 | $2,754.70 |
Business_Segments_Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Consolidated Revenues [Abstract] | ||||
Total consolidated revenues | $7,472.50 | $12,909.90 | ||
Operating costs and expenses: | ||||
Cost of sales | 5,678.10 | [1] | 11,052.70 | [1] |
Other operating costs and expenses | 559.8 | [2] | 607.2 | [2] |
Depreciation, amortization and accretion | 345.3 | 301.4 | ||
Net gains attributable to asset sales and insurance recoveries | -0.1 | -89.6 | ||
Non-cash asset impairment charges | 33.3 | 8.8 | ||
General and administrative costs | 49.3 | 53.2 | ||
Total consolidated costs and expenses | 6,665.70 | 11,933.70 | ||
NGL Pipelines and Services [Member] | ||||
Consolidated Revenues [Abstract] | ||||
Sales of NGLs and related products | 2,242.20 | 4,795.80 | ||
Midstream services | 434.1 | 383.7 | ||
Total consolidated revenues | 2,676.30 | 5,179.50 | ||
Onshore Natural Gas Pipelines and Services [Member] | ||||
Consolidated Revenues [Abstract] | ||||
Sales of natural gas | 476.3 | 953.2 | ||
Midstream services | 257.6 | 251.4 | ||
Total consolidated revenues | 733.9 | 1,204.60 | ||
Onshore Crude Oil Pipelines and Services [Member] | ||||
Consolidated Revenues [Abstract] | ||||
Sales of crude oil | 2,570.70 | 4,873.40 | ||
Midstream services | 107.3 | 84.9 | ||
Total consolidated revenues | 2,678 | 4,958.30 | ||
Offshore Pipelines And Services [Member] | ||||
Consolidated Revenues [Abstract] | ||||
Sales of natural gas | 0 | 0.2 | ||
Sales of crude oil | 1.1 | 2.1 | ||
Midstream services | 34.1 | 34.6 | ||
Total consolidated revenues | 35.2 | 36.9 | ||
Petrochemical and Refined Products Services [Member] | ||||
Consolidated Revenues [Abstract] | ||||
Sales of petrochemicals and refined products | 1,151 | 1,356.20 | ||
Midstream services | 198.1 | 174.4 | ||
Total consolidated revenues | $1,349.10 | $1,530.60 | ||
[1] | Cost of sales is a component of "Operating costs and expenses" as presented on our Unaudited Condensed Statements of Consolidated Operations. 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 | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues - related parties: | |||
Total revenue - related parties | $6.10 | $35.50 | |
Costs and expenses - related parties: | |||
Total costs and expenses - related parties | 261.1 | 292.3 | |
Accounts receivable - related parties: | |||
Total accounts receivable - related parties | 3.4 | 2.8 | |
Accounts payable - related parties: | |||
Total accounts payable - related parties | 49.3 | 118.9 | |
Related Party Transactions [Abstract] | |||
Operating costs and expenses | 232.1 | 262.1 | |
General and administrative expenses | 29 | 30.2 | |
2013 At-the-Market Registration [Member] | |||
Relationship with Affiliates [Abstract] | |||
Number of common units issued (in units) | 12,350,761 | ||
EPCO and affiliates [Member] | |||
Costs and expenses - related parties: | |||
Total costs and expenses - related parties | 221.9 | 235.7 | |
Accounts payable - related parties: | |||
Total accounts payable - related parties | 31.3 | 98.1 | |
Distributions: | |||
Total cash distributions | 231.2 | 214.2 | |
Related Party Transactions [Abstract] | |||
Operating costs and expenses | 191.1 | 203.7 | |
General and administrative expenses | 30.8 | 32 | |
Relationship with Affiliates [Abstract] | |||
Number of Units (in units) | 687,946,688 | ||
Percentage of Total Units Outstanding (in hundredths) | 34.60% | ||
EPCO and affiliates [Member] | 2013 At-the-Market Registration [Member] | |||
Relationship with Affiliates [Abstract] | |||
Number of common units issued (in units) | 3,225,057 | ||
Offering price of common unit (in dollars per unit) | $31.01 | ||
Unconsolidated affiliates [Member] | |||
Revenues - related parties: | |||
Total revenue - related parties | 6.1 | 35.5 | |
Costs and expenses - related parties: | |||
Total costs and expenses - related parties | 39.2 | 56.6 | |
Accounts receivable - related parties: | |||
Total accounts receivable - related parties | 3.4 | 2.8 | |
Accounts payable - related parties: | |||
Total accounts payable - related parties | $18 | $20.80 |
Earnings_Per_Unit_Details
Earnings Per Unit (Details) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
BASIC EARNINGS PER UNIT | ||||
Net income attributable to limited partners | $636.10 | $798.80 | ||
Undistributed earnings allocated and cash payments on phantom unit awards | -2.2 | [1] | -1.5 | [1] |
Net income available to common unitholders | 633.9 | 797.3 | ||
Basic weighted-average number of common units outstanding (in units) | 1,926.40 | 1,828 | ||
Basic earnings per unit (in dollars per unit) | $0.33 | $0.44 | ||
DILUTED EARNINGS PER UNIT | ||||
Net income attributable to limited partners | $636.10 | $798.80 | ||
Diluted weighted-average number of units outstanding: | ||||
Distribution-bearing common units (in units) | 1,926.40 | 1,828 | ||
Designated Units (in units) | 35.4 | 45.1 | ||
Phantom units (in units) | 4.5 | [1] | 1.6 | [1] |
Incremental option units (in units) | 0.4 | 1.2 | ||
Total (in units) | 1,966.70 | 1,875.90 | ||
Diluted earnings per unit (in dollars per unit) | $0.32 | $0.43 | ||
[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 our 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. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Operating lease obligations [Abstract] | |||
Lease and rental expense included in costs and expenses | $22.40 | $23.20 | |
Litigation matters [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation accruals on an undiscounted basis | 2.4 | 2.4 | |
Litigation matters [Member] | ETP Lawsuit [Member] | |||
Loss Contingencies [Line Items] | |||
Loss contingency, damages awarded | 319.4 | ||
Loss contingency, total damages sought | 535.8 | ||
Loss contingency, disgorgement damages sought | 150 | ||
Prejudgment interest | $66.40 | ||
Post-judgment interest rate (in hundredths) | 5.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Decrease (increase) in: | |||
Accounts receivable - trade | $837.50 | $483.30 | |
Accounts receivable - related parties | -0.6 | 1.3 | |
Inventories | 161 | 65.7 | |
Prepaid and other current assets | -3.2 | 5.6 | |
Other assets | 0.5 | 23.5 | |
Increase (decrease) in: | |||
Accounts payable - trade | -61.6 | 106.9 | |
Accounts payable - related parties | -69.6 | -59.5 | |
Accrued product payables | -768.7 | -149.1 | |
Accrued interest | -155.6 | -132.2 | |
Other current liabilities | -71.9 | -9.6 | |
Other liabilities | -6.8 | 6.6 | |
Net effect of changes in operating accounts | -139 | 342.5 | |
Liability for construction in progress expenditures | 386.6 | 372.8 | |
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from asset sales and insurance recoveries | 0.5 | 96.3 | |
Net gains (losses) attributable to asset sales and insurance recoveries | 0.1 | 89.6 | |
West Storage Facilities [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from asset sales and insurance recoveries | 0 | 95 | |
Net gains (losses) attributable to asset sales and insurance recoveries | 0 | 95 | |
Other Disposal of Assets [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from asset sales and insurance recoveries | 0.5 | 1.3 | |
Net gains (losses) attributable to asset sales and insurance recoveries | $0.10 | ($5.40) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information, Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | $109.30 | $74.40 | ||||
Accounts receivable - trade, net | 2,985.10 | 3,823 | ||||
Accounts receivable - related parties | 3.4 | 2.8 | ||||
Inventories | 855.4 | 1,014.20 | ||||
Prepaid and other current assets | 481.6 | 576.3 | ||||
Total current assets | 4,434.80 | 5,490.70 | ||||
Property, plant and equipment, net | 30,367.60 | 29,881.60 | ||||
Investments in unconsolidated affiliates | 3,064.90 | 3,042 | ||||
Intangible assets, net | 2,804.10 | 4,302.10 | ||||
Goodwill | 5,654 | 4,199.90 | ||||
Other assets | 179.9 | 184.4 | ||||
Total assets | 46,505.30 | 47,100.70 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,399.80 | [1] | 2,206.40 | [1] | ||
Accounts payable - trade | 704.5 | 773.8 | ||||
Accounts payable - related parties | 49.3 | 118.9 | ||||
Accrued product payables | 3,085.20 | 3,853.30 | ||||
Accrued interest | 180 | 335.5 | ||||
Other current liabilities | 457.1 | 585.8 | ||||
Total current liabilities | 5,875.90 | 7,873.70 | ||||
Long-term debt | 20,192.20 | 19,157.40 | ||||
Deferred tax liabilities | 68 | 66.6 | ||||
Other long-term liabilities | 311.1 | 310.8 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | 19,835.70 | 18,063.20 | ||||
Noncontrolling interests | 222.4 | 1,629 | ||||
Total equity | 20,058.10 | 19,692.20 | 15,662 | 15,440.40 | ||
Total liabilities and equity | 46,505.30 | 47,100.70 | ||||
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 | -53.6 | -4 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 0.6 | 0.8 | ||||
Total current assets | -53 | -3.2 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | -20,007.90 | -18,187.20 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | -20,060.90 | -18,190.40 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 0 | 0 | ||||
Accounts payable - related parties | -53.6 | -4 | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | -53.6 | -4 | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 4.5 | 4.1 | ||||
Other long-term liabilities | 0 | 0 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | -19,983.60 | -18,163.40 | ||||
Noncontrolling interests | -28.2 | -27.1 | ||||
Total equity | -20,011.80 | -18,190.50 | ||||
Total liabilities and equity | -20,060.90 | -18,190.40 | ||||
Subsidiary Issuer (EPO) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 59.8 | 18.7 | ||||
Accounts receivable - trade, net | 875.1 | 1,128.50 | ||||
Accounts receivable - related parties | 220.2 | 158.8 | ||||
Inventories | 671.6 | 831.8 | ||||
Prepaid and other current assets | 153.6 | 537.7 | ||||
Total current assets | 1,980.30 | 2,675.50 | ||||
Property, plant and equipment, net | 2,860.20 | 2,871.70 | ||||
Investments in unconsolidated affiliates | 38,733.10 | 36,937.50 | ||||
Intangible assets, net | 78.9 | 2,527.30 | ||||
Goodwill | 458.8 | 1,956.10 | ||||
Other assets | 135.9 | 139.3 | ||||
Total assets | 44,247.20 | 47,107.40 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,399.70 | 2,206.40 | ||||
Accounts payable - trade | 186.9 | 216.6 | ||||
Accounts payable - related parties | 921.8 | 1,226.50 | ||||
Accrued product payables | 1,307.30 | 1,570 | ||||
Accrued interest | 179.6 | 335.4 | ||||
Other current liabilities | 109.6 | 130.8 | ||||
Total current liabilities | 4,104.90 | 5,685.70 | ||||
Long-term debt | 20,176.90 | 19,142.50 | ||||
Deferred tax liabilities | 4.3 | 4.9 | ||||
Other long-term liabilities | 10.7 | 10.9 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | 19,950.40 | 22,263.40 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 19,950.40 | 22,263.40 | ||||
Total liabilities and equity | 44,247.20 | 47,107.40 | ||||
Other Subsidiaries (Non-guarantor) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 57.3 | 70.4 | ||||
Accounts receivable - trade, net | 2,111.70 | 2,698.20 | ||||
Accounts receivable - related parties | 869.8 | 1,114.60 | ||||
Inventories | 184.2 | 182.8 | ||||
Prepaid and other current assets | 339.8 | 346.3 | ||||
Total current assets | 3,562.80 | 4,412.30 | ||||
Property, plant and equipment, net | 27,505.90 | 26,912 | ||||
Investments in unconsolidated affiliates | 3,177.30 | 3,556.40 | ||||
Intangible assets, net | 2,740.30 | 1,292.40 | ||||
Goodwill | 5,195.20 | 1,621.10 | ||||
Other assets | 44.7 | 45.8 | ||||
Total assets | 42,226.20 | 37,840 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0.1 | 0 | ||||
Accounts payable - trade | 525.3 | 571.4 | ||||
Accounts payable - related parties | 175.8 | 173.3 | ||||
Accrued product payables | 1,780.20 | 2,287.90 | ||||
Accrued interest | 0.4 | 0.7 | ||||
Other current liabilities | 360.8 | 763.7 | ||||
Total current liabilities | 2,842.60 | 3,797 | ||||
Long-term debt | 15.3 | 14.9 | ||||
Deferred tax liabilities | 60.1 | 58.5 | ||||
Other long-term liabilities | 181.4 | 180.8 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | 39,054.80 | 33,720.60 | ||||
Noncontrolling interests | 72 | 68.2 | ||||
Total equity | 39,126.80 | 33,788.80 | ||||
Total liabilities and equity | 42,226.20 | 37,840 | ||||
Consolidated EPO and Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 109.3 | 74.4 | ||||
Accounts receivable - trade, net | 2,985.10 | 3,823 | ||||
Accounts receivable - related parties | 57 | 6.8 | ||||
Inventories | 855.4 | 1,014.20 | ||||
Prepaid and other current assets | 480.3 | 575.5 | ||||
Total current assets | 4,487.10 | 5,493.90 | ||||
Property, plant and equipment, net | 30,367.60 | 29,881.60 | ||||
Investments in unconsolidated affiliates | 3,064.90 | 3,042 | ||||
Intangible assets, net | 2,804.10 | 4,302.10 | ||||
Goodwill | 5,654 | 4,199.90 | ||||
Other assets | 179.7 | 184.4 | ||||
Total assets | 46,557.40 | 47,103.90 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,399.80 | 2,206.40 | ||||
Accounts payable - trade | 704.4 | 773.2 | ||||
Accounts payable - related parties | 49.3 | 118.9 | ||||
Accrued product payables | 3,085.20 | 3,853.30 | ||||
Accrued interest | 180 | 335.5 | ||||
Other current liabilities | 457.1 | 585.8 | ||||
Total current liabilities | 5,875.80 | 7,873.10 | ||||
Long-term debt | 20,192.20 | 19,157.40 | ||||
Deferred tax liabilities | 63.5 | 62.5 | ||||
Other long-term liabilities | 191.7 | 191.4 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | 19,983.60 | 18,163.40 | ||||
Noncontrolling interests | 250.6 | 1,656.10 | ||||
Total equity | 20,234.20 | 19,819.50 | ||||
Total liabilities and equity | 46,557.40 | 47,103.90 | ||||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | -7.8 | -14.7 | ||||
Accounts receivable - trade, net | -1.7 | -3.7 | ||||
Accounts receivable - related parties | -1,033 | -1,266.60 | ||||
Inventories | -0.4 | -0.4 | ||||
Prepaid and other current assets | -13.1 | -308.5 | ||||
Total current assets | -1,056 | -1,593.90 | ||||
Property, plant and equipment, net | 1.5 | 97.9 | ||||
Investments in unconsolidated affiliates | -38,845.50 | -37,451.90 | ||||
Intangible assets, net | -15.1 | 482.4 | ||||
Goodwill | 0 | 622.7 | ||||
Other assets | -0.9 | -0.7 | ||||
Total assets | -39,916 | -37,843.50 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | -7.8 | -14.8 | ||||
Accounts payable - related parties | -1,048.30 | -1,280.90 | ||||
Accrued product payables | -2.3 | -4.6 | ||||
Accrued interest | 0 | -0.6 | ||||
Other current liabilities | -13.3 | -308.7 | ||||
Total current liabilities | -1,071.70 | -1,609.60 | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | -0.9 | -0.9 | ||||
Other long-term liabilities | -0.4 | -0.3 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | -39,021.60 | -37,820.60 | ||||
Noncontrolling interests | 178.6 | 1,587.90 | ||||
Total equity | -38,843 | -36,232.70 | ||||
Total liabilities and equity | -39,916 | -37,843.50 | ||||
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 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 0.7 | 0 | ||||
Total current assets | 0.7 | 0 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | 20,007.90 | 18,187.20 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0.2 | 0 | ||||
Total assets | 20,008.80 | 18,187.20 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 0.1 | 0.6 | ||||
Accounts payable - related parties | 53.6 | 4 | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | 53.7 | 4.6 | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 0 | 0 | ||||
Other long-term liabilities | 119.4 | 119.4 | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Partners' and other owners' equity | 19,835.70 | 18,063.20 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 19,835.70 | 18,063.20 | ||||
Total liabilities and equity | $20,008.80 | $18,187.20 | ||||
[1] | We expect to refinance the current maturities of our debt obligations at or prior to their maturity. Long-term and current maturities of debt reflect the classification of such obligations at March 31, 2015, after taking into consideration the long-term refinancing of Senior Notes X and Commercial Paper Notes using proceeds from our senior notes offering in May 2015 (see Note 17). |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information, Statement of Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidating Statement of Operations | ||
Revenues | $7,472.50 | $12,909.90 |
Costs and expenses: | ||
Operating costs and expenses | 6,616.40 | 11,880.50 |
General and administrative costs | 49.3 | 53.2 |
Total costs and expenses | 6,665.70 | 11,933.70 |
Equity in income of unconsolidated affiliates | 89.2 | 56.5 |
Operating income | 896 | 1,032.70 |
Other income (expense): | ||
Interest expense | -239.1 | -220.9 |
Other, net | 0.5 | -0.3 |
Total other expense, net | -238.6 | -221.2 |
Income before income taxes | 657.4 | 811.5 |
Provision for income taxes | -6.8 | -4.8 |
Net income | 650.6 | 806.7 |
Net income attributable to noncontrolling interests | -14.5 | -7.9 |
Net income attributable to entity | 636.1 | 798.8 |
Eliminations and Adjustments [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | 0 | 0 |
Costs and expenses: | ||
Operating costs and expenses | 0 | 0 |
General and administrative costs | 0 | 0 |
Total costs and expenses | 0 | 0 |
Equity in income of unconsolidated affiliates | -636.3 | -799 |
Operating income | -636.3 | -799 |
Other income (expense): | ||
Interest expense | 0 | 0 |
Other, net | 0 | 0 |
Total other expense, net | 0 | 0 |
Income before income taxes | -636.3 | -799 |
Provision for income taxes | -0.5 | -0.3 |
Net income | -636.8 | -799.3 |
Net income attributable to noncontrolling interests | 1.2 | 1.2 |
Net income attributable to entity | -635.6 | -798.1 |
Subsidiary Issuer (EPO) [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | 5,579.80 | 9,490.90 |
Costs and expenses: | ||
Operating costs and expenses | 5,324.10 | 9,167.80 |
General and administrative costs | 8.4 | 7.3 |
Total costs and expenses | 5,332.50 | 9,175.10 |
Equity in income of unconsolidated affiliates | 627.7 | 706.8 |
Operating income | 875 | 1,022.60 |
Other income (expense): | ||
Interest expense | -238.3 | -220.8 |
Other, net | 2 | 0.2 |
Total other expense, net | -236.3 | -220.6 |
Income before income taxes | 638.7 | 802 |
Provision for income taxes | -3.2 | -4.2 |
Net income | 635.5 | 797.8 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to entity | 635.5 | 797.8 |
Other Subsidiaries (Non-guarantor) [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | 4,825.20 | 8,110.60 |
Costs and expenses: | ||
Operating costs and expenses | 4,224.90 | 7,404.50 |
General and administrative costs | 40.7 | 45.7 |
Total costs and expenses | 4,265.60 | 7,450.20 |
Equity in income of unconsolidated affiliates | 91.6 | 85.8 |
Operating income | 651.2 | 746.2 |
Other income (expense): | ||
Interest expense | -2.8 | -0.1 |
Other, net | 0.5 | -0.5 |
Total other expense, net | -2.3 | -0.6 |
Income before income taxes | 648.9 | 745.6 |
Provision for income taxes | -3.1 | -0.3 |
Net income | 645.8 | 745.3 |
Net income attributable to noncontrolling interests | 0.3 | 0 |
Net income attributable to entity | 646.1 | 745.3 |
Consolidated EPO and Subsidiaries [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | 7,472.50 | 12,909.90 |
Costs and expenses: | ||
Operating costs and expenses | 6,616.40 | 11,880.50 |
General and administrative costs | 49.1 | 53 |
Total costs and expenses | 6,665.50 | 11,933.50 |
Equity in income of unconsolidated affiliates | 89.2 | 56.5 |
Operating income | 896.2 | 1,032.90 |
Other income (expense): | ||
Interest expense | -239.1 | -220.9 |
Other, net | 0.5 | -0.3 |
Total other expense, net | -238.6 | -221.2 |
Income before income taxes | 657.6 | 811.7 |
Provision for income taxes | -6.3 | -4.5 |
Net income | 651.3 | 807.2 |
Net income attributable to noncontrolling interests | -15.7 | -9.1 |
Net income attributable to entity | 635.6 | 798.1 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | -2,932.50 | -4,691.60 |
Costs and expenses: | ||
Operating costs and expenses | -2,932.60 | -4,691.80 |
General and administrative costs | 0 | 0 |
Total costs and expenses | -2,932.60 | -4,691.80 |
Equity in income of unconsolidated affiliates | -630.1 | -736.1 |
Operating income | -630 | -735.9 |
Other income (expense): | ||
Interest expense | 2 | 0 |
Other, net | -2 | 0 |
Total other expense, net | 0 | 0 |
Income before income taxes | -630 | -735.9 |
Provision for income taxes | 0 | 0 |
Net income | -630 | -735.9 |
Net income attributable to noncontrolling interests | -16 | -9.1 |
Net income attributable to entity | -646 | -745 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||
Condensed Consolidating Statement of Operations | ||
Revenues | 0 | 0 |
Costs and expenses: | ||
Operating costs and expenses | 0 | 0 |
General and administrative costs | 0.2 | 0.2 |
Total costs and expenses | 0.2 | 0.2 |
Equity in income of unconsolidated affiliates | 636.3 | 799 |
Operating income | 636.1 | 798.8 |
Other income (expense): | ||
Interest expense | 0 | 0 |
Other, net | 0 | 0 |
Total other expense, net | 0 | 0 |
Income before income taxes | 636.1 | 798.8 |
Provision for income taxes | 0 | 0 |
Net income | 636.1 | 798.8 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to entity | $636.10 | $798.80 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | $629 | $821.40 |
Comprehensive loss (income) attributable to noncontrolling interests | -14.5 | -7.9 |
Comprehensive income attributable to entity | 614.5 | 813.5 |
Eliminations and Adjustments [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | -615.2 | -814 |
Comprehensive loss (income) attributable to noncontrolling interests | 1.2 | 1.2 |
Comprehensive income attributable to entity | -614 | -812.8 |
Subsidiary Issuer (EPO) [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | 621.9 | 808 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to entity | 621.9 | 808 |
Other Subsidiaries (Non-guarantor) [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | 637.8 | 749.8 |
Comprehensive loss (income) attributable to noncontrolling interests | 0.3 | 0 |
Comprehensive income attributable to entity | 638.1 | 749.8 |
Consolidated EPO and Subsidiaries [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | 629.7 | 821.9 |
Comprehensive loss (income) attributable to noncontrolling interests | -15.7 | -9.1 |
Comprehensive income attributable to entity | 614 | 812.8 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | -630 | -735.9 |
Comprehensive loss (income) attributable to noncontrolling interests | -16 | -9.1 |
Comprehensive income attributable to entity | -646 | -745 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||
Condensed Consolidating Statement of Comprehensive Income | ||
Comprehensive income | 614.5 | 813.5 |
Comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to entity | $614.50 | $813.50 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $650.60 | $806.70 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 367.4 | 319.9 |
Equity in income of unconsolidated affiliates | -89.2 | -56.5 |
Distributions received from unconsolidated affiliates | 134.4 | 71.7 |
Net effect of changes in operating accounts and other operating activities | -109.2 | 262.3 |
Net cash flows provided by operating activities | 954 | 1,404.10 |
Investing activities: | ||
Capital expenditures, net of contributions in aid of construction costs | -793.2 | -695.4 |
Proceeds from asset sales and insurance recoveries | 0.5 | 96.3 |
Other investing activities | -96.4 | -262.4 |
Cash used in investing activities | -889.1 | -861.5 |
Financing activities: | ||
Borrowings under debt agreements | 9,182.50 | 4,181.50 |
Repayments of debt | -8,953.20 | -3,160 |
Cash distributions paid to partners | -703.8 | -639.2 |
Cash payments made in connection with DERs | -1.2 | 0 |
Cash distributions paid to noncontrolling interests | -16.5 | -8 |
Cash contributions from noncontrolling interests | 4 | 0 |
Net cash proceeds from issuance of common units | 468.4 | 83 |
Cash contributions from owners | 0 | 0 |
Other financing activities | -38.4 | -68.4 |
Cash provided by (used in) financing activities | -58.2 | 388.9 |
Net change in cash and cash equivalents | 6.7 | 931.5 |
Cash and cash equivalents, beginning balance | 74.4 | 56.9 |
Cash and cash equivalents, ending balance | 81.1 | 988.4 |
Eliminations and Adjustments [Member] | ||
Operating activities: | ||
Net income | -636.8 | -799.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 0 | 0 |
Equity in income of unconsolidated affiliates | 636.3 | 799 |
Distributions received from unconsolidated affiliates | -726.7 | -685.2 |
Net effect of changes in operating accounts and other operating activities | 0.5 | 0 |
Net cash flows provided by operating activities | -726.7 | -685.5 |
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 | 468.4 | 80.9 |
Cash used in investing activities | 468.4 | 80.9 |
Financing activities: | ||
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | 726.7 | 685.2 |
Cash payments made in connection with DERs | 0 | |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | -468.4 | -80.9 |
Other financing activities | 0 | 0 |
Cash provided by (used in) financing activities | 258.3 | 604.3 |
Net change in cash and cash equivalents | 0 | -0.3 |
Cash and cash equivalents, beginning balance | 0 | 0 |
Cash and cash equivalents, ending balance | 0 | -0.3 |
Subsidiary Issuer (EPO) [Member] | ||
Operating activities: | ||
Net income | 635.5 | 797.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 32.9 | 35.4 |
Equity in income of unconsolidated affiliates | -627.7 | -706.8 |
Distributions received from unconsolidated affiliates | 633.9 | 1,039.30 |
Net effect of changes in operating accounts and other operating activities | -146.6 | -4.5 |
Net cash flows provided by operating activities | 528 | 1,161.20 |
Investing activities: | ||
Capital expenditures, net of contributions in aid of construction costs | -234.2 | -85.3 |
Proceeds from asset sales and insurance recoveries | 0 | 0.1 |
Other investing activities | -252 | -555.3 |
Cash used in investing activities | -486.2 | -640.5 |
Financing activities: | ||
Borrowings under debt agreements | 9,182.50 | 4,181.50 |
Repayments of debt | -8,953.20 | -3,160 |
Cash distributions paid to partners | -726.7 | -685.2 |
Cash payments made in connection with DERs | 0 | |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 468.4 | 80.9 |
Other financing activities | 0.1 | -15.9 |
Cash provided by (used in) financing activities | -28.9 | 401.3 |
Net change in cash and cash equivalents | 12.9 | 922 |
Cash and cash equivalents, beginning balance | 18.7 | 28.4 |
Cash and cash equivalents, ending balance | 31.6 | 950.4 |
Other Subsidiaries (Non-guarantor) [Member] | ||
Operating activities: | ||
Net income | 645.8 | 745.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 334.6 | 284.7 |
Equity in income of unconsolidated affiliates | -91.6 | -85.8 |
Distributions received from unconsolidated affiliates | 97.5 | 68.8 |
Net effect of changes in operating accounts and other operating activities | 13 | 250.1 |
Net cash flows provided by operating activities | 999.3 | 1,263.10 |
Investing activities: | ||
Capital expenditures, net of contributions in aid of construction costs | -559 | -610.1 |
Proceeds from asset sales and insurance recoveries | 0.5 | 96.2 |
Other investing activities | -24 | -255.2 |
Cash used in investing activities | -582.5 | -769.1 |
Financing activities: | ||
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | -613.1 | -1,044.30 |
Cash payments made in connection with DERs | 0 | |
Cash distributions paid to noncontrolling interests | -0.4 | 0 |
Cash contributions from noncontrolling interests | 4.4 | |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 179.2 | 546.1 |
Other financing activities | 0 | 0 |
Cash provided by (used in) financing activities | -429.9 | -498.2 |
Net change in cash and cash equivalents | -13.1 | -4.2 |
Cash and cash equivalents, beginning balance | 70.4 | 49.5 |
Cash and cash equivalents, ending balance | 57.3 | 45.3 |
Consolidated EPO and Subsidiaries [Member] | ||
Operating activities: | ||
Net income | 651.3 | 807.2 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 367.4 | 319.9 |
Equity in income of unconsolidated affiliates | -89.2 | -56.5 |
Distributions received from unconsolidated affiliates | 134.4 | 71.7 |
Net effect of changes in operating accounts and other operating activities | -126.7 | 259.6 |
Net cash flows provided by operating activities | 937.2 | 1,401.90 |
Investing activities: | ||
Capital expenditures, net of contributions in aid of construction costs | -793.2 | -695.4 |
Proceeds from asset sales and insurance recoveries | 0.5 | 96.3 |
Other investing activities | -96.4 | -262.4 |
Cash used in investing activities | -889.1 | -861.5 |
Financing activities: | ||
Borrowings under debt agreements | 9,182.50 | 4,181.50 |
Repayments of debt | -8,953.20 | -3,160 |
Cash distributions paid to partners | -726.7 | -685.2 |
Cash payments made in connection with DERs | 0 | |
Cash distributions paid to noncontrolling interests | -16.5 | -8 |
Cash contributions from noncontrolling interests | 4 | |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | 468.4 | 80.9 |
Other financing activities | 0.1 | -17.8 |
Cash provided by (used in) financing activities | -41.4 | 391.4 |
Net change in cash and cash equivalents | 6.7 | 931.8 |
Cash and cash equivalents, beginning balance | 74.4 | 56.9 |
Cash and cash equivalents, ending balance | 81.1 | 988.7 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||
Operating activities: | ||
Net income | -630 | -735.9 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | -0.1 | -0.2 |
Equity in income of unconsolidated affiliates | 630.1 | 736.1 |
Distributions received from unconsolidated affiliates | -597 | -1,036.40 |
Net effect of changes in operating accounts and other operating activities | 6.9 | 14 |
Net cash flows provided by operating activities | -590.1 | -1,022.40 |
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 | 179.6 | 548.1 |
Cash used in investing activities | 179.6 | 548.1 |
Financing activities: | ||
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | 613.1 | 1,044.30 |
Cash payments made in connection with DERs | 0 | |
Cash distributions paid to noncontrolling interests | -16.1 | -8 |
Cash contributions from noncontrolling interests | -0.4 | |
Net cash proceeds from issuance of common units | 0 | 0 |
Cash contributions from owners | -179.2 | -546.1 |
Other financing activities | 0 | -1.9 |
Cash provided by (used in) financing activities | 417.4 | 488.3 |
Net change in cash and cash equivalents | 6.9 | 14 |
Cash and cash equivalents, beginning balance | -14.7 | -21 |
Cash and cash equivalents, ending balance | -7.8 | -7 |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||
Operating activities: | ||
Net income | 636.1 | 798.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 0 | 0 |
Equity in income of unconsolidated affiliates | -636.3 | -799 |
Distributions received from unconsolidated affiliates | 726.7 | 685.2 |
Net effect of changes in operating accounts and other operating activities | 17 | 2.7 |
Net cash flows provided by operating activities | 743.5 | 687.7 |
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 | -468.4 | -80.9 |
Cash used in investing activities | -468.4 | -80.9 |
Financing activities: | ||
Borrowings under debt agreements | 0 | 0 |
Repayments of debt | 0 | 0 |
Cash distributions paid to partners | -703.8 | -639.2 |
Cash payments made in connection with DERs | -1.2 | |
Cash distributions paid to noncontrolling interests | 0 | 0 |
Cash contributions from noncontrolling interests | 0 | |
Net cash proceeds from issuance of common units | 468.4 | 83 |
Cash contributions from owners | 0 | 0 |
Other financing activities | -38.5 | -50.6 |
Cash provided by (used in) financing activities | -275.1 | -606.8 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning balance | 0 | 0 |
Cash and cash equivalents, ending balance | $0 | $0 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | 8-May-15 | 7-May-15 |
EPO Senior Notes I [Member] | |||
Debt Obligations [Abstract] | |||
Repayment of senior notes | $250 | ||
Subsequent Event [Member] | EPO Senior Notes OO [Member] | |||
Debt Obligations [Abstract] | |||
Aggregate debt principal issued | 750 | ||
Interest Rate, stated percentage (in hundredths) | 1.65% | ||
Debt issued as percent of principal amount (in hundredths) | 99.88% | ||
Maturity Date | 7-May-18 | ||
Subsequent Event [Member] | EPO Senior Notes PP [Member] | |||
Debt Obligations [Abstract] | |||
Aggregate debt principal issued | 875 | ||
Interest Rate, stated percentage (in hundredths) | 3.70% | ||
Debt issued as percent of principal amount (in hundredths) | 99.64% | ||
Maturity Date | 15-Feb-26 | ||
Subsequent Event [Member] | EPO Senior Notes QQ [Member] | |||
Debt Obligations [Abstract] | |||
Aggregate debt principal issued | 875 | ||
Interest Rate, stated percentage (in hundredths) | 4.90% | ||
Debt issued as percent of principal amount (in hundredths) | 99.64% | ||
Maturity Date | 15-May-46 | ||
Subsequent Event [Member] | EPO Senior Notes X [Member] | |||
Debt Obligations [Abstract] | |||
Repayment of senior notes | 400 | ||
Subsequent Event [Member] | Senior Notes [Member] | |||
Debt Obligations [Abstract] | |||
Aggregate debt principal issued | $2,500 |