Condensed Consolidating Financial Information | Note 17. Condensed Consolidating 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 March 31, 2019 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 $ 33.0 $ 89.5 $ (15.0 ) $ 107.5 $ -- $ -- $ 107.5 Accounts receivable – trade, net 1,230.1 3,063.0 (2.4 ) 4,290.7 -- -- 4,290.7 Accounts receivable – related parties 232.1 1,006.1 (1,153.8 ) 84.4 -- (81.9 ) 2.5 Inventories 1,088.2 592.8 (0.5 ) 1,680.5 -- -- 1,680.5 Derivative assets 73.1 53.0 -- 126.1 -- -- 126.1 Prepaid and other current assets 206.9 238.6 (24.9 ) 420.6 0.4 0.3 421.3 Total current assets 2,863.4 5,043.0 (1,196.6 ) 6,709.8 0.4 (81.6 ) 6,628.6 Property, plant and equipment, net 6,192.5 33,161.1 (6.1 ) 39,347.5 -- -- 39,347.5 Investments in unconsolidated affiliates 44,422.5 4,234.1 (46,002.3 ) 2,654.3 24,586.3 (24,586.3 ) 2,654.3 Intangible assets, net 654.3 2,925.2 (13.6 ) 3,565.9 -- -- 3,565.9 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 389.4 287.8 (222.2 ) 455.0 1.0 -- 456.0 Total assets $ 54,981.6 $ 50,936.9 $ (47,440.8 ) $ 58,477.7 $ 24,587.7 $ (24,667.9 ) $ 58,397.5 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,694.6 $ -- $ -- $ 2,694.6 $ -- $ -- $ 2,694.6 Accounts payable – trade 269.4 663.6 (15.0 ) 918.0 0.1 -- 918.1 Accounts payable – related parties 1,073.6 180.2 (1,167.2 ) 86.6 81.9 (81.9 ) 86.6 Accrued product payables 1,673.8 2,525.8 (2.9 ) 4,196.7 -- -- 4,196.7 Accrued interest 216.9 3.1 (3.1 ) 216.9 -- -- 216.9 Derivative liabilities 66.7 28.2 -- 94.9 -- -- 94.9 Other current liabilities 93.0 313.8 (21.9 ) 384.9 -- -- 384.9 Total current liabilities 6,088.0 3,714.7 (1,210.1 ) 8,592.6 82.0 (81.9 ) 8,592.7 Long-term debt 24,166.9 14.7 -- 24,181.6 -- -- 24,181.6 Deferred tax liabilities 16.1 64.6 (0.8 ) 79.9 -- 2.3 82.2 Other long-term liabilities 144.2 649.6 (221.9 ) 571.9 447.8 -- 1,019.7 Commitments and contingencies Equity: Partners’ and other owners’ equity 24,566.4 46,425.8 (46,433.3 ) 24,558.9 24,057.9 (24,558.9 ) 24,057.9 Noncontrolling interests -- 67.5 425.3 492.8 -- (29.4 ) 463.4 Total equity 24,566.4 46,493.3 (46,008.0 ) 25,051.7 24,057.9 (24,588.3 ) 24,521.3 Total liabilities and equity $ 54,981.6 $ 50,936.9 $ (47,440.8 ) $ 58,477.7 $ 24,587.7 $ (24,667.9 ) $ 58,397.5 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ 393.4 $ 50.3 $ (33.6 ) $ 410.1 $ -- $ -- $ 410.1 Accounts receivable – trade, net 1,303.1 2,356.8 (0.8 ) 3,659.1 -- -- 3,659.1 Accounts receivable – related parties 141.8 1,423.7 (1,530.1 ) 35.4 0.8 (32.7 ) 3.5 Inventories 889.3 633.2 (0.4 ) 1,522.1 -- -- 1,522.1 Derivative assets 105.0 49.1 0.3 154.4 -- -- 154.4 Prepaid and other current assets 166.0 155.1 (10.2 ) 310.9 -- 0.6 311.5 Total current assets 2,998.6 4,668.2 (1,574.8 ) 6,092.0 0.8 (32.1 ) 6,060.7 Property, plant and equipment, net 6,112.7 32,628.7 (3.8 ) 38,737.6 -- -- 38,737.6 Investments in unconsolidated affiliates 43,962.6 4,170.6 (45,518.1 ) 2,615.1 24,273.6 (24,273.6 ) 2,615.1 Intangible assets, net 659.2 2,963.0 (13.8 ) 3,608.4 -- -- 3,608.4 Goodwill 459.5 5,285.7 -- 5,745.2 -- -- 5,745.2 Other assets 292.1 131.9 (222.1 ) 201.9 0.9 -- 202.8 Total assets $ 54,484.7 $ 49,848.1 $ (47,332.6 ) $ 57,000.2 $ 24,275.3 $ (24,305.7 ) $ 56,969.8 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 1,500.0 $ 0.1 $ -- $ 1,500.1 $ -- $ -- $ 1,500.1 Accounts payable – trade 404.0 734.3 (35.5 ) 1,102.8 -- -- 1,102.8 Accounts payable – related parties 1,557.3 127.5 (1,543.9 ) 140.9 31.9 (32.6 ) 140.2 Accrued product payables 1,574.7 1,902.3 (1.2 ) 3,475.8 -- -- 3,475.8 Accrued interest 395.5 0.9 (0.8 ) 395.6 -- -- 395.6 Derivative liabilities 86.2 61.7 0.3 148.2 -- -- 148.2 Other current liabilities 87.9 326.3 (9.4 ) 404.8 -- -- 404.8 Total current liabilities 5,605.6 3,153.1 (1,590.5 ) 7,168.2 31.9 (32.6 ) 7,167.5 Long-term debt 24,663.4 14.7 -- 24,678.1 -- -- 24,678.1 Deferred tax liabilities 17.0 62.0 (0.9 ) 78.1 -- 2.3 80.4 Other long-term liabilities 65.2 518.4 (221.9 ) 361.7 389.9 -- 751.6 Commitments and contingencies Equity: Partners’ and other owners’ equity 24,133.5 46,031.8 (45,917.9 ) 24,247.4 23,853.5 (24,247.4 ) 23,853.5 Noncontrolling interests -- 68.1 398.6 466.7 -- (28.0 ) 438.7 Total equity 24,133.5 46,099.9 (45,519.3 ) 24,714.1 23,853.5 (24,275.4 ) 24,292.2 Total liabilities and equity $ 54,484.7 $ 49,848.1 $ (47,332.6 ) $ 57,000.2 $ 24,275.3 $ (24,305.7 ) $ 56,969.8 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2019 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 $ 9,477.8 $ 5,639.6 $ (6,573.9 ) $ 8,543.5 $ -- $ -- $ 8,543.5 Costs and expenses: Operating costs and expenses 9,149.5 4,440.1 (6,569.9 ) 7,019.7 -- -- 7,019.7 General and administrative costs 3.8 46.8 0.7 51.3 0.9 -- 52.2 Total costs and expenses 9,153.3 4,486.9 (6,569.2 ) 7,071.0 0.9 -- 7,071.9 Equity in income of unconsolidated affiliates 1,276.8 172.1 (1,294.3 ) 154.6 1,319.2 (1,319.2 ) 154.6 Operating income 1,601.3 1,324.8 (1,299.0 ) 1,627.1 1,318.3 (1,319.2 ) 1,626.2 Other income (expense): Interest expense (277.3 ) (2.7 ) 2.8 (277.2 ) -- -- (277.2 ) Other, net 3.1 1.2 (2.8 ) 1.5 (57.8 ) -- (56.3 ) Total other income (expense), net (274.2 ) (1.5 ) -- (275.7 ) (57.8 ) -- (333.5 ) Income before income taxes 1,327.1 1,323.3 (1,299.0 ) 1,351.4 1,260.5 (1,319.2 ) 1,292.7 Benefit from (provision for) income taxes (4.2 ) (7.8 ) -- (12.0 ) -- (0.3 ) (12.3 ) Net income 1,322.9 1,315.5 (1,299.0 ) 1,339.4 1,260.5 (1,319.5 ) 1,280.4 Ne t income at -- (1.8 ) (19.4 ) (21.2 ) -- 1.3 (19.9 ) Net income attributable to entity $ 1,322.9 $ 1,313.7 $ (1,318.4 ) $ 1,318.2 $ 1,260.5 $ (1,318.2 ) $ 1,260.5 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 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 $ 10,317.8 $ 6,408.9 $ (7,428.2 ) $ 9,298.5 $ -- $ -- $ 9,298.5 Costs and expenses: Operating costs and expenses 9,980.6 5,670.3 (7,428.2 ) 8,222.7 -- -- 8,222.7 General and administrative costs 5.4 46.7 -- 52.1 0.9 -- 53.0 Total costs and expenses 9,986.0 5,717.0 (7,428.2 ) 8,274.8 0.9 -- 8,275.7 Equity in income of unconsolidated affiliates 831.0 154.5 (869.8 ) 115.7 909.1 (909.1 ) 115.7 Operating income 1,162.8 846.4 (869.8 ) 1,139.4 908.2 (909.1 ) 1,138.5 Other income (expense): Interest expense (252.2 ) (2.5 ) 2.6 (252.1 ) -- -- (252.1 ) Other, net 2.8 37.5 (2.6 ) 37.7 (7.5 ) -- 30.2 Total other income (expense), net (249.4 ) 35.0 -- (214.4 ) (7.5 ) -- (221.9 ) Income before income taxes 913.4 881.4 (869.8 ) 925.0 900.7 (909.1 ) 916.6 Provision for income taxes (5.4 ) 0.6 -- (4.8 ) -- (0.3 ) (5.1 ) Net income 908.0 882.0 (869.8 ) 920.2 900.7 (909.4 ) 911.5 Net income attributable to noncontrolling interests -- (1.7 ) (10.4 ) (12.1 ) -- 1.3 (10.8 ) Net income attributable to entity $ 908.0 $ 880.3 $ (880.2 ) $ 908.1 $ 900.7 $ (908.1 ) $ 900.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2019 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 $ 1,294.2 $ 1,199.3 $ (1,299.0 ) $ 1,194.5 $ 1,115.6 $ (1,174.6 ) $ 1,135.5 Comprehensive income attrib -- (1.8 ) (19.4 ) (21.2 ) -- 1.3 (19.9 ) Comprehensive income attributable to entity $ 1,294.2 $ 1,197.5 $ (1,318.4 ) $ 1,173.3 $ 1,115.6 $ (1,173.3 ) $ 1,115.6 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 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 $ 918.9 $ 881.5 $ (869.8 ) $ 930.6 $ 911.2 $ (919.8 ) $ 922.0 Comprehensive income attrib -- (1.7 ) (10.4 ) (12.1 ) -- 1.3 (10.8 ) Comprehensive income attributable to entity $ 918.9 $ 879.8 $ (880.2 ) $ 918.5 $ 911.2 $ (918.5 ) $ 911.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 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 $ 1,322.9 $ 1,315.5 $ (1,299.0 ) $ 1,339.4 $ 1,260.5 $ (1,319.5 ) $ 1,280.4 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 74.9 399.8 (0.2 ) 474.5 -- -- 474.5 Equity in income of unconsolidated affiliates (1,276.8 ) (172.1 ) 1,294.3 (154.6 ) (1,319.2 ) 1,319.2 (154.6 ) Distributions received on earnings from unconsolidated affiliates 338.4 83.0 (282.4 ) 139.0 981.7 (981.7 ) 139.0 Net effect of changes in operating accounts and other operating activities 100.9 (861.7 ) 27.7 (733.1 ) 154.0 0.2 (578.9 ) Net cash flows provided by operating activities 560.3 764.5 (259.6 ) 1,065.2 1,077.0 (981.8 ) 1,160.4 Investing activities: Capital expenditures (223.8 ) (921.0 ) (4.1 ) (1,148.9 ) -- -- (1,148.9 ) Cash used for business combination, net of cash received -- -- -- -- -- -- -- Proceeds from asset sales 0.2 1.5 -- 1.7 -- -- 1.7 Other investing activities (492.8 ) (10.1 ) 475.6 (27.3 ) (84.1 ) 84.1 (27.3 ) Cash used in investing activities (716.4 ) (929.6 ) 471.5 (1,174.5 ) (84.1 ) 84.1 (1,174.5 ) Financing activities: Borrowings under debt agreements 15,692.4 -- -- 15,692.4 -- -- 15,692.4 Repayments of debt (14,999.1 ) (0.1 ) -- (14,999.2 ) -- -- (14,999.2 ) Cash distributions paid to owners (981.7 ) (300.5 ) 300.5 (981.7 ) (950.4 ) 981.7 (950.4 ) Cash payments made in connection with DERs -- -- -- -- (4.5 ) -- (4.5 ) Cash distributions paid to noncontrolling interests -- (2.4 ) (15.7 ) (18.1 ) -- 0.1 (18.0 ) Cash contributions from noncontrolling interests -- -- 34.8 34.8 -- -- 34.8 Net cash proceeds from issuance of common units -- -- -- -- 42.7 -- 42.7 Common units acquired in connection with buyback program -- -- -- -- (51.6 ) -- (51.6 ) Cash contributions from owners 84.1 512.9 (512.9 ) 84.1 -- (84.1 ) -- Other financing activities -- (5.6 ) -- (5.6 ) (29.1 ) -- (34.7 ) Cash provided by (used in) financing activities (204.3 ) 204.3 (193.3 ) (193.3 ) (992.9 ) 897.7 (288.5 ) Net change in cash and cash equivalents, including restricted cash (360.4 ) 39.2 18.6 (302.6 ) -- -- (302.6 ) Cash and cash equivalents, including restricted cash, at beginning of period 393.4 50.3 (33.6 ) 410.1 -- -- 410.1 Cash and cash equivalents, including restricted cash, at end of period $ 33.0 $ 89.5 $ (15.0 ) $ 107.5 $ -- $ -- $ 107.5 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 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 $ 908.0 $ 882.0 $ (869.8 ) $ 920.2 $ 900.7 $ (909.4 ) $ 911.5 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 58.2 367.8 (0.1 ) 425.9 -- -- 425.9 Equity in income of unconsolidated affiliates (831.0 ) (154.5 ) 869.8 (115.7 ) (909.1 ) 909.1 (115.7 ) Distributions received on earnings from unconsolidated affiliates 283.4 66.8 (242.7 ) 107.5 920.1 (920.1 ) 107.5 Net effect of changes in operating accounts and other operating activities 392.2 (545.7 ) 26.1 (127.4 ) 31.8 -- (95.6 ) Net cash flows provided by operating activities 810.8 616.4 (216.7 ) 1,210.5 943.5 (920.4 ) 1,233.6 Investing activities: Capital expenditures (284.0 ) (662.5 ) -- (946.5 ) -- -- (946.5 ) Cash used for business combination, net of cash received -- (149.8 ) -- (149.8 ) -- -- (149.8 ) Proceeds from asset sales 0.2 0.9 -- 1.1 -- -- 1.1 Other investing activities (474.6 ) (0.5 ) 451.2 (23.9 ) (173.2 ) 173.2 (23.9 ) Cash used in investing activities (758.4 ) (811.9 ) 451.2 (1,119.1 ) (173.2 ) 173.2 (1,119.1 ) Financing activities: Borrowings under debt agreements 16,283.8 11.5 (11.5 ) 16,283.8 -- -- 16,283.8 Repayments of debt (15,444.6 ) (0.1 ) -- (15,444.7 ) -- -- (15,444.7 ) Cash distributions paid to owners (920.1 ) (259.3 ) 259.3 (920.1 ) (918.5 ) 920.1 (918.5 ) Cash payments made in connection with DERs -- -- -- -- (3.9 ) -- (3.9 ) Cash distributions paid to noncontrolling interests -- (2.0 ) (13.7 ) (15.7 ) -- 0.3 (15.4 ) Cash contributions from noncontrolling interests -- -- 0.1 0.1 -- -- 0.1 Net cash proceeds from issuance of common units -- -- -- -- 177.0 -- 177.0 Cash contributions from owners 173.2 442.7 (442.7 ) 173.2 -- (173.2 ) -- Other financing activities (22.7 ) -- -- (22.7 ) (24.9 ) -- (47.6 ) Cash provided by (used in) financing activities 69.6 192.8 (208.5 ) 53.9 (770.3 ) 747.2 30.8 Net change in cash and cash equivalents, including restricted cash 122.0 (2.7 ) 26.0 145.3 -- -- 145.3 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 $ 187.2 $ 28.8 $ (0.4 ) $ 215.6 $ -- $ -- $ 215.6 |