Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L P | |
Entity Central Index Key | 1,061,219 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,148,986,109 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 28.6 | $ 63.1 |
Restricted cash | 35.4 | 354.5 |
Accounts receivable - trade, net of allowance for doubtful accounts of $12.1 at June 30, 2017 and $11.3 at December 31, 2016 | 2,655.7 | 3,329.5 |
Accounts receivable - related parties | 3 | 1.1 |
Inventories | 1,604.3 | 1,770.5 |
Derivative assets | 70 | 541.4 |
Prepaid and other current assets | 387.5 | 468.1 |
Total current assets | 4,784.5 | 6,528.2 |
Property, plant and equipment, net | 34,220.7 | 33,292.5 |
Investments in unconsolidated affiliates | 2,661.3 | 2,677.3 |
Intangible assets, net of accumulated amortization of $1,483.9 at June 30, 2017 and $1,403.1 at December 31, 2016 | 3,782.4 | 3,864.1 |
Goodwill | 5,745.2 | 5,745.2 |
Other assets | 119.2 | 86.7 |
Total assets | 51,313.3 | 52,194 |
Current liabilities: | ||
Current maturities of debt | 3,354.8 | 2,576.8 |
Accounts payable - trade | 674.4 | 397.7 |
Accounts payable - related parties | 62.9 | 105.1 |
Accrued product payables | 2,951.1 | 3,613.7 |
Accrued interest | 339.9 | 340.8 |
Derivative liabilities | 48.9 | 737.7 |
Other current liabilities | 386.6 | 478.7 |
Total current liabilities | 7,818.6 | 8,250.5 |
Long-term debt | 20,026.5 | 21,120.9 |
Deferred tax liabilities | 53.4 | 52.7 |
Other long-term liabilities | 534.6 | 503.9 |
Commitments and contingencies | ||
Limited partners: | ||
Common units (2,148,035,389 units outstanding at June 30, 2017 and 2,117,588,414 units outstanding at December 31, 2016) | 22,788.8 | 22,327 |
Accumulated other comprehensive loss | (128.7) | (280) |
Total partners' equity | 22,660.1 | 22,047 |
Noncontrolling interests | 220.1 | 219 |
Total equity | 22,880.2 | 22,266 |
Total liabilities and equity | $ 51,313.3 | $ 52,194 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 12.1 | $ 11.3 |
Intangible assets, accumulated amortization | $ 1,483.9 | $ 1,403.1 |
Limited partners: | ||
Common units outstanding (in units) | 2,148,035,389 | 2,117,588,414 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Third parties | $ 6,597.7 | $ 5,604.6 | $ 13,907.3 | $ 10,594.3 |
Related parties | 9.9 | 13.2 | 20.7 | 28.8 |
Total revenues | 6,607.6 | 5,617.8 | 13,928 | 10,623.1 |
Operating costs and expenses: | ||||
Third parties | 5,457.6 | 4,551.9 | 11,539.2 | 8,418.2 |
Related parties | 272.6 | 270.3 | 524.2 | 550.9 |
Total operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs: | ||||
Third parties | 16 | 6.6 | 36.7 | 20.9 |
Related parties | 29.7 | 28.5 | 59.4 | 58.1 |
Total general and administrative costs | 45.7 | 35.1 | 96.1 | 79 |
Total costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 |
Equity in income of unconsolidated affiliates | 107 | 76.4 | 201.8 | 177.5 |
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Change in fair market value of Liquidity Option Agreement | (18.6) | (23.3) | (24.1) | (21.1) |
Other, net | 0.4 | 0.4 | 0.6 | 1.8 |
Total other expense, net | (264) | (267) | (518.6) | (504) |
Income before income taxes | 674.7 | 569.9 | 1,451.7 | 1,248.5 |
Benefit from (provision for) income taxes | (8.7) | 0.1 | (14.7) | (8.3) |
Net income | 666 | 570 | 1,437 | 1,240.2 |
Net income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 |
Earnings per unit: | ||||
Basic earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 |
Diluted earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 |
UNAUDITED CONDENSED STATEMENTS5
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
STATEMENTS OF UNAUDITED CONSOLIDATED COMPREHENSIVE INCOME | ||||
Net income | $ 666 | $ 570 | $ 1,437 | $ 1,240.2 |
Commodity derivative instruments: | ||||
Changes in fair value of cash flow hedges | 30.4 | (73.7) | 175.2 | (74.9) |
Reclassification of losses (gains) to net income | (46) | 35.4 | (38.9) | (21.8) |
Interest rate derivative instruments: | ||||
Changes in fair value of cash flow hedges | (6.9) | (9.4) | (4.5) | (9.4) |
Reclassification of losses to net income | 10 | 9.2 | 19.6 | 18.4 |
Total cash flow hedges | (12.5) | (38.5) | 151.4 | (87.7) |
Other | 0 | 0 | (0.1) | (0.1) |
Total other comprehensive income (loss) | (12.5) | (38.5) | 151.3 | (87.8) |
Comprehensive income | 653.5 | 531.5 | 1,588.3 | 1,152.4 |
Comprehensive income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Comprehensive income attributable to limited partners | $ 641.2 | $ 520 | $ 1,565.7 | $ 1,131.9 |
UNAUDITED CONDENSED STATEMENTS6
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Net income | $ 1,437 | $ 1,240.2 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 808.8 | 763.4 |
Asset impairment and related charges | 25.2 | 22.3 |
Equity in income of unconsolidated affiliates | (201.8) | (177.5) |
Distributions received on earnings from unconsolidated affiliates | 205.1 | 195.1 |
Net losses attributable to asset sales | 0 | 6.6 |
Deferred income tax expense | 0.7 | 4.3 |
Change in fair market value of derivative instruments | (43.9) | 68.3 |
Change in fair market value of Liquidity Option Agreement | 24.1 | 21.1 |
Net effect of changes in operating accounts | 82.1 | (294.6) |
Other operating activities | (2.4) | (4) |
Net cash flows provided by operating activities | 2,334.9 | 1,845.2 |
Investing activities: | ||
Capital expenditures | (1,142.7) | (1,880.4) |
Contributions in aid of construction costs | 29.6 | 23.6 |
Decrease (increase) in restricted cash | 319.1 | (356.7) |
Cash used for Azure acquisition | (191.4) | 0 |
Investments in unconsolidated affiliates | (24.1) | (92.4) |
Distributions received for return of capital from unconsolidated affiliates | 24.8 | 39.4 |
Proceeds from asset sales | 3.2 | 27.9 |
Other investing activities | 2 | 0 |
Cash used in investing activities | (979.5) | (2,238.6) |
Financing activities: | ||
Borrowings under debt agreements | 33,307.8 | 33,235.3 |
Repayments of debt | (33,639.3) | (32,986.7) |
Debt issuance costs | 0 | (9.7) |
Cash distributions paid to limited partners | (1,757.8) | (1,610.5) |
Cash payments made in connection with distribution equivalent rights | (7.2) | (5.3) |
Cash distributions paid to noncontrolling interests | (23.1) | (20.8) |
Cash contributions from noncontrolling interests | 0.3 | 16 |
Net cash proceeds from the issuance of common units | 757.2 | 1,888.3 |
Other financing activities | (27.8) | (18.7) |
Cash provided by (used in) financing activities | (1,389.9) | 487.9 |
Net change in cash and cash equivalents | (34.5) | 94.5 |
Cash and cash equivalents, beginning balance | 63.1 | 19 |
Cash and cash equivalents, ending balance | $ 28.6 | $ 113.5 |
UNAUDITED CONDENSED STATEMENTS7
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Limited Partners [Member] |
Balance at Dec. 31, 2015 | $ 20,501.1 | $ (219.2) | $ 206 | $ 20,514.3 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 1,240.2 | 0 | 20.5 | 1,219.7 |
Cash distributions paid to limited partners | (1,610.5) | 0 | 0 | (1,610.5) |
Cash payments made in connection with distribution equivalent rights | (5.3) | 0 | 0 | (5.3) |
Cash distributions paid to noncontrolling interests | (20.8) | 0 | (20.8) | 0 |
Cash contributions from noncontrolling interests | 16 | 0 | 16 | 0 |
Net cash proceeds from the issuance of common units | 1,888.3 | 0 | 0 | 1,888.3 |
Amortization of fair value of equity-based awards | 45.6 | 0 | 0 | 45.6 |
Cash flow hedges | (87.7) | (87.7) | 0 | 0 |
Other | (21) | (0.1) | 0 | (20.9) |
Balance at Jun. 30, 2016 | 21,945.9 | (307) | 221.7 | 22,031.2 |
Balance at Dec. 31, 2016 | 22,266 | (280) | 219 | 22,327 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 1,437 | 0 | 22.6 | 1,414.4 |
Cash distributions paid to limited partners | (1,757.8) | 0 | 0 | (1,757.8) |
Cash payments made in connection with distribution equivalent rights | (7.2) | 0 | 0 | (7.2) |
Cash distributions paid to noncontrolling interests | (23.1) | 0 | (23.1) | 0 |
Cash contributions from noncontrolling interests | 0.3 | 0 | 0.3 | 0 |
Net cash proceeds from the issuance of common units | 757.2 | 0 | 0 | 757.2 |
Common units issued in connection with employee compensation | 33.7 | 0 | 0 | 33.7 |
Amortization of fair value of equity-based awards | 49.8 | 0 | 0 | 49.8 |
Cash flow hedges | 151.4 | 151.4 | 0 | 0 |
Other | (27.1) | (0.1) | 1.3 | (28.3) |
Balance at Jun. 30, 2017 | $ 22,880.2 | $ (128.7) | $ 220.1 | $ 22,788.8 |
Partnership Operations, Organiz
Partnership Operations, Organization and Basis for Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 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 Directors (the “Board”) of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) Dr. Ralph S. Cunningham. Ms. Duncan Williams and Mr. Bachmann also currently serve as managers of Dan Duncan LLC along with W. Randall Fowler, who is also a director and President of Enterprise GP. 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. Duncan Williams, who serves as Chairman of EPCO; (ii) Dr. Cunningham, who serves as Vice Chairman of EPCO; and (iii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO. Ms. Duncan Williams and Mr. Bachmann also currently serve as directors of EPCO along with Mr. Fowler, who is also the Executive Vice President and Chief Administrative Officer of EPCO. EPCO, together with its privately held affiliates, owned approximately 32% of our limited partner interests at June 30, 2017. References to “Oiltanking acquisition” mean the two-step acquisition of Oiltanking Partners, L.P. and its general partner that was completed in February 2015. References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. Our integrated midstream energy asset network links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the 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 export and import terminals (including those used to export liquefied petroleum gases, or “LPG,” and ethane); crude oil gathering, transportation, storage, and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems. Our assets currently include approximately 50,000 miles of pipelines; 260 million barrels (“MMBbls”) of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet (“Bcf”) of natural gas storage capacity. 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 13 for information regarding the ASA and other related party matters. Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. See Note 9 for information regarding our business segments. |
General Accounting and Disclosu
General Accounting and Disclosure Matters | 6 Months Ended |
Jun. 30, 2017 | |
General Accounting Matters [Abstract] | |
General Accounting Matters | Our results of operations for the six months ended June 30, 2017 are not necessarily indicative of results expected for the full year of 2017. 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, 2016 (the “2016 Form 10-K”) filed with the SEC on February 24, 2017. 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 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. 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, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates 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 12 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. 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. Recent Developments involving Accounting for Revenues and Leases Revenue Recognition . Revenues from Contracts with Customers The core principle in the new guidance is that a company should recognize revenue in a manner that fairly depicts the transfer of goods or services to customers in amounts that reflect the consideration the company expects to receive for those goods or services. In order to apply this core principle, companies will apply the following five steps in determining the amount of revenues to recognize: (i) identify the contract; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management’s judgment and an analysis of the contract’s material terms and conditions. Our implementation activities related to ASC 606 are ongoing. For the vast majority of our businesses, we do not anticipate that there will be material differences in the amount or timing of revenues recognized following the new standard’s adoption date. However, we continue to evaluate the guidance under ASC 606 applicable to natural gas processing agreements where non-cash consideration is received for services rendered (e.g., equity NGL volumes received under percent of liquids, keepwhole and similar arrangements). As a result of adopting the new standard, there will be significant changes to our disclosures based on the additional requirements prescribed by ASC 606. These new disclosures include information regarding the significant judgments used in evaluating when and how revenue is (or will be) recognized and data related to contract assets and liabilities. Additionally, we are currently evaluating our business processes, systems and controls to ensure the accuracy and timeliness of the recognition and disclosure requirements under the new revenue guidance. Leases Leases The new standard introduces two lease accounting models, which result in a lease being classified as either a “finance” or “operating” lease on the basis of whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with current lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a ROU asset representing a company’s right to use the underlying asset for a specified period of time and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs. The subsequent measurement of each type of lease varies. Leases classified as a finance lease will be accounted for using the effective interest method. Under this approach, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and the discount on the lease liability (as a component of interest expense). Leases classified as an operating lease will result in the recognition of a single lease expense amount that is recorded on a straight-line basis (or another systematic basis, if more appropriate). We have started the process of reviewing our lease agreements in light of the new guidance. Although we are in the early stages of our ASC 842 implementation project, we anticipate that this new lease guidance will cause significant changes to the way leases are recorded, presented and disclosed in 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, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. At June 30, 2017 and December 31, 2016, our restricted cash amounts were $35.4 million and $354.5 million, respectively. The balance of restricted cash decreased since December 31, 2016 primarily due to the settlement of derivative instruments related to contango positions during 2017. See Note 12 for information regarding our derivative instruments and hedging activities. Impact of ASU 2016-18 Statement of Cash Flows We intend to adopt the new cash flow statement guidance on December 31, 2017 by retrospectively adjusting our consolidated cash flow statements to eliminate the presentation of cash inflows and outflows associated with restricted cash that were historically shown in the investing activities section. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventories | Our inventory amounts by product type were as follows at the dates indicated: June 30, 2017 December 31, 2016 NGLs $ 897.1 $ 1,156.1 Petrochemicals and refined products 377.4 220.7 Crude oil 313.2 360.0 Natural gas 16.6 33.7 Total $ 1,604.3 $ 1,770.5 Due to fluctuating commodity prices, we recognize lower of cost or net realizable value 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 net realizable value adjustments for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cost of sales (1) $ 4,731.1 $ 3,838.7 $ 10,066.8 $ 7,047.0 Lower of cost or net realizable value adjustments within cost of sales 2.6 0.8 6.0 6.1 (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 | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
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 Useful Life in Years June 30, 2017 December 31, 2016 Plants, pipelines and facilities (1) 3-45 (5) $ 35,785.9 $ 35,124.6 Underground and other storage facilities (2) 5-40 (6) 3,388.4 3,326.9 Transportation equipment (3) 3-10 172.1 165.8 Marine vessels (4) 15-30 800.5 800.7 Land 266.8 264.6 Construction in progress 4,101.9 3,320.7 Total 44,515.6 43,003.3 Less accumulated depreciation 10,294.9 9,710.8 Property, plant and equipment, net $ 34,220.7 $ 33,292.5 (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; 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) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) 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; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Depreciation expense (1) $ 321.1 $ 298.2 $ 638.6 $ 594.1 Capitalized interest (2) 44.5 46.4 84.1 88.9 (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 Azure Acquisition In April 2017, we closed the acquisition of a midstream energy business from Azure Midstream Partners, LP and its operating subsidiaries (collectively, “Azure”) for $191.4 million in cash. The acquired business assets, which are located primarily in East Texas, include over 730 miles of natural gas gathering pipelines and two natural gas processing facilities with an aggregate processing capacity of 130 million cubic feet per day. The acquired business serves production from the Haynesville Shale and Bossier, Cotton Valley and Travis Peak formations. The financial results of the acquired business are reflected in our consolidated results from April 30, 2017, which was the effective date of the Azure acquisition. On a historical pro forma consolidated basis, our revenues, costs and expenses, operating income, net income attributable to Enterprise Products Partners L.P., and earnings per unit amounts for the three and six months ended June 30, 2016 and 2017 would not have differed materially from those we actually reported had the Azure acquisition been completed on January 1, 2016 rather than April 30, 2017. The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the Azure acquisition at April 30, 2017. The allocation remains provisional due to ongoing efforts to clarify certain environmental liabilities (estimated at $2.2 million), which are expected to be resolved by December 31, 2017. Assets acquired in business combination: Current assets $ 3.1 Property, plant and equipment 194.2 Total assets acquired 197.3 Liabilities assumed in business combination: Current liabilities 1.4 Long-term liabilities 4.5 Total liabilities assumed 5.9 Cash used for Azure acquisition $ 191.4 The contribution of this newly acquired business to our consolidated revenues and net income was not material for the second quarter of 2017. Asset Retirement Obligations We record asset retirement obligations (“AROs”) in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. Our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and real estate leases associated with our plant sites. In addition, we record AROs in connection with governmental regulations associated with the abandonment or retirement of above-ground brine storage pits and certain marine vessels. We also record AROs in connection with regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. We typically fund our AROs using cash flow from operations. Property, plant and equipment at June 30, 2017 and December 31, 2016 includes $40.3 million and $44.9 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our AROs since January 1, 2017: ARO liability balance, January 1, 2017 $ $ 85.4 Liabilities incurred 3.1 Liabilities settled (1.5 ) Revisions in estimated cash flows (3.2 ) Accretion expense 2.8 ARO liability balance, June 30, 2017 $ 86.6 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2017 | |
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 Interest at June 30, 2017 June 30, 2017 December 31, 2016 NGL Pipelines & Services: Venice Energy Service Company, L.L.C. 13.1% $ 25.9 $ 24.8 K/D/S Promix, L.L.C. 50% 32.2 33.7 Baton Rouge Fractionators LLC 32.2% 17.6 17.3 Skelly-Belvieu Pipeline Company, L.L.C. 50% 37.1 38.9 Texas Express Pipeline LLC 35% 327.8 331.9 Texas Express Gathering LLC 45% 36.5 35.8 Front Range Pipeline LLC 33.3% 166.5 165.4 Delaware Basin Gas Processing LLC 50% 108.2 102.6 Crude Oil Pipelines & Services: Seaway Crude Pipeline Company LLC 50% 1,380.5 1,393.8 Eagle Ford Pipeline LLC 50% 379.1 377.9 Eagle Ford Terminals Corpus Christi LLC 50% 63.2 52.9 Natural Gas Pipelines & Services: White River Hub, LLC 50% 21.3 21.7 Petrochemical & Refined Products Services: Centennial Pipeline LLC 50% 60.7 62.3 Other Various 4.7 18.3 Total investments in unconsolidated affiliates $ 2,661.3 $ 2,677.3 The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 19.0 $ 14.0 $ 34.5 $ 29.1 Crude Oil Pipelines & Services 89.2 65.8 170.4 155.9 Natural Gas Pipelines & Services 0.9 0.9 1.9 1.9 Petrochemical & Refined Products Services (2.1 ) (4.3 ) (5.0 ) (9.4 ) Total $ 107.0 $ 76.4 $ 201.8 $ 177.5 Excess Cost On occasion, the price we pay to acquire an ownership interest in a company exceeds the underlying carrying value of the capital accounts we acquire. These excess cost amounts are attributable to the fair value of the underlying tangible assets of these entities exceeding their respective book carrying values at the time of our acquisition of ownership interests in these entities. We amortize such excess cost amounts as a reduction to equity earnings in a manner similar to depreciation. The following table presents our unamortized excess cost amounts by business segment at the dates indicated: June 30, 2017 December 31, 2016 NGL Pipelines & Services $ 23.5 $ 24.1 Crude Oil Pipelines & Services 18.6 19.0 Petrochemical & Refined Products Services 1.9 2.1 Total $ 44.0 $ 45.2 Amortization of excess cost amounts were $0.5 million and $0.6 million for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, amortization of excess costs amounts were $1.0 million and $1.1 million, respectively. Summarized Combined Financial Information of Unconsolidated Affiliates Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income Statement Data: Revenues $ 371.9 $ 317.5 $ 715.1 $ 663.0 Operating income 229.8 181.7 433.5 395.4 Net income 237.6 178.3 440.5 393.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets and Goodwill [Abstract] | |
Intangible Assets and Goodwill | Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated: June 30, 2017 December 31, 2016 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.4 $ (180.0 ) $ 267.4 $ 447.4 $ (172.7 ) $ 274.7 Contract-based intangibles 279.9 (211.7 ) 68.2 279.9 (204.4 ) 75.5 Segment total 727.3 (391.7 ) 335.6 727.3 (377.1 ) 350.2 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (104.4 ) 2,099.1 2,204.4 (84.5 ) 2,119.9 Contract-based intangibles 281.0 (146.5 ) 134.5 281.0 (121.9 ) 159.1 Segment total 2,484.5 (250.9 ) 2,233.6 2,485.4 (206.4 ) 2,279.0 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (402.5 ) 947.8 1,350.3 (390.0 ) 960.3 Contract-based intangibles 464.7 (375.0 ) 89.7 464.7 (370.5 ) 94.2 Segment total 1,815.0 (777.5 ) 1,037.5 1,815.0 (760.5 ) 1,054.5 Petrochemical & Refined Products Services: Customer relationship intangibles 185.5 (46.9 ) 138.6 185.5 (43.9 ) 141.6 Contract-based intangibles 54.0 (16.9 ) 37.1 54.0 (15.2 ) 38.8 Segment total 239.5 (63.8 ) 175.7 239.5 (59.1 ) 180.4 Total intangible assets $ 5,266.3 $ (1,483.9 ) $ 3,782.4 $ 5,267.2 $ (1,403.1 ) $ 3,864.1 The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 7.3 $ 7.7 $ 14.6 $ 15.5 Crude Oil Pipelines & Services 22.3 24.7 45.4 52.4 Natural Gas Pipelines & Services 8.8 8.3 17.0 16.9 Petrochemical & Refined Products Services 2.3 2.3 4.7 4.5 Total $ 40.7 $ 43.0 $ 81.7 $ 89.3 The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2017 2018 2019 2020 2021 $ 81.1 $ 163.8 $ 157.7 $ 152.8 $ 163.2 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. There has been no change in our goodwill amounts since those reported in our 2016 Form 10-K. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2017 | |
Debt Obligations [Abstract] | |
Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: June 30, 2017 December 31, 2016 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ 1,455.2 $ 1,777.2 Senior Notes L, 6.30% fixed-rate, due September 2017 800.0 800.0 364-Day Credit Agreement, variable-rate, due September 2017 -- -- Senior Notes V, 6.65% fixed-rate, due April 2018 349.7 349.7 Senior Notes OO, 1.65% fixed-rate, due May 2018 750.0 750.0 Senior Notes N, 6.50% fixed-rate, due January 2019 700.0 700.0 Senior Notes LL, 2.55% fixed-rate, due October 2019 800.0 800.0 Senior Notes Q, 5.25% fixed-rate, due January 2020 500.0 500.0 Senior Notes Y, 5.20% fixed-rate, due September 2020 1,000.0 1,000.0 Multi-Year Revolving Credit Facility, variable-rate, due September 2020 -- -- Senior Notes RR, 2.85% fixed-rate, due April 2021 575.0 575.0 Senior Notes CC, 4.05% fixed-rate, due February 2022 650.0 650.0 Senior Notes HH, 3.35% fixed-rate, due March 2023 1,250.0 1,250.0 Senior Notes JJ, 3.90% fixed-rate, due February 2024 850.0 850.0 Senior Notes MM, 3.75% fixed-rate, due February 2025 1,150.0 1,150.0 Senior Notes PP, 3.70% fixed-rate, due February 2026 875.0 875.0 Senior Notes SS, 3.95% fixed-rate, due February 2027 575.0 575.0 Senior Notes D, 6.875% fixed-rate, due March 2033 500.0 500.0 Senior Notes H, 6.65% fixed-rate, due October 2034 350.0 350.0 Senior Notes J, 5.75% fixed-rate, due March 2035 250.0 250.0 Senior Notes W, 7.55% fixed-rate, due April 2038 399.6 399.6 Senior Notes R, 6.125% fixed-rate, due October 2039 600.0 600.0 Senior Notes Z, 6.45% fixed-rate, due September 2040 600.0 600.0 Senior Notes BB, 5.95% fixed-rate, due February 2041 750.0 750.0 Senior Notes DD, 5.70% fixed-rate, due February 2042 600.0 600.0 Senior Notes EE, 4.85% fixed-rate, due August 2042 750.0 750.0 Senior Notes GG, 4.45% fixed-rate, due February 2043 1,100.0 1,100.0 Senior Notes II, 4.85% fixed-rate, due March 2044 1,400.0 1,400.0 Senior Notes KK, 5.10% fixed-rate, due February 2045 1,150.0 1,150.0 Senior Notes QQ, 4.90% fixed-rate, due May 2046 975.0 975.0 Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 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 22,105.2 22,427.2 EPO Junior Subordinated Notes A, variable-rate, due August 2066 521.1 521.1 EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 256.4 256.4 EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 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 23,579.6 23,901.6 Other, non-principal amounts (198.3 ) (203.9 ) Less current maturities of debt (3,354.8 ) (2,576.8 ) Total long-term debt $ 20,026.5 $ 21,120.9 (1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Fixed rate of 7.000% through May 31, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate reset quarterly and based on 3-month LIBOR plus 2.680%. The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2017: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 0.90% to 1.53% 1.20% EPO Junior Subordinated Notes A 4.59% to 4.88% 4.76% EPO Junior Subordinated Notes C 3.98% 3.98% The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2017 for the next five years, and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2017 2018 2019 2020 2021 Thereafter Commercial Paper Notes $ 1,455.2 $ 1,455.2 $ -- $ -- $ -- $ -- $ -- Senior Notes 20,650.0 800.0 1,100.0 1,500.0 1,500.0 575.0 15,175.0 Junior Subordinated Notes 1,474.4 -- -- -- -- -- 1,474.4 Total $ 23,579.6 $ 2,255.2 $ 1,100.0 $ 1,500.0 $ 1,500.0 $ 575.0 $ 16,649.4 Parent-Subsidiary Guarantor Relationships Enterprise Products Partners L.P. acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, Enterprise Products Partners L.P. would be responsible for full and unconditional repayment of that obligation. Letters of Credit At June 30, 2017, EPO had $66.4 million of letters of credit outstanding primarily related to our commodity hedging activities. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2017. |
Equity and Distributions
Equity and Distributions | 6 Months Ended |
Jun. 30, 2017 | |
Equity and Distributions [Abstract] | |
Equity and Distributions | Partners’ Equity Partners’ equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) outstanding. The following table summarizes changes in the number of our outstanding units from January 1, 2017 to June 30, 2017: Common Units (Unrestricted) Restricted Common Units Total Common Units Number of units outstanding at January 1, 2017 2,116,906,120 682,294 2,117,588,414 Common units issued in connection with ATM program 20,857,006 -- 20,857,006 Common units issued in connection with DRIP and EUPP 7,035,681 -- 7,035,681 Common units issued in connection with the vesting of phantom unit awards 2,351,436 -- 2,351,436 Common units issued in connection with the vesting of restricted common unit awards 668,470 (668,470 ) -- Forfeiture of restricted common unit awards -- (1,250 ) (1,250 ) Cancellation of treasury units acquired in connection with the vesting of equity-based awards (986,686 ) -- (986,686 ) Common units issued in connection with employee compensation 1,176,103 -- 1,176,103 Other 14,685 -- 14,685 Number of units outstanding at June 30, 2017 2,148,022,815 12,574 2,148,035,389 The net cash proceeds we received from the issuance of common units during the six months ended June 30, 2017 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and revolving credit facilities and for general company purposes. We expect to issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital spending. Universal shelf registration statement At-the-Market (“ATM”) program During the six months ended June 30, 2017, we sold 20,857,006 common units under the ATM program for aggregate gross proceeds of $577.3 million. After taking into account applicable costs, our transactions under the ATM program resulted in aggregate net cash proceeds of $571.8 million during the six months ended June 30, 2017. During the six months ended June 30, 2016, we issued 68,645,180 common units under this program for aggregate gross cash proceeds of $1.66 billion, resulting in total net cash proceeds of $1.65 billion. This includes 3,830,256 common units sold in January 2016 to a privately held affiliate of EPCO, which generated gross proceeds of $100 million. After taking into account the aggregate sales price of common units sold under the ATM program through June 30, 2017, we have the capacity to issue additional common units under the ATM program up to an aggregate sales price of $864.4 million. Distribution reinvestment plan We issued a total of 6,802,889 common units under our DRIP during the six months ended June 30, 2017, which generated net cash proceeds of $179.0 million. During the six months ended June 30, 2016, we issued 10,104,741 common units under our DRIP, which generated net cash proceeds of $232.3 million. Privately held affiliates of EPCO reinvested $100 million through the DRIP during the six months ended June 30, 2016 (this amount being a component of the net cash proceeds presented). After taking into account the number of common units issued under the DRIP through June 30, 2017, we have the capacity to issue an additional 92,455,606 common units under this plan. Employee unit purchase plan Common units issued in connection with employee compensation Noncontrolling Interests Noncontrolling interests represent third party equity ownership interests in our consolidated subsidiaries (e.g., joint venture partners in entities in which we have a controlling ownership interest). 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 Derivative Instruments Interest Rate Derivative Instruments Other Total Balance, January 1, 2017 $ (83.8 ) $ (199.8 ) $ 3.6 $ (280.0 ) Other comprehensive income (loss) before reclassifications 175.2 (4.5 ) (0.1 ) 170.6 Amounts reclassified from accumulated other comprehe nsive loss (income) (38.9 ) 19.6 -- (19.3 ) Total other comprehensive income (loss) 136.3 15.1 (0.1 ) 151.3 Balance, June 30, 2017 $ 52.5 $ (184.7 ) $ 3.5 $ (128.7 ) Gains (Losses) on Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Balance, January 1, 2016 $ 56.6 $ (279.5 ) $ 3.7 $ (219.2 ) Other comprehensive loss before reclassifications (74.9 ) (9.4 ) (0.1 ) (84.4 ) Amounts reclassified from accumulated other comprehensive loss (income) (21.8 ) 18.4 -- (3.4 ) Total other comprehensive income (loss) (96.7 ) 9.0 (0.1 ) (87.8 ) Balance, June 30, 2016 $ (40.1 ) $ (270.5 ) $ 3.6 $ (307.0 ) The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2017 2016 2017 2016 Losses (gains) on cash flow hedges: Interest rate derivatives Interest expense $ 10.0 $ 9.2 $ 19.6 $ 18.4 Commodity derivatives Revenue (46.0 ) 34.2 (38.5 ) (24.6 ) Commodity derivatives Operating costs and expenses -- 1.2 (0.4 ) 2.8 Total $ (36.0 ) $ 44.6 $ (19.3 ) $ (3.4 ) For information regarding our interest rate and commodity derivative instruments, see Note 12. Cash Distributions The following table presents Enterprise’s declared quarterly cash distribution rates per common unit with respect to the quarter indicated: Distribution Per Common Unit Record Date Payment Date 2016 1st Quarter $ 0.3950 4/29/2016 5/6/2016 2nd Quarter $ 0.4000 7/29/2016 8/5/2016 2017 1st Quarter $ 0.4150 4/28/2017 5/8/2017 2nd Quarter $ 0.4200 7/31/2017 8/7/2017 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Business Segments [Abstract] | |
Business Segments | Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) 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. Financial information regarding these segments is evaluated regularly by our chief operating decision makers in deciding how to allocate resources and in assessing operating and financial performance. Segment Gross Operating Margin We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. 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. The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income before income taxes $ 674.7 $ 569.9 $ 1,451.7 $ 1,248.5 Add total other expense, net 264.0 267.0 518.6 504.0 Operating income 938.7 836.9 1,970.3 1,752.5 Adjustments to reconcile operating income to total gross operating margin: Add depreciation, amortization and accretion expense in operating costs and expenses 379.2 360.3 755.4 718.5 Add asset impairment and related charges in operating costs and expenses 14.0 20.2 25.2 21.9 Add net losses attributable to asset sales in operating costs and expenses 0.3 1.7 -- 6.6 Add general and administrative costs 45.7 35.1 96.1 79.0 Adjustments for make-up rights on certain new pipeline projects: Add non-refundable payments received from shippers attributable to make-up rights (1) 8.3 1.8 21.6 8.9 Subtract the subsequent recognition of revenues attributable to make-up rights (2) (6.8 ) (6.6 ) (15.9 ) (19.5 ) Total segment gross operating margin $ 1,379.4 $ 1,249.4 $ 2,852.7 $ 2,567.9 (1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. (2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Gross operating margin by segment: NGL Pipelines & Services $ 759.9 $ 719.1 $ 1,615.9 $ 1,502.8 Crude Oil Pipelines & Services 236.7 177.4 501.3 379.7 Natural Gas Pipelines & Services 194.4 177.4 365.3 355.1 Petrochemical & Refined Products Services 188.4 175.5 370.2 330.3 Total segment gross operating margin $ 1,379.4 $ 1,249.4 $ 2,852.7 $ 2,567.9 Summarized Segment Financial Information Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table: Reportable Business Segments NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Adjustments and Eliminations Consolidated Total Revenues from third parties: Three months ended June 30, 2017 $ 2,617.8 $ 1,895.8 $ 782.9 $ 1,301.2 $ -- $ 6,597.7 Three months ended June 30, 2016 2,512.7 1,651.4 533.9 906.6 -- 5,604.6 Six months ended June 30, 2017 5,960.8 3,698.4 1,540.7 2,707.4 -- 13,907.3 Six months ended June 30, 2016 4,914.7 2,928.9 1,081.2 1,669.5 -- 10,594.3 Revenues from related parties: Three months ended June 30, 2017 2.8 3.8 3.3 -- -- 9.9 Three months ended June 30, 2016 2.8 8.6 1.8 -- -- 13.2 Six months ended June 30, 2017 5.6 8.4 6.7 -- -- 20.7 Six months ended June 30, 2016 4.6 19.7 4.5 -- -- 28.8 Intersegment and intrasegment revenues: Three months ended June 30, 2017 5,642.1 3,383.7 220.6 389.7 (9,636.1 ) -- Three months ended June 30, 2016 4,880.8 2,445.7 146.9 307.7 (7,781.1 ) -- Six months ended June 30, 2017 14,516.9 6,857.7 415.1 804.4 (22,594.1 ) -- Six months ended June 30, 2016 8,055.6 3,945.1 271.6 550.4 (12,822.7 ) -- Total revenues: Three months ended June 30, 2017 8,262.7 5,283.3 1,006.8 1,690.9 (9,636.1 ) 6,607.6 Three months ended June 30, 2016 7,396.3 4,105.7 682.6 1,214.3 (7,781.1 ) 5,617.8 Six months ended June 30, 2017 20,483.3 10,564.5 1,962.5 3,511.8 (22,594.1 ) 13,928.0 Six months ended June 30, 2016 12,974.9 6,893.7 1,357.3 2,219.9 (12,822.7 ) 10,623.1 Equity in income (loss) of unconsolidated affiliates: Three months ended June 30, 2017 19.0 89.2 0.9 (2.1 ) -- 107.0 Three months ended June 30, 2016 14.0 65.8 0.9 (4.3 ) -- 76.4 Six months ended June 30, 2017 34.5 170.4 1.9 (5.0 ) -- 201.8 Six months ended June 30, 2016 29.1 155.9 1.9 (9.4 ) -- 177.5 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. Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table: Reportable Business Segments NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Adjustments and Eliminations Consolidated Total Property, plant and equipment, net: (see Note 4) At June 30, 2017 $ 14,125.8 $ 4,355.1 $ 8,297.2 $ 3,340.7 $ 4,101.9 $ 34,220.7 At December 31, 2016 14,091.5 4,216.1 8,403.0 3,261.2 3,320.7 33,292.5 Investments in unconsolidated affiliates: (see Note 5) At June 30, 2017 751.8 1,822.8 21.3 65.4 -- 2,661.3 At December 31, 2016 750.4 1,824.6 21.7 80.6 -- 2,677.3 Intangible assets, net: At June 30, 2017 335.6 2,233.6 1,037.5 175.7 -- 3,782.4 At December 31, 2016 350.2 2,279.0 1,054.5 180.4 -- 3,864.1 Goodwill: At June 30, 2017 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 At December 31, 2016 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 Segment assets: At June 30, 2017 17,864.9 10,252.5 9,652.3 4,538.0 4,101.9 46,409.6 At December 31, 2016 17,843.8 10,160.7 9,775.5 4,478.4 3,320.7 45,579.1 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. The remainder of our consolidated total assets, which consist primarily of working capital assets, are excluded from segment assets since these amounts are not attributable to one specific segment (e.g. cash). Other Revenue and Expense Information The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services: Sales of NGLs and related products $ 2,158.0 $ 2,060.4 $ 5,045.2 $ 4,003.9 Midstream services 462.6 455.1 921.2 915.4 Total 2,620.6 2,515.5 5,966.4 4,919.3 Crude Oil Pipelines & Services: Sales of crude oil 1,705.1 1,482.2 3,323.7 2,603.3 Midstream services 194.5 177.8 383.1 345.3 Total 1,899.6 1,660.0 3,706.8 2,948.6 Natural Gas Pipelines & Services: Sales of natural gas 560.6 305.7 1,104.6 620.7 Midstream services 225.6 230.0 442.8 465.0 Total 786.2 535.7 1,547.4 1,085.7 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,114.1 713.4 2,325.2 1,266.6 Midstream services 187.1 193.2 382.2 402.9 Total 1,301.2 906.6 2,707.4 1,669.5 Total consolidated revenues $ 6,607.6 $ 5,617.8 $ 13,928.0 $ 10,623.1 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 4,731.1 $ 3,838.7 $ 10,066.8 $ 7,047.0 Other operating costs and expenses (1) 605.6 601.3 1,216.0 1,175.1 Depreciation, amortization and accretion 379.2 360.3 755.4 718.5 Asset impairment and related charges 14.0 20.2 25.2 21.9 Ne t losses 0.3 1.7 -- 6.6 General and administrative costs 45.7 35.1 96.1 79.0 Total consolidated costs and expenses $ 5,775.9 $ 4,857.3 $ 12,159.5 $ 9,048.1 (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. Fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices also increase the associated cost of sales as purchase costs rise. The same correlation would be true in the case of lower energy commodity sales prices and purchase costs. |
Earnings Per Unit
Earnings Per Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Unit [Abstract] | |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 653.7 $ 558.5 $ 1,414.4 $ 1,219.7 Undistributed earnings allocated and cash payments on phantom unit awards (1) (4.0 ) (3.3 ) (8.0 ) (6.5 ) Net income available to common unitholders $ 649.7 $ 555.2 $ 1,406.4 $ 1,213.2 Basic weighted-average number of common units outstanding 2,144.7 2,085.1 2,135.5 2,059.3 Basic earnings per unit $ 0.30 $ 0.27 $ 0.66 $ 0.59 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 653.7 $ 558.5 $ 1,414.4 $ 1,219.7 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,144.7 2,085.1 2,135.5 2,059.3 Phantom units (1) 9.6 8.1 9.2 7.5 Total 2,154.3 2,093.2 2,144.7 2,066.8 Diluted earnings per unit $ 0.30 $ 0.27 $ 0.66 $ 0.59 (1) Each phantom unit award includes a distribution equivalent right (“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 |
Equity-Based Awards
Equity-Based Awards | 6 Months Ended |
Jun. 30, 2017 | |
Equity-based Awards [Abstract] | |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Equity-classified awards: Phantom unit awards $ 23.5 $ 19.3 $ 46.3 $ 38.7 Restricted common unit awards -- 0.7 0.5 2.9 Profits interest awards 1.6 1.6 3.1 2.3 Liability-classified awards -- 0.2 0.2 0.3 Total $ 25.1 $ 21.8 $ 50.1 $ 44.2 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 June 30, 2017, all of the outstanding phantom unit awards were granted under EPCO’s 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) (“2008 Plan”). The maximum number of common units authorized for issuance under the 2008 Plan was 40,000,000 at June 30, 2017. This amount will automatically increase under the terms of the 2008 Plan by 5,000,000 common units on January 1, 2018 and will continue to automatically increase annually on each 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 2008 Plan through June 30, 2017, a total of 18,947,916 additional common units were available for issuance under this plan. EPCO serves as the general partner of four limited partnerships that were formed in 2016 (generally referred to as “Employee Partnerships”) to serve as incentive arrangements for key employees of EPCO by providing them a “profits interest” in an Employee Partnership. The names of the Employee Partnerships are EPD PubCo Unit I L.P. (“PubCo I”), EPD PubCo Unit II L.P. (“PubCo II”), EPD PubCo Unit III L.P. (“PubCo III”) and EPD PrivCo Unit I L.P. (“PrivCo I”). At June 30, 2017, a small number of restricted common unit awards remained outstanding under the Enterprise Products 1998 Long-Term Incentive Plan (“1998 Plan”). The 1998 Plan is effectively closed and no new awards have been granted under this plan since 2014. Phantom Unit Awards Phantom unit awards allow recipients to acquire our common units (at no cost to the recipient apart from fulfilling service and other conditions) once a defined vesting period expires, subject to customary forfeiture provisions. Phantom unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire. At June 30, 2017, 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 Units Weighted- Average Grant Date Fair Value per Unit Phantom unit awards at January 1, 2017 7,767,501 $ 27.20 Granted (2) 4,224,680 $ 28.86 Vested (2,355,937 ) $ 28.32 Forfeited (107,145 ) $ 27.74 Phantom unit awards at June 30, 2017 9,529,099 $ 27.66 (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 2017 was $121.9 million based on a grant date market price of our common units ranging from $26.40 to $28.87 per unit. An estimated annual forfeiture rate of 3.8% was applied to these awards. The 2008 Plan provides for the issuance of 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 phantom unit awards for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cash payments made in connection with DERs $ 4.0 $ 3.3 $ 7.2 $ 5.3 Total intrinsic value of phantom unit awards that vested during period 3.1 0.8 66.3 37.1 For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $142.0 million at June 30, 2017, of which our share of the cost is currently estimated to be $122.5 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 2.2 years. Profits Interest Awards In 2016, EPCO Holdings Inc. (“EPCO Holdings”), a privately held affiliate of EPCO, contributed a portion of the Enterprise common units it owned to each of the Employee Partnerships. In exchange for these contributions, EPCO Holdings was admitted as the Class A limited partner of each Employee Partnership. Also on the applicable contribution date, certain key EPCO employees were issued Class B limited partner interests (i.e., profits interest awards) and admitted as Class B limited partners of each Employee Partnership, all without any capital contribution by such employees. EPCO serves as the general partner of each Employee Partnership. The following table summarizes key elements of each Employee Partnership: Employee Partnership Enterprise Common Units owned by Employee Partnership Class A Capital Base Class A Preference Return Expected Liquidation Date Estimated Grant Date Fair Value of Profits Interest Awards Unrecognized Compensation Cost PubCo I 2,723,052 units $63.7 million $ 0.39 Feb. 2020 $13.2 million $8.8 million PubCo II 2,834,198 units $66.3 million $ 0.39 Feb. 2021 $14.7 million $10.8 million PubCo III 105,000 units $2.5 million $ 0.39 Apr. 2020 $0.6 million $0.2 million PrivCo I 1,111,438 units $26.0 million $ 0.39 Feb. 2021 $5.8 million $0.9 million ( 1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. (2) Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis. (3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. (4) Represents our expected share of the unrecognized compensation cost at June 30, 2017. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 2.6 years, 3. The grant date fair value of each Employee Partnership is based on (i) the estimated value (as determined using a Black-Scholes option pricing model) of such Employee Partnership’s assets that would be distributed to the Class B limited partners thereof upon liquidation and (ii) the value, based on a discounted cash flow analysis, of the residual quarterly cash amounts that such Class B limited partners are expected to receive over the life of the Employee Partnership. The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership: Expected Risk-Free Expected Expected Unit Employee Life Interest Distribution Price Partnership of Award Rate Yield Volatility PubCo I 4.0 years 0.9% to 1.1% 6.2% to 6.8% 29% to 40% PubCo II 5.0 years 1.1% to 1.7% 6.1% to 6.8% 27% to 40% PubCo III 4.0 years 1.0% to 1.4% 6.1% to 6.2% 31% to 40% PrivCo I 5.0 years 1.2% to 1.6% 6.1% to 6.7% 28% to 40% Compensation expense attributable to the profits interest awards is based on the estimated grant date fair value of each award. A portion of the fair value of these equity-based awards is allocated to us under the ASA as a non-cash expense. We are not responsible for reimbursing EPCO for any expenses of the Employee Partnerships, including the value of any contributions of units made by EPCO Holdings. 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 restricted common unit award activity for the period indicated: Number of Units Weighted- Average Grant Date Fair Value per Unit Restricted common units at January 1, 2017 682,294 $ 28.61 Vested (668,470 ) $ 28.56 Forfeited (1,250 ) $ 31.07 Restricted common units at June 30, 2017 12,574 $ 30.92 (1) Determined by dividing the aggregate grant date fair value of awards 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 restricted common unit awards for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cash distributions paid to restricted common unitholders $ -- $ 0.3 $ 0.3 $ 1.1 Total intrinsic value of restricted common unit awards that vested during period 0.1 0.5 18.6 27.3 We expect to recognize our share of the unrecognized compensation cost for these awards by the end of 2017. |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |
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. This strategy may be used in controlling our overall cost of capital associated with such borrowings. The following table summarizes our portfolio of interest rate swaps at June 30, 2017: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Period of Hedge Rate Swap Accounting Treatment Senior Notes OO 10 fixed-to-floating swaps $ 750.0 5/2015 to 5/2018 1.65% to 1.66% Fair value hedge The following table summarizes our portfolio of forward starting swaps at June 30, 2017: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Average Rate Locked Accounting Treatment Future long-term debt offering 4 forward starting swaps $ 275.0 5/2018 2.02% Cash flow hedge Commodity Hedging Activities The prices of natural gas, NGLs, crude oil, petrochemicals and refined 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 and basis swaps. At June 30, 2017, 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 derivative instruments and related contracts. The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity NGL production using derivative instruments and related contracts. 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 using derivative instruments and related contracts. 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 derivative instruments and related contracts. The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2017 (volume measures as noted): Volume (1) Accounting Derivative Purpose Current Long-Term Treatment Derivatives designated as hedging instruments: Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (Bcf) 16.4 n/a Cash flow hedge Forecasted sales of NGLs (MMBbls) 2.3 n/a Cash flow hedge Natural gas marketing: Forecasted purchases of natural gas for fuel (Bcf) 3.0 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) 70.4 0.1 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 85.3 0.9 Cash flow hedge NGLs inventory management activities (MMBbls) 1.4 n/a Fair value hedge Refined products marketing: Forecasted sales of refined products (MMBbls) 0.1 n/a Cash flow hedge Refined products inventory management activities (MMBbls) 4.8 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 7.6 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 12.7 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3,4) 169.2 20.4 Mark-to-market NGL risk management activities (MMBbls) (4) 9.7 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 35.3 17.5 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 December 2018, December 2017 and March 2020, respectively. (3) Current and long-term volumes include 61.0 Bcf and 9.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. (4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. On January 3, 2017, the Chicago Mercantile Exchange (“CME”) modified its exchange rules to characterize daily variation margin amounts as “final settlement” values. The modified rule (“CME Rule 814”) impacts derivative financial instruments traded on exchanges administered by the CME, including the New York Mercantile Exchange. As a result of this rule change, we began reporting the affected derivative instruments on a net basis on our balance sheet during the first quarter of 2017. The netting process results in the elimination of derivative assets, derivative liabilities and associated restricted cash and related amounts with each other as if the underlying derivative instruments had settled on the balance sheet date. Historically through December 31, 2016, we reported such derivatives on a gross basis (i.e., not netted). Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis. 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 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate derivatives Current assets $ 31.7 Current assets $ 0.3 Current liabilities $ 1.6 Current liabilities $ 0.2 Interest rate derivatives Other assets -- Other assets 36.2 Other liabilities -- Other liabilities 0.9 Total interest rate derivatives 31.7 36.5 1.6 1.1 Commodity derivatives Current assets 35.2 Current assets 499.2 Current liabilities 37.0 Current liabilities 662.0 Commodity derivatives Other assets 0.1 Other assets -- Other liabilities -- Other liabilities -- Total commodity derivatives 35.3 499.2 37.0 662.0 Total derivatives designated as hedging instruments $ 67.0 $ 535.7 $ 38.6 $ 663.1 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 3.1 Current assets $ 41.9 Current liabilities $ 10.3 Current liabilities $ 75.6 Commodity derivatives Other assets 2.5 Other assets 0.3 Other liabilities 1.6 Other liabilities 1.8 Total commodity derivatives $ 5.6 $ 42.2 $ 11.9 $ 77.4 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 Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Amounts of Assets Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2017: Interest rate derivatives $ 31.7 $ -- $ 31.7 $ (0.5 ) $ -- $ -- $ 31.2 Commodity derivatives 40.9 -- 40.9 (40.2 ) -- -- 0.7 As of December 31, 2016: Interest rate derivatives $ 36.5 $ -- $ 36.5 $ (0.2 ) $ -- $ -- $ 36.3 Commodity derivatives 541.4 -- 541.4 (526.8 ) -- -- 14.6 Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Liabilities Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2017: Interest rate derivatives $ 1.6 $ -- $ 1.6 $ (0.5 ) $ -- $ -- $ 1.1 Commodity derivatives 48.9 -- 48.9 (40.2 ) -- (7.7 ) 1.0 As of December 31, 2016: Interest rate derivatives $ 1.1 $ -- $ 1.1 $ (0.2 ) $ -- $ -- $ 0.9 Commodity derivatives 739.4 -- 739.4 (526.8 ) -- (212.4 ) 0.2 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 Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ 0.4 $ 1.2 $ (0.5 ) $ 7.3 Commodity derivatives Revenue 18.8 (63.0 ) 37.6 (82.0 ) Total $ 19.2 $ (61.8 ) $ 37.1 $ (74.7 ) Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Hedged Item For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ (0.3 ) $ (1.3 ) $ 0.6 $ (7.5 ) Commodity derivatives Revenue (16.3 ) 51.0 (28.7 ) 79.0 Total $ (16.6 ) $ 49.7 $ (28.1 ) $ 71.5 For the six months ended June 30, 2017, the net gain of $8.9 million recognized in income from our commodity derivatives designated as fair value hedges includes $0.8 million of net losses attributable to hedge ineffectiveness. The remaining $9.7 million of net gain recognized during the six months ended June 30, 2017 was primarily related to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness. Net gains or losses due to ineffectiveness and from those amounts excluded from the assessment of hedge effectiveness were immaterial for all other 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 Hedging Relationships Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives $ (6.9 ) $ (9.4 ) $ (4.5 ) $ (9.4 ) Commodity derivatives – Revenue (1) 31.4 (80.5 ) 179.0 (77.2 ) Commodity derivatives – Operating costs and expenses (1) (1.0 ) 6.8 (3.8 ) 2.3 Total $ 23.5 $ (83.1 ) $ 170.7 $ (84.3 ) (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 Hedging Relationships Location Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ (10.0 ) $ (9.2 ) $ (19.6 ) $ (18.4 ) Commodity derivatives Revenue 46.0 (34.2 ) 38.5 24.6 Commodity derivatives Operating costs and expenses -- (1.2 ) 0.4 (2.8 ) Total $ 36.0 $ (44.6 ) $ 19.3 $ 3.4 Derivatives in Cash Flow Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Commodity derivatives Operating costs and expenses $ (0.1 ) $ -- $ (1.1 ) $ -- Total $ (0.1 ) $ -- $ (1.1 ) $ -- Over the next twelve months, we expect to reclassify $41.3 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 $52.4 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $52.6 million as an increase in revenue and $0.2 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 as Hedging Instruments Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Commodity derivatives Revenue $ 18.7 $ (45.3 ) $ 34.4 $ (46.6 ) Commodity derivatives Operating costs and expenses (0.8 ) (0.1 ) 3.7 -- Total $ 17.9 $ (45.4 ) $ 38.1 $ (46.6 ) Fair Value Measurements The following tables set forth, by level within the Level 1, 2 and 3 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. The values for commodity derivatives at June 30, 2017 are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this new exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. June 30, 2017 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ -- $ 31.7 $ -- $ 31.7 Commodity derivatives: Value before application of CME Rule 814 29.5 147.9 0.5 177.9 Impact of CME Rule 814 change (29.5 ) (107.5 ) -- (137.0 ) Total commodity derivatives -- 40.4 0.5 40.9 Total financial assets $ -- $ 72.1 $ 0.5 $ 72.6 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 293.7 $ 293.7 Interest rate derivatives -- 1.6 -- 1.6 Commodity derivatives: Value before application of CME Rule 814 9.8 134.2 0.3 144.3 Impact of CME Rule 814 change (9.8 ) (85.6 ) -- (95.4 ) Total commodity derivatives -- 48.6 0.3 48.9 Total financial liabilities $ -- $ 50.2 $ 294.0 $ 344.2 December 31, 2016 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ -- $ 36.5 $ -- $ 36.5 Commodity derivatives 84.5 455.2 1.7 541.4 Total financial assets $ 84.5 $ 491.7 $ 1.7 $ 577.9 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 269.6 $ 269.6 Interest rate derivatives -- 1.1 -- 1.1 Commodity derivatives 136.8 602.3 0.3 739.4 Total financial liabilities $ 136.8 $ 603.4 $ 269.9 $ 1,010.1 Our Level 3 financial liabilities at June 30, 2017 and December 31, 2016 primarily reflect the fair value assigned to the Liquidity Option Agreement (see Note 14) at each measurement date. The carrying value of the Liquidity Option Agreement (a long-term liability) was $293.7 million and $269.6 million at June 30, 2017 and December 31, 2016, respectively. The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: For the Six Months Ended June 30, Location 2017 2016 Financial liability balance, net, January 1 $ (268.2 ) $ (246.7 ) Total gains (losses) included in: Net income (1) Revenue 0.7 0.7 Net income Other expense, net (5.5 ) 2.2 Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- 1.5 Settlements Revenue (1.4 ) (0.1 ) Transfers out of Level 3 -- 0.1 Financial liability balance, net, March 31 (274.4 ) (242.3 ) Total gains (losses) included in: Net income (1) Revenue 0.1 -- Net income Other expense, net (18.6 ) (23.3 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges 0.1 2.0 Settlements Revenue (0.7 ) (0.1 ) Transfers out of Level 3 -- -- Financial liability balance, net, June 30 $ (293.5 ) $ (263.7 ) (1) There were unrealized losses of $0.7 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. There were unrealized losses of $0.1 million and unrealized gains of $0.5 million included in these amounts for the three and six months ended June 30, 2016, respectively. The following Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 0.3 $ 0.2 Discounted cash flow Forward commodity prices $44.84-$47.60/barrel Commodity derivatives – Ethane 0.2 0.1 Discounted cash flow Forward commodity prices $0.26-$0.32/gallon Total $ 0.5 $ 0.3 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 June 30, 2017. In general, changes in the price of the underlying commodity increases or decreases the fair value of a commodity derivative depending on whether the derivative was purchased or sold. We generally expect changes in the fair value of our derivative instruments to be offset by corresponding changes in the fair value of our hedged exposures. Nonrecurring Fair Value Measurements The following table summarizes our non-cash asset impairment charges for long-lived assets by segment during each of the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 2.8 $ 2.1 $ 3.0 $ 2.4 Crude Oil Pipelines & Services 0.6 0.7 0.6 0.9 Natural Gas Pipelines & Services 9.7 9.7 9.9 9.7 Petrochemical & Refined Products Services -- 0.9 -- 1.0 Total $ 13.1 $ 13.4 $ 13.5 $ 14.0 Impairment charges are primarily a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2017: Fair Value Measurements at the End of the Reporting Period Using Carrying Value at June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Non-Cash Impairment Loss Long-lived assets disposed of other than by sale $ -- $ -- $ -- $ -- $ 0.9 Long-lived assets held and used 1.4 -- -- 1.4 3.1 Long-lived assets held for sale 1.2 -- -- 1.2 9.5 Total $ 13.5 Total asset impairment and related charges during the six months ended June 30, 2017 were $25.2 million, which consisted of $13.5 million of impairment charges attributable to long-lived assets and $11.7 million of impairment charges attributable to the write-down of spare parts classified as current assets. The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2016: Fair Value Measurements at the End of the Reporting Period Using Carrying Value at June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Non-Cash Impairment Loss Long-lived assets disposed of other than by sale $ -- $ -- $ -- $ -- $ 4.5 Long-lived assets held for sale 1.5 -- 1.5 -- 9.5 Total $ 14.0 Total asset impairment and related charges during the six months ended June 30, 2016 were $22.3 million, which consisted of $14.0 million of impairment charges attributable to long-lived assets, $1.2 million of impairment charges attributable to the write-down of spare parts classified as current assets and $7.1 million of related charges for equipment destroyed by fire at our Pascagoula gas plant. 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 $22.25 billion and $21.95 billion at June 30, 2017 and December 31, 2016, respectively. The aggregate carrying value of these debt obligations was $20.58 billion and $20.85 billion at June 30, 2017 and December 31, 2016, 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 amounts reported for fixed-rate debt obligations exclude those amounts hedged using fixed-to-floating interest rate swaps. See “ Interest Rate Hedging Activities |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The following table summarizes our related party transactions for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues – related parties: Unconsolidated affiliates $ 9.9 $ 13.2 $ 20.7 $ 28.8 Costs and expenses – related parties: EPCO and its privately held affiliates $ 247.4 $ 241.4 $ 490.5 $ 478.7 Unconsolidated affiliates 54.9 57.4 93.1 130.3 Total $ 302.3 $ 298.8 $ 583.6 $ 609.0 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: June 30, 2017 December 31, 2016 Accounts receivable - related parties: Unconsolidated affiliates $ 3.0 $ 1.1 Accounts payable - related parties: EPCO and its privately held affiliates $ 51.2 $ 88.9 Unconsolidated affiliates 11.7 16.2 Total $ 62.9 $ 105.1 We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At June 30, 2017, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us: Total Number of Units Percentage of Total Units Outstanding 685,508,319 32% Of the total number of units held by EPCO and its privately held affiliates, 118,000,000 have been pledged as security under the credit facilities of a privately held affiliate at June 30, 2017. In July 2017, the units pledged as security were reduced to 85,000,000 upon the completion of an amendment between EPCO and its privately held affiliates and the lenders. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of our common units. We and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their debt obligations. During the six months ended June 30, 2017 and 2016, we paid EPCO and its privately held affiliates cash distributions totaling $553.7 million and $525.2 million, respectively. 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 related party costs and expenses attributable to the ASA with EPCO for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Operating costs and expenses $ 215.9 $ 210.6 $ 427.5 $ 416.0 General and administrative expenses 27.1 26.3 53.9 53.6 Total costs and expenses $ 243.0 $ 236.9 $ 481.4 $ 469.6 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the partnership in litigation matters. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Based on a consideration of all relevant known facts and circumstances, we do not believe that the ultimate outcome of any currently pending litigation directed against us will have a material impact on our consolidated financial statements either individually at the claim level or in the aggregate. At June 30, 2017 and December 31, 2016, our accruals for litigation contingencies were $7.1 million and $0.3 million, respectively, and were recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.” Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court. ETP Matter In 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 trial court entered judgment against us in an aggregate amount of $535.8 million, which included (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 trial court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5%, compounded annually. We filed our Brief of the Appellant in the Court of Appeals for the Fifth District of Dallas, Texas on March 30, 2015 and ETP filed its Brief of Appellees on June 29, 2015. We filed our Reply Brief of Appellant on September 18, 2015. Oral argument was conducted on April 20, 2016, and the case was then submitted to the Court of Appeals for its consideration. On July 18, 2017, a panel of the Court of Appeals issued a unanimous opinion reversing the trial court’s judgment as to all of ETP’s claims against Enterprise, rendering judgment that ETP take nothing on those claims, and affirming Enterprise’s counterclaim against ETP of approximately $0.8 million, plus interest. We are grateful to the Dallas Court of Appeals for their hard work in this case and their reaffirmation of the importance of written contracts in business transactions. We continue to monitor developments involving this matter. We have not recorded a provision for this matter as management believes payment of damages in this case by Enterprise is not probable. PDH Litigation On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled. Contractual Obligations Scheduled Maturities of Debt Operating Lease Obligations Purchase Obligations Liquidity Option Agreement We entered into a put option agreement (the “Liquidity Option Agreement” or “Liquidity Option”) with Oiltanking Holding Americas, Inc. (“OTA”) and Marquard & Bahls AG (“M&B”) in connection with the first step of the Oiltanking acquisition (“Step 1”). Under the Liquidity Option Agreement, we granted M&B the option to sell to us 100% of the issued and outstanding capital stock of OTA at any time within a 90-day period commencing on February 1, 2020. If the Liquidity Option is exercised, we would indirectly acquire any Enterprise common units owned by OTA and assume all future income tax obligations of OTA associated with (i) owning common units encumbered by the entity-level taxes of a U.S. corporation and (ii) OTA’s deferred tax liabilities. To the extent that the sum of OTA’s deferred tax liabilities exceeds the then current book value of the Liquidity Option liability, we would recognize expense for the difference. The carrying value of the Liquidity Option Agreement, which is a component of “Other long-term liabilities” on our Unaudited Condensed Consolidated Balance Sheet, was $293.7 million and $269.6 million at June 30, 2017 and December 31, 2016, respectively. The fair value of the Liquidity Option, at any measurement date, represents the present value of estimated federal and state income tax payments that we believe a market participant would incur on the future taxable income of OTA. We expect that OTA’s taxable income would, in turn, be based on an allocation of our partnership’s taxable income to the common units held by OTA and reflect any tax planning we believe could be employed. Our valuation estimate for the Liquidity Option at June 30, 2017 is based on several inputs that are not observable in the market (i.e., Level 3 inputs) such as the following: OTA remains in existence (i.e., is not dissolved and its assets sold) between one and 30 years following exercise of the Liquidity Option, depending on the liquidity preference of its owner. An equal probability that OTA would be dissolved was assigned to each year in the 30-year forecast period; OTA assumes approximately $2.2 billion of associated long-term debt (30-year maturity) immediately after the Liquidity Option is exercised. For purposes of the valuation at June 30, 2017, we used a market rate commensurate with level of debt and tenure of approximately 4.5%. If the assumption of debt is excluded from the valuation model at June 30, 2017 (and all other inputs remained the same), the estimated fair value of the Liquidity Option would have increased by $224.6 million and resulted in the recognition of an equal amount of expense at the time of change; Forecasted annual growth rates of Enterprise’s taxable earnings before interest, taxes, depreciation and amortization ranging from 0.1% to 13.6%; OTA’s ownership interest in Enterprise common units is assumed to be diluted over time in connection with Enterprise’s issuance of equity for general company reasons. For purposes of the valuation at June 30, 2017, we used ownership interests ranging from 1.9% to 2.5%; OTA pays an aggregate federal and state income tax rate of 38% on its taxable income; and A discount rate of 7.6% based on our weighted-average cost of capital at June 30, 2017. Furthermore, our valuation estimate incorporates probability-weighted scenarios reflecting the likelihood that M&B may elect to divest a portion of the Enterprise common units held by OTA prior to exercise of the option. At June 30, 2017, based on these scenarios, we expect that OTA would own approximately 87% of the 54,807,352 Enterprise common units it received in Step 1 when the option period begins in February 2020. If our valuation estimate had assumed that OTA owned all of the Enterprise common units it received in Step 1 at the time of exercise (and all other inputs remained the same), the estimated fair value of the Liquidity Option liability at June 30, 2017 would have increased by $45.1 million. Changes in the fair value of the Liquidity Option are recognized in earnings as a component of other income (expense) on our Unaudited Condensed Statements of Consolidated Operations. Results for the three months ended June 30, 2017 and 2016 include $18.6 million and $23.3 million, respectively, of aggregate non-cash expense attributable to accretion and changes in management estimates regarding inputs to the valuation model. Results for the six months ended June 30, 2017 and 2016 include $24.1 million and $21.1 million, respectively, of such expense. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | The following table presents the net effect of changes in our operating accounts for the periods indicated: For the Six Months Ended June 30, 2017 2016 Decrease (increase) in: Accounts receivable – trade $ 602.7 $ (481.8 ) Accounts receivable – related parties (1.9 ) (0.6 ) Inventories 234.3 (618.7 ) Prepaid and other current assets 213.7 (51.3 ) Other assets (64.2 ) 0.5 Increase (decrease) in: Accounts payable – trade 46.6 (7.0 ) Accounts payable – related parties (8.4 ) (5.3 ) Accrued product payables (694.2 ) 790.3 Accrued interest (0.8 ) (1.2 ) Other current liabilities (252.4 ) 74.6 Other liabilities 6.7 5.9 Net effect of changes in operating accounts $ 82.1 $ (294.6 ) We incurred liabilities for construction in progress that had not been paid at June 30, 2017 and December 31, 2016 of $338.1 million and $124.3 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with projects related to pipeline construction activities and production well tie-ins. These cash receipts are presented as “Contributions in aid of construction costs” within the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
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 7 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 June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 38.6 $ 33.4 $ (8.0 ) $ 64.0 $ -- $ -- $ 64.0 Accounts receivable – trade, net 948.1 1,707.7 (0.1 ) 2,655.7 -- -- 2,655.7 Accounts receivable – related parties 117.9 756.6 (863.2 ) 11.3 -- (8.3 ) 3.0 Inventories 1,240.6 364.1 (0.4 ) 1,604.3 -- -- 1,604.3 Derivative assets 68.1 1.9 -- 70.0 -- -- 70.0 Prepaid and other current assets 210.7 203.5 (27.2 ) 387.0 0.5 -- 387.5 Total current assets 2,624.0 3,067.2 (898.9 ) 4,792.3 0.5 (8.3 ) 4,784.5 Property, plant and equipment, net 5,212.8 29,006.3 1.6 34,220.7 -- -- 34,220.7 Investments in unconsolidated affiliates 40,195.5 4,207.4 (41,741.6 ) 2,661.3 22,961.0 (22,961.0 ) 2,661.3 Intangible assets, net 692.2 3,104.3 (14.1 ) 3,782.4 -- -- 3,782.4 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 245.9 83.7 (211.0 ) 118.6 0.6 -- 119.2 Total assets $ 49,429.9 $ 44,754.6 $ (42,864.0 ) $ 51,320.5 $ 22,962.1 $ (22,969.3 ) $ 51,313.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 3,354.4 $ 0.4 $ -- $ 3,354.8 $ -- $ -- $ 3,354.8 Accounts payable – trade 307.6 374.7 (7.9 ) 674.4 -- -- 674.4 Accounts payable – related parties 845.1 96.8 (879.0 ) 62.9 8.3 (8.3 ) 62.9 Accrued product payables 1,466.3 1,486.5 (1.7 ) 2,951.1 -- -- 2,951.1 Accrued interest 339.8 0.1 -- 339.9 -- -- 339.9 Derivative liabilities 43.7 5.2 -- 48.9 -- -- 48.9 Other current liabilities 83.5 325.9 (23.8 ) 385.6 -- 1.0 386.6 Total current liabilities 6,440.4 2,289.6 (912.4 ) 7,817.6 8.3 (7.3 ) 7,818.6 Long-term debt 20,011.7 14.8 -- 20,026.5 -- -- 20,026.5 Deferred tax liabilities 4.7 45.5 (0.5 ) 49.7 -- 3.7 53.4 Other long-term liabilities 57.1 397.1 (213.3 ) 240.9 293.7 -- 534.6 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,916.0 41,930.9 (41,911.0 ) 22,935.9 22,660.1 (22,935.9 ) 22,660.1 Noncontrolling interests -- 76.7 173.2 249.9 -- (29.8 ) 220.1 Total equity 22,916.0 42,007.6 (41,737.8 ) 23,185.8 22,660.1 (22,965.7 ) 22,880.2 Total liabilities and equity $ 49,429.9 $ 44,754.6 $ (42,864.0 ) $ 51,320.5 $ 22,962.1 $ (22,969.3 ) $ 51,313.3 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 366.2 $ 58.9 $ (7.5 ) $ 417.6 $ -- $ -- $ 417.6 Accounts receivable – trade, net 1,499.4 1,830.3 (0.2 ) 3,329.5 -- -- 3,329.5 Accounts receivable – related parties 131.5 961.4 (1,090.7 ) 2.2 -- (1.1 ) 1.1 Inventories 1,357.5 413.5 (0.5 ) 1,770.5 -- -- 1,770.5 Derivative assets 464.8 76.6 -- 541.4 -- -- 541.4 Prepaid and other current assets 290.7 191.1 (13.7 ) 468.1 -- -- 468.1 Total current assets 4,110.1 3,531.8 (1,112.6 ) 6,529.3 -- (1.1 ) 6,528.2 Property, plant and equipment, net 4,796.5 28,495.7 0.3 33,292.5 -- -- 33,292.5 Investments in unconsolidated affiliates 39,995.5 4,227.9 (41,546.1 ) 2,677.3 22,317.1 (22,317.1 ) 2,677.3 Intangible assets, net 700.2 3,178.2 (14.3 ) 3,864.1 -- -- 3,864.1 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 222.6 41.0 (177.5 ) 86.1 0.6 -- 86.7 Total assets $ 50,284.4 $ 44,760.3 $ (42,850.2 ) $ 52,194.5 $ 22,317.7 $ (22,318.2 ) $ 52,194.0 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,576.7 $ 0.1 $ -- $ 2,576.8 $ -- $ -- $ 2,576.8 Accounts payable – trade 133.1 272.1 (7.5 ) 397.7 -- -- 397.7 Accounts payable – related parties 1,071.5 139.6 (1,106.0 ) 105.1 1.1 (1.1 ) 105.1 Accrued product payables 1,944.5 1,670.3 (1.1 ) 3,613.7 -- -- 3,613.7 Accrued interest 340.7 0.1 -- 340.8 -- -- 340.8 Derivative liabilities 590.3 147.4 -- 737.7 -- -- 737.7 Other current liabilities 173.5 316.5 (12.0 ) 478.0 -- 0.7 478.7 Total current liabilities 6,830.3 2,546.1 (1,126.6 ) 8,249.8 1.1 (0.4 ) 8,250.5 Long-term debt 21,105.7 15.2 -- 21,120.9 -- -- 21,120.9 Deferred tax liabilities 5.0 45.1 (1.1 ) 49.0 -- 3.7 52.7 Other long-term liabilities 13.5 400.6 (179.8 ) 234.3 269.6 -- 503.9 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,329.9 41,675.3 (41,713.4 ) 22,291.8 22,047.0 (22,291.8 ) 22,047.0 Noncontrolling interests -- 78.0 170.7 248.7 -- (29.7 ) 219.0 Total equity 22,329.9 41,753.3 (41,542.7 ) 22,540.5 22,047.0 (22,321.5 ) 22,266.0 Total liabilities and equity $ 50,284.4 $ 44,760.3 $ (42,850.2 ) $ 52,194.5 $ 22,317.7 $ (22,318.2 ) $ 52,194.0 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 8,541.0 $ 4,274.4 $ (6,207.8 ) $ 6,607.6 $ -- $ -- $ 6,607.6 Costs and expenses: Operating costs and expenses 8,332.1 3,605.9 (6,207.8 ) 5,730.2 -- -- 5,730.2 General and administrative costs 8.1 36.9 -- 45.0 0.7 -- 45.7 Total costs and expenses 8,340.2 3,642.8 (6,207.8 ) 5,775.2 0.7 -- 5,775.9 Equity in income of unconsolidated affiliates 716.1 142.3 (751.4 ) 107.0 673.0 (673.0 ) 107.0 Operating income 916.9 773.9 (751.4 ) 939.4 672.3 (673.0 ) 938.7 Other income (expense): Interest expense (243.8 ) (4.3 ) 2.3 (245.8 ) -- -- (245.8 ) Other, net 2.3 0.4 (2.3 ) 0.4 (18.6 ) -- (18.2 ) Total other expense, net (241.5 ) (3.9 ) -- (245.4 ) (18.6 ) -- (264.0 ) Income before income taxes 675.4 770.0 (751.4 ) 694.0 653.7 (673.0 ) 674.7 Provision for income taxes (3.3 ) (5.0 ) -- (8.3 ) -- (0.4 ) (8.7 ) Net income 672.1 765.0 (751.4 ) 685.7 653.7 (673.4 ) 666.0 Net income attributable to noncontrolling interests -- (1.6 ) (12.0 ) (13.6 ) -- 1.3 (12.3 ) Net income attributable to entity $ 672.1 $ 763.4 $ (763.4 ) $ 672.1 $ 653.7 $ (672.1 ) $ 653.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 7,194.2 $ 3,794.2 $ (5,370.6 ) $ 5,617.8 $ -- $ -- $ 5,617.8 Costs and expenses: Operating costs and expenses 7,002.0 3,190.9 (5,370.7 ) 4,822.2 -- -- 4,822.2 General and administrative costs 4.1 30.5 -- 34.6 0.5 -- 35.1 Total costs and expenses 7,006.1 3,221.4 (5,370.7 ) 4,856.8 0.5 -- 4,857.3 Equity in income of unconsolidated affiliates 637.3 126.4 (687.3 ) 76.4 582.3 (582.3 ) 76.4 Operating income 825.4 699.2 (687.2 ) 837.4 581.8 (582.3 ) 836.9 Other income (expense): Interest expense (240.5 ) (5.4 ) 1.8 (244.1 ) -- -- (244.1 ) Other, net 2.1 0.1 (1.8 ) 0.4 (23.3 ) -- (22.9 ) Total other expense, net (238.4 ) (5.3 ) -- (243.7 ) (23.3 ) -- (267.0 ) Income before income taxes 587.0 693.9 (687.2 ) 593.7 558.5 (582.3 ) 569.9 Benefit from income taxes 0.1 0.5 -- 0.6 -- (0.5 ) 0.1 Net income 587.1 694.4 (687.2 ) 594.3 558.5 (582.8 ) 570.0 Net income attributable to noncontrolling interests -- (2.3 ) (10.6 ) (12.9 ) -- 1.4 (11.5 ) Net income attributable to entity $ 587.1 $ 692.1 $ (697.8 ) $ 581.4 $ 558.5 $ (581.4 ) $ 558.5 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 21,073.8 $ 8,582.6 $ (15,728.4 ) $ 13,928.0 $ -- $ -- $ 13,928.0 Costs and expenses: Operating costs and expenses 20,571.1 7,220.9 (15,728.6 ) 12,063.4 -- -- 12,063.4 General and administrative costs 15.5 79.6 (0.2 ) 94.9 1.2 -- 96.1 Total costs and expenses 20,586.6 7,300.5 (15,728.8 ) 12,158.3 1.2 -- 12,159.5 Equity in income of unconsolidated affiliates 1,444.9 275.7 (1,518.8 ) 201.8 1,439.7 (1,439.7 ) 201.8 Operating income 1,932.1 1,557.8 (1,518.4 ) 1,971.5 1,438.5 (1,439.7 ) 1,970.3 Other income (expense): Interest expense (492.6 ) (7.0 ) 4.5 (495.1 ) -- -- (495.1 ) Other, net 4.5 0.6 (4.5 ) 0.6 (24.1 ) -- (23.5 ) Total other expense, net (488.1 ) (6.4 ) -- (494.5 ) (24.1 ) -- (518.6 ) Income before income taxes 1,444.0 1,551.4 (1,518.4 ) 1,477.0 1,414.4 (1,439.7 ) 1,451.7 Provision for income taxes (6.2 ) (7.6 ) -- (13.8 ) -- (0.9 ) (14.7 ) Net income 1,437.8 1,543.8 (1,518.4 ) 1,463.2 1,414.4 (1,440.6 ) 1,437.0 Net income attributable to noncontrolling interests -- (3.3 ) (21.9 ) (25.2 ) -- 2.6 (22.6 ) Net income attributable to entity $ 1,437.8 $ 1,540.5 $ (1,540.3 ) $ 1,438.0 $ 1,414.4 $ (1,438.0 ) $ 1,414.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 12,556.1 $ 7,076.9 $ (9,009.9 ) $ 10,623.1 $ -- $ -- $ 10,623.1 Costs and expenses: Operating costs and expenses 12,093.2 5,886.0 (9,010.1 ) 8,969.1 -- -- 8,969.1 General and administrative costs 10.1 67.3 -- 77.4 1.6 -- 79.0 Total costs and expenses 12,103.3 5,953.3 (9,010.1 ) 9,046.5 1.6 -- 9,048.1 Equity in income of unconsolidated affiliates 1,270.0 260.0 (1,352.5 ) 177.5 1,242.4 (1,242.4 ) 177.5 Operating income 1,722.8 1,383.6 (1,352.3 ) 1,754.1 1,240.8 (1,242.4 ) 1,752.5 Other income (expense): Interest expense (477.6 ) (10.6 ) 3.5 (484.7 ) -- -- (484.7 ) Other, net 3.9 1.4 (3.5 ) 1.8 (21.1 ) -- (19.3 ) Total other expense, net (473.7 ) (9.2 ) -- (482.9 ) (21.1 ) -- (504.0 ) Income before income taxes 1,249.1 1,374.4 (1,352.3 ) 1,271.2 1,219.7 (1,242.4 ) 1,248.5 Provision for income taxes (2.8 ) (4.6 ) -- (7.4 ) -- (0.9 ) (8.3 ) Net income 1,246.3 1,369.8 (1,352.3 ) 1,263.8 1,219.7 (1,243.3 ) 1,240.2 Net income attributable to noncontrolling interests -- (3.6 ) (19.5 ) (23.1 ) -- 2.6 (20.5 ) Net income attributable to entity $ 1,246.3 $ 1,366.2 $ (1,371.8 ) $ 1,240.7 $ 1,219.7 $ (1,240.7 ) $ 1,219.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 661.3 $ 763.2 $ (751.4 ) $ 673.1 $ 641.2 $ (660.8 ) $ 653.5 Comprehensive income attributable to noncontrolling interests -- (1.6 ) (12.0 ) (13.6 ) -- 1.3 (12.3 ) Comprehensive income attributable to entity $ 661.3 $ 761.6 $ (763.4 ) $ 659.5 $ 641.2 $ (659.5 ) $ 641.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 519.4 $ 723.5 $ (687.2 ) $ 555.7 $ 520.0 $ (544.2 ) $ 531.5 Comprehensive income attributable to noncontrolling interests -- (2.3 ) (10.6 ) (12.9 ) -- 1.4 (11.5 ) Comprehensive income attributable to entity $ 519.4 $ 721.2 $ (697.8 ) $ 542.8 $ 520.0 $ (542.8 ) $ 520.0 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,531.4 $ 1,601.5 $ (1,518.4 ) $ 1,614.5 $ 1,565.7 $ (1,591.9 ) $ 1,588.3 Comp rehensive income attrib -- (3.3 ) (21.9 ) (25.2 ) -- 2.6 (22.6 ) Comprehensive income attributable to entity $ 1,531.4 $ 1,598.2 $ (1,540.3 ) $ 1,589.3 $ 1,565.7 $ (1,589.3 ) $ 1,565.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,174.6 $ 1,353.6 $ (1,352.2 ) $ 1,176.0 $ 1,131.9 $ (1,155.5 ) $ 1,152.4 Comprehensive income attributable to noncontrolling interests -- (3.6 ) (19.5 ) (23.1 ) -- 2.6 (20.5 ) Comprehensive income attributable to entity $ 1,174.6 $ 1,350.0 $ (1,371.7 ) $ 1,152.9 $ 1,131.9 $ (1,152.9 ) $ 1,131.9 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 1,437.8 $ 1,543.8 $ (1,518.4 ) $ 1,463.2 $ 1,414.4 $ (1,440.6 ) $ 1,437.0 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 103.3 705.7 (0.2 ) 808.8 -- -- 808.8 Equity in income of unconsolidated affiliates (1,444.9 ) (275.7 ) 1,518.8 (201.8 ) (1,439.7 ) 1,439.7 (201.8 ) Distributions received on earnings from unconsolidated affiliates 529.3 133.7 (457.9 ) 205.1 1,753.3 (1,753.3 ) 205.1 Net effect of changes in operating accounts and other operating activities 1,793.0 (1,766.2 ) (0.7 ) 26.1 59.3 0.4 85.8 Net cash flows provided by operating activities 2,418.5 341.3 (458.4 ) 2,301.4 1,787.3 (1,753.8 ) 2,334.9 Investing activities: Capital expenditures, net of contributions in aid of construction costs (369.3 ) (743.8 ) -- (1,113.1 ) -- -- (1,113.1 ) Cash used for business combination, net of cash received -- (191.4 ) -- (191.4 ) -- -- (191.4 ) Proceeds from asset sales 1.4 1.8 -- 3.2 -- -- 3.2 Other investing activities (759.8 ) (26.7 ) 1,108.3 321.8 (750.9 ) 750.9 321.8 Cash used in investing activities (1,127.7 ) (960.1 ) 1,108.3 (979.5 ) (750.9 ) 750.9 (979.5 ) Financing activities: Borrowings under debt agreements 33,307.8 -- -- 33,307.8 -- -- 33,307.8 Repayments of debt (33,605.2 ) (0.1 ) (34.0 ) (33,639.3 ) -- -- (33,639.3 ) Cash distributions paid to owners (1,753.3 ) (491.2 ) 491.2 (1,753.3 ) (1,757.8 ) 1,753.3 (1,757.8 ) Cash payments made in connection with DERs -- -- -- -- (7.2 ) -- (7.2 ) Cash distributions paid to noncontrolling interests -- (4.7 ) (18.9 ) (23.6 ) -- 0.5 (23.1 ) Cash contributions from noncontrolling interests -- 0.1 0.2 0.3 -- -- 0.3 Net cash proceeds from issuance of common units -- -- -- -- 757.2 -- 757.2 Cash contributions from owners 750.9 1,088.9 (1,088.9 ) 750.9 -- (750.9 ) -- Other financing activities 0.7 -- -- 0.7 (28.5 ) -- (27.8 ) Cash provided by (used in) financing activities (1,299.1 ) 593.0 (650.4 ) (1,356.5 ) (1,036.3 ) 1,002.9 (1,389.9 ) Net change in cash and cash equivalents (8.3 ) (25.8 ) (0.5 ) (34.6 ) 0.1 -- (34.5 ) Cash and cash equivalents, January 1 13.4 57.2 (7.5 ) 63.1 -- -- 63.1 Cash and cash equivalents, June 30 $ 5.1 $ 31.4 $ (8.0 ) $ 28.5 $ 0.1 $ -- $ 28.6 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 1,246.3 $ 1,369.8 $ (1,352.3 ) $ 1,263.8 $ 1,219.7 $ (1,243.3 ) $ 1,240.2 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 84.9 678.7 (0.2 ) 763.4 -- -- 763.4 Equity in income of unconsolidated affiliates (1,270.0 ) (260.0 ) 1,352.5 (177.5 ) (1,242.4 ) 1,242.4 (177.5 ) Distributions received on earnings from unconsolidated affiliates 475.9 81.5 (362.3 ) 195.1 1,633.4 (1,633.4 ) 195.1 Net effect of changes in operating accounts and other operating activities 679.7 (922.9 ) 46.8 (196.4 ) 19.8 0.6 (176.0 ) Net cash flows provided by operating activities 1,216.8 947.1 (315.5 ) 1,848.4 1,630.5 (1,633.7 ) 1,845.2 Investing activities: Capital expenditures, net of contributions in aid of construction costs (729.1 ) (1,127.7 ) -- (1,856.8 ) -- -- (1,856.8 ) Proceeds from asset sales 13.9 14.0 -- 27.9 -- -- 27.9 Other investing activities (945.0 ) (47.5 ) 582.8 (409.7 ) (1,881.8 ) 1,881.8 (409.7 ) Cash used in investing activities (1,660.2 ) (1,161.2 ) 582.8 (2,238.6 ) (1,881.8 ) 1,881.8 (2,238.6 ) Financing activities: Borrowings under debt agreements 33,235.3 32.5 (32.5 ) 33,235.3 -- -- 33,235.3 Repayments of debt (32,986.6 ) (0.1 ) -- (32,986.7 ) -- -- (32,986.7 ) Cash distributions paid to owners (1,633.4 ) (379.9 ) 379.9 (1,633.4 ) (1,610.5 ) 1,633.4 (1,610.5 ) Cash payments made in connection with DERs -- -- -- -- (5.3 ) -- (5.3 ) Cash distributions paid to noncontrolling interests -- (3.5 ) (17.6 ) (21.1 ) -- 0.3 (20.8 ) Cash contributions from noncontrolling interests -- 16.0 -- 16.0 -- -- 16.0 Net cash proceeds from issuance of common units -- -- -- -- 1,888.3 -- 1,888.3 Cash contributions from owners 1,881.8 550.3 (550.3 ) 1,881.8 -- (1,881.8 ) -- Other financing activities (7.2 ) -- -- (7.2 ) (21.2 ) -- (28.4 ) Cash provided by financing activities 489.9 215.3 (220.5 ) 484.7 251.3 (248.1 ) 487.9 Net change in cash and cash equivalents 46.5 1.2 46.8 94.5 -- -- 94.5 Cash and cash equivalents, January 1 -- 69.6 (50.6 ) 19.0 -- -- 19.0 Cash and cash equivalents, June 30 $ 46.5 $ 70.8 $ (3.8 ) $ 113.5 $ -- $ -- $ 113.5 |
General Accounting and Disclo24
General Accounting and Disclosure Matters (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 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. 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, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates 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 12 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. |
Fair Value Measurements | 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. |
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, NGLs, crude oil and refined products. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. At June 30, 2017 and December 31, 2016, our restricted cash amounts were $35.4 million and $354.5 million, respectively. The balance of restricted cash decreased since December 31, 2016 primarily due to the settlement of derivative instruments related to contango positions during 2017. See Note 12 for information regarding our derivative instruments and hedging activities. Impact of ASU 2016-18 Statement of Cash Flows We intend to adopt the new cash flow statement guidance on December 31, 2017 by retrospectively adjusting our consolidated cash flow statements to eliminate the presentation of cash inflows and outflows associated with restricted cash that were historically shown in the investing activities section. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated: June 30, 2017 December 31, 2016 NGLs $ 897.1 $ 1,156.1 Petrochemicals and refined products 377.4 220.7 Crude oil 313.2 360.0 Natural gas 16.6 33.7 Total $ 1,604.3 $ 1,770.5 |
Cost of Sales and Lower of Cost or Market Adjustments | Due to fluctuating commodity prices, we recognize lower of cost or net realizable value 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 net realizable value adjustments for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cost of sales (1) $ 4,731.1 $ 3,838.7 $ 10,066.8 $ 7,047.0 Lower of cost or net realizable value adjustments within cost of sales 2.6 0.8 6.0 6.1 (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 (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Useful Life in Years June 30, 2017 December 31, 2016 Plants, pipelines and facilities (1) 3-45 (5) $ 35,785.9 $ 35,124.6 Underground and other storage facilities (2) 5-40 (6) 3,388.4 3,326.9 Transportation equipment (3) 3-10 172.1 165.8 Marine vessels (4) 15-30 800.5 800.7 Land 266.8 264.6 Construction in progress 4,101.9 3,320.7 Total 44,515.6 43,003.3 Less accumulated depreciation 10,294.9 9,710.8 Property, plant and equipment, net $ 34,220.7 $ 33,292.5 (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; 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) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) 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; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Depreciation expense (1) $ 321.1 $ 298.2 $ 638.6 $ 594.1 Capitalized interest (2) 44.5 46.4 84.1 88.9 (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 |
Allocation of Total Purchase Prices Paid in Connection with Business Combinations | The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the Azure acquisition at April 30, 2017. The allocation remains provisional due to ongoing efforts to clarify certain environmental liabilities (estimated at $2.2 million), which are expected to be resolved by December 31, 2017. Assets acquired in business combination: Current assets $ 3.1 Property, plant and equipment 194.2 Total assets acquired 197.3 Liabilities assumed in business combination: Current liabilities 1.4 Long-term liabilities 4.5 Total liabilities assumed 5.9 Cash used for Azure acquisition $ 191.4 |
AROs | The following table presents information regarding our AROs since January 1, 2017: ARO liability balance, January 1, 2017 $ $ 85.4 Liabilities incurred 3.1 Liabilities settled (1.5 ) Revisions in estimated cash flows (3.2 ) Accretion expense 2.8 ARO liability balance, June 30, 2017 $ 86.6 |
Investments in Unconsolidated27
Investments in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Interest at June 30, 2017 June 30, 2017 December 31, 2016 NGL Pipelines & Services: Venice Energy Service Company, L.L.C. 13.1% $ 25.9 $ 24.8 K/D/S Promix, L.L.C. 50% 32.2 33.7 Baton Rouge Fractionators LLC 32.2% 17.6 17.3 Skelly-Belvieu Pipeline Company, L.L.C. 50% 37.1 38.9 Texas Express Pipeline LLC 35% 327.8 331.9 Texas Express Gathering LLC 45% 36.5 35.8 Front Range Pipeline LLC 33.3% 166.5 165.4 Delaware Basin Gas Processing LLC 50% 108.2 102.6 Crude Oil Pipelines & Services: Seaway Crude Pipeline Company LLC 50% 1,380.5 1,393.8 Eagle Ford Pipeline LLC 50% 379.1 377.9 Eagle Ford Terminals Corpus Christi LLC 50% 63.2 52.9 Natural Gas Pipelines & Services: White River Hub, LLC 50% 21.3 21.7 Petrochemical & Refined Products Services: Centennial Pipeline LLC 50% 60.7 62.3 Other Various 4.7 18.3 Total investments in unconsolidated affiliates $ 2,661.3 $ 2,677.3 The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 19.0 $ 14.0 $ 34.5 $ 29.1 Crude Oil Pipelines & Services 89.2 65.8 170.4 155.9 Natural Gas Pipelines & Services 0.9 0.9 1.9 1.9 Petrochemical & Refined Products Services (2.1 ) (4.3 ) (5.0 ) (9.4 ) Total $ 107.0 $ 76.4 $ 201.8 $ 177.5 The following table presents our unamortized excess cost amounts by business segment at the dates indicated: June 30, 2017 December 31, 2016 NGL Pipelines & Services $ 23.5 $ 24.1 Crude Oil Pipelines & Services 18.6 19.0 Petrochemical & Refined Products Services 1.9 2.1 Total $ 44.0 $ 45.2 Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income Statement Data: Revenues $ 371.9 $ 317.5 $ 715.1 $ 663.0 Operating income 229.8 181.7 433.5 395.4 Net income 237.6 178.3 440.5 393.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets and Goodwill [Abstract] | |
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated: June 30, 2017 December 31, 2016 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.4 $ (180.0 ) $ 267.4 $ 447.4 $ (172.7 ) $ 274.7 Contract-based intangibles 279.9 (211.7 ) 68.2 279.9 (204.4 ) 75.5 Segment total 727.3 (391.7 ) 335.6 727.3 (377.1 ) 350.2 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (104.4 ) 2,099.1 2,204.4 (84.5 ) 2,119.9 Contract-based intangibles 281.0 (146.5 ) 134.5 281.0 (121.9 ) 159.1 Segment total 2,484.5 (250.9 ) 2,233.6 2,485.4 (206.4 ) 2,279.0 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (402.5 ) 947.8 1,350.3 (390.0 ) 960.3 Contract-based intangibles 464.7 (375.0 ) 89.7 464.7 (370.5 ) 94.2 Segment total 1,815.0 (777.5 ) 1,037.5 1,815.0 (760.5 ) 1,054.5 Petrochemical & Refined Products Services: Customer relationship intangibles 185.5 (46.9 ) 138.6 185.5 (43.9 ) 141.6 Contract-based intangibles 54.0 (16.9 ) 37.1 54.0 (15.2 ) 38.8 Segment total 239.5 (63.8 ) 175.7 239.5 (59.1 ) 180.4 Total intangible assets $ 5,266.3 $ (1,483.9 ) $ 3,782.4 $ 5,267.2 $ (1,403.1 ) $ 3,864.1 |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 7.3 $ 7.7 $ 14.6 $ 15.5 Crude Oil Pipelines & Services 22.3 24.7 45.4 52.4 Natural Gas Pipelines & Services 8.8 8.3 17.0 16.9 Petrochemical & Refined Products Services 2.3 2.3 4.7 4.5 Total $ 40.7 $ 43.0 $ 81.7 $ 89.3 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2017 2018 2019 2020 2021 $ 81.1 $ 163.8 $ 157.7 $ 152.8 $ 163.2 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Obligations [Abstract] | |
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: June 30, 2017 December 31, 2016 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ 1,455.2 $ 1,777.2 Senior Notes L, 6.30% fixed-rate, due September 2017 800.0 800.0 364-Day Credit Agreement, variable-rate, due September 2017 -- -- Senior Notes V, 6.65% fixed-rate, due April 2018 349.7 349.7 Senior Notes OO, 1.65% fixed-rate, due May 2018 750.0 750.0 Senior Notes N, 6.50% fixed-rate, due January 2019 700.0 700.0 Senior Notes LL, 2.55% fixed-rate, due October 2019 800.0 800.0 Senior Notes Q, 5.25% fixed-rate, due January 2020 500.0 500.0 Senior Notes Y, 5.20% fixed-rate, due September 2020 1,000.0 1,000.0 Multi-Year Revolving Credit Facility, variable-rate, due September 2020 -- -- Senior Notes RR, 2.85% fixed-rate, due April 2021 575.0 575.0 Senior Notes CC, 4.05% fixed-rate, due February 2022 650.0 650.0 Senior Notes HH, 3.35% fixed-rate, due March 2023 1,250.0 1,250.0 Senior Notes JJ, 3.90% fixed-rate, due February 2024 850.0 850.0 Senior Notes MM, 3.75% fixed-rate, due February 2025 1,150.0 1,150.0 Senior Notes PP, 3.70% fixed-rate, due February 2026 875.0 875.0 Senior Notes SS, 3.95% fixed-rate, due February 2027 575.0 575.0 Senior Notes D, 6.875% fixed-rate, due March 2033 500.0 500.0 Senior Notes H, 6.65% fixed-rate, due October 2034 350.0 350.0 Senior Notes J, 5.75% fixed-rate, due March 2035 250.0 250.0 Senior Notes W, 7.55% fixed-rate, due April 2038 399.6 399.6 Senior Notes R, 6.125% fixed-rate, due October 2039 600.0 600.0 Senior Notes Z, 6.45% fixed-rate, due September 2040 600.0 600.0 Senior Notes BB, 5.95% fixed-rate, due February 2041 750.0 750.0 Senior Notes DD, 5.70% fixed-rate, due February 2042 600.0 600.0 Senior Notes EE, 4.85% fixed-rate, due August 2042 750.0 750.0 Senior Notes GG, 4.45% fixed-rate, due February 2043 1,100.0 1,100.0 Senior Notes II, 4.85% fixed-rate, due March 2044 1,400.0 1,400.0 Senior Notes KK, 5.10% fixed-rate, due February 2045 1,150.0 1,150.0 Senior Notes QQ, 4.90% fixed-rate, due May 2046 975.0 975.0 Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 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 22,105.2 22,427.2 EPO Junior Subordinated Notes A, variable-rate, due August 2066 521.1 521.1 EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 256.4 256.4 EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 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 23,579.6 23,901.6 Other, non-principal amounts (198.3 ) (203.9 ) Less current maturities of debt (3,354.8 ) (2,576.8 ) Total long-term debt $ 20,026.5 $ 21,120.9 (1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Fixed rate of 7.000% through May 31, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate reset quarterly and based on 3-month LIBOR plus 2.680%. |
Interest Rates and Weighted-Average Interest Rates Paid on Consolidated Variable-Rate Debt Obligations | The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2017: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 0.90% to 1.53% 1.20% EPO Junior Subordinated Notes A 4.59% to 4.88% 4.76% EPO Junior Subordinated Notes C 3.98% 3.98% |
Consolidated Debt Maturities | The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2017 for the next five years, and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2017 2018 2019 2020 2021 Thereafter Commercial Paper Notes $ 1,455.2 $ 1,455.2 $ -- $ -- $ -- $ -- $ -- Senior Notes 20,650.0 800.0 1,100.0 1,500.0 1,500.0 575.0 15,175.0 Junior Subordinated Notes 1,474.4 -- -- -- -- -- 1,474.4 Total $ 23,579.6 $ 2,255.2 $ 1,100.0 $ 1,500.0 $ 1,500.0 $ 575.0 $ 16,649.4 |
Equity and Distributions (Table
Equity and Distributions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity and Distributions [Abstract] | |
Summary of Changes in Outstanding Units | Partners’ Equity Partners’ equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) outstanding. The following table summarizes changes in the number of our outstanding units from January 1, 2017 to June 30, 2017: Common Units (Unrestricted) Restricted Common Units Total Common Units Number of units outstanding at January 1, 2017 2,116,906,120 682,294 2,117,588,414 Common units issued in connection with ATM program 20,857,006 -- 20,857,006 Common units issued in connection with DRIP and EUPP 7,035,681 -- 7,035,681 Common units issued in connection with the vesting of phantom unit awards 2,351,436 -- 2,351,436 Common units issued in connection with the vesting of restricted common unit awards 668,470 (668,470 ) -- Forfeiture of restricted common unit awards -- (1,250 ) (1,250 ) Cancellation of treasury units acquired in connection with the vesting of equity-based awards (986,686 ) -- (986,686 ) Common units issued in connection with employee compensation 1,176,103 -- 1,176,103 Other 14,685 -- 14,685 Number of units outstanding at June 30, 2017 2,148,022,815 12,574 2,148,035,389 |
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 Derivative Instruments Interest Rate Derivative Instruments Other Total Balance, January 1, 2017 $ (83.8 ) $ (199.8 ) $ 3.6 $ (280.0 ) Other comprehensive income (loss) before reclassifications 175.2 (4.5 ) (0.1 ) 170.6 Amounts reclassified from accumulated other comprehe nsive loss (income) (38.9 ) 19.6 -- (19.3 ) Total other comprehensive income (loss) 136.3 15.1 (0.1 ) 151.3 Balance, June 30, 2017 $ 52.5 $ (184.7 ) $ 3.5 $ (128.7 ) Gains (Losses) on Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Balance, January 1, 2016 $ 56.6 $ (279.5 ) $ 3.7 $ (219.2 ) Other comprehensive loss before reclassifications (74.9 ) (9.4 ) (0.1 ) (84.4 ) Amounts reclassified from accumulated other comprehensive loss (income) (21.8 ) 18.4 -- (3.4 ) Total other comprehensive income (loss) (96.7 ) 9.0 (0.1 ) (87.8 ) Balance, June 30, 2016 $ (40.1 ) $ (270.5 ) $ 3.6 $ (307.0 ) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2017 2016 2017 2016 Losses (gains) on cash flow hedges: Interest rate derivatives Interest expense $ 10.0 $ 9.2 $ 19.6 $ 18.4 Commodity derivatives Revenue (46.0 ) 34.2 (38.5 ) (24.6 ) Commodity derivatives Operating costs and expenses -- 1.2 (0.4 ) 2.8 Total $ (36.0 ) $ 44.6 $ (19.3 ) $ (3.4 ) |
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 Common Unit Record Date Payment Date 2016 1st Quarter $ 0.3950 4/29/2016 5/6/2016 2nd Quarter $ 0.4000 7/29/2016 8/5/2016 2017 1st Quarter $ 0.4150 4/28/2017 5/8/2017 2nd Quarter $ 0.4200 7/31/2017 8/7/2017 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Segments [Abstract] | |
Measurement of Total Segment Gross Operating Margin | The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income before income taxes $ 674.7 $ 569.9 $ 1,451.7 $ 1,248.5 Add total other expense, net 264.0 267.0 518.6 504.0 Operating income 938.7 836.9 1,970.3 1,752.5 Adjustments to reconcile operating income to total gross operating margin: Add depreciation, amortization and accretion expense in operating costs and expenses 379.2 360.3 755.4 718.5 Add asset impairment and related charges in operating costs and expenses 14.0 20.2 25.2 21.9 Add net losses attributable to asset sales in operating costs and expenses 0.3 1.7 -- 6.6 Add general and administrative costs 45.7 35.1 96.1 79.0 Adjustments for make-up rights on certain new pipeline projects: Add non-refundable payments received from shippers attributable to make-up rights (1) 8.3 1.8 21.6 8.9 Subtract the subsequent recognition of revenues attributable to make-up rights (2) (6.8 ) (6.6 ) (15.9 ) (19.5 ) Total segment gross operating margin $ 1,379.4 $ 1,249.4 $ 2,852.7 $ 2,567.9 (1) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. (2) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Gross operating margin by segment: NGL Pipelines & Services $ 759.9 $ 719.1 $ 1,615.9 $ 1,502.8 Crude Oil Pipelines & Services 236.7 177.4 501.3 379.7 Natural Gas Pipelines & Services 194.4 177.4 365.3 355.1 Petrochemical & Refined Products Services 188.4 175.5 370.2 330.3 Total segment gross operating margin $ 1,379.4 $ 1,249.4 $ 2,852.7 $ 2,567.9 |
Information by Business Segments | Summarized Segment Financial Information Information by business segment, together with reconciliations to amounts presented on our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table: Reportable Business Segments NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Adjustments and Eliminations Consolidated Total Revenues from third parties: Three months ended June 30, 2017 $ 2,617.8 $ 1,895.8 $ 782.9 $ 1,301.2 $ -- $ 6,597.7 Three months ended June 30, 2016 2,512.7 1,651.4 533.9 906.6 -- 5,604.6 Six months ended June 30, 2017 5,960.8 3,698.4 1,540.7 2,707.4 -- 13,907.3 Six months ended June 30, 2016 4,914.7 2,928.9 1,081.2 1,669.5 -- 10,594.3 Revenues from related parties: Three months ended June 30, 2017 2.8 3.8 3.3 -- -- 9.9 Three months ended June 30, 2016 2.8 8.6 1.8 -- -- 13.2 Six months ended June 30, 2017 5.6 8.4 6.7 -- -- 20.7 Six months ended June 30, 2016 4.6 19.7 4.5 -- -- 28.8 Intersegment and intrasegment revenues: Three months ended June 30, 2017 5,642.1 3,383.7 220.6 389.7 (9,636.1 ) -- Three months ended June 30, 2016 4,880.8 2,445.7 146.9 307.7 (7,781.1 ) -- Six months ended June 30, 2017 14,516.9 6,857.7 415.1 804.4 (22,594.1 ) -- Six months ended June 30, 2016 8,055.6 3,945.1 271.6 550.4 (12,822.7 ) -- Total revenues: Three months ended June 30, 2017 8,262.7 5,283.3 1,006.8 1,690.9 (9,636.1 ) 6,607.6 Three months ended June 30, 2016 7,396.3 4,105.7 682.6 1,214.3 (7,781.1 ) 5,617.8 Six months ended June 30, 2017 20,483.3 10,564.5 1,962.5 3,511.8 (22,594.1 ) 13,928.0 Six months ended June 30, 2016 12,974.9 6,893.7 1,357.3 2,219.9 (12,822.7 ) 10,623.1 Equity in income (loss) of unconsolidated affiliates: Three months ended June 30, 2017 19.0 89.2 0.9 (2.1 ) -- 107.0 Three months ended June 30, 2016 14.0 65.8 0.9 (4.3 ) -- 76.4 Six months ended June 30, 2017 34.5 170.4 1.9 (5.0 ) -- 201.8 Six months ended June 30, 2016 29.1 155.9 1.9 (9.4 ) -- 177.5 Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table: Reportable Business Segments NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Adjustments and Eliminations Consolidated Total Property, plant and equipment, net: (see Note 4) At June 30, 2017 $ 14,125.8 $ 4,355.1 $ 8,297.2 $ 3,340.7 $ 4,101.9 $ 34,220.7 At December 31, 2016 14,091.5 4,216.1 8,403.0 3,261.2 3,320.7 33,292.5 Investments in unconsolidated affiliates: (see Note 5) At June 30, 2017 751.8 1,822.8 21.3 65.4 -- 2,661.3 At December 31, 2016 750.4 1,824.6 21.7 80.6 -- 2,677.3 Intangible assets, net: At June 30, 2017 335.6 2,233.6 1,037.5 175.7 -- 3,782.4 At December 31, 2016 350.2 2,279.0 1,054.5 180.4 -- 3,864.1 Goodwill: At June 30, 2017 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 At December 31, 2016 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 Segment assets: At June 30, 2017 17,864.9 10,252.5 9,652.3 4,538.0 4,101.9 46,409.6 At December 31, 2016 17,843.8 10,160.7 9,775.5 4,478.4 3,320.7 45,579.1 |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services: Sales of NGLs and related products $ 2,158.0 $ 2,060.4 $ 5,045.2 $ 4,003.9 Midstream services 462.6 455.1 921.2 915.4 Total 2,620.6 2,515.5 5,966.4 4,919.3 Crude Oil Pipelines & Services: Sales of crude oil 1,705.1 1,482.2 3,323.7 2,603.3 Midstream services 194.5 177.8 383.1 345.3 Total 1,899.6 1,660.0 3,706.8 2,948.6 Natural Gas Pipelines & Services: Sales of natural gas 560.6 305.7 1,104.6 620.7 Midstream services 225.6 230.0 442.8 465.0 Total 786.2 535.7 1,547.4 1,085.7 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,114.1 713.4 2,325.2 1,266.6 Midstream services 187.1 193.2 382.2 402.9 Total 1,301.2 906.6 2,707.4 1,669.5 Total consolidated revenues $ 6,607.6 $ 5,617.8 $ 13,928.0 $ 10,623.1 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 4,731.1 $ 3,838.7 $ 10,066.8 $ 7,047.0 Other operating costs and expenses (1) 605.6 601.3 1,216.0 1,175.1 Depreciation, amortization and accretion 379.2 360.3 755.4 718.5 Asset impairment and related charges 14.0 20.2 25.2 21.9 Ne t losses 0.3 1.7 -- 6.6 General and administrative costs 45.7 35.1 96.1 79.0 Total consolidated costs and expenses $ 5,775.9 $ 4,857.3 $ 12,159.5 $ 9,048.1 (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 653.7 $ 558.5 $ 1,414.4 $ 1,219.7 Undistributed earnings allocated and cash payments on phantom unit awards (1) (4.0 ) (3.3 ) (8.0 ) (6.5 ) Net income available to common unitholders $ 649.7 $ 555.2 $ 1,406.4 $ 1,213.2 Basic weighted-average number of common units outstanding 2,144.7 2,085.1 2,135.5 2,059.3 Basic earnings per unit $ 0.30 $ 0.27 $ 0.66 $ 0.59 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 653.7 $ 558.5 $ 1,414.4 $ 1,219.7 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,144.7 2,085.1 2,135.5 2,059.3 Phantom units (1) 9.6 8.1 9.2 7.5 Total 2,154.3 2,093.2 2,144.7 2,066.8 Diluted earnings per unit $ 0.30 $ 0.27 $ 0.66 $ 0.59 (1) Each phantom unit award includes a distribution equivalent right (“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 |
Equity-Based Awards (Tables)
Equity-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Equity-classified awards: Phantom unit awards $ 23.5 $ 19.3 $ 46.3 $ 38.7 Restricted common unit awards -- 0.7 0.5 2.9 Profits interest awards 1.6 1.6 3.1 2.3 Liability-classified awards -- 0.2 0.2 0.3 Total $ 25.1 $ 21.8 $ 50.1 $ 44.2 |
Other Share-based Compensation Plans | The following table presents phantom unit award activity for the period indicated: Number of Units Weighted- Average Grant Date Fair Value per Unit Phantom unit awards at January 1, 2017 7,767,501 $ 27.20 Granted (2) 4,224,680 $ 28.86 Vested (2,355,937 ) $ 28.32 Forfeited (107,145 ) $ 27.74 Phantom unit awards at June 30, 2017 9,529,099 $ 27.66 (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 2017 was $121.9 million based on a grant date market price of our common units ranging from $26.40 to $28.87 per unit. An estimated annual forfeiture rate of 3.8% was applied to these awards. The following table summarizes key elements of each Employee Partnership: Employee Partnership Enterprise Common Units owned by Employee Partnership Class A Capital Base Class A Preference Return Expected Liquidation Date Estimated Grant Date Fair Value of Profits Interest Awards Unrecognized Compensation Cost PubCo I 2,723,052 units $63.7 million $ 0.39 Feb. 2020 $13.2 million $8.8 million PubCo II 2,834,198 units $66.3 million $ 0.39 Feb. 2021 $14.7 million $10.8 million PubCo III 105,000 units $2.5 million $ 0.39 Apr. 2020 $0.6 million $0.2 million PrivCo I 1,111,438 units $26.0 million $ 0.39 Feb. 2021 $5.8 million $0.9 million ( 1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. (2) Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis. (3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. (4) Represents our expected share of the unrecognized compensation cost at June 30, 2017. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 2.6 years, 3. The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership: Expected Risk-Free Expected Expected Unit Employee Life Interest Distribution Price Partnership of Award Rate Yield Volatility PubCo I 4.0 years 0.9% to 1.1% 6.2% to 6.8% 29% to 40% PubCo II 5.0 years 1.1% to 1.7% 6.1% to 6.8% 27% to 40% PubCo III 4.0 years 1.0% to 1.4% 6.1% to 6.2% 31% to 40% PrivCo I 5.0 years 1.2% to 1.6% 6.1% to 6.7% 28% to 40% |
Cash Distributions and Total Intrinsic Value of Phantom Unit Awards | The following table presents supplemental information regarding phantom unit awards for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cash payments made in connection with DERs $ 4.0 $ 3.3 $ 7.2 $ 5.3 Total intrinsic value of phantom unit awards that vested during period 3.1 0.8 66.3 37.1 |
Restricted Common Unit Awards | The following table presents restricted common unit award activity for the period indicated: Number of Units Weighted- Average Grant Date Fair Value per Unit Restricted common units at January 1, 2017 682,294 $ 28.61 Vested (668,470 ) $ 28.56 Forfeited (1,250 ) $ 31.07 Restricted common units at June 30, 2017 12,574 $ 30.92 (1) Determined by dividing the aggregate grant date fair value of awards |
Cash Distributions and Total Intrinsic Value of Restricted Common Unit Awards | The following table presents supplemental information regarding restricted common unit awards for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Cash distributions paid to restricted common unitholders $ -- $ 0.3 $ 0.3 $ 1.1 Total intrinsic value of restricted common unit awards that vested during period 0.1 0.5 18.6 27.3 |
Derivative Instruments, Hedgi34
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |
Hedging Instruments Under the FASB's Derivative and Hedging Guidance | The following table summarizes our portfolio of interest rate swaps at June 30, 2017: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Period of Hedge Rate Swap Accounting Treatment Senior Notes OO 10 fixed-to-floating swaps $ 750.0 5/2015 to 5/2018 1.65% to 1.66% Fair value hedge The following table summarizes our portfolio of forward starting swaps at June 30, 2017: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Average Rate Locked Accounting Treatment Future long-term debt offering 4 forward starting swaps $ 275.0 5/2018 2.02% Cash flow hedge The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2017 (volume measures as noted): Volume (1) Accounting Derivative Purpose Current Long-Term Treatment Derivatives designated as hedging instruments: Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (Bcf) 16.4 n/a Cash flow hedge Forecasted sales of NGLs (MMBbls) 2.3 n/a Cash flow hedge Natural gas marketing: Forecasted purchases of natural gas for fuel (Bcf) 3.0 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) 70.4 0.1 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 85.3 0.9 Cash flow hedge NGLs inventory management activities (MMBbls) 1.4 n/a Fair value hedge Refined products marketing: Forecasted sales of refined products (MMBbls) 0.1 n/a Cash flow hedge Refined products inventory management activities (MMBbls) 4.8 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 7.6 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 12.7 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3,4) 169.2 20.4 Mark-to-market NGL risk management activities (MMBbls) (4) 9.7 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 35.3 17.5 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 December 2018, December 2017 and March 2020, respectively. (3) Current and long-term volumes include 61.0 Bcf and 9.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. (4) 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 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate derivatives Current assets $ 31.7 Current assets $ 0.3 Current liabilities $ 1.6 Current liabilities $ 0.2 Interest rate derivatives Other assets -- Other assets 36.2 Other liabilities -- Other liabilities 0.9 Total interest rate derivatives 31.7 36.5 1.6 1.1 Commodity derivatives Current assets 35.2 Current assets 499.2 Current liabilities 37.0 Current liabilities 662.0 Commodity derivatives Other assets 0.1 Other assets -- Other liabilities -- Other liabilities -- Total commodity derivatives 35.3 499.2 37.0 662.0 Total derivatives designated as hedging instruments $ 67.0 $ 535.7 $ 38.6 $ 663.1 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 3.1 Current assets $ 41.9 Current liabilities $ 10.3 Current liabilities $ 75.6 Commodity derivatives Other assets 2.5 Other assets 0.3 Other liabilities 1.6 Other liabilities 1.8 Total commodity derivatives $ 5.6 $ 42.2 $ 11.9 $ 77.4 |
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 Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Amounts of Assets Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2017: Interest rate derivatives $ 31.7 $ -- $ 31.7 $ (0.5 ) $ -- $ -- $ 31.2 Commodity derivatives 40.9 -- 40.9 (40.2 ) -- -- 0.7 As of December 31, 2016: Interest rate derivatives $ 36.5 $ -- $ 36.5 $ (0.2 ) $ -- $ -- $ 36.3 Commodity derivatives 541.4 -- 541.4 (526.8 ) -- -- 14.6 |
Offsetting Financial Liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Liabilities Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2017: Interest rate derivatives $ 1.6 $ -- $ 1.6 $ (0.5 ) $ -- $ -- $ 1.1 Commodity derivatives 48.9 -- 48.9 (40.2 ) -- (7.7 ) 1.0 As of December 31, 2016: Interest rate derivatives $ 1.1 $ -- $ 1.1 $ (0.2 ) $ -- $ -- $ 0.9 Commodity derivatives 739.4 -- 739.4 (526.8 ) -- (212.4 ) 0.2 |
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 Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ 0.4 $ 1.2 $ (0.5 ) $ 7.3 Commodity derivatives Revenue 18.8 (63.0 ) 37.6 (82.0 ) Total $ 19.2 $ (61.8 ) $ 37.1 $ (74.7 ) Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Hedged Item For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ (0.3 ) $ (1.3 ) $ 0.6 $ (7.5 ) Commodity derivatives Revenue (16.3 ) 51.0 (28.7 ) 79.0 Total $ (16.6 ) $ 49.7 $ (28.1 ) $ 71.5 |
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 Hedging Relationships Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives $ (6.9 ) $ (9.4 ) $ (4.5 ) $ (9.4 ) Commodity derivatives – Revenue (1) 31.4 (80.5 ) 179.0 (77.2 ) Commodity derivatives – Operating costs and expenses (1) (1.0 ) 6.8 (3.8 ) 2.3 Total $ 23.5 $ (83.1 ) $ 170.7 $ (84.3 ) (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 Hedging Relationships Location Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate derivatives Interest expense $ (10.0 ) $ (9.2 ) $ (19.6 ) $ (18.4 ) Commodity derivatives Revenue 46.0 (34.2 ) 38.5 24.6 Commodity derivatives Operating costs and expenses -- (1.2 ) 0.4 (2.8 ) Total $ 36.0 $ (44.6 ) $ 19.3 $ 3.4 |
Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion) | Derivatives in Cash Flow Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Commodity derivatives Operating costs and expenses $ (0.1 ) $ -- $ (1.1 ) $ -- Total $ (0.1 ) $ -- $ (1.1 ) $ -- |
Gain/(Loss) Recognized in Income on Derivative | The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: Derivatives Not Designated as Hedging Instruments Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Commodity derivatives Revenue $ 18.7 $ (45.3 ) $ 34.4 $ (46.6 ) Commodity derivatives Operating costs and expenses (0.8 ) (0.1 ) 3.7 -- Total $ 17.9 $ (45.4 ) $ 38.1 $ (46.6 ) |
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth, by level within the Level 1, 2 and 3 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. The values for commodity derivatives at June 30, 2017 are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this new exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. June 30, 2017 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ -- $ 31.7 $ -- $ 31.7 Commodity derivatives: Value before application of CME Rule 814 29.5 147.9 0.5 177.9 Impact of CME Rule 814 change (29.5 ) (107.5 ) -- (137.0 ) Total commodity derivatives -- 40.4 0.5 40.9 Total financial assets $ -- $ 72.1 $ 0.5 $ 72.6 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 293.7 $ 293.7 Interest rate derivatives -- 1.6 -- 1.6 Commodity derivatives: Value before application of CME Rule 814 9.8 134.2 0.3 144.3 Impact of CME Rule 814 change (9.8 ) (85.6 ) -- (95.4 ) Total commodity derivatives -- 48.6 0.3 48.9 Total financial liabilities $ -- $ 50.2 $ 294.0 $ 344.2 December 31, 2016 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ -- $ 36.5 $ -- $ 36.5 Commodity derivatives 84.5 455.2 1.7 541.4 Total financial assets $ 84.5 $ 491.7 $ 1.7 $ 577.9 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 269.6 $ 269.6 Interest rate derivatives -- 1.1 -- 1.1 Commodity derivatives 136.8 602.3 0.3 739.4 Total financial liabilities $ 136.8 $ 603.4 $ 269.9 $ 1,010.1 |
Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: For the Six Months Ended June 30, Location 2017 2016 Financial liability balance, net, January 1 $ (268.2 ) $ (246.7 ) Total gains (losses) included in: Net income (1) Revenue 0.7 0.7 Net income Other expense, net (5.5 ) 2.2 Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- 1.5 Settlements Revenue (1.4 ) (0.1 ) Transfers out of Level 3 -- 0.1 Financial liability balance, net, March 31 (274.4 ) (242.3 ) Total gains (losses) included in: Net income (1) Revenue 0.1 -- Net income Other expense, net (18.6 ) (23.3 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges 0.1 2.0 Settlements Revenue (0.7 ) (0.1 ) Transfers out of Level 3 -- -- Financial liability balance, net, June 30 $ (293.5 ) $ (263.7 ) (1) There were unrealized losses of $0.7 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. There were unrealized losses of $0.1 million and unrealized gains of $0.5 million included in these amounts for the three and six months ended June 30, 2016, respectively. |
Fair Value Measurements, Valuation Techniques | The following Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 0.3 $ 0.2 Discounted cash flow Forward commodity prices $44.84-$47.60/barrel Commodity derivatives – Ethane 0.2 0.1 Discounted cash flow Forward commodity prices $0.26-$0.32/gallon Total $ 0.5 $ 0.3 |
Asset Impairment Charges by Segment | The following table summarizes our non-cash asset impairment charges for long-lived assets by segment during each of the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 NGL Pipelines & Services $ 2.8 $ 2.1 $ 3.0 $ 2.4 Crude Oil Pipelines & Services 0.6 0.7 0.6 0.9 Natural Gas Pipelines & Services 9.7 9.7 9.9 9.7 Petrochemical & Refined Products Services -- 0.9 -- 1.0 Total $ 13.1 $ 13.4 $ 13.5 $ 14.0 |
Nonrecurring Fair Value Measurements | The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2017: Fair Value Measurements at the End of the Reporting Period Using Carrying Value at June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Non-Cash Impairment Loss Long-lived assets disposed of other than by sale $ -- $ -- $ -- $ -- $ 0.9 Long-lived assets held and used 1.4 -- -- 1.4 3.1 Long-lived assets held for sale 1.2 -- -- 1.2 9.5 Total $ 13.5 The following table presents categories of long-lived assets that were subject to non-recurring fair value measurements during the six months ended June 30, 2016: Fair Value Measurements at the End of the Reporting Period Using Carrying Value at June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Non-Cash Impairment Loss Long-lived assets disposed of other than by sale $ -- $ -- $ -- $ -- $ 4.5 Long-lived assets held for sale 1.5 -- 1.5 -- 9.5 Total $ 14.0 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The following table summarizes our related party transactions for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenues – related parties: Unconsolidated affiliates $ 9.9 $ 13.2 $ 20.7 $ 28.8 Costs and expenses – related parties: EPCO and its privately held affiliates $ 247.4 $ 241.4 $ 490.5 $ 478.7 Unconsolidated affiliates 54.9 57.4 93.1 130.3 Total $ 302.3 $ 298.8 $ 583.6 $ 609.0 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: June 30, 2017 December 31, 2016 Accounts receivable - related parties: Unconsolidated affiliates $ 3.0 $ 1.1 Accounts payable - related parties: EPCO and its privately held affiliates $ 51.2 $ 88.9 Unconsolidated affiliates 11.7 16.2 Total $ 62.9 $ 105.1 At June 30, 2017, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us: Total Number of Units Percentage of Total Units Outstanding 685,508,319 32% The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Operating costs and expenses $ 215.9 $ 210.6 $ 427.5 $ 416.0 General and administrative expenses 27.1 26.3 53.9 53.6 Total costs and expenses $ 243.0 $ 236.9 $ 481.4 $ 469.6 |
Supplemental Cash Flow Inform36
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Net Effect of Changes in Operating Assets and Liabilities | The following table presents the net effect of changes in our operating accounts for the periods indicated: For the Six Months Ended June 30, 2017 2016 Decrease (increase) in: Accounts receivable – trade $ 602.7 $ (481.8 ) Accounts receivable – related parties (1.9 ) (0.6 ) Inventories 234.3 (618.7 ) Prepaid and other current assets 213.7 (51.3 ) Other assets (64.2 ) 0.5 Increase (decrease) in: Accounts payable – trade 46.6 (7.0 ) Accounts payable – related parties (8.4 ) (5.3 ) Accrued product payables (694.2 ) 790.3 Accrued interest (0.8 ) (1.2 ) Other current liabilities (252.4 ) 74.6 Other liabilities 6.7 5.9 Net effect of changes in operating accounts $ 82.1 $ (294.6 ) |
Condensed Consolidating Finan37
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 38.6 $ 33.4 $ (8.0 ) $ 64.0 $ -- $ -- $ 64.0 Accounts receivable – trade, net 948.1 1,707.7 (0.1 ) 2,655.7 -- -- 2,655.7 Accounts receivable – related parties 117.9 756.6 (863.2 ) 11.3 -- (8.3 ) 3.0 Inventories 1,240.6 364.1 (0.4 ) 1,604.3 -- -- 1,604.3 Derivative assets 68.1 1.9 -- 70.0 -- -- 70.0 Prepaid and other current assets 210.7 203.5 (27.2 ) 387.0 0.5 -- 387.5 Total current assets 2,624.0 3,067.2 (898.9 ) 4,792.3 0.5 (8.3 ) 4,784.5 Property, plant and equipment, net 5,212.8 29,006.3 1.6 34,220.7 -- -- 34,220.7 Investments in unconsolidated affiliates 40,195.5 4,207.4 (41,741.6 ) 2,661.3 22,961.0 (22,961.0 ) 2,661.3 Intangible assets, net 692.2 3,104.3 (14.1 ) 3,782.4 -- -- 3,782.4 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 245.9 83.7 (211.0 ) 118.6 0.6 -- 119.2 Total assets $ 49,429.9 $ 44,754.6 $ (42,864.0 ) $ 51,320.5 $ 22,962.1 $ (22,969.3 ) $ 51,313.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 3,354.4 $ 0.4 $ -- $ 3,354.8 $ -- $ -- $ 3,354.8 Accounts payable – trade 307.6 374.7 (7.9 ) 674.4 -- -- 674.4 Accounts payable – related parties 845.1 96.8 (879.0 ) 62.9 8.3 (8.3 ) 62.9 Accrued product payables 1,466.3 1,486.5 (1.7 ) 2,951.1 -- -- 2,951.1 Accrued interest 339.8 0.1 -- 339.9 -- -- 339.9 Derivative liabilities 43.7 5.2 -- 48.9 -- -- 48.9 Other current liabilities 83.5 325.9 (23.8 ) 385.6 -- 1.0 386.6 Total current liabilities 6,440.4 2,289.6 (912.4 ) 7,817.6 8.3 (7.3 ) 7,818.6 Long-term debt 20,011.7 14.8 -- 20,026.5 -- -- 20,026.5 Deferred tax liabilities 4.7 45.5 (0.5 ) 49.7 -- 3.7 53.4 Other long-term liabilities 57.1 397.1 (213.3 ) 240.9 293.7 -- 534.6 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,916.0 41,930.9 (41,911.0 ) 22,935.9 22,660.1 (22,935.9 ) 22,660.1 Noncontrolling interests -- 76.7 173.2 249.9 -- (29.8 ) 220.1 Total equity 22,916.0 42,007.6 (41,737.8 ) 23,185.8 22,660.1 (22,965.7 ) 22,880.2 Total liabilities and equity $ 49,429.9 $ 44,754.6 $ (42,864.0 ) $ 51,320.5 $ 22,962.1 $ (22,969.3 ) $ 51,313.3 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 366.2 $ 58.9 $ (7.5 ) $ 417.6 $ -- $ -- $ 417.6 Accounts receivable – trade, net 1,499.4 1,830.3 (0.2 ) 3,329.5 -- -- 3,329.5 Accounts receivable – related parties 131.5 961.4 (1,090.7 ) 2.2 -- (1.1 ) 1.1 Inventories 1,357.5 413.5 (0.5 ) 1,770.5 -- -- 1,770.5 Derivative assets 464.8 76.6 -- 541.4 -- -- 541.4 Prepaid and other current assets 290.7 191.1 (13.7 ) 468.1 -- -- 468.1 Total current assets 4,110.1 3,531.8 (1,112.6 ) 6,529.3 -- (1.1 ) 6,528.2 Property, plant and equipment, net 4,796.5 28,495.7 0.3 33,292.5 -- -- 33,292.5 Investments in unconsolidated affiliates 39,995.5 4,227.9 (41,546.1 ) 2,677.3 22,317.1 (22,317.1 ) 2,677.3 Intangible assets, net 700.2 3,178.2 (14.3 ) 3,864.1 -- -- 3,864.1 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 222.6 41.0 (177.5 ) 86.1 0.6 -- 86.7 Total assets $ 50,284.4 $ 44,760.3 $ (42,850.2 ) $ 52,194.5 $ 22,317.7 $ (22,318.2 ) $ 52,194.0 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,576.7 $ 0.1 $ -- $ 2,576.8 $ -- $ -- $ 2,576.8 Accounts payable – trade 133.1 272.1 (7.5 ) 397.7 -- -- 397.7 Accounts payable – related parties 1,071.5 139.6 (1,106.0 ) 105.1 1.1 (1.1 ) 105.1 Accrued product payables 1,944.5 1,670.3 (1.1 ) 3,613.7 -- -- 3,613.7 Accrued interest 340.7 0.1 -- 340.8 -- -- 340.8 Derivative liabilities 590.3 147.4 -- 737.7 -- -- 737.7 Other current liabilities 173.5 316.5 (12.0 ) 478.0 -- 0.7 478.7 Total current liabilities 6,830.3 2,546.1 (1,126.6 ) 8,249.8 1.1 (0.4 ) 8,250.5 Long-term debt 21,105.7 15.2 -- 21,120.9 -- -- 21,120.9 Deferred tax liabilities 5.0 45.1 (1.1 ) 49.0 -- 3.7 52.7 Other long-term liabilities 13.5 400.6 (179.8 ) 234.3 269.6 -- 503.9 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,329.9 41,675.3 (41,713.4 ) 22,291.8 22,047.0 (22,291.8 ) 22,047.0 Noncontrolling interests -- 78.0 170.7 248.7 -- (29.7 ) 219.0 Total equity 22,329.9 41,753.3 (41,542.7 ) 22,540.5 22,047.0 (22,321.5 ) 22,266.0 Total liabilities and equity $ 50,284.4 $ 44,760.3 $ (42,850.2 ) $ 52,194.5 $ 22,317.7 $ (22,318.2 ) $ 52,194.0 |
Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 8,541.0 $ 4,274.4 $ (6,207.8 ) $ 6,607.6 $ -- $ -- $ 6,607.6 Costs and expenses: Operating costs and expenses 8,332.1 3,605.9 (6,207.8 ) 5,730.2 -- -- 5,730.2 General and administrative costs 8.1 36.9 -- 45.0 0.7 -- 45.7 Total costs and expenses 8,340.2 3,642.8 (6,207.8 ) 5,775.2 0.7 -- 5,775.9 Equity in income of unconsolidated affiliates 716.1 142.3 (751.4 ) 107.0 673.0 (673.0 ) 107.0 Operating income 916.9 773.9 (751.4 ) 939.4 672.3 (673.0 ) 938.7 Other income (expense): Interest expense (243.8 ) (4.3 ) 2.3 (245.8 ) -- -- (245.8 ) Other, net 2.3 0.4 (2.3 ) 0.4 (18.6 ) -- (18.2 ) Total other expense, net (241.5 ) (3.9 ) -- (245.4 ) (18.6 ) -- (264.0 ) Income before income taxes 675.4 770.0 (751.4 ) 694.0 653.7 (673.0 ) 674.7 Provision for income taxes (3.3 ) (5.0 ) -- (8.3 ) -- (0.4 ) (8.7 ) Net income 672.1 765.0 (751.4 ) 685.7 653.7 (673.4 ) 666.0 Net income attributable to noncontrolling interests -- (1.6 ) (12.0 ) (13.6 ) -- 1.3 (12.3 ) Net income attributable to entity $ 672.1 $ 763.4 $ (763.4 ) $ 672.1 $ 653.7 $ (672.1 ) $ 653.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 7,194.2 $ 3,794.2 $ (5,370.6 ) $ 5,617.8 $ -- $ -- $ 5,617.8 Costs and expenses: Operating costs and expenses 7,002.0 3,190.9 (5,370.7 ) 4,822.2 -- -- 4,822.2 General and administrative costs 4.1 30.5 -- 34.6 0.5 -- 35.1 Total costs and expenses 7,006.1 3,221.4 (5,370.7 ) 4,856.8 0.5 -- 4,857.3 Equity in income of unconsolidated affiliates 637.3 126.4 (687.3 ) 76.4 582.3 (582.3 ) 76.4 Operating income 825.4 699.2 (687.2 ) 837.4 581.8 (582.3 ) 836.9 Other income (expense): Interest expense (240.5 ) (5.4 ) 1.8 (244.1 ) -- -- (244.1 ) Other, net 2.1 0.1 (1.8 ) 0.4 (23.3 ) -- (22.9 ) Total other expense, net (238.4 ) (5.3 ) -- (243.7 ) (23.3 ) -- (267.0 ) Income before income taxes 587.0 693.9 (687.2 ) 593.7 558.5 (582.3 ) 569.9 Benefit from income taxes 0.1 0.5 -- 0.6 -- (0.5 ) 0.1 Net income 587.1 694.4 (687.2 ) 594.3 558.5 (582.8 ) 570.0 Net income attributable to noncontrolling interests -- (2.3 ) (10.6 ) (12.9 ) -- 1.4 (11.5 ) Net income attributable to entity $ 587.1 $ 692.1 $ (697.8 ) $ 581.4 $ 558.5 $ (581.4 ) $ 558.5 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 21,073.8 $ 8,582.6 $ (15,728.4 ) $ 13,928.0 $ -- $ -- $ 13,928.0 Costs and expenses: Operating costs and expenses 20,571.1 7,220.9 (15,728.6 ) 12,063.4 -- -- 12,063.4 General and administrative costs 15.5 79.6 (0.2 ) 94.9 1.2 -- 96.1 Total costs and expenses 20,586.6 7,300.5 (15,728.8 ) 12,158.3 1.2 -- 12,159.5 Equity in income of unconsolidated affiliates 1,444.9 275.7 (1,518.8 ) 201.8 1,439.7 (1,439.7 ) 201.8 Operating income 1,932.1 1,557.8 (1,518.4 ) 1,971.5 1,438.5 (1,439.7 ) 1,970.3 Other income (expense): Interest expense (492.6 ) (7.0 ) 4.5 (495.1 ) -- -- (495.1 ) Other, net 4.5 0.6 (4.5 ) 0.6 (24.1 ) -- (23.5 ) Total other expense, net (488.1 ) (6.4 ) -- (494.5 ) (24.1 ) -- (518.6 ) Income before income taxes 1,444.0 1,551.4 (1,518.4 ) 1,477.0 1,414.4 (1,439.7 ) 1,451.7 Provision for income taxes (6.2 ) (7.6 ) -- (13.8 ) -- (0.9 ) (14.7 ) Net income 1,437.8 1,543.8 (1,518.4 ) 1,463.2 1,414.4 (1,440.6 ) 1,437.0 Net income attributable to noncontrolling interests -- (3.3 ) (21.9 ) (25.2 ) -- 2.6 (22.6 ) Net income attributable to entity $ 1,437.8 $ 1,540.5 $ (1,540.3 ) $ 1,438.0 $ 1,414.4 $ (1,438.0 ) $ 1,414.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 12,556.1 $ 7,076.9 $ (9,009.9 ) $ 10,623.1 $ -- $ -- $ 10,623.1 Costs and expenses: Operating costs and expenses 12,093.2 5,886.0 (9,010.1 ) 8,969.1 -- -- 8,969.1 General and administrative costs 10.1 67.3 -- 77.4 1.6 -- 79.0 Total costs and expenses 12,103.3 5,953.3 (9,010.1 ) 9,046.5 1.6 -- 9,048.1 Equity in income of unconsolidated affiliates 1,270.0 260.0 (1,352.5 ) 177.5 1,242.4 (1,242.4 ) 177.5 Operating income 1,722.8 1,383.6 (1,352.3 ) 1,754.1 1,240.8 (1,242.4 ) 1,752.5 Other income (expense): Interest expense (477.6 ) (10.6 ) 3.5 (484.7 ) -- -- (484.7 ) Other, net 3.9 1.4 (3.5 ) 1.8 (21.1 ) -- (19.3 ) Total other expense, net (473.7 ) (9.2 ) -- (482.9 ) (21.1 ) -- (504.0 ) Income before income taxes 1,249.1 1,374.4 (1,352.3 ) 1,271.2 1,219.7 (1,242.4 ) 1,248.5 Provision for income taxes (2.8 ) (4.6 ) -- (7.4 ) -- (0.9 ) (8.3 ) Net income 1,246.3 1,369.8 (1,352.3 ) 1,263.8 1,219.7 (1,243.3 ) 1,240.2 Net income attributable to noncontrolling interests -- (3.6 ) (19.5 ) (23.1 ) -- 2.6 (20.5 ) Net income attributable to entity $ 1,246.3 $ 1,366.2 $ (1,371.8 ) $ 1,240.7 $ 1,219.7 $ (1,240.7 ) $ 1,219.7 |
Condensed Consolidating Statement of Comprehensive Income | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 661.3 $ 763.2 $ (751.4 ) $ 673.1 $ 641.2 $ (660.8 ) $ 653.5 Comprehensive income attributable to noncontrolling interests -- (1.6 ) (12.0 ) (13.6 ) -- 1.3 (12.3 ) Comprehensive income attributable to entity $ 661.3 $ 761.6 $ (763.4 ) $ 659.5 $ 641.2 $ (659.5 ) $ 641.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 519.4 $ 723.5 $ (687.2 ) $ 555.7 $ 520.0 $ (544.2 ) $ 531.5 Comprehensive income attributable to noncontrolling interests -- (2.3 ) (10.6 ) (12.9 ) -- 1.4 (11.5 ) Comprehensive income attributable to entity $ 519.4 $ 721.2 $ (697.8 ) $ 542.8 $ 520.0 $ (542.8 ) $ 520.0 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,531.4 $ 1,601.5 $ (1,518.4 ) $ 1,614.5 $ 1,565.7 $ (1,591.9 ) $ 1,588.3 Comp rehensive income attrib -- (3.3 ) (21.9 ) (25.2 ) -- 2.6 (22.6 ) Comprehensive income attributable to entity $ 1,531.4 $ 1,598.2 $ (1,540.3 ) $ 1,589.3 $ 1,565.7 $ (1,589.3 ) $ 1,565.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,174.6 $ 1,353.6 $ (1,352.2 ) $ 1,176.0 $ 1,131.9 $ (1,155.5 ) $ 1,152.4 Comprehensive income attributable to noncontrolling interests -- (3.6 ) (19.5 ) (23.1 ) -- 2.6 (20.5 ) Comprehensive income attributable to entity $ 1,174.6 $ 1,350.0 $ (1,371.7 ) $ 1,152.9 $ 1,131.9 $ (1,152.9 ) $ 1,131.9 |
Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2017 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 1,437.8 $ 1,543.8 $ (1,518.4 ) $ 1,463.2 $ 1,414.4 $ (1,440.6 ) $ 1,437.0 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 103.3 705.7 (0.2 ) 808.8 -- -- 808.8 Equity in income of unconsolidated affiliates (1,444.9 ) (275.7 ) 1,518.8 (201.8 ) (1,439.7 ) 1,439.7 (201.8 ) Distributions received on earnings from unconsolidated affiliates 529.3 133.7 (457.9 ) 205.1 1,753.3 (1,753.3 ) 205.1 Net effect of changes in operating accounts and other operating activities 1,793.0 (1,766.2 ) (0.7 ) 26.1 59.3 0.4 85.8 Net cash flows provided by operating activities 2,418.5 341.3 (458.4 ) 2,301.4 1,787.3 (1,753.8 ) 2,334.9 Investing activities: Capital expenditures, net of contributions in aid of construction costs (369.3 ) (743.8 ) -- (1,113.1 ) -- -- (1,113.1 ) Cash used for business combination, net of cash received -- (191.4 ) -- (191.4 ) -- -- (191.4 ) Proceeds from asset sales 1.4 1.8 -- 3.2 -- -- 3.2 Other investing activities (759.8 ) (26.7 ) 1,108.3 321.8 (750.9 ) 750.9 321.8 Cash used in investing activities (1,127.7 ) (960.1 ) 1,108.3 (979.5 ) (750.9 ) 750.9 (979.5 ) Financing activities: Borrowings under debt agreements 33,307.8 -- -- 33,307.8 -- -- 33,307.8 Repayments of debt (33,605.2 ) (0.1 ) (34.0 ) (33,639.3 ) -- -- (33,639.3 ) Cash distributions paid to owners (1,753.3 ) (491.2 ) 491.2 (1,753.3 ) (1,757.8 ) 1,753.3 (1,757.8 ) Cash payments made in connection with DERs -- -- -- -- (7.2 ) -- (7.2 ) Cash distributions paid to noncontrolling interests -- (4.7 ) (18.9 ) (23.6 ) -- 0.5 (23.1 ) Cash contributions from noncontrolling interests -- 0.1 0.2 0.3 -- -- 0.3 Net cash proceeds from issuance of common units -- -- -- -- 757.2 -- 757.2 Cash contributions from owners 750.9 1,088.9 (1,088.9 ) 750.9 -- (750.9 ) -- Other financing activities 0.7 -- -- 0.7 (28.5 ) -- (27.8 ) Cash provided by (used in) financing activities (1,299.1 ) 593.0 (650.4 ) (1,356.5 ) (1,036.3 ) 1,002.9 (1,389.9 ) Net change in cash and cash equivalents (8.3 ) (25.8 ) (0.5 ) (34.6 ) 0.1 -- (34.5 ) Cash and cash equivalents, January 1 13.4 57.2 (7.5 ) 63.1 -- -- 63.1 Cash and cash equivalents, June 30 $ 5.1 $ 31.4 $ (8.0 ) $ 28.5 $ 0.1 $ -- $ 28.6 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries Enterprise Products Partners L.P. (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 1,246.3 $ 1,369.8 $ (1,352.3 ) $ 1,263.8 $ 1,219.7 $ (1,243.3 ) $ 1,240.2 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 84.9 678.7 (0.2 ) 763.4 -- -- 763.4 Equity in income of unconsolidated affiliates (1,270.0 ) (260.0 ) 1,352.5 (177.5 ) (1,242.4 ) 1,242.4 (177.5 ) Distributions received on earnings from unconsolidated affiliates 475.9 81.5 (362.3 ) 195.1 1,633.4 (1,633.4 ) 195.1 Net effect of changes in operating accounts and other operating activities 679.7 (922.9 ) 46.8 (196.4 ) 19.8 0.6 (176.0 ) Net cash flows provided by operating activities 1,216.8 947.1 (315.5 ) 1,848.4 1,630.5 (1,633.7 ) 1,845.2 Investing activities: Capital expenditures, net of contributions in aid of construction costs (729.1 ) (1,127.7 ) -- (1,856.8 ) -- -- (1,856.8 ) Proceeds from asset sales 13.9 14.0 -- 27.9 -- -- 27.9 Other investing activities (945.0 ) (47.5 ) 582.8 (409.7 ) (1,881.8 ) 1,881.8 (409.7 ) Cash used in investing activities (1,660.2 ) (1,161.2 ) 582.8 (2,238.6 ) (1,881.8 ) 1,881.8 (2,238.6 ) Financing activities: Borrowings under debt agreements 33,235.3 32.5 (32.5 ) 33,235.3 -- -- 33,235.3 Repayments of debt (32,986.6 ) (0.1 ) -- (32,986.7 ) -- -- (32,986.7 ) Cash distributions paid to owners (1,633.4 ) (379.9 ) 379.9 (1,633.4 ) (1,610.5 ) 1,633.4 (1,610.5 ) Cash payments made in connection with DERs -- -- -- -- (5.3 ) -- (5.3 ) Cash distributions paid to noncontrolling interests -- (3.5 ) (17.6 ) (21.1 ) -- 0.3 (20.8 ) Cash contributions from noncontrolling interests -- 16.0 -- 16.0 -- -- 16.0 Net cash proceeds from issuance of common units -- -- -- -- 1,888.3 -- 1,888.3 Cash contributions from owners 1,881.8 550.3 (550.3 ) 1,881.8 -- (1,881.8 ) -- Other financing activities (7.2 ) -- -- (7.2 ) (21.2 ) -- (28.4 ) Cash provided by financing activities 489.9 215.3 (220.5 ) 484.7 251.3 (248.1 ) 487.9 Net change in cash and cash equivalents 46.5 1.2 46.8 94.5 -- -- 94.5 Cash and cash equivalents, January 1 -- 69.6 (50.6 ) 19.0 -- -- 19.0 Cash and cash equivalents, June 30 $ 46.5 $ 70.8 $ (3.8 ) $ 113.5 $ -- $ -- $ 113.5 |
Partnership Operations, Organ38
Partnership Operations, Organization and Basis for Presentation (Details) bbl in Millions | 6 Months Ended |
Jun. 30, 2017SegmentmibblBcf | |
Related Party Transaction [Line Items] | |
Number of miles of pipelines | mi | 50,000 |
Number of barrels of storage capacity | bbl | 260 |
Number of cubic feet of storage capacity | Bcf | 14 |
Number of reportable segments | Segment | 4 |
Limited partners ownership interest | 100.00% |
EPCO and its privately held affiliates [Member] | |
Related Party Transaction [Line Items] | |
Percentage of Total Units Outstanding | 32.00% |
General Accounting and Disclo39
General Accounting and Disclosure Matters (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 35.4 | $ 354.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Inventory by Product Type [Abstract] | ||||||
NGLs | $ 897.1 | $ 897.1 | $ 1,156.1 | |||
Petrochemicals and refined products | 377.4 | 377.4 | 220.7 | |||
Crude oil | 313.2 | 313.2 | 360 | |||
Natural gas | 16.6 | 16.6 | 33.7 | |||
Total | 1,604.3 | 1,604.3 | $ 1,770.5 | |||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | ||||||
Cost of sales | [1] | 4,731.1 | $ 3,838.7 | 10,066.8 | $ 7,047 | |
Lower of cost or net realizable value adjustments within cost of sales | $ 2.6 | $ 0.8 | $ 6 | $ 6.1 | ||
[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 Equipment41
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 44,515.6 | $ 44,515.6 | $ 43,003.3 | |||
Less accumulated depreciation | 10,294.9 | 10,294.9 | 9,710.8 | |||
Property, plant and equipment, net | 34,220.7 | 34,220.7 | 33,292.5 | |||
Summary of depreciation expense and capitalized interest [Abstract] | ||||||
Depreciation expense | [1] | 321.1 | $ 298.2 | 638.6 | $ 594.1 | |
Capitalized interest | [2] | 44.5 | $ 46.4 | 84.1 | $ 88.9 | |
Asset Retirement Obligations [Roll Forward] | ||||||
Balance at beginning of period | 85.4 | |||||
Liabilities incurred | 3.1 | |||||
Liabilities settled | (1.5) | |||||
Revisions in estimated cash flows | (3.2) | |||||
Accretion expense | 2.8 | |||||
Balance at end of period | 86.6 | 86.6 | ||||
Capitalized costs, asset retirement costs | 40.3 | 40.3 | 44.9 | |||
Plants, pipelines and facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [3] | 35,785.9 | $ 35,785.9 | 35,124.6 | ||
Plants, pipelines and facilities [Member] | Minimum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [3],[4] | 3 years | ||||
Plants, pipelines and facilities [Member] | Maximum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [3],[4] | 45 years | ||||
Underground and other storage facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [5] | 3,388.4 | $ 3,388.4 | 3,326.9 | ||
Underground and other storage facilities [Member] | Minimum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [5],[6] | 5 years | ||||
Underground and other storage facilities [Member] | Maximum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [5],[6] | 40 years | ||||
Transportation equipment [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [7] | 172.1 | $ 172.1 | 165.8 | ||
Transportation equipment [Member] | Minimum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [7] | 3 years | ||||
Transportation equipment [Member] | Maximum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [7] | 10 years | ||||
Marine vessels [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [8] | 800.5 | $ 800.5 | 800.7 | ||
Marine vessels [Member] | Minimum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [8] | 15 years | ||||
Marine vessels [Member] | Maximum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [8] | 30 years | ||||
Land [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | 266.8 | $ 266.8 | 264.6 | |||
Construction in progress [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 4,101.9 | $ 4,101.9 | $ 3,320.7 | |||
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; buildings; office furniture and equipment; 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; buildings, 20-40 years; office furniture and equipment, 3-20 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] | Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. | |||||
[8] | Marine vessels include tow boats, barges and related equipment used in our marine transportation business. |
Property, Plant and Equipment,
Property, Plant and Equipment, Other (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Apr. 30, 2017 | |
Liabilities assumed in business combination: | |||
Cash used for Azure acquisition | $ 191.4 | $ 0 | |
Azure Midstream Partners, L.P. [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, description | The acquired business assets, which are located primarily in East Texas, include over 730 miles of natural gas gathering pipelines and two natural gas processing facilities with an aggregate processing capacity of 130 million cubic feet per day. The acquired business serves production from the Haynesville Shale and Bossier, Cotton Valley and Travis Peak formations. | ||
Environmental liabilities assumed in business combination | $ 2.2 | ||
Assets acquired in business combination: | |||
Current assets | 3.1 | ||
Property, plant, and equipment | 194.2 | ||
Total assets acquired | 197.3 | ||
Liabilities assumed in business combination: | |||
Current liabilities | 1.4 | ||
Long-term liabilities | 4.5 | ||
Total liabilities assumed | $ 5.9 | ||
Cash used for Azure acquisition | $ 191.4 |
Investments in Unconsolidated43
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 2,661.3 | $ 2,661.3 | $ 2,677.3 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 107 | $ 76.4 | 201.8 | $ 177.5 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | 44 | 44 | 45.2 | ||
Equity method investment amortization of excess cost | 0.5 | 0.6 | 1 | 1.1 | |
Income Statement Data: | |||||
Revenues | 371.9 | 317.5 | 715.1 | 663 | |
Operating income | 229.8 | 181.7 | 433.5 | 395.4 | |
Net income | 237.6 | 178.3 | 440.5 | 393.5 | |
NGL Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 19 | 14 | 34.5 | 29.1 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 23.5 | $ 23.5 | 24.1 | ||
NGL Pipelines & Services [Member] | Venice Energy Service Company, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 13.10% | 13.10% | |||
Investments in unconsolidated affiliates | $ 25.9 | $ 25.9 | 24.8 | ||
NGL Pipelines & Services [Member] | K/D/S Promix, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 32.2 | $ 32.2 | 33.7 | ||
NGL Pipelines & Services [Member] | Baton Rouge Fractionators LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 32.20% | 32.20% | |||
Investments in unconsolidated affiliates | $ 17.6 | $ 17.6 | 17.3 | ||
NGL Pipelines & Services [Member] | Skelly-Belvieu Pipeline Company, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 37.1 | $ 37.1 | 38.9 | ||
NGL Pipelines & Services [Member] | Texas Express Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 35.00% | 35.00% | |||
Investments in unconsolidated affiliates | $ 327.8 | $ 327.8 | 331.9 | ||
NGL Pipelines & Services [Member] | Texas Express Gathering LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 45.00% | 45.00% | |||
Investments in unconsolidated affiliates | $ 36.5 | $ 36.5 | 35.8 | ||
NGL Pipelines & Services [Member] | Front Range Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 33.30% | 33.30% | |||
Investments in unconsolidated affiliates | $ 166.5 | $ 166.5 | 165.4 | ||
NGL Pipelines & Services [Member] | Delaware Basin Gas Processing LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 108.2 | $ 108.2 | 102.6 | ||
Crude Oil Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 18.6 | $ 18.6 | 19 | ||
Crude Oil Pipelines & Services [Member] | Seaway Crude Pipeline Company LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 1,380.5 | $ 1,380.5 | 1,393.8 | ||
Crude Oil Pipelines & Services [Member] | Eagle Ford Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 379.1 | $ 379.1 | 377.9 | ||
Crude Oil Pipelines & Services [Member] | Eagle Ford Terminals Corpus Christi LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 63.2 | $ 63.2 | 52.9 | ||
Natural Gas Pipelines & Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | $ 0.9 | 0.9 | $ 1.9 | 1.9 | |
Natural Gas Pipelines & Services [Member] | White River Hub, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 21.3 | $ 21.3 | 21.7 | ||
Petrochemical & Refined Products Services [Member] | |||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | (2.1) | $ (4.3) | (5) | $ (9.4) | |
Unamortized excess cost amounts by business segment: | |||||
Unamortized excess cost amounts | $ 1.9 | $ 1.9 | 2.1 | ||
Petrochemical & Refined Products Services [Member] | Centennial Pipeline LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest | 50.00% | 50.00% | |||
Investments in unconsolidated affiliates | $ 60.7 | $ 60.7 | 62.3 | ||
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 4.7 | $ 4.7 | $ 18.3 |
Intangible Assets and Goodwill,
Intangible Assets and Goodwill, Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,266.3 | $ 5,266.3 | $ 5,267.2 | ||
Accumulated Amortization | (1,483.9) | (1,483.9) | (1,403.1) | ||
Carrying Value | 3,782.4 | 3,782.4 | 3,864.1 | ||
Amortization expense | 40.7 | $ 43 | 81.7 | $ 89.3 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2017 | 81.1 | 81.1 | |||
2,018 | 163.8 | 163.8 | |||
2,019 | 157.7 | 157.7 | |||
2,020 | 152.8 | 152.8 | |||
2,021 | 163.2 | 163.2 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 727.3 | 727.3 | 727.3 | ||
Accumulated Amortization | (391.7) | (391.7) | (377.1) | ||
Carrying Value | 335.6 | 335.6 | 350.2 | ||
Amortization expense | 7.3 | 7.7 | 14.6 | 15.5 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 447.4 | 447.4 | 447.4 | ||
Accumulated Amortization | (180) | (180) | (172.7) | ||
Carrying Value | 267.4 | 267.4 | 274.7 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 279.9 | 279.9 | 279.9 | ||
Accumulated Amortization | (211.7) | (211.7) | (204.4) | ||
Carrying Value | 68.2 | 68.2 | 75.5 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,484.5 | 2,484.5 | 2,485.4 | ||
Accumulated Amortization | (250.9) | (250.9) | (206.4) | ||
Carrying Value | 2,233.6 | 2,233.6 | 2,279 | ||
Amortization expense | 22.3 | 24.7 | 45.4 | 52.4 | |
Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,203.5 | 2,203.5 | 2,204.4 | ||
Accumulated Amortization | (104.4) | (104.4) | (84.5) | ||
Carrying Value | 2,099.1 | 2,099.1 | 2,119.9 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 281 | 281 | 281 | ||
Accumulated Amortization | (146.5) | (146.5) | (121.9) | ||
Carrying Value | 134.5 | 134.5 | 159.1 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,815 | 1,815 | 1,815 | ||
Accumulated Amortization | (777.5) | (777.5) | (760.5) | ||
Carrying Value | 1,037.5 | 1,037.5 | 1,054.5 | ||
Amortization expense | 8.8 | 8.3 | 17 | 16.9 | |
Natural Gas Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,350.3 | 1,350.3 | 1,350.3 | ||
Accumulated Amortization | (402.5) | (402.5) | (390) | ||
Carrying Value | 947.8 | 947.8 | 960.3 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 464.7 | 464.7 | 464.7 | ||
Accumulated Amortization | (375) | (375) | (370.5) | ||
Carrying Value | 89.7 | 89.7 | 94.2 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 239.5 | 239.5 | 239.5 | ||
Accumulated Amortization | (63.8) | (63.8) | (59.1) | ||
Carrying Value | 175.7 | 175.7 | 180.4 | ||
Amortization expense | 2.3 | $ 2.3 | 4.7 | $ 4.5 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 185.5 | 185.5 | 185.5 | ||
Accumulated Amortization | (46.9) | (46.9) | (43.9) | ||
Carrying Value | 138.6 | 138.6 | 141.6 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 54 | 54 | 54 | ||
Accumulated Amortization | (16.9) | (16.9) | (15.2) | ||
Carrying Value | $ 37.1 | $ 37.1 | $ 38.8 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 23,579.6 | $ 23,901.6 | |
Other, non-principal amounts | (198.3) | (203.9) | |
Less current maturities of debt | (3,354.8) | (2,576.8) | |
Total long-term debt | 20,026.5 | 21,120.9 | |
Debt Obligations Terms: | |||
Letters of credit outstanding | 66.4 | ||
Senior Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 22,105.2 | 22,427.2 | |
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,455.2 | 1,777.2 | |
Debt Obligations Terms: | |||
Interest rate terms | variable | ||
Information regarding variable interest rates paid: | |||
Weighted-average interest rate paid | 1.20% | ||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | |||
Information regarding variable interest rates paid: | |||
Variable interest rates paid | 0.90% | ||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | |||
Information regarding variable interest rates paid: | |||
Variable interest rates paid | 1.53% | ||
Senior Debt Obligations [Member] | EPO Senior Notes L [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 800 | 800 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.30% | ||
Maturity date | Sep. 1, 2017 | ||
Senior Debt Obligations [Member] | EPO 364-Day Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 0 | 0 | |
Debt Obligations Terms: | |||
Interest rate terms | variable | ||
Maturity date | Sep. 14, 2017 | ||
Senior Debt Obligations [Member] | EPO Senior Notes V [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 349.7 | 349.7 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.65% | ||
Maturity date | Apr. 15, 2018 | ||
Senior Debt Obligations [Member] | EPO Senior Notes OO [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 750 | 750 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 1.65% | ||
Maturity date | May 7, 2018 | ||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 700 | 700 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.50% | ||
Maturity date | Jan. 31, 2019 | ||
Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 800 | 800 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 2.55% | ||
Maturity date | Oct. 15, 2019 | ||
Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 500 | 500 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.25% | ||
Maturity date | Jan. 31, 2020 | ||
Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,000 | 1,000 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.20% | ||
Maturity date | Sep. 1, 2020 | ||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 0 | 0 | |
Debt Obligations Terms: | |||
Interest rate terms | variable | ||
Maturity date | Sep. 15, 2020 | ||
Senior Debt Obligations [Member] | EPO Senior Notes RR [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 575 | 575 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 2.85% | ||
Maturity date | Apr. 15, 2021 | ||
Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 650 | 650 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.05% | ||
Maturity date | Feb. 15, 2022 | ||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,250 | 1,250 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 3.35% | ||
Maturity date | Mar. 15, 2023 | ||
Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 850 | 850 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 3.90% | ||
Maturity date | Feb. 15, 2024 | ||
Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,150 | 1,150 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 3.75% | ||
Maturity date | Feb. 15, 2025 | ||
Senior Debt Obligations [Member] | EPO Senior Notes PP [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 875 | 875 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 3.70% | ||
Maturity date | Feb. 15, 2026 | ||
Senior Debt Obligations [Member] | EPO Senior Notes SS [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 575 | 575 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 3.95% | ||
Maturity date | Feb. 15, 2027 | ||
Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 500 | 500 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.875% | ||
Maturity date | Mar. 1, 2033 | ||
Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 350 | 350 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.65% | ||
Maturity date | Oct. 15, 2034 | ||
Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 250 | 250 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.75% | ||
Maturity date | Mar. 1, 2035 | ||
Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 399.6 | 399.6 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 7.55% | ||
Maturity date | Apr. 15, 2038 | ||
Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 600 | 600 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.125% | ||
Maturity date | Oct. 15, 2039 | ||
Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 600 | 600 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.45% | ||
Maturity date | Sep. 1, 2040 | ||
Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 750 | 750 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.95% | ||
Maturity date | Feb. 1, 2041 | ||
Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 600 | 600 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.70% | ||
Maturity date | Feb. 15, 2042 | ||
Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 750 | 750 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.85% | ||
Maturity date | Aug. 15, 2042 | ||
Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,100 | 1,100 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.45% | ||
Maturity date | Feb. 15, 2043 | ||
Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,400 | 1,400 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.85% | ||
Maturity date | Mar. 15, 2044 | ||
Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,150 | 1,150 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 5.10% | ||
Maturity date | Feb. 15, 2045 | ||
Senior Debt Obligations [Member] | EPO Senior Notes QQ [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 975 | 975 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.90% | ||
Maturity date | May 15, 2046 | ||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 400 | 400 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 4.95% | ||
Maturity date | Oct. 15, 2054 | ||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 4 [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 0.3 | 0.3 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 6.65% | ||
Maturity date | Apr. 15, 2018 | ||
Senior Debt Obligations [Member] | TEPPCO Senior Notes 5 [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 0.4 | 0.4 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed | ||
Interest rate, stated percentage | 7.55% | ||
Maturity date | Apr. 15, 2038 | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | [1] | $ 521.1 | 521.1 |
Debt Obligations Terms: | |||
Interest rate terms | [1] | variable | |
Maturity date | [1] | Aug. 31, 2066 | |
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||
Variable interest rate | 3.708% | ||
Information regarding variable interest rates paid: | |||
Weighted-average interest rate paid | 4.76% | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Minimum [Member] | |||
Information regarding variable interest rates paid: | |||
Variable interest rates paid | 4.59% | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Maximum [Member] | |||
Information regarding variable interest rates paid: | |||
Variable interest rates paid | 4.88% | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | [2] | $ 256.4 | 256.4 |
Debt Obligations Terms: | |||
Interest rate terms | [2] | fixed/variable | |
Interest rate, stated percentage | 7.00% | ||
Maturity date | [2] | Jun. 1, 2067 | |
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||
Variable interest rate | 2.778% | ||
Information regarding variable interest rates paid: | |||
Weighted-average interest rate paid | 3.98% | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Maximum [Member] | |||
Information regarding variable interest rates paid: | |||
Variable interest rates paid | 3.98% | ||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes B [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | [3] | $ 682.7 | 682.7 |
Debt Obligations Terms: | |||
Interest rate terms | [3] | fixed/variable | |
Interest rate, stated percentage | 7.034% | ||
Maturity date | [3] | Jan. 15, 2068 | |
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | ||
Variable interest rate | 2.68% | ||
Minimum variable annual interest rate | 7.034% | ||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 14.2 | $ 14.2 | |
Debt Obligations Terms: | |||
Interest rate terms | fixed/variable | ||
Maturity date | Jun. 1, 2067 | ||
[1] | Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. | ||
[2] | Fixed rate of 7.000% through May 31, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.778%. | ||
[3] | Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.680%. |
Debt Obligations, Debt Maturiti
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | $ 2,255.2 | |
2,018 | 1,100 | |
2,019 | 1,500 | |
2,020 | 1,500 | |
2,021 | 575 | |
After 2,021 | 16,649.4 | |
Total | 23,579.6 | $ 23,901.6 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 1,455.2 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
After 2,021 | 0 | |
Total | 1,455.2 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 800 | |
2,018 | 1,100 | |
2,019 | 1,500 | |
2,020 | 1,500 | |
2,021 | 575 | |
After 2,021 | 15,175 | |
Total | 20,650 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
After 2,021 | 1,474.4 | |
Total | $ 1,474.4 |
Equity and Distributions, Summa
Equity and Distributions, Summary of Changes in Outstanding Units (Details) | 6 Months Ended |
Jun. 30, 2017shares | |
Common Units (Unrestricted) [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 2,116,906,120 |
Common units issued in connection with ATM program (in units) | 20,857,006 |
Common units issued in connection with DRIP and EUPP (in units) | 7,035,681 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 2,351,436 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 668,470 |
Forfeiture of restricted common unit awards (in units) | 0 |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | (986,686) |
Common units issued in connection with employee compensation (in units) | 1,176,103 |
Other (in units) | 14,685 |
Ending Balance (in units) | 2,148,022,815 |
Restricted Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 682,294 |
Common units issued in connection with ATM program (in units) | 0 |
Common units issued in connection with DRIP and EUPP (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) | (668,470) |
Forfeiture of restricted common unit awards (in units) | (1,250) |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | 0 |
Common units issued in connection with employee compensation (in units) | 0 |
Other (in units) | 0 |
Ending Balance (in units) | 12,574 |
Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 2,117,588,414 |
Common units issued in connection with ATM program (in units) | 20,857,006 |
Common units issued in connection with DRIP and EUPP (in units) | 7,035,681 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 2,351,436 |
Common units issued in connection with the vesting of restricted common unit awards (in units) | 0 |
Forfeiture of restricted common unit awards (in units) | (1,250) |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | (986,686) |
Common units issued in connection with employee compensation (in units) | 1,176,103 |
Other (in units) | 14,685 |
Ending Balance (in units) | 2,148,035,389 |
Equity and Distributions, Issua
Equity and Distributions, Issuances of Equity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Net cash proceeds from the issuance of common units | $ 757.2 | $ 1,888.3 |
At-the-Market Registration [Member] | ||
Registration Statements and Equity Offerings [Line Items] | ||
Maximum common units authorized for issuance | 1,890 | |
Remaining units available for issuance | $ 864.4 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 20,857,006 | 68,645,180 |
Gross proceeds from the sale of common units | $ 577.3 | $ 1,660 |
Net cash proceeds from the issuance of common units | $ 571.8 | $ 1,650 |
At-the-Market Registration [Member] | EPCO and its privately held affiliates [Member] | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 3,830,256 | |
Gross proceeds from the sale of common units | $ 100 | |
Distribution Reinvestment Plan [Member] | ||
Registration Statements and Equity Offerings [Line Items] | ||
Maximum common units authorized for issuance (in units) | 240,000,000 | |
Remaining units available for issuance (in units) | 92,455,606 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 6,802,889 | 10,104,741 |
Net cash proceeds from the issuance of common units | $ 179 | $ 232.3 |
Distribution Reinvestment Plan [Member] | EPCO and its privately held affiliates [Member] | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Net cash proceeds from the issuance of common units | $ 100 | |
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) | 6,032,683 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||
Number of common units issued (in units) | 232,792 | 279,960 |
Net cash proceeds from the issuance of common units | $ 6.4 | $ 6.8 |
Equity and Distributions, Accum
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | $ (280) | $ (219.2) | ||
Other comprehensive income (loss) before reclassifications | 170.6 | (84.4) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | (19.3) | (3.4) | ||
Total other comprehensive income (loss) | $ (12.5) | $ (38.5) | 151.3 | (87.8) |
Ending Balance | (128.7) | (307) | (128.7) | (307) |
Interest expense | 245.8 | 244.1 | 495.1 | 484.7 |
Revenue | (6,607.6) | (5,617.8) | (13,928) | (10,623.1) |
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
Total | (666) | (570) | (1,437) | (1,240.2) |
Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | (199.8) | (279.5) | ||
Other comprehensive income (loss) before reclassifications | (4.5) | (9.4) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 19.6 | 18.4 | ||
Total other comprehensive income (loss) | 15.1 | 9 | ||
Ending Balance | (184.7) | (270.5) | (184.7) | (270.5) |
Gains and Losses on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | (83.8) | 56.6 | ||
Other comprehensive income (loss) before reclassifications | 175.2 | (74.9) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | (38.9) | (21.8) | ||
Total other comprehensive income (loss) | 136.3 | (96.7) | ||
Ending Balance | 52.5 | (40.1) | 52.5 | (40.1) |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning Balance | 3.6 | 3.7 | ||
Other comprehensive income (loss) before reclassifications | (0.1) | (0.1) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 0 | 0 | ||
Total other comprehensive income (loss) | (0.1) | (0.1) | ||
Ending Balance | 3.5 | 3.6 | 3.5 | 3.6 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | (36) | 44.6 | (19.3) | (3.4) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Interest expense | 10 | 9.2 | 19.6 | 18.4 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains and Losses on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | (46) | 34.2 | (38.5) | (24.6) |
Operating costs and expenses | $ 0 | $ 1.2 | $ (0.4) | $ 2.8 |
Equity and Distributions, Distr
Equity and Distributions, Distributions (Details) - Cash Distribution [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
First Quarter 2016 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.3950 | |
Record Date | Apr. 29, 2016 | |
Payment Date | May 6, 2016 | |
Second Quarter 2016 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4000 | |
Record Date | Jul. 29, 2016 | |
Payment Date | Aug. 5, 2016 | |
First Quarter 2017 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4150 | |
Record Date | Apr. 28, 2017 | |
Payment Date | May 8, 2017 | |
Second Quarter 2017 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4200 | |
Record Date | Jul. 31, 2017 | |
Payment Date | Aug. 7, 2017 |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Segment | Jun. 30, 2016USD ($) | ||
Business Segments [Abstract] | |||||
Number of reportable segments | Segment | 4 | ||||
Segment Gross Operating Margin [Abstract] | |||||
Income before income taxes | $ 674.7 | $ 569.9 | $ 1,451.7 | $ 1,248.5 | |
Add total other expense, net | 264 | 267 | 518.6 | 504 | |
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 | |
Adjustments to reconcile operating income to total gross operating margin: | |||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 379.2 | 360.3 | 755.4 | 718.5 | |
Add asset impairment and related charges in operating costs and expenses | 14 | 20.2 | 25.2 | 21.9 | |
Add net losses attributable to asset sales in operating costs and expenses | 0.3 | 1.7 | 0 | 6.6 | |
Add general and administrative costs | 45.7 | 35.1 | 96.1 | 79 | |
Adjustments for make-up rights on certain new pipeline projects: | |||||
Add non-refundable payments received from shippers attributable to make-up rights | [1] | 8.3 | 1.8 | 21.6 | 8.9 |
Subtract the subsequent recognition of revenues attributable to make-up rights | [2] | (6.8) | (6.6) | (15.9) | (19.5) |
Total segment gross operating margin | $ 1,379.4 | $ 1,249.4 | $ 2,852.7 | $ 2,567.9 | |
[1] | Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper. | ||||
[2] | As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. |
Business Segments, Segment Repo
Business Segments, Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 1,379.4 | $ 1,249.4 | $ 2,852.7 | $ 2,567.9 | |
Revenues from third parties | 6,597.7 | 5,604.6 | 13,907.3 | 10,594.3 | |
Revenues from related parties | 9.9 | 13.2 | 20.7 | 28.8 | |
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | |
Total revenues | 6,607.6 | 5,617.8 | 13,928 | 10,623.1 | |
Equity in income (loss) of unconsolidated affiliates | 107 | 76.4 | 201.8 | 177.5 | |
Property, plant and equipment, net | 34,220.7 | 34,220.7 | $ 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
Segment assets | 46,409.6 | 46,409.6 | 45,579.1 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,620.6 | 2,515.5 | 5,966.4 | 4,919.3 | |
Equity in income (loss) of unconsolidated affiliates | 19 | 14 | 34.5 | 29.1 | |
Intangible assets, net | 335.6 | 335.6 | 350.2 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,899.6 | 1,660 | 3,706.8 | 2,948.6 | |
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Intangible assets, net | 2,233.6 | 2,233.6 | 2,279 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 786.2 | 535.7 | 1,547.4 | 1,085.7 | |
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | 1.9 | 1.9 | |
Intangible assets, net | 1,037.5 | 1,037.5 | 1,054.5 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,301.2 | 906.6 | 2,707.4 | 1,669.5 | |
Equity in income (loss) of unconsolidated affiliates | (2.1) | (4.3) | (5) | (9.4) | |
Intangible assets, net | 175.7 | 175.7 | 180.4 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 759.9 | 719.1 | 1,615.9 | 1,502.8 | |
Revenues from third parties | 2,617.8 | 2,512.7 | 5,960.8 | 4,914.7 | |
Revenues from related parties | 2.8 | 2.8 | 5.6 | 4.6 | |
Intersegment and intrasegment revenues | 5,642.1 | 4,880.8 | 14,516.9 | 8,055.6 | |
Total revenues | 8,262.7 | 7,396.3 | 20,483.3 | 12,974.9 | |
Equity in income (loss) of unconsolidated affiliates | 19 | 14 | 34.5 | 29.1 | |
Property, plant and equipment, net | 14,125.8 | 14,125.8 | 14,091.5 | ||
Investments in unconsolidated affiliates | 751.8 | 751.8 | 750.4 | ||
Intangible assets, net | 335.6 | 335.6 | 350.2 | ||
Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
Segment assets | 17,864.9 | 17,864.9 | 17,843.8 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 236.7 | 177.4 | 501.3 | 379.7 | |
Revenues from third parties | 1,895.8 | 1,651.4 | 3,698.4 | 2,928.9 | |
Revenues from related parties | 3.8 | 8.6 | 8.4 | 19.7 | |
Intersegment and intrasegment revenues | 3,383.7 | 2,445.7 | 6,857.7 | 3,945.1 | |
Total revenues | 5,283.3 | 4,105.7 | 10,564.5 | 6,893.7 | |
Equity in income (loss) of unconsolidated affiliates | 89.2 | 65.8 | 170.4 | 155.9 | |
Property, plant and equipment, net | 4,355.1 | 4,355.1 | 4,216.1 | ||
Investments in unconsolidated affiliates | 1,822.8 | 1,822.8 | 1,824.6 | ||
Intangible assets, net | 2,233.6 | 2,233.6 | 2,279 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Segment assets | 10,252.5 | 10,252.5 | 10,160.7 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 194.4 | 177.4 | 365.3 | 355.1 | |
Revenues from third parties | 782.9 | 533.9 | 1,540.7 | 1,081.2 | |
Revenues from related parties | 3.3 | 1.8 | 6.7 | 4.5 | |
Intersegment and intrasegment revenues | 220.6 | 146.9 | 415.1 | 271.6 | |
Total revenues | 1,006.8 | 682.6 | 1,962.5 | 1,357.3 | |
Equity in income (loss) of unconsolidated affiliates | 0.9 | 0.9 | 1.9 | 1.9 | |
Property, plant and equipment, net | 8,297.2 | 8,297.2 | 8,403 | ||
Investments in unconsolidated affiliates | 21.3 | 21.3 | 21.7 | ||
Intangible assets, net | 1,037.5 | 1,037.5 | 1,054.5 | ||
Goodwill | 296.3 | 296.3 | 296.3 | ||
Segment assets | 9,652.3 | 9,652.3 | 9,775.5 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 188.4 | 175.5 | 370.2 | 330.3 | |
Revenues from third parties | 1,301.2 | 906.6 | 2,707.4 | 1,669.5 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | 389.7 | 307.7 | 804.4 | 550.4 | |
Total revenues | 1,690.9 | 1,214.3 | 3,511.8 | 2,219.9 | |
Equity in income (loss) of unconsolidated affiliates | (2.1) | (4.3) | (5) | (9.4) | |
Property, plant and equipment, net | 3,340.7 | 3,340.7 | 3,261.2 | ||
Investments in unconsolidated affiliates | 65.4 | 65.4 | 80.6 | ||
Intangible assets, net | 175.7 | 175.7 | 180.4 | ||
Goodwill | 956.2 | 956.2 | 956.2 | ||
Segment assets | 4,538 | 4,538 | 4,478.4 | ||
Eliminations [Member] | |||||
Information by business segment [Abstract] | |||||
Revenues from third parties | 0 | 0 | 0 | 0 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | (9,636.1) | (7,781.1) | (22,594.1) | (12,822.7) | |
Total revenues | (9,636.1) | (7,781.1) | (22,594.1) | (12,822.7) | |
Equity in income (loss) of unconsolidated affiliates | 0 | $ 0 | 0 | $ 0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 4,101.9 | 4,101.9 | 3,320.7 | ||
Investments in unconsolidated affiliates | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | $ 4,101.9 | $ 4,101.9 | $ 3,320.7 |
Business Segments, Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 6,607.6 | $ 5,617.8 | $ 13,928 | $ 10,623.1 | |
Operating costs and expenses: | |||||
Cost of sales | [1] | 4,731.1 | 3,838.7 | 10,066.8 | 7,047 |
Other operating costs and expenses | [2] | 605.6 | 601.3 | 1,216 | 1,175.1 |
Depreciation, amortization and accretion | 379.2 | 360.3 | 755.4 | 718.5 | |
Asset impairment and related charges | 14 | 20.2 | 25.2 | 21.9 | |
Net losses attributable to asset sales | 0.3 | 1.7 | 0 | 6.6 | |
General and administrative costs | 45.7 | 35.1 | 96.1 | 79 | |
Total consolidated costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 | |
NGL Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Sales of NGLs and related products | 2,158 | 2,060.4 | 5,045.2 | 4,003.9 | |
Midstream services | 462.6 | 455.1 | 921.2 | 915.4 | |
Total consolidated revenues | 2,620.6 | 2,515.5 | 5,966.4 | 4,919.3 | |
Crude Oil Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Sales of crude oil | 1,705.1 | 1,482.2 | 3,323.7 | 2,603.3 | |
Midstream services | 194.5 | 177.8 | 383.1 | 345.3 | |
Total consolidated revenues | 1,899.6 | 1,660 | 3,706.8 | 2,948.6 | |
Natural Gas Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Sales of natural gas | 560.6 | 305.7 | 1,104.6 | 620.7 | |
Midstream services | 225.6 | 230 | 442.8 | 465 | |
Total consolidated revenues | 786.2 | 535.7 | 1,547.4 | 1,085.7 | |
Petrochemical & Refined Products Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Sales of petrochemicals and refined products | 1,114.1 | 713.4 | 2,325.2 | 1,266.6 | |
Midstream services | 187.1 | 193.2 | 382.2 | 402.9 | |
Total consolidated revenues | $ 1,301.2 | $ 906.6 | $ 2,707.4 | $ 1,669.5 | |
[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 the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
BASIC EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 | |
Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (4) | (3.3) | (8) | (6.5) |
Net income available to common unitholders | $ 649.7 | $ 555.2 | $ 1,406.4 | $ 1,213.2 | |
Basic weighted-average number of common units outstanding (in units) | 2,144.7 | 2,085.1 | 2,135.5 | 2,059.3 | |
Basic earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 | |
DILUTED EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 | |
Diluted weighted-average number of units outstanding: | |||||
Distribution-bearing common units (in units) | 2,144.7 | 2,085.1 | 2,135.5 | 2,059.3 | |
Phantom units (in units) | [1] | 9.6 | 8.1 | 9.2 | 7.5 |
Total (in units) | 2,154.3 | 2,093.2 | 2,144.7 | 2,066.8 | |
Diluted earnings per unit (in dollars per unit) | $ 0.30 | $ 0.27 | $ 0.66 | $ 0.59 | |
[1] | Each phantom unit award includes a distribution equivalent right ("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. |
Equity-Based Awards (Details)
Equity-Based Awards (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 25.1 | $ 21.8 | $ 50.1 | $ 44.2 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 23.5 | 19.3 | 46.3 | 38.7 |
Restricted Common Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 0 | 0.7 | 0.5 | 2.9 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 1.6 | 1.6 | 3.1 | 2.3 |
Liability-classified awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 0 | $ 0.2 | $ 0.2 | $ 0.3 |
Long-Term Incentive Plan (2008) [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Maximum number of common units that may be issued as awards (in units) | 40,000,000 | 40,000,000 | ||
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) | 18,947,916 | 18,947,916 |
Equity-Based Awards, Phantom Un
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Cash payments made in connection with DERs | $ 7.2 | $ 5.3 | |||
Phantom Unit Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate of phantom unit awards | 25.00% | 25.00% | |||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||
Beginning of period (in units) | 7,767,501 | ||||
Granted (in units) | [1] | 4,224,680 | |||
Vested (in units) | (2,355,937) | ||||
Forfeited (in units) | (107,145) | ||||
End of period (in units) | 9,529,099 | 9,529,099 | |||
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) | [2] | $ 27.20 | |||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 28.86 | |||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 28.32 | |||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.74 | |||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 27.66 | $ 27.66 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Aggregate grant date fair value | $ 121.9 | ||||
Estimated forfeiture rate | 3.80% | ||||
Cash payments made in connection with DERs | $ 4 | $ 3.3 | $ 7.2 | 5.3 | |
Total intrinsic value of phantom unit awards that vested during period | 3.1 | $ 0.8 | 66.3 | $ 37.1 | |
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | 142 | $ 142 | |||
Recognition period for total unrecognized compensation cost | 2 years 2 months 12 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) | $ 26.40 | ||||
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) | $ 28.87 | ||||
Phantom Unit Awards [Member] | Enterprise [Member] | |||||
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | $ 122.5 | $ 122.5 | |||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2017 was $121.9 million based on a grant date market price of our common units ranging from $26.40 to $ 28.87 per unit. An estimated annual forfeiture rate of 3.8% 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. |
Equity-Based Awards, Restricted
Equity-Based Awards, Restricted Unit Awards (Details) - Restricted Common Unit Awards [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate of restricted common unit awards | 25.00% | 25.00% | |||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||
Beginning of period (in units) | 682,294 | ||||
Vested (in units) | (668,470) | ||||
Forfeited (in units) | (1,250) | ||||
End of period (in units) | 12,574 | 12,574 | |||
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) | [1] | $ 28.61 | |||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [1] | 28.56 | |||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [1] | 31.07 | |||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [1] | $ 30.92 | $ 30.92 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Cash distributions paid to restricted common unitholders | $ 0 | $ 0.3 | $ 0.3 | $ 1.1 | |
Total intrinsic value of our restricted common unit awards that vested during period | $ 0.1 | $ 0.5 | $ 18.6 | $ 27.3 | |
[1] | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
Equity-Based Awards, Profits In
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | ||
EPD PubCo I [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common units owned by Employee Partnership (in units) | shares | 2,723,052 | |
Class A capital base | $ 63.7 | [1] |
Class A partner preference return | $ / shares | $ 0.39 | [2] |
Expected liquidation date | Feb. 1, 2020 | |
Estimated grant date fair value of profits interest awards | $ 13.2 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 8.8 | [4] |
Recognition period for total unrecognized compensation cost | 2 years 7 months 6 days | |
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Expected Life of Award | 4 years | |
EPD PubCo I [Member] | Minimum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 0.90% | |
Expected Distribution Yield | 6.20% | |
Expected Unit Price Volatility | 29.00% | |
EPD PubCo I [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.10% | |
Expected Distribution Yield | 6.80% | |
Expected Unit Price Volatility | 40.00% | |
EPD PubCo II [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common units owned by Employee Partnership (in units) | shares | 2,834,198 | |
Class A capital base | $ 66.3 | [1] |
Class A partner preference return | $ / shares | $ 0.39 | [2] |
Expected liquidation date | Feb. 1, 2021 | |
Estimated grant date fair value of profits interest awards | $ 14.7 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 10.8 | [4] |
Recognition period for total unrecognized compensation cost | 3 years 7 months 6 days | |
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Expected Life of Award | 5 years | |
EPD PubCo II [Member] | Minimum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.10% | |
Expected Distribution Yield | 6.10% | |
Expected Unit Price Volatility | 27.00% | |
EPD PubCo II [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.70% | |
Expected Distribution Yield | 6.80% | |
Expected Unit Price Volatility | 40.00% | |
EPD PubCo III [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common units owned by Employee Partnership (in units) | shares | 105,000 | |
Class A capital base | $ 2.5 | [1] |
Class A partner preference return | $ / shares | $ 0.39 | [2] |
Expected liquidation date | Apr. 1, 2020 | |
Estimated grant date fair value of profits interest awards | $ 0.6 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 0.2 | [4] |
Recognition period for total unrecognized compensation cost | 2 years 9 months 18 days | |
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Expected Life of Award | 4 years | |
EPD PubCo III [Member] | Minimum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.00% | |
Expected Distribution Yield | 6.10% | |
Expected Unit Price Volatility | 31.00% | |
EPD PubCo III [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.40% | |
Expected Distribution Yield | 6.20% | |
Expected Unit Price Volatility | 40.00% | |
EPD PrivCo I [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common units owned by Employee Partnership (in units) | shares | 1,111,438 | |
Class A capital base | $ 26 | [1] |
Class A partner preference return | $ / shares | $ 0.39 | [2] |
Expected liquidation date | Feb. 1, 2021 | |
Estimated grant date fair value of profits interest awards | $ 5.8 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 0.9 | [4] |
Recognition period for total unrecognized compensation cost | 3 years 7 months 6 days | |
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Expected Life of Award | 5 years | |
EPD PrivCo I [Member] | Minimum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.20% | |
Expected Distribution Yield | 6.10% | |
Expected Unit Price Volatility | 28.00% | |
EPD PrivCo I [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-Free Interest Rate | 1.60% | |
Expected Distribution Yield | 6.70% | |
Expected Unit Price Volatility | 40.00% | |
[1] | Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. | |
[2] | Each quarter, the Class A limited partner in each Employee Partnership is paid a cash distribution equal to the product of (i) the number of common units owned by the Employee Partnership and (ii) the Class A Preference Return of $0.39 per unit (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis. | |
[3] | Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. | |
[4] | Represents our expected share of the unrecognized compensation cost at June 30, 2017. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 2.6 years, 3.6 years, 2.8 years and 3.6 years, respectively. |
Derivative Instruments, Hedgi59
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)ContractbblBcf | ||
Interest Rate Swaps Hedging Senior Notes OO [Member] | Derivatives in fair value hedging relationships [Member] | ||
Derivative [Line Items] | ||
Number of Derivatives Outstanding | Contract | 10 | |
Type of Derivatives Outstanding | fixed-to-floating swaps | |
Notional Amount | $ | $ 750 | |
Period of Hedge | 5/2015 to 5/2018 | |
Rate Swap, fixed rate | 1.65% | |
Rate Swap, floating rate | 1.66% | |
Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Number of Derivatives Outstanding | Contract | 4 | |
Type of Derivatives Outstanding | forward starting swaps | |
Notional Amount | $ | $ 275 | |
Expected Termination Date | May 1, 2018 | |
Average Rate Locked | 2.02% | |
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | Bcf | 16.4 | [1],[2] |
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 2.3 | [1],[2] |
Designated as Hedging Instrument [Member] | Natural gas marketing: Forecasted purchases of natural gas for fuel [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | Bcf | 3 | [1],[2] |
Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | Bcf | 3.5 | [1],[2] |
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 70.4 | [1],[2] |
Long Term Volume | 0.1 | [1],[2] |
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 85.3 | [1],[2] |
Long Term Volume | 0.9 | [1],[2] |
Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 1.4 | [1],[2] |
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 0.1 | [1],[2] |
Designated as Hedging Instrument [Member] | Refined products marketing: Refined products inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 4.8 | [1],[2] |
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 7.6 | [1],[2] |
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 12.7 | [1],[2] |
Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | Bcf | 169.2 | [1],[2],[3],[4] |
Long Term Volume | Bcf | 20.4 | [1],[2],[3],[4] |
Current natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 61 | |
Long-term natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 9.3 | |
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 9.7 | [1],[2],[4] |
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||
Derivative [Line Items] | ||
Current Volume | 35.3 | [1],[2],[4] |
Long Term Volume | 17.5 | [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 December 2018, December 2017 and March 2020, 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] | Current and long-term volumes include 61.0 Bcf and 9.3 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences. | |
[4] | Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Derivative Instruments, Hedgi60
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 31.7 | $ 36.5 |
Liability Derivatives | 1.6 | 1.1 |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 40.9 | 541.4 |
Liability Derivatives | 48.9 | 739.4 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 67 | 535.7 |
Liability Derivatives | 38.6 | 663.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 31.7 | 36.5 |
Liability Derivatives | 1.6 | 1.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 31.7 | 0.3 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 36.2 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1.6 | 0.2 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0.9 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 35.3 | 499.2 |
Liability Derivatives | 37 | 662 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 35.2 | 499.2 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.1 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 37 | 662 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5.6 | 42.2 |
Liability Derivatives | 11.9 | 77.4 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3.1 | 41.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.5 | 0.3 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 10.3 | 75.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1.6 | $ 1.8 |
Derivative Instruments, Hedgi61
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Interest rate derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 31.7 | $ 36.5 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 31.7 | 36.5 |
Financial Instruments | (0.5) | (0.2) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 31.2 | 36.3 |
Commodity Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 40.9 | 541.4 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 40.9 | 541.4 |
Financial Instruments | (40.2) | (526.8) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | $ 0.7 | $ 14.6 |
Derivative Instruments, Hedgi62
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 1.6 | $ 1.1 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 1.6 | 1.1 |
Financial Instruments | (0.5) | (0.2) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 1.1 | 0.9 |
Commodity Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 48.9 | 739.4 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 48.9 | 739.4 |
Financial Instruments | (40.2) | (526.8) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | (7.7) | (212.4) |
Amounts That Would Have Been Presented On Net Basis | $ 1 | $ 0.2 |
Derivative Instruments, Hedgi63
Derivative Instruments, Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Derivatives in fair value hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | $ 19.2 | $ (61.8) | $ 37.1 | $ (74.7) | |
Gain (Loss) Recognized in Income on Hedged Item | (16.6) | 49.7 | (28.1) | 71.5 | |
Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 0.4 | 1.2 | (0.5) | 7.3 | |
Gain (Loss) Recognized in Income on Hedged Item | (0.3) | (1.3) | 0.6 | (7.5) | |
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) on Fair Value Hedge Ineffectiveness | (0.8) | ||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness | 9.7 | ||||
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 8.9 | ||||
Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 18.8 | (63) | 37.6 | (82) | |
Gain (Loss) Recognized in Income on Hedged Item | (16.3) | 51 | (28.7) | 79 | |
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) | 23.5 | (83.1) | 170.7 | (84.3) | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 36 | (44.6) | 19.3 | 3.4 | |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | (0.1) | 0 | (1.1) | 0 | |
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | (6.9) | (9.4) | (4.5) | (9.4) | |
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (41.3) | (41.3) | |||
Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | (10) | (9.2) | (19.6) | (18.4) | |
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 | 52.4 | 52.4 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 52.6 | 52.6 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (0.2) | (0.2) | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion) | [1] | 31.4 | (80.5) | 179 | (77.2) |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 46 | (34.2) | 38.5 | 24.6 | |
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | 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] | (1) | 6.8 | (3.8) | 2.3 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income (Effective Portion) | 0 | (1.2) | 0.4 | (2.8) | |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | (0.1) | 0 | (1.1) | 0 | |
Derivatives not designated as hedging instruments [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 17.9 | (45.4) | 38.1 | (46.6) | |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 18.7 | (45.3) | 34.4 | (46.6) | |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | $ (0.8) | $ (0.1) | $ 3.7 | $ 0 | |
[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, Hedgi64
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Total gains (losses) included in: | ||||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $ 43.9 | $ (68.3) | ||||||
Fair Value, Measurements, Recurring [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | $ 31.7 | 31.7 | $ 36.5 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 177.9 | 177.9 | ||||||
Impact of CME Rule 814 change | (137) | (137) | ||||||
Total commodity derivatives | 40.9 | 40.9 | 541.4 | |||||
Total | 72.6 | 72.6 | 577.9 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 293.7 | 293.7 | 269.6 | |||||
Interest rate derivatives | 1.6 | 1.6 | 1.1 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 144.3 | 144.3 | ||||||
Impact of CME Rule 814 change | (95.4) | (95.4) | ||||||
Total commodity derivatives | 48.9 | 48.9 | 739.4 | |||||
Total | 344.2 | 344.2 | 1,010.1 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 29.5 | 29.5 | ||||||
Impact of CME Rule 814 change | (29.5) | (29.5) | ||||||
Total commodity derivatives | 0 | 0 | 84.5 | |||||
Total | 0 | 0 | 84.5 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 9.8 | 9.8 | ||||||
Impact of CME Rule 814 change | (9.8) | (9.8) | ||||||
Total commodity derivatives | 0 | 0 | 136.8 | |||||
Total | 0 | 0 | 136.8 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 31.7 | 31.7 | 36.5 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 147.9 | 147.9 | ||||||
Impact of CME Rule 814 change | (107.5) | (107.5) | ||||||
Total commodity derivatives | 40.4 | 40.4 | 455.2 | |||||
Total | 72.1 | 72.1 | 491.7 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||
Interest rate derivatives | 1.6 | 1.6 | 1.1 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 134.2 | 134.2 | ||||||
Impact of CME Rule 814 change | (85.6) | (85.6) | ||||||
Total commodity derivatives | 48.6 | 48.6 | 602.3 | |||||
Total | 50.2 | 50.2 | 603.4 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 0.5 | 0.5 | ||||||
Impact of CME Rule 814 change | 0 | 0 | ||||||
Total commodity derivatives | 0.5 | 0.5 | 1.7 | |||||
Total | 0.5 | 0.5 | 1.7 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 293.7 | 293.7 | 269.6 | |||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 0.3 | 0.3 | ||||||
Impact of CME Rule 814 change | 0 | 0 | ||||||
Total commodity derivatives | 0.3 | 0.3 | 0.3 | |||||
Total | 294 | 294 | $ 269.9 | |||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ||||||||
Financial liability balance, net, beginning of period | (274.4) | $ (268.2) | $ (242.3) | $ (246.7) | (268.2) | (246.7) | ||
Total gains (losses) included in: | ||||||||
Transfers out of Level 3 | 0 | 0 | 0 | 0.1 | ||||
Financial liability balance, net, end of period | (293.5) | (274.4) | (263.7) | (242.3) | (293.5) | (263.7) | ||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | (0.7) | (0.1) | $ (1.3) | $ 0.5 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Revenue [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Net income | [1] | 0.1 | 0.7 | 0 | 0.7 | |||
Settlements | (0.7) | (1.4) | (0.1) | (0.1) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Expense [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Net income | (18.6) | (5.5) | (23.3) | 2.2 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Comprehensive Income (Loss) [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Other comprehensive income | $ 0.1 | $ 0 | $ 2 | $ 1.5 | ||||
[1] | There were unrealized losses of $0.7 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. There were unrealized losses of $0.1 million and unrealized gains of $0.5 million included in these amounts for the three and six months ended June 30, 2016, respectively. |
Derivative Instruments, Hedgi65
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / bbl$ / gal | Dec. 31, 2016USD ($) | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [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] | Level 3 [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 44.84 | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 47.60 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [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 - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.26 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.32 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 40.9 | $ 541.4 |
Commodity liability derivatives | 48.9 | 739.4 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.5 | 1.7 |
Commodity liability derivatives | 0.3 | $ 0.3 |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Asset Commodity derivatives - Ethane [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 0.2 |
Derivative Instruments, Hedgi66
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Asset Impairment Charges [Abstract] | ||||
Asset impairment and related charges | $ 25.2 | $ 22.3 | ||
Loss due to Pascagoula fire | 7.1 | |||
Impairment of other current assets | 11.7 | 1.2 | ||
Impairment of long-lived assets disposed of other than by sale | 0.9 | 4.5 | ||
Impairment of long-lived assets held and used | 3.1 | |||
Impairment of long-lived assets held for sale | 9.5 | 9.5 | ||
Impairment of long-lived assets | $ 13.1 | $ 13.4 | 13.5 | 14 |
NGL Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 2.8 | 2.1 | 3 | 2.4 |
Crude Oil Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 0.6 | 0.7 | 0.6 | 0.9 |
Natural Gas Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 9.7 | 9.7 | 9.9 | 9.7 |
Petrochemical & Refined Products Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 0 | 0.9 | 0 | 1 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.4 | 1.4 | ||
Fair Value, Measurements, Nonrecurring [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.2 | 1.5 | 1.2 | 1.5 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 1.5 | 0 | 1.5 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Disposed of Other Than By Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held and Used [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | 1.4 | 1.4 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | Long-lived Assets Held For Sale [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Assets, fair value | $ 1.2 | $ 0 | $ 1.2 | $ 0 |
Derivative Instruments, Hedgi67
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 20,580 | $ 20,850 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 22,250 | $ 21,950 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 11, 2017 | Dec. 31, 2016 | |
Revenues - related parties: | ||||||
Total revenue - related parties | $ 9.9 | $ 13.2 | $ 20.7 | $ 28.8 | ||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 302.3 | 298.8 | 583.6 | 609 | ||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 3 | 3 | $ 1.1 | |||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | 62.9 | 62.9 | 105.1 | |||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 272.6 | 270.3 | 524.2 | 550.9 | ||
General and administrative expenses | 29.7 | 28.5 | 59.4 | 58.1 | ||
EPCO and its privately held affiliates [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 247.4 | 241.4 | 490.5 | 478.7 | ||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | $ 51.2 | 51.2 | 88.9 | |||
Distributions: | ||||||
Total cash distributions | $ 553.7 | 525.2 | ||||
Relationship with Affiliates [Abstract] | ||||||
Total Number of Units (in units) | 685,508,319 | 685,508,319 | ||||
Percentage of Total Units Outstanding | 32.00% | 32.00% | ||||
Enterprise common units pledged as security (in units) | 118,000,000 | 118,000,000 | 85,000,000 | |||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | ||||||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | $ 243 | 236.9 | $ 481.4 | 469.6 | ||
Related Party Transactions [Abstract] | ||||||
Operating costs and expenses | 215.9 | 210.6 | 427.5 | 416 | ||
General and administrative expenses | 27.1 | 26.3 | 53.9 | 53.6 | ||
Unconsolidated affiliates [Member] | ||||||
Revenues - related parties: | ||||||
Total revenue - related parties | 9.9 | 13.2 | 20.7 | 28.8 | ||
Costs and expenses - related parties: | ||||||
Total costs and expenses - related parties | 54.9 | $ 57.4 | 93.1 | $ 130.3 | ||
Accounts receivable - related parties: | ||||||
Total accounts receivable - related parties | 3 | 3 | 1.1 | |||
Accounts payable - related parties: | ||||||
Total accounts payable - related parties | $ 11.7 | $ 11.7 | $ 16.2 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Operating lease obligations: | |||||
Lease and rental expense included in costs and expenses | $ 25.9 | $ 26.3 | $ 52.1 | $ 54.8 | |
Litigation matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation accruals on an undiscounted basis | $ 7.1 | 7.1 | $ 0.3 | ||
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 | $ 66.4 | ||||
Post-judgment interest rate | 5.00% | ||||
Positive Outcome of Litigation [Member] | |||||
Gain Contingencies [Line Items] | |||||
Counterclaim settlement awarded | $ 0.8 |
Commitments and Contingencies,
Commitments and Contingencies, Liquidity Option Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Liquidity Option Agreement [Abstract] | |||||
Liquidity option agreement | $ 293.7 | $ 293.7 | $ 269.6 | ||
Change in fair value of Liquidity Option Agreement | $ 18.6 | $ 23.3 | $ 24.1 | $ 21.1 | |
Percentage of capital stock we agreed to purchase under liquidity option agreement | 100.00% | ||||
Liquidity Option exercise period | 90 days | ||||
Number of units held by limited partner | 54,807,352 | 54,807,352 | |||
Liquidity Option Agreement [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Assumed long-term debt | $ 2,200 | ||||
Fair value inputs, Interest rate on assumed debt of OTA following option exercise | 4.50% | ||||
Increase in fair value of liquidity option agreement excluding assumption of debt | $ 224.6 | $ 224.6 | |||
Fair value inputs, Life of debt assumed after Liquidity option is exercised | 30 years | ||||
Fair value inputs, federal and state tax rate | 38.00% | ||||
Cash flow projections discount rate | 7.60% | ||||
Fair value inputs, weighted-average expected ownership percentage of contributed units at beginning of option period | 87.00% | ||||
Increase in fair value of liquidity option agreement assuming retention of all units | $ 45.1 | $ 45.1 | |||
Liquidity Option Agreement [Member] | Minimum [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Expected life of OTA following option exercise | 1 year | ||||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization | 0.10% | ||||
Fair value inputs, OTA ownership interest in Enterprise common units | 1.90% | ||||
Liquidity Option Agreement [Member] | Maximum [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Fair value inputs, Expected life of OTA following option exercise | 30 years | ||||
Fair value inputs, Estimated growth rates in Enterprise earnings before interest, taxes, depreciation and amortization | 13.60% | ||||
Fair value inputs, OTA ownership interest in Enterprise common units | 2.50% |
Supplemental Cash Flow Inform71
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Decrease (increase) in: | |||
Accounts receivable - trade | $ 602.7 | $ (481.8) | |
Accounts receivable - related parties | (1.9) | (0.6) | |
Inventories | 234.3 | (618.7) | |
Prepaid and other current assets | 213.7 | (51.3) | |
Other assets | (64.2) | 0.5 | |
Increase (decrease) in: | |||
Accounts payable - trade | 46.6 | (7) | |
Accounts payable - related parties | (8.4) | (5.3) | |
Accrued product payables | (694.2) | 790.3 | |
Accrued interest | (0.8) | (1.2) | |
Other current liabilities | (252.4) | 74.6 | |
Other liabilities | 6.7 | 5.9 | |
Net effect of changes in operating accounts | 82.1 | $ (294.6) | |
Liability for construction in progress expenditures | $ 338.1 | $ 124.3 |
Condensed Consolidating Finan72
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents and restricted cash | $ 64 | $ 417.6 | ||
Accounts receivable - trade, net | 2,655.7 | 3,329.5 | ||
Accounts receivable - related parties | 3 | 1.1 | ||
Inventories | 1,604.3 | 1,770.5 | ||
Derivative assets | 70 | 541.4 | ||
Prepaid and other current assets | 387.5 | 468.1 | ||
Total current assets | 4,784.5 | 6,528.2 | ||
Property, plant and equipment, net | 34,220.7 | 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 119.2 | 86.7 | ||
Total assets | 51,313.3 | 52,194 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.8 | 2,576.8 | ||
Accounts payable - trade | 674.4 | 397.7 | ||
Accounts payable - related parties | 62.9 | 105.1 | ||
Accrued product payables | 2,951.1 | 3,613.7 | ||
Accrued interest | 339.9 | 340.8 | ||
Derivative liabilities | 48.9 | 737.7 | ||
Other current liabilities | 386.6 | 478.7 | ||
Total current liabilities | 7,818.6 | 8,250.5 | ||
Long-term debt | 20,026.5 | 21,120.9 | ||
Deferred tax liabilities | 53.4 | 52.7 | ||
Other long-term liabilities | 534.6 | 503.9 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,660.1 | 22,047 | ||
Noncontrolling interests | 220.1 | 219 | ||
Total equity | 22,880.2 | 22,266 | $ 21,945.9 | $ 20,501.1 |
Total liabilities and equity | 51,313.3 | 52,194 | ||
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 | (8.3) | (1.1) | ||
Inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Total current assets | (8.3) | (1.1) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in unconsolidated affiliates | (22,961) | (22,317.1) | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (22,969.3) | (22,318.2) | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | 0 | 0 | ||
Accounts payable - related parties | (8.3) | (1.1) | ||
Accrued product payables | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | 1 | 0.7 | ||
Total current liabilities | (7.3) | (0.4) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 3.7 | 3.7 | ||
Other long-term liabilities | 0 | 0 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (22,935.9) | (22,291.8) | ||
Noncontrolling interests | (29.8) | (29.7) | ||
Total equity | (22,965.7) | (22,321.5) | ||
Total liabilities and equity | (22,969.3) | (22,318.2) | ||
Subsidiary Issuer (EPO) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 38.6 | 366.2 | ||
Accounts receivable - trade, net | 948.1 | 1,499.4 | ||
Accounts receivable - related parties | 117.9 | 131.5 | ||
Inventories | 1,240.6 | 1,357.5 | ||
Derivative assets | 68.1 | 464.8 | ||
Prepaid and other current assets | 210.7 | 290.7 | ||
Total current assets | 2,624 | 4,110.1 | ||
Property, plant and equipment, net | 5,212.8 | 4,796.5 | ||
Investments in unconsolidated affiliates | 40,195.5 | 39,995.5 | ||
Intangible assets, net | 692.2 | 700.2 | ||
Goodwill | 459.5 | 459.5 | ||
Other assets | 245.9 | 222.6 | ||
Total assets | 49,429.9 | 50,284.4 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.4 | 2,576.7 | ||
Accounts payable - trade | 307.6 | 133.1 | ||
Accounts payable - related parties | 845.1 | 1,071.5 | ||
Accrued product payables | 1,466.3 | 1,944.5 | ||
Accrued interest | 339.8 | 340.7 | ||
Derivative liabilities | 43.7 | 590.3 | ||
Other current liabilities | 83.5 | 173.5 | ||
Total current liabilities | 6,440.4 | 6,830.3 | ||
Long-term debt | 20,011.7 | 21,105.7 | ||
Deferred tax liabilities | 4.7 | 5 | ||
Other long-term liabilities | 57.1 | 13.5 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,916 | 22,329.9 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 22,916 | 22,329.9 | ||
Total liabilities and equity | 49,429.9 | 50,284.4 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 33.4 | 58.9 | ||
Accounts receivable - trade, net | 1,707.7 | 1,830.3 | ||
Accounts receivable - related parties | 756.6 | 961.4 | ||
Inventories | 364.1 | 413.5 | ||
Derivative assets | 1.9 | 76.6 | ||
Prepaid and other current assets | 203.5 | 191.1 | ||
Total current assets | 3,067.2 | 3,531.8 | ||
Property, plant and equipment, net | 29,006.3 | 28,495.7 | ||
Investments in unconsolidated affiliates | 4,207.4 | 4,227.9 | ||
Intangible assets, net | 3,104.3 | 3,178.2 | ||
Goodwill | 5,285.7 | 5,285.7 | ||
Other assets | 83.7 | 41 | ||
Total assets | 44,754.6 | 44,760.3 | ||
Current liabilities: | ||||
Current maturities of debt | 0.4 | 0.1 | ||
Accounts payable - trade | 374.7 | 272.1 | ||
Accounts payable - related parties | 96.8 | 139.6 | ||
Accrued product payables | 1,486.5 | 1,670.3 | ||
Accrued interest | 0.1 | 0.1 | ||
Derivative liabilities | 5.2 | 147.4 | ||
Other current liabilities | 325.9 | 316.5 | ||
Total current liabilities | 2,289.6 | 2,546.1 | ||
Long-term debt | 14.8 | 15.2 | ||
Deferred tax liabilities | 45.5 | 45.1 | ||
Other long-term liabilities | 397.1 | 400.6 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 41,930.9 | 41,675.3 | ||
Noncontrolling interests | 76.7 | 78 | ||
Total equity | 42,007.6 | 41,753.3 | ||
Total liabilities and equity | 44,754.6 | 44,760.3 | ||
Consolidated EPO and Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 64 | 417.6 | ||
Accounts receivable - trade, net | 2,655.7 | 3,329.5 | ||
Accounts receivable - related parties | 11.3 | 2.2 | ||
Inventories | 1,604.3 | 1,770.5 | ||
Derivative assets | 70 | 541.4 | ||
Prepaid and other current assets | 387 | 468.1 | ||
Total current assets | 4,792.3 | 6,529.3 | ||
Property, plant and equipment, net | 34,220.7 | 33,292.5 | ||
Investments in unconsolidated affiliates | 2,661.3 | 2,677.3 | ||
Intangible assets, net | 3,782.4 | 3,864.1 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 118.6 | 86.1 | ||
Total assets | 51,320.5 | 52,194.5 | ||
Current liabilities: | ||||
Current maturities of debt | 3,354.8 | 2,576.8 | ||
Accounts payable - trade | 674.4 | 397.7 | ||
Accounts payable - related parties | 62.9 | 105.1 | ||
Accrued product payables | 2,951.1 | 3,613.7 | ||
Accrued interest | 339.9 | 340.8 | ||
Derivative liabilities | 48.9 | 737.7 | ||
Other current liabilities | 385.6 | 478 | ||
Total current liabilities | 7,817.6 | 8,249.8 | ||
Long-term debt | 20,026.5 | 21,120.9 | ||
Deferred tax liabilities | 49.7 | 49 | ||
Other long-term liabilities | 240.9 | 234.3 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,935.9 | 22,291.8 | ||
Noncontrolling interests | 249.9 | 248.7 | ||
Total equity | 23,185.8 | 22,540.5 | ||
Total liabilities and equity | 51,320.5 | 52,194.5 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | (8) | (7.5) | ||
Accounts receivable - trade, net | (0.1) | (0.2) | ||
Accounts receivable - related parties | (863.2) | (1,090.7) | ||
Inventories | (0.4) | (0.5) | ||
Derivative assets | 0 | 0 | ||
Prepaid and other current assets | (27.2) | (13.7) | ||
Total current assets | (898.9) | (1,112.6) | ||
Property, plant and equipment, net | 1.6 | 0.3 | ||
Investments in unconsolidated affiliates | (41,741.6) | (41,546.1) | ||
Intangible assets, net | (14.1) | (14.3) | ||
Goodwill | 0 | 0 | ||
Other assets | (211) | (177.5) | ||
Total assets | (42,864) | (42,850.2) | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | (7.9) | (7.5) | ||
Accounts payable - related parties | (879) | (1,106) | ||
Accrued product payables | (1.7) | (1.1) | ||
Accrued interest | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | (23.8) | (12) | ||
Total current liabilities | (912.4) | (1,126.6) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | (0.5) | (1.1) | ||
Other long-term liabilities | (213.3) | (179.8) | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (41,911) | (41,713.4) | ||
Noncontrolling interests | 173.2 | 170.7 | ||
Total equity | (41,737.8) | (41,542.7) | ||
Total liabilities and equity | (42,864) | (42,850.2) | ||
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 | ||
Derivative assets | 0 | 0 | ||
Prepaid and other current assets | 0.5 | 0 | ||
Total current assets | 0.5 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in unconsolidated affiliates | 22,961 | 22,317.1 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0.6 | 0.6 | ||
Total assets | 22,962.1 | 22,317.7 | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | 0 | 0 | ||
Accounts payable - related parties | 8.3 | 1.1 | ||
Accrued product payables | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 8.3 | 1.1 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other long-term liabilities | 293.7 | 269.6 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,660.1 | 22,047 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 22,660.1 | 22,047 | ||
Total liabilities and equity | $ 22,962.1 | $ 22,317.7 |
Condensed Consolidating Finan73
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Consolidating Statement of Operations | ||||
Revenues | $ 6,607.6 | $ 5,617.8 | $ 13,928 | $ 10,623.1 |
Costs and expenses: | ||||
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs | 45.7 | 35.1 | 96.1 | 79 |
Total costs and expenses | 5,775.9 | 4,857.3 | 12,159.5 | 9,048.1 |
Equity in income of unconsolidated affiliates | 107 | 76.4 | 201.8 | 177.5 |
Operating income | 938.7 | 836.9 | 1,970.3 | 1,752.5 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Other, net | (18.2) | (22.9) | (23.5) | (19.3) |
Total other expense, net | (264) | (267) | (518.6) | (504) |
Income before income taxes | 674.7 | 569.9 | 1,451.7 | 1,248.5 |
Benefit from (provision for) income taxes | (8.7) | 0.1 | (14.7) | (8.3) |
Net income | 666 | 570 | 1,437 | 1,240.2 |
Net income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Net income attributable to limited partners | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating costs and expenses | 0 | 0 | 0 | 0 |
General and administrative costs | 0 | 0 | 0 | 0 |
Total costs and expenses | 0 | 0 | 0 | 0 |
Equity in income of unconsolidated affiliates | (673) | (582.3) | (1,439.7) | (1,242.4) |
Operating income | (673) | (582.3) | (1,439.7) | (1,242.4) |
Other income (expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | 0 |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | (673) | (582.3) | (1,439.7) | (1,242.4) |
Benefit from (provision for) income taxes | (0.4) | (0.5) | (0.9) | (0.9) |
Net income | (673.4) | (582.8) | (1,440.6) | (1,243.3) |
Net income attributable to noncontrolling interests | 1.3 | 1.4 | 2.6 | 2.6 |
Net income attributable to limited partners | (672.1) | (581.4) | (1,438) | (1,240.7) |
Subsidiary Issuer (EPO) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 8,541 | 7,194.2 | 21,073.8 | 12,556.1 |
Costs and expenses: | ||||
Operating costs and expenses | 8,332.1 | 7,002 | 20,571.1 | 12,093.2 |
General and administrative costs | 8.1 | 4.1 | 15.5 | 10.1 |
Total costs and expenses | 8,340.2 | 7,006.1 | 20,586.6 | 12,103.3 |
Equity in income of unconsolidated affiliates | 716.1 | 637.3 | 1,444.9 | 1,270 |
Operating income | 916.9 | 825.4 | 1,932.1 | 1,722.8 |
Other income (expense): | ||||
Interest expense | (243.8) | (240.5) | (492.6) | (477.6) |
Other, net | 2.3 | 2.1 | 4.5 | 3.9 |
Total other expense, net | (241.5) | (238.4) | (488.1) | (473.7) |
Income before income taxes | 675.4 | 587 | 1,444 | 1,249.1 |
Benefit from (provision for) income taxes | (3.3) | 0.1 | (6.2) | (2.8) |
Net income | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 4,274.4 | 3,794.2 | 8,582.6 | 7,076.9 |
Costs and expenses: | ||||
Operating costs and expenses | 3,605.9 | 3,190.9 | 7,220.9 | 5,886 |
General and administrative costs | 36.9 | 30.5 | 79.6 | 67.3 |
Total costs and expenses | 3,642.8 | 3,221.4 | 7,300.5 | 5,953.3 |
Equity in income of unconsolidated affiliates | 142.3 | 126.4 | 275.7 | 260 |
Operating income | 773.9 | 699.2 | 1,557.8 | 1,383.6 |
Other income (expense): | ||||
Interest expense | (4.3) | (5.4) | (7) | (10.6) |
Other, net | 0.4 | 0.1 | 0.6 | 1.4 |
Total other expense, net | (3.9) | (5.3) | (6.4) | (9.2) |
Income before income taxes | 770 | 693.9 | 1,551.4 | 1,374.4 |
Benefit from (provision for) income taxes | (5) | 0.5 | (7.6) | (4.6) |
Net income | 765 | 694.4 | 1,543.8 | 1,369.8 |
Net income attributable to noncontrolling interests | (1.6) | (2.3) | (3.3) | (3.6) |
Net income attributable to limited partners | 763.4 | 692.1 | 1,540.5 | 1,366.2 |
Consolidated EPO and Subsidiaries [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 6,607.6 | 5,617.8 | 13,928 | 10,623.1 |
Costs and expenses: | ||||
Operating costs and expenses | 5,730.2 | 4,822.2 | 12,063.4 | 8,969.1 |
General and administrative costs | 45 | 34.6 | 94.9 | 77.4 |
Total costs and expenses | 5,775.2 | 4,856.8 | 12,158.3 | 9,046.5 |
Equity in income of unconsolidated affiliates | 107 | 76.4 | 201.8 | 177.5 |
Operating income | 939.4 | 837.4 | 1,971.5 | 1,754.1 |
Other income (expense): | ||||
Interest expense | (245.8) | (244.1) | (495.1) | (484.7) |
Other, net | 0.4 | 0.4 | 0.6 | 1.8 |
Total other expense, net | (245.4) | (243.7) | (494.5) | (482.9) |
Income before income taxes | 694 | 593.7 | 1,477 | 1,271.2 |
Benefit from (provision for) income taxes | (8.3) | 0.6 | (13.8) | (7.4) |
Net income | 685.7 | 594.3 | 1,463.2 | 1,263.8 |
Net income attributable to noncontrolling interests | (13.6) | (12.9) | (25.2) | (23.1) |
Net income attributable to limited partners | 672.1 | 581.4 | 1,438 | 1,240.7 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | (6,207.8) | (5,370.6) | (15,728.4) | (9,009.9) |
Costs and expenses: | ||||
Operating costs and expenses | (6,207.8) | (5,370.7) | (15,728.6) | (9,010.1) |
General and administrative costs | 0 | 0 | (0.2) | 0 |
Total costs and expenses | (6,207.8) | (5,370.7) | (15,728.8) | (9,010.1) |
Equity in income of unconsolidated affiliates | (751.4) | (687.3) | (1,518.8) | (1,352.5) |
Operating income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Other income (expense): | ||||
Interest expense | 2.3 | 1.8 | 4.5 | 3.5 |
Other, net | (2.3) | (1.8) | (4.5) | (3.5) |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Benefit from (provision for) income taxes | 0 | 0 | 0 | 0 |
Net income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Net income attributable to noncontrolling interests | (12) | (10.6) | (21.9) | (19.5) |
Net income attributable to limited partners | (763.4) | (697.8) | (1,540.3) | (1,371.8) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Condensed Consolidating Statement of Operations | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating costs and expenses | 0 | 0 | 0 | 0 |
General and administrative costs | 0.7 | 0.5 | 1.2 | 1.6 |
Total costs and expenses | 0.7 | 0.5 | 1.2 | 1.6 |
Equity in income of unconsolidated affiliates | 673 | 582.3 | 1,439.7 | 1,242.4 |
Operating income | 672.3 | 581.8 | 1,438.5 | 1,240.8 |
Other income (expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other, net | (18.6) | (23.3) | (24.1) | (21.1) |
Total other expense, net | (18.6) | (23.3) | (24.1) | (21.1) |
Income before income taxes | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Benefit from (provision for) income taxes | 0 | 0 | 0 | 0 |
Net income | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | $ 653.7 | $ 558.5 | $ 1,414.4 | $ 1,219.7 |
Condensed Consolidating Finan74
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | $ 653.5 | $ 531.5 | $ 1,588.3 | $ 1,152.4 |
Comprehensive income attributable to noncontrolling interests | (12.3) | (11.5) | (22.6) | (20.5) |
Comprehensive income attributable to entity | 641.2 | 520 | 1,565.7 | 1,131.9 |
Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (660.8) | (544.2) | (1,591.9) | (1,155.5) |
Comprehensive income attributable to noncontrolling interests | 1.3 | 1.4 | 2.6 | 2.6 |
Comprehensive income attributable to entity | (659.5) | (542.8) | (1,589.3) | (1,152.9) |
Subsidiary Issuer (EPO) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 661.3 | 519.4 | 1,531.4 | 1,174.6 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | 661.3 | 519.4 | 1,531.4 | 1,174.6 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 763.2 | 723.5 | 1,601.5 | 1,353.6 |
Comprehensive income attributable to noncontrolling interests | (1.6) | (2.3) | (3.3) | (3.6) |
Comprehensive income attributable to entity | 761.6 | 721.2 | 1,598.2 | 1,350 |
Consolidated EPO and Subsidiaries [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 673.1 | 555.7 | 1,614.5 | 1,176 |
Comprehensive income attributable to noncontrolling interests | (13.6) | (12.9) | (25.2) | (23.1) |
Comprehensive income attributable to entity | 659.5 | 542.8 | 1,589.3 | 1,152.9 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (751.4) | (687.2) | (1,518.4) | (1,352.2) |
Comprehensive income attributable to noncontrolling interests | (12) | (10.6) | (21.9) | (19.5) |
Comprehensive income attributable to entity | (763.4) | (697.8) | (1,540.3) | (1,371.7) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 641.2 | 520 | 1,565.7 | 1,131.9 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | $ 641.2 | $ 520 | $ 1,565.7 | $ 1,131.9 |
Condensed Consolidating Finan75
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||||
Net income | $ 666 | $ 570 | $ 1,437 | $ 1,240.2 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 808.8 | 763.4 | ||
Equity in income of unconsolidated affiliates | (107) | (76.4) | (201.8) | (177.5) |
Distributions received on earnings from unconsolidated affiliates | 205.1 | 195.1 | ||
Net effect of changes in operating accounts and other operating activities | 85.8 | (176) | ||
Net cash flows provided by operating activities | 2,334.9 | 1,845.2 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (1,113.1) | (1,856.8) | ||
Cash used for business combinations, net of cash received | (191.4) | 0 | ||
Proceeds from asset sales | 3.2 | 27.9 | ||
Other investing activities | 321.8 | (409.7) | ||
Cash used in investing activities | (979.5) | (2,238.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,639.3) | (32,986.7) | ||
Cash distributions paid to owners | (1,757.8) | (1,610.5) | ||
Cash payments made in connection with DERs | (7.2) | (5.3) | ||
Cash distributions paid to noncontrolling interests | (23.1) | (20.8) | ||
Cash contributions from noncontrolling interests | 0.3 | 16 | ||
Net cash proceeds from issuance of common units | 757.2 | 1,888.3 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (27.8) | (28.4) | ||
Cash provided by (used in) financing activities | (1,389.9) | 487.9 | ||
Net change in cash and cash equivalents | (34.5) | 94.5 | ||
Cash and cash equivalents, beginning balance | 63.1 | 19 | ||
Cash and cash equivalents, ending balance | 28.6 | 113.5 | 28.6 | 113.5 |
Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (673.4) | (582.8) | (1,440.6) | (1,243.3) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | 673 | 582.3 | 1,439.7 | 1,242.4 |
Distributions received on earnings from unconsolidated affiliates | (1,753.3) | (1,633.4) | ||
Net effect of changes in operating accounts and other operating activities | 0.4 | 0.6 | ||
Net cash flows provided by operating activities | (1,753.8) | (1,633.7) | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | ||
Cash used for business combinations, net of cash received | 0 | |||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 750.9 | 1,881.8 | ||
Cash used in investing activities | 750.9 | 1,881.8 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 1,753.3 | 1,633.4 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | 0.5 | 0.3 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | (750.9) | (1,881.8) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 1,002.9 | (248.1) | ||
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 | 0 | 0 |
Subsidiary Issuer (EPO) [Member] | ||||
Operating activities: | ||||
Net income | 672.1 | 587.1 | 1,437.8 | 1,246.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 103.3 | 84.9 | ||
Equity in income of unconsolidated affiliates | (716.1) | (637.3) | (1,444.9) | (1,270) |
Distributions received on earnings from unconsolidated affiliates | 529.3 | 475.9 | ||
Net effect of changes in operating accounts and other operating activities | 1,793 | 679.7 | ||
Net cash flows provided by operating activities | 2,418.5 | 1,216.8 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (369.3) | (729.1) | ||
Cash used for business combinations, net of cash received | 0 | |||
Proceeds from asset sales | 1.4 | 13.9 | ||
Other investing activities | (759.8) | (945) | ||
Cash used in investing activities | (1,127.7) | (1,660.2) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,605.2) | (32,986.6) | ||
Cash distributions paid to owners | (1,753.3) | (1,633.4) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | 0 | 0 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | 750.9 | 1,881.8 | ||
Other financing activities | 0.7 | (7.2) | ||
Cash provided by (used in) financing activities | (1,299.1) | 489.9 | ||
Net change in cash and cash equivalents | (8.3) | 46.5 | ||
Cash and cash equivalents, beginning balance | 13.4 | 0 | ||
Cash and cash equivalents, ending balance | 5.1 | 46.5 | 5.1 | 46.5 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 765 | 694.4 | 1,543.8 | 1,369.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 705.7 | 678.7 | ||
Equity in income of unconsolidated affiliates | (142.3) | (126.4) | (275.7) | (260) |
Distributions received on earnings from unconsolidated affiliates | 133.7 | 81.5 | ||
Net effect of changes in operating accounts and other operating activities | (1,766.2) | (922.9) | ||
Net cash flows provided by operating activities | 341.3 | 947.1 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (743.8) | (1,127.7) | ||
Cash used for business combinations, net of cash received | (191.4) | |||
Proceeds from asset sales | 1.8 | 14 | ||
Other investing activities | (26.7) | (47.5) | ||
Cash used in investing activities | (960.1) | (1,161.2) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 32.5 | ||
Repayments of debt | (0.1) | (0.1) | ||
Cash distributions paid to owners | (491.2) | (379.9) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (4.7) | (3.5) | ||
Cash contributions from noncontrolling interests | 0.1 | 16 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | 1,088.9 | 550.3 | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 593 | 215.3 | ||
Net change in cash and cash equivalents | (25.8) | 1.2 | ||
Cash and cash equivalents, beginning balance | 57.2 | 69.6 | ||
Cash and cash equivalents, ending balance | 31.4 | 70.8 | 31.4 | 70.8 |
Consolidated EPO and Subsidiaries [Member] | ||||
Operating activities: | ||||
Net income | 685.7 | 594.3 | 1,463.2 | 1,263.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 808.8 | 763.4 | ||
Equity in income of unconsolidated affiliates | (107) | (76.4) | (201.8) | (177.5) |
Distributions received on earnings from unconsolidated affiliates | 205.1 | 195.1 | ||
Net effect of changes in operating accounts and other operating activities | 26.1 | (196.4) | ||
Net cash flows provided by operating activities | 2,301.4 | 1,848.4 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | (1,113.1) | (1,856.8) | ||
Cash used for business combinations, net of cash received | (191.4) | |||
Proceeds from asset sales | 3.2 | 27.9 | ||
Other investing activities | 321.8 | (409.7) | ||
Cash used in investing activities | (979.5) | (2,238.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 33,307.8 | 33,235.3 | ||
Repayments of debt | (33,639.3) | (32,986.7) | ||
Cash distributions paid to owners | (1,753.3) | (1,633.4) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (23.6) | (21.1) | ||
Cash contributions from noncontrolling interests | 0.3 | 16 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | 750.9 | 1,881.8 | ||
Other financing activities | 0.7 | (7.2) | ||
Cash provided by (used in) financing activities | (1,356.5) | 484.7 | ||
Net change in cash and cash equivalents | (34.6) | 94.5 | ||
Cash and cash equivalents, beginning balance | 63.1 | 19 | ||
Cash and cash equivalents, ending balance | 28.5 | 113.5 | 28.5 | 113.5 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (751.4) | (687.2) | (1,518.4) | (1,352.3) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | (0.2) | (0.2) | ||
Equity in income of unconsolidated affiliates | 751.4 | 687.3 | 1,518.8 | 1,352.5 |
Distributions received on earnings from unconsolidated affiliates | (457.9) | (362.3) | ||
Net effect of changes in operating accounts and other operating activities | (0.7) | 46.8 | ||
Net cash flows provided by operating activities | (458.4) | (315.5) | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | ||
Cash used for business combinations, net of cash received | 0 | |||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 1,108.3 | 582.8 | ||
Cash used in investing activities | 1,108.3 | 582.8 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | (32.5) | ||
Repayments of debt | (34) | 0 | ||
Cash distributions paid to owners | 491.2 | 379.9 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (18.9) | (17.6) | ||
Cash contributions from noncontrolling interests | 0.2 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | (1,088.9) | (550.3) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | (650.4) | (220.5) | ||
Net change in cash and cash equivalents | (0.5) | 46.8 | ||
Cash and cash equivalents, beginning balance | (7.5) | (50.6) | ||
Cash and cash equivalents, ending balance | (8) | (3.8) | (8) | (3.8) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 653.7 | 558.5 | 1,414.4 | 1,219.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | (673) | (582.3) | (1,439.7) | (1,242.4) |
Distributions received on earnings from unconsolidated affiliates | 1,753.3 | 1,633.4 | ||
Net effect of changes in operating accounts and other operating activities | 59.3 | 19.8 | ||
Net cash flows provided by operating activities | 1,787.3 | 1,630.5 | ||
Investing activities: | ||||
Capital expenditures, net of contributions in aid of construction costs | 0 | 0 | ||
Cash used for business combinations, net of cash received | 0 | |||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | (750.9) | (1,881.8) | ||
Cash used in investing activities | (750.9) | (1,881.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | (1,757.8) | (1,610.5) | ||
Cash payments made in connection with DERs | (7.2) | (5.3) | ||
Cash distributions paid to noncontrolling interests | 0 | 0 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 757.2 | 1,888.3 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (28.5) | (21.2) | ||
Cash provided by (used in) financing activities | (1,036.3) | 251.3 | ||
Net change in cash and cash equivalents | 0.1 | 0 | ||
Cash and cash equivalents, beginning balance | 0 | 0 | ||
Cash and cash equivalents, ending balance | $ 0.1 | $ 0 | $ 0.1 | $ 0 |