Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
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 | 2,175,951,128 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 57.9 | $ 5.1 |
Restricted cash | 283.6 | 65.2 |
Accounts receivable - trade, net of allowance for doubtful accounts of $11.8 at June 30, 2018 and $12.1 at December 31, 2017 | 4,318.3 | 4,358.4 |
Accounts receivable - related parties | 2 | 1.8 |
Inventories | 1,729.6 | 1,609.8 |
Derivative assets | 165.1 | 153.4 |
Prepaid and other current assets | 446.1 | 312.7 |
Total current assets | 7,002.6 | 6,506.4 |
Property, plant and equipment, net | 37,054.5 | 35,620.4 |
Investments in unconsolidated affiliates | 2,581.5 | 2,659.4 |
Intangible assets, net of accumulated amortization of $1,651.5 at June 30, 2018 and $1,564.8 at December 31, 2017 | 3,696.1 | 3,690.3 |
Goodwill | 5,745.2 | 5,745.2 |
Other assets | 231.5 | 196.4 |
Total assets | 56,311.4 | 54,418.1 |
Current liabilities: | ||
Current maturities of debt | 2,668.7 | 2,855 |
Accounts payable - trade | 893.1 | 801.7 |
Accounts payable - related parties | 85.6 | 127.3 |
Accrued product payables | 4,712.6 | 4,566.3 |
Accrued interest | 372 | 358 |
Derivative liabilities | 396.9 | 168.2 |
Other current liabilities | 320.4 | 418.6 |
Total current liabilities | 9,449.3 | 9,295.1 |
Long-term debt | 23,020.2 | 21,713.7 |
Deferred tax liabilities | 69 | 58.5 |
Other long-term liabilities | 682.4 | 578.4 |
Commitments and contingencies | ||
Limited partners: | ||
Common units (2,175,951,128 units outstanding at June 30, 2018 and 2,161,089,479 units outstanding at December 31, 2017) | 22,794.8 | 22,718.9 |
Accumulated other comprehensive loss | (123.2) | (171.7) |
Total partners' equity | 22,671.6 | 22,547.2 |
Noncontrolling interests | 418.9 | 225.2 |
Total equity | 23,090.5 | 22,772.4 |
Total liabilities and equity | $ 56,311.4 | $ 54,418.1 |
UNAUDITED CONDENSED CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 11.8 | $ 12.1 |
Intangible assets, accumulated amortization | $ 1,651.5 | $ 1,564.8 |
Limited partners: | ||
Common units outstanding (in units) | 2,175,951,128 | 2,161,089,479 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Third parties | $ 8,411.9 | $ 6,597.7 | $ 17,685.7 | $ 13,907.3 |
Related parties | 55.6 | 9.9 | 80.3 | 20.7 |
Total revenues | 8,467.5 | 6,607.6 | 17,766 | 13,928 |
Operating costs and expenses: | ||||
Third parties | 7,174.3 | 5,457.6 | 15,078.6 | 11,539.2 |
Related parties | 377.7 | 272.6 | 696.1 | 524.2 |
Total operating costs and expenses | 7,552 | 5,730.2 | 15,774.7 | 12,063.4 |
General and administrative costs: | ||||
Third parties | 20.9 | 16 | 42.2 | 36.7 |
Related parties | 30.5 | 29.7 | 62.2 | 59.4 |
Total general and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 |
Total costs and expenses | 7,603.4 | 5,775.9 | 15,879.1 | 12,159.5 |
Equity in income of unconsolidated affiliates | 122.3 | 107 | 238 | 201.8 |
Operating income | 986.4 | 938.7 | 2,124.9 | 1,970.3 |
Other income (expense): | ||||
Interest expense | (274.6) | (245.8) | (526.7) | (495.1) |
Change in fair market value of Liquidity Option Agreement | (8.9) | (18.6) | (16.4) | (24.1) |
Gain on step acquisition of unconsolidated affiliate | 2.4 | 0 | 39.4 | 0 |
Other, net | 0.3 | 0.4 | 1 | 0.6 |
Total other expense, net | (280.8) | (264) | (502.7) | (518.6) |
Income before income taxes | 705.6 | 674.7 | 1,622.2 | 1,451.7 |
Provision for income taxes | (18.4) | (8.7) | (23.5) | (14.7) |
Net income | 687.2 | 666 | 1,598.7 | 1,437 |
Net income attributable to noncontrolling interests | (13.4) | (12.3) | (24.2) | (22.6) |
Net income attributable to limited partners | $ 673.8 | $ 653.7 | $ 1,574.5 | $ 1,414.4 |
Earnings per unit: | ||||
Basic earnings per unit (in dollars per unit) | $ 0.31 | $ 0.30 | $ 0.72 | $ 0.66 |
Diluted earnings per unit (in dollars per unit) | $ 0.31 | $ 0.30 | $ 0.72 | $ 0.66 |
UNAUDITED CONDENSED STATEMENTS5
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||||
Net income | $ 687.2 | $ 666 | $ 1,598.7 | $ 1,437 |
Commodity derivative instruments: | ||||
Changes in fair value of cash flow hedges | (13.6) | 30.4 | (10.2) | 175.2 |
Reclassification of losses (gains) to net income | 39.2 | (46) | 24.7 | (38.9) |
Interest rate derivative instruments: | ||||
Changes in fair value of cash flow hedges | 3.5 | (6.9) | 14.6 | (4.5) |
Reclassification of losses to net income | 9.4 | 10 | 19.9 | 19.6 |
Total cash flow hedges | 38.5 | (12.5) | 49 | 151.4 |
Other | (0.5) | 0 | (0.5) | (0.1) |
Total other comprehensive income (loss) | 38 | (12.5) | 48.5 | 151.3 |
Comprehensive income | 725.2 | 653.5 | 1,647.2 | 1,588.3 |
Comprehensive income attributable to noncontrolling interests | (13.4) | (12.3) | (24.2) | (22.6) |
Comprehensive income attributable to limited partners | $ 711.8 | $ 641.2 | $ 1,623 | $ 1,565.7 |
UNAUDITED CONDENSED STATEMENTS6
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities: | ||
Net income | $ 1,598.7 | $ 1,437 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 889.3 | 808.8 |
Asset impairment and related charges | 16.8 | 25.2 |
Equity in income of unconsolidated affiliates | (238) | (201.8) |
Distributions received on earnings from unconsolidated affiliates | 227.6 | 205.1 |
Net gains attributable to asset sales | (1.4) | 0 |
Deferred income tax expense | 10 | 0.7 |
Change in fair market value of derivative instruments | 459 | (43.9) |
Change in fair market value of Liquidity Option Agreement | 16.4 | 24.1 |
Gain on step acquisition of unconsolidated affiliate | (39.4) | 0 |
Net effect of changes in operating accounts | (228.5) | 82.1 |
Other operating activities | (12.7) | (2.4) |
Net cash flows provided by operating activities | 2,697.8 | 2,334.9 |
Investing activities: | ||
Capital expenditures | (1,921.1) | (1,113.1) |
Cash used for business combinations, net of cash received | (149.7) | (191.4) |
Investments in unconsolidated affiliates | (45.9) | (24.1) |
Distributions received for return of capital from unconsolidated affiliates | 25.9 | 24.8 |
Proceeds from asset sales | 2.6 | 3.2 |
Other investing activities | (1.4) | 2 |
Cash used in investing activities | (2,089.6) | (1,298.6) |
Financing activities: | ||
Borrowings under debt agreements | 38,566.4 | 33,307.8 |
Repayments of debt | (37,437) | (33,639.3) |
Debt issuance costs | (24.3) | 0 |
Cash distributions paid to limited partners | (1,847.3) | (1,757.8) |
Cash payments made in connection with distribution equivalent rights | (8.6) | (7.2) |
Cash distributions paid to noncontrolling interests | (28.3) | (23.1) |
Cash contributions from noncontrolling interests | 206.9 | 0.3 |
Net cash proceeds from the issuance of common units | 261 | 757.2 |
Other financing activities | (25.8) | (27.8) |
Cash provided by (used in) financing activities | (337) | (1,389.9) |
Net change in cash and cash equivalents, including restricted cash | 271.2 | (353.6) |
Cash and cash equivalents, including restricted cash, at beginning of period | 70.3 | 417.6 |
Cash and cash equivalents, including restricted cash, at end of period | $ 341.5 | $ 64 |
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, 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 |
Balance at Dec. 31, 2017 | 22,772.4 | (171.7) | 225.2 | 22,718.9 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 1,598.7 | 0 | 24.2 | 1,574.5 |
Cash distributions paid to limited partners | (1,847.3) | 0 | 0 | (1,847.3) |
Cash payments made in connection with distribution equivalent rights | (8.6) | 0 | 0 | (8.6) |
Cash distributions paid to noncontrolling interests | (28.3) | 0 | (28.3) | 0 |
Cash contributions from noncontrolling interests | 206.9 | 0 | 206.9 | 0 |
Net cash proceeds from the issuance of common units | 261 | 0 | 0 | 261 |
Common units issued in connection with employee compensation | 39.1 | 0 | 0 | 39.1 |
Common units issued in connection with land acquisition | 30 | 0 | 0 | 30 |
Amortization of fair value of equity-based awards | 52.6 | 0 | 0 | 52.6 |
Cash flow hedges | 49 | 49 | 0 | 0 |
Other | (35) | (0.5) | (9.1) | (25.4) |
Balance at Jun. 30, 2018 | $ 23,090.5 | $ (123.2) | $ 418.9 | $ 22,794.8 |
Partnership Operations, Organiz
Partnership Operations, Organization and Basis for Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018. 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. 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 15 for information regarding related party matters. Our results of operations for the six months ended June 30, 2018 are not necessarily indicative of results expected for the full year of 2018. 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 United States (“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, 2017 (the “2017 Form 10-K”) filed with the SEC on February 28, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Apart from those matters noted below, there have been no changes in our significant accounting policies since those reported under Note 2 of the 2017 Form 10-K. Adoption of New Revenue Recognition Policies on January 1, 2018 For periods through December 31, 2017, we accounted for our revenue streams using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition Effective January 1, 2018, we adopted FASB ASC 606, Revenue from Contracts with Customers, using a modified retrospective approach that applied the new revenue recognition standard to existing contracts at the implementation date and any future revenue contracts. As such, our consolidated revenues and related financial information for periods prior to January 1, 2018 were not adjusted and continue to be reported in accordance with ASC 605. We did not record a cumulative effect adjustment upon initially applying ASC 606 since there was no impact on partners’ equity upon adoption; however, the extent of our revenue-related disclosures has increased under the new standard. Due to the large number of individual contracts that were in effect at the implementation date of ASC 606, we evaluated our contracts using a portfolio approach based on the types of products sold or services rendered within our business segments. There are no material differences in the amount or timing of revenues recognized under ASC 606 when compared to ASC 605. The core principle of ASC 606 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. We apply this core principle by following five key steps outlined in ASC 606: (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 judgment and an analysis of the contract’s material terms and conditions. Substantially all of our revenues are accounted for under ASC 606; however, to a limited extent, some revenues are accounted for under other guidance such as ASC 840, Leases, Nonmonetary Transactions Derivatives and Hedging Activities Under ASC 606, we recognize revenue when or as we satisfy our performance obligation to the customer. In situations where we have recognized revenue, but have a conditional right to consideration (based on something other than the passage of time) from the customer, we recognize unbilled revenue (a contract asset) on our consolidated balance sheet. Unbilled revenue is reclassified to accounts receivable when we have an unconditional right of payment from the customer. Payments received from customers in advance of the period in which we satisfy a performance obligation are recorded as deferred revenue (a contract liability) on our consolidated balance sheet. Our revenue streams are derived from the sale of products and providing midstream services. Revenues from the sale of products are recognized at a point in time, which represents the transfer of control (and the satisfaction of our performance obligation under the contract) to the customer. From that point forward, the customer is able to direct the use of, and obtain substantially all the benefits from, its use of the products. With respect to midstream services (e.g., interruptible transportation), we satisfy our performance obligations over time and recognize revenues when the services are provided and the customer receives the benefits based on an output measure of volumes redelivered. We believe this measure is a faithful depiction of the transfer of control for midstream services since there is (i) an insignificant period of time between the receipt of customers’ volumes and their subsequent redelivery, and (ii) it is not possible to individually track and differentiate customers’ inventories as they traverse our facilities. For stand-ready performance obligations (e.g., a storage capacity reservation contract), we recognize revenues over time on a straight-line basis as time elapses over the term of the contract. We believe that these approaches accurately depict the transfer of benefits to the customer. Customers are invoiced for product purchases or services rendered when we have an unconditional right to consideration under the associated contract. The consideration we are entitled to invoice may be either fixed, variable or a combination of both. Examples of fixed consideration would be fixed payments from customers under take-or-pay arrangements, storage capacity reservation agreements and firm transportation contracts. Variable consideration represents payments from customers that are based on factors that fluctuate (or vary) based on volumes, prices or both. Examples of variable consideration include interruptible transportation agreements, market-indexed product sales contracts and the value of NGLs we retain under natural gas processing agreements. The terms of our billings are typical of the industry for the products we sell. Under certain midstream service agreements, customers are required to provide a minimum volume over an agreed-upon period with a provision that allows the customer to make-up any volume shortfalls over an agreed-upon period (referred to as shipper “make-up rights”). Revenue pursuant to such agreements is initially deferred and subsequently recognized when either the make-up rights are exercised, the likelihood of the customer exercising the rights becomes remote, or we are otherwise released from the performance obligation. Customers may contribute funds to us to help offset the construction costs related to pipeline construction activities and production well tie-ins. Under ASC 605, these amounts were accounted for as contributions in aid of construction costs (“CIACs”) and netted against property, plant and equipment. Under ASC 606, these receipts are recognized as additional service revenues over the term of the associated midstream services provided to the customer. As a practical expedient, for those contracts under which we have the ability to invoice the customer in an amount that corresponds directly with the value of the performance obligation completed to date, we recognize revenue as we have the right to invoice. See Note 9 regarding our new revenue disclosures. Impact of ASU 2016-18 on Restricted Cash Disclosures We adopted Accounting Standard Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows. June 30, 2018 December 31, 2017 Cash and cash equivalents $ 57.9 $ 5.1 Restricted cash 283.6 65.2 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 341.5 $ 70.3 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. The balance of restricted cash at June 30, 2018 consisted of initial margin requirements of $51.4 million and variation margin requirements of $232.2 million. The initial margin requirements will be returned to us as the related derivative instruments are settled. See Note 14 for information regarding our derivative instruments and hedging activities. Future Adoption of New Lease Accounting Standard In February 2016, the FASB issued ASC 842, 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 are in the process of reviewing our lease agreements in light of the new guidance. We anticipate that ASC 842 will result in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Our minimum payment obligations under operating leases with terms in excess of one year totaled $430.0 million at June 30, 2018 (undiscounted). Upon adoption, we expect to recognize a ROU asset and a corresponding lease liability based on the present value of such obligations. Based on current estimates, we expect that the total of ROU assets we would recognize under ASC 842 will account for less than 1% of total consolidated assets. Likewise, the corresponding lease liabilities would account for less than 1% of total consolidated liabilities. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventories [Abstract] | |
Inventories | Our inventory amounts by product type were as follows at the dates indicated: June 30, 2018 December 31, 2017 NGLs $ 1,120.2 $ 917.4 Petrochemicals and refined products 189.0 161.5 Crude oil 410.0 516.3 Natural gas 10.4 14.6 Total $ 1,729.6 $ 1,609.8 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, 2018 2017 2018 2017 Cost of sales (1) $ 6,391.9 $ 4,731.1 $ 13,532.3 $ 10,066.8 Lower of cost or net realizable value adjustments recognized within cost of sales 0.7 2.6 2.6 6.0 (1) Cost of sales |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 Plants, pipelines and facilities (1) 3-45 (5) $ 41,446.7 $ 37,132.2 Underground and other storage facilities (2) 5-40 (6) 3,508.6 3,460.9 Transportation equipment (3) 3-10 185.6 177.1 Marine vessels (4) 15-30 807.5 803.8 Land 360.3 273.1 Construction in progress 2,345.2 4,698.1 Total 48,653.9 46,545.2 Less accumulated depreciation 11,599.4 10,924.8 Property, plant and equipment, net $ 37,054.5 $ 35,620.4 (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 category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. In March 2018, we acquired the remaining 50% member interest of our Delaware Processing joint venture, which resulted in the consolidation of approximately $200 million of property, plant and equipment. See Note 11 for information regarding this recent acquisition. In April 2018, we acquired 65-acres of waterfront property on the Houston Ship Channel for approximately $85.2 million, all of which was recorded as land. The purchase price consisted of $55.2 million in cash with the balance funded through 1,223,242 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, 2018 2017 2018 2017 Depreciation expense (1) $ 361.0 $ 321.1 $ 692.8 $ 638.6 Capitalized interest (2) 27.1 44.5 85.3 84.1 (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 Asset Retirement Obligations Property, plant and equipment at June 30, 2018 and December 31, 2017 includes $50.1 million and $39.9 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our asset retirement obligations, or AROs, since January 1, 2018: ARO liability balance, January 1, 2018 $ 86.7 Liabilities incurred 0.5 Liabilities settled (1.5 ) Revisions in estimated cash flows 11.7 Accretion expense 2.9 ARO liability balance, June 30, 2018 $ 100.3 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 June 30, 2018 December 31, 2017 NGL Pipelines & Services: Venice Energy Service Company, L.L.C. 13.1% $ 25.0 $ 25.7 K/D/S Promix, L.L.C. 50% 30.9 30.9 Baton Rouge Fractionators LLC 32.2% 16.5 17.0 Skelly-Belvieu Pipeline Company, L.L.C. 50% 36.6 37.0 Texas Express Pipeline LLC 35% 322.3 314.4 Texas Express Gathering LLC 45% 35.4 35.9 Front Range Pipeline LLC 33.3% 163.8 165.7 Delaware Basin Gas Processing LLC 100% -- 107.3 Crude Oil Pipelines & Services: Seaway Crude Pipeline Company LLC 50% 1,377.6 1,378.9 Eagle Ford Pipeline LLC 50% 388.1 385.2 Eagle Ford Terminals Corpus Christi LLC 50% 100.0 75.1 Natural Gas Pipelines & Services: White River Hub, LLC 50% 20.4 20.8 Old Ocean Pipeline, LLC 50% 0.6 -- Petrochemical & Refined Products Services: Centennial Pipeline LLC 50% 60.4 60.8 Other Various 3.9 4.7 Total investments in unconsolidated affiliates $ 2,581.5 $ 2,659.4 In March 2018, we acquired the remaining 50% membership interest in our Delaware Processing joint venture. See Note 11 for information regarding this recent acquisition. In May 2018, we and Energy Transfer Partners, L.P. (“Energy Transfer” or “ETP”) formed Old Ocean Pipeline, LLC to facilitate the resumption of full service on the Old Ocean natural gas pipeline owned by Energy Transfer. The 24-inch diameter Old Ocean Pipeline originates in Maypearl, Texas in Ellis County and extends south approximately 240 miles to Sweeny, Texas in Brazoria County. Energy Transfer serves as operator of the pipeline. 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, 2018 2017 2018 2017 NGL Pipelines & Services $ 39.4 $ 19.0 $ 58.8 $ 34.5 Crude Oil Pipelines & Services 83.5 89.2 181.4 170.4 Natural Gas Pipelines & Services 1.6 0.9 2.6 1.9 Petrochemical & Refined Products Services (2.2 ) (2.1 ) (4.8 ) (5.0 ) Total $ 122.3 $ 107.0 $ 238.0 $ 201.8 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 percent basis): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income Statement Data: Revenues $ 461.3 $ 371.9 $ 857.3 $ 715.1 Operating income 288.1 229.8 531.8 433.5 Net income 286.4 237.6 528.7 440.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 457.3 $ (194.8 ) $ 262.5 $ 447.4 $ (187.5 ) $ 259.9 Contract-based intangibles 363.4 (227.5 ) 135.9 280.8 (218.4 ) 62.4 Segment total 820.7 (422.3 ) 398.4 728.2 (405.9 ) 322.3 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (151.0 ) 2,052.5 2,203.5 (127.0 ) 2,076.5 Contract-based intangibles 281.0 (193.6 ) 87.4 281.0 (171.0 ) 110.0 Segment total 2,484.5 (344.6 ) 2,139.9 2,484.5 (298.0 ) 2,186.5 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (432.1 ) 918.2 1,350.3 (417.1 ) 933.2 Contract-based intangibles 464.7 (383.8 ) 80.9 464.7 (379.5 ) 85.2 Segment total 1,815.0 (815.9 ) 999.1 1,815.0 (796.6 ) 1,018.4 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (48.8 ) 132.6 181.4 (45.9 ) 135.5 Contract-based intangibles 46.0 (19.9 ) 26.1 46.0 (18.4 ) 27.6 Segment total 227.4 (68.7 ) 158.7 227.4 (64.3 ) 163.1 Total intangible assets $ 5,347.6 $ (1,651.5 ) $ 3,696.1 $ 5,255.1 $ (1,564.8 ) $ 3,690.3 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, 2018 2017 2018 2017 NGL Pipelines & Services $ 9.3 $ 7.3 $ 16.4 $ 14.6 Crude Oil Pipelines & Services 22.6 22.3 46.6 45.4 Natural Gas Pipelines & Services 9.6 8.8 19.3 17.0 Petrochemical & Refined Products Services 2.1 2.3 4.4 4.7 Total $ 43.6 $ 40.7 $ 86.7 $ 81.7 The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2018 2019 2020 2021 2022 $ 75.8 $ 151.7 $ 140.7 $ 148.4 $ 144.6 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 2017 Form 10-K. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ 1,970.0 $ 1,755.7 Senior Notes V, 6.65% fixed-rate, repaid April 2018 -- 349.7 Senior Notes OO, 1.65% fixed-rate, repaid May 2018 -- 750.0 364-Day Revolving Credit Agreement, variable-rate, due September 2018 -- -- 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 Senior Notes TT, 2.80% fixed-rate, due February 2021 750.0 -- 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 Multi-Year Revolving Credit Facility, variable-rate, due September 2022 -- -- 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 UU, 4.25% fixed-rate, due February 2048 1,250.0 -- 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, repaid April 2018 -- 0.3 TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 0.4 0.4 Total principal amount of senior debt obligations 22,720.0 21,605.7 EPO Junior Subordinated Notes A, variable-rate, due August 2066 521.1 521.1 EPO Junior Subordinated Notes C, variable-rate, due June 2067 256.4 256.4 EPO Junior Subordinated Notes B, fixed/variable-rate, redeemed March 2018 -- 682.7 EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 700.0 700.0 EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 1,000.0 1,000.0 EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 700.0 -- TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 14.2 14.2 Total principal amount of senior and junior debt obligations 25,911.7 24,780.1 Other, non-principal amounts (222.8 ) (211.4 ) Less current maturities of debt (2,668.7 ) (2,855.0 ) Total long-term debt $ 23,020.2 $ 21,713.7 (1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (4) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (5) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. 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, 2018: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 1.50% to 2.50% 2.14% Multi-Year Revolving Credit Facility 2.58% to 4.75% 3.31% EPO Junior Subordinated Notes A 5.08% to 6.07% 5.61% EPO Junior Subordinated Notes C 4.26% to 5.08% 4.66% The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2018 for the next five years, and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2018 2019 2020 2021 2022 Thereafter Commercial Paper Notes $ 1,970.0 $ 1,970.0 $ -- $ -- $ -- $ -- $ -- Senior Notes 20,750.0 -- 1,500.0 1,500.0 1,325.0 650.0 15,775.0 Junior Subordinated Notes 3,191.7 -- -- -- -- -- 3,191.7 Total $ 25,911.7 $ 1,970.0 $ 1,500.0 $ 1,500.0 $ 1,325.0 $ 650.0 $ 18,966.7 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. Increase in Amount Authorized under Commercial Paper Program In June 2018, EPO increased the aggregate principal amount of short-term notes that it could issue (and have outstanding at any time) under its commercial paper program from $2.5 billion to $3.0 billion. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by Enterprise Products Partners L.P. Issuance of $2.0 Billion of Senior Notes and $700 Million of Junior Subordinated Notes in February 2018 In February 2018, EPO issued $2.7 billion aggregate principal amount of notes comprised of (i) $750 million principal amount of senior notes due February 15, 2021 (“Senior Notes TT”), (ii) $1.25 billion principal amount of senior notes due February 15, 2048 (“Senior Notes UU”) and (iii) $700 million principal amount of junior subordinated notes due February 15, 2078 (“Junior Subordinated Notes F”). Net proceeds from these offerings were used by EPO for the temporary repayment of amounts outstanding under its commercial paper program, general company purposes, and the redemption of all $682.7 million outstanding aggregate principal amount of its Junior Subordinated Notes B. Senior Notes TT were issued at 99.946% of their principal amount and have a fixed-rate interest rate of 2.80% per year. Senior Notes UU were issued at 99.865% of their principal amount and have a fixed-rate interest rate of 4.25% per year. Enterprise Products Partners L.P. has guaranteed the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. The Junior Subordinated Notes F are redeemable at EPO’s option, in whole or in part, on one or more occasions, on or after February 15, 2028 at 100% of their principal amount, plus any accrued and unpaid interest thereon, and bear interest at a fixed rate of 5.375% per year through February 14, 2028. Beginning February 15, 2028, the Junior Subordinated Notes F will bear interest at a floating rate based on a three-month LIBOR rate plus 2.57%, reset quarterly. Enterprise Products Partners L.P. has guaranteed the Junior Subordinated Notes F through an unconditional guarantee on an unsecured and subordinated basis. Redemption of Junior Subordinated Notes B In March 2018, EPO redeemed all of the $682.7 million outstanding aggregate principal amount of its Junior Subordinated Notes B at a price equal to 100% of the principal amount of the notes being redeemed, plus all accrued and unpaid interest thereon to, but not including, the redemption date. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2018. Letters of Credit At June 30, 2018, EPO had $86.4 million of letters of credit outstanding primarily related to our commodity hedging activities. |
Equity and Distributions
Equity and Distributions | 6 Months Ended |
Jun. 30, 2018 | |
Equity and Distributions [Abstract] | |
Equity and Distributions | Partners’ Equity The following table summarizes changes in the number of our limited partner common units outstanding from January 1, 2018 to June 30, 2018: Number of common units outstanding at January 1, 2018 2,161,089,479 Common units issued in connection with DRIP and EUPP 9,877,090 Common units issued in connection with the vesting of phantom unit awards 3,285,976 Cancellation of treasury units acquired in connection with the vesting of equity-based awards (984,605 ) Common units issued in connection with employee compensation 1,443,586 Common units issued in connection with land acquisition (see Note 4) 1,223,242 Other 16,360 Number of common units outstanding at June 30, 2018 2,175,951,128 The net cash proceeds we received from the issuance of common units during the six months ended June 30, 2018 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and revolving credit facilities and for general company purposes. We may 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, 2018, we did not issue any common units under the ATM program. During the six months ended June 30, 2017, we issued 20,857,006 common units under this program for aggregate gross cash proceeds of $577.3 million, resulting in total net cash proceeds of $571.8 million. After taking into account the aggregate sales price of common units sold under the ATM program in periods prior to fiscal 2018, we have the capacity to issue additional common units under the ATM program up to an aggregate sales price of $2.54 billion. Distribution reinvestment plan We issued a total of 9,608,839 common units under our DRIP during the six months ended June 30, 2018, which generated net cash proceeds of $253.7 million. Privately held affiliates of EPCO reinvested $100 million through the DRIP during the six months ended June 30, 2018 (this amount being a component of the net cash proceeds presented). During the six months ended June 30, 2017, we issued 6,802,889 common units under our DRIP, which generated net cash proceeds of $178.9 million. After taking into account the number of common units issued under the DRIP through June 30, 2018, we have the capacity to issue an additional 71,108,301 common units under this plan. Privately held affiliates of EPCO reinvested an additional $106 million through the DRIP in connection with the distribution paid in August 2018. Employee unit purchase plan Common units issued in connection with employee compensation 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, 2018 $ (10.1 ) $ (165.1 ) $ 3.5 $ (171.7 ) Other comprehensive income (loss) before reclassifications (10.2 ) 14.6 (0.5 ) 3.9 Amounts reclassified from accumulated other comprehe nsive loss 24.7 19.9 -- 44.6 Total other comprehensive income (loss) 14.5 34.5 (0.5 ) 48.5 Balance, June 30, 2018 $ 4.4 $ (130.6 ) $ 3.0 $ (123.2 ) 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 comprehensive 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 ) The following table presents reclassifications out of accumulated other comprehensive loss (income) into net income during the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2018 2017 2018 2017 Losses (gains) on cash flow hedges: Interest rate derivatives Interest expense $ 9.4 $ 10.0 $ 19.9 $ 19.6 Commodity derivatives Revenue 39.4 (46.0 ) 25.4 (38.5 ) Commodity derivatives Operating costs and expenses (0.2 ) -- (0.7 ) (0.4 ) Total $ 48.6 $ (36.0 ) $ 44.6 $ (19.3 ) For information regarding our interest rate and commodity derivative instruments, see Note 14. 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 2017 1st Quarter $ 0.4150 4/28/2017 5/8/2017 2nd Quarter $ 0.4200 7/31/2017 8/7/2017 2018 1st Quarter $ 0.4275 4/30/2018 5/8/2018 2nd Quarter $ 0.4300 7/31/2018 8/8/2018 The payment of any quarterly cash distribution is subject to Board approval and management’s evaluation of our financial condition, results of operations and cash flows in connection with such payment. Management currently expects to recommend to the Board the following additional quarterly cash distributions through the end of 2018 (with respect to each quarter presented): $0.4325, third quarter of 2018; and $0.4350, fourth quarter of 2018. Noncontrolling Interests In June 2018, pursuant to an option agreement, an affiliate of Western Gas Partners, LP (“Western”) acquired a noncontrolling 20% equity interest in our subsidiary, Whitethorn Pipeline Company LLC (“Whitethorn”), for approximately $189.6 million in cash. Whitethorn owns the Midland-to-ECHO pipeline, which originates at our Midland, Texas terminal and extends 416 miles to our Sealy, Texas facility. This amount is a component of contributions from noncontrolling interests as presented on our Unaudited Condensed Statement of Consolidated Cash Flows for the six months ended June 30, 2018. In January 2018, we announced a project to construct, own and operate an ethylene export facility, the location of which was subsequently determined to be at our Morgan’s Point facility on the Houston Ship Channel. Navigator Ethylene Terminals LLC holds a noncontrolling 50% equity interest in our consolidated subsidiary, Enterprise Navigator Ethylene Terminal LLC, that owns the export facility, which is expected to be completed in the fourth quarter of 2019. Other In May 2018, Apache Corporation (“Apache”) executed a long-term supply agreement with us whereby Apache would sell all of its NGL production from the Alpine High discovery to Enterprise. Alpine High is a major hydrocarbon resource located in the Delaware Basin that encompasses rich natural gas (i.e., gas that has a high NGL content), dry natural gas and oil-bearing horizons. In conjunction with the long-term NGL supply agreement, we granted Apache an option to acquire up to a 33% equity interest in our subsidiary that owns the Shin Oak NGL Pipeline, which is currently under construction and expected to be placed into service during the first quarter of 2019. The option is exercisable once the pipeline is placed into commercial service. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Revenues [Abstract] | |
Revenues | We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 NGL Pipelines & Services: Sales of NGLs and related products $ 2,610.9 $ 2,158.0 $ 5,426.3 $ 5,045.2 Midstream services 662.8 462.6 1,260.7 921.2 Total 3,273.7 2,620.6 6,687.0 5,966.4 Crude Oil Pipelines & Services: Sales of crude oil 2,532.2 1,705.1 5,873.9 3,323.7 Midstream services 249.0 194.5 478.2 383.1 Total 2,781.2 1,899.6 6,352.1 3,706.8 Natural Gas Pipelines & Services: Sales of natural gas 532.5 560.6 1,092.5 1,104.6 Midstream services 260.3 225.6 505.1 442.8 Total 792.8 786.2 1,597.6 1,547.4 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,413.4 1,114.1 2,702.7 2,325.2 Midstream services 206.4 187.1 426.6 382.2 Total 1,619.8 1,301.2 3,129.3 2,707.4 Total consolidated revenues $ 8,467.5 $ 6,607.6 $ 17,766.0 $ 13,928.0 (1) Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. (2) Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. Substantially all of our revenues are derived from contracts with customers as defined within ASC 606. In total, product sales and midstream services accounted for 84% and 16%, respectively, of our consolidated revenues for the three months ended June 30, 2018 and 2017. During the six months ended June 30, 2018 and 2017, Apart from the following information regarding natural gas processing, the description of our significant revenue streams by business segment found under Note 3 of the 2017 Form 10-K have not changed in connection with the adoption of ASC 606. Natural gas processing utilizes service contracts that are either fee-based, commodity-based or a combination of the two. Our commodity-based contracts include keepwhole, margin-band, percent-of-liquids, percent-of-proceeds and contracts featuring a combination of commodity and fee-based terms. When a cash fee for natural gas processing services is stipulated by a contract, we record revenue as a producer’s natural gas has been processed. Under ASC 605, our natural gas processing business did not recognize revenue in connection with non-cash consideration (the “equity NGL volumes”) it received under percent-of-liquids and similar arrangements. We recognized revenue when the associated NGLs were delivered and sold to downstream customers under NGL marketing product sales contracts. Under ASC 606, our natural gas processing business recognizes the value of the equity NGL volumes it receives from customers as a form of midstream service revenue. The value assigned to this non-cash consideration and related inventory is based on the market value of the equity NGLs we are entitled to when the services are performed. We also recognize revenue, along with a corresponding cost of sales, when the NGLs are delivered and sold to downstream customers under NGL marketing product sales contracts. The additional service revenue recognized for the non-cash consideration increased our total revenues by approximately 2% for the six months ended June 30, 2018 when compared to the amount of revenues we would have recognized under ASC 605 for the quarter. Unbilled Revenue and Deferred Revenue The following table provides information regarding our contract assets and contract liabilities as of June 30, 2018: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 126.9 Unbilled revenue (noncurrent) Other assets -- Total $ 126.9 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 83.8 Deferred revenue (noncurrent) Other long-term liabilities 158.4 Total $ 242.2 The following table presents significant changes in our unbilled revenue and deferred revenue balances during the six months ended June 30, 2018: Unbilled Revenue Deferred Revenue Balance at January 1, 2018 (upon adoption of ASC 606) $ -- $ 224.7 Amount included in opening balance transferred to other accounts during period (1) -- (72.8 ) Amount recorded during period 136.4 201.1 Amounts recorded during period transferred to other accounts (1) (11.7 ) (110.8 ) Amount recorded in connection with business combination 2.2 -- Balance at June 30, 2018 $ 126.9 $ 242.2 (1) Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. Remaining Performance Obligations The following table presents estimated fixed consideration from contracts with customers that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2018. For a significant portion of our revenue, we bill customers a contractual rate for the services provided multiplied by the amount of volume handled in a given period. We have the right to invoice the customer in the amount that corresponds directly with the value of our performance completed to date. Therefore, we are not required to disclose information about the variable consideration of remaining performance obligations as we recognize revenue equal to the amount that we have the right to invoice. Remainder of 2018 2019 2020 2021 2022 Thereafter Total $ 1,643.8 $ 3,168.7 $ 2,796.0 $ 2,253.0 $ 1,792.6 $ 7,584.3 $ 19,238.4 Impact of Change in Accounting Policy – ASC 606 Transition Disclosures The following information and tables are provided to summarize the material impacts of adopting ASC 606 on our consolidated financial statements for the three and six months ended June 30, 2018. As noted previously, additional service revenue and related inventory is now recognized in connection with the equity NGL volumes (a form of non-cash consideration) we receive under natural gas processing agreements. When the inventory is sold through our NGL marketing activities, we reflect additional cost of sales amounts within our operating costs and expenses. Unbilled revenues have historically been presented as a component of accounts receivable on our consolidated balance sheets. Upon implementation of ASC 606, we reclassified these amounts to “Prepaid and other current assets” since these amounts represent conditional rights to consideration. Once we have an unconditional right to consideration, the amount is transferred to accounts receivable. Historically, amounts received from customers as CIACs related to pipeline construction activities and production well tie-ins have been netted against property, plant and equipment on our consolidated balance sheets and presented as a cash inflow within the investing activities section of our statements of consolidated cash flows. Upon implementation of ASC 606, these amounts are now recognized as a component of midstream service revenue on our statement of operations and are a component of cash provided by operating activities as presented on our statements of consolidated cash flows. Unaudited Condensed Consolidated Balance Sheet Information as of June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Assets Accounts receivable – trade, net $ 4,445.2 $ (126.9 ) $ 4,318.3 Prepaid and other current assets $ 319.2 $ 126.9 $ 446.1 Property, plant and equipment, net $ 37,028.3 $ 26.2 $ 37,054.5 Other assets $ 231.5 $ -- $ 231.5 Liabilities and Equity Other long-term liabilities $ 661.0 $ 21.4 $ 682.4 Partners' equity $ 22,666.8 $ 4.8 $ 22,671.6 The impact of adoption of ASC 606 was the reclassification of unbilled revenue amounts of $126.9 million from accounts receivable to other current assets. Unaudited Condensed Consolidated Statement of Operations Information for the Three Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Revenues $ 8,304.1 $ 163.4 $ 8,467.5 Costs and expenses: Operating costs and expenses: $ 7,390.2 $ 161.8 $ 7,552.0 Unaudited Condensed Consolidated Statement of Operations Information for the Six Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Revenues $ 17,485.6 $ 280.4 $ 17,766.0 Costs and expenses: Operating costs and expenses: $ 15,499.1 $ 275.6 $ 15,774.7 The impact of adopting ASC 606 on revenues for the three and six months ended June 30, 2018 includes the recognition of $161.8 million and $275.6 million, respectively, of revenues from non-cash consideration (i.e., equity NGLs) earned when providing natural gas processing services and $1.6 million and $4.8 million, respectively, recognized in connection with CIACs. Operating costs and expenses for the three and six months ended June 30, 2018 includes $161.8 million and $275.6 million, respectively, attributable to cost of sales recognized when the equity NGL products are sold and delivered to customers. Unaudited Condensed Consolidated Statement of Cash Flows Information for the Six Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Operating activities: Net income $ 1,593.9 $ 4.8 $ 1,598.7 Net effect of changes in operating accounts $ (249.9 ) $ 21.4 $ (228.5 ) Investing activities: Contributions in aid of construction costs $ 26.2 $ (26.2 ) $ -- |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Operating income $ 986.4 $ 938.7 $ 2,124.9 $ 1,970.3 Adjustments to reconcile operating income to total gross operating margin: Add depreciation, amortization and accretion expense in operating costs and expenses 425.3 379.2 819.6 755.4 Add asset impairment and related charges in operating costs and expenses 15.9 14.0 16.8 25.2 Add net losses or subtract net gains attributable to asset sales in operating costs and expenses (0.9 ) 0.3 (1.4 ) -- Add general and administrative costs 51.4 45.7 104.4 96.1 Adjustments for make-up rights on certain new pipeline projects: Add non-refundable payments received from shippers attributable to make-up rights (1) 5.6 8.3 8.3 21.6 Subtract the subsequent recognition of revenues attributable to make-up rights (2) (22.0 ) (6.8 ) (36.2 ) (15.9 ) Total segment gross operating margin $ 1,461.7 $ 1,379.4 $ 3,036.4 $ 2,852.7 ( 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 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, 2018 2017 2018 2017 Gross operating margin by segment: NGL Pipelines & Services $ 913.7 $ 759.9 $ 1,798.6 $ 1,615.9 Crude Oil Pipelines & Services 52.8 236.7 272.8 501.3 Natural Gas Pipelines & Services 213.4 194.4 411.3 365.3 Petrochemical & Refined Products Services 281.8 188.4 553.7 370.2 Total segment gross operating margin $ 1,461.7 $ 1,379.4 $ 3,036.4 $ 2,852.7 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, 2018 $ 3,268.8 $ 2,733.8 $ 789.5 $ 1,619.8 $ -- $ 8,411.9 Three months ended June 30, 2017 2,617.8 1,895.8 782.9 1,301.2 -- 6,597.7 Six months ended June 30, 2018 6,678.4 6,286.5 1,591.5 3,129.3 -- 17,685.7 Six months ended June 30, 2017 5,960.8 3,698.4 1,540.7 2,707.4 -- 13,907.3 Revenues from related parties: Three months ended June 30, 2018 4.9 47.4 3.3 -- -- 55.6 Three months ended June 30, 2017 2.8 3.8 3.3 -- -- 9.9 Six months ended June 30, 2018 8.6 65.6 6.1 -- -- 80.3 Six months ended June 30, 2017 5.6 8.4 6.7 -- -- 20.7 Intersegment and intrasegment revenues: Three months ended June 30, 2018 6,004.6 9,978.5 165.0 784.0 (16,932.1 ) -- Three months ended June 30, 2017 5,642.1 3,383.7 220.6 389.7 (9,636.1 ) -- Six months ended June 30, 2018 12,569.5 21,404.8 335.9 1,397.3 (35,707.5 ) -- Six months ended June 30, 2017 14,516.9 6,857.7 415.1 804.4 (22,594.1 ) -- Total revenues: Three months ended June 30, 2018 9,278.3 12,759.7 957.8 2,403.8 (16,932.1 ) 8,467.5 Three months ended June 30, 2017 8,262.7 5,283.3 1,006.8 1,690.9 (9,636.1 ) 6,607.6 Six months ended June 30, 2018 19,256.5 27,756.9 1,933.5 4,526.6 (35,707.5 ) 17,766.0 Six months ended June 30, 2017 20,483.3 10,564.5 1,962.5 3,511.8 (22,594.1 ) 13,928.0 Equity in income (loss) of unconsolidated affiliates: Three months ended June 30, 2018 39.4 83.5 1.6 (2.2 ) -- 122.3 Three months ended June 30, 2017 19.0 89.2 0.9 (2.1 ) -- 107.0 Six months ended June 30, 2018 58.8 181.4 2.6 (4.8 ) -- 238.0 Six months ended June 30, 2017 34.5 170.4 1.9 (5.0 ) -- 201.8 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, 2018 $ 14,716.9 $ 5,401.3 $ 8,356.1 $ 6,235.0 $ 2,345.2 $ 37,054.5 At December 31, 2017 13,831.2 5,208.4 8,375.0 3,507.7 4,698.1 35,620.4 Investments in unconsolidated affiliates: (see Note 5) At June 30, 2018 630.5 1,865.7 21.0 64.3 -- 2,581.5 At December 31, 2017 733.9 1,839.2 20.8 65.5 -- 2,659.4 Intangible assets, net: At June 30, 2018 398.4 2,139.9 999.1 158.7 -- 3,696.1 At December 31, 2017 322.3 2,186.5 1,018.4 163.1 -- 3,690.3 Goodwill: At June 30, 2018 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 At December 31, 2017 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 Segment assets: At June 30, 2018 18,397.5 11,247.9 9,672.5 7,414.2 2,345.2 49,077.3 At December 31, 2017 17,539.1 11,075.1 9,710.5 4,692.5 4,698.1 47,715.3 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, 2018 2017 2018 2017 Consolidated revenues: NGL Pipelines & Services $ 3,273.7 $ 2,620.6 $ 6,687.0 $ 5,966.4 Crude Oil Pipelines & Services 2,781.2 1,899.6 6,352.1 3,706.8 Natural Gas Pipelines & Services 792.8 786.2 1,597.6 1,547.4 Petrochemical & Refined Products Services 1,619.8 1,301.2 3,129.3 2,707.4 Total consolidated revenues $ 8,467.5 $ 6,607.6 $ 17,766.0 $ 13,928.0 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 6,391.9 $ 4,731.1 $ 13,532.3 $ 10,066.8 Other operating costs and expenses (1) 719.8 605.6 1,407.4 1,216.0 Depreciation, amortization and accretion 425.3 379.2 819.6 755.4 Asset impairment and related charges 15.9 14.0 16.8 25.2 Ne t losses (gains) (0.9 ) 0.3 (1.4 ) -- General and administrative costs 51.4 45.7 104.4 96.1 Total consolidated costs and expenses $ 7,603.4 $ 5,775.9 $ 15,879.1 $ 12,159.5 (1) Re presents 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. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | On March 29, 2018, we acquired the remaining 50% member interest in our Delaware Processing joint venture for $150.6 million in cash, net of $3.9 million of cash held by the former joint venture. As a result, Delaware Processing is now our wholly-owned consolidated subsidiary. Delaware Processing owns a cryogenic natural gas processing facility having a capacity of 150 million cubic feet per day. The facility is located in Reeves County, Texas and entered service in August 2016. The acquired business serves growing production of NGL-rich natural gas from the Delaware Basin in West Texas and southern New Mexico. The following table presents the final fair value allocation of assets acquired and liabilities assumed in the acquisition at March 29, 2018. Purchase price for remaining 50% equity interest in Delaware Processing $ 154.5 Fair value of our 50% equity interest in Delaware Processing held before the acquisition 146.4 Total 300.9 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired in business combination: Current assets, including cash of $3.9 million $ 10.8 Property, plant and equipment 200.0 Contract-based intangible assets 82.6 Customer relationship intangible assets 9.9 Total assets acquired $ 303.3 Liabilities assumed in business combination: Current liabilities $ (1.8 ) Long-term liabilities (0.6 ) Total liabilities assumed $ (2.4 ) Total identifiable net assets $ 300.9 Goodwill $ -- Prior to this acquisition, we accounted for our investment using the equity method. On a historical pro forma 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, 2018 and 2017 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2017 rather than March 29, 2018. At March 29, 2018, our 50% equity investment in Delaware Processing was $107.0 million. Upon acquisition of the remaining 50% member interest, our existing equity investment was remeasured to fair value resulting in the recognition of a non-cash $39.4 million gain, which is presented within Other Income on our Unaudited Condensed Consolidated Statement of Operations for the six months ended June 30, 2018. The results for this business will continue to be reported under the NGL Pipelines & Services business segment. |
Earnings Per Unit
Earnings Per Unit | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 673.8 $ 653.7 $ 1,574.5 $ 1,414.4 Undistributed earnings allocated and cash payments on phantom unit awards (1) (4.6 ) (4.0 ) (9.3 ) (8.0 ) Net income available to common unitholders $ 669.2 $ 649.7 $ 1,565.2 $ 1,406.4 Basic weighted-average number of common units outstanding 2,174.6 2,144.7 2,170.7 2,135.5 Basic earnings per unit $ 0.31 $ 0.30 $ 0.72 $ 0.66 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 673.8 $ 653.7 $ 1,574.5 $ 1,414.4 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,174.6 2,144.7 2,170.7 2,135.5 Phantom units (1) 10.8 9.6 10.6 9.2 Total 2,185.4 2,154.3 2,181.3 2,144.7 Diluted earnings per unit $ 0.31 $ 0.30 $ 0.72 $ 0.66 (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
Equity-Based Awards | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Equity-classified awards: Phantom unit awards $ 25.9 $ 23.5 $ 50.5 $ 46.3 Restricted common unit awards -- -- -- 0.5 Profits interest awards 1.0 1.6 2.6 3.1 Liability-classified awards 0.1 -- 0.2 0.2 Total $ 27.0 $ 25.1 $ 53.3 $ 50.1 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, 2018, all of the outstanding phantom unit awards were granted under the 2008 Plan. The maximum number of common units authorized for issuance under the 2008 Plan was 45,000,000 at June 30, 2018. This amount will automatically increase under the terms of the 2008 Plan by 5,000,000 common units on January 1, 2019 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, 2018, a total of 18,864,940 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”). 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, 2018, 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, 2018 9,289,501 $ 27.65 Granted (2) 4,967,681 $ 26.81 Vested (3,285,976 ) $ 28.58 Forfeited (216,897 ) $ 26.92 Phantom unit awards at June 30, 2018 10,754,309 $ 26.99 (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 2018 was $133.2 million based on a grant date market price of our common units ranging from $25.40 to $28.18 per unit. An estimated annual forfeiture rate of 3.2% 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, 2018 2017 2018 2017 Cash payments made in connection with DERs $ 4.7 $ 4.0 $ 8.6 $ 7.2 Total intrinsic value of phantom unit awards that vested during period 3.1 3.1 85.1 66.3 For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $158.8 million at June 30, 2018, of which our share of the cost is currently estimated to be $134.2 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 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 as of June 30, 2018: Employee Partnership Enterprise Common Units contributed to Employee Partnership by EPCO Holdings Class A Capital Base Class A Preference Return Expected Vesting/ Liquidation Date Estimated Grant Date Fair Value of Profits Interest Awards Unrecognized Compensation Cost PubCo I 2,723,052 $63.7 million $ 0.39 Feb. 2020 $13.0 million $5.9 million PubCo II 2,834,198 $66.3 million $ 0.39 Feb. 2021 $14.7 million $8.3 million PubCo III 105,000 $2.5 million $ 0.39 Apr. 2020 $0.5 million $0.3 million PrivCo I 1,111,438 $26.0 million $ 0.39 Feb. 2021 $5.8 million $0.7 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, 2018. 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 1.6 years, 2.6 years, 1.8 years and 2.6 years, respectively. 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 2.5% 6.2% to 7.0% 20% to 40% PubCo II 5.0 years 1.1% to 2.7% 6.1% to 7.0% 27% to 40% PubCo III 4.0 years 1.0% to 2.2% 6.1% to 6.8% 27% 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. |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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. On January 1, 2018, we early adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . Since the impact of the new guidance was not material to our consolidated financial statements, no transition adjustments were recorded. 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 forward starting swaps at June 30, 2018: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Average Rate Locked Accounting Treatment Future long-term debt offering 2 forward starting swaps $175.0 2/2019 2.56% Cash flow hedge As a result of market conditions in January 2018, we elected to terminate $100 million notional amount of the forward starting swaps that were outstanding at December 31, 2017, which resulted in cash proceeds totaling $1.5 million for the first quarter of 2018. In January 2018, we sold swaptions related to our interest rate hedging activities that resulted in the recognition of $7.2 million of cash gains that were reflected as a reduction in interest expense for the first quarter of 2018. Likewise, in April 2018, we sold swaptions related to our interest rate hedging activities that resulted in the recognition of $11.8 million of cash gains that were reflected as a reduction in interest expense for the second quarter of 2018. The January 2018 swaptions expired in March 2018 and the April 2018 swaptions expired in June 2018. 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, 2018, 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, 2018 (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 (billion cubic feet (“Bcf”)) 16.2 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (million barrels (“MMBbls”)) 0.9 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 0.9 n/a Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 1.8 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 49.9 n/a Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 64.1 n/a Cash flow hedge NGLs inventory management activities (MMBbls) 0.5 n/a Fair value hedge Refined products marketing: Forecasted purchase of refined products (MMBbls) 0.9 n/a Cash flow hedge Forecasted sales of refined products (MMBbls) 1.2 n/a Cash flow hedge Refined products inventory management activities (MMBbls) 0.1 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 9.1 4.1 Cash flow hedge Forecasted sales of crude oil (MMBbls) 9.9 4.1 Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3,4) 92.5 2.9 Mark-to-market Refined products risk management activities (MMBbls) (4) 1.4 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 68.5 29.0 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 2020, November 2018 and December 2020, respectively. (3) Current and long-term volumes include 45.8 Bcf and 0.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a market-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. The carrying amount of our inventories subject to fair value hedges was $42.8 million and $84.0 million at June 30, 2018 and December 31, 2017, respectively. These amounts, which are presented in “Inventories” on our Unaudited Condensed Consolidated Balance Sheets, are inclusive of cumulative fair value hedging adjustments of $1.4 million and $7.0 million at June 30, 2018 and December 31, 2017, respectively. 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, 2018 December 31, 2017 June 30, 2018 December 31, 2017 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 $ 13.0 Current assets $ -- Current liabilities $ -- Current liabilities $ 1.5 Interest rate derivatives Other assets -- Other assets 0.1 Other liabilities -- Other liabilities 0.2 Total interest rate derivatives 13.0 0.1 -- 1.7 Commodity derivatives Current assets 142.7 Current assets 109.5 Current liabilities 141.1 Current liabilities 104.4 Commodity derivatives Other assets 39.3 Other assets 6.4 Other liabilities 39.2 Other liabilities 6.8 Total commodity derivatives 182.0 115.9 180.3 111.2 Total derivatives designated as hedging instruments $ 195.0 $ 116.0 $ 180.3 $ 112.9 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 9.4 Current assets $ 43.9 Current liabilities $ 255.8 Current liabilities $ 62.3 Commodity derivatives Other assets 0.2 Other assets 1.9 Other liabilities 23.3 Other liabilities 3.4 Total commodity derivatives $ 9.6 $ 45.8 $ 279.1 $ 65.7 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, 2018: Interest rate derivatives $ 13.0 $ -- $ 13.0 $ -- $ -- $ -- $ 13.0 Commodity derivatives 191.6 -- 191.6 (185.6 ) -- -- 6.0 As of December 31, 2017: Interest rate derivatives $ 0.1 $ -- $ 0.1 $ (0.1 ) $ -- $ -- $ -- Commodity derivatives 161.7 -- 161.7 (157.8 ) -- -- 3.9 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, 2018: Commodity derivatives $ 459.4 $ -- $ 459.4 $ (185.6 ) $ -- $ (272.9 ) $ 0.9 As of December 31, 2017: Interest rate derivatives $ 1.7 $ -- $ 1.7 $ (0.1 ) $ -- $ -- $ 1.6 Commodity derivatives 176.9 -- 176.9 (157.8 ) -- (17.3 ) 1.8 Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in 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, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ 0.6 $ 0.4 $ 1.3 $ (0.5 ) Commodity derivatives Revenue 4.8 18.8 4.6 37.6 Total $ 5.4 $ 19.2 $ 5.9 $ 37.1 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, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ (0.6 ) $ (0.3 ) $ (1.4 ) $ 0.6 Commodity derivatives Revenue (4.9 ) (16.3 ) (1.8 ) (28.7 ) Total $ (5.5 ) $ (16.6 ) $ (3.2 ) $ (28.1 ) 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 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest rate derivatives $ 3.5 $ (6.9 ) $ 14.6 $ (4.5 ) Commodity derivatives – Revenue (1) (14.2 ) 31.4 (11.2 ) 179.0 Commodity derivatives – Operating costs and expenses (1) 0.6 (1.0 ) 1.0 (3.8 ) Total $ (10.1 ) $ 23.5 $ 4.4 $ 170.7 (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 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ (9.4 ) $ (10.0 ) $ (19.9 ) $ (19.6 ) Commodity derivatives Revenue (39.4 ) 46.0 (25.4 ) 38.5 Commodity derivatives Operating costs and expenses 0.2 -- 0.7 0.4 Total $ (48.6 ) $ 36.0 $ (44.6 ) $ 19.3 Over the next twelve months, we expect to reclassify $37.0 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $4.3 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $4.4 million as an increase in revenue and $0.1 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, 2018 2017 2018 2017 Commodity derivatives Revenue $ (406.3 ) $ 18.7 $ (559.8 ) $ 34.4 Commodity derivatives Operating costs and expenses -- (0.8 ) (1.5 ) 3.7 Total $ (406.3 ) $ 17.9 $ (561.3 ) $ 38.1 The $561.3 million loss recognized during the 2018 earnings from derivatives not designated as hedging instruments reflects $106.9 million of realized losses on such instruments. It does not reflect the $8.1 million of unrealized losses from fair value hedges. In the aggregate, our unrealized mark-to-market losses for the six months ended June 30, 2018 were $462.5 million inclusive of all derivative instrument types. The following table summarizes the impact of net unrealized, mark-to-market losses on our gross operating margin by segment for the six months ended June 30, 2018: Unrealized mark-to-market gains (losses) by segment: NGL Pipelines & Services $ 7.8 Crude Oil Pipelines & Services (467.5 ) Natural Gas Pipelines & Services (2.5 ) Petrochemical & Refined Products Services (0.3 ) Total $ (462.5 ) 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 are presented before and after the application of Rule 814 of the Chicago Mercantile Exchange (“CME”), which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this 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. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis. June 30, 2018 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 $ -- $ 13.0 $ -- $ 13.0 Commodity derivatives: Value before application of CME Rule 814 92.9 224.0 4.8 321.7 Impact of CME Rule 814 change (6.9 ) (123.2 ) -- (130.1 ) Total commodity derivatives 86.0 100.8 4.8 191.6 Total financial assets $ 86.0 $ 113.8 $ 4.8 $ 204.6 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 350.3 $ 350.3 Interest rate derivatives -- -- -- -- Commodity derivatives: Value before application of CME Rule 814 119.5 729.1 3.5 852.1 Impact of CME Rule 814 change (34.3 ) (358.4 ) -- (392.7 ) Total commodity derivatives 85.2 370.7 3.5 459.4 Total financial liabilities $ 85.2 $ 370.7 $ 353.8 $ 809.7 December 31, 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 $ -- $ 0.1 $ -- $ 0.1 Commodity derivatives: Value before application of CME Rule 814 47.1 184.9 2.9 234.9 Impact of CME Rule 814 change (47.1 ) (26.1 ) -- (73.2 ) Total commodity derivatives -- 158.8 2.9 161.7 Total financial assets $ -- $ 158.9 $ 2.9 $ 161.8 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 333.9 $ 333.9 Interest rate derivatives -- 1.7 -- 1.7 Commodity derivatives: Value before application of CME Rule 814 118.4 270.6 1.7 390.7 Impact of CME Rule 814 change (118.4 ) (95.4 ) -- (213.8 ) Total commodity derivatives -- 175.2 1.7 176.9 Total financial liabilities $ -- $ 176.9 $ 335.6 $ 512.5 Our Level 3 financial liabilities at June 30, 2018 and December 31, 2017 primarily reflect the fair value assigned to the Liquidity Option Agreement (see Note 16) at each measurement date. The carrying value of the Liquidity Option Agreement (a long-term liability) was $350.3 million and $333.9 million at June 30, 2018 and December 31, 2017, 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 2018 2017 Financial liability balance, net, January 1 $ (332.7 ) $ (268.2 ) Total gains (losses) included in: Net income (1) Revenue (0.5 ) 0.7 Net income Other expense, net (7.5 ) (5.5 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- -- Settlements (1) Revenue (1.2 ) (1.4 ) Transfers out of Level 3 -- -- Financial liability balance, net, March 31 (341.9 ) (274.4 ) Total gains (losses) included in: Net income (1) Revenue 1.3 0.1 Net income Other expense, net (8.9 ) (18.6 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- 0.1 Settlements (1) Revenue 0.5 (0.7 ) Transfers out of Level 3 -- -- Financial liability balance, net, June 30 $ (349.0 ) $ (293.5 ) (1) There were unrealized gains of $1.8 million and $0.1 million included in these amounts for the three and six months ended June 30, 2018, respectively. There were unrealized losses of $0.6 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. The following Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 4.8 $ 3.5 Discounted cash flow Forward commodity prices $65.01-$76.84/barrel Total $ 4.8 $ 3.5 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, 2018. 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, 2018 2017 2018 2017 NGL Pipelines & Services $ 12.4 $ 2.8 $ 12.4 $ 3.0 Crude Oil Pipelines & Services 0.1 0.6 0.3 0.6 Natural Gas Pipelines & Services 1.8 9.7 2.5 9.9 Petrochemical & Refined Products Services 1.5 -- 1.5 -- Total $ 15.8 $ 13.1 $ 16.7 $ 13.5 Impairment charges are primarily a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations. Total asset impairment and related charges during the six months ended June 30, 2018 and June 30, 2017 include impairment charges attributable to the write-down of spare parts classified as current assets of $0.1 million and $11.7 million, respectively. 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 $23.61 billion and $23.47 billion at June 30, 2018 and December 31, 2017, respectively. The aggregate carrying value of these debt obligations was $23.15 billion and $21.48 billion at June 30, 2018 and December 31, 2017, respectively. These values are based on quoted market prices for such debt or debt of similar terms and maturities (Level 2), our credit standing and the credit standing of our counterparties. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Revenues – related parties: Unconsolidated affiliates $ 55.6 $ 9.9 $ 80.3 $ 20.7 Costs and expenses – related parties: EPCO and its privately held affiliates $ 260.2 $ 247.4 $ 516.9 $ 490.5 Unconsolidated affiliates 148.0 54.9 241.4 93.1 Total $ 408.2 $ 302.3 $ 758.3 $ 583.6 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: June 30, 2018 December 31, 2017 Accounts receivable - related parties: Unconsolidated affiliates $ 2.0 $ 1.8 Accounts payable - related parties: EPCO and its privately held affiliates $ 57.0 $ 99.3 Unconsolidated affiliates 28.6 28.0 Total $ 85.6 $ 127.3 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, 2018, 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 693,530,754 32% Of the total number of units held by EPCO and its privately held affiliates, 108,222,618 have been pledged as security under the credit facilities of EPCO and its privately held affiliates at June 30, 2018. 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, 2018 and 2017, we paid EPCO and its privately held affiliates cash distributions totaling $576.3 million and $553.7 million, respectively. From time-to-time, EPCO and its privately held affiliates elect to purchase additional common units under our DRIP and ATM program. During the six months ended June 30, 2018, privately held affiliates of EPCO reinvested $100 million through the DRIP. See Note 8 for additional information regarding our DRIP. 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, 2018 2017 2018 2017 Operating costs and expenses $ 228.0 $ 215.9 $ 451.0 $ 427.5 General and administrative expenses 28.4 27.1 57.6 53.9 Total costs and expenses $ 256.4 $ 243.0 $ 508.6 $ 481.4 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017, our accruals for litigation contingencies were $4.5 million and 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 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 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 us, rendering judgment that ETP take nothing on those claims, and affirming our counterclaim against ETP of approximately $0.8 million, plus interest. On August 31, 2017, ETP filed a motion for rehearing before the Dallas Court of Appeals, which was denied on September 13, 2017. As of June 30, 2018, we have not recorded a provision for this matter as management continues to believe that payment of damages by us in this case is not probable. We continue to monitor developments involving this matter. 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 . reported in our 2017 Form 10-K. 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, a German corporation and the ultimate parent company of OTA (“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, currently 54,807,352 units, and assume all future income tax obligations of OTA associated with (i) owning partnership 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 $350.3 million and $333.9 million at June 30, 2018 and December 31, 2017, 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 then held by OTA and reflect any tax planning we believe could be employed. Our valuation estimate for the Liquidity Option at June 30, 2018 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; Forecasted annual growth rates of Enterprise’s taxable earnings before interest, taxes, depreciation and amortization ranging from 2.1% to 7.2%; 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, 2018, we used ownership interests ranging from 1.8% to 2.5%; OTA pays an aggregate federal and state income tax rate of 24% on its taxable income; and A discount rate of 8.0% based on our weighted-average cost of capital at June 30, 2018. 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, 2018, based on these scenarios, we expect that OTA would own approximately 92% 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 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, 2018 would have increased by $31.1 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 Decrease (increase) in: Accounts receivable – trade $ 18.6 $ 602.7 Accounts receivable – related parties (0.2 ) (1.9 ) Inventories 17.6 234.3 Prepaid and other current assets (82.4 ) 213.7 Other assets (11.9 ) (64.2 ) Increase (decrease) in: Accounts payable – trade 112.1 46.6 Accounts payable – related parties (3.1 ) (8.4 ) Accrued product payables 30.7 (694.2 ) Accrued interest 14.0 (0.8 ) Other current liabilities (306.4 ) (252.4 ) Other liabilities (17.5 ) 6.7 Net effect of changes in operating accounts $ (228.5 ) $ 82.1 We incurred liabilities for construction in progress that had not been paid at June 30, 2018 and December 31, 2017 of $359.0 million and $373.0 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. Capital expenditures for the six months ended June 30, 2017 reflect the receipt of $29.6 million of CIACs from third parties. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 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 $ 283.8 $ 81.7 $ (24.0 ) $ 341.5 $ -- $ -- $ 341.5 Accounts receivable – trade, net 1,322.5 2,996.5 (0.7 ) 4,318.3 -- -- 4,318.3 Accounts receivable – related parties 92.0 991.0 (1,073.5 ) 9.5 -- (7.5 ) 2.0 Inventories 1,270.7 459.5 (0.6 ) 1,729.6 -- -- 1,729.6 Derivative assets 110.6 54.5 -- 165.1 -- -- 165.1 Prepaid and other current assets 200.2 276.1 (30.8 ) 445.5 0.5 0.1 446.1 Total current assets 3,279.8 4,859.3 (1,129.6 ) 7,009.5 0.5 (7.4 ) 7,002.6 Property, plant and equipment, net 5,955.0 31,098.1 1.4 37,054.5 -- -- 37,054.5 Investments in unconsolidated affiliates 42,054.9 4,080.7 (43,554.1 ) 2,581.5 23,028.0 (23,028.0 ) 2,581.5 Intangible assets, net 667.1 3,042.6 (13.6 ) 3,696.1 -- -- 3,696.1 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 292.0 160.7 (222.1 ) 230.6 0.9 -- 231.5 Total assets $ 52,708.3 $ 48,527.1 $ (44,918.0 ) $ 56,317.4 $ 23,029.4 $ (23,035.4 ) $ 56,311.4 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,668.6 $ 0.1 $ -- $ 2,668.7 $ -- $ -- $ 2,668.7 Accounts payable – trade 355.7 561.4 (24.0 ) 893.1 -- -- 893.1 Accounts payable – related parties 1,083.0 90.0 (1,087.4 ) 85.6 7.5 (7.5 ) 85.6 Accrued product payables 2,008.6 2,705.8 (1.8 ) 4,712.6 -- -- 4,712.6 Accrued interest 372.0 0.8 (0.8 ) 372.0 -- -- 372.0 Derivative liabilities 108.3 288.6 -- 396.9 -- -- 396.9 Other current liabilities 39.7 309.6 (28.9 ) 320.4 -- -- 320.4 Total current liabilities 6,635.9 3,956.3 (1,142.9 ) 9,449.3 7.5 (7.5 ) 9,449.3 Long-term debt 23,005.5 14.7 -- 23,020.2 -- -- 23,020.2 Deferred tax liabilities 10.6 57.0 (0.9 ) 66.7 -- 2.3 69.0 Other long-term liabilities 58.8 495.7 (222.4 ) 332.1 350.3 -- 682.4 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,997.5 43,929.6 (43,927.9 ) 22,999.2 22,671.6 (22,999.2 ) 22,671.6 Noncontrolling interests -- 73.8 376.1 449.9 -- (31.0 ) 418.9 Total equity 22,997.5 44,003.4 (43,551.8 ) 23,449.1 22,671.6 (23,030.2 ) 23,090.5 Total liabilities and equity $ 52,708.3 $ 48,527.1 $ (44,918.0 ) $ 56,317.4 $ 23,029.4 $ (23,035.4 ) $ 56,311.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ 65.2 $ 31.5 $ (26.4 ) $ 70.3 $ -- $ -- $ 70.3 Accounts receivable – trade, net 1,382.3 2,976.6 (0.5 ) 4,358.4 -- -- 4,358.4 Accounts receivable – related parties 110.3 1,182.1 (1,289.3 ) 3.1 -- (1.3 ) 1.8 Inventories 1,038.9 572.3 (1.4 ) 1,609.8 -- -- 1,609.8 Derivative assets 110.0 43.4 -- 153.4 -- -- 153.4 Prepaid and other current assets 136.3 189.0 (12.6 ) 312.7 -- -- 312.7 Total current assets 2,843.0 4,994.9 (1,330.2 ) 6,507.7 -- (1.3 ) 6,506.4 Property, plant and equipment, net 5,622.6 29,996.3 1.5 35,620.4 -- -- 35,620.4 Investments in unconsolidated affiliates 41,616.6 4,298.0 (43,255.2 ) 2,659.4 22,881.5 (22,881.5 ) 2,659.4 Intangible assets, net 675.5 3,028.6 (13.8 ) 3,690.3 -- -- 3,690.3 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 296.4 110.0 (211.0 ) 195.4 1.0 -- 196.4 Total assets $ 51,513.6 $ 47,713.5 $ (44,808.7 ) $ 54,418.4 $ 22,882.5 $ (22,882.8 ) $ 54,418.1 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,854.6 $ 0.4 $ -- $ 2,855.0 $ -- $ -- $ 2,855.0 Accounts payable – trade 290.2 537.8 (26.4 ) 801.6 0.1 -- 801.7 Accounts payable – related parties 1,320.3 112.0 (1,305.0 ) 127.3 1.3 (1.3 ) 127.3 Accrued product payables 1,825.9 2,741.7 (1.3 ) 4,566.3 -- -- 4,566.3 Accrued interest 358.0 -- -- 358.0 -- -- 358.0 Derivative liabilities 115.2 53.0 -- 168.2 -- -- 168.2 Other current liabilities 108.9 320.1 (10.8 ) 418.2 -- 0.4 418.6 Total current liabilities 6,873.1 3,765.0 (1,343.5 ) 9,294.6 1.4 (0.9 ) 9,295.1 Long-term debt 21,699.0 14.7 -- 21,713.7 -- -- 21,713.7 Deferred tax liabilities 6.7 50.2 (0.5 ) 56.4 -- 2.1 58.5 Other long-term liabilities 60.4 396.5 (212.4 ) 244.5 333.9 -- 578.4 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,874.4 43,412.0 (43,433.3 ) 22,853.1 22,547.2 (22,853.1 ) 22,547.2 Noncontrolling interests -- 75.1 181.0 256.1 -- (30.9 ) 225.2 Total equity 22,874.4 43,487.1 (43,252.3 ) 23,109.2 22,547.2 (22,884.0 ) 22,772.4 Total liabilities and equity $ 51,513.6 $ 47,713.5 $ (44,808.7 ) $ 54,418.4 $ 22,882.5 $ (22,882.8 ) $ 54,418.1 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2018 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 $ 9,556.8 $ 5,806.4 $ (6,895.7 ) $ 8,467.5 $ -- $ -- $ 8,467.5 Costs and expenses: Operating costs and expenses 9,256.1 5,191.8 (6,895.9 ) 7,552.0 -- -- 7,552.0 General and administrative costs 8.0 42.0 0.6 50.6 0.8 -- 51.4 Total costs and expenses 9,264.1 5,233.8 (6,895.3 ) 7,602.6 0.8 -- 7,603.4 Equity in income of unconsolidated affiliates 667.7 136.5 (681.9 ) 122.3 683.5 (683.5 ) 122.3 Operating income 960.4 709.1 (682.3 ) 987.2 682.7 (683.5 ) 986.4 Other income (expense): Interest expense (274.8 ) (2.6 ) 2.8 (274.6 ) -- -- (274.6 ) Other, net 2.4 3.1 (2.8 ) 2.7 (8.9 ) -- (6.2 ) Total other expense, net (272.4 ) 0.5 -- (271.9 ) (8.9 ) -- (280.8 ) Income before income taxes 688.0 709.6 (682.3 ) 715.3 673.8 (683.5 ) 705.6 Provision for income taxes (6.2 ) (12.0 ) -- (18.2 ) -- (0.2 ) (18.4 ) Net income 681.8 697.6 (682.3 ) 697.1 673.8 (683.7 ) 687.2 Net income attributable to noncontrolling interests -- (2.0 ) (12.7 ) (14.7 ) -- 1.3 (13.4 ) Net income attributable to entity $ 681.8 $ 695.6 $ (695.0 ) $ 682.4 $ 673.8 $ (682.4 ) $ 673.8 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 Six Months Ended June 30, 2018 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 $ 19,874.6 $ 12,215.3 $ (14,323.9 ) $ 17,766.0 $ -- $ -- $ 17,766.0 Costs and expenses: Operating costs and expenses 19,236.7 10,862.1 (14,324.1 ) 15,774.7 -- -- 15,774.7 General and administrative costs 13.4 88.7 0.6 102.7 1.7 -- 104.4 Total costs and expenses 19,250.1 10,950.8 (14,323.5 ) 15,877.4 1.7 -- 15,879.1 Equity in income of unconsolidated affiliates 1,498.7 291.0 (1,551.7 ) 238.0 1,592.6 (1,592.6 ) 238.0 Operating income 2,123.2 1,555.5 (1,552.1 ) 2,126.6 1,590.9 (1,592.6 ) 2,124.9 Other income (expense): Interest expense (527.0 ) (5.1 ) 5.4 (526.7 ) -- -- (526.7 ) Other, net 5.2 40.6 (5.4 ) 40.4 (16.4 ) -- 24.0 Total other expense, net (521.8 ) 35.5 -- (486.3 ) (16.4 ) -- (502.7 ) Income before income taxes 1,601.4 1,591.0 (1,552.1 ) 1,640.3 1,574.5 (1,592.6 ) 1,622.2 Provision for income taxes (11.6 ) (11.4 ) -- (23.0 ) -- (0.5 ) (23.5 ) Net income 1,589.8 1,579.6 (1,552.1 ) 1,617.3 1,574.5 (1,593.1 ) 1,598.7 Net income attributable to noncontrolling interests -- (3.7 ) (23.1 ) (26.8 ) -- 2.6 (24.2 ) Net income attributable to entity $ 1,589.8 $ 1,575.9 $ (1,575.2 ) $ 1,590.5 $ 1,574.5 $ (1,590.5 ) $ 1,574.5 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 Comprehensive Income For the Three Months Ended June 30, 2018 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 $ 695.2 $ 721.7 $ (681.7 ) $ 735.2 $ 711.8 $ (721.8 ) $ 725.2 Comprehensive income attributable to noncontrolling interests -- (2.0 ) (12.7 ) (14.7 ) -- 1.3 (13.4 ) Comprehensive income attributable to entity $ 695.2 $ 719.7 $ (694.4 ) $ 720.5 $ 711.8 $ (720.5 ) $ 711.8 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 Six Months Ended June 30, 2018 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 $ 1,614.1 $ 1,603.2 $ (1,551.5 ) $ 1,665.8 $ 1,623.0 $ (1,641.6 ) $ 1,647.2 Comp rehensive income attrib -- (3.7 ) (23.1 ) (26.8 ) -- 2.6 (24.2 ) Comprehensive income attributable to entity $ 1,614.1 $ 1,599.5 $ (1,574.6 ) $ 1,639.0 $ 1,623.0 $ (1,639.0 ) $ 1,623.0 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 Comprehensive income attributable to noncontrolling interests -- (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 Cash Flows For the Six Months Ended June 30, 2018 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 $ 1,589.8 $ 1,579.6 $ (1,552.1 ) $ 1,617.3 $ 1,574.5 $ (1,593.1 ) $ 1,598.7 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 144.8 744.7 (0.2 ) 889.3 -- -- 889.3 Equity in income of unconsolidated affiliates (1,498.7 ) (291.0 ) 1,551.7 (238.0 ) (1,592.6 ) 1,592.6 (238.0 ) Distributions received on earnings from unconsolidated affiliates 609.5 136.3 (518.2 ) 227.6 1,891.4 (1,891.4 ) 227.6 Net effect of changes in operating accounts and other operating activities 1,390.2 (1,229.3 ) 3.0 163.9 56.3 -- 220.2 Net cash flows provided by operating activities 2,235.6 940.3 (515.8 ) 2,660.1 1,929.6 (1,891.9 ) 2,697.8 Investing activities: Capital expenditures (460.7 ) (1,405.2 ) -- (1,865.9 ) (55.2 ) -- (1,921.1 ) Cash used for business combination, net of cash received -- (149.7 ) -- (149.7 ) -- -- (149.7 ) Proceeds from asset sales 0.4 2.2 -- 2.6 -- -- 2.6 Other investing activities (1,024.5 ) 160.4 842.7 (21.4 ) (253.7 ) 253.7 (21.4 ) Cash used in investing activities (1,484.8 ) (1,392.3 ) 842.7 (2,034.4 ) (308.9 ) 253.7 (2,089.6 ) Financing activities: Borrowings under debt agreements 38,566.4 11.6 (11.6 ) 38,566.4 -- -- 38,566.4 Repayments of debt (37,436.6 ) (0.4 ) -- (37,437.0 ) -- -- (37,437.0 ) Cash distributions paid to owners (1,891.4 ) (727.8 ) 727.8 (1,891.4 ) (1,847.3 ) 1,891.4 (1,847.3 ) Cash payments made in connection with DERs -- -- -- -- (8.6 ) -- (8.6 ) Cash distributions paid to noncontrolling interests -- (4.3 ) (24.5 ) (28.8 ) -- 0.5 (28.3 ) Cash contributions from noncontrolling interests -- -- 206.9 206.9 -- -- 206.9 Net cash proceeds from issuance of common units -- -- -- -- 261.0 -- 261.0 Cash contributions from owners 253.7 1,223.1 (1,223.1 ) 253.7 -- (253.7 ) -- Other financing activities (24.3 ) -- -- (24.3 ) (25.8 ) -- (50.1 ) Cash provided by (used in) financing activities (532.2 ) 502.2 (324.5 ) (354.5 ) (1,620.7 ) 1,638.2 (337.0 ) Net change in cash and cash equivalents, including restricted cash 218.6 50.2 2.4 271.2 -- -- 271.2 Cash and cash equivalents, including restricted cash, at beginning of period 65.2 31.5 (26.4 ) 70.3 -- -- 70.3 Cash and cash equivalents, including restricted cash, at end of period $ 283.8 $ 81.7 $ (24.0 ) $ 341.5 $ -- $ -- $ 341.5 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 (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 (1,079.2 ) (26.4 ) 1,108.3 2.7 (750.9 ) 750.9 2.7 Cash used in investing activities (1,447.1 ) (959.8 ) 1,108.3 (1,298.6 ) (750.9 ) 750.9 (1,298.6 ) 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, including restricted cash (327.7 ) (25.5 ) (0.5 ) (353.7 ) 0.1 -- (353.6 ) Cash and cash equivalents, including restricted cash, at beginning of period 366.2 58.9 (7.5 ) 417.6 -- -- 417.6 Cash and cash equivalents, including restricted cash, at end of period $ 38.5 $ 33.4 $ (8.0 ) $ 63.9 $ 0.1 $ -- $ 64.0 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent Accounting Developments | Adoption of New Revenue Recognition Policies on January 1, 2018 For periods through December 31, 2017, we accounted for our revenue streams using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition Effective January 1, 2018, we adopted FASB ASC 606, Revenue from Contracts with Customers, using a modified retrospective approach that applied the new revenue recognition standard to existing contracts at the implementation date and any future revenue contracts. As such, our consolidated revenues and related financial information for periods prior to January 1, 2018 were not adjusted and continue to be reported in accordance with ASC 605. We did not record a cumulative effect adjustment upon initially applying ASC 606 since there was no impact on partners’ equity upon adoption; however, the extent of our revenue-related disclosures has increased under the new standard. Due to the large number of individual contracts that were in effect at the implementation date of ASC 606, we evaluated our contracts using a portfolio approach based on the types of products sold or services rendered within our business segments. There are no material differences in the amount or timing of revenues recognized under ASC 606 when compared to ASC 605. The core principle of ASC 606 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. We apply this core principle by following five key steps outlined in ASC 606: (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 judgment and an analysis of the contract’s material terms and conditions. Substantially all of our revenues are accounted for under ASC 606; however, to a limited extent, some revenues are accounted for under other guidance such as ASC 840, Leases, Nonmonetary Transactions Derivatives and Hedging Activities Under ASC 606, we recognize revenue when or as we satisfy our performance obligation to the customer. In situations where we have recognized revenue, but have a conditional right to consideration (based on something other than the passage of time) from the customer, we recognize unbilled revenue (a contract asset) on our consolidated balance sheet. Unbilled revenue is reclassified to accounts receivable when we have an unconditional right of payment from the customer. Payments received from customers in advance of the period in which we satisfy a performance obligation are recorded as deferred revenue (a contract liability) on our consolidated balance sheet. Our revenue streams are derived from the sale of products and providing midstream services. Revenues from the sale of products are recognized at a point in time, which represents the transfer of control (and the satisfaction of our performance obligation under the contract) to the customer. From that point forward, the customer is able to direct the use of, and obtain substantially all the benefits from, its use of the products. With respect to midstream services (e.g., interruptible transportation), we satisfy our performance obligations over time and recognize revenues when the services are provided and the customer receives the benefits based on an output measure of volumes redelivered. We believe this measure is a faithful depiction of the transfer of control for midstream services since there is (i) an insignificant period of time between the receipt of customers’ volumes and their subsequent redelivery, and (ii) it is not possible to individually track and differentiate customers’ inventories as they traverse our facilities. For stand-ready performance obligations (e.g., a storage capacity reservation contract), we recognize revenues over time on a straight-line basis as time elapses over the term of the contract. We believe that these approaches accurately depict the transfer of benefits to the customer. Customers are invoiced for product purchases or services rendered when we have an unconditional right to consideration under the associated contract. The consideration we are entitled to invoice may be either fixed, variable or a combination of both. Examples of fixed consideration would be fixed payments from customers under take-or-pay arrangements, storage capacity reservation agreements and firm transportation contracts. Variable consideration represents payments from customers that are based on factors that fluctuate (or vary) based on volumes, prices or both. Examples of variable consideration include interruptible transportation agreements, market-indexed product sales contracts and the value of NGLs we retain under natural gas processing agreements. The terms of our billings are typical of the industry for the products we sell. Under certain midstream service agreements, customers are required to provide a minimum volume over an agreed-upon period with a provision that allows the customer to make-up any volume shortfalls over an agreed-upon period (referred to as shipper “make-up rights”). Revenue pursuant to such agreements is initially deferred and subsequently recognized when either the make-up rights are exercised, the likelihood of the customer exercising the rights becomes remote, or we are otherwise released from the performance obligation. Customers may contribute funds to us to help offset the construction costs related to pipeline construction activities and production well tie-ins. Under ASC 605, these amounts were accounted for as contributions in aid of construction costs (“CIACs”) and netted against property, plant and equipment. Under ASC 606, these receipts are recognized as additional service revenues over the term of the associated midstream services provided to the customer. As a practical expedient, for those contracts under which we have the ability to invoice the customer in an amount that corresponds directly with the value of the performance obligation completed to date, we recognize revenue as we have the right to invoice. See Note 9 regarding our new revenue disclosures. Impact of ASU 2016-18 on Restricted Cash Disclosures We adopted Accounting Standard Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows. June 30, 2018 December 31, 2017 Cash and cash equivalents $ 57.9 $ 5.1 Restricted cash 283.6 65.2 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 341.5 $ 70.3 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. The balance of restricted cash at June 30, 2018 consisted of initial margin requirements of $51.4 million and variation margin requirements of $232.2 million. The initial margin requirements will be returned to us as the related derivative instruments are settled. See Note 14 for information regarding our derivative instruments and hedging activities. Future Adoption of New Lease Accounting Standard In February 2016, the FASB issued ASC 842, 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 are in the process of reviewing our lease agreements in light of the new guidance. We anticipate that ASC 842 will result in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Our minimum payment obligations under operating leases with terms in excess of one year totaled $430.0 million at June 30, 2018 (undiscounted). Upon adoption, we expect to recognize a ROU asset and a corresponding lease liability based on the present value of such obligations. Based on current estimates, we expect that the total of ROU assets we would recognize under ASC 842 will account for less than 1% of total consolidated assets. Likewise, the corresponding lease liabilities would account for less than 1% of total consolidated liabilities. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows. June 30, 2018 December 31, 2017 Cash and cash equivalents $ 57.9 $ 5.1 Restricted cash 283.6 65.2 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 341.5 $ 70.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventories [Abstract] | |
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated: June 30, 2018 December 31, 2017 NGLs $ 1,120.2 $ 917.4 Petrochemicals and refined products 189.0 161.5 Crude oil 410.0 516.3 Natural gas 10.4 14.6 Total $ 1,729.6 $ 1,609.8 |
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, 2018 2017 2018 2017 Cost of sales (1) $ 6,391.9 $ 4,731.1 $ 13,532.3 $ 10,066.8 Lower of cost or net realizable value adjustments recognized within cost of sales 0.7 2.6 2.6 6.0 (1) Cost of sales |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 Plants, pipelines and facilities (1) 3-45 (5) $ 41,446.7 $ 37,132.2 Underground and other storage facilities (2) 5-40 (6) 3,508.6 3,460.9 Transportation equipment (3) 3-10 185.6 177.1 Marine vessels (4) 15-30 807.5 803.8 Land 360.3 273.1 Construction in progress 2,345.2 4,698.1 Total 48,653.9 46,545.2 Less accumulated depreciation 11,599.4 10,924.8 Property, plant and equipment, net $ 37,054.5 $ 35,620.4 (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 category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
Depreciation Expense and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Depreciation expense (1) $ 361.0 $ 321.1 $ 692.8 $ 638.6 Capitalized interest (2) 27.1 44.5 85.3 84.1 (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 |
AROs | Property, plant and equipment at June 30, 2018 and December 31, 2017 includes $50.1 million and $39.9 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our asset retirement obligations, or AROs, since January 1, 2018: ARO liability balance, January 1, 2018 $ 86.7 Liabilities incurred 0.5 Liabilities settled (1.5 ) Revisions in estimated cash flows 11.7 Accretion expense 2.9 ARO liability balance, June 30, 2018 $ 100.3 |
Investments in Unconsolidated30
Investments in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 June 30, 2018 December 31, 2017 NGL Pipelines & Services: Venice Energy Service Company, L.L.C. 13.1% $ 25.0 $ 25.7 K/D/S Promix, L.L.C. 50% 30.9 30.9 Baton Rouge Fractionators LLC 32.2% 16.5 17.0 Skelly-Belvieu Pipeline Company, L.L.C. 50% 36.6 37.0 Texas Express Pipeline LLC 35% 322.3 314.4 Texas Express Gathering LLC 45% 35.4 35.9 Front Range Pipeline LLC 33.3% 163.8 165.7 Delaware Basin Gas Processing LLC 100% -- 107.3 Crude Oil Pipelines & Services: Seaway Crude Pipeline Company LLC 50% 1,377.6 1,378.9 Eagle Ford Pipeline LLC 50% 388.1 385.2 Eagle Ford Terminals Corpus Christi LLC 50% 100.0 75.1 Natural Gas Pipelines & Services: White River Hub, LLC 50% 20.4 20.8 Old Ocean Pipeline, LLC 50% 0.6 -- Petrochemical & Refined Products Services: Centennial Pipeline LLC 50% 60.4 60.8 Other Various 3.9 4.7 Total investments in unconsolidated affiliates $ 2,581.5 $ 2,659.4 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, 2018 2017 2018 2017 NGL Pipelines & Services $ 39.4 $ 19.0 $ 58.8 $ 34.5 Crude Oil Pipelines & Services 83.5 89.2 181.4 170.4 Natural Gas Pipelines & Services 1.6 0.9 2.6 1.9 Petrochemical & Refined Products Services (2.2 ) (2.1 ) (4.8 ) (5.0 ) Total $ 122.3 $ 107.0 $ 238.0 $ 201.8 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 percent basis): For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Income Statement Data: Revenues $ 461.3 $ 371.9 $ 857.3 $ 715.1 Operating income 288.1 229.8 531.8 433.5 Net income 286.4 237.6 528.7 440.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 457.3 $ (194.8 ) $ 262.5 $ 447.4 $ (187.5 ) $ 259.9 Contract-based intangibles 363.4 (227.5 ) 135.9 280.8 (218.4 ) 62.4 Segment total 820.7 (422.3 ) 398.4 728.2 (405.9 ) 322.3 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (151.0 ) 2,052.5 2,203.5 (127.0 ) 2,076.5 Contract-based intangibles 281.0 (193.6 ) 87.4 281.0 (171.0 ) 110.0 Segment total 2,484.5 (344.6 ) 2,139.9 2,484.5 (298.0 ) 2,186.5 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (432.1 ) 918.2 1,350.3 (417.1 ) 933.2 Contract-based intangibles 464.7 (383.8 ) 80.9 464.7 (379.5 ) 85.2 Segment total 1,815.0 (815.9 ) 999.1 1,815.0 (796.6 ) 1,018.4 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (48.8 ) 132.6 181.4 (45.9 ) 135.5 Contract-based intangibles 46.0 (19.9 ) 26.1 46.0 (18.4 ) 27.6 Segment total 227.4 (68.7 ) 158.7 227.4 (64.3 ) 163.1 Total intangible assets $ 5,347.6 $ (1,651.5 ) $ 3,696.1 $ 5,255.1 $ (1,564.8 ) $ 3,690.3 |
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, 2018 2017 2018 2017 NGL Pipelines & Services $ 9.3 $ 7.3 $ 16.4 $ 14.6 Crude Oil Pipelines & Services 22.6 22.3 46.6 45.4 Natural Gas Pipelines & Services 9.6 8.8 19.3 17.0 Petrochemical & Refined Products Services 2.1 2.3 4.4 4.7 Total $ 43.6 $ 40.7 $ 86.7 $ 81.7 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2018 2019 2020 2021 2022 $ 75.8 $ 151.7 $ 140.7 $ 148.4 $ 144.6 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ 1,970.0 $ 1,755.7 Senior Notes V, 6.65% fixed-rate, repaid April 2018 -- 349.7 Senior Notes OO, 1.65% fixed-rate, repaid May 2018 -- 750.0 364-Day Revolving Credit Agreement, variable-rate, due September 2018 -- -- 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 Senior Notes TT, 2.80% fixed-rate, due February 2021 750.0 -- 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 Multi-Year Revolving Credit Facility, variable-rate, due September 2022 -- -- 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 UU, 4.25% fixed-rate, due February 2048 1,250.0 -- 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, repaid April 2018 -- 0.3 TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 0.4 0.4 Total principal amount of senior debt obligations 22,720.0 21,605.7 EPO Junior Subordinated Notes A, variable-rate, due August 2066 521.1 521.1 EPO Junior Subordinated Notes C, variable-rate, due June 2067 256.4 256.4 EPO Junior Subordinated Notes B, fixed/variable-rate, redeemed March 2018 -- 682.7 EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 700.0 700.0 EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 1,000.0 1,000.0 EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 700.0 -- TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067 14.2 14.2 Total principal amount of senior and junior debt obligations 25,911.7 24,780.1 Other, non-principal amounts (222.8 ) (211.4 ) Less current maturities of debt (2,668.7 ) (2,855.0 ) Total long-term debt $ 23,020.2 $ 21,713.7 (1) Variable rate is reset quarterly and based on 3-month LIBOR plus 3.708%. (2) Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. (3) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (4) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (5) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
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, 2018: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 1.50% to 2.50% 2.14% Multi-Year Revolving Credit Facility 2.58% to 4.75% 3.31% EPO Junior Subordinated Notes A 5.08% to 6.07% 5.61% EPO Junior Subordinated Notes C 4.26% to 5.08% 4.66% |
Consolidated Debt Maturities | The following table presents contractually scheduled maturities of our consolidated debt obligations outstanding at June 30, 2018 for the next five years, and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2018 2019 2020 2021 2022 Thereafter Commercial Paper Notes $ 1,970.0 $ 1,970.0 $ -- $ -- $ -- $ -- $ -- Senior Notes 20,750.0 -- 1,500.0 1,500.0 1,325.0 650.0 15,775.0 Junior Subordinated Notes 3,191.7 -- -- -- -- -- 3,191.7 Total $ 25,911.7 $ 1,970.0 $ 1,500.0 $ 1,500.0 $ 1,325.0 $ 650.0 $ 18,966.7 |
Equity and Distributions (Table
Equity and Distributions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity and Distributions [Abstract] | |
Summary of Changes in Outstanding Units | Partners’ Equity The following table summarizes changes in the number of our limited partner common units outstanding from January 1, 2018 to June 30, 2018: Number of common units outstanding at January 1, 2018 2,161,089,479 Common units issued in connection with DRIP and EUPP 9,877,090 Common units issued in connection with the vesting of phantom unit awards 3,285,976 Cancellation of treasury units acquired in connection with the vesting of equity-based awards (984,605 ) Common units issued in connection with employee compensation 1,443,586 Common units issued in connection with land acquisition (see Note 4) 1,223,242 Other 16,360 Number of common units outstanding at June 30, 2018 2,175,951,128 |
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, 2018 $ (10.1 ) $ (165.1 ) $ 3.5 $ (171.7 ) Other comprehensive income (loss) before reclassifications (10.2 ) 14.6 (0.5 ) 3.9 Amounts reclassified from accumulated other comprehe nsive loss 24.7 19.9 -- 44.6 Total other comprehensive income (loss) 14.5 34.5 (0.5 ) 48.5 Balance, June 30, 2018 $ 4.4 $ (130.6 ) $ 3.0 $ (123.2 ) 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 comprehensive 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 ) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications out of accumulated other comprehensive loss (income) into net income during the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2018 2017 2018 2017 Losses (gains) on cash flow hedges: Interest rate derivatives Interest expense $ 9.4 $ 10.0 $ 19.9 $ 19.6 Commodity derivatives Revenue 39.4 (46.0 ) 25.4 (38.5 ) Commodity derivatives Operating costs and expenses (0.2 ) -- (0.7 ) (0.4 ) Total $ 48.6 $ (36.0 ) $ 44.6 $ (19.3 ) |
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 2017 1st Quarter $ 0.4150 4/28/2017 5/8/2017 2nd Quarter $ 0.4200 7/31/2017 8/7/2017 2018 1st Quarter $ 0.4275 4/30/2018 5/8/2018 2nd Quarter $ 0.4300 7/31/2018 8/8/2018 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenues [Abstract] | |
Revenues by Business Segment and Revenue Type | We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 NGL Pipelines & Services: Sales of NGLs and related products $ 2,610.9 $ 2,158.0 $ 5,426.3 $ 5,045.2 Midstream services 662.8 462.6 1,260.7 921.2 Total 3,273.7 2,620.6 6,687.0 5,966.4 Crude Oil Pipelines & Services: Sales of crude oil 2,532.2 1,705.1 5,873.9 3,323.7 Midstream services 249.0 194.5 478.2 383.1 Total 2,781.2 1,899.6 6,352.1 3,706.8 Natural Gas Pipelines & Services: Sales of natural gas 532.5 560.6 1,092.5 1,104.6 Midstream services 260.3 225.6 505.1 442.8 Total 792.8 786.2 1,597.6 1,547.4 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,413.4 1,114.1 2,702.7 2,325.2 Midstream services 206.4 187.1 426.6 382.2 Total 1,619.8 1,301.2 3,129.3 2,707.4 Total consolidated revenues $ 8,467.5 $ 6,607.6 $ 17,766.0 $ 13,928.0 (1) Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. (2) Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities as of June 30, 2018: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 126.9 Unbilled revenue (noncurrent) Other assets -- Total $ 126.9 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 83.8 Deferred revenue (noncurrent) Other long-term liabilities 158.4 Total $ 242.2 The following table presents significant changes in our unbilled revenue and deferred revenue balances during the six months ended June 30, 2018: Unbilled Revenue Deferred Revenue Balance at January 1, 2018 (upon adoption of ASC 606) $ -- $ 224.7 Amount included in opening balance transferred to other accounts during period (1) -- (72.8 ) Amount recorded during period 136.4 201.1 Amounts recorded during period transferred to other accounts (1) (11.7 ) (110.8 ) Amount recorded in connection with business combination 2.2 -- Balance at June 30, 2018 $ 126.9 $ 242.2 (1) Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Remaining Performance Obligations | The following table presents estimated fixed consideration from contracts with customers that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2018. For a significant portion of our revenue, we bill customers a contractual rate for the services provided multiplied by the amount of volume handled in a given period. We have the right to invoice the customer in the amount that corresponds directly with the value of our performance completed to date. Therefore, we are not required to disclose information about the variable consideration of remaining performance obligations as we recognize revenue equal to the amount that we have the right to invoice. Remainder of 2018 2019 2020 2021 2022 Thereafter Total $ 1,643.8 $ 3,168.7 $ 2,796.0 $ 2,253.0 $ 1,792.6 $ 7,584.3 $ 19,238.4 |
Impact of Change in Accounting Policy | Unaudited Condensed Consolidated Balance Sheet Information as of June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Assets Accounts receivable – trade, net $ 4,445.2 $ (126.9 ) $ 4,318.3 Prepaid and other current assets $ 319.2 $ 126.9 $ 446.1 Property, plant and equipment, net $ 37,028.3 $ 26.2 $ 37,054.5 Other assets $ 231.5 $ -- $ 231.5 Liabilities and Equity Other long-term liabilities $ 661.0 $ 21.4 $ 682.4 Partners' equity $ 22,666.8 $ 4.8 $ 22,671.6 The impact of adoption of ASC 606 was the reclassification of unbilled revenue amounts of $126.9 million from accounts receivable to other current assets. Unaudited Condensed Consolidated Statement of Operations Information for the Three Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Revenues $ 8,304.1 $ 163.4 $ 8,467.5 Costs and expenses: Operating costs and expenses: $ 7,390.2 $ 161.8 $ 7,552.0 Unaudited Condensed Consolidated Statement of Operations Information for the Six Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Revenues $ 17,485.6 $ 280.4 $ 17,766.0 Costs and expenses: Operating costs and expenses: $ 15,499.1 $ 275.6 $ 15,774.7 The impact of adopting ASC 606 on revenues for the three and six months ended June 30, 2018 includes the recognition of $161.8 million and $275.6 million, respectively, of revenues from non-cash consideration (i.e., equity NGLs) earned when providing natural gas processing services and $1.6 million and $4.8 million, respectively, recognized in connection with CIACs. Operating costs and expenses for the three and six months ended June 30, 2018 includes $161.8 million and $275.6 million, respectively, attributable to cost of sales recognized when the equity NGL products are sold and delivered to customers. Unaudited Condensed Consolidated Statement of Cash Flows Information for the Six Months Ended June 30, 2018 Impact of change in accounting policy Balances without adoption of ASC 606 Impact of adoption of ASC 606 As Reported Operating activities: Net income $ 1,593.9 $ 4.8 $ 1,598.7 Net effect of changes in operating accounts $ (249.9 ) $ 21.4 $ (228.5 ) Investing activities: Contributions in aid of construction costs $ 26.2 $ (26.2 ) $ -- |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Operating income $ 986.4 $ 938.7 $ 2,124.9 $ 1,970.3 Adjustments to reconcile operating income to total gross operating margin: Add depreciation, amortization and accretion expense in operating costs and expenses 425.3 379.2 819.6 755.4 Add asset impairment and related charges in operating costs and expenses 15.9 14.0 16.8 25.2 Add net losses or subtract net gains attributable to asset sales in operating costs and expenses (0.9 ) 0.3 (1.4 ) -- Add general and administrative costs 51.4 45.7 104.4 96.1 Adjustments for make-up rights on certain new pipeline projects: Add non-refundable payments received from shippers attributable to make-up rights (1) 5.6 8.3 8.3 21.6 Subtract the subsequent recognition of revenues attributable to make-up rights (2) (22.0 ) (6.8 ) (36.2 ) (15.9 ) Total segment gross operating margin $ 1,461.7 $ 1,379.4 $ 3,036.4 $ 2,852.7 ( 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 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, 2018 2017 2018 2017 Gross operating margin by segment: NGL Pipelines & Services $ 913.7 $ 759.9 $ 1,798.6 $ 1,615.9 Crude Oil Pipelines & Services 52.8 236.7 272.8 501.3 Natural Gas Pipelines & Services 213.4 194.4 411.3 365.3 Petrochemical & Refined Products Services 281.8 188.4 553.7 370.2 Total segment gross operating margin $ 1,461.7 $ 1,379.4 $ 3,036.4 $ 2,852.7 |
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, 2018 $ 3,268.8 $ 2,733.8 $ 789.5 $ 1,619.8 $ -- $ 8,411.9 Three months ended June 30, 2017 2,617.8 1,895.8 782.9 1,301.2 -- 6,597.7 Six months ended June 30, 2018 6,678.4 6,286.5 1,591.5 3,129.3 -- 17,685.7 Six months ended June 30, 2017 5,960.8 3,698.4 1,540.7 2,707.4 -- 13,907.3 Revenues from related parties: Three months ended June 30, 2018 4.9 47.4 3.3 -- -- 55.6 Three months ended June 30, 2017 2.8 3.8 3.3 -- -- 9.9 Six months ended June 30, 2018 8.6 65.6 6.1 -- -- 80.3 Six months ended June 30, 2017 5.6 8.4 6.7 -- -- 20.7 Intersegment and intrasegment revenues: Three months ended June 30, 2018 6,004.6 9,978.5 165.0 784.0 (16,932.1 ) -- Three months ended June 30, 2017 5,642.1 3,383.7 220.6 389.7 (9,636.1 ) -- Six months ended June 30, 2018 12,569.5 21,404.8 335.9 1,397.3 (35,707.5 ) -- Six months ended June 30, 2017 14,516.9 6,857.7 415.1 804.4 (22,594.1 ) -- Total revenues: Three months ended June 30, 2018 9,278.3 12,759.7 957.8 2,403.8 (16,932.1 ) 8,467.5 Three months ended June 30, 2017 8,262.7 5,283.3 1,006.8 1,690.9 (9,636.1 ) 6,607.6 Six months ended June 30, 2018 19,256.5 27,756.9 1,933.5 4,526.6 (35,707.5 ) 17,766.0 Six months ended June 30, 2017 20,483.3 10,564.5 1,962.5 3,511.8 (22,594.1 ) 13,928.0 Equity in income (loss) of unconsolidated affiliates: Three months ended June 30, 2018 39.4 83.5 1.6 (2.2 ) -- 122.3 Three months ended June 30, 2017 19.0 89.2 0.9 (2.1 ) -- 107.0 Six months ended June 30, 2018 58.8 181.4 2.6 (4.8 ) -- 238.0 Six months ended June 30, 2017 34.5 170.4 1.9 (5.0 ) -- 201.8 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, 2018 $ 14,716.9 $ 5,401.3 $ 8,356.1 $ 6,235.0 $ 2,345.2 $ 37,054.5 At December 31, 2017 13,831.2 5,208.4 8,375.0 3,507.7 4,698.1 35,620.4 Investments in unconsolidated affiliates: (see Note 5) At June 30, 2018 630.5 1,865.7 21.0 64.3 -- 2,581.5 At December 31, 2017 733.9 1,839.2 20.8 65.5 -- 2,659.4 Intangible assets, net: At June 30, 2018 398.4 2,139.9 999.1 158.7 -- 3,696.1 At December 31, 2017 322.3 2,186.5 1,018.4 163.1 -- 3,690.3 Goodwill: At June 30, 2018 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 At December 31, 2017 2,651.7 1,841.0 296.3 956.2 -- 5,745.2 Segment assets: At June 30, 2018 18,397.5 11,247.9 9,672.5 7,414.2 2,345.2 49,077.3 At December 31, 2017 17,539.1 11,075.1 9,710.5 4,692.5 4,698.1 47,715.3 |
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, 2018 2017 2018 2017 Consolidated revenues: NGL Pipelines & Services $ 3,273.7 $ 2,620.6 $ 6,687.0 $ 5,966.4 Crude Oil Pipelines & Services 2,781.2 1,899.6 6,352.1 3,706.8 Natural Gas Pipelines & Services 792.8 786.2 1,597.6 1,547.4 Petrochemical & Refined Products Services 1,619.8 1,301.2 3,129.3 2,707.4 Total consolidated revenues $ 8,467.5 $ 6,607.6 $ 17,766.0 $ 13,928.0 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 6,391.9 $ 4,731.1 $ 13,532.3 $ 10,066.8 Other operating costs and expenses (1) 719.8 605.6 1,407.4 1,216.0 Depreciation, amortization and accretion 425.3 379.2 819.6 755.4 Asset impairment and related charges 15.9 14.0 16.8 25.2 Ne t losses (gains) (0.9 ) 0.3 (1.4 ) -- General and administrative costs 51.4 45.7 104.4 96.1 Total consolidated costs and expenses $ 7,603.4 $ 5,775.9 $ 15,879.1 $ 12,159.5 (1) Re presents |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Allocation of Total Purchase Prices Paid in Connection with Business Combinations | The following table presents the final fair value allocation of assets acquired and liabilities assumed in the acquisition at March 29, 2018. Purchase price for remaining 50% equity interest in Delaware Processing $ 154.5 Fair value of our 50% equity interest in Delaware Processing held before the acquisition 146.4 Total 300.9 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired in business combination: Current assets, including cash of $3.9 million $ 10.8 Property, plant and equipment 200.0 Contract-based intangible assets 82.6 Customer relationship intangible assets 9.9 Total assets acquired $ 303.3 Liabilities assumed in business combination: Current liabilities $ (1.8 ) Long-term liabilities (0.6 ) Total liabilities assumed $ (2.4 ) Total identifiable net assets $ 300.9 Goodwill $ -- |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 673.8 $ 653.7 $ 1,574.5 $ 1,414.4 Undistributed earnings allocated and cash payments on phantom unit awards (1) (4.6 ) (4.0 ) (9.3 ) (8.0 ) Net income available to common unitholders $ 669.2 $ 649.7 $ 1,565.2 $ 1,406.4 Basic weighted-average number of common units outstanding 2,174.6 2,144.7 2,170.7 2,135.5 Basic earnings per unit $ 0.31 $ 0.30 $ 0.72 $ 0.66 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 673.8 $ 653.7 $ 1,574.5 $ 1,414.4 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,174.6 2,144.7 2,170.7 2,135.5 Phantom units (1) 10.8 9.6 10.6 9.2 Total 2,185.4 2,154.3 2,181.3 2,144.7 Diluted earnings per unit $ 0.31 $ 0.30 $ 0.72 $ 0.66 (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 (Tables)
Equity-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Equity-classified awards: Phantom unit awards $ 25.9 $ 23.5 $ 50.5 $ 46.3 Restricted common unit awards -- -- -- 0.5 Profits interest awards 1.0 1.6 2.6 3.1 Liability-classified awards 0.1 -- 0.2 0.2 Total $ 27.0 $ 25.1 $ 53.3 $ 50.1 |
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, 2018 9,289,501 $ 27.65 Granted (2) 4,967,681 $ 26.81 Vested (3,285,976 ) $ 28.58 Forfeited (216,897 ) $ 26.92 Phantom unit awards at June 30, 2018 10,754,309 $ 26.99 (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 2018 was $133.2 million based on a grant date market price of our common units ranging from $25.40 to $28.18 per unit. An estimated annual forfeiture rate of 3.2% was applied to these awards. The following table summarizes key elements of each Employee Partnership as of June 30, 2018: Employee Partnership Enterprise Common Units contributed to Employee Partnership by EPCO Holdings Class A Capital Base Class A Preference Return Expected Vesting/ Liquidation Date Estimated Grant Date Fair Value of Profits Interest Awards Unrecognized Compensation Cost PubCo I 2,723,052 $63.7 million $ 0.39 Feb. 2020 $13.0 million $5.9 million PubCo II 2,834,198 $66.3 million $ 0.39 Feb. 2021 $14.7 million $8.3 million PubCo III 105,000 $2.5 million $ 0.39 Apr. 2020 $0.5 million $0.3 million PrivCo I 1,111,438 $26.0 million $ 0.39 Feb. 2021 $5.8 million $0.7 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, 2018. 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 1.6 years, 2.6 years, 1.8 years and 2.6 years, respectively. 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 2.5% 6.2% to 7.0% 20% to 40% PubCo II 5.0 years 1.1% to 2.7% 6.1% to 7.0% 27% to 40% PubCo III 4.0 years 1.0% to 2.2% 6.1% to 6.8% 27% 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, 2018 2017 2018 2017 Cash payments made in connection with DERs $ 4.7 $ 4.0 $ 8.6 $ 7.2 Total intrinsic value of phantom unit awards that vested during period 3.1 3.1 85.1 66.3 |
Derivative Instruments, Hedgi39
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 forward starting swaps at June 30, 2018: Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Average Rate Locked Accounting Treatment Future long-term debt offering 2 forward starting swaps $175.0 2/2019 2.56% Cash flow hedge The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2018 (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 (billion cubic feet (“Bcf”)) 16.2 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (million barrels (“MMBbls”)) 0.9 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 0.9 n/a Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 1.8 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 49.9 n/a Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 64.1 n/a Cash flow hedge NGLs inventory management activities (MMBbls) 0.5 n/a Fair value hedge Refined products marketing: Forecasted purchase of refined products (MMBbls) 0.9 n/a Cash flow hedge Forecasted sales of refined products (MMBbls) 1.2 n/a Cash flow hedge Refined products inventory management activities (MMBbls) 0.1 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 9.1 4.1 Cash flow hedge Forecasted sales of crude oil (MMBbls) 9.9 4.1 Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3,4) 92.5 2.9 Mark-to-market Refined products risk management activities (MMBbls) (4) 1.4 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 68.5 29.0 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 2020, November 2018 and December 2020, respectively. (3) Current and long-term volumes include 45.8 Bcf and 0.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a market-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, 2018 December 31, 2017 June 30, 2018 December 31, 2017 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 $ 13.0 Current assets $ -- Current liabilities $ -- Current liabilities $ 1.5 Interest rate derivatives Other assets -- Other assets 0.1 Other liabilities -- Other liabilities 0.2 Total interest rate derivatives 13.0 0.1 -- 1.7 Commodity derivatives Current assets 142.7 Current assets 109.5 Current liabilities 141.1 Current liabilities 104.4 Commodity derivatives Other assets 39.3 Other assets 6.4 Other liabilities 39.2 Other liabilities 6.8 Total commodity derivatives 182.0 115.9 180.3 111.2 Total derivatives designated as hedging instruments $ 195.0 $ 116.0 $ 180.3 $ 112.9 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 9.4 Current assets $ 43.9 Current liabilities $ 255.8 Current liabilities $ 62.3 Commodity derivatives Other assets 0.2 Other assets 1.9 Other liabilities 23.3 Other liabilities 3.4 Total commodity derivatives $ 9.6 $ 45.8 $ 279.1 $ 65.7 |
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, 2018: Interest rate derivatives $ 13.0 $ -- $ 13.0 $ -- $ -- $ -- $ 13.0 Commodity derivatives 191.6 -- 191.6 (185.6 ) -- -- 6.0 As of December 31, 2017: Interest rate derivatives $ 0.1 $ -- $ 0.1 $ (0.1 ) $ -- $ -- $ -- Commodity derivatives 161.7 -- 161.7 (157.8 ) -- -- 3.9 |
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, 2018: Commodity derivatives $ 459.4 $ -- $ 459.4 $ (185.6 ) $ -- $ (272.9 ) $ 0.9 As of December 31, 2017: Interest rate derivatives $ 1.7 $ -- $ 1.7 $ (0.1 ) $ -- $ -- $ 1.6 Commodity derivatives 176.9 -- 176.9 (157.8 ) -- (17.3 ) 1.8 |
Derivative Instruments Effects on Statements of Operations | The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ 0.6 $ 0.4 $ 1.3 $ (0.5 ) Commodity derivatives Revenue 4.8 18.8 4.6 37.6 Total $ 5.4 $ 19.2 $ 5.9 $ 37.1 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, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ (0.6 ) $ (0.3 ) $ (1.4 ) $ 0.6 Commodity derivatives Revenue (4.9 ) (16.3 ) (1.8 ) (28.7 ) Total $ (5.5 ) $ (16.6 ) $ (3.2 ) $ (28.1 ) |
Derivative Instruments Effects on Statements of Comprehensive Income | Derivatives in Cash Flow Hedging Relationships Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest rate derivatives $ 3.5 $ (6.9 ) $ 14.6 $ (4.5 ) Commodity derivatives – Revenue (1) (14.2 ) 31.4 (11.2 ) 179.0 Commodity derivatives – Operating costs and expenses (1) 0.6 (1.0 ) 1.0 (3.8 ) Total $ (10.1 ) $ 23.5 $ 4.4 $ 170.7 (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 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Interest rate derivatives Interest expense $ (9.4 ) $ (10.0 ) $ (19.9 ) $ (19.6 ) Commodity derivatives Revenue (39.4 ) 46.0 (25.4 ) 38.5 Commodity derivatives Operating costs and expenses 0.2 -- 0.7 0.4 Total $ (48.6 ) $ 36.0 $ (44.6 ) $ 19.3 |
Gain/(Loss) Recognized in Income on Derivative | The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: Derivatives Not Designated 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, 2018 2017 2018 2017 Commodity derivatives Revenue $ (406.3 ) $ 18.7 $ (559.8 ) $ 34.4 Commodity derivatives Operating costs and expenses -- (0.8 ) (1.5 ) 3.7 Total $ (406.3 ) $ 17.9 $ (561.3 ) $ 38.1 |
Unrealized mark-to-market gains (losses) | The $561.3 million loss recognized during the 2018 earnings from derivatives not designated as hedging instruments reflects $106.9 million of realized losses on such instruments. It does not reflect the $8.1 million of unrealized losses from fair value hedges. In the aggregate, our unrealized mark-to-market losses for the six months ended June 30, 2018 were $462.5 million inclusive of all derivative instrument types. The following table summarizes the impact of net unrealized, mark-to-market losses on our gross operating margin by segment for the six months ended June 30, 2018: Unrealized mark-to-market gains (losses) by segment: NGL Pipelines & Services $ 7.8 Crude Oil Pipelines & Services (467.5 ) Natural Gas Pipelines & Services (2.5 ) Petrochemical & Refined Products Services (0.3 ) Total $ (462.5 ) |
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 are presented before and after the application of Rule 814 of the Chicago Mercantile Exchange (“CME”), which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this 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. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis. June 30, 2018 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 $ -- $ 13.0 $ -- $ 13.0 Commodity derivatives: Value before application of CME Rule 814 92.9 224.0 4.8 321.7 Impact of CME Rule 814 change (6.9 ) (123.2 ) -- (130.1 ) Total commodity derivatives 86.0 100.8 4.8 191.6 Total financial assets $ 86.0 $ 113.8 $ 4.8 $ 204.6 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 350.3 $ 350.3 Interest rate derivatives -- -- -- -- Commodity derivatives: Value before application of CME Rule 814 119.5 729.1 3.5 852.1 Impact of CME Rule 814 change (34.3 ) (358.4 ) -- (392.7 ) Total commodity derivatives 85.2 370.7 3.5 459.4 Total financial liabilities $ 85.2 $ 370.7 $ 353.8 $ 809.7 December 31, 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 $ -- $ 0.1 $ -- $ 0.1 Commodity derivatives: Value before application of CME Rule 814 47.1 184.9 2.9 234.9 Impact of CME Rule 814 change (47.1 ) (26.1 ) -- (73.2 ) Total commodity derivatives -- 158.8 2.9 161.7 Total financial assets $ -- $ 158.9 $ 2.9 $ 161.8 Financial liabilities: Liquidity Option Agreement $ -- $ -- $ 333.9 $ 333.9 Interest rate derivatives -- 1.7 -- 1.7 Commodity derivatives: Value before application of CME Rule 814 118.4 270.6 1.7 390.7 Impact of CME Rule 814 change (118.4 ) (95.4 ) -- (213.8 ) Total commodity derivatives -- 175.2 1.7 176.9 Total financial liabilities $ -- $ 176.9 $ 335.6 $ 512.5 |
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 2018 2017 Financial liability balance, net, January 1 $ (332.7 ) $ (268.2 ) Total gains (losses) included in: Net income (1) Revenue (0.5 ) 0.7 Net income Other expense, net (7.5 ) (5.5 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- -- Settlements (1) Revenue (1.2 ) (1.4 ) Transfers out of Level 3 -- -- Financial liability balance, net, March 31 (341.9 ) (274.4 ) Total gains (losses) included in: Net income (1) Revenue 1.3 0.1 Net income Other expense, net (8.9 ) (18.6 ) Other comprehensive income (loss) Commodity derivative instruments – changes in fair value of cash flow hedges -- 0.1 Settlements (1) Revenue 0.5 (0.7 ) Transfers out of Level 3 -- -- Financial liability balance, net, June 30 $ (349.0 ) $ (293.5 ) (1) There were unrealized gains of $1.8 million and $0.1 million included in these amounts for the three and six months ended June 30, 2018, respectively. There were unrealized losses of $0.6 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. |
Fair Value Measurements, Valuation Techniques | The following Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 4.8 $ 3.5 Discounted cash flow Forward commodity prices $65.01-$76.84/barrel Total $ 4.8 $ 3.5 |
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, 2018 2017 2018 2017 NGL Pipelines & Services $ 12.4 $ 2.8 $ 12.4 $ 3.0 Crude Oil Pipelines & Services 0.1 0.6 0.3 0.6 Natural Gas Pipelines & Services 1.8 9.7 2.5 9.9 Petrochemical & Refined Products Services 1.5 -- 1.5 -- Total $ 15.8 $ 13.1 $ 16.7 $ 13.5 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Revenues – related parties: Unconsolidated affiliates $ 55.6 $ 9.9 $ 80.3 $ 20.7 Costs and expenses – related parties: EPCO and its privately held affiliates $ 260.2 $ 247.4 $ 516.9 $ 490.5 Unconsolidated affiliates 148.0 54.9 241.4 93.1 Total $ 408.2 $ 302.3 $ 758.3 $ 583.6 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: June 30, 2018 December 31, 2017 Accounts receivable - related parties: Unconsolidated affiliates $ 2.0 $ 1.8 Accounts payable - related parties: EPCO and its privately held affiliates $ 57.0 $ 99.3 Unconsolidated affiliates 28.6 28.0 Total $ 85.6 $ 127.3 At June 30, 2018, 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 693,530,754 32% 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, 2018 2017 2018 2017 Operating costs and expenses $ 228.0 $ 215.9 $ 451.0 $ 427.5 General and administrative expenses 28.4 27.1 57.6 53.9 Total costs and expenses $ 256.4 $ 243.0 $ 508.6 $ 481.4 |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 Decrease (increase) in: Accounts receivable – trade $ 18.6 $ 602.7 Accounts receivable – related parties (0.2 ) (1.9 ) Inventories 17.6 234.3 Prepaid and other current assets (82.4 ) 213.7 Other assets (11.9 ) (64.2 ) Increase (decrease) in: Accounts payable – trade 112.1 46.6 Accounts payable – related parties (3.1 ) (8.4 ) Accrued product payables 30.7 (694.2 ) Accrued interest 14.0 (0.8 ) Other current liabilities (306.4 ) (252.4 ) Other liabilities (17.5 ) 6.7 Net effect of changes in operating accounts $ (228.5 ) $ 82.1 |
Condensed Consolidating Finan42
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidating Financial Information [Abstract] | |
Unaudited Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet June 30, 2018 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 $ 283.8 $ 81.7 $ (24.0 ) $ 341.5 $ -- $ -- $ 341.5 Accounts receivable – trade, net 1,322.5 2,996.5 (0.7 ) 4,318.3 -- -- 4,318.3 Accounts receivable – related parties 92.0 991.0 (1,073.5 ) 9.5 -- (7.5 ) 2.0 Inventories 1,270.7 459.5 (0.6 ) 1,729.6 -- -- 1,729.6 Derivative assets 110.6 54.5 -- 165.1 -- -- 165.1 Prepaid and other current assets 200.2 276.1 (30.8 ) 445.5 0.5 0.1 446.1 Total current assets 3,279.8 4,859.3 (1,129.6 ) 7,009.5 0.5 (7.4 ) 7,002.6 Property, plant and equipment, net 5,955.0 31,098.1 1.4 37,054.5 -- -- 37,054.5 Investments in unconsolidated affiliates 42,054.9 4,080.7 (43,554.1 ) 2,581.5 23,028.0 (23,028.0 ) 2,581.5 Intangible assets, net 667.1 3,042.6 (13.6 ) 3,696.1 -- -- 3,696.1 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 292.0 160.7 (222.1 ) 230.6 0.9 -- 231.5 Total assets $ 52,708.3 $ 48,527.1 $ (44,918.0 ) $ 56,317.4 $ 23,029.4 $ (23,035.4 ) $ 56,311.4 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,668.6 $ 0.1 $ -- $ 2,668.7 $ -- $ -- $ 2,668.7 Accounts payable – trade 355.7 561.4 (24.0 ) 893.1 -- -- 893.1 Accounts payable – related parties 1,083.0 90.0 (1,087.4 ) 85.6 7.5 (7.5 ) 85.6 Accrued product payables 2,008.6 2,705.8 (1.8 ) 4,712.6 -- -- 4,712.6 Accrued interest 372.0 0.8 (0.8 ) 372.0 -- -- 372.0 Derivative liabilities 108.3 288.6 -- 396.9 -- -- 396.9 Other current liabilities 39.7 309.6 (28.9 ) 320.4 -- -- 320.4 Total current liabilities 6,635.9 3,956.3 (1,142.9 ) 9,449.3 7.5 (7.5 ) 9,449.3 Long-term debt 23,005.5 14.7 -- 23,020.2 -- -- 23,020.2 Deferred tax liabilities 10.6 57.0 (0.9 ) 66.7 -- 2.3 69.0 Other long-term liabilities 58.8 495.7 (222.4 ) 332.1 350.3 -- 682.4 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,997.5 43,929.6 (43,927.9 ) 22,999.2 22,671.6 (22,999.2 ) 22,671.6 Noncontrolling interests -- 73.8 376.1 449.9 -- (31.0 ) 418.9 Total equity 22,997.5 44,003.4 (43,551.8 ) 23,449.1 22,671.6 (23,030.2 ) 23,090.5 Total liabilities and equity $ 52,708.3 $ 48,527.1 $ (44,918.0 ) $ 56,317.4 $ 23,029.4 $ (23,035.4 ) $ 56,311.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ 65.2 $ 31.5 $ (26.4 ) $ 70.3 $ -- $ -- $ 70.3 Accounts receivable – trade, net 1,382.3 2,976.6 (0.5 ) 4,358.4 -- -- 4,358.4 Accounts receivable – related parties 110.3 1,182.1 (1,289.3 ) 3.1 -- (1.3 ) 1.8 Inventories 1,038.9 572.3 (1.4 ) 1,609.8 -- -- 1,609.8 Derivative assets 110.0 43.4 -- 153.4 -- -- 153.4 Prepaid and other current assets 136.3 189.0 (12.6 ) 312.7 -- -- 312.7 Total current assets 2,843.0 4,994.9 (1,330.2 ) 6,507.7 -- (1.3 ) 6,506.4 Property, plant and equipment, net 5,622.6 29,996.3 1.5 35,620.4 -- -- 35,620.4 Investments in unconsolidated affiliates 41,616.6 4,298.0 (43,255.2 ) 2,659.4 22,881.5 (22,881.5 ) 2,659.4 Intangible assets, net 675.5 3,028.6 (13.8 ) 3,690.3 -- -- 3,690.3 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 296.4 110.0 (211.0 ) 195.4 1.0 -- 196.4 Total assets $ 51,513.6 $ 47,713.5 $ (44,808.7 ) $ 54,418.4 $ 22,882.5 $ (22,882.8 ) $ 54,418.1 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,854.6 $ 0.4 $ -- $ 2,855.0 $ -- $ -- $ 2,855.0 Accounts payable – trade 290.2 537.8 (26.4 ) 801.6 0.1 -- 801.7 Accounts payable – related parties 1,320.3 112.0 (1,305.0 ) 127.3 1.3 (1.3 ) 127.3 Accrued product payables 1,825.9 2,741.7 (1.3 ) 4,566.3 -- -- 4,566.3 Accrued interest 358.0 -- -- 358.0 -- -- 358.0 Derivative liabilities 115.2 53.0 -- 168.2 -- -- 168.2 Other current liabilities 108.9 320.1 (10.8 ) 418.2 -- 0.4 418.6 Total current liabilities 6,873.1 3,765.0 (1,343.5 ) 9,294.6 1.4 (0.9 ) 9,295.1 Long-term debt 21,699.0 14.7 -- 21,713.7 -- -- 21,713.7 Deferred tax liabilities 6.7 50.2 (0.5 ) 56.4 -- 2.1 58.5 Other long-term liabilities 60.4 396.5 (212.4 ) 244.5 333.9 -- 578.4 Commitments and contingencies Equity: Partners’ and other owners’ equity 22,874.4 43,412.0 (43,433.3 ) 22,853.1 22,547.2 (22,853.1 ) 22,547.2 Noncontrolling interests -- 75.1 181.0 256.1 -- (30.9 ) 225.2 Total equity 22,874.4 43,487.1 (43,252.3 ) 23,109.2 22,547.2 (22,884.0 ) 22,772.4 Total liabilities and equity $ 51,513.6 $ 47,713.5 $ (44,808.7 ) $ 54,418.4 $ 22,882.5 $ (22,882.8 ) $ 54,418.1 |
Unaudited Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended June 30, 2018 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 $ 9,556.8 $ 5,806.4 $ (6,895.7 ) $ 8,467.5 $ -- $ -- $ 8,467.5 Costs and expenses: Operating costs and expenses 9,256.1 5,191.8 (6,895.9 ) 7,552.0 -- -- 7,552.0 General and administrative costs 8.0 42.0 0.6 50.6 0.8 -- 51.4 Total costs and expenses 9,264.1 5,233.8 (6,895.3 ) 7,602.6 0.8 -- 7,603.4 Equity in income of unconsolidated affiliates 667.7 136.5 (681.9 ) 122.3 683.5 (683.5 ) 122.3 Operating income 960.4 709.1 (682.3 ) 987.2 682.7 (683.5 ) 986.4 Other income (expense): Interest expense (274.8 ) (2.6 ) 2.8 (274.6 ) -- -- (274.6 ) Other, net 2.4 3.1 (2.8 ) 2.7 (8.9 ) -- (6.2 ) Total other expense, net (272.4 ) 0.5 -- (271.9 ) (8.9 ) -- (280.8 ) Income before income taxes 688.0 709.6 (682.3 ) 715.3 673.8 (683.5 ) 705.6 Provision for income taxes (6.2 ) (12.0 ) -- (18.2 ) -- (0.2 ) (18.4 ) Net income 681.8 697.6 (682.3 ) 697.1 673.8 (683.7 ) 687.2 Net income attributable to noncontrolling interests -- (2.0 ) (12.7 ) (14.7 ) -- 1.3 (13.4 ) Net income attributable to entity $ 681.8 $ 695.6 $ (695.0 ) $ 682.4 $ 673.8 $ (682.4 ) $ 673.8 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 Six Months Ended June 30, 2018 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 $ 19,874.6 $ 12,215.3 $ (14,323.9 ) $ 17,766.0 $ -- $ -- $ 17,766.0 Costs and expenses: Operating costs and expenses 19,236.7 10,862.1 (14,324.1 ) 15,774.7 -- -- 15,774.7 General and administrative costs 13.4 88.7 0.6 102.7 1.7 -- 104.4 Total costs and expenses 19,250.1 10,950.8 (14,323.5 ) 15,877.4 1.7 -- 15,879.1 Equity in income of unconsolidated affiliates 1,498.7 291.0 (1,551.7 ) 238.0 1,592.6 (1,592.6 ) 238.0 Operating income 2,123.2 1,555.5 (1,552.1 ) 2,126.6 1,590.9 (1,592.6 ) 2,124.9 Other income (expense): Interest expense (527.0 ) (5.1 ) 5.4 (526.7 ) -- -- (526.7 ) Other, net 5.2 40.6 (5.4 ) 40.4 (16.4 ) -- 24.0 Total other expense, net (521.8 ) 35.5 -- (486.3 ) (16.4 ) -- (502.7 ) Income before income taxes 1,601.4 1,591.0 (1,552.1 ) 1,640.3 1,574.5 (1,592.6 ) 1,622.2 Provision for income taxes (11.6 ) (11.4 ) -- (23.0 ) -- (0.5 ) (23.5 ) Net income 1,589.8 1,579.6 (1,552.1 ) 1,617.3 1,574.5 (1,593.1 ) 1,598.7 Net income attributable to noncontrolling interests -- (3.7 ) (23.1 ) (26.8 ) -- 2.6 (24.2 ) Net income attributable to entity $ 1,589.8 $ 1,575.9 $ (1,575.2 ) $ 1,590.5 $ 1,574.5 $ (1,590.5 ) $ 1,574.5 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 |
Unaudited 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, 2018 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 $ 695.2 $ 721.7 $ (681.7 ) $ 735.2 $ 711.8 $ (721.8 ) $ 725.2 Comprehensive income attributable to noncontrolling interests -- (2.0 ) (12.7 ) (14.7 ) -- 1.3 (13.4 ) Comprehensive income attributable to entity $ 695.2 $ 719.7 $ (694.4 ) $ 720.5 $ 711.8 $ (720.5 ) $ 711.8 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 Six Months Ended June 30, 2018 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 $ 1,614.1 $ 1,603.2 $ (1,551.5 ) $ 1,665.8 $ 1,623.0 $ (1,641.6 ) $ 1,647.2 Comp rehensive income attrib -- (3.7 ) (23.1 ) (26.8 ) -- 2.6 (24.2 ) Comprehensive income attributable to entity $ 1,614.1 $ 1,599.5 $ (1,574.6 ) $ 1,639.0 $ 1,623.0 $ (1,639.0 ) $ 1,623.0 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 Comprehensive income attributable to noncontrolling interests -- (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 |
Unaudited 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, 2018 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 $ 1,589.8 $ 1,579.6 $ (1,552.1 ) $ 1,617.3 $ 1,574.5 $ (1,593.1 ) $ 1,598.7 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 144.8 744.7 (0.2 ) 889.3 -- -- 889.3 Equity in income of unconsolidated affiliates (1,498.7 ) (291.0 ) 1,551.7 (238.0 ) (1,592.6 ) 1,592.6 (238.0 ) Distributions received on earnings from unconsolidated affiliates 609.5 136.3 (518.2 ) 227.6 1,891.4 (1,891.4 ) 227.6 Net effect of changes in operating accounts and other operating activities 1,390.2 (1,229.3 ) 3.0 163.9 56.3 -- 220.2 Net cash flows provided by operating activities 2,235.6 940.3 (515.8 ) 2,660.1 1,929.6 (1,891.9 ) 2,697.8 Investing activities: Capital expenditures (460.7 ) (1,405.2 ) -- (1,865.9 ) (55.2 ) -- (1,921.1 ) Cash used for business combination, net of cash received -- (149.7 ) -- (149.7 ) -- -- (149.7 ) Proceeds from asset sales 0.4 2.2 -- 2.6 -- -- 2.6 Other investing activities (1,024.5 ) 160.4 842.7 (21.4 ) (253.7 ) 253.7 (21.4 ) Cash used in investing activities (1,484.8 ) (1,392.3 ) 842.7 (2,034.4 ) (308.9 ) 253.7 (2,089.6 ) Financing activities: Borrowings under debt agreements 38,566.4 11.6 (11.6 ) 38,566.4 -- -- 38,566.4 Repayments of debt (37,436.6 ) (0.4 ) -- (37,437.0 ) -- -- (37,437.0 ) Cash distributions paid to owners (1,891.4 ) (727.8 ) 727.8 (1,891.4 ) (1,847.3 ) 1,891.4 (1,847.3 ) Cash payments made in connection with DERs -- -- -- -- (8.6 ) -- (8.6 ) Cash distributions paid to noncontrolling interests -- (4.3 ) (24.5 ) (28.8 ) -- 0.5 (28.3 ) Cash contributions from noncontrolling interests -- -- 206.9 206.9 -- -- 206.9 Net cash proceeds from issuance of common units -- -- -- -- 261.0 -- 261.0 Cash contributions from owners 253.7 1,223.1 (1,223.1 ) 253.7 -- (253.7 ) -- Other financing activities (24.3 ) -- -- (24.3 ) (25.8 ) -- (50.1 ) Cash provided by (used in) financing activities (532.2 ) 502.2 (324.5 ) (354.5 ) (1,620.7 ) 1,638.2 (337.0 ) Net change in cash and cash equivalents, including restricted cash 218.6 50.2 2.4 271.2 -- -- 271.2 Cash and cash equivalents, including restricted cash, at beginning of period 65.2 31.5 (26.4 ) 70.3 -- -- 70.3 Cash and cash equivalents, including restricted cash, at end of period $ 283.8 $ 81.7 $ (24.0 ) $ 341.5 $ -- $ -- $ 341.5 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 (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 (1,079.2 ) (26.4 ) 1,108.3 2.7 (750.9 ) 750.9 2.7 Cash used in investing activities (1,447.1 ) (959.8 ) 1,108.3 (1,298.6 ) (750.9 ) 750.9 (1,298.6 ) 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, including restricted cash (327.7 ) (25.5 ) (0.5 ) (353.7 ) 0.1 -- (353.6 ) Cash and cash equivalents, including restricted cash, at beginning of period 366.2 58.9 (7.5 ) 417.6 -- -- 417.6 Cash and cash equivalents, including restricted cash, at end of period $ 38.5 $ 33.4 $ (8.0 ) $ 63.9 $ 0.1 $ -- $ 64.0 |
Partnership Operations, Organ43
Partnership Operations, Organization and Basis for Presentation (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transaction [Line Items] | |
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% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash, Cash Equivalents and Restricted Cash: | ||||
Cash and cash equivalents | $ 57.9 | $ 5.1 | ||
Restricted cash | 283.6 | 65.2 | ||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | 341.5 | $ 64 | $ 70.3 | $ 417.6 |
Operating lease obligations [Abstract] | ||||
Minimum operating lease payment obligations | 430 | |||
Scenario, Previously Reported [Member] | ||||
Cash, Cash Equivalents and Restricted Cash: | ||||
Decrease in restricted cash | $ 319.1 | |||
Initial Margin Requirement [Member] | ||||
Cash, Cash Equivalents and Restricted Cash: | ||||
Restricted cash | 51.4 | |||
Variation Margin Requirement [Member] | ||||
Cash, Cash Equivalents and Restricted Cash: | ||||
Restricted cash | $ 232.2 | |||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New accounting pronouncement or change in accounting principle, description of financial statement line items | Based on current estimates, we expect that the total of ROU assets we would recognize under ASC 842 will account for less than 1% of total consolidated assets. Likewise, the corresponding lease liabilities would account for less than 1% of total consolidated liabilities. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Inventory by Product Type [Abstract] | ||||||
NGLs | $ 1,120.2 | $ 1,120.2 | $ 917.4 | |||
Petrochemicals and refined products | 189 | 189 | 161.5 | |||
Crude oil | 410 | 410 | 516.3 | |||
Natural gas | 10.4 | 10.4 | 14.6 | |||
Total | 1,729.6 | 1,729.6 | $ 1,609.8 | |||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | ||||||
Cost of sales | [1] | 6,391.9 | $ 4,731.1 | 13,532.3 | $ 10,066.8 | |
Lower of cost or net realizable value adjustments recognized within cost of sales | $ 0.7 | $ 2.6 | $ 2.6 | $ 6 | ||
[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 Equipment46
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 48,653.9 | $ 48,653.9 | $ 46,545.2 | |||
Less accumulated depreciation | 11,599.4 | 11,599.4 | 10,924.8 | |||
Property, plant and equipment, net | 37,054.5 | 37,054.5 | 35,620.4 | |||
Summary of depreciation expense and capitalized interest [Abstract] | ||||||
Depreciation expense | [1] | 361 | $ 321.1 | 692.8 | $ 638.6 | |
Capitalized interest | [2] | 27.1 | $ 44.5 | 85.3 | $ 84.1 | |
Asset Retirement Obligations [Roll Forward] | ||||||
Balance at beginning of period | 86.7 | |||||
Liabilities incurred | 0.5 | |||||
Liabilities settled | (1.5) | |||||
Revisions in estimated cash flows | 11.7 | |||||
Accretion expense | 2.9 | |||||
Balance at end of period | 100.3 | 100.3 | ||||
Capitalized costs, asset retirement costs | 50.1 | 50.1 | 39.9 | |||
Plants, pipelines and facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [3] | 41,446.7 | $ 41,446.7 | 37,132.2 | ||
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] | 3,508.6 | $ 3,508.6 | 3,460.9 | ||
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] | 185.6 | $ 185.6 | 177.1 | ||
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] | 807.5 | $ 807.5 | 803.8 | ||
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 | 360.3 | $ 360.3 | 273.1 | |||
Construction in progress [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 2,345.2 | $ 2,345.2 | $ 4,698.1 | |||
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, 2018 | Jun. 30, 2017 | Mar. 29, 2018 | |
Assets acquired: | |||
Capital expenditures | $ 1,921.1 | $ 1,113.1 | |
Common units issued in connection with land acquisition (in units) | 1,223,242 | ||
Land [Member] | |||
Assets acquired: | |||
Property, plant and equipment, additions | $ 85.2 | ||
Capital expenditures | $ 55.2 | ||
Delaware Basin Gas Processing LLC [Member] | |||
Business Acquisition [Line Items] | |||
Remaining membership interest acquired | 50.00% | ||
Assets acquired: | |||
Property, plant, and equipment | $ 200 |
Investments in Unconsolidated48
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 29, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated affiliates | $ 2,581.5 | $ 2,581.5 | $ 2,659.4 | |||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||
Equity in income (loss) of unconsolidated affiliates | 122.3 | $ 107 | 238 | $ 201.8 | ||
Income Statement Data: | ||||||
Revenues | 461.3 | 371.9 | 857.3 | 715.1 | ||
Operating income | 288.1 | 229.8 | 531.8 | 433.5 | ||
Net income | 286.4 | 237.6 | 528.7 | 440.5 | ||
NGL Pipelines & Services [Member] | ||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||
Equity in income (loss) of unconsolidated affiliates | $ 39.4 | 19 | $ 58.8 | 34.5 | ||
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 | $ 25 | 25.7 | |||
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 | $ 30.9 | $ 30.9 | 30.9 | |||
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 | $ 16.5 | $ 16.5 | 17 | |||
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 | $ 36.6 | $ 36.6 | 37 | |||
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 | $ 322.3 | $ 322.3 | 314.4 | |||
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 | $ 35.4 | $ 35.4 | 35.9 | |||
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 | $ 163.8 | $ 163.8 | 165.7 | |||
NGL Pipelines & Services [Member] | Delaware Basin Gas Processing LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 100.00% | 100.00% | ||||
Investments in unconsolidated affiliates | $ 0 | $ 0 | 107.3 | |||
Remaining membership interest acquired | 50.00% | |||||
Crude Oil Pipelines & Services [Member] | ||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||
Equity in income (loss) of unconsolidated affiliates | $ 83.5 | 89.2 | $ 181.4 | 170.4 | ||
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 | $ 1,377.6 | $ 1,377.6 | 1,378.9 | |||
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 | $ 388.1 | $ 388.1 | 385.2 | |||
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 | $ 100 | $ 100 | 75.1 | |||
Natural Gas Pipelines & Services [Member] | ||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||
Equity in income (loss) of unconsolidated affiliates | $ 1.6 | 0.9 | $ 2.6 | 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 | $ 20.4 | $ 20.4 | 20.8 | |||
Natural Gas Pipelines & Services [Member] | Old Ocean Pipeline, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 50.00% | 50.00% | ||||
Investments in unconsolidated affiliates | $ 0.6 | $ 0.6 | 0 | |||
Equity method investment, description | The 24-inch diameter Old Ocean Pipeline originates in Maypearl, Texas in Ellis County and extends south approximately 240 miles to Sweeny, Texas in Brazoria County. Energy Transfer serves as operator of the pipeline. | |||||
Petrochemical & Refined Products Services [Member] | ||||||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | ||||||
Equity in income (loss) of unconsolidated affiliates | $ (2.2) | $ (2.1) | $ (4.8) | $ (5) | ||
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 | $ 60.4 | $ 60.4 | 60.8 | |||
Petrochemical & Refined Products Services [Member] | Other Unconsolidated Affiliates [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated affiliates | $ 3.9 | $ 3.9 | $ 4.7 |
Intangible Assets and Goodwill,
Intangible Assets and Goodwill, Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,347.6 | $ 5,347.6 | $ 5,255.1 | ||
Accumulated Amortization | (1,651.5) | (1,651.5) | (1,564.8) | ||
Carrying Value | 3,696.1 | 3,696.1 | 3,690.3 | ||
Amortization expense | 43.6 | $ 40.7 | 86.7 | $ 81.7 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2018 | 75.8 | 75.8 | |||
2,019 | 151.7 | 151.7 | |||
2,020 | 140.7 | 140.7 | |||
2,021 | 148.4 | 148.4 | |||
2,022 | 144.6 | 144.6 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 820.7 | 820.7 | 728.2 | ||
Accumulated Amortization | (422.3) | (422.3) | (405.9) | ||
Carrying Value | 398.4 | 398.4 | 322.3 | ||
Amortization expense | 9.3 | 7.3 | 16.4 | 14.6 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 457.3 | 457.3 | 447.4 | ||
Accumulated Amortization | (194.8) | (194.8) | (187.5) | ||
Carrying Value | 262.5 | 262.5 | 259.9 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 363.4 | 363.4 | 280.8 | ||
Accumulated Amortization | (227.5) | (227.5) | (218.4) | ||
Carrying Value | 135.9 | 135.9 | 62.4 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,484.5 | 2,484.5 | 2,484.5 | ||
Accumulated Amortization | (344.6) | (344.6) | (298) | ||
Carrying Value | 2,139.9 | 2,139.9 | 2,186.5 | ||
Amortization expense | 22.6 | 22.3 | 46.6 | 45.4 | |
Crude Oil Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,203.5 | 2,203.5 | 2,203.5 | ||
Accumulated Amortization | (151) | (151) | (127) | ||
Carrying Value | 2,052.5 | 2,052.5 | 2,076.5 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 281 | 281 | 281 | ||
Accumulated Amortization | (193.6) | (193.6) | (171) | ||
Carrying Value | 87.4 | 87.4 | 110 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,815 | 1,815 | 1,815 | ||
Accumulated Amortization | (815.9) | (815.9) | (796.6) | ||
Carrying Value | 999.1 | 999.1 | 1,018.4 | ||
Amortization expense | 9.6 | 8.8 | 19.3 | 17 | |
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 | (432.1) | (432.1) | (417.1) | ||
Carrying Value | 918.2 | 918.2 | 933.2 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 464.7 | 464.7 | 464.7 | ||
Accumulated Amortization | (383.8) | (383.8) | (379.5) | ||
Carrying Value | 80.9 | 80.9 | 85.2 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 227.4 | 227.4 | 227.4 | ||
Accumulated Amortization | (68.7) | (68.7) | (64.3) | ||
Carrying Value | 158.7 | 158.7 | 163.1 | ||
Amortization expense | 2.1 | $ 2.3 | 4.4 | $ 4.7 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 181.4 | 181.4 | 181.4 | ||
Accumulated Amortization | (48.8) | (48.8) | (45.9) | ||
Carrying Value | 132.6 | 132.6 | 135.5 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 46 | 46 | 46 | ||
Accumulated Amortization | (19.9) | (19.9) | (18.4) | ||
Carrying Value | $ 26.1 | $ 26.1 | $ 27.6 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 25,911,700 | $ 24,780,100 | ||
Other, non-principal amounts | (222,800) | (211,400) | ||
Less current maturities of debt | (2,668,700) | (2,855,000) | ||
Total long-term debt | 23,020,200 | 21,713,700 | ||
Debt Obligations Terms: | ||||
Repayment of debt obligations | 37,437,000 | $ 33,639,300 | ||
Letters of credit outstanding | 86,400 | |||
Senior Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | 22,720,000 | 21,605,700 | ||
Debt Obligations Terms: | ||||
Aggregate debt principal issued | 2,000,000 | |||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 1,970,000 | 1,755,700 | ||
Debt Obligations Terms: | ||||
Interest rate terms | variable | |||
Maximum borrowing capacity | $ 3,000,000 | 2,500,000 | ||
Information regarding variable interest rates paid: | ||||
Weighted-average interest rate paid | 2.14% | |||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 1.50% | |||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 2.50% | |||
Senior Debt Obligations [Member] | EPO Senior Notes V [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 0 | 349,700 | ||
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 | $ 0 | 750,000 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 1.65% | |||
Maturity date | May 7, 2018 | |||
Senior Debt Obligations [Member] | EPO 364-Day Revolving Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 0 | 0 | ||
Debt Obligations Terms: | ||||
Interest rate terms | variable | |||
Maturity date | Sep. 12, 2018 | |||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 700,000 | 700,000 | ||
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 | $ 800,000 | 800,000 | ||
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 | $ 500,000 | 500,000 | ||
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 | $ 1,000,000 | 1,000,000 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 5.20% | |||
Maturity date | Sep. 1, 2020 | |||
Senior Debt Obligations [Member] | EPO Senior Notes TT [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 750,000 | 0 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 2.80% | |||
Maturity date | Feb. 15, 2021 | |||
Aggregate debt principal issued | $ 750,000 | |||
Debt issued as percent of principal amount | 99.946% | |||
Senior Debt Obligations [Member] | EPO Senior Notes RR [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 575,000 | 575,000 | ||
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 | $ 650,000 | 650,000 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 4.05% | |||
Maturity date | Feb. 15, 2022 | |||
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. 13, 2022 | |||
Information regarding variable interest rates paid: | ||||
Weighted-average interest rate paid | 3.31% | |||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | Minimum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 2.58% | |||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | Maximum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 4.75% | |||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 1,250,000 | 1,250,000 | ||
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 | $ 850,000 | 850,000 | ||
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 | $ 1,150,000 | 1,150,000 | ||
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 | $ 875,000 | 875,000 | ||
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 | $ 575,000 | 575,000 | ||
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 | $ 500,000 | 500,000 | ||
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 | $ 350,000 | 350,000 | ||
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 | $ 250,000 | 250,000 | ||
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 | $ 399,600 | 399,600 | ||
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 | $ 600,000 | 600,000 | ||
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 | $ 600,000 | 600,000 | ||
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 | $ 750,000 | 750,000 | ||
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 | $ 600,000 | 600,000 | ||
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 | $ 750,000 | 750,000 | ||
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 | $ 1,100,000 | 1,100,000 | ||
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 | $ 1,400,000 | 1,400,000 | ||
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 | $ 1,150,000 | 1,150,000 | ||
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 | $ 975,000 | 975,000 | ||
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 UU [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 1,250,000 | 0 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 4.25% | |||
Maturity date | Feb. 15, 2048 | |||
Aggregate debt principal issued | $ 1,250,000 | |||
Debt issued as percent of principal amount | 99.865% | |||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 400,000 | 400,000 | ||
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 | 300 | ||
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 | $ 400 | 400 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed | |||
Interest rate, stated percentage | 7.55% | |||
Maturity date | Apr. 15, 2038 | |||
Junior Debt Obligations [Member] | ||||
Debt Obligations Terms: | ||||
Aggregate debt principal issued | $ 700,000 | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | [1] | $ 521,100 | 521,100 | |
Debt Obligations Terms: | ||||
Interest rate terms | [1] | variable | ||
Maturity date | 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 | 5.61% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Minimum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 5.08% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes A [Member] | Maximum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 6.07% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | [2] | $ 256,400 | 256,400 | |
Debt Obligations Terms: | ||||
Interest rate terms | variable | |||
Maturity date | 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 | 4.66% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Minimum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 4.26% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Maximum [Member] | ||||
Information regarding variable interest rates paid: | ||||
Variable interest rates paid | 5.08% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes B [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 0 | 682,700 | ||
Debt Obligations Terms: | ||||
Interest rate terms | fixed/variable | |||
Repayment of debt obligations | $ 682,700 | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | [3] | $ 700,000 | 700,000 | |
Debt Obligations Terms: | ||||
Interest rate terms | [3] | fixed/variable | ||
Interest rate, stated percentage | 4.875% | |||
Maturity date | Aug. 16, 2077 | |||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||
Variable interest rate | 2.986% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes E [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | [4] | $ 1,000,000 | 1,000,000 | |
Debt Obligations Terms: | ||||
Interest rate terms | [4] | fixed/variable | ||
Interest rate, stated percentage | 5.25% | |||
Maturity date | Aug. 16, 2077 | |||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||
Variable interest rate | 3.033% | |||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes F [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | [5] | $ 700,000 | 0 | |
Debt Obligations Terms: | ||||
Interest rate terms | fixed/variable | |||
Interest rate, stated percentage | 5.375% | |||
Maturity date | Feb. 15, 2078 | |||
Aggregate debt principal issued | $ 700,000 | |||
Debt issued as percent of principal amount | 100.00% | |||
Variable annual interest rate thereafter, variable rate basis | 3-month LIBOR | |||
Variable interest rate | 2.57% | |||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 14,200 | $ 14,200 | ||
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] | Variable rate is reset quarterly and based on 3-month LIBOR plus 2.778%. | |||
[3] | Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. | |||
[4] | Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. | |||
[5] | Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
Debt Obligations, Debt Maturiti
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2018 | $ 1,970 | |
2,019 | 1,500 | |
2,020 | 1,500 | |
2,021 | 1,325 | |
2,022 | 650 | |
Thereafter | 18,966.7 | |
Total | 25,911.7 | $ 24,780.1 |
Commercial Paper Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2018 | 1,970 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 0 | |
Total | 1,970 | |
Senior Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2018 | 0 | |
2,019 | 1,500 | |
2,020 | 1,500 | |
2,021 | 1,325 | |
2,022 | 650 | |
Thereafter | 15,775 | |
Total | 20,750 | |
Junior Subordinated Notes [Member] | ||
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 3,191.7 | |
Total | $ 3,191.7 |
Equity and Distributions, Summa
Equity and Distributions, Summary of Changes in Outstanding Units (Details) | 6 Months Ended |
Jun. 30, 2018shares | |
Summary of changes in outstanding units [Roll Forward] | |
Common units issued in connection with land acquisition (in units) | 1,223,242 |
Common Units [Member] | |
Summary of changes in outstanding units [Roll Forward] | |
Beginning Balance (in units) | 2,161,089,479 |
Common units issued in connection with DRIP and EUPP (in units) | 9,877,090 |
Common units issued in connection with the vesting of phantom unit awards (in units) | 3,285,976 |
Cancellation of treasury units acquired in connection with the vesting of equity-based awards (in units) | (984,605) |
Common units issued in connection with employee compensation (in units) | 1,443,586 |
Common units issued in connection with land acquisition (in units) | 1,223,242 |
Other (in units) | 16,360 |
Ending Balance (in units) | 2,175,951,128 |
Equity and Distributions, Issua
Equity and Distributions, Issuances of Equity (Details) - USD ($) $ in Thousands | Aug. 08, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Net cash proceeds from the issuance of common units | $ 261,000 | $ 757,200 | |
Common units issued in connection with employee compensation | $ 39,100 | $ 33,700 | |
Long-Term Incentive Plan (2008) [Member] | |||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Common units issued in connection with employee compensation (in units) | 1,443,586 | ||
Common units issued in connection with employee compensation | $ 39,100 | ||
Universal Shelf Registration [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Debt issued under universal shelf registration | 2,700,000 | ||
At-the-Market Registration [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Maximum common units authorized for issuance | 2,540,000 | ||
Remaining units available for issuance | $ 2,540,000 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 20,857,006 | ||
Gross proceeds from the sale of common units | $ 577,300 | ||
Net cash proceeds from the issuance of common units | $ 571,800 | ||
Distribution Reinvestment Plan [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Remaining units available for issuance (in units) | 71,108,301 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 9,608,839 | 6,802,889 | |
Net cash proceeds from the issuance of common units | $ 253,700 | $ 178,900 | |
Distribution Reinvestment Plan [Member] | EPCO and its privately held affiliates [Member] | |||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Gross proceeds from the sale of common units | 100,000 | ||
Net cash proceeds from the issuance of common units | $ 106,000 | $ 100,000 | |
Employee Unit Purchase Plan [Member] | |||
Registration Statements and Equity Offerings [Line Items] | |||
Remaining units available for issuance (in units) | 5,492,560 | ||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||
Number of common units issued (in units) | 268,251 | 232,792 | |
Net cash proceeds from the issuance of common units | $ 7,300 | $ 6,400 |
Equity and Distributions, Accum
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning balance | $ (171.7) | $ (280) | ||
Other comprehensive income (loss) before reclassifications | 3.9 | 170.6 | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 44.6 | (19.3) | ||
Total other comprehensive income (loss) | $ 38 | $ (12.5) | 48.5 | 151.3 |
Ending balance | (123.2) | (128.7) | (123.2) | (128.7) |
Interest expense | 274.6 | 245.8 | 526.7 | 495.1 |
Revenue | (8,467.5) | (6,607.6) | (17,766) | (13,928) |
Operating costs and expenses | 7,552 | 5,730.2 | 15,774.7 | 12,063.4 |
Total | (687.2) | (666) | (1,598.7) | (1,437) |
Gains (Losses) on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning balance | (165.1) | (199.8) | ||
Other comprehensive income (loss) before reclassifications | 14.6 | (4.5) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 19.9 | 19.6 | ||
Total other comprehensive income (loss) | 34.5 | 15.1 | ||
Ending balance | (130.6) | (184.7) | (130.6) | (184.7) |
Gains (Losses) on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning balance | (10.1) | (83.8) | ||
Other comprehensive income (loss) before reclassifications | (10.2) | 175.2 | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 24.7 | (38.9) | ||
Total other comprehensive income (loss) | 14.5 | 136.3 | ||
Ending balance | 4.4 | 52.5 | 4.4 | 52.5 |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Beginning balance | 3.5 | 3.6 | ||
Other comprehensive income (loss) before reclassifications | (0.5) | (0.1) | ||
Amounts reclassified from accumulated other comprehensive loss (income) | 0 | 0 | ||
Total other comprehensive income (loss) | (0.5) | (0.1) | ||
Ending balance | 3 | 3.5 | 3 | 3.5 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | 48.6 | (36) | 44.6 | (19.3) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains (Losses) on Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Interest expense | 9.4 | 10 | 19.9 | 19.6 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Gains (Losses) on Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | 39.4 | (46) | 25.4 | (38.5) |
Operating costs and expenses | $ (0.2) | $ 0 | $ (0.7) | $ (0.4) |
Equity and Distributions, Distr
Equity and Distributions, Distributions (Details) - Cash Distribution [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | |
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 | ||
First Quarter 2018 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.4275 | ||
Record Date | Apr. 30, 2018 | ||
Payment Date | May 8, 2018 | ||
Second Quarter 2018 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.4300 | ||
Record Date | Jul. 31, 2018 | ||
Payment Date | Aug. 8, 2018 | ||
Forecast [Member] | Third Quarter 2018 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.4325 | ||
Forecast [Member] | Fourth Quarter 2018 Distribution [Member] | |||
Distributions to Partners [Abstract] | |||
Distribution Per Common Unit (in dollars per unit) | $ 0.4350 |
Equity and Distributions, Nonco
Equity and Distributions, Noncontrolling Interests (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)mi | |
Whitehorn Pipeline Company LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ | $ 189.6 |
Number of miles of pipelines | mi | 416 |
Western Gas Partners, LP [Member] | Whitehorn Pipeline Company LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% |
Navigator Holdings Ltd. [Member] | Enterprise Navigator Ethylene Terminal LLC [Member] | |
Noncontrolling Interest | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% |
Apache Corporation [Member] | Shin Oak NGL Pipeline [Member] | Maximum [Member] | |
Noncontrolling Interest | |
Percentage Of Option To Purchase Equity Interest | 33.00% |
Revenues, Revenues by Business
Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Revenue [Abstract] | ||||||||
Revenues | $ 8,467.5 | [1] | $ 6,607.6 | [2] | $ 17,766 | [1] | $ 13,928 | [2] |
Sales of Products [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||||||
Revenue [Abstract] | ||||||||
Concentration risk percentage | 84.00% | 84.00% | 85.00% | 85.00% | ||||
Midstream Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Percentage increase in revenues due to addition of revenue stream for non-cash consideration | 2.00% | |||||||
Midstream Services [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||||||
Revenue [Abstract] | ||||||||
Concentration risk percentage | 16.00% | 16.00% | 15.00% | 15.00% | ||||
NGL Pipelines & Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | $ 3,273.7 | [1] | $ 2,620.6 | [2] | $ 6,687 | [1] | $ 5,966.4 | [2] |
NGL Pipelines & Services [Member] | Sales of NGLs and Related Products [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 2,610.9 | [1] | 2,158 | [2] | 5,426.3 | [1] | 5,045.2 | [2] |
NGL Pipelines & Services [Member] | Midstream Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 662.8 | [1] | 462.6 | [2] | 1,260.7 | [1] | 921.2 | [2] |
Crude Oil Pipelines & Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 2,781.2 | [1] | 1,899.6 | [2] | 6,352.1 | [1] | 3,706.8 | [2] |
Crude Oil Pipelines & Services [Member] | Sales of Crude Oil [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 2,532.2 | [1] | 1,705.1 | [2] | 5,873.9 | [1] | 3,323.7 | [2] |
Crude Oil Pipelines & Services [Member] | Midstream Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 249 | [1] | 194.5 | [2] | 478.2 | [1] | 383.1 | [2] |
Natural Gas Pipelines & Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 792.8 | [1] | 786.2 | [2] | 1,597.6 | [1] | 1,547.4 | [2] |
Natural Gas Pipelines & Services [Member] | Sales of Natural Gas [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 532.5 | [1] | 560.6 | [2] | 1,092.5 | [1] | 1,104.6 | [2] |
Natural Gas Pipelines & Services [Member] | Midstream Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 260.3 | [1] | 225.6 | [2] | 505.1 | [1] | 442.8 | [2] |
Petrochemical & Refined Products Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 1,619.8 | [1] | 1,301.2 | [2] | 3,129.3 | [1] | 2,707.4 | [2] |
Petrochemical & Refined Products Services [Member] | Sales of Petrochemicals and Refined Products [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | 1,413.4 | [1] | 1,114.1 | [2] | 2,702.7 | [1] | 2,325.2 | [2] |
Petrochemical & Refined Products Services [Member] | Midstream Services [Member] | ||||||||
Revenue [Abstract] | ||||||||
Revenues | $ 206.4 | [1] | $ 187.1 | [2] | $ 426.6 | [1] | $ 382.2 | [2] |
[1] | Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. | |||||||
[2] | Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Revenues, Unbilled Revenue and
Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue | $ 126.9 | $ 0 |
Deferred revenue | 242.2 | $ 224.7 |
Other Current Assets [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue (current amount) | 126.9 | |
Other Assets [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue (noncurrent) | 0 | |
Other Current Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (current amount) | 83.8 | |
Other Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (noncurrent) | $ 158.4 |
Revenues, Significant Changes i
Revenues, Significant Changes in Unbilled Revenue (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Significant Changes in Unbilled Revenue [Roll Forward] | ||
Balance at beginning of period (upon adoption of ASC 606) | $ 0 | |
Unbilled revenue included in opening balance transferred to other accounts during period | 0 | [1] |
Unbilled revenue recorded during period | 136.4 | |
Unbilled revenue recorded during period transferred to other accounts | (11.7) | [1] |
Unbilled revenue recorded in connection with business combination | 2.2 | |
Balance at end of period | $ 126.9 | |
[1] | Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Revenues, Significant Changes60
Revenues, Significant Changes in Deferred Revenue (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Significant Changes in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period (upon adoption of ASC 606) | $ 224.7 | |
Deferred revenue included in opening balance transferred to other accounts during period | (72.8) | [1] |
Deferred revenue recorded during period | 201.1 | |
Deferred revenue recorded during period transferred to other accounts | (110.8) | [1] |
Deferred revenue recorded in connection with business combination | 0 | |
Balance at end of period | $ 242.2 | |
[1] | Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. |
Revenues, Remaining Performance
Revenues, Remaining Performance Obligations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 19,238.4 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 1,643.8 |
Expected timing of satisfaction, period | 6 months |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 3,168.7 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 2,796 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 2,253 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 1,792.6 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 7,584.3 |
Expected timing of satisfaction, period |
Revenues, Total Remaining Perfo
Revenues, Total Remaining Performance Obligations (Details) $ in Millions | Jun. 30, 2018USD ($) |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 19,238.4 |
Revenues, Impact of Change in A
Revenues, Impact of Change in Accounting Policy (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |||||
Assets [Abstract] | |||||||||
Accounts receivable - trade, net | $ 4,318.3 | $ 4,318.3 | $ 4,358.4 | ||||||
Prepaid and other current assets | 446.1 | 446.1 | 312.7 | ||||||
Property, plant and equipment, net | 37,054.5 | 37,054.5 | 35,620.4 | ||||||
Other assets | 231.5 | 231.5 | 196.4 | ||||||
Liabilities and Equity | |||||||||
Other long-term liabilities | 682.4 | 682.4 | 578.4 | ||||||
Partners' equity | 22,671.6 | 22,671.6 | $ 22,547.2 | ||||||
Condensed Consolidated Statement of Operations Information [Abstract] | |||||||||
Revenues | 8,467.5 | [1] | $ 6,607.6 | [2] | 17,766 | [1] | $ 13,928 | [2] | |
Costs and Expenses [Abstract] | |||||||||
Operating costs and expenses | 7,552 | 5,730.2 | 15,774.7 | 12,063.4 | |||||
Operating Activities [Abstract] | |||||||||
Net income | 687.2 | $ 666 | 1,598.7 | 1,437 | |||||
Net effect of changes in operating accounts | (228.5) | 82.1 | |||||||
Investing Activities [Abstract] | |||||||||
Contributions in aid of construction costs | 0 | $ 29.6 | |||||||
Balances Without Adoption [Member] | ASC 606 [Member] | |||||||||
Assets [Abstract] | |||||||||
Accounts receivable - trade, net | 4,445.2 | 4,445.2 | |||||||
Prepaid and other current assets | 319.2 | 319.2 | |||||||
Property, plant and equipment, net | 37,028.3 | 37,028.3 | |||||||
Other assets | 231.5 | 231.5 | |||||||
Liabilities and Equity | |||||||||
Other long-term liabilities | 661 | 661 | |||||||
Partners' equity | 22,666.8 | 22,666.8 | |||||||
Condensed Consolidated Statement of Operations Information [Abstract] | |||||||||
Revenues | 8,304.1 | 17,485.6 | |||||||
Costs and Expenses [Abstract] | |||||||||
Operating costs and expenses | 7,390.2 | 15,499.1 | |||||||
Operating Activities [Abstract] | |||||||||
Net income | 1,593.9 | ||||||||
Net effect of changes in operating accounts | (249.9) | ||||||||
Investing Activities [Abstract] | |||||||||
Contributions in aid of construction costs | 26.2 | ||||||||
Impact of Adoption [Member] | ASC 606 [Member] | |||||||||
Assets [Abstract] | |||||||||
Accounts receivable - trade, net | (126.9) | (126.9) | |||||||
Prepaid and other current assets | 126.9 | 126.9 | |||||||
Property, plant and equipment, net | 26.2 | 26.2 | |||||||
Other assets | 0 | 0 | |||||||
Liabilities and Equity | |||||||||
Other long-term liabilities | 21.4 | 21.4 | |||||||
Partners' equity | 4.8 | 4.8 | |||||||
Condensed Consolidated Statement of Operations Information [Abstract] | |||||||||
Revenues | 163.4 | 280.4 | |||||||
Costs and Expenses [Abstract] | |||||||||
Operating costs and expenses | 161.8 | 275.6 | |||||||
Operating Activities [Abstract] | |||||||||
Net income | 4.8 | ||||||||
Net effect of changes in operating accounts | 21.4 | ||||||||
Investing Activities [Abstract] | |||||||||
Contributions in aid of construction costs | (26.2) | ||||||||
Impact of Adoption [Member] | ASC 606 [Member] | Equity NGL Revenue [Member] | |||||||||
Condensed Consolidated Statement of Operations Information [Abstract] | |||||||||
Revenues | 161.8 | 275.6 | |||||||
Impact of Adoption [Member] | ASC 606 [Member] | CIAC Revenue [Member] | |||||||||
Condensed Consolidated Statement of Operations Information [Abstract] | |||||||||
Revenues | $ 1.6 | $ 4.8 | |||||||
[1] | Revenues are accounted for under ASC 606 upon implementation at January 1, 2018. | ||||||||
[2] | Revenues are accounted for under ASC 605 for historical periods prior to January 1, 2018. |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Segment | Jun. 30, 2017USD ($) | ||
Business Segments [Abstract] | |||||
Number of reportable segments | Segment | 4 | ||||
Segment Gross Operating Margin [Abstract] | |||||
Operating income | $ 986.4 | $ 938.7 | $ 2,124.9 | $ 1,970.3 | |
Adjustments to reconcile operating income to total gross operating margin: | |||||
Add depreciation, amortization and accretion expense in operating costs and expenses | 425.3 | 379.2 | 819.6 | 755.4 | |
Add asset impairment and related charges in operating costs and expenses | 15.9 | 14 | 16.8 | 25.2 | |
Add net losses or subtract net gains attributable to asset sales in operating costs and expenses | (0.9) | 0.3 | (1.4) | 0 | |
Add general and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | |
Adjustments for make-up rights on certain new pipeline projects: | |||||
Add non-refundable payments received from shippers attributable to make-up rights | [1] | 5.6 | 8.3 | 8.3 | 21.6 |
Subtract the subsequent recognition of revenues attributable to make-up rights | [2] | (22) | (6.8) | (36.2) | (15.9) |
Total segment gross operating margin | $ 1,461.7 | $ 1,379.4 | $ 3,036.4 | $ 2,852.7 | |
[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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 1,461.7 | $ 1,379.4 | $ 3,036.4 | $ 2,852.7 | |
Revenues from third parties | 8,411.9 | 6,597.7 | 17,685.7 | 13,907.3 | |
Revenues from related parties | 55.6 | 9.9 | 80.3 | 20.7 | |
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | |
Total revenues | 8,467.5 | 6,607.6 | 17,766 | 13,928 | |
Equity in income (loss) of unconsolidated affiliates | 122.3 | 107 | 238 | 201.8 | |
Property, plant and equipment, net | 37,054.5 | 37,054.5 | $ 35,620.4 | ||
Investments in unconsolidated affiliates | 2,581.5 | 2,581.5 | 2,659.4 | ||
Intangible assets, net | 3,696.1 | 3,696.1 | 3,690.3 | ||
Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
Segment assets | 49,077.3 | 49,077.3 | 47,715.3 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 3,273.7 | 2,620.6 | 6,687 | 5,966.4 | |
Equity in income (loss) of unconsolidated affiliates | 39.4 | 19 | 58.8 | 34.5 | |
Intangible assets, net | 398.4 | 398.4 | 322.3 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,781.2 | 1,899.6 | 6,352.1 | 3,706.8 | |
Equity in income (loss) of unconsolidated affiliates | 83.5 | 89.2 | 181.4 | 170.4 | |
Intangible assets, net | 2,139.9 | 2,139.9 | 2,186.5 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 792.8 | 786.2 | 1,597.6 | 1,547.4 | |
Equity in income (loss) of unconsolidated affiliates | 1.6 | 0.9 | 2.6 | 1.9 | |
Intangible assets, net | 999.1 | 999.1 | 1,018.4 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,619.8 | 1,301.2 | 3,129.3 | 2,707.4 | |
Equity in income (loss) of unconsolidated affiliates | (2.2) | (2.1) | (4.8) | (5) | |
Intangible assets, net | 158.7 | 158.7 | 163.1 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 913.7 | 759.9 | 1,798.6 | 1,615.9 | |
Revenues from third parties | 3,268.8 | 2,617.8 | 6,678.4 | 5,960.8 | |
Revenues from related parties | 4.9 | 2.8 | 8.6 | 5.6 | |
Intersegment and intrasegment revenues | 6,004.6 | 5,642.1 | 12,569.5 | 14,516.9 | |
Total revenues | 9,278.3 | 8,262.7 | 19,256.5 | 20,483.3 | |
Equity in income (loss) of unconsolidated affiliates | 39.4 | 19 | 58.8 | 34.5 | |
Property, plant and equipment, net | 14,716.9 | 14,716.9 | 13,831.2 | ||
Investments in unconsolidated affiliates | 630.5 | 630.5 | 733.9 | ||
Intangible assets, net | 398.4 | 398.4 | 322.3 | ||
Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
Segment assets | 18,397.5 | 18,397.5 | 17,539.1 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 52.8 | 236.7 | 272.8 | 501.3 | |
Revenues from third parties | 2,733.8 | 1,895.8 | 6,286.5 | 3,698.4 | |
Revenues from related parties | 47.4 | 3.8 | 65.6 | 8.4 | |
Intersegment and intrasegment revenues | 9,978.5 | 3,383.7 | 21,404.8 | 6,857.7 | |
Total revenues | 12,759.7 | 5,283.3 | 27,756.9 | 10,564.5 | |
Equity in income (loss) of unconsolidated affiliates | 83.5 | 89.2 | 181.4 | 170.4 | |
Property, plant and equipment, net | 5,401.3 | 5,401.3 | 5,208.4 | ||
Investments in unconsolidated affiliates | 1,865.7 | 1,865.7 | 1,839.2 | ||
Intangible assets, net | 2,139.9 | 2,139.9 | 2,186.5 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Segment assets | 11,247.9 | 11,247.9 | 11,075.1 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 213.4 | 194.4 | 411.3 | 365.3 | |
Revenues from third parties | 789.5 | 782.9 | 1,591.5 | 1,540.7 | |
Revenues from related parties | 3.3 | 3.3 | 6.1 | 6.7 | |
Intersegment and intrasegment revenues | 165 | 220.6 | 335.9 | 415.1 | |
Total revenues | 957.8 | 1,006.8 | 1,933.5 | 1,962.5 | |
Equity in income (loss) of unconsolidated affiliates | 1.6 | 0.9 | 2.6 | 1.9 | |
Property, plant and equipment, net | 8,356.1 | 8,356.1 | 8,375 | ||
Investments in unconsolidated affiliates | 21 | 21 | 20.8 | ||
Intangible assets, net | 999.1 | 999.1 | 1,018.4 | ||
Goodwill | 296.3 | 296.3 | 296.3 | ||
Segment assets | 9,672.5 | 9,672.5 | 9,710.5 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 281.8 | 188.4 | 553.7 | 370.2 | |
Revenues from third parties | 1,619.8 | 1,301.2 | 3,129.3 | 2,707.4 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | 784 | 389.7 | 1,397.3 | 804.4 | |
Total revenues | 2,403.8 | 1,690.9 | 4,526.6 | 3,511.8 | |
Equity in income (loss) of unconsolidated affiliates | (2.2) | (2.1) | (4.8) | (5) | |
Property, plant and equipment, net | 6,235 | 6,235 | 3,507.7 | ||
Investments in unconsolidated affiliates | 64.3 | 64.3 | 65.5 | ||
Intangible assets, net | 158.7 | 158.7 | 163.1 | ||
Goodwill | 956.2 | 956.2 | 956.2 | ||
Segment assets | 7,414.2 | 7,414.2 | 4,692.5 | ||
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 | (16,932.1) | (9,636.1) | (35,707.5) | (22,594.1) | |
Total revenues | (16,932.1) | (9,636.1) | (35,707.5) | (22,594.1) | |
Equity in income (loss) of unconsolidated affiliates | 0 | $ 0 | 0 | $ 0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 2,345.2 | 2,345.2 | 4,698.1 | ||
Investments in unconsolidated affiliates | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | $ 2,345.2 | $ 2,345.2 | $ 4,698.1 |
Business Segments, Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 8,467.5 | $ 6,607.6 | $ 17,766 | $ 13,928 | |
Operating costs and expenses: | |||||
Cost of sales | [1] | 6,391.9 | 4,731.1 | 13,532.3 | 10,066.8 |
Other operating costs and expenses | [2] | 719.8 | 605.6 | 1,407.4 | 1,216 |
Depreciation, amortization and accretion | 425.3 | 379.2 | 819.6 | 755.4 | |
Asset impairment and related charges | 15.9 | 14 | 16.8 | 25.2 | |
Net losses (gains) attributable to asset sales | (0.9) | 0.3 | (1.4) | 0 | |
General and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 | |
Total consolidated costs and expenses | 7,603.4 | 5,775.9 | 15,879.1 | 12,159.5 | |
NGL Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 3,273.7 | 2,620.6 | 6,687 | 5,966.4 | |
Crude Oil Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 2,781.2 | 1,899.6 | 6,352.1 | 3,706.8 | |
Natural Gas Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 792.8 | 786.2 | 1,597.6 | 1,547.4 | |
Petrochemical & Refined Products Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 1,619.8 | $ 1,301.2 | $ 3,129.3 | $ 2,707.4 | |
[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. |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 29, 2018 | Dec. 31, 2017 | |
Business Combination | ||||||
Investments in unconsolidated affiliates | $ 2,581.5 | $ 2,581.5 | $ 2,659.4 | |||
Gain on step acquisition of Delaware Processing | $ 2.4 | $ 0 | 39.4 | $ 0 | ||
Cash used for business combinations, net of cash received | $ 149.7 | $ 191.4 | ||||
Delaware Basin Gas Processing LLC [Member] | ||||||
Business Combination | ||||||
Business acquisition, description | Delaware Processing owns a cryogenic natural gas processing facility having a capacity of 150 million cubic feet per day. The facility is located in Reeves County, Texas and entered service in August 2016. The acquired business serves growing production of NGL-rich natural gas from the Delaware Basin in West Texas and southern New Mexico. | |||||
Remaining membership interest acquired | 50.00% | |||||
Ownership interest | 50.00% | |||||
Investments in unconsolidated affiliates | $ 107 | |||||
Gain on step acquisition of Delaware Processing | $ 39.4 | |||||
Cash used for business combinations, net of cash received | $ 150.6 |
Business Combinations, Purchase
Business Combinations, Purchase Price Allocation (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Mar. 29, 2018 | Dec. 31, 2017 | |
Liabilities assumed in business combination: | |||
Goodwill | $ 5,745.2 | $ 5,745.2 | |
Delaware Basin Gas Processing LLC [Member] | |||
Consideration: | |||
Purchase price for remaining 50% equity interest in Delaware Processing | 154.5 | ||
Fair value of our 50% equity interest in Delaware Processing held before the acquisition | 146.4 | ||
Total consideration | 300.9 | ||
Assets acquired in business combination: | |||
Other current assets, including cash of $3.9 million | $ 10.8 | ||
Property, plant, and equipment | 200 | ||
Total assets acquired | 303.3 | ||
Liabilities assumed in business combination: | |||
Current liabilities | (1.8) | ||
Long-term liabilities | (0.6) | ||
Total liabilities assumed | (2.4) | ||
Total assets acquired less liabilities assumed | 300.9 | ||
Total consideration given for ownership interests | $ 300.9 | ||
Goodwill | 0 | ||
Description of Business Combination: | |||
Cash acquired | 3.9 | ||
Delaware Basin Gas Processing LLC [Member] | Customer relationship intangibles [Member] | |||
Assets acquired in business combination: | |||
Intangible assets | 9.9 | ||
Delaware Basin Gas Processing LLC [Member] | Contract-based intangibles [Member] | |||
Assets acquired in business combination: | |||
Intangible assets | $ 82.6 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
BASIC EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 673.8 | $ 653.7 | $ 1,574.5 | $ 1,414.4 | |
Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (4.6) | (4) | (9.3) | (8) |
Net income available to common unitholders | $ 669.2 | $ 649.7 | $ 1,565.2 | $ 1,406.4 | |
Basic weighted-average number of common units outstanding (in units) | 2,174.6 | 2,144.7 | 2,170.7 | 2,135.5 | |
Basic earnings per unit (in dollars per unit) | $ 0.31 | $ 0.30 | $ 0.72 | $ 0.66 | |
DILUTED EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 673.8 | $ 653.7 | $ 1,574.5 | $ 1,414.4 | |
Diluted weighted-average number of units outstanding: | |||||
Distribution-bearing common units (in units) | 2,174.6 | 2,144.7 | 2,170.7 | 2,135.5 | |
Phantom units (in units) | [1] | 10.8 | 9.6 | 10.6 | 9.2 |
Total (in units) | 2,185.4 | 2,154.3 | 2,181.3 | 2,144.7 | |
Diluted earnings per unit (in dollars per unit) | $ 0.31 | $ 0.30 | $ 0.72 | $ 0.66 | |
[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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 27 | $ 25.1 | $ 53.3 | $ 50.1 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 25.9 | 23.5 | 50.5 | 46.3 |
Restricted Common Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 0 | 0 | 0 | 0.5 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 1 | 1.6 | 2.6 | 3.1 |
Liability-classified awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 0.1 | $ 0 | $ 0.2 | $ 0.2 |
Long-Term Incentive Plan (2008) [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Maximum number of common units that may be issued as awards (in units) | 45,000,000 | 45,000,000 | ||
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) | 18,864,940 | 18,864,940 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Cash payments made in connection with DERs | $ 8.6 | $ 7.2 | |||
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) | 9,289,501 | ||||
Granted (in units) | [1] | 4,967,681 | |||
Vested (in units) | (3,285,976) | ||||
Forfeited (in units) | (216,897) | ||||
End of period (in units) | 10,754,309 | 10,754,309 | |||
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] | $ 27.65 | |||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 26.81 | |||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 28.58 | |||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 26.92 | |||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 26.99 | $ 26.99 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Aggregate grant date fair value | $ 133.2 | ||||
Estimated forfeiture rate | 3.20% | ||||
Cash payments made in connection with DERs | $ 4.7 | $ 4 | $ 8.6 | 7.2 | |
Total intrinsic value of phantom unit awards that vested during period | 3.1 | $ 3.1 | 85.1 | $ 66.3 | |
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | 158.8 | $ 158.8 | |||
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) | $ 25.40 | ||||
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) | $ 28.18 | ||||
Phantom Unit Awards [Member] | Enterprise [Member] | |||||
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | $ 134.2 | $ 134.2 | |||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2018 was $133.2 million based on a grant date market price of our common units ranging from $25.40 to $28.18 per unit. An estimated annual forfeiture rate of 3.2% 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, Profits In
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / sharesshares | ||
EPD PubCo I [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Enterprise common units contributed to Employee Partnership by EPCO Holdings (in units) | shares | 2,723,052 | |
Class A capital base | $ 63.7 | [1] |
Class A preference return | $ / shares | $ 0.39 | [2] |
Expected vesting/liquidation date | Feb. 1, 2020 | |
Estimated grant date fair value of profits interest awards | $ 13 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 5.9 | [4] |
Recognition period for total unrecognized compensation cost | 1 year 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 | 20.00% | |
EPD PubCo I [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-free interest rate | 2.50% | |
Expected distribution yield | 7.00% | |
Expected unit price volatility | 40.00% | |
EPD PubCo II [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Enterprise common units contributed to Employee Partnership by EPCO Holdings (in units) | shares | 2,834,198 | |
Class A capital base | $ 66.3 | [1] |
Class A preference return | $ / shares | $ 0.39 | [2] |
Expected vesting/liquidation date | Feb. 1, 2021 | |
Estimated grant date fair value of profits interest awards | $ 14.7 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 8.3 | [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 | 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 | 2.70% | |
Expected distribution yield | 7.00% | |
Expected unit price volatility | 40.00% | |
EPD PubCo III [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Enterprise common units contributed to Employee Partnership by EPCO Holdings (in units) | shares | 105,000 | |
Class A capital base | $ 2.5 | [1] |
Class A preference return | $ / shares | $ 0.39 | [2] |
Expected vesting/liquidation date | Apr. 1, 2020 | |
Estimated grant date fair value of profits interest awards | $ 0.5 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 0.3 | [4] |
Recognition period for total unrecognized compensation cost | 1 year 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 | 27.00% | |
EPD PubCo III [Member] | Maximum [Member] | ||
Estimated Grant Date Fair Value Assumptions [Abstract] | ||
Risk-free interest rate | 2.20% | |
Expected distribution yield | 6.80% | |
Expected unit price volatility | 40.00% | |
EPD PrivCo I [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Enterprise common units contributed to Employee Partnership by EPCO Holdings (in units) | shares | 1,111,438 | |
Class A capital base | $ 26 | [1] |
Class A preference return | $ / shares | $ 0.39 | [2] |
Expected vesting/liquidation date | Feb. 1, 2021 | |
Estimated grant date fair value of profits interest awards | $ 5.8 | [3] |
Unrecognized Compensation Expense [Abstract] | ||
Unrecognized compensation cost | $ 0.7 | [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 | 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, 2018. 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 1.6 years, 2.6 years, 1.8 years and 2.6 years, respectively. |
Derivative Instruments, Hedgi73
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)ContractbblBcf | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($)ContractbblBcf | Dec. 31, 2017USD ($) | ||
Derivative [Line Items] | |||||
Gain on the sale of swaption | $ | $ 11.8 | $ 7.2 | |||
Carrying amount of hedged asset | $ | 42.8 | $ 42.8 | $ 84 | ||
Cumulative fair value hedging adjustments | $ | $ 1.5 | $ 1.5 | $ 7 | ||
Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of settled derivative instruments | $ | 100 | ||||
Unrealized gain on cash flow hedging instruments | $ | $ 1.5 | ||||
Forward Starting Swap C [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | 2 | 2 | |||
Type of Derivatives Outstanding | forward starting swaps | ||||
Notional Amount | $ | $ 175 | $ 175 | |||
Expected Termination Date | Feb. 1, 2019 | ||||
Average Rate Locked | 2.56% | 2.56% | |||
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 | [1],[2] | 16.2 | 16.2 | ||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted purchases of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Current Volume | [1],[2] | 0.9 | 0.9 | ||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Current Volume | [1],[2] | 0.9 | 0.9 | ||
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 | [1],[2] | 1.8 | 1.8 | ||
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 | [1],[2] | 49.9 | 49.9 | ||
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 | [1],[2] | 64.1 | 64.1 | ||
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],[2] | 0.5 | 0.5 | ||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Current Volume | [1],[2] | 0.9 | 0.9 | ||
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 | [1],[2] | 1.2 | 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 | [1],[2] | 0.1 | 0.1 | ||
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 | [1],[2] | 9.1 | 9.1 | ||
Long Term Volume | [1],[2] | 4.1 | 4.1 | ||
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 | [1],[2] | 9.9 | 9.9 | ||
Long Term Volume | [1],[2] | 4.1 | 4.1 | ||
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 | [1],[2],[3],[4] | 92.5 | 92.5 | ||
Long Term Volume | Bcf | [1],[2],[3],[4] | 2.9 | 2.9 | ||
Current natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 45.8 | 45.8 | |||
Long-term natural gas hedging volumes designated as an index plus or minus a discount | Bcf | 0.8 | 0.8 | |||
Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | |||||
Derivative [Line Items] | |||||
Current Volume | [1],[2],[4] | 1.4 | 1.4 | ||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | |||||
Derivative [Line Items] | |||||
Current Volume | [1],[2],[4] | 68.5 | 68.5 | ||
Long Term Volume | [1],[2],[4] | 29 | 29 | ||
[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 2020, November 2018 and December 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 45.8 Bcf and 0.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a market-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, Hedgi74
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 13 | $ 0.1 |
Liability Derivatives | 1.7 | |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 191.6 | 161.7 |
Liability Derivatives | 459.4 | 176.9 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 195 | 116 |
Liability Derivatives | 180.3 | 112.9 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 13 | 0.1 |
Liability Derivatives | 0 | 1.7 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 13 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 1.5 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 0.2 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 182 | 115.9 |
Liability Derivatives | 180.3 | 111.2 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 142.7 | 109.5 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 39.3 | 6.4 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 141.1 | 104.4 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 39.2 | 6.8 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 9.6 | 45.8 |
Liability Derivatives | 279.1 | 65.7 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 9.4 | 43.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.2 | 1.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 255.8 | 62.3 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 23.3 | $ 3.4 |
Derivative Instruments, Hedgi75
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Interest rate derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 13 | $ 0.1 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 13 | 0.1 |
Financial Instruments | 0 | (0.1) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 13 | 0 |
Commodity Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 191.6 | 161.7 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 191.6 | 161.7 |
Financial Instruments | (185.6) | (157.8) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | $ 6 | $ 3.9 |
Derivative Instruments, Hedgi76
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 1.7 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Amounts of Liabilities Presented in the Balance Sheet | 1.7 | |
Financial Instruments | (0.1) | |
Cash Collateral Received | 0 | |
Cash Collateral Paid | 0 | |
Amounts That Would Have Been Presented On Net Basis | 1.6 | |
Commodity Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 459.4 | 176.9 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 459.4 | 176.9 |
Financial Instruments | (185.6) | (157.8) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | (272.9) | (17.3) |
Amounts That Would Have Been Presented On Net Basis | $ 0.9 | $ 1.8 |
Derivative Instruments, Hedgi77
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized mark-to-market gains (losses) | $ (462.5) | ||||
NGL Pipelines & Services [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized mark-to-market gains (losses) | 7.8 | ||||
Crude Oil Pipelines & Services [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized mark-to-market gains (losses) | (467.5) | ||||
Natural Gas Pipelines & Services [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized mark-to-market gains (losses) | (2.5) | ||||
Petrochemical & Refined Products Services [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized mark-to-market gains (losses) | (0.3) | ||||
Derivatives in fair value hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | $ 5.4 | $ 19.2 | 5.9 | $ 37.1 | |
Gain (Loss) Recognized in Income on Hedged Item | (5.5) | (16.6) | (3.2) | (28.1) | |
Unrealized mark-to-market gains (losses) | (8.1) | ||||
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 | 0.6 | 0.4 | 1.3 | (0.5) | |
Gain (Loss) Recognized in Income on Hedged Item | (0.6) | (0.3) | (1.4) | 0.6 | |
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 | 4.8 | 18.8 | 4.6 | 37.6 | |
Gain (Loss) Recognized in Income on Hedged Item | (4.9) | (16.3) | (1.8) | (28.7) | |
Derivatives in cash flow hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | (10.1) | 23.5 | 4.4 | 170.7 | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (48.6) | 36 | (44.6) | 19.3 | |
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 | 3.5 | (6.9) | 14.6 | (4.5) | |
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (37) | (37) | |||
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 | (9.4) | (10) | (19.9) | (19.6) | |
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 | 4.3 | 4.3 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 4.4 | 4.4 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (0.1) | (0.1) | |||
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 | [1] | (14.2) | 31.4 | (11.2) | 179 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (39.4) | 46 | (25.4) | 38.5 | |
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 | [1] | 0.6 | (1) | 1 | (3.8) |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | 0.2 | 0 | 0.7 | 0.4 | |
Derivatives not designated as hedging instruments [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | (406.3) | 17.9 | (561.3) | 38.1 | |
Realized mark-to-market gains (losses) | (106.9) | ||||
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 | (406.3) | 18.7 | (559.8) | 34.4 | |
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 | $ (0.8) | $ (1.5) | $ 3.7 | |
[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, Hedgi78
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Total gains (losses) included in: | ||||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $ (459) | $ 43.9 | ||||||
Fair Value, Measurements, Recurring [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | $ 13 | 13 | $ 0.1 | |||||
Value before application of CME Rule 814 | 321.7 | 321.7 | 234.9 | |||||
Impact of CME Rule 814 change | (130.1) | (130.1) | (73.2) | |||||
Total commodity derivatives | 191.6 | 191.6 | 161.7 | |||||
Total | 204.6 | 204.6 | 161.8 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 350.3 | 350.3 | 333.9 | |||||
Interest rate derivatives | 0 | 0 | 1.7 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 852.1 | 852.1 | 390.7 | |||||
Impact of CME Rule 814 change | (392.7) | (392.7) | (213.8) | |||||
Total commodity derivatives | 459.4 | 459.4 | 176.9 | |||||
Total | 809.7 | 809.7 | 512.5 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Value before application of CME Rule 814 | 92.9 | 92.9 | 47.1 | |||||
Impact of CME Rule 814 change | (6.9) | (6.9) | (47.1) | |||||
Total commodity derivatives | 86 | 86 | 0 | |||||
Total | 86 | 86 | 0 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 119.5 | 119.5 | 118.4 | |||||
Impact of CME Rule 814 change | (34.3) | (34.3) | (118.4) | |||||
Total commodity derivatives | 85.2 | 85.2 | 0 | |||||
Total | 85.2 | 85.2 | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 13 | 13 | 0.1 | |||||
Value before application of CME Rule 814 | 224 | 224 | 184.9 | |||||
Impact of CME Rule 814 change | (123.2) | (123.2) | (26.1) | |||||
Total commodity derivatives | 100.8 | 100.8 | 158.8 | |||||
Total | 113.8 | 113.8 | 158.9 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||
Interest rate derivatives | 0 | 0 | 1.7 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 729.1 | 729.1 | 270.6 | |||||
Impact of CME Rule 814 change | (358.4) | (358.4) | (95.4) | |||||
Total commodity derivatives | 370.7 | 370.7 | 175.2 | |||||
Total | 370.7 | 370.7 | 176.9 | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||
Financial assets [Abstract] | ||||||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Value before application of CME Rule 814 | 4.8 | 4.8 | 2.9 | |||||
Impact of CME Rule 814 change | 0 | 0 | 0 | |||||
Total commodity derivatives | 4.8 | 4.8 | 2.9 | |||||
Total | 4.8 | 4.8 | 2.9 | |||||
Financial liabilities [Abstract] | ||||||||
Liquidity option agreement | 350.3 | 350.3 | 333.9 | |||||
Interest rate derivatives | 0 | 0 | 0 | |||||
Commodity derivatives: | ||||||||
Value before application of CME Rule 814 | 3.5 | 3.5 | 1.7 | |||||
Impact of CME Rule 814 change | 0 | 0 | 0 | |||||
Total commodity derivatives | 3.5 | 3.5 | 1.7 | |||||
Total | 353.8 | 353.8 | $ 335.6 | |||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ||||||||
Financial liability balance, net, beginning of period | (341.9) | $ (332.7) | $ (274.4) | $ (268.2) | (332.7) | (268.2) | ||
Total gains (losses) included in: | ||||||||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||||
Financial liability balance, net, end of period | (349) | (341.9) | (293.5) | (274.4) | (349) | (293.5) | ||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | 1.8 | (0.6) | $ 0.1 | $ (1.3) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Revenue [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Net income | [1] | 1.3 | (0.5) | 0.1 | 0.7 | |||
Settlements | [1] | 0.5 | (1.2) | (0.7) | (1.4) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Expense [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Net income | (8.9) | (7.5) | (18.6) | (5.5) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Comprehensive Income (Loss) [Member] | ||||||||
Total gains (losses) included in: | ||||||||
Other comprehensive income | $ 0 | $ 0 | $ 0.1 | $ 0 | ||||
[1] | There were unrealized gains of $1.8 million and $0.1 million included in these amounts for the three and six months ended June 30, 2018, respectively. There were unrealized losses of $0.6 million and $1.3 million included in these amounts for the three and six months ended June 30, 2017, respectively. |
Derivative Instruments, Hedgi79
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / bbl | Dec. 31, 2017USD ($) | |
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 | 65.01 | |
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 | 76.84 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 191.6 | $ 161.7 |
Commodity liability derivatives | 459.4 | 176.9 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 4.8 | 2.9 |
Commodity liability derivatives | 3.5 | $ 1.7 |
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 | 3.5 | |
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 | $ 4.8 |
Derivative Instruments, Hedgi80
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Asset Impairment Charges [Abstract] | ||||
Impairment of other current assets | $ 0.1 | $ 11.7 | ||
Impairment of long-lived assets | $ 15.8 | $ 13.1 | 16.7 | 13.5 |
NGL Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 12.4 | 2.8 | 12.4 | 3 |
Crude Oil Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 0.1 | 0.6 | 0.3 | 0.6 |
Natural Gas Pipelines & Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | 1.8 | 9.7 | 2.5 | 9.9 |
Petrochemical & Refined Products Services [Member] | ||||
Asset Impairment Charges [Abstract] | ||||
Impairment of long-lived assets | $ 1.5 | $ 0 | $ 1.5 | $ 0 |
Derivative Instruments, Hedgi81
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 23,150 | $ 21,480 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 23,610 | $ 23,470 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenues - related parties: | |||||
Total revenue - related parties | $ 55.6 | $ 9.9 | $ 80.3 | $ 20.7 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 408.2 | 302.3 | 758.3 | 583.6 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 2 | 2 | $ 1.8 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 85.6 | 85.6 | 127.3 | ||
Related Party Transactions [Abstract] | |||||
Operating costs and expenses | 377.7 | 272.6 | 696.1 | 524.2 | |
General and administrative expenses | 30.5 | 29.7 | 62.2 | 59.4 | |
EPCO and its privately held affiliates [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 260.2 | 247.4 | 516.9 | 490.5 | |
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 57 | 57 | 99.3 | ||
Distributions: | |||||
Total cash distributions | $ 576.3 | 553.7 | |||
Relationship with Affiliates [Abstract] | |||||
Total Number of Units (in units) | 693,530,754 | 693,530,754 | |||
Percentage of Total Units Outstanding | 32.00% | 32.00% | |||
Enterprise common units pledged as security (in units) | 108,222,618 | 108,222,618 | |||
EPCO and its privately held affiliates [Member] | Distribution Reinvestment Plan [Member] | |||||
Relationship with Affiliates [Abstract] | |||||
Gross proceeds from the sale of common units | $ 100 | ||||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | $ 256.4 | 243 | 508.6 | 481.4 | |
Related Party Transactions [Abstract] | |||||
Operating costs and expenses | 228 | 215.9 | 451 | 427.5 | |
General and administrative expenses | 28.4 | 27.1 | 57.6 | 53.9 | |
Unconsolidated affiliates [Member] | |||||
Revenues - related parties: | |||||
Total revenue - related parties | 55.6 | 9.9 | 80.3 | 20.7 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 148 | $ 54.9 | 241.4 | $ 93.1 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 2 | 2 | 1.8 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 28.6 | $ 28.6 | $ 28 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Operating lease obligations: | |||||
Lease and rental expense included in costs and expenses | $ 25.8 | $ 25.9 | $ 51.4 | $ 52.1 | |
New Purchase Obligations [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Unrecorded purchase obligation, next five years | 1,200 | 1,200 | |||
Unrecorded purchase obligation, in total | 1,700 | 1,700 | |||
Litigation matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation accruals on an undiscounted basis | $ 4.5 | 4.5 | $ 4.5 | ||
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 | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Liquidity Option Agreement [Abstract] | ||
Liquidity Option Agreement | $ 350.3 | $ 333.9 |
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 | |
Liquidity Option Agreement [Member] | ||
Liquidity Option Agreement [Abstract] | ||
Fair value inputs, federal and state tax rate | 24.00% | |
Cash flow projections discount rate | 8.00% | |
Fair value inputs, weighted-average expected ownership percentage of contributed units at beginning of option period | 92.00% | |
Increase in fair value of liquidity option agreement assuming retention of all units | $ 31.1 | |
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 | 2.10% | |
Fair value inputs, OTA ownership interest in Enterprise common units | 1.80% | |
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 | 7.20% | |
Fair value inputs, OTA ownership interest in Enterprise common units | 2.50% |
Supplemental Cash Flow Inform85
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Decrease (increase) in: | |||
Accounts receivable - trade | $ 18.6 | $ 602.7 | |
Accounts receivable - related parties | (0.2) | (1.9) | |
Inventories | 17.6 | 234.3 | |
Prepaid and other current assets | (82.4) | 213.7 | |
Other assets | (11.9) | (64.2) | |
Increase (decrease) in: | |||
Accounts payable - trade | 112.1 | 46.6 | |
Accounts payable - related parties | (3.1) | (8.4) | |
Accrued product payables | 30.7 | (694.2) | |
Accrued interest | 14 | (0.8) | |
Other current liabilities | (306.4) | (252.4) | |
Other liabilities | (17.5) | 6.7 | |
Net effect of changes in operating accounts | (228.5) | 82.1 | |
Liability for construction in progress expenditures | 359 | $ 373 | |
Contributions in aid of construction costs | $ 0 | $ 29.6 |
Condensed Consolidating Finan86
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents and restricted cash | $ 341.5 | $ 70.3 | ||
Accounts receivable - trade, net | 4,318.3 | 4,358.4 | ||
Accounts receivable - related parties | 2 | 1.8 | ||
Inventories | 1,729.6 | 1,609.8 | ||
Derivative assets | 165.1 | 153.4 | ||
Prepaid and other current assets | 446.1 | 312.7 | ||
Total current assets | 7,002.6 | 6,506.4 | ||
Property, plant and equipment, net | 37,054.5 | 35,620.4 | ||
Investments in unconsolidated affiliates | 2,581.5 | 2,659.4 | ||
Intangible assets, net | 3,696.1 | 3,690.3 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 231.5 | 196.4 | ||
Total assets | 56,311.4 | 54,418.1 | ||
Current liabilities: | ||||
Current maturities of debt | 2,668.7 | 2,855 | ||
Accounts payable - trade | 893.1 | 801.7 | ||
Accounts payable - related parties | 85.6 | 127.3 | ||
Accrued product payables | 4,712.6 | 4,566.3 | ||
Accrued interest | 372 | 358 | ||
Derivative liabilities | 396.9 | 168.2 | ||
Other current liabilities | 320.4 | 418.6 | ||
Total current liabilities | 9,449.3 | 9,295.1 | ||
Long-term debt | 23,020.2 | 21,713.7 | ||
Deferred tax liabilities | 69 | 58.5 | ||
Other long-term liabilities | 682.4 | 578.4 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,671.6 | 22,547.2 | ||
Noncontrolling interests | 418.9 | 225.2 | ||
Total equity | 23,090.5 | 22,772.4 | $ 22,880.2 | $ 22,266 |
Total liabilities and equity | 56,311.4 | 54,418.1 | ||
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 | (7.5) | (1.3) | ||
Inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Prepaid and other current assets | 0.1 | 0 | ||
Total current assets | (7.4) | (1.3) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in unconsolidated affiliates | (23,028) | (22,881.5) | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (23,035.4) | (22,882.8) | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | 0 | 0 | ||
Accounts payable - related parties | (7.5) | (1.3) | ||
Accrued product payables | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0.4 | ||
Total current liabilities | (7.5) | (0.9) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 2.3 | 2.1 | ||
Other long-term liabilities | 0 | 0 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (22,999.2) | (22,853.1) | ||
Noncontrolling interests | (31) | (30.9) | ||
Total equity | (23,030.2) | (22,884) | ||
Total liabilities and equity | (23,035.4) | (22,882.8) | ||
Subsidiary Issuer (EPO) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 283.8 | 65.2 | ||
Accounts receivable - trade, net | 1,322.5 | 1,382.3 | ||
Accounts receivable - related parties | 92 | 110.3 | ||
Inventories | 1,270.7 | 1,038.9 | ||
Derivative assets | 110.6 | 110 | ||
Prepaid and other current assets | 200.2 | 136.3 | ||
Total current assets | 3,279.8 | 2,843 | ||
Property, plant and equipment, net | 5,955 | 5,622.6 | ||
Investments in unconsolidated affiliates | 42,054.9 | 41,616.6 | ||
Intangible assets, net | 667.1 | 675.5 | ||
Goodwill | 459.5 | 459.5 | ||
Other assets | 292 | 296.4 | ||
Total assets | 52,708.3 | 51,513.6 | ||
Current liabilities: | ||||
Current maturities of debt | 2,668.6 | 2,854.6 | ||
Accounts payable - trade | 355.7 | 290.2 | ||
Accounts payable - related parties | 1,083 | 1,320.3 | ||
Accrued product payables | 2,008.6 | 1,825.9 | ||
Accrued interest | 372 | 358 | ||
Derivative liabilities | 108.3 | 115.2 | ||
Other current liabilities | 39.7 | 108.9 | ||
Total current liabilities | 6,635.9 | 6,873.1 | ||
Long-term debt | 23,005.5 | 21,699 | ||
Deferred tax liabilities | 10.6 | 6.7 | ||
Other long-term liabilities | 58.8 | 60.4 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,997.5 | 22,874.4 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 22,997.5 | 22,874.4 | ||
Total liabilities and equity | 52,708.3 | 51,513.6 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 81.7 | 31.5 | ||
Accounts receivable - trade, net | 2,996.5 | 2,976.6 | ||
Accounts receivable - related parties | 991 | 1,182.1 | ||
Inventories | 459.5 | 572.3 | ||
Derivative assets | 54.5 | 43.4 | ||
Prepaid and other current assets | 276.1 | 189 | ||
Total current assets | 4,859.3 | 4,994.9 | ||
Property, plant and equipment, net | 31,098.1 | 29,996.3 | ||
Investments in unconsolidated affiliates | 4,080.7 | 4,298 | ||
Intangible assets, net | 3,042.6 | 3,028.6 | ||
Goodwill | 5,285.7 | 5,285.7 | ||
Other assets | 160.7 | 110 | ||
Total assets | 48,527.1 | 47,713.5 | ||
Current liabilities: | ||||
Current maturities of debt | 0.1 | 0.4 | ||
Accounts payable - trade | 561.4 | 537.8 | ||
Accounts payable - related parties | 90 | 112 | ||
Accrued product payables | 2,705.8 | 2,741.7 | ||
Accrued interest | 0.8 | 0 | ||
Derivative liabilities | 288.6 | 53 | ||
Other current liabilities | 309.6 | 320.1 | ||
Total current liabilities | 3,956.3 | 3,765 | ||
Long-term debt | 14.7 | 14.7 | ||
Deferred tax liabilities | 57 | 50.2 | ||
Other long-term liabilities | 495.7 | 396.5 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 43,929.6 | 43,412 | ||
Noncontrolling interests | 73.8 | 75.1 | ||
Total equity | 44,003.4 | 43,487.1 | ||
Total liabilities and equity | 48,527.1 | 47,713.5 | ||
Consolidated EPO and Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | 341.5 | 70.3 | ||
Accounts receivable - trade, net | 4,318.3 | 4,358.4 | ||
Accounts receivable - related parties | 9.5 | 3.1 | ||
Inventories | 1,729.6 | 1,609.8 | ||
Derivative assets | 165.1 | 153.4 | ||
Prepaid and other current assets | 445.5 | 312.7 | ||
Total current assets | 7,009.5 | 6,507.7 | ||
Property, plant and equipment, net | 37,054.5 | 35,620.4 | ||
Investments in unconsolidated affiliates | 2,581.5 | 2,659.4 | ||
Intangible assets, net | 3,696.1 | 3,690.3 | ||
Goodwill | 5,745.2 | 5,745.2 | ||
Other assets | 230.6 | 195.4 | ||
Total assets | 56,317.4 | 54,418.4 | ||
Current liabilities: | ||||
Current maturities of debt | 2,668.7 | 2,855 | ||
Accounts payable - trade | 893.1 | 801.6 | ||
Accounts payable - related parties | 85.6 | 127.3 | ||
Accrued product payables | 4,712.6 | 4,566.3 | ||
Accrued interest | 372 | 358 | ||
Derivative liabilities | 396.9 | 168.2 | ||
Other current liabilities | 320.4 | 418.2 | ||
Total current liabilities | 9,449.3 | 9,294.6 | ||
Long-term debt | 23,020.2 | 21,713.7 | ||
Deferred tax liabilities | 66.7 | 56.4 | ||
Other long-term liabilities | 332.1 | 244.5 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,999.2 | 22,853.1 | ||
Noncontrolling interests | 449.9 | 256.1 | ||
Total equity | 23,449.1 | 23,109.2 | ||
Total liabilities and equity | 56,317.4 | 54,418.4 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents and restricted cash | (24) | (26.4) | ||
Accounts receivable - trade, net | (0.7) | (0.5) | ||
Accounts receivable - related parties | (1,073.5) | (1,289.3) | ||
Inventories | (0.6) | (1.4) | ||
Derivative assets | 0 | 0 | ||
Prepaid and other current assets | (30.8) | (12.6) | ||
Total current assets | (1,129.6) | (1,330.2) | ||
Property, plant and equipment, net | 1.4 | 1.5 | ||
Investments in unconsolidated affiliates | (43,554.1) | (43,255.2) | ||
Intangible assets, net | (13.6) | (13.8) | ||
Goodwill | 0 | 0 | ||
Other assets | (222.1) | (211) | ||
Total assets | (44,918) | (44,808.7) | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | (24) | (26.4) | ||
Accounts payable - related parties | (1,087.4) | (1,305) | ||
Accrued product payables | (1.8) | (1.3) | ||
Accrued interest | (0.8) | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | (28.9) | (10.8) | ||
Total current liabilities | (1,142.9) | (1,343.5) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | (0.9) | (0.5) | ||
Other long-term liabilities | (222.4) | (212.4) | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | (43,927.9) | (43,433.3) | ||
Noncontrolling interests | 376.1 | 181 | ||
Total equity | (43,551.8) | (43,252.3) | ||
Total liabilities and equity | (44,918) | (44,808.7) | ||
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 | 23,028 | 22,881.5 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0.9 | 1 | ||
Total assets | 23,029.4 | 22,882.5 | ||
Current liabilities: | ||||
Current maturities of debt | 0 | 0 | ||
Accounts payable - trade | 0 | 0.1 | ||
Accounts payable - related parties | 7.5 | 1.3 | ||
Accrued product payables | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 7.5 | 1.4 | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other long-term liabilities | 350.3 | 333.9 | ||
Commitments and contingencies | ||||
Equity: | ||||
Partners' and other owners' equity | 22,671.6 | 22,547.2 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 22,671.6 | 22,547.2 | ||
Total liabilities and equity | $ 23,029.4 | $ 22,882.5 |
Condensed Consolidating Finan87
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | $ 8,467.5 | $ 6,607.6 | $ 17,766 | $ 13,928 |
Costs and expenses: | ||||
Operating costs and expenses | 7,552 | 5,730.2 | 15,774.7 | 12,063.4 |
General and administrative costs | 51.4 | 45.7 | 104.4 | 96.1 |
Total costs and expenses | 7,603.4 | 5,775.9 | 15,879.1 | 12,159.5 |
Equity in income of unconsolidated affiliates | 122.3 | 107 | 238 | 201.8 |
Operating income | 986.4 | 938.7 | 2,124.9 | 1,970.3 |
Other income (expense): | ||||
Interest expense | (274.6) | (245.8) | (526.7) | (495.1) |
Other, net | (6.2) | (18.2) | 24 | (23.5) |
Total other expense, net | (280.8) | (264) | (502.7) | (518.6) |
Income before income taxes | 705.6 | 674.7 | 1,622.2 | 1,451.7 |
Benefit from (provision for) income taxes | (18.4) | (8.7) | (23.5) | (14.7) |
Net income | 687.2 | 666 | 1,598.7 | 1,437 |
Net income attributable to noncontrolling interests | (13.4) | (12.3) | (24.2) | (22.6) |
Net income attributable to limited partners | 673.8 | 653.7 | 1,574.5 | 1,414.4 |
Eliminations and Adjustments [Member] | ||||
Unaudited 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 | (683.5) | (673) | (1,592.6) | (1,439.7) |
Operating income | (683.5) | (673) | (1,592.6) | (1,439.7) |
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 | (683.5) | (673) | (1,592.6) | (1,439.7) |
Benefit from (provision for) income taxes | (0.2) | (0.4) | (0.5) | (0.9) |
Net income | (683.7) | (673.4) | (1,593.1) | (1,440.6) |
Net income attributable to noncontrolling interests | 1.3 | 1.3 | 2.6 | 2.6 |
Net income attributable to limited partners | (682.4) | (672.1) | (1,590.5) | (1,438) |
Subsidiary Issuer (EPO) [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 9,556.8 | 8,541 | 19,874.6 | 21,073.8 |
Costs and expenses: | ||||
Operating costs and expenses | 9,256.1 | 8,332.1 | 19,236.7 | 20,571.1 |
General and administrative costs | 8 | 8.1 | 13.4 | 15.5 |
Total costs and expenses | 9,264.1 | 8,340.2 | 19,250.1 | 20,586.6 |
Equity in income of unconsolidated affiliates | 667.7 | 716.1 | 1,498.7 | 1,444.9 |
Operating income | 960.4 | 916.9 | 2,123.2 | 1,932.1 |
Other income (expense): | ||||
Interest expense | (274.8) | (243.8) | (527) | (492.6) |
Other, net | 2.4 | 2.3 | 5.2 | 4.5 |
Total other expense, net | (272.4) | (241.5) | (521.8) | (488.1) |
Income before income taxes | 688 | 675.4 | 1,601.4 | 1,444 |
Benefit from (provision for) income taxes | (6.2) | (3.3) | (11.6) | (6.2) |
Net income | 681.8 | 672.1 | 1,589.8 | 1,437.8 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | 681.8 | 672.1 | 1,589.8 | 1,437.8 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 5,806.4 | 4,274.4 | 12,215.3 | 8,582.6 |
Costs and expenses: | ||||
Operating costs and expenses | 5,191.8 | 3,605.9 | 10,862.1 | 7,220.9 |
General and administrative costs | 42 | 36.9 | 88.7 | 79.6 |
Total costs and expenses | 5,233.8 | 3,642.8 | 10,950.8 | 7,300.5 |
Equity in income of unconsolidated affiliates | 136.5 | 142.3 | 291 | 275.7 |
Operating income | 709.1 | 773.9 | 1,555.5 | 1,557.8 |
Other income (expense): | ||||
Interest expense | (2.6) | (4.3) | (5.1) | (7) |
Other, net | 3.1 | 0.4 | 40.6 | 0.6 |
Total other expense, net | 0.5 | (3.9) | 35.5 | (6.4) |
Income before income taxes | 709.6 | 770 | 1,591 | 1,551.4 |
Benefit from (provision for) income taxes | (12) | (5) | (11.4) | (7.6) |
Net income | 697.6 | 765 | 1,579.6 | 1,543.8 |
Net income attributable to noncontrolling interests | (2) | (1.6) | (3.7) | (3.3) |
Net income attributable to limited partners | 695.6 | 763.4 | 1,575.9 | 1,540.5 |
Consolidated EPO and Subsidiaries [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 8,467.5 | 6,607.6 | 17,766 | 13,928 |
Costs and expenses: | ||||
Operating costs and expenses | 7,552 | 5,730.2 | 15,774.7 | 12,063.4 |
General and administrative costs | 50.6 | 45 | 102.7 | 94.9 |
Total costs and expenses | 7,602.6 | 5,775.2 | 15,877.4 | 12,158.3 |
Equity in income of unconsolidated affiliates | 122.3 | 107 | 238 | 201.8 |
Operating income | 987.2 | 939.4 | 2,126.6 | 1,971.5 |
Other income (expense): | ||||
Interest expense | (274.6) | (245.8) | (526.7) | (495.1) |
Other, net | 2.7 | 0.4 | 40.4 | 0.6 |
Total other expense, net | (271.9) | (245.4) | (486.3) | (494.5) |
Income before income taxes | 715.3 | 694 | 1,640.3 | 1,477 |
Benefit from (provision for) income taxes | (18.2) | (8.3) | (23) | (13.8) |
Net income | 697.1 | 685.7 | 1,617.3 | 1,463.2 |
Net income attributable to noncontrolling interests | (14.7) | (13.6) | (26.8) | (25.2) |
Net income attributable to limited partners | 682.4 | 672.1 | 1,590.5 | 1,438 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | (6,895.7) | (6,207.8) | (14,323.9) | (15,728.4) |
Costs and expenses: | ||||
Operating costs and expenses | (6,895.9) | (6,207.8) | (14,324.1) | (15,728.6) |
General and administrative costs | 0.6 | 0 | 0.6 | (0.2) |
Total costs and expenses | (6,895.3) | (6,207.8) | (14,323.5) | (15,728.8) |
Equity in income of unconsolidated affiliates | (681.9) | (751.4) | (1,551.7) | (1,518.8) |
Operating income | (682.3) | (751.4) | (1,552.1) | (1,518.4) |
Other income (expense): | ||||
Interest expense | 2.8 | 2.3 | 5.4 | 4.5 |
Other, net | (2.8) | (2.3) | (5.4) | (4.5) |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | (682.3) | (751.4) | (1,552.1) | (1,518.4) |
Benefit from (provision for) income taxes | 0 | 0 | 0 | 0 |
Net income | (682.3) | (751.4) | (1,552.1) | (1,518.4) |
Net income attributable to noncontrolling interests | (12.7) | (12) | (23.1) | (21.9) |
Net income attributable to limited partners | (695) | (763.4) | (1,575.2) | (1,540.3) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Unaudited 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 | 0.8 | 0.7 | 1.7 | 1.2 |
Total costs and expenses | 0.8 | 0.7 | 1.7 | 1.2 |
Equity in income of unconsolidated affiliates | 683.5 | 673 | 1,592.6 | 1,439.7 |
Operating income | 682.7 | 672.3 | 1,590.9 | 1,438.5 |
Other income (expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other, net | (8.9) | (18.6) | (16.4) | (24.1) |
Total other expense, net | (8.9) | (18.6) | (16.4) | (24.1) |
Income before income taxes | 673.8 | 653.7 | 1,574.5 | 1,414.4 |
Benefit from (provision for) income taxes | 0 | 0 | 0 | 0 |
Net income | 673.8 | 653.7 | 1,574.5 | 1,414.4 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | $ 673.8 | $ 653.7 | $ 1,574.5 | $ 1,414.4 |
Condensed Consolidating Finan88
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | $ 725.2 | $ 653.5 | $ 1,647.2 | $ 1,588.3 |
Comprehensive income attributable to noncontrolling interests | (13.4) | (12.3) | (24.2) | (22.6) |
Comprehensive income attributable to entity | 711.8 | 641.2 | 1,623 | 1,565.7 |
Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (721.8) | (660.8) | (1,641.6) | (1,591.9) |
Comprehensive income attributable to noncontrolling interests | 1.3 | 1.3 | 2.6 | 2.6 |
Comprehensive income attributable to entity | (720.5) | (659.5) | (1,639) | (1,589.3) |
Subsidiary Issuer (EPO) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 695.2 | 661.3 | 1,614.1 | 1,531.4 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | 695.2 | 661.3 | 1,614.1 | 1,531.4 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 721.7 | 763.2 | 1,603.2 | 1,601.5 |
Comprehensive income attributable to noncontrolling interests | (2) | (1.6) | (3.7) | (3.3) |
Comprehensive income attributable to entity | 719.7 | 761.6 | 1,599.5 | 1,598.2 |
Consolidated EPO and Subsidiaries [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 735.2 | 673.1 | 1,665.8 | 1,614.5 |
Comprehensive income attributable to noncontrolling interests | (14.7) | (13.6) | (26.8) | (25.2) |
Comprehensive income attributable to entity | 720.5 | 659.5 | 1,639 | 1,589.3 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (681.7) | (751.4) | (1,551.5) | (1,518.4) |
Comprehensive income attributable to noncontrolling interests | (12.7) | (12) | (23.1) | (21.9) |
Comprehensive income attributable to entity | (694.4) | (763.4) | (1,574.6) | (1,540.3) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 711.8 | 641.2 | 1,623 | 1,565.7 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | $ 711.8 | $ 641.2 | $ 1,623 | $ 1,565.7 |
Condensed Consolidating Finan89
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities: | ||||
Net income | $ 687.2 | $ 666 | $ 1,598.7 | $ 1,437 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 889.3 | 808.8 | ||
Equity in income of unconsolidated affiliates | (122.3) | (107) | (238) | (201.8) |
Distributions received on earnings from unconsolidated affiliates | 227.6 | 205.1 | ||
Net effect of changes in operating accounts and other operating activities | 220.2 | 85.8 | ||
Net cash flows provided by operating activities | 2,697.8 | 2,334.9 | ||
Investing activities: | ||||
Capital expenditures | (1,921.1) | (1,113.1) | ||
Cash used for business combinations, net of cash received | (149.7) | (191.4) | ||
Proceeds from asset sales | 2.6 | 3.2 | ||
Other investing activities | (21.4) | 2.7 | ||
Cash used in investing activities | (2,089.6) | (1,298.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 38,566.4 | 33,307.8 | ||
Repayments of debt | (37,437) | (33,639.3) | ||
Cash distributions paid to owners | (1,847.3) | (1,757.8) | ||
Cash payments made in connection with DERs | (8.6) | (7.2) | ||
Cash distributions paid to noncontrolling interests | (28.3) | (23.1) | ||
Cash contributions from noncontrolling interests | 206.9 | 0.3 | ||
Net cash proceeds from issuance of common units | 261 | 757.2 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (50.1) | (27.8) | ||
Cash provided by (used in) financing activities | (337) | (1,389.9) | ||
Net change in cash and cash equivalents, including restricted cash | 271.2 | (353.6) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 70.3 | 417.6 | ||
Cash and cash equivalents, including restricted cash, at end of period | 341.5 | 64 | 341.5 | 64 |
Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (683.7) | (673.4) | (1,593.1) | (1,440.6) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | 683.5 | 673 | 1,592.6 | 1,439.7 |
Distributions received on earnings from unconsolidated affiliates | (1,891.4) | (1,753.3) | ||
Net effect of changes in operating accounts and other operating activities | 0 | 0.4 | ||
Net cash flows provided by operating activities | (1,891.9) | (1,753.8) | ||
Investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 253.7 | 750.9 | ||
Cash used in investing activities | 253.7 | 750.9 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 1,891.4 | 1,753.3 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | 0.5 | 0.5 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | (253.7) | (750.9) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 1,638.2 | 1,002.9 | ||
Net change in cash and cash equivalents, including restricted cash | 0 | 0 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 0 | 0 | ||
Cash and cash equivalents, including restricted cash, at end of period | 0 | 0 | 0 | 0 |
Subsidiary Issuer (EPO) [Member] | ||||
Operating activities: | ||||
Net income | 681.8 | 672.1 | 1,589.8 | 1,437.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 144.8 | 103.3 | ||
Equity in income of unconsolidated affiliates | (667.7) | (716.1) | (1,498.7) | (1,444.9) |
Distributions received on earnings from unconsolidated affiliates | 609.5 | 529.3 | ||
Net effect of changes in operating accounts and other operating activities | 1,390.2 | 1,793 | ||
Net cash flows provided by operating activities | 2,235.6 | 2,418.5 | ||
Investing activities: | ||||
Capital expenditures | (460.7) | (369.3) | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0.4 | 1.4 | ||
Other investing activities | (1,024.5) | (1,079.2) | ||
Cash used in investing activities | (1,484.8) | (1,447.1) | ||
Financing activities: | ||||
Borrowings under debt agreements | 38,566.4 | 33,307.8 | ||
Repayments of debt | (37,436.6) | (33,605.2) | ||
Cash distributions paid to owners | (1,891.4) | (1,753.3) | ||
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 | 253.7 | 750.9 | ||
Other financing activities | (24.3) | 0.7 | ||
Cash provided by (used in) financing activities | (532.2) | (1,299.1) | ||
Net change in cash and cash equivalents, including restricted cash | 218.6 | (327.7) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 65.2 | 366.2 | ||
Cash and cash equivalents, including restricted cash, at end of period | 283.8 | 38.5 | 283.8 | 38.5 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 697.6 | 765 | 1,579.6 | 1,543.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 744.7 | 705.7 | ||
Equity in income of unconsolidated affiliates | (136.5) | (142.3) | (291) | (275.7) |
Distributions received on earnings from unconsolidated affiliates | 136.3 | 133.7 | ||
Net effect of changes in operating accounts and other operating activities | (1,229.3) | (1,766.2) | ||
Net cash flows provided by operating activities | 940.3 | 341.3 | ||
Investing activities: | ||||
Capital expenditures | (1,405.2) | (743.8) | ||
Cash used for business combinations, net of cash received | (149.7) | (191.4) | ||
Proceeds from asset sales | 2.2 | 1.8 | ||
Other investing activities | 160.4 | (26.4) | ||
Cash used in investing activities | (1,392.3) | (959.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 11.6 | 0 | ||
Repayments of debt | (0.4) | (0.1) | ||
Cash distributions paid to owners | (727.8) | (491.2) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (4.3) | (4.7) | ||
Cash contributions from noncontrolling interests | 0 | 0.1 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | 1,223.1 | 1,088.9 | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 502.2 | 593 | ||
Net change in cash and cash equivalents, including restricted cash | 50.2 | (25.5) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 31.5 | 58.9 | ||
Cash and cash equivalents, including restricted cash, at end of period | 81.7 | 33.4 | 81.7 | 33.4 |
Consolidated EPO and Subsidiaries [Member] | ||||
Operating activities: | ||||
Net income | 697.1 | 685.7 | 1,617.3 | 1,463.2 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 889.3 | 808.8 | ||
Equity in income of unconsolidated affiliates | (122.3) | (107) | (238) | (201.8) |
Distributions received on earnings from unconsolidated affiliates | 227.6 | 205.1 | ||
Net effect of changes in operating accounts and other operating activities | 163.9 | 26.1 | ||
Net cash flows provided by operating activities | 2,660.1 | 2,301.4 | ||
Investing activities: | ||||
Capital expenditures | (1,865.9) | (1,113.1) | ||
Cash used for business combinations, net of cash received | (149.7) | (191.4) | ||
Proceeds from asset sales | 2.6 | 3.2 | ||
Other investing activities | (21.4) | 2.7 | ||
Cash used in investing activities | (2,034.4) | (1,298.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 38,566.4 | 33,307.8 | ||
Repayments of debt | (37,437) | (33,639.3) | ||
Cash distributions paid to owners | (1,891.4) | (1,753.3) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (28.8) | (23.6) | ||
Cash contributions from noncontrolling interests | 206.9 | 0.3 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | 253.7 | 750.9 | ||
Other financing activities | (24.3) | 0.7 | ||
Cash provided by (used in) financing activities | (354.5) | (1,356.5) | ||
Net change in cash and cash equivalents, including restricted cash | 271.2 | (353.7) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 70.3 | 417.6 | ||
Cash and cash equivalents, including restricted cash, at end of period | 341.5 | 63.9 | 341.5 | 63.9 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (682.3) | (751.4) | (1,552.1) | (1,518.4) |
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 | 681.9 | 751.4 | 1,551.7 | 1,518.8 |
Distributions received on earnings from unconsolidated affiliates | (518.2) | (457.9) | ||
Net effect of changes in operating accounts and other operating activities | 3 | (0.7) | ||
Net cash flows provided by operating activities | (515.8) | (458.4) | ||
Investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 842.7 | 1,108.3 | ||
Cash used in investing activities | 842.7 | 1,108.3 | ||
Financing activities: | ||||
Borrowings under debt agreements | (11.6) | 0 | ||
Repayments of debt | 0 | (34) | ||
Cash distributions paid to owners | 727.8 | 491.2 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (24.5) | (18.9) | ||
Cash contributions from noncontrolling interests | 206.9 | 0.2 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Cash contributions from owners | (1,223.1) | (1,088.9) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | (324.5) | (650.4) | ||
Net change in cash and cash equivalents, including restricted cash | 2.4 | (0.5) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | (26.4) | (7.5) | ||
Cash and cash equivalents, including restricted cash, at end of period | (24) | (8) | (24) | (8) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 673.8 | 653.7 | 1,574.5 | 1,414.4 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | (683.5) | (673) | (1,592.6) | (1,439.7) |
Distributions received on earnings from unconsolidated affiliates | 1,891.4 | 1,753.3 | ||
Net effect of changes in operating accounts and other operating activities | 56.3 | 59.3 | ||
Net cash flows provided by operating activities | 1,929.6 | 1,787.3 | ||
Investing activities: | ||||
Capital expenditures | (55.2) | 0 | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | (253.7) | (750.9) | ||
Cash used in investing activities | (308.9) | (750.9) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | (1,847.3) | (1,757.8) | ||
Cash payments made in connection with DERs | (8.6) | (7.2) | ||
Cash distributions paid to noncontrolling interests | 0 | 0 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 261 | 757.2 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (25.8) | (28.5) | ||
Cash provided by (used in) financing activities | (1,620.7) | (1,036.3) | ||
Net change in cash and cash equivalents, including restricted cash | 0 | 0.1 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 0 | 0 | ||
Cash and cash equivalents, including restricted cash, at end of period | $ 0 | $ 0.1 | $ 0 | $ 0.1 |