Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | ENTERPRISE PRODUCTS PARTNERS L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-14323 | |
Entity Tax Identification Number | 76-0568219 | |
Entity Address, Address Line One | 1100 Louisiana, 10th Floor | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 381-6500 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 2,189,169,528 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001061219 | |
Title of 12(b) Security | Common Units | |
Trading Symbol | EPD | |
Security Exchange Name | NYSE |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,207.8 | $ 344.8 |
Restricted cash | 0 | 65.3 |
Accounts receivable - trade, net of allowance for doubtful accounts of $11.3 at September 30, 2019 and $11.5 at December 31, 2018 | 4,261.7 | 3,659.1 |
Accounts receivable - related parties | 2 | 3.5 |
Inventories | 1,644.7 | 1,522.1 |
Derivative assets | 166 | 154.4 |
Prepaid and other current assets | 631.6 | 311.5 |
Total current assets | 7,913.8 | 6,060.7 |
Property, plant and equipment, net | 40,763.3 | 38,737.6 |
Investments in unconsolidated affiliates | 2,660.9 | 2,615.1 |
Intangible assets, net of accumulated amortization of $1,647.1 at September 30, 2019 and $1,735.1 at December 31, 2018 | 3,489.4 | 3,608.4 |
Goodwill | 5,745.2 | 5,745.2 |
Other assets | 442.7 | 202.8 |
Total assets | 61,015.3 | 56,969.8 |
Current liabilities: | ||
Current maturities of debt | 2,300 | 1,500.1 |
Accounts payable - trade | 1,057.8 | 1,102.8 |
Accounts payable - related parties | 125.5 | 140.2 |
Accrued product payables | 4,198.8 | 3,475.8 |
Accrued interest | 237.2 | 395.6 |
Derivative liabilities | 202.4 | 148.2 |
Other current liabilities | 547.8 | 404.8 |
Total current liabilities | 8,669.5 | 7,167.5 |
Long-term debt | 25,639.2 | 24,678.1 |
Deferred tax liabilities | 91.4 | 80.4 |
Other long-term liabilities | 1,089.7 | 751.6 |
Limited partners: | ||
Common units (2,189,169,528 units outstanding at September 30, 2019 and 2,184,869,029 units outstanding at December 31, 2018) | 24,535.1 | 23,802.6 |
Accumulated other comprehensive income (loss) | (39.1) | 50.9 |
Total partners' equity | 24,496 | 23,853.5 |
Noncontrolling interests | 1,029.5 | 438.7 |
Total equity | 25,525.5 | 24,292.2 |
Total liabilities and equity | $ 61,015.3 | $ 56,969.8 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 11.3 | $ 11.5 |
Intangible assets, accumulated amortization | $ 1,647.1 | $ 1,735.1 |
Limited partners: | ||
Common units outstanding (in units) | 2,189,169,528 | 2,184,869,029 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Third parties | $ 7,948.5 | $ 9,571.7 | $ 24,730.2 | $ 27,257.4 |
Related parties | 15.6 | 14.2 | 53.7 | 94.5 |
Total revenues | 7,964.1 | 9,585.9 | 24,783.9 | 27,351.9 |
Operating costs and expenses: | ||||
Third parties | 6,217.6 | 7,643.4 | 19,342.4 | 22,722 |
Related parties | 356.1 | 358.5 | 1,051.9 | 1,054.6 |
Total operating costs and expenses | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 |
General and administrative costs: | ||||
Third parties | 19.1 | 15.3 | 60.9 | 57.5 |
Related parties | 36.4 | 37.4 | 99.3 | 99.6 |
Total general and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 |
Total costs and expenses | 6,629.2 | 8,054.6 | 20,554.5 | 23,933.7 |
Equity in income of unconsolidated affiliates | 139.3 | 112 | 431.3 | 350 |
Operating income | 1,474.2 | 1,643.3 | 4,660.7 | 3,768.2 |
Other income (expense): | ||||
Interest expense | (382.9) | (279.5) | (950.2) | (806.2) |
Change in fair market value of Liquidity Option Agreement | (38.7) | (18.5) | (123.1) | (34.9) |
Gain on step acquisition of unconsolidated affiliate | 0 | 0 | 0 | 39.4 |
Other, net | 7.6 | 0.3 | 11.7 | 1.3 |
Total other expense, net | (414) | (297.7) | (1,061.6) | (800.4) |
Income before income taxes | 1,060.2 | 1,345.6 | 3,599.1 | 2,967.8 |
Provision for income taxes | (15.4) | (11) | (37.4) | (34.5) |
Net income | 1,044.8 | 1,334.6 | 3,561.7 | 2,933.3 |
Net income attributable to noncontrolling interests | (25.6) | (21.4) | (67.3) | (45.6) |
Net income attributable to limited partners | $ 1,019.2 | $ 1,313.2 | $ 3,494.4 | $ 2,887.7 |
Earnings per unit: | ||||
Basic earnings per unit (in dollars per unit) | $ 0.46 | $ 0.60 | $ 1.59 | $ 1.32 |
Diluted earnings per unit (in dollars per unit) | $ 0.46 | $ 0.60 | $ 1.59 | $ 1.32 |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||||
Net income | $ 1,044.8 | $ 1,334.6 | $ 3,561.7 | $ 2,933.3 |
Commodity hedging derivative instruments: | ||||
Changes in fair value of cash flow hedges | 72.3 | (145.8) | 58.6 | (156) |
Reclassification of gains to net income | (91.5) | (53.5) | (152) | (28.8) |
Interest rate hedging derivative instruments: | ||||
Changes in fair value of cash flow hedges | (18.6) | 6.1 | (23.8) | 20.7 |
Reclassification of losses to net income | 9.4 | 9.1 | 27.8 | 29 |
Total cash flow hedges | (28.4) | (184.1) | (89.4) | (135.1) |
Other | 0 | 0 | (0.6) | (0.5) |
Total other comprehensive loss | (28.4) | (184.1) | (90) | (135.6) |
Comprehensive income | 1,016.4 | 1,150.5 | 3,471.7 | 2,797.7 |
Comprehensive income attributable to noncontrolling interests | (25.6) | (21.4) | (67.3) | (45.6) |
Comprehensive income attributable to limited partners | $ 990.8 | $ 1,129.1 | $ 3,404.4 | $ 2,752.1 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||
Net income | $ 3,561.7 | $ 2,933.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 1,456.7 | 1,330.8 |
Asset impairment and related charges | 51.3 | 21.4 |
Equity in income of unconsolidated affiliates | (431.3) | (350) |
Distributions received on earnings from unconsolidated affiliates | 431.2 | 345.7 |
Net gains attributable to asset sales | (2.6) | (8.1) |
Deferred income tax expense | 10.9 | 9.3 |
Change in fair market value of derivative instruments | 2 | 254.9 |
Change in fair market value of Liquidity Option Agreement | 123.1 | 34.9 |
Gain on step acquisition of unconsolidated affiliate | 0 | (39.4) |
Net effect of changes in operating accounts | (409) | (261.9) |
Other operating activities | 32.2 | 4.4 |
Net cash flows provided by operating activities | 4,826.2 | 4,275.3 |
Investing activities: | ||
Capital expenditures | (3,302.1) | (3,004.2) |
Cash used for business combination | 0 | (150.6) |
Investments in unconsolidated affiliates | (100.1) | (95.1) |
Distributions received for return of capital from unconsolidated affiliates | 53.9 | 47 |
Proceeds from asset sales | 16.8 | 24.1 |
Other investing activities | (41.3) | (4) |
Cash used in investing activities | (3,372.8) | (3,182.8) |
Financing activities: | ||
Borrowings under debt agreements | 44,629.6 | 67,086.3 |
Repayments of debt | (42,855.3) | (65,742.1) |
Debt issuance costs | (26.3) | (25.2) |
Cash distributions paid to limited partners | (2,871.1) | (2,782.9) |
Cash payments made in connection with distribution equivalent rights | (16.4) | (13.2) |
Cash distributions paid to noncontrolling interests | (69.7) | (50.9) |
Cash contributions from noncontrolling interests | 590.8 | 222 |
Net cash proceeds from the issuance of common units | 82.2 | 449.4 |
Repurchase of common units under 2019 Buyback Program | (81.1) | 0 |
Other financing activities | (38.4) | (27.1) |
Cash provided by (used in) financing activities | (655.7) | (883.7) |
Net change in cash and cash equivalents, including restricted cash | 797.7 | 208.8 |
Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 |
Cash and cash equivalents, including restricted cash, at end of period | $ 1,207.8 | $ 279.1 |
UNAUDITED CONDENSED STATEMENT_4
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, 2017 | $ 22,772.4 | $ (171.7) | $ 225.2 | $ 22,718.9 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 2,933.3 | 0 | 45.6 | 2,887.7 |
Cash distributions paid to limited partners | (2,782.9) | 0 | 0 | (2,782.9) |
Cash payments made in connection with distribution equivalent rights | (13.2) | 0 | 0 | (13.2) |
Cash distributions paid to noncontrolling interests | (50.9) | 0 | (50.9) | 0 |
Cash contributions from noncontrolling interests | 222 | 0 | 222 | 0 |
Net cash proceeds from the issuance of common units | 449.4 | 0 | 0 | 449.4 |
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 | 77.5 | 0 | 0 | 77.5 |
Cash flow hedges | (135.1) | (135.1) | 0 | 0 |
Other | (35.8) | (0.5) | (9.2) | (26.1) |
Balance at Sep. 30, 2018 | 23,505.8 | (307.3) | 432.7 | 23,380.4 |
Balance at Jun. 30, 2018 | 23,090.5 | (123.2) | 418.9 | 22,794.8 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 1,334.6 | 0 | 21.4 | 1,313.2 |
Cash distributions paid to limited partners | (935.6) | 0 | 0 | (935.6) |
Cash payments made in connection with distribution equivalent rights | (4.6) | 0 | 0 | (4.6) |
Cash distributions paid to noncontrolling interests | (22.6) | 0 | (22.6) | 0 |
Cash contributions from noncontrolling interests | 15.1 | 0 | 15.1 | 0 |
Net cash proceeds from the issuance of common units | 188.4 | 0 | 0 | 188.4 |
Amortization of fair value of equity-based awards | 24.9 | 0 | 0 | 24.9 |
Cash flow hedges | (184.1) | (184.1) | 0 | 0 |
Other | (0.8) | 0 | (0.1) | (0.7) |
Balance at Sep. 30, 2018 | 23,505.8 | (307.3) | 432.7 | 23,380.4 |
Balance at Dec. 31, 2018 | 24,292.2 | 50.9 | 438.7 | 23,802.6 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 3,561.7 | 0 | 67.3 | 3,494.4 |
Cash distributions paid to limited partners | (2,871.1) | 0 | 0 | (2,871.1) |
Cash payments made in connection with distribution equivalent rights | (16.4) | 0 | 0 | (16.4) |
Cash distributions paid to noncontrolling interests | (69.7) | 0 | (69.7) | 0 |
Cash contributions from noncontrolling interests | 590.8 | 0 | 590.8 | 0 |
Net cash proceeds from the issuance of common units | 82.2 | 0 | 0 | 82.2 |
Common units issued in connection with employee compensation | 45.6 | 0 | 0 | 45.6 |
Amortization of fair value of equity-based awards | 107.2 | 0 | 0 | 107.2 |
Repurchase of common units under 2019 Buyback Program | (81.1) | 0 | 0 | (81.1) |
Cash flow hedges | (89.4) | (89.4) | 0 | 0 |
Other | (26.5) | (0.6) | 2.4 | (28.3) |
Balance at Sep. 30, 2019 | 25,525.5 | (39.1) | 1,029.5 | 24,535.1 |
Balance at Jun. 30, 2019 | 24,975.4 | (10.7) | 535.6 | 24,450.5 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Net income | 1,044.8 | 0 | 25.6 | 1,019.2 |
Cash distributions paid to limited partners | (963.2) | 0 | 0 | (963.2) |
Cash payments made in connection with distribution equivalent rights | (5.9) | 0 | 0 | (5.9) |
Cash distributions paid to noncontrolling interests | (22.8) | 0 | (22.8) | 0 |
Cash contributions from noncontrolling interests | 491.2 | 0 | 491.2 | 0 |
Net cash proceeds from the issuance of common units | 0 | 0 | 0 | 0 |
Amortization of fair value of equity-based awards | 36.7 | 0 | 0 | 36.7 |
Repurchase of common units under 2019 Buyback Program | 0 | 0 | 0 | 0 |
Cash flow hedges | (28.4) | (28.4) | 0 | 0 |
Other | (2.3) | 0 | (0.1) | (2.2) |
Balance at Sep. 30, 2019 | $ 25,525.5 | $ (39.1) | $ 1,029.5 | $ 24,535.1 |
Partnership Operations, Organiz
Partnership Operations, Organization and Basis for Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Partnership Operations and Organization [Abstract] | |
Partnership Operations and Organization | KEY REFERENCES USED IN THESE NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unless the context requires otherwise, references to “we,” “us,” “our” or “Enterprise” are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to “EPD” mean Enterprise Products Partners L.P. on a standalone basis. References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of EPD, and its consolidated subsidiaries, through which EPD 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, who is also an advisory director of Enterprise GP. 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 the President and Chief Financial Officer 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 Financial Officer of EPCO. EPCO, together with its privately held affiliates, owned approximately 31.9% of EPD’s limited partner common units at September 30, 2019. Note 1. Partnership Organization and Basis of Presentation 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 EPD’s 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 14 for information regarding related party matters. Our results of operations for the nine months ended September 30, 2019 are not necessarily indicative of results expected for the full year of 2019. 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, 2018 (the “2018 Form 10-K”) filed with the SEC on March 1, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. 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 2018 Form 10-K. 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. September 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,207.8 $ 344.8 Restricted cash – 65.3 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 1,207.8 $ 410.1 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. See Note 13 for information regarding our derivative instruments and hedging activities. Recent Accounting Developments Lease accounting standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases Leases The new standard introduces two lessee accounting models, which result in a lease being classified as either a “finance” or “operating” lease based on 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 ASC 840 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 right-of-use (“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. For finance leases, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and accrete the lease liability (as a component of interest expense) using the . Operating leases will result in the recognition of a single lease expense amount that is recorded on a straight-line basis. ASC 842 resulted in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Upon adoption of ASC 842 on January 1, 2019, we recognized a ROU asset and a corresponding lease liability based on the present value of then existing long-term operating lease obligations. In addition, we elected to apply several practical expedients and made accounting policy elections upon adoption of ASC 842 including: • We will not recognize ROU assets and lease liabilities for short-term leases and instead record them in a manner similar to operating leases under legacy lease accounting guidelines. A short term lease is one with a maximum lease term of 12 months or less and does not include a purchase option the lessee is reasonably certain to exercise. • We will not reassess whether any expired or existing contracts contain leases or the lease classification for any existing or expired leases. • The impact of adopting ASC 842 was prospective beginning January 1, 2019. We will not recast prior periods presented in our consolidated financial statements to reflect the new lease accounting guidance. • We will combine lease and nonlease components relating to our office and warehouse leases, as applicable. See Note 15 for our disclosures regarding operating lease obligations. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventories | Note 3. Inventories Our inventory amounts by product type were as follows at the dates indicated: September 30, 2019 December 31, 2018 NGLs $ 928.2 $ 647.7 Petrochemicals and refined products 183.2 264.7 Crude oil 520.1 593.4 Natural gas 13.2 16.3 Total $ 1,644.7 $ 1,522.1 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Cost of sales (1) $ 5,276.5 $ 6,838.9 $ 16,721.5 $ 20,371.2 Lower of cost or net realizable value adjustments recognized within cost of sales 6.8 1.7 17.1 4.3 (1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 4. 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 September 30, 2019 December 31, 2018 Plants, pipelines and facilities (1) 3-45 (5) $ 45,117.5 $ 42,371.0 Underground and other storage facilities (2) 5-40 (6) 3,888.8 3,624.2 Transportation equipment (3) 3-10 197.6 187.1 Marine vessels (4) 15-30 893.8 828.6 Land 366.1 359.5 Construction in progress 3,558.1 3,526.8 Total 54,021.9 50,897.2 Less accumulated depreciation 13,258.6 12,159.6 Property, plant and equipment, net $ 40,763.3 $ 38,737.6 (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. The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Depreciation expense (1) $ 394.7 $ 368.3 $ 1,164.6 $ 1,061.1 Capitalized interest (2) 33.9 28.1 102.9 113.4 (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Asset Retirement Obligations Property, plant and equipment at September 30, 2019 and December 31, 2018 includes $66.4 million and $72.5 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 December 31, 2018: ARO liability balance, December 31, 2018 $ 126.3 Liabilities incurred 0.8 Liabilities settled (0.8 ) Revisions in estimated cash flows (4.9 ) Accretion expense 5.9 ARO liability balance, September 30, 2019 $ 127.3 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2019 | |
Investments in Unconsolidated Affiliates [Abstract] | |
Investments in Unconsolidated Affiliates | Note 5. 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. September 30, 2019 December 31, 2018 NGL Pipelines & Services $ 690.9 $ 662.0 Crude Oil Pipelines & Services 1,877.2 1,867.5 Natural Gas Pipelines & Services 31.4 22.8 Petrochemical & Refined Products Services 61.4 62.8 Total $ 2,660.9 $ 2,615.1 The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services $ 25.9 $ 28.3 $ 82.7 $ 87.1 Crude Oil Pipelines & Services 113.2 83.7 348.8 265.1 Natural Gas Pipelines & Services 1.6 2.1 4.9 4.7 Petrochemical & Refined Products Services (1.4 ) (2.1 ) (5.1 ) (6.9 ) Total $ 139.3 $ 112.0 $ 431.3 $ 350.0 Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Income Statement Data: Revenues $ 470.2 $ 439.1 $ 1,484.6 $ 1,296.4 Operating income 300.3 258.0 938.1 789.8 Net income 299.5 256.9 935.9 785.6 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets and Goodwill [Abstract] | |
Intangible Assets and Goodwill | Note 6. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated: September 30, 2019 December 31, 2018 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.8 $ (202.8 ) $ 245.0 $ 457.3 $ (201.9 ) $ 255.4 Contract-based intangibles 162.6 (40.9 ) 121.7 363.4 (238.7 ) 124.7 Segment total 610.4 (243.7 ) 366.7 820.7 (440.6 ) 380.1 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (226.9 ) 1,976.6 2,203.5 (174.1 ) 2,029.4 Contract-based intangibles 276.9 (230.1 ) 46.8 276.9 (211.7 ) 65.2 Segment total 2,480.4 (457.0 ) 2,023.4 2,480.4 (385.8 ) 2,094.6 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (473.3 ) 877.0 1,350.3 (447.8 ) 902.5 Contract-based intangibles 468.0 (393.6 ) 74.4 464.7 (387.9 ) 76.8 Segment total 1,818.3 (866.9 ) 951.4 1,815.0 (835.7 ) 979.3 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (56.2 ) 125.2 181.4 (51.8 ) 129.6 Contract-based intangibles 46.0 (23.3 ) 22.7 46.0 (21.2 ) 24.8 Segment total 227.4 (79.5 ) 147.9 227.4 (73.0 ) 154.4 Total intangible assets $ 5,136.5 $ (1,647.1 ) $ 3,489.4 $ 5,343.5 $ (1,735.1 ) $ 3,608.4 The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services $ 7.3 $ 9.2 $ 25.4 $ 25.6 Crude Oil Pipelines & Services 25.1 20.7 71.2 67.3 Natural Gas Pipelines & Services 10.3 9.8 31.2 29.1 Petrochemical & Refined Products Services 2.1 2.2 6.5 6.6 Total $ 44.8 $ 41.9 $ 134.3 $ 128.6 The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2019 2020 2021 2022 2023 $ 40.5 $ 161.8 $ 162.8 $ 168.4 $ 168.5 Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2018 Form 10-K. |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Debt Obligations [Abstract] | |
Debt Obligations | Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: September 30, 2019 December 31, 2018 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ – $ – Senior Notes N, 6.50% fixed-rate, repaid January 2019 – 700.0 Senior Notes LL, 2.55% fixed-rate, repaid 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 1,000.0 364-Day Revolving Credit Agreement, variable-rate, due September 2020 – – Senior Notes TT, 2.80% fixed-rate, due February 2021 750.0 750.0 Senior Notes RR, 2.85% fixed-rate, due April 2021 575.0 575.0 Senior Notes VV, 3.50% fixed-rate, due February 2022 750.0 750.0 Senior Notes CC, 4.05% fixed-rate, due February 2022 650.0 650.0 Senior Notes HH, 3.35% fixed-rate, due March 2023 1,250.0 1,250.0 Senior Notes JJ, 3.90% fixed-rate, due February 2024 850.0 850.0 Multi-Year Revolving Credit Agreement, variable-rate, due September 2024 – – 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 WW, 4.15% fixed-rate, due October 2028 1,000.0 1,000.0 Senior Notes YY, 3.125% fixed-rate, due July 2029 1,250.0 – 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 1,250.0 Senior Notes XX, 4.80% fixed-rate, due February 2049 1,250.0 1,250.0 Senior Notes ZZ, 4.20% fixed-rate, due January 2050 1,250.0 – Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 TEPPCO senior debt obligations: TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 0.4 0.4 Total principal amount of senior debt obligations 25,550.0 23,750.0 EPO Junior Subordinated Notes C, variable-rate, due June 2067 232.2 256.4 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 700.0 700.0 TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 14.2 14.2 Total principal amount of senior and junior debt obligations 28,196.4 26,420.6 Other, non-principal amounts (257.2 ) (242.4 ) Less current maturities of debt (2,300.0 ) (1,500.1 ) Total long-term debt $ 25,639.2 $ 24,678.1 (1) Variable rate is reset quarterly and based on 3-month LIBOR, or London Inter-Bank Offered Rate, plus 2.778%. During 2019, EPO repurchased and retired $24.2 million in principal amount of these junior subordinated notes. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009. The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2019: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 2.58% to 2.80% 2.72% EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes 4.91% to 5.52% 5.34% Amounts borrowed under our 364-Day and Multi-Year Revolving Credit Agreements bear interest, at our election, equal to: (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings. The following table presents the scheduled contractual maturities of principal amounts of our consolidated debt obligations at September 30, 2019 for the next five years and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2019 2020 2021 2022 2023 Thereafter Principal amount of senior and junior debt obligations at September 30, 2019 $ 28,196.4 $ 800.0 $ 1,500.0 $ 1,325.0 $ 1,400.0 $ 1,250.0 $ 21,921.4 In October 2019, we repaid $800.0 million principal amount of EPO’s Senior Notes LL at their maturity using unrestricted cash on hand. Parent-Subsidiary Guarantor Relationships EPD 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, EPD would be responsible for full and unconditional repayment of that obligation. Amendment to Multi-Year Revolving Credit Agreement In September 2019, EPO entered into an amendment (the “First Amendment”) to its revolving credit agreement dated September 13, 2017 (the “Multi-Year Revolving Credit Agreement”). The First Amendment reduces the borrowing capacity under the Multi-Year Revolving Credit Agreement from $4.0 billion to $3.5 billion (which may be increased by up to $500 million to $4.0 billion at EPO’s election provided certain conditions are met) and extends the maturity date to September 10, 2024, although the maturity date may be extended further at EPO’s request by up to two years, with the consent of required lenders as set forth under the credit agreement. Borrowings under this revolving credit agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The Multi-Year Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The Multi-Year Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the Multi-Year Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Renewal of 364-Day Revolving Credit Agreement In September 2019, EPO entered into a new 364-Day Revolving Credit Agreement that replaced its prior 364-day credit facility. The new 364-Day Revolving Credit Agreement matures in September 2020. There are currently no principal amounts outstanding under this revolving credit agreement. Under the terms of the new 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in September 2021. Borrowings under this revolving credit agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The new 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The credit agreement also restricts EPO’s ability to pay cash distributions to its parent, Enterprise Products Partners L.P., if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the new 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. Issuance of $2.5 Billion of Senior Notes in July 2019 In July 2019, EPO issued $ billion aggregate principal amount of senior notes comprised of $ billion principal amount of senior notes due July 2029 (“Senior Notes YY”) and $ billion principal amount of senior notes due January 2050 (“Senior Notes ZZ”). Senior Notes YY were issued at 99.955% of their principal amount and have a fixed interest rate of 3.125% per year. Senior Notes ZZ were issued at 99.792% of their principal amount and have a fixed interest rate of 4.20% per year. EPD has guaranteed the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Partial Retirement of Junior Subordinated Notes During Second Quarter of 2019 During the second quarter of 2019, EPO repurchased and retired $24.2 million in principal amount of its Junior Subordinated Notes C. A $1.5 million gain on the extinguishment of these debt obligations is included in “Other, net” on our Unaudited Condensed Statements of Consolidated Operations with respect to the nine months ended September 30, 2019. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2019. Letters of Credit At September 30, 2019, EPO had $101.4 million of letters of credit outstanding primarily related to our commodity hedging activities. |
Equity and Distributions
Equity and Distributions | 9 Months Ended |
Sep. 30, 2019 | |
Equity and Distributions [Abstract] | |
Equity and Distributions | Note 8. Equity and Distributions Limited Partner Common Units Outstanding The following table summarizes changes in the number of EPD limited partner common units outstanding since December 31, 2018: Common units outstanding at December 31, 2018 2,184,869,029 Common unit repurchases under 2019 Buyback Program (1,852,392 ) Common units issued in connection with DRIP and EUPP 1,516,779 Common units issued in connection with the vesting of phantom unit awards, net 2,379,620 Common units issued in connection with employee compensation 1,626,041 Other 21,595 Common units outstanding at March 31, 2019 2,188,560,672 Common unit repurchases under 2019 Buyback Program (1,056,736 ) Common units issued in connection with DRIP and EUPP 1,381,211 Common units issued in connection with the vesting of phantom unit awards, net 120,831 Common units outstanding at June 30, 2019 2,189,005,978 Common units issued in connection with the vesting of phantom unit awards, net 163,550 Common units outstanding at September 30, 2019 2,189,169,528 We have a universal shelf registration statement (the “2019 Shelf”) on file with the SEC which allows EPD and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. The 2019 Shelf replaced our prior universal shelf registration statement, which expired in May 2019. EPO issued $2.5 billion of senior notes in July 2019 using the 2019 Shelf (see Note 7). In addition, EPD has a registration statement on file with the SEC covering the issuance of up to $ billion of its common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings in connection with its at-the-market (“ATM”) program. During the and , EPD did not issue any common units under its ATM program. We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments. Common unit repurchases under 2019 Buyback Program In January 2019, we announced that the Board of Enterprise GP had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides EPD with an additional method to return capital to investors. The 2019 Buyback Program authorizes EPD to repurchase its common units from time to time, including through open market purchases and negotiated transactions. The timing and pace of buy backs under the program will be determined by a number of factors including (i) our financial performance and flexibility, (ii) organic growth and acquisition opportunities with higher potential returns on investment, (iii) EPD’s unit price and implied cash flow yield and (iv) maintaining targeted financial leverage with a debt-to-normalized adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of approximately 3.5 times. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time. EPD repurchased 2019 Buyback Program through open market purchases during the (no repurchases were made during the third quarter of 2019). The total purchase price of these repurchases was $ 2019 Buyback Program was $ Common units issued in connection with DRIP and EUPP EPD has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). EPD issued and delivered a total of 2,601,727 new common units under the DRIP during the nine months ended September 30, 2019, which generated net cash proceeds of $73.7 million. During the nine months ended September 30, 2018, EPD issued and delivered 16,073,974 new common units under the DRIP, which generated net cash proceeds of $438.1 million. After taking into account the number of common units delivered under the DRIP through September 30, 2019, EPD has the capacity to deliver an additional 57,544,841 common units under this plan. The period-to-period decrease in net cash proceeds from the DRIP is primarily due to (i) lower reinvestments by privately held affiliates of EPCO in 2019, (ii) a reduction in the discount applicable to common unit purchases made under the DRIP from 2.5% to 0% beginning with the distribution paid in February 2019 and (iii) the election to satisfy delivery obligations under the DRIP using common units purchased on the open market, rather than issuing new common units, beginning with the distribution paid in August 2019. EPD issued and delivered 296,263 new common units under the EUPP during the nine months ended September 30, 2019, which generated net cash proceeds of $8.5 million. During the nine months ended September 30, 2018, EPD issued and delivered 403,602 new common units under its EUPP, which generated net cash proceeds of $11.3 million. After taking into account the number of common units delivered under the EUPP through September 30, 2019, EPD may deliver an additional 4,763,149 common units under this plan. Net cash proceeds from the issuance of new common units under the DRIP and EUPP during the nine months ended September 30, 2019 were used to temporarily reduce amounts outstanding under EPO’s commercial paper program and for general company purposes, including for growth capital expenditures. In July 2019, EPD announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the partnership’s need for equity capital. In August 2019, a total of million Common Units Issued in Connection With Employee Compensation In February 2019, certain employees of EPCO received discretionary bonus payments, less any retirement plan deductions and applicable withholding taxes, for work performed on our behalf during the prior fiscal year (e.g., the February 2019 bonus amount was applicable to the year ended December 31, 2018). The net dollar value of the bonus amounts was remitted through the issuance of an equivalent value of newly issued EPD common units under EPCO’s 2008 Enterprise Products Long-Term Incentive Plan (Third Amendment and Restatement) (“2008 Plan”). In February 2019, EPD issued 1,626,041 common units, which had a value of $45.6 million, in connection with the employee bonus awards. The compensation expense associated with each bonus award was recognized during the year in which the work was performed. Common Units Issued in Connection With the Vesting of Phantom Unit Awards During the , after taking into account tax withholding requirements, EPD issued a net new 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: Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Accumulated Other Comprehensive Income (Loss), December 31, 2018 $ 152.7 $ (104.8 ) $ 3.0 $ 50.9 Other comprehensive income (loss) for period, before reclassifications 58.6 (23.8 ) (0.6 ) 34.2 Reclassification of losses (gains) to net income during period (152.0 ) 27.8 – (124.2 ) Total other comprehensive income (loss) for period (93.4 ) 4.0 (0.6 ) (90.0 ) Accumulated Other Comprehensive Income (Loss), September 30, 2019 $ 59.3 $ (100.8 ) $ 2.4 $ (39.1 ) Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Accumulated Other Comprehensive Income (Loss), December 31, 2017 $ (10.1 ) $ (165.1 ) $ 3.5 $ (171.7 ) Other comprehensive income (loss) for period, before reclassifications (156.0 ) 20.7 (0.5 ) (135.8 ) Reclassification of losses (gains) to net income during period (28.8 ) 29.0 – 0.2 Total other comprehensive income (loss) for period (184.8 ) 49.7 (0.5 ) (135.6 ) Accumulated Other Comprehensive Income (Loss), September 30, 2018 $ (194.9 ) $ (115.4 ) $ 3.0 $ (307.3 ) The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, Losses (gains) on cash flow hedges: Location 2019 2018 2019 2018 Interest rate derivatives Interest expense $ 9.4 $ 9.1 $ 27.8 $ 29.0 Commodity derivatives Revenue (93.6 ) (53.9 ) (161.4 ) (28.5 ) Commodity derivatives Operating costs and expenses 2.1 0.4 9.4 (0.3 ) Total $ (82.1 ) $ (44.4 ) $ (124.2 ) $ 0.2 For information regarding our interest rate and commodity derivative instruments, see Note 13. Noncontrolling Interests In June 2019, an affiliate of American Midstream, LP acquired a noncontrolling equity interest in our consolidated subsidiary that owns the Pascagoula natural gas processing plant for $ million in cash. The following table presents information regarding our noncontrolling interests since December 31, 2018: Noncontrolling interest balance in Equity, December 31, 2018 $ 438.7 Net income attributable to noncontrolling interests 67.3 Cash distributions paid to noncontrolling interests (69.7 ) Cash contributions from noncontrolling interests 590.8 Other 2.4 Noncontrolling interest balance in Equity, September 30, 2019 $ 1,029.5 Cash Distributions In January 2019, management announced its plans to recommend to the Board an increase of $0.0025 per unit per quarter in EPD’s cash distribution rate with respect to 2019. The anticipated rate of increase would result in distributions for 2019 of $1.7650 per unit, which would be 2.3% higher than those paid by EPD for 2018 of $1.7250 per unit. 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. On October 9 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenues [Abstract] | |
Revenues | Note 9. 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services: Sales of NGLs and related products $ 2,624.9 $ 3,898.2 $ 7,955.5 $ 9,324.5 Segment midstream services: Natural gas processing and fractionation 279.6 397.2 837.3 982.2 Transportation 248.2 241.8 767.4 725.5 Storage and terminals 99.4 85.7 291.0 277.7 Total segment midstream services 627.2 724.7 1,895.7 1,985.4 Total NGL Pipelines & Services 3,252.1 4,622.9 9,851.2 11,309.9 Crude Oil Pipelines & Services: Sales of crude oil 2,130.0 2,209.0 6,990.1 8,082.9 Segment midstream services: Transportation 209.1 187.9 598.1 490.7 Storage and terminals 139.2 98.0 364.0 273.4 Total segment midstream services 348.3 285.9 962.1 764.1 Total Crude Oil Pipelines & Services 2,478.3 2,494.9 7,952.2 8,847.0 Natural Gas Pipelines & Services: Sales of natural gas 440.0 589.0 1,627.1 1,681.5 Segment midstream services: Transportation 275.5 261.2 835.2 766.3 Total segment midstream services 275.5 261.2 835.2 766.3 Total Natural Gas Pipelines & Services 715.5 850.2 2,462.3 2,447.8 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,299.0 1,408.9 3,867.3 4,111.6 Segment midstream services: Fractionation and isomerization 43.2 45.9 125.5 146.8 Transportation, including marine logistics 134.4 119.2 393.2 353.0 Storage and terminals 41.6 43.9 132.2 135.8 Total segment midstream services 219.2 209.0 650.9 635.6 Total Petrochemical & Refined Products Services 1,518.2 1,617.9 4,518.2 4,747.2 Total consolidated revenues $ 7,964.1 $ 9,585.9 $ 24,783.9 $ 27,351.9 Substantially all of our revenues are derived from contracts with customers. In total, product sales and midstream services accounted for 82% and , respectively, of our consolidated revenues for the three and . During the three and , Unbilled Revenue and Deferred Revenue The following table provides information regarding our contract assets and contract liabilities at September 30, 2019: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 223.8 Total $ 223.8 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 137.4 Deferred revenue (noncurrent) Other long-term liabilities 192.2 Total $ 329.6 The following table presents significant changes in our unbilled revenue and deferred revenue balances during the nine months ended September 30, 2019: Unbilled Revenue Deferred Revenue Balance at December 31, 2018 $ 13.3 $ 291.2 Amount included in opening balance transferred to other accounts during period (1) (13.3 ) (110.9 ) Amount recorded during period 270.5 430.7 Amounts recorded during period transferred to other accounts (1) (46.7 ) (278.7 ) Other changes – (2.7 ) Balance at September 30, 2019 $ 223.8 $ 329.6 (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 future consideration from contracts with customers as of September 30, 2019 that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year. Period Fixed Consideration Three Months Ended December 31, 2019 $ 945.0 One Year Ended December 31, 2020 3,505.7 One Year Ended December 31, 2021 3,075.3 One Year Ended December 31, 2022 2,636.9 One Year Ended December 31, 2023 2,203.9 Thereafter 10,576.7 Total $ 22,943.5 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Business Segments [Abstract] | |
Business Segments | Note 10. Business Segments and Related Information 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. 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 financial measure most directly comparable to total segment gross operating margin is operating income. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Operating income $ 1,474.2 $ 1,643.3 $ 4,660.7 $ 3,768.2 Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): Depreciation, amortization and accretion expense in operating costs and expenses 467.1 429.4 1,380.8 1,249.0 Asset impairment and related charges in operating costs and expenses 39.4 4.6 51.2 21.4 Net gains attributable to asset sales in operating costs and expenses (0.1 ) (6.7 ) (2.6 ) (8.1 ) General and administrative costs 55.5 52.7 160.2 157.1 N on-refundable payments received from shippers attributable to make-up rights (1) 20.8 6.5 34.3 14.8 Subsequent recognition of revenues attributable to make-up rights (2) (5.5 ) (6.2 ) (18.6 ) (42.4 ) Total segment gross operating margin $ 2,051.4 $ 2,123.6 $ 6,266.0 $ 5,160.0 (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. 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating margin by segment: NGL Pipelines & Services $ 1,008.3 $ 1,063.1 $ 2,933.8 $ 2,861.7 Crude Oil Pipelines & Services 496.2 594.2 1,671.7 867.0 Natural Gas Pipelines & Services 258.5 216.9 824.6 628.2 Petrochemical & Refined Products Services 288.4 249.4 835.9 803.1 Total segment gross operating margin $ 2,051.4 $ 2,123.6 $ 6,266.0 $ 5,160.0 The following table summarizes our unrealized mark-to-market gains (losses) included in gross operating margin and interest expense for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (0.7 ) $ 0.1 $ (0.1 ) $ 7.9 Crude Oil Pipelines & Services 9.8 200.2 95.0 (267.4 ) Natural Gas Pipelines & Services 1.3 4.7 1.3 5.9 Petrochemical & Refined Products Services (1.3 ) (0.9 ) (3.3 ) (1.2 ) Total mark-to-market impact on gross operating margin 9.1 204.1 92.9 (254.8 ) Mark-to-market loss in interest expense (94.9 ) – (94.9 ) (0.1 ) Total $ (85.8 ) $ 204.1 $ (2.0 ) $ (254.9 ) For information regarding our hedging activities, see Note 13. 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 September 30, 2019 $ 3,250.1 $ 2,467.9 $ 712.3 $ 1,518.2 $ – $ 7,948.5 Three months ended September 30, 2018 4,616.7 2,490.7 846.4 1,617.9 – 9,571.7 Nine months ended September 30, 2019 9,843.9 7,916.5 2,451.6 4,518.2 – 24,730.2 Nine months ended September 30, 2018 11,295.1 8,777.2 2,437.9 4,747.2 – 27,257.4 Revenues from related parties: Three months ended September 30, 2019 2.0 10.4 3.2 – – 15.6 Three months ended September 30, 2018 6.2 4.2 3.8 – – 14.2 Nine months ended September 30, 2019 7.3 35.7 10.7 – – 53.7 Nine months ended September 30, 2018 14.8 69.8 9.9 – – 94.5 Intersegment and intrasegment revenues: Three months ended September 30, 2019 4,729.3 9,479.7 141.7 558.1 (14,908.8 ) – Three months ended September 30, 2018 6,814.9 6,278.8 186.6 844.3 (14,124.6 ) – Nine months ended September 30, 2019 14,715.5 26,818.0 500.2 1,890.4 (43,924.1 ) – Nine months ended September 30, 2018 19,384.4 27,683.6 522.5 2,241.6 (49,832.1 ) – Total revenues: Three months ended September 30, 2019 7,981.4 11,958.0 857.2 2,076.3 (14,908.8 ) 7,964.1 Three months ended September 30, 2018 11,437.8 8,773.7 1,036.8 2,462.2 (14,124.6 ) 9,585.9 Nine months ended September 30, 2019 24,566.7 34,770.2 2,962.5 6,408.6 (43,924.1 ) 24,783.9 Nine months ended September 30, 2018 30,694.3 36,530.6 2,970.3 6,988.8 (49,832.1 ) 27,351.9 Equity in income (loss) of unconsolidated affiliates: Three months ended September 30, 2019 25.9 113.2 1.6 (1.4 ) – 139.3 Three months ended September 30, 2018 28.3 83.7 2.1 (2.1 ) – 112.0 Nine months ended September 30, 2019 82.7 348.8 4.9 (5.1 ) – 431.3 Nine months ended September 30, 2018 87.1 265.1 4.7 (6.9 ) – 350.0 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 September 30, 2019 $ 16,212.2 $ 6,316.2 $ 8,320.5 $ 6,356.3 $ 3,558.1 $ 40,763.3 At December 31, 2018 14,845.4 5,847.7 8,303.8 6,213.9 3,526.8 38,737.6 Investments in unconsolidated affiliates: (see Note 5) At September 30, 2019 690.9 1,877.2 31.4 61.4 – 2,660.9 At December 31, 2018 662.0 1,867.5 22.8 62.8 – 2,615.1 Intangible assets, net: At September 30, 2019 366.7 2,023.4 951.4 147.9 – 3,489.4 At December 31, 2018 380.1 2,094.6 979.3 154.4 – 3,608.4 Goodwill: At September 30, 2019 2,651.7 1,841.0 296.3 956.2 – 5,745.2 At December 31, 2018 2,651.7 1,841.0 296.3 956.2 – 5,745.2 Segment assets: At September 30, 2019 19,921.5 12,057.8 9,599.6 7,521.8 3,558.1 52,658.8 At December 31, 2018 18,539.2 11,650.8 9,602.2 7,387.3 3,526.8 50,706.3 Supplemental 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Consolidated revenues: NGL Pipelines & Services $ 3,252.1 $ 4,622.9 $ 9,851.2 $ 11,309.9 Crude Oil Pipelines & Services 2,478.3 2,494.9 7,952.2 8,847.0 Natural Gas Pipelines & Services 715.5 850.2 2,462.3 2,447.8 Petrochemical & Refined Products Services 1,518.2 1,617.9 4,518.2 4,747.2 Total consolidated revenues $ 7,964.1 $ 9,585.9 $ 24,783.9 $ 27,351.9 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 5,276.5 $ 6,838.9 $ 16,721.5 $ 20,371.2 Other operating costs and expenses (1) 790.8 735.7 2,243.4 2,143.1 Depreciation, amortization and accretion 467.1 429.4 1,380.8 1,249.0 Asset impairment and related charges 39.4 4.6 51.2 21.4 Ne t gains (0.1 ) (6.7 ) (2.6 ) (8.1 ) General and administrative costs 55.5 52.7 160.2 157.1 Total consolidated costs and expenses $ 6,629.2 $ 8,054.6 $ 20,554.5 $ 23,933.7 (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. Fluctuations in our product sales revenues and related cost of sales amounts are explained in part by changes in energy commodity prices. In general, lower energy commodity prices result in a decrease in our revenues attributable to product sales; however, these lower commodity prices also decrease the associated cost of sales as purchase costs are lower. The same type of correlation would be true in the case of higher energy commodity sales prices and purchase costs. |
Earnings Per Unit
Earnings Per Unit | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Note 11. 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 1,019.2 $ 1,313.2 $ 3,494.4 $ 2,887.7 Undistributed earnings allocated and cash payments on phantom unit awards (1) (6.1 ) (6.2 ) (21.3 ) (15.5 ) Net income available to common unitholders $ 1,013.1 $ 1,307.0 $ 3,473.1 $ 2,872.2 Basic weighted-average number of common units outstanding 2,189.1 2,179.9 2,188.4 2,173.8 Basic earnings per unit $ 0.46 $ 0.60 $ 1.59 $ 1.32 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 1,019.2 $ 1,313.2 $ 3,494.4 $ 2,887.7 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,189.1 2,179.9 2,188.4 2,173.8 Phantom units (1) 13.2 10.6 13.1 10.6 Total 2,202.3 2,190.5 2,201.5 2,184.4 Diluted earnings per unit $ 0.46 $ 0.60 $ 1.59 $ 1.32 (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 EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
Equity-Based Awards
Equity-Based Awards | 9 Months Ended |
Sep. 30, 2019 | |
Equity-based Awards [Abstract] | |
Equity-based Awards | Note 12. 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Equity-classified awards: Phantom unit awards $ 34.7 $ 24.2 $ 99.6 $ 74.7 Profits interest awards 2.5 1.2 8.1 3.8 Liability-classified awards 0.1 0.1 0.1 0.3 Total $ 37.3 $ 25.5 $ 107.8 $ 78.8 The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of common units upon vesting. Compensation expense for liability-classified awards is recognized over the requisite service or vesting period based on the fair value of the award remeasured at each reporting date. Liability-classified awards are settled in cash upon vesting. Phantom Unit Awards Phantom unit awards allow recipients to acquire EPD 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. 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 December 31, 2018 10,333,277 $ 26.97 Granted (2) 6,851,920 $ 27.75 Vested (3,810,666 ) $ 27.54 Forfeited (268,621 ) $ 27.21 Phantom unit awards at September 30, 2019 13,105,910 $ 27.21 (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 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $27.75 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards. Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable and 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Cash payments made in connection with DERs $ 5.9 $ 4.6 $ 16.4 $ 13.2 Total intrinsic value of phantom unit awards that vested during period 7.2 4.5 108.9 89.6 The unrecognized compensation cost associated with phantom unit awards was $172.5 million at September 30, 2019, of which our share of the cost is currently estimated to be $144.2 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 2.1 years. Profits Interest Awards EPCO has established five limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a profits interest in one or more of the Employee Partnerships. At , our share of the total unrecognized compensation cost related to the Employee Partnerships was $ |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 13. Derivative Instruments, Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. Interest Rate Hedging Activities We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), 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. Swaptions In January and July 2019, we sold options to be put into forward-starting swaps, or swaptions, if the market rate of interest fell below the strike rate of the option upon expiration of the derivative instrument. The premiums we realized upon sale of the swaptions are reflected as a $13.3 million and $23.1 million reduction in interest expense for the three and nine months ended September 30, 2019, respectively. Due to declining interest rates, the counterparties to the swaptions sold in July 2019 exercised their right to put us into forward-starting swaps on September 30, 2019 having an aggregate notional value of $ billion on September 30, 2019. Forward-starting swaps hedge the risk of an increase in underlying benchmark interest rates during the period of time between the inception date of the swap agreement and the future date of debt issuance. Under the terms of the forward-starting swaps, we will pay to the counterparties (at the expected settlement dates of the instruments) amounts based on a -year fixed interest rate applied to the notional amount and receive from the counterparties an amount equal to a -year variable interest rate on the same notional amount. On September 30, 2019, the weighted-average fixed interest rate of the forward-starting swaps was , which was higher than the then applicable variable interest rate. As a result, we incurred an unrealized, mark-to-market loss at inception totaling $ million that is reflected as an increase in interest expense for the three and nine months ended September 30, 2019. Prospectively, we will account for the forward-starting swaps as cash flow hedges, with any subsequent gains or losses on these derivative instruments reflected as a component of other comprehensive income and amortized to earnings (through interest expense) over the -year period of the associated future debt issuance. Although we incurred a loss upon the exercise of these derivative instruments, we believe that the fixed interest rates that we will pay in connection with these forward-starting swaps are very favorable when compared to historical 30-year rates. Settlement of amounts accrued under the ten forward-starting swaps, including any gains or losses incurred from changes in interest rates between now and the contractual settlement dates, will occur at their respective expiration dates in September 2020 and April 2021. Forward-Starting Swaps The following table summarizes our portfolio of 30-year forward-starting swaps at September 30, 2019, all of which are associated with the expected future issuance of senior notes. Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Weighted-Average Fixed Rate Locked Accounting Treatment Future long-term debt offering 1 forward-starting swap (1) $75.0 9/2020 2.39% Cash flow hedge Future long-term debt offering 1 forward-starting swap (1) $75.0 4/2021 2.41% Cash flow hedge Future long-term debt offering 5 forward-starting swaps (2) $500.0 9/2020 2.12% Cash flow hedge Future long-term debt offering 5 forward-starting swaps (2) $500.0 4/2021 2.13% Cash flow hedge (1) These swaps were entered into in May 2019. (2) These swaps were entered into in September 2019 as a result of the swaption exercise. In total, the notional amount of forward-starting swaps outstanding at September 30, 2019 was $1.15 billion. The weighted-average fixed interest rate of these derivative instruments is 2.16%. 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 September 30, 2019, 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 following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2019 (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”)) 15.2 n/a Cash flow hedge Forecasted sales of NGLs 1.8 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (MMBbls) 1.0 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 8.1 1.6 Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 3.2 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 100.0 1.5 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 121.7 1.2 Cash flow hedge NGLs inventory management activities (MMBbls) 0.3 n/a Fair value hedge Refined products marketing: Forecasted purchases of refined products (MMBbls) 0.9 n/a Cash flow hedge Forecasted sales of refined products (MMBbls) 0.9 n/a Cash flow hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 10.4 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 13.8 n/a Cash flow hedge Propylene marketing: Forecasted sales of NGLs for propylene marketing activities (MMBbls) 0.3 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3) 38.2 0.6 Mark-to-market NGL risk management activities (MMBbls) (3) 2.4 n/a Mark-to-market Refined products risk management activities (MMBbls) (3) 7.6 n/a Mark-to-market Crude oil risk management activities (MMBbls) (3) 22.2 6.1 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 January 2021, December 2019 and December 2022, respectively. (3) 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 $21.1 million and $50.2 million at September 30, 2019 and December 31, 2018, 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 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 $ – Current assets $ – Current liabilities $ 11.8 Current liabilities $ – Interest rate derivatives Other assets – Other assets – Other liabilities 11.9 Other liabilities – Total interest rate derivatives – – 23.7 – Commodity derivatives Current assets 149.3 Current assets 138.5 Current liabilities 139.2 Current liabilities 115.0 Commodity derivatives Other assets 5.6 Other assets 5.6 Other liabilities 6.8 Other liabilities 11.1 Total commodity derivatives 154.9 144.1 146.0 126.1 Total derivatives designated as hedging instruments $ 154.9 $ 144.1 $ 169.7 $ 126.1 Derivatives not designated as hedging instruments Interest rate derivatives Current assets $ – Current assets $ – Current liabilities $ 47.2 Current liabilities $ – Interest rate derivatives Other assets – Other assets – Other liabilities 47.7 Other liabilities – Total interest rate derivatives – – 94.9 – Commodity derivatives Current assets 16.7 Current assets 15.9 Current liabilities 4.2 Current liabilities 33.2 Commodity derivatives Other assets 1.0 Other assets 1.9 Other liabilities 0.3 Other liabilities 3.1 Total commodity derivatives 17.7 17.8 4.5 36.3 Total derivatives not designated as hedging instruments $ 17.7 $ 17.8 $ 99.4 $ 36.3 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 September 30, 2019: Commodity derivatives $ 172.6 $ – $ 172.6 $ (149.0 ) $ – $ (22.4 ) $ 1.2 As of December 31, 2018: Commodity derivatives $ 161.9 $ – $ 161.9 $ (158.6 ) $ – $ – $ 3.3 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 September 30, 2019: Interest rate derivatives $ 118.6 $ – $ 118.6 $ – $ – $ – $ 118.6 Commodity derivatives 150.5 – 150.5 (149.0 ) – 0.3 1.8 As of December 31, 2018: Commodity derivatives $ 162.4 $ – $ 162.4 $ (158.6 ) $ – $ (2.3 ) $ 1.5 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ – $ – $ – $ 1.3 Commodity derivatives Revenue (0.4 ) (1.4 ) (2.0 ) 3.2 Total $ (0.4 ) $ (1.4 ) $ (2.0 ) $ 4.5 Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Hedged Item For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ – $ – $ – $ (1.4 ) Commodity derivatives Revenue 2.4 3.7 8.7 1.9 Total $ 2.4 $ 3.7 $ 8.7 $ 0.5 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives $ (18.6 ) $ 6.1 $ (23.8 ) $ 20.7 Commodity derivatives – Revenue (1) 73.5 (145.5 ) 71.1 (156.7 ) Commodity derivatives – Operating costs and expenses (1) (1.2 ) (0.3 ) (12.5 ) 0.7 Total $ 53.7 $ (139.7 ) $ 34.8 $ (135.3 ) (1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. Derivatives in Cash Flow Hedging Relationships Location Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ (9.4 ) $ (9.1 ) $ (27.8 ) $ (29.0 ) Commodity derivatives Revenue 93.6 53.9 161.4 28.5 Commodity derivatives Operating costs and expenses (2.1 ) (0.4 ) (9.4 ) 0.3 Total $ 82.1 $ 44.4 $ 124.2 $ (0.2 ) Over the next twelve months, we expect to reclassify $39.1 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 $66.3 million of gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $68.1 million as an increase in revenue and $1.8 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ (94.9 ) $ – $ (94.9 ) $ – Commodity derivatives Revenue 21.8 21.8 96.7 (538.0 ) Commodity derivatives Operating costs and expenses (1.6 ) (2.7 ) (6.3 ) (4.2 ) Total $ (74.7 ) $ 19.1 $ (4.5 ) $ (542.2 ) The $4.5 million loss recognized for the nine months ended September 30, 2019 (as noted in the preceding table) from designated as hedging instruments consists of (i) $0.7 million of realized losses and $91.1 million of net unrealized mark-to-market gains attributable to commodity derivatives and (ii) $94.9 million of unrealized mark-to-market losses attributable to interest rate derivatives. In total and inclusive of both fair value hedges and derivatives not designated as hedging instruments, we recognized a net $2.0 million mark-to-market loss for the nine months ended September 30, 2019 consisting of (i) $92.9 million of net unrealized mark-to-market gains attributable to commodity derivatives and (ii) $94.9 million of unrealized mark-to-market losses attributable to interest rate derivatives. 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 Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this 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. At September 30, 2019 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: Commodity derivatives: Value before application of CME Rule 814 $ 54.0 $ 365.4 $ 14.5 $ 433.9 Impact of CME Rule 814 (44.8 ) (206.3 ) (10.2 ) (261.3 ) Total commodity derivatives 9.2 159.1 4.3 172.6 Total $ 9.2 $ 159.1 $ 4.3 $ 172.6 Financial liabilities: Liquidity Option Agreement (see Note 15) $ – $ – $ 513.1 $ 513.1 Interest rate derivatives – 118.6 – 118.6 Commodity derivatives: Value before application of CME Rule 814 39.8 268.3 47.9 356.0 Impact of CME Rule 814 (31.0 ) (138.5 ) (36.0 ) (205.5 ) Total commodity derivatives 8.8 129.8 11.9 150.5 Total $ 8.8 $ 248.4 $ 525.0 $ 782.2 At December 31, 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: Commodity derivatives: Value before application of CME Rule 814 $ 172.3 $ 282.4 $ 2.2 $ 456.9 Impact of CME Rule 814 (134.8 ) (159.3 ) (0.9 ) (295.0 ) Total commodity derivatives 37.5 123.1 1.3 161.9 Total $ 37.5 $ 123.1 $ 1.3 $ 161.9 Financial liabilities: Liquidity Option Agreement (see Note 15) $ – $ – $ 390.0 $ 390.0 Commodity derivatives: Value before application of CME Rule 814 85.5 291.2 21.4 398.1 Impact of CME Rule 814 (48.6 ) (172.9 ) (14.2 ) (235.7 ) Total commodity derivatives 36.9 118.3 7.2 162.4 Total $ 36.9 $ 118.3 $ 397.2 $ 552.4 In the aggregate, the fair value of our commodity hedging portfolios at was a net derivative asset of $ The following Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 0.5 $ 0.2 Discounted cash flow Forward commodity prices $54.11-$54.78/barrel Commodity derivatives – Propane 1.2 3.7 Discounted cash flow Forward commodity prices $0.43-$0.49/gallon Commodity derivatives – Natural gasoline – 4.3 Discounted cash flow Forward commodity prices $0.96-$1.04/gallon Commodity derivatives – Ethane 1.5 1.3 Discounted cash flow Forward commodity prices $0.18-$0.19/gallon Commodity derivatives – Normal Butane 0.5 2.2 Discounted cash flow Forward commodity prices $0.48-$0.56/gallon Commodity derivatives – Isobutane 0.6 0.2 Discounted cash flow Forward commodity prices $0.53-$0.64/gallon Total $ 4.3 $ 11.9 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 September 30, 2019. 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. 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: test For the Nine Months Ended September 30, test Location 2019 2018 Financial asset (liability) balance, net, January 1 $ (395.9 ) $ (332.7 ) Total gains (losses) included in: Net income (1) Revenue 3.1 (0.5 ) Net income Other expense, net (57.8 ) (7.5 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges 4.0 – Settlements (1) Revenue (0.1 ) (1.2 ) Transfers out of Level 3 (0.2 ) – Financial asset (liability) balance, net, March 31 (446.9 ) (341.9 ) Total gains (losses) included in: Net income (1) Revenue (0.1 ) 1.3 Net income Other expense, net (26.6 ) (8.9 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges (2.9 ) – Settlements (1) Revenue (3.1 ) 0.5 Transfers out of Level 3 – – Financial asset (liability) balance, net, June 30 (479.6 ) (349.0 ) Total gains (losses) included in: Net income (1) Revenue 0.8 (0.2 ) Net income Other expense, net (38.7 ) (18.5 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges (3.2 ) 2.8 Settlements (1) Revenue – (1.3 ) Transfers out of Level 3 – – Financial asset (liability) balance, net, September 30 $ (520.7 ) $ (366.2 ) (1 There were $0.8 million and $0.6 million of unrealized gains included in these amounts for the three and nine months ended September 30, 2019, respectively. There were unrealized losses of $1.5 million and $1.4 million, respectively, included in these amounts for the three and nine months ended September 30, 2018. Nonrecurring Fair Value Measurements Non-cash asset impairment charges for the nine months ended September 30, 2019 were $51.3 million compared to $21.4 million for the nine months ended September 30, 2018. Charges for 2019 primarily relate to assets retired during the quarter whose operations have ceased. Impairment charges are a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations. 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 $31.01 billion and $25.97 billion at September 30, 2019 and December 31, 2018, respectively. The aggregate carrying value of these debt obligations was $27.95 billion and $26.15 billion at September 30, 2019 and December 31, 2018, respectively. These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14. Related Party Transactions The following table summarizes our related party transactions for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Revenues – related parties: Unconsolidated affiliates $ 15.6 $ 14.2 $ 53.7 $ 94.5 Costs and expenses – related parties: EPCO and its privately held affiliates $ 297.8 $ 285.9 $ 837.9 $ 802.8 Unconsolidated affiliates 94.7 110.0 313.3 351.4 Total $ 392.5 $ 395.9 $ 1,151.2 $ 1,154.2 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: September 30, 2019 December 31, 2018 Accounts receivable - related parties: Unconsolidated affiliates $ 2.0 $ 3.5 Accounts payable - related parties: EPCO and its privately held affiliates $ 106.6 $ 116.3 Unconsolidated affiliates 18.9 23.9 Total $ 125.5 $ 140.2 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 September 30, 2019, 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 698,313,137 31.9% 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 September 30, 2019. 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 EPD’s 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 nine months ended September 30, 2019 and 2018, we paid EPCO and its privately held affiliates cash distributions totaling $893.1 million and $867.4 million, respectively. From time-to-time, EPCO and its privately held affiliates elect to purchase additional common units under EPD’s DRIP and ATM program. During the nine months ended September 30, 2019, privately held affiliates of EPCO reinvested $21.6 million through the DRIP. See Note 8 for additional information regarding the 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Operating costs and expenses $ 259.3 $ 246.6 $ 732.0 $ 697.6 General and administrative expenses 34.2 35.0 92.9 92.6 Total costs and expenses $ 293.5 $ 281.6 $ 824.9 $ 790.2 We lease office space from privately held affiliates of EPCO. The rental rates in these lease agreements approximate market rates. For the three and , we recognized $ $ For the three and , we recognized $ $ |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 15. 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. Our accruals for litigation contingencies were $0.5 million at September 30, 2019 and December 31, 2018 and recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.” Energy Transfer Matter In connection with a proposed pipeline project, we and ETP signed a non-binding letter of intent in April 2011 that disclaimed any partnership or joint venture related to such project absent executed definitive documents and board approvals of the respective companies. Definitive agreements were never executed and board approval was never obtained for the potential pipeline project. In August 2011, the proposed pipeline project was cancelled due to a lack of customer support. In September 2011, ETP filed suit against us and a third party in connection with the cancelled project alleging, among other things, that we and ETP had formed a “partnership.” The case was tried in the District Court of Dallas County, Texas, 298th Judicial District. While we firmly believe, and argued during our defense, that no agreement was ever executed forming a legal joint venture or partnership between the parties, the jury found that the actions of the two companies, nevertheless, constituted a legal partnership. As a result, the jury found that ETP was wrongfully excluded from a subsequent pipeline project involving a third party, and awarded ETP $319.4 million in actual damages on March 4, 2014. On July 29, 2014, the trial court entered judgment against us in an aggregate amount of $535.8 million, which included (i) $319.4 million as the amount of actual damages awarded by the jury, (ii) an additional $150.0 million in disgorgement for the alleged benefit we received due to a breach of fiduciary duties by us against ETP and (iii) prejudgment interest in the amount of $66.4 million. The trial court also awarded post-judgment interest on such aggregate amount, to accrue at a rate of 5%, compounded annually. We filed our Brief of the Appellant in the Court of Appeals for the Fifth District of Dallas, Texas on March 30, 2015 and ETP filed its Brief of Appellees on June 29, 2015. We filed our Reply Brief of Appellant on September 18, 2015. Oral argument was conducted on April 20, 2016, and the case was then submitted to the Court of Appeals for its consideration. On July 18, 2017, a panel of the Dallas 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 $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. On December 27, 2017, ETP filed its Petition for Review with the Supreme Court of Texas and we filed our Response to the Petition for Review on February 26, 2018. On June 8, 2018, the Supreme Court of Texas requested that the parties file briefs on the merits, and the parties filed their respective submittals. On June 28, 2019, the Supreme Court of Texas requested oral argument, which was held on October 8, 2019. 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 In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our propane dehydrogenation (“PDH”) facility. In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC (“OPD”), to complete the construction and installation of the PDH facility. 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 We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $28.20 billion and $26.42 billion at September 30, 2019 and December 31, 2018, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal. Lease Accounting Matters The following table presents information regarding our operating leases where we are the lessee at September 30, 2019: Asset Category ROU Asset Carrying Value Lease Liability Carrying Value Weighted- Average Remaining Term Weighted- Average Discount Rate Storage and pipeline facilities $ 141.0 $ 141.6 16 years 4.3% Transportation equipment 56.6 4 years 3.4% Office and warehouse space 22.9 2 years 3.5% Total $ 219.5 $ 221.1 (1) ROU asset amounts are a component of “Other assets” on our consolidated balance sheet. (2) At September 30, 2019, lease liabilities of $39.2 million and $181.9 million were included within “Other current liabilities” and “Other liabilities,” respectively. (3) The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842. The following table disaggregates our operating lease expense for the periods indicated For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Long-term operating leases: Fixed lease expense $ 12.8 $ 39.3 Variable lease expense 1.6 4.5 Subtotal operating lease expense 14.4 43.8 Short-term lease expense 12.4 35.9 Total operating lease expense $ 26.8 $ 79.7 In total, operating lease expense was $26.8 million and $27.6 million for the three months ended September 30, 2019 and 2018, respectively. During the nine months ended September 30, 2019 and 2018 operating lease expense was $79.7 million and $79.0 million, respectively. Operating lease expense represents less than 1% of “Operating costs and expenses” as presented on our consolidated statements of operations. Fixed lease expense is charged to earnings on a straight-line basis over the contractual term, with any variable lease payments expensed as incurred. Short-term lease expense is expensed as incurred. We recognized $246.1 million in ROU assets and lease liabilities for long-term operating leases at January 1, 2019 in connection with the adoption of ASC 842. These amounts represented less than 1% of our total consolidated assets and liabilities, respectively, at the adoption date. On an undiscounted basis, our long-term operating lease obligations aggregated to $314.4 million at January 1, 2019. Under ASC 842, lessors classify leases as either operating, direct financing or sales-type. We do not have any significant operating or direct financing leases. Our operating lease income for the three and nine months ended September 30, 2019 was $ million and $ million, respectively, which represented less than of our consolidated revenues. We do not have any sales-type leases. Our operating lease commitments at September 30, 2019 did not differ materially from those reported in our 2018 Form 10-K. Purchase Obligations During the nine months ended September 30, 2019, we entered into additional long-term purchase commitments for NGLs with third-party suppliers. On a combined basis, these new agreements increased our estimated long-term purchase obligations by $3.6 billion, with $1.3 billion committed over the next five years and $2.3 billion thereafter. At September 30, 2019, our estimated long-term purchase obligations totaled $12.7 billion after reflecting the agreements added during the first nine months of 2019 and those commitments that expired during the year. At December 31, 2018, our estimated long-term purchase obligations totaled $10.8 billion. Liquidity Option Agreement We entered into a put option agreement (the “Liquidity Option Agreement” or “Liquidity Option”) with Oiltanking Holding Americas, Inc. (“OTA”) and Marquard & Bahls AG (“M&B”), a German corporation and the ultimate parent company of OTA, in connection with the first step of the Oiltanking acquisition in 2014 (“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 during this period, we would indirectly acquire the EPD common units then owned by OTA, currently 54,807,352 units, and assume all future income tax obligations of OTA associated with (i) owning common units encumbered by the entity-level taxes of a U.S. corporation and (ii) any associated net deferred taxes. If we assume net deferred tax liabilities that exceed the then-current book value of the Liquidity Option liability at the exercise date, we will 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 $513.1 million and $390.0 million at September 30, 2019 and December 31, 2018, respectively. The fair value of the Liquidity Option, at any measurement date, represents the present value of estimated federal and state income tax payments that we believe a market participant would incur on the future taxable income of OTA. We expect that OTA’s taxable income would, in turn, be based on an allocation of our partnership’s taxable income to the common units held by OTA and reflect certain tax planning strategies we believe could be employed. Changes in the fair value of the Liquidity Option are recognized in earnings as a component of other income (expense) on our Statements of Consolidated Operations. Results for the three and nine months ended September 30, 2019 include $ million and $ million, respectively, of non-cash expense attributable to the Liquidity Option. Expense recognized during 2019 is primarily due to a decrease in the applicable midstream industry weighted-average cost of capital, which is used as the discount factor in determining the present value of the liability, since December 31, 2018. The remainder of the inputs to the valuation model have not materially changed since those reported under Note 17 of the Form 10-K. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 16. Supplemental Cash Flow Information The following table presents the net effect of changes in our operating accounts for the periods indicated: For the Nine Months Ended September 30, 2019 2018 Decrease (increase) in: Accounts receivable – trade $ (578.0 ) $ 123.1 Accounts receivable – related parties 1.6 (0.3 ) Inventories (44.2 ) (474.2 ) Prepaid and other current assets (305.3 ) (124.7 ) Other assets (18.3 ) (9.9 ) Increase (decrease) in: Accounts payable – trade (55.4 ) 213.1 Accounts payable – related parties 31.0 47.4 Accrued product payables 666.6 356.9 Accrued interest (158.4 ) (167.5 ) Other current liabilities 133.6 (261.7 ) Other liabilities (82.2 ) 35.9 Net effect of changes in operating accounts $ (409.0 ) $ (261.9 ) We incurred liabilities for construction in progress that had not been paid at September 30, 2019 and December 31, 2018 of $490.5 million and $567.6 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. Acquisition of Delaware Processing In March 2018, we acquired the remaining 50% member interest in our Delaware Basin Gas Processing LLC (“Delaware Processing”) joint venture for $150.6 million. As a result, Delaware Processing became our wholly-owned consolidated subsidiary. 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 during 2018. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Note 17. Condensed Consolidating Financial Information EPO conducts all of our business. Currently, we have no independent operations and no material assets outside those of EPO. EPO has issued publicly traded debt securities. As the parent company of EPO, EPD guarantees substantially all of the debt obligations of EPO. If EPO were to default on any of its guaranteed debt, EPD 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 EPD. Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 1,004.2 $ 235.7 $ (32.1 ) $ 1,207.8 $ – $ – $ 1,207.8 Accounts receivable – trade, net 1,223.0 3,039.4 (0.7 ) 4,261.7 – – 4,261.7 Accounts receivable – related parties 190.8 905.5 (1,086.2 ) 10.1 – (8.1 ) 2.0 Inventories 1,078.5 566.5 (0.3 ) 1,644.7 – – 1,644.7 Derivative assets 138.1 27.9 – 166.0 – – 166.0 Prepaid and other current assets 275.0 402.4 (46.2 ) 631.2 0.3 0.1 631.6 Total current assets 3,909.6 5,177.4 (1,165.5 ) 7,921.5 0.3 (8.0 ) 7,913.8 Property, plant and equipment, net 6,285.6 34,522.8 (45.1 ) 40,763.3 – – 40,763.3 Investments in unconsolidated affiliates 44,827.7 4,174.0 (46,340.8 ) 2,660.9 25,016.0 (25,016.0 ) 2,660.9 Intangible assets, net 642.0 2,860.6 (13.2 ) 3,489.4 – – 3,489.4 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 373.5 290.7 (222.4 ) 441.8 0.9 – 442.7 Total assets $ 56,497.9 $ 52,311.2 $ (47,787.0 ) $ 61,022.1 $ 25,017.2 $ (25,024.0 ) $ 61,015.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,300.0 $ – $ – $ 2,300.0 $ – $ – $ 2,300.0 Accounts payable – trade 297.1 792.8 (32.1 ) 1,057.8 – – 1,057.8 Accounts payable – related parties 1,042.3 182.7 (1,099.5 ) 125.5 8.1 (8.1 ) 125.5 Accrued product payables 1,490.3 2,709.6 (1.1 ) 4,198.8 – – 4,198.8 Accrued interest 237.1 3.2 (3.1 ) 237.2 – – 237.2 Derivative liabilities 194.3 8.1 – 202.4 – – 202.4 Other current liabilities 121.3 469.5 (43.0 ) 547.8 – – 547.8 Total current liabilities 5,682.4 4,165.9 (1,178.8 ) 8,669.5 8.1 (8.1 ) 8,669.5 Long-term debt 25,624.5 14.7 – 25,639.2 – – 25,639.2 Deferred tax liabilities 21.0 68.9 (1.2 ) 88.7 – 2.7 91.4 Other long-term liabilities 195.5 603.0 (221.9 ) 576.6 513.1 – 1,089.7 Commitments and contingencies Equity: Partners’ and other owners’ equity 24,974.5 47,392.8 (47,381.8 ) 24,985.5 24,496.0 (24,985.5 ) 24,496.0 Noncontrolling interests – 65.9 996.7 1,062.6 – (33.1 ) 1,029.5 Total equity 24,974.5 47,458.7 (46,385.1 ) 26,048.1 24,496.0 (25,018.6 ) 25,525.5 Total liabilities and equity $ 56,497.9 $ 52,311.2 $ (47,787.0 ) $ 61,022.1 $ 25,017.2 $ (25,024.0 ) $ 61,015.3 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 EPD (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 September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 8,268.7 $ 5,238.9 $ (5,543.5 ) $ 7,964.1 $ – $ – $ 7,964.1 Costs and expenses: Operating costs and expenses 7,950.9 4,166.6 (5,543.8 ) 6,573.7 – – 6,573.7 General and administrative costs 9.4 45.4 0.4 55.2 0.3 – 55.5 Total costs and expenses 7,960.3 4,212.0 (5,543.4 ) 6,628.9 0.3 – 6,629.2 Equity in income of unconsolidated affiliates 1,131.9 167.1 (1,159.7 ) 139.3 1,058.2 (1,058.2 ) 139.3 Operating income 1,440.3 1,194.0 (1,159.8 ) 1,474.5 1,057.9 (1,058.2 ) 1,474.2 Other income (expense): Interest expense (383.2 ) (2.6 ) 2.9 (382.9 ) – – (382.9 ) Other, net 8.7 1.8 (2.9 ) 7.6 (38.7 ) – (31.1 ) Total other expense, net (374.5 ) (0.8 ) – (375.3 ) (38.7 ) – (414.0 ) Income before income taxes 1,065.8 1,193.2 (1,159.8 ) 1,099.2 1,019.2 (1,058.2 ) 1,060.2 Provision for income taxes (8.5 ) (6.6 ) – (15.1 ) – (0.3 ) (15.4 ) Net income 1,057.3 1,186.6 (1,159.8 ) 1,084.1 1,019.2 (1,058.5 ) 1,044.8 Net income attributable to noncontrolling interests – (1.5 ) (25.4 ) (26.9 ) – 1.3 (25.6 ) Net income attributable to entity $ 1,057.3 $ 1,185.1 $ (1,185.2 ) $ 1,057.2 $ 1,019.2 $ (1,057.2 ) $ 1,019.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 11,395.5 $ 6,039.5 $ (7,849.1 ) $ 9,585.9 $ – $ – $ 9,585.9 Costs and expenses: Operating costs and expenses 11,086.5 4,764.8 (7,849.4 ) 8,001.9 – – 8,001.9 General and administrative costs 8.0 43.6 0.8 52.4 0.3 – 52.7 Total costs and expenses 11,094.5 4,808.4 (7,848.6 ) 8,054.3 0.3 – 8,054.6 Equity in income of unconsolidated affiliates 1,313.4 146.8 (1,348.2 ) 112.0 1,332.0 (1,332.0 ) 112.0 Operating income 1,614.4 1,377.9 (1,348.7 ) 1,643.6 1,331.7 (1,332.0 ) 1,643.3 Other income (expense): Interest expense (279.8 ) (2.5 ) 2.8 (279.5 ) – – (279.5 ) Other, net 2.6 0.5 (2.8 ) 0.3 (18.5 ) – (18.2 ) Total other expense, net (277.2 ) (2.0 ) – (279.2 ) (18.5 ) – (297.7 ) Income before income taxes 1,337.2 1,375.9 (1,348.7 ) 1,364.4 1,313.2 (1,332.0 ) 1,345.6 Provision for income taxes (5.9 ) (4.8 ) – (10.7 ) – (0.3 ) (11.0 ) Net income 1,331.3 1,371.1 (1,348.7 ) 1,353.7 1,313.2 (1,332.3 ) 1,334.6 Net income attributable to noncontrolling interests – (2.4 ) (20.5 ) (22.9 ) – 1.5 (21.4 ) Net income attributable to entity $ 1,331.3 $ 1,368.7 $ (1,369.2 ) $ 1,330.8 $ 1,313.2 $ (1,330.8 ) $ 1,313.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 25,664.8 $ 16,618.5 $ (17,499.4 ) $ 24,783.9 $ – $ – $ 24,783.9 Costs and expenses: Operating costs and expenses 24,670.6 13,216.2 (17,492.5 ) 20,394.3 – – 20,394.3 General and administrative costs 22.6 133.4 2.3 158.3 1.9 – 160.2 Total costs and expenses 24,693.2 13,349.6 (17,490.2 ) 20,552.6 1.9 – 20,554.5 Equity in income of unconsolidated affiliates 3,606.9 496.8 (3,672.4 ) 431.3 3,619.4 (3,619.4 ) 431.3 Operating income 4,578.5 3,765.7 (3,681.6 ) 4,662.6 3,617.5 (3,619.4 ) 4,660.7 Other income (expense): Interest expense (950.9 ) (7.8 ) 8.5 (950.2 ) – – (950.2 ) Other, net 16.0 4.2 (8.5 ) 11.7 (123.1 ) – (111.4 ) Total other expense, net (934.9 ) (3.6 ) – (938.5 ) (123.1 ) – (1,061.6 ) Income before income taxes 3,643.6 3,762.1 (3,681.6 ) 3,724.1 3,494.4 (3,619.4 ) 3,599.1 Provision for income taxes (18.2 ) (18.3 ) – (36.5 ) – (0.9 ) (37.4 ) Net income 3,625.4 3,743.8 (3,681.6 ) 3,687.6 3,494.4 (3,620.3 ) 3,561.7 Net income attributable to noncontrolling interests – (4.9 ) (66.5 ) (71.4 ) – 4.1 (67.3 ) Net income attributable to entity $ 3,625.4 $ 3,738.9 $ (3,748.1 ) $ 3,616.2 $ 3,494.4 $ (3,616.2 ) $ 3,494.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 31,270.1 $ 18,254.8 $ (22,173.0 ) $ 27,351.9 $ – $ – $ 27,351.9 Costs and expenses: Operating costs and expenses 30,323.2 15,626.9 (22,173.5 ) 23,776.6 – – 23,776.6 General and administrative costs 21.4 132.3 1.4 155.1 2.0 – 157.1 Total costs and expenses 30,344.6 15,759.2 (22,172.1 ) 23,931.7 2.0 – 23,933.7 Equity in income of unconsolidated affiliates 2,812.1 437.8 (2,899.9 ) 350.0 2,924.6 (2,924.6 ) 350.0 Operating income 3,737.6 2,933.4 (2,900.8 ) 3,770.2 2,922.6 (2,924.6 ) 3,768.2 Other income (expense): Interest expense (806.8 ) (7.6 ) 8.2 (806.2 ) – – (806.2 ) Other, net 7.8 41.1 (8.2 ) 40.7 (34.9 ) – 5.8 Total other expense, net (799.0 ) 33.5 – (765.5 ) (34.9 ) – (800.4 ) Income before income taxes 2,938.6 2,966.9 (2,900.8 ) 3,004.7 2,887.7 (2,924.6 ) 2,967.8 Provision for income taxes (17.5 ) (16.2 ) – (33.7 ) – (0.8 ) (34.5 ) Net income 2,921.1 2,950.7 (2,900.8 ) 2,971.0 2,887.7 (2,925.4 ) 2,933.3 Net income attributable to noncontrolling interests – (6.1 ) (43.6 ) (49.7 ) – 4.1 (45.6 ) Net income attributable to entity $ 2,921.1 $ 2,944.6 $ (2,944.4 ) $ 2,921.3 $ 2,887.7 $ (2,921.3 ) $ 2,887.7 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,038.7 $ 1,176.8 $ (1,159.8 ) $ 1,055.7 $ 990.8 $ (1,030.1 ) $ 1,016.4 Comprehensive income attributable to noncontrolling interests – (1.5 ) (25.4 ) (26.9 ) – 1.3 (25.6 ) Comprehensive income attributable to entity $ 1,038.7 $ 1,175.3 $ (1,185.2 ) $ 1,028.8 $ 990.8 $ (1,028.8 ) $ 990.8 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,177.1 $ 1,340.7 $ (1,348.2 ) $ 1,169.6 $ 1,129.1 $ (1,148.2 ) $ 1,150.5 Comprehensive income attributable to noncontrolling interests – (2.4 ) (20.5 ) (22.9 ) – 1.5 (21.4 ) Comprehensive income attributable to entity $ 1,177.1 $ 1,338.3 $ (1,368.7 ) $ 1,146.7 $ 1,129.1 $ (1,146.7 ) $ 1,129.1 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 3,628.6 $ 3,650.6 $ (3,681.6 ) $ 3,597.6 $ 3,404.4 $ (3,530.3 ) $ 3,471.7 Comp rehensive income attrib – (4.9 ) (66.5 ) (71.4 ) – 4.1 (67.3 ) Comprehensive income attributable to entity $ 3,628.6 $ 3,645.7 $ (3,748.1 ) $ 3,526.2 $ 3,404.4 $ (3,526.2 ) $ 3,404.4 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 2,791.2 $ 2,943.9 $ (2,899.7 ) $ 2,835.4 $ 2,752.1 $ (2,789.8 ) $ 2,797.7 Comprehensive income attributable to noncontrolling interests – (6.1 ) (43.6 ) (49.7 ) – 4.1 (45.6 ) Comprehensive income attributable to entity $ 2,791.2 $ 2,937.8 $ (2,943.3 ) $ 2,785.7 $ 2,752.1 $ (2,785.7 ) $ 2,752.1 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 3,625.4 $ 3,743.8 $ (3,681.6 ) $ 3,687.6 $ 3,494.4 $ (3,620.3 ) $ 3,561.7 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 231.5 1,226.5 (1.3 ) 1,456.7 – – 1,456.7 Equity in income of unconsolidated affiliates (3,606.9 ) (496.8 ) 3,672.4 (431.3 ) (3,619.4 ) 3,619.4 (431.3 ) Distributions received on earnings from unconsolidated affiliates 1,170.9 243.0 (982.7 ) 431.2 3,028.9 (3,028.9 ) 431.2 Net effect of changes in operating accounts and other operating activities 2,203.8 (2,549.8 ) 19.1 (326.9 ) 134.6 0.2 (192.1 ) Net cash flows provided by operating activities 3,624.7 2,166.7 (974.1 ) 4,817.3 3,038.5 (3,029.6 ) 4,826.2 Investing activities: Capital expenditures (503.8 ) (2,791.2 ) (7.1 ) (3,302.1 ) – – (3,302.1 ) Cash used for business combination, net of cash received – – – – – – – Proceeds from asset sales 0.9 15.9 – 16.8 – – 16.8 Other investing activities (1,349.5 ) (28.8 ) 1,290.8 (87.5 ) (119.3 ) 119.3 (87.5 ) Cash used in investing activities (1,852.4 ) (2,804.1 ) 1,283.7 (3,372.8 ) (119.3 ) 119.3 (3,372.8 ) Financing activities: Borrowings under debt agreements 44,629.6 – – 44,629.6 – – 44,629.6 Repayments of debt (42,855.2 ) (0.1 ) – (42,855.3 ) – – (42,855.3 ) Cash distributions paid to owners (3,028.9 ) (1,484.8 ) 1,484.8 (3,028.9 ) (2,871.1 ) 3,028.9 (2,871.1 ) Cash payments made in connection with DERs – – – – (16.4 ) – (16.4 ) Cash distributions paid to noncontrolling interests – (7.0 ) (63.4 ) (70.4 ) – 0.7 (69.7 ) Cash contributions from noncontrolling interests – – 590.8 590.8 – – 590.8 Net cash proceeds from issuance of common units – – – – 82.2 – 82.2 Common units acquired in connection with buyback program – – – – (81.1 ) – (81.1 ) Cash contributions from owners 119.3 2,320.3 (2,320.3 ) 119.3 – (119.3 ) – Other financing activities (26.3 ) (5.6 ) – (31.9 ) (32.8 ) – (64.7 ) Cash provided by (used in) financing activities (1,161.5 ) 822.8 (308.1 ) (646.8 ) (2,919.2 ) 2,910.3 (655.7 ) Net change in cash and cash equivalents, including restricted cash 610.8 185.4 1.5 797.7 – – 797.7 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 $ 1,004.2 $ 235.7 $ (32.1 ) $ 1,207.8 $ – $ – $ 1,207.8 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 2,921.1 $ 2,950.7 $ (2,900.8 ) $ 2,971.0 $ 2,887.7 $ (2,925.4 ) $ 2,933.3 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 207.3 1,123.8 (0.3 ) 1,330.8 – – 1,330.8 Equity in income of unconsolidated affiliates (2,812.1 ) (437.8 ) 2,899.9 (350.0 ) (2,924.6 ) 2,924.6 (350.0 ) Distributions received on earnings from unconsolidated affiliates 915.1 191.5 (760.9 ) 345.7 2,834.5 (2,834.5 ) 345.7 Net effect of changes in operating accounts and other operating activities 2,325.1 (2,344.0 ) (35.0 ) (53.9 ) 69.4 – 15.5 Net cash flows provided by operating activities 3,556.5 1,484.2 (797.1 ) 4,243.6 2,867.0 (2,835.3 ) 4,275.3 Investing activities: Capital expenditures (605.8 ) (2,343.2 ) – (2,949.0 ) (55.2 ) – (3,004.2 ) Cash used for business combination, net of cash received – (150.6 ) – (150.6 ) – – (150.6 ) Proceeds from asset sales 11.4 12.7 – 24.1 – – 24.1 Other investing activities (1,701.1 ) 180.6 1,468.4 (52.1 ) (438.1 ) 438.1 (52.1 ) Cash used in investing activities (2,295.5 ) (2,300.5 ) 1,468.4 (3,127.6 ) (493.3 ) 438.1 (3,182.8 ) Financing activities: Borrowings under debt agreements 67,086.3 11.5 (11.5 ) 67,086.3 – – 67,086.3 Repayments of debt (65,741.7 ) (0.4 ) – (65,742.1 ) – – (65,742.1 ) Cash distributions paid to owners (2,834.5 ) (1,003.6 ) 1,003.6 (2,834.5 ) (2,782.9 ) 2,834.5 (2,782.9 ) Cash payments made in connection with DERs – – – – (13.2 ) – (13.2 ) Cash distributions paid to noncontrolling interests – (6.8 ) (44.9 ) (51.7 ) – 0.8 (50.9 ) Cash contributions from noncontrolling interests – – 222.0 222.0 – – 222.0 Net cash proceeds from issuance of common units – – – – 449.4 – 449.4 Cash contributions from owners 438.1 1,876.6 (1,876.6 ) 438.1 – (438.1 ) – Other financing activities (25.3 ) – – (25.3 ) (27.0 ) – (52.3 ) Cash provided by (used in) financing activities (1,077.1 ) 877.3 (707.4 ) (907.2 ) (2,373.7 ) 2,397.2 (883.7 ) Net change in cash and cash equivalents, including restricted cash 183.9 61.0 (36.1 ) 208.8 – – 208.8 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 $ 249.1 $ 92.5 $ (62.5 ) $ 279.1 $ – $ – $ 279.1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Lease Accounting Standard - Lessee | Lease accounting standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases Leases The new standard introduces two lessee accounting models, which result in a lease being classified as either a “finance” or “operating” lease based on 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 ASC 840 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 right-of-use (“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. For finance leases, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and accrete the lease liability (as a component of interest expense) using the . Operating leases will result in the recognition of a single lease expense amount that is recorded on a straight-line basis. ASC 842 resulted in changes to the way our operating leases are recorded, presented and disclosed in our consolidated financial statements. Upon adoption of ASC 842 on January 1, 2019, we recognized a ROU asset and a corresponding lease liability based on the present value of then existing long-term operating lease obligations. In addition, we elected to apply several practical expedients and made accounting policy elections upon adoption of ASC 842 including: • We will not recognize ROU assets and lease liabilities for short-term leases and instead record them in a manner similar to operating leases under legacy lease accounting guidelines. A short term lease is one with a maximum lease term of 12 months or less and does not include a purchase option the lessee is reasonably certain to exercise. • We will not reassess whether any expired or existing contracts contain leases or the lease classification for any existing or expired leases. • The impact of adopting ASC 842 was prospective beginning January 1, 2019. We will not recast prior periods presented in our consolidated financial statements to reflect the new lease accounting guidance. • We will combine lease and nonlease components relating to our office and warehouse leases, as applicable. See Note 15 for our disclosures regarding operating lease obligations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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. September 30, 2019 December 31, 2018 Cash and cash equivalents $ 1,207.8 $ 344.8 Restricted cash – 65.3 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 1,207.8 $ 410.1 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventories [Abstract] | |
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated: September 30, 2019 December 31, 2018 NGLs $ 928.2 $ 647.7 Petrochemicals and refined products 183.2 264.7 Crude oil 520.1 593.4 Natural gas 13.2 16.3 Total $ 1,644.7 $ 1,522.1 |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Cost of sales (1) $ 5,276.5 $ 6,838.9 $ 16,721.5 $ 20,371.2 Lower of cost or net realizable value adjustments recognized within cost of sales 6.8 1.7 17.1 4.3 (1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 December 31, 2018 Plants, pipelines and facilities (1) 3-45 (5) $ 45,117.5 $ 42,371.0 Underground and other storage facilities (2) 5-40 (6) 3,888.8 3,624.2 Transportation equipment (3) 3-10 197.6 187.1 Marine vessels (4) 15-30 893.8 828.6 Land 366.1 359.5 Construction in progress 3,558.1 3,526.8 Total 54,021.9 50,897.2 Less accumulated depreciation 13,258.6 12,159.6 Property, plant and equipment, net $ 40,763.3 $ 38,737.6 (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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Depreciation expense (1) $ 394.7 $ 368.3 $ 1,164.6 $ 1,061.1 Capitalized interest (2) 33.9 28.1 102.9 113.4 (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. |
AROs | ARO liability balance, December 31, 2018 $ 126.3 Liabilities incurred 0.8 Liabilities settled (0.8 ) Revisions in estimated cash flows (4.9 ) Accretion expense 5.9 ARO liability balance, September 30, 2019 $ 127.3 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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. September 30, 2019 December 31, 2018 NGL Pipelines & Services $ 690.9 $ 662.0 Crude Oil Pipelines & Services 1,877.2 1,867.5 Natural Gas Pipelines & Services 31.4 22.8 Petrochemical & Refined Products Services 61.4 62.8 Total $ 2,660.9 $ 2,615.1 The following table presents our equity in income (loss) of unconsolidated affiliates by business segment for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services $ 25.9 $ 28.3 $ 82.7 $ 87.1 Crude Oil Pipelines & Services 113.2 83.7 348.8 265.1 Natural Gas Pipelines & Services 1.6 2.1 4.9 4.7 Petrochemical & Refined Products Services (1.4 ) (2.1 ) (5.1 ) (6.9 ) Total $ 139.3 $ 112.0 $ 431.3 $ 350.0 Combined results of operations data for the periods indicated for our unconsolidated affiliates are summarized in the following table (all data presented on a 100% basis): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Income Statement Data: Revenues $ 470.2 $ 439.1 $ 1,484.6 $ 1,296.4 Operating income 300.3 258.0 938.1 789.8 Net income 299.5 256.9 935.9 785.6 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets and Goodwill [Abstract] | |
Intangible Assets by Segment | The following table summarizes our intangible assets by business segment at the dates indicated: September 30, 2019 December 31, 2018 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.8 $ (202.8 ) $ 245.0 $ 457.3 $ (201.9 ) $ 255.4 Contract-based intangibles 162.6 (40.9 ) 121.7 363.4 (238.7 ) 124.7 Segment total 610.4 (243.7 ) 366.7 820.7 (440.6 ) 380.1 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (226.9 ) 1,976.6 2,203.5 (174.1 ) 2,029.4 Contract-based intangibles 276.9 (230.1 ) 46.8 276.9 (211.7 ) 65.2 Segment total 2,480.4 (457.0 ) 2,023.4 2,480.4 (385.8 ) 2,094.6 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (473.3 ) 877.0 1,350.3 (447.8 ) 902.5 Contract-based intangibles 468.0 (393.6 ) 74.4 464.7 (387.9 ) 76.8 Segment total 1,818.3 (866.9 ) 951.4 1,815.0 (835.7 ) 979.3 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (56.2 ) 125.2 181.4 (51.8 ) 129.6 Contract-based intangibles 46.0 (23.3 ) 22.7 46.0 (21.2 ) 24.8 Segment total 227.4 (79.5 ) 147.9 227.4 (73.0 ) 154.4 Total intangible assets $ 5,136.5 $ (1,647.1 ) $ 3,489.4 $ 5,343.5 $ (1,735.1 ) $ 3,608.4 |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services $ 7.3 $ 9.2 $ 25.4 $ 25.6 Crude Oil Pipelines & Services 25.1 20.7 71.2 67.3 Natural Gas Pipelines & Services 10.3 9.8 31.2 29.1 Petrochemical & Refined Products Services 2.1 2.2 6.5 6.6 Total $ 44.8 $ 41.9 $ 134.3 $ 128.6 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2019 2020 2021 2022 2023 $ 40.5 $ 161.8 $ 162.8 $ 168.4 $ 168.5 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Obligations [Abstract] | |
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: September 30, 2019 December 31, 2018 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ – $ – Senior Notes N, 6.50% fixed-rate, repaid January 2019 – 700.0 Senior Notes LL, 2.55% fixed-rate, repaid 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 1,000.0 364-Day Revolving Credit Agreement, variable-rate, due September 2020 – – Senior Notes TT, 2.80% fixed-rate, due February 2021 750.0 750.0 Senior Notes RR, 2.85% fixed-rate, due April 2021 575.0 575.0 Senior Notes VV, 3.50% fixed-rate, due February 2022 750.0 750.0 Senior Notes CC, 4.05% fixed-rate, due February 2022 650.0 650.0 Senior Notes HH, 3.35% fixed-rate, due March 2023 1,250.0 1,250.0 Senior Notes JJ, 3.90% fixed-rate, due February 2024 850.0 850.0 Multi-Year Revolving Credit Agreement, variable-rate, due September 2024 – – 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 WW, 4.15% fixed-rate, due October 2028 1,000.0 1,000.0 Senior Notes YY, 3.125% fixed-rate, due July 2029 1,250.0 – 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 1,250.0 Senior Notes XX, 4.80% fixed-rate, due February 2049 1,250.0 1,250.0 Senior Notes ZZ, 4.20% fixed-rate, due January 2050 1,250.0 – Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 TEPPCO senior debt obligations: TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038 0.4 0.4 Total principal amount of senior debt obligations 25,550.0 23,750.0 EPO Junior Subordinated Notes C, variable-rate, due June 2067 232.2 256.4 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 700.0 700.0 TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 14.2 14.2 Total principal amount of senior and junior debt obligations 28,196.4 26,420.6 Other, non-principal amounts (257.2 ) (242.4 ) Less current maturities of debt (2,300.0 ) (1,500.1 ) Total long-term debt $ 25,639.2 $ 24,678.1 (1) Variable rate is reset quarterly and based on 3-month LIBOR, or London Inter-Bank Offered Rate, plus 2.778%. During 2019, EPO repurchased and retired $24.2 million in principal amount of these junior subordinated notes. (2) Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. (3) Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. (4) 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 | Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 2.58% to 2.80% 2.72% EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes 4.91% to 5.52% 5.34% |
Consolidated Debt Maturities | The following table presents the scheduled contractual maturities of principal amounts of our consolidated debt obligations at September 30, 2019 for the next five years and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2019 2020 2021 2022 2023 Thereafter Principal amount of senior and junior debt obligations at September 30, 2019 $ 28,196.4 $ 800.0 $ 1,500.0 $ 1,325.0 $ 1,400.0 $ 1,250.0 $ 21,921.4 |
Equity and Distributions (Table
Equity and Distributions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity and Distributions [Abstract] | |
Summary of Changes in Outstanding Units | The following table summarizes changes in the number of EPD limited partner common units outstanding since December 31, 2018: Common units outstanding at December 31, 2018 2,184,869,029 Common unit repurchases under 2019 Buyback Program (1,852,392 ) Common units issued in connection with DRIP and EUPP 1,516,779 Common units issued in connection with the vesting of phantom unit awards, net 2,379,620 Common units issued in connection with employee compensation 1,626,041 Other 21,595 Common units outstanding at March 31, 2019 2,188,560,672 Common unit repurchases under 2019 Buyback Program (1,056,736 ) Common units issued in connection with DRIP and EUPP 1,381,211 Common units issued in connection with the vesting of phantom unit awards, net 120,831 Common units outstanding at June 30, 2019 2,189,005,978 Common units issued in connection with the vesting of phantom unit awards, net 163,550 Common units outstanding at September 30, 2019 2,189,169,528 |
Noncontrolling Interest | Noncontrolling interest balance in Equity, December 31, 2018 $ 438.7 Net income attributable to noncontrolling interests 67.3 Cash distributions paid to noncontrolling interests (69.7 ) Cash contributions from noncontrolling interests 590.8 Other 2.4 Noncontrolling interest balance in Equity, September 30, 2019 $ 1,029.5 |
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: Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Accumulated Other Comprehensive Income (Loss), December 31, 2018 $ 152.7 $ (104.8 ) $ 3.0 $ 50.9 Other comprehensive income (loss) for period, before reclassifications 58.6 (23.8 ) (0.6 ) 34.2 Reclassification of losses (gains) to net income during period (152.0 ) 27.8 – (124.2 ) Total other comprehensive income (loss) for period (93.4 ) 4.0 (0.6 ) (90.0 ) Accumulated Other Comprehensive Income (Loss), September 30, 2019 $ 59.3 $ (100.8 ) $ 2.4 $ (39.1 ) Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Accumulated Other Comprehensive Income (Loss), December 31, 2017 $ (10.1 ) $ (165.1 ) $ 3.5 $ (171.7 ) Other comprehensive income (loss) for period, before reclassifications (156.0 ) 20.7 (0.5 ) (135.8 ) Reclassification of losses (gains) to net income during period (28.8 ) 29.0 – 0.2 Total other comprehensive income (loss) for period (184.8 ) 49.7 (0.5 ) (135.6 ) Accumulated Other Comprehensive Income (Loss), September 30, 2018 $ (194.9 ) $ (115.4 ) $ 3.0 $ (307.3 ) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassifications of (income) loss out of accumulated other comprehensive income into net income during the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, Losses (gains) on cash flow hedges: Location 2019 2018 2019 2018 Interest rate derivatives Interest expense $ 9.4 $ 9.1 $ 27.8 $ 29.0 Commodity derivatives Revenue (93.6 ) (53.9 ) (161.4 ) (28.5 ) Commodity derivatives Operating costs and expenses 2.1 0.4 9.4 (0.3 ) Total $ (82.1 ) $ (44.4 ) $ (124.2 ) $ 0.2 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 NGL Pipelines & Services: Sales of NGLs and related products $ 2,624.9 $ 3,898.2 $ 7,955.5 $ 9,324.5 Segment midstream services: Natural gas processing and fractionation 279.6 397.2 837.3 982.2 Transportation 248.2 241.8 767.4 725.5 Storage and terminals 99.4 85.7 291.0 277.7 Total segment midstream services 627.2 724.7 1,895.7 1,985.4 Total NGL Pipelines & Services 3,252.1 4,622.9 9,851.2 11,309.9 Crude Oil Pipelines & Services: Sales of crude oil 2,130.0 2,209.0 6,990.1 8,082.9 Segment midstream services: Transportation 209.1 187.9 598.1 490.7 Storage and terminals 139.2 98.0 364.0 273.4 Total segment midstream services 348.3 285.9 962.1 764.1 Total Crude Oil Pipelines & Services 2,478.3 2,494.9 7,952.2 8,847.0 Natural Gas Pipelines & Services: Sales of natural gas 440.0 589.0 1,627.1 1,681.5 Segment midstream services: Transportation 275.5 261.2 835.2 766.3 Total segment midstream services 275.5 261.2 835.2 766.3 Total Natural Gas Pipelines & Services 715.5 850.2 2,462.3 2,447.8 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,299.0 1,408.9 3,867.3 4,111.6 Segment midstream services: Fractionation and isomerization 43.2 45.9 125.5 146.8 Transportation, including marine logistics 134.4 119.2 393.2 353.0 Storage and terminals 41.6 43.9 132.2 135.8 Total segment midstream services 219.2 209.0 650.9 635.6 Total Petrochemical & Refined Products Services 1,518.2 1,617.9 4,518.2 4,747.2 Total consolidated revenues $ 7,964.1 $ 9,585.9 $ 24,783.9 $ 27,351.9 |
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities at September 30, 2019: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 223.8 Total $ 223.8 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 137.4 Deferred revenue (noncurrent) Other long-term liabilities 192.2 Total $ 329.6 The following table presents significant changes in our unbilled revenue and deferred revenue balances during the nine months ended September 30, 2019: Unbilled Revenue Deferred Revenue Balance at December 31, 2018 $ 13.3 $ 291.2 Amount included in opening balance transferred to other accounts during period (1) (13.3 ) (110.9 ) Amount recorded during period 270.5 430.7 Amounts recorded during period transferred to other accounts (1) (46.7 ) (278.7 ) Other changes – (2.7 ) Balance at September 30, 2019 $ 223.8 $ 329.6 (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 future consideration from contracts with customers as of September 30, 2019 that contain minimum volume commitments, deficiency and similar fees, and contract terms exceeding one year. Period Fixed Consideration Three Months Ended December 31, 2019 $ 945.0 One Year Ended December 31, 2020 3,505.7 One Year Ended December 31, 2021 3,075.3 One Year Ended December 31, 2022 2,636.9 One Year Ended December 31, 2023 2,203.9 Thereafter 10,576.7 Total $ 22,943.5 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 financial measure most directly comparable to total segment gross operating margin is operating income. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Operating income $ 1,474.2 $ 1,643.3 $ 4,660.7 $ 3,768.2 Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): Depreciation, amortization and accretion expense in operating costs and expenses 467.1 429.4 1,380.8 1,249.0 Asset impairment and related charges in operating costs and expenses 39.4 4.6 51.2 21.4 Net gains attributable to asset sales in operating costs and expenses (0.1 ) (6.7 ) (2.6 ) (8.1 ) General and administrative costs 55.5 52.7 160.2 157.1 N on-refundable payments received from shippers attributable to make-up rights (1) 20.8 6.5 34.3 14.8 Subsequent recognition of revenues attributable to make-up rights (2) (5.5 ) (6.2 ) (18.6 ) (42.4 ) Total segment gross operating margin $ 2,051.4 $ 2,123.6 $ 6,266.0 $ 5,160.0 (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. 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Gross operating margin by segment: NGL Pipelines & Services $ 1,008.3 $ 1,063.1 $ 2,933.8 $ 2,861.7 Crude Oil Pipelines & Services 496.2 594.2 1,671.7 867.0 Natural Gas Pipelines & Services 258.5 216.9 824.6 628.2 Petrochemical & Refined Products Services 288.4 249.4 835.9 803.1 Total segment gross operating margin $ 2,051.4 $ 2,123.6 $ 6,266.0 $ 5,160.0 The following table summarizes our unrealized mark-to-market gains (losses) included in gross operating margin and interest expense for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (0.7 ) $ 0.1 $ (0.1 ) $ 7.9 Crude Oil Pipelines & Services 9.8 200.2 95.0 (267.4 ) Natural Gas Pipelines & Services 1.3 4.7 1.3 5.9 Petrochemical & Refined Products Services (1.3 ) (0.9 ) (3.3 ) (1.2 ) Total mark-to-market impact on gross operating margin 9.1 204.1 92.9 (254.8 ) Mark-to-market loss in interest expense (94.9 ) – (94.9 ) (0.1 ) Total $ (85.8 ) $ 204.1 $ (2.0 ) $ (254.9 ) |
Information by Business Segments | 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 September 30, 2019 $ 3,250.1 $ 2,467.9 $ 712.3 $ 1,518.2 $ – $ 7,948.5 Three months ended September 30, 2018 4,616.7 2,490.7 846.4 1,617.9 – 9,571.7 Nine months ended September 30, 2019 9,843.9 7,916.5 2,451.6 4,518.2 – 24,730.2 Nine months ended September 30, 2018 11,295.1 8,777.2 2,437.9 4,747.2 – 27,257.4 Revenues from related parties: Three months ended September 30, 2019 2.0 10.4 3.2 – – 15.6 Three months ended September 30, 2018 6.2 4.2 3.8 – – 14.2 Nine months ended September 30, 2019 7.3 35.7 10.7 – – 53.7 Nine months ended September 30, 2018 14.8 69.8 9.9 – – 94.5 Intersegment and intrasegment revenues: Three months ended September 30, 2019 4,729.3 9,479.7 141.7 558.1 (14,908.8 ) – Three months ended September 30, 2018 6,814.9 6,278.8 186.6 844.3 (14,124.6 ) – Nine months ended September 30, 2019 14,715.5 26,818.0 500.2 1,890.4 (43,924.1 ) – Nine months ended September 30, 2018 19,384.4 27,683.6 522.5 2,241.6 (49,832.1 ) – Total revenues: Three months ended September 30, 2019 7,981.4 11,958.0 857.2 2,076.3 (14,908.8 ) 7,964.1 Three months ended September 30, 2018 11,437.8 8,773.7 1,036.8 2,462.2 (14,124.6 ) 9,585.9 Nine months ended September 30, 2019 24,566.7 34,770.2 2,962.5 6,408.6 (43,924.1 ) 24,783.9 Nine months ended September 30, 2018 30,694.3 36,530.6 2,970.3 6,988.8 (49,832.1 ) 27,351.9 Equity in income (loss) of unconsolidated affiliates: Three months ended September 30, 2019 25.9 113.2 1.6 (1.4 ) – 139.3 Three months ended September 30, 2018 28.3 83.7 2.1 (2.1 ) – 112.0 Nine months ended September 30, 2019 82.7 348.8 4.9 (5.1 ) – 431.3 Nine months ended September 30, 2018 87.1 265.1 4.7 (6.9 ) – 350.0 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 September 30, 2019 $ 16,212.2 $ 6,316.2 $ 8,320.5 $ 6,356.3 $ 3,558.1 $ 40,763.3 At December 31, 2018 14,845.4 5,847.7 8,303.8 6,213.9 3,526.8 38,737.6 Investments in unconsolidated affiliates: (see Note 5) At September 30, 2019 690.9 1,877.2 31.4 61.4 – 2,660.9 At December 31, 2018 662.0 1,867.5 22.8 62.8 – 2,615.1 Intangible assets, net: At September 30, 2019 366.7 2,023.4 951.4 147.9 – 3,489.4 At December 31, 2018 380.1 2,094.6 979.3 154.4 – 3,608.4 Goodwill: At September 30, 2019 2,651.7 1,841.0 296.3 956.2 – 5,745.2 At December 31, 2018 2,651.7 1,841.0 296.3 956.2 – 5,745.2 Segment assets: At September 30, 2019 19,921.5 12,057.8 9,599.6 7,521.8 3,558.1 52,658.8 At December 31, 2018 18,539.2 11,650.8 9,602.2 7,387.3 3,526.8 50,706.3 |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Consolidated revenues: NGL Pipelines & Services $ 3,252.1 $ 4,622.9 $ 9,851.2 $ 11,309.9 Crude Oil Pipelines & Services 2,478.3 2,494.9 7,952.2 8,847.0 Natural Gas Pipelines & Services 715.5 850.2 2,462.3 2,447.8 Petrochemical & Refined Products Services 1,518.2 1,617.9 4,518.2 4,747.2 Total consolidated revenues $ 7,964.1 $ 9,585.9 $ 24,783.9 $ 27,351.9 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 5,276.5 $ 6,838.9 $ 16,721.5 $ 20,371.2 Other operating costs and expenses (1) 790.8 735.7 2,243.4 2,143.1 Depreciation, amortization and accretion 467.1 429.4 1,380.8 1,249.0 Asset impairment and related charges 39.4 4.6 51.2 21.4 Ne t gains (0.1 ) (6.7 ) (2.6 ) (8.1 ) General and administrative costs 55.5 52.7 160.2 157.1 Total consolidated costs and expenses $ 6,629.2 $ 8,054.6 $ 20,554.5 $ 23,933.7 (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 BASIC EARNINGS PER UNIT Net income attributable to limited partners $ 1,019.2 $ 1,313.2 $ 3,494.4 $ 2,887.7 Undistributed earnings allocated and cash payments on phantom unit awards (1) (6.1 ) (6.2 ) (21.3 ) (15.5 ) Net income available to common unitholders $ 1,013.1 $ 1,307.0 $ 3,473.1 $ 2,872.2 Basic weighted-average number of common units outstanding 2,189.1 2,179.9 2,188.4 2,173.8 Basic earnings per unit $ 0.46 $ 0.60 $ 1.59 $ 1.32 DILUTED EARNINGS PER UNIT Net income attributable to limited partners $ 1,019.2 $ 1,313.2 $ 3,494.4 $ 2,887.7 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,189.1 2,179.9 2,188.4 2,173.8 Phantom units (1) 13.2 10.6 13.1 10.6 Total 2,202.3 2,190.5 2,201.5 2,184.4 Diluted earnings per unit $ 0.46 $ 0.60 $ 1.59 $ 1.32 (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 EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
Equity-Based Awards (Tables)
Equity-Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Equity-classified awards: Phantom unit awards $ 34.7 $ 24.2 $ 99.6 $ 74.7 Profits interest awards 2.5 1.2 8.1 3.8 Liability-classified awards 0.1 0.1 0.1 0.3 Total $ 37.3 $ 25.5 $ 107.8 $ 78.8 |
Other Share-based Compensation Plans | Number of Units Weighted- Average Grant Date Fair Value per Unit Phantom unit awards at December 31, 2018 10,333,277 $ 26.97 Granted (2) 6,851,920 $ 27.75 Vested (3,810,666 ) $ 27.54 Forfeited (268,621 ) $ 27.21 Phantom unit awards at September 30, 2019 13,105,910 $ 27.21 (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 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $27.75 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% was applied to these awards. |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Cash payments made in connection with DERs $ 5.9 $ 4.6 $ 16.4 $ 13.2 Total intrinsic value of phantom unit awards that vested during period 7.2 4.5 108.9 89.6 |
Derivative Instruments, Hedgi_2
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 30-year forward-starting swaps at September 30, 2019, all of which are associated with the expected future issuance of senior notes. Hedged Transaction Number and Type of Derivatives Outstanding Notional Amount Expected Settlement Date Weighted-Average Fixed Rate Locked Accounting Treatment Future long-term debt offering 1 forward-starting swap (1) $75.0 9/2020 2.39% Cash flow hedge Future long-term debt offering 1 forward-starting swap (1) $75.0 4/2021 2.41% Cash flow hedge Future long-term debt offering 5 forward-starting swaps (2) $500.0 9/2020 2.12% Cash flow hedge Future long-term debt offering 5 forward-starting swaps (2) $500.0 4/2021 2.13% Cash flow hedge (1) These swaps were entered into in May 2019. (2) These swaps were entered into in September 2019 as a result of the swaption exercise. In total, the notional amount of forward-starting swaps outstanding at September 30, 2019 was $1.15 billion. The weighted-average fixed interest rate of these derivative instruments is 2.16%. 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 September 30, 2019, 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 following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2019 (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”)) 15.2 n/a Cash flow hedge Forecasted sales of NGLs 1.8 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (MMBbls) 1.0 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 8.1 1.6 Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 3.2 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 100.0 1.5 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 121.7 1.2 Cash flow hedge NGLs inventory management activities (MMBbls) 0.3 n/a Fair value hedge Refined products marketing: Forecasted purchases of refined products (MMBbls) 0.9 n/a Cash flow hedge Forecasted sales of refined products (MMBbls) 0.9 n/a Cash flow hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 10.4 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 13.8 n/a Cash flow hedge Propylene marketing: Forecasted sales of NGLs for propylene marketing activities (MMBbls) 0.3 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3) 38.2 0.6 Mark-to-market NGL risk management activities (MMBbls) (3) 2.4 n/a Mark-to-market Refined products risk management activities (MMBbls) (3) 7.6 n/a Mark-to-market Crude oil risk management activities (MMBbls) (3) 22.2 6.1 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 January 2021, December 2019 and December 2022, respectively. (3) 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 September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 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 $ – Current assets $ – Current liabilities $ 11.8 Current liabilities $ – Interest rate derivatives Other assets – Other assets – Other liabilities 11.9 Other liabilities – Total interest rate derivatives – – 23.7 – Commodity derivatives Current assets 149.3 Current assets 138.5 Current liabilities 139.2 Current liabilities 115.0 Commodity derivatives Other assets 5.6 Other assets 5.6 Other liabilities 6.8 Other liabilities 11.1 Total commodity derivatives 154.9 144.1 146.0 126.1 Total derivatives designated as hedging instruments $ 154.9 $ 144.1 $ 169.7 $ 126.1 Derivatives not designated as hedging instruments Interest rate derivatives Current assets $ – Current assets $ – Current liabilities $ 47.2 Current liabilities $ – Interest rate derivatives Other assets – Other assets – Other liabilities 47.7 Other liabilities – Total interest rate derivatives – – 94.9 – Commodity derivatives Current assets 16.7 Current assets 15.9 Current liabilities 4.2 Current liabilities 33.2 Commodity derivatives Other assets 1.0 Other assets 1.9 Other liabilities 0.3 Other liabilities 3.1 Total commodity derivatives 17.7 17.8 4.5 36.3 Total derivatives not designated as hedging instruments $ 17.7 $ 17.8 $ 99.4 $ 36.3 |
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 September 30, 2019: Commodity derivatives $ 172.6 $ – $ 172.6 $ (149.0 ) $ – $ (22.4 ) $ 1.2 As of December 31, 2018: Commodity derivatives $ 161.9 $ – $ 161.9 $ (158.6 ) $ – $ – $ 3.3 |
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 September 30, 2019: Interest rate derivatives $ 118.6 $ – $ 118.6 $ – $ – $ – $ 118.6 Commodity derivatives 150.5 – 150.5 (149.0 ) – 0.3 1.8 As of December 31, 2018: Commodity derivatives $ 162.4 $ – $ 162.4 $ (158.6 ) $ – $ (2.3 ) $ 1.5 |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ – $ – $ – $ 1.3 Commodity derivatives Revenue (0.4 ) (1.4 ) (2.0 ) 3.2 Total $ (0.4 ) $ (1.4 ) $ (2.0 ) $ 4.5 Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Hedged Item For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ – $ – $ – $ (1.4 ) Commodity derivatives Revenue 2.4 3.7 8.7 1.9 Total $ 2.4 $ 3.7 $ 8.7 $ 0.5 |
Derivative Instruments Effects on Statements of Comprehensive Income | The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated: Derivatives in Cash Flow Hedging Relationships Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives $ (18.6 ) $ 6.1 $ (23.8 ) $ 20.7 Commodity derivatives – Revenue (1) 73.5 (145.5 ) 71.1 (156.7 ) Commodity derivatives – Operating costs and expenses (1) (1.2 ) (0.3 ) (12.5 ) 0.7 Total $ 53.7 $ (139.7 ) $ 34.8 $ (135.3 ) (1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate. |
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income | Derivatives in Cash Flow Hedging Relationships Location Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ (9.4 ) $ (9.1 ) $ (27.8 ) $ (29.0 ) Commodity derivatives Revenue 93.6 53.9 161.4 28.5 Commodity derivatives Operating costs and expenses (2.1 ) (0.4 ) (9.4 ) 0.3 Total $ 82.1 $ 44.4 $ 124.2 $ (0.2 ) |
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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Interest rate derivatives Interest expense $ (94.9 ) $ – $ (94.9 ) $ – Commodity derivatives Revenue 21.8 21.8 96.7 (538.0 ) Commodity derivatives Operating costs and expenses (1.6 ) (2.7 ) (6.3 ) (4.2 ) Total $ (74.7 ) $ 19.1 $ (4.5 ) $ (542.2 ) |
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | The values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this 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. At September 30, 2019 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: Commodity derivatives: Value before application of CME Rule 814 $ 54.0 $ 365.4 $ 14.5 $ 433.9 Impact of CME Rule 814 (44.8 ) (206.3 ) (10.2 ) (261.3 ) Total commodity derivatives 9.2 159.1 4.3 172.6 Total $ 9.2 $ 159.1 $ 4.3 $ 172.6 Financial liabilities: Liquidity Option Agreement (see Note 15) $ – $ – $ 513.1 $ 513.1 Interest rate derivatives – 118.6 – 118.6 Commodity derivatives: Value before application of CME Rule 814 39.8 268.3 47.9 356.0 Impact of CME Rule 814 (31.0 ) (138.5 ) (36.0 ) (205.5 ) Total commodity derivatives 8.8 129.8 11.9 150.5 Total $ 8.8 $ 248.4 $ 525.0 $ 782.2 At December 31, 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: Commodity derivatives: Value before application of CME Rule 814 $ 172.3 $ 282.4 $ 2.2 $ 456.9 Impact of CME Rule 814 (134.8 ) (159.3 ) (0.9 ) (295.0 ) Total commodity derivatives 37.5 123.1 1.3 161.9 Total $ 37.5 $ 123.1 $ 1.3 $ 161.9 Financial liabilities: Liquidity Option Agreement (see Note 15) $ – $ – $ 390.0 $ 390.0 Commodity derivatives: Value before application of CME Rule 814 85.5 291.2 21.4 398.1 Impact of CME Rule 814 (48.6 ) (172.9 ) (14.2 ) (235.7 ) Total commodity derivatives 36.9 118.3 7.2 162.4 Total $ 36.9 $ 118.3 $ 397.2 $ 552.4 |
Fair Value Measurements, Valuation Techniques | Fair Value Financial Assets Financial Liabilities Valuation Techniques Unobservable Input Range Commodity derivatives – Crude oil $ 0.5 $ 0.2 Discounted cash flow Forward commodity prices $54.11-$54.78/barrel Commodity derivatives – Propane 1.2 3.7 Discounted cash flow Forward commodity prices $0.43-$0.49/gallon Commodity derivatives – Natural gasoline – 4.3 Discounted cash flow Forward commodity prices $0.96-$1.04/gallon Commodity derivatives – Ethane 1.5 1.3 Discounted cash flow Forward commodity prices $0.18-$0.19/gallon Commodity derivatives – Normal Butane 0.5 2.2 Discounted cash flow Forward commodity prices $0.48-$0.56/gallon Commodity derivatives – Isobutane 0.6 0.2 Discounted cash flow Forward commodity prices $0.53-$0.64/gallon Total $ 4.3 $ 11.9 |
Reconciliation of Changes in the Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth a reconciliation of changes in the fair values of our recurring Level 3 financial assets and liabilities on a combined basis for the periods indicated: test For the Nine Months Ended September 30, test Location 2019 2018 Financial asset (liability) balance, net, January 1 $ (395.9 ) $ (332.7 ) Total gains (losses) included in: Net income (1) Revenue 3.1 (0.5 ) Net income Other expense, net (57.8 ) (7.5 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges 4.0 – Settlements (1) Revenue (0.1 ) (1.2 ) Transfers out of Level 3 (0.2 ) – Financial asset (liability) balance, net, March 31 (446.9 ) (341.9 ) Total gains (losses) included in: Net income (1) Revenue (0.1 ) 1.3 Net income Other expense, net (26.6 ) (8.9 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges (2.9 ) – Settlements (1) Revenue (3.1 ) 0.5 Transfers out of Level 3 – – Financial asset (liability) balance, net, June 30 (479.6 ) (349.0 ) Total gains (losses) included in: Net income (1) Revenue 0.8 (0.2 ) Net income Other expense, net (38.7 ) (18.5 ) Other comprehensive income Commodity derivative instruments – changes in fair value of cash flow hedges (3.2 ) 2.8 Settlements (1) Revenue – (1.3 ) Transfers out of Level 3 – – Financial asset (liability) balance, net, September 30 $ (520.7 ) $ (366.2 ) (1 There were $0.8 million and $0.6 million of unrealized gains included in these amounts for the three and nine months ended September 30, 2019, respectively. There were unrealized losses of $1.5 million and $1.4 million, respectively, included in these amounts for the three and nine months ended September 30, 2018. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The following table summarizes our related party transactions for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Revenues – related parties: Unconsolidated affiliates $ 15.6 $ 14.2 $ 53.7 $ 94.5 Costs and expenses – related parties: EPCO and its privately held affiliates $ 297.8 $ 285.9 $ 837.9 $ 802.8 Unconsolidated affiliates 94.7 110.0 313.3 351.4 Total $ 392.5 $ 395.9 $ 1,151.2 $ 1,154.2 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: September 30, 2019 December 31, 2018 Accounts receivable - related parties: Unconsolidated affiliates $ 2.0 $ 3.5 Accounts payable - related parties: EPCO and its privately held affiliates $ 106.6 $ 116.3 Unconsolidated affiliates 18.9 23.9 Total $ 125.5 $ 140.2 Total Number of Units Percentage of Total Units Outstanding 698,313,137 31.9% 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 September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Operating costs and expenses $ 259.3 $ 246.6 $ 732.0 $ 697.6 General and administrative expenses 34.2 35.0 92.9 92.6 Total costs and expenses $ 293.5 $ 281.6 $ 824.9 $ 790.2 We lease office space from privately held affiliates of EPCO. The rental rates in these lease agreements approximate market rates. For the three and , we recognized $ $ For the three and , we recognized $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Operating Leases | The following table presents information regarding our operating leases where we are the lessee at September 30, 2019: Asset Category ROU Asset Carrying Value Lease Liability Carrying Value Weighted- Average Remaining Term Weighted- Average Discount Rate Storage and pipeline facilities $ 141.0 $ 141.6 16 years 4.3% Transportation equipment 56.6 4 years 3.4% Office and warehouse space 22.9 2 years 3.5% Total $ 219.5 $ 221.1 (1) ROU asset amounts are a component of “Other assets” on our consolidated balance sheet. (2) At September 30, 2019, lease liabilities of $39.2 million and $181.9 million were included within “Other current liabilities” and “Other liabilities,” respectively. (3) The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842. |
Consolidated Lease Expense | For the Three Months Ended September 30, 2019 For the Nine Months Ended September 30, 2019 Long-term operating leases: Fixed lease expense $ 12.8 $ 39.3 Variable lease expense 1.6 4.5 Subtotal operating lease expense 14.4 43.8 Short-term lease expense 12.4 35.9 Total operating lease expense $ 26.8 $ 79.7 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Nine Months Ended September 30, 2019 2018 Decrease (increase) in: Accounts receivable – trade $ (578.0 ) $ 123.1 Accounts receivable – related parties 1.6 (0.3 ) Inventories (44.2 ) (474.2 ) Prepaid and other current assets (305.3 ) (124.7 ) Other assets (18.3 ) (9.9 ) Increase (decrease) in: Accounts payable – trade (55.4 ) 213.1 Accounts payable – related parties 31.0 47.4 Accrued product payables 666.6 356.9 Accrued interest (158.4 ) (167.5 ) Other current liabilities 133.6 (261.7 ) Other liabilities (82.2 ) 35.9 Net effect of changes in operating accounts $ (409.0 ) $ (261.9 ) |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Consolidating Financial Information [Abstract] | |
Unaudited Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total ASSETS Current assets: Cash and cash equivalents and restricted cash $ 1,004.2 $ 235.7 $ (32.1 ) $ 1,207.8 $ – $ – $ 1,207.8 Accounts receivable – trade, net 1,223.0 3,039.4 (0.7 ) 4,261.7 – – 4,261.7 Accounts receivable – related parties 190.8 905.5 (1,086.2 ) 10.1 – (8.1 ) 2.0 Inventories 1,078.5 566.5 (0.3 ) 1,644.7 – – 1,644.7 Derivative assets 138.1 27.9 – 166.0 – – 166.0 Prepaid and other current assets 275.0 402.4 (46.2 ) 631.2 0.3 0.1 631.6 Total current assets 3,909.6 5,177.4 (1,165.5 ) 7,921.5 0.3 (8.0 ) 7,913.8 Property, plant and equipment, net 6,285.6 34,522.8 (45.1 ) 40,763.3 – – 40,763.3 Investments in unconsolidated affiliates 44,827.7 4,174.0 (46,340.8 ) 2,660.9 25,016.0 (25,016.0 ) 2,660.9 Intangible assets, net 642.0 2,860.6 (13.2 ) 3,489.4 – – 3,489.4 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 373.5 290.7 (222.4 ) 441.8 0.9 – 442.7 Total assets $ 56,497.9 $ 52,311.2 $ (47,787.0 ) $ 61,022.1 $ 25,017.2 $ (25,024.0 ) $ 61,015.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 2,300.0 $ – $ – $ 2,300.0 $ – $ – $ 2,300.0 Accounts payable – trade 297.1 792.8 (32.1 ) 1,057.8 – – 1,057.8 Accounts payable – related parties 1,042.3 182.7 (1,099.5 ) 125.5 8.1 (8.1 ) 125.5 Accrued product payables 1,490.3 2,709.6 (1.1 ) 4,198.8 – – 4,198.8 Accrued interest 237.1 3.2 (3.1 ) 237.2 – – 237.2 Derivative liabilities 194.3 8.1 – 202.4 – – 202.4 Other current liabilities 121.3 469.5 (43.0 ) 547.8 – – 547.8 Total current liabilities 5,682.4 4,165.9 (1,178.8 ) 8,669.5 8.1 (8.1 ) 8,669.5 Long-term debt 25,624.5 14.7 – 25,639.2 – – 25,639.2 Deferred tax liabilities 21.0 68.9 (1.2 ) 88.7 – 2.7 91.4 Other long-term liabilities 195.5 603.0 (221.9 ) 576.6 513.1 – 1,089.7 Commitments and contingencies Equity: Partners’ and other owners’ equity 24,974.5 47,392.8 (47,381.8 ) 24,985.5 24,496.0 (24,985.5 ) 24,496.0 Noncontrolling interests – 65.9 996.7 1,062.6 – (33.1 ) 1,029.5 Total equity 24,974.5 47,458.7 (46,385.1 ) 26,048.1 24,496.0 (25,018.6 ) 25,525.5 Total liabilities and equity $ 56,497.9 $ 52,311.2 $ (47,787.0 ) $ 61,022.1 $ 25,017.2 $ (25,024.0 ) $ 61,015.3 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 EPD (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 |
Unaudited Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 8,268.7 $ 5,238.9 $ (5,543.5 ) $ 7,964.1 $ – $ – $ 7,964.1 Costs and expenses: Operating costs and expenses 7,950.9 4,166.6 (5,543.8 ) 6,573.7 – – 6,573.7 General and administrative costs 9.4 45.4 0.4 55.2 0.3 – 55.5 Total costs and expenses 7,960.3 4,212.0 (5,543.4 ) 6,628.9 0.3 – 6,629.2 Equity in income of unconsolidated affiliates 1,131.9 167.1 (1,159.7 ) 139.3 1,058.2 (1,058.2 ) 139.3 Operating income 1,440.3 1,194.0 (1,159.8 ) 1,474.5 1,057.9 (1,058.2 ) 1,474.2 Other income (expense): Interest expense (383.2 ) (2.6 ) 2.9 (382.9 ) – – (382.9 ) Other, net 8.7 1.8 (2.9 ) 7.6 (38.7 ) – (31.1 ) Total other expense, net (374.5 ) (0.8 ) – (375.3 ) (38.7 ) – (414.0 ) Income before income taxes 1,065.8 1,193.2 (1,159.8 ) 1,099.2 1,019.2 (1,058.2 ) 1,060.2 Provision for income taxes (8.5 ) (6.6 ) – (15.1 ) – (0.3 ) (15.4 ) Net income 1,057.3 1,186.6 (1,159.8 ) 1,084.1 1,019.2 (1,058.5 ) 1,044.8 Net income attributable to noncontrolling interests – (1.5 ) (25.4 ) (26.9 ) – 1.3 (25.6 ) Net income attributable to entity $ 1,057.3 $ 1,185.1 $ (1,185.2 ) $ 1,057.2 $ 1,019.2 $ (1,057.2 ) $ 1,019.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 11,395.5 $ 6,039.5 $ (7,849.1 ) $ 9,585.9 $ – $ – $ 9,585.9 Costs and expenses: Operating costs and expenses 11,086.5 4,764.8 (7,849.4 ) 8,001.9 – – 8,001.9 General and administrative costs 8.0 43.6 0.8 52.4 0.3 – 52.7 Total costs and expenses 11,094.5 4,808.4 (7,848.6 ) 8,054.3 0.3 – 8,054.6 Equity in income of unconsolidated affiliates 1,313.4 146.8 (1,348.2 ) 112.0 1,332.0 (1,332.0 ) 112.0 Operating income 1,614.4 1,377.9 (1,348.7 ) 1,643.6 1,331.7 (1,332.0 ) 1,643.3 Other income (expense): Interest expense (279.8 ) (2.5 ) 2.8 (279.5 ) – – (279.5 ) Other, net 2.6 0.5 (2.8 ) 0.3 (18.5 ) – (18.2 ) Total other expense, net (277.2 ) (2.0 ) – (279.2 ) (18.5 ) – (297.7 ) Income before income taxes 1,337.2 1,375.9 (1,348.7 ) 1,364.4 1,313.2 (1,332.0 ) 1,345.6 Provision for income taxes (5.9 ) (4.8 ) – (10.7 ) – (0.3 ) (11.0 ) Net income 1,331.3 1,371.1 (1,348.7 ) 1,353.7 1,313.2 (1,332.3 ) 1,334.6 Net income attributable to noncontrolling interests – (2.4 ) (20.5 ) (22.9 ) – 1.5 (21.4 ) Net income attributable to entity $ 1,331.3 $ 1,368.7 $ (1,369.2 ) $ 1,330.8 $ 1,313.2 $ (1,330.8 ) $ 1,313.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 25,664.8 $ 16,618.5 $ (17,499.4 ) $ 24,783.9 $ – $ – $ 24,783.9 Costs and expenses: Operating costs and expenses 24,670.6 13,216.2 (17,492.5 ) 20,394.3 – – 20,394.3 General and administrative costs 22.6 133.4 2.3 158.3 1.9 – 160.2 Total costs and expenses 24,693.2 13,349.6 (17,490.2 ) 20,552.6 1.9 – 20,554.5 Equity in income of unconsolidated affiliates 3,606.9 496.8 (3,672.4 ) 431.3 3,619.4 (3,619.4 ) 431.3 Operating income 4,578.5 3,765.7 (3,681.6 ) 4,662.6 3,617.5 (3,619.4 ) 4,660.7 Other income (expense): Interest expense (950.9 ) (7.8 ) 8.5 (950.2 ) – – (950.2 ) Other, net 16.0 4.2 (8.5 ) 11.7 (123.1 ) – (111.4 ) Total other expense, net (934.9 ) (3.6 ) – (938.5 ) (123.1 ) – (1,061.6 ) Income before income taxes 3,643.6 3,762.1 (3,681.6 ) 3,724.1 3,494.4 (3,619.4 ) 3,599.1 Provision for income taxes (18.2 ) (18.3 ) – (36.5 ) – (0.9 ) (37.4 ) Net income 3,625.4 3,743.8 (3,681.6 ) 3,687.6 3,494.4 (3,620.3 ) 3,561.7 Net income attributable to noncontrolling interests – (4.9 ) (66.5 ) (71.4 ) – 4.1 (67.3 ) Net income attributable to entity $ 3,625.4 $ 3,738.9 $ (3,748.1 ) $ 3,616.2 $ 3,494.4 $ (3,616.2 ) $ 3,494.4 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Revenues $ 31,270.1 $ 18,254.8 $ (22,173.0 ) $ 27,351.9 $ – $ – $ 27,351.9 Costs and expenses: Operating costs and expenses 30,323.2 15,626.9 (22,173.5 ) 23,776.6 – – 23,776.6 General and administrative costs 21.4 132.3 1.4 155.1 2.0 – 157.1 Total costs and expenses 30,344.6 15,759.2 (22,172.1 ) 23,931.7 2.0 – 23,933.7 Equity in income of unconsolidated affiliates 2,812.1 437.8 (2,899.9 ) 350.0 2,924.6 (2,924.6 ) 350.0 Operating income 3,737.6 2,933.4 (2,900.8 ) 3,770.2 2,922.6 (2,924.6 ) 3,768.2 Other income (expense): Interest expense (806.8 ) (7.6 ) 8.2 (806.2 ) – – (806.2 ) Other, net 7.8 41.1 (8.2 ) 40.7 (34.9 ) – 5.8 Total other expense, net (799.0 ) 33.5 – (765.5 ) (34.9 ) – (800.4 ) Income before income taxes 2,938.6 2,966.9 (2,900.8 ) 3,004.7 2,887.7 (2,924.6 ) 2,967.8 Provision for income taxes (17.5 ) (16.2 ) – (33.7 ) – (0.8 ) (34.5 ) Net income 2,921.1 2,950.7 (2,900.8 ) 2,971.0 2,887.7 (2,925.4 ) 2,933.3 Net income attributable to noncontrolling interests – (6.1 ) (43.6 ) (49.7 ) – 4.1 (45.6 ) Net income attributable to entity $ 2,921.1 $ 2,944.6 $ (2,944.4 ) $ 2,921.3 $ 2,887.7 $ (2,921.3 ) $ 2,887.7 |
Unaudited Condensed Consolidating Statement of Comprehensive Income | Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,038.7 $ 1,176.8 $ (1,159.8 ) $ 1,055.7 $ 990.8 $ (1,030.1 ) $ 1,016.4 Comprehensive income attributable to noncontrolling interests – (1.5 ) (25.4 ) (26.9 ) – 1.3 (25.6 ) Comprehensive income attributable to entity $ 1,038.7 $ 1,175.3 $ (1,185.2 ) $ 1,028.8 $ 990.8 $ (1,028.8 ) $ 990.8 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 1,177.1 $ 1,340.7 $ (1,348.2 ) $ 1,169.6 $ 1,129.1 $ (1,148.2 ) $ 1,150.5 Comprehensive income attributable to noncontrolling interests – (2.4 ) (20.5 ) (22.9 ) – 1.5 (21.4 ) Comprehensive income attributable to entity $ 1,177.1 $ 1,338.3 $ (1,368.7 ) $ 1,146.7 $ 1,129.1 $ (1,146.7 ) $ 1,129.1 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 3,628.6 $ 3,650.6 $ (3,681.6 ) $ 3,597.6 $ 3,404.4 $ (3,530.3 ) $ 3,471.7 Comp rehensive income attrib – (4.9 ) (66.5 ) (71.4 ) – 4.1 (67.3 ) Comprehensive income attributable to entity $ 3,628.6 $ 3,645.7 $ (3,748.1 ) $ 3,526.2 $ 3,404.4 $ (3,526.2 ) $ 3,404.4 Unaudited Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Comprehensive income $ 2,791.2 $ 2,943.9 $ (2,899.7 ) $ 2,835.4 $ 2,752.1 $ (2,789.8 ) $ 2,797.7 Comprehensive income attributable to noncontrolling interests – (6.1 ) (43.6 ) (49.7 ) – 4.1 (45.6 ) Comprehensive income attributable to entity $ 2,791.2 $ 2,937.8 $ (2,943.3 ) $ 2,785.7 $ 2,752.1 $ (2,785.7 ) $ 2,752.1 |
Unaudited Condensed Consolidating Statement of Cash Flows | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2019 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 3,625.4 $ 3,743.8 $ (3,681.6 ) $ 3,687.6 $ 3,494.4 $ (3,620.3 ) $ 3,561.7 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 231.5 1,226.5 (1.3 ) 1,456.7 – – 1,456.7 Equity in income of unconsolidated affiliates (3,606.9 ) (496.8 ) 3,672.4 (431.3 ) (3,619.4 ) 3,619.4 (431.3 ) Distributions received on earnings from unconsolidated affiliates 1,170.9 243.0 (982.7 ) 431.2 3,028.9 (3,028.9 ) 431.2 Net effect of changes in operating accounts and other operating activities 2,203.8 (2,549.8 ) 19.1 (326.9 ) 134.6 0.2 (192.1 ) Net cash flows provided by operating activities 3,624.7 2,166.7 (974.1 ) 4,817.3 3,038.5 (3,029.6 ) 4,826.2 Investing activities: Capital expenditures (503.8 ) (2,791.2 ) (7.1 ) (3,302.1 ) – – (3,302.1 ) Cash used for business combination, net of cash received – – – – – – – Proceeds from asset sales 0.9 15.9 – 16.8 – – 16.8 Other investing activities (1,349.5 ) (28.8 ) 1,290.8 (87.5 ) (119.3 ) 119.3 (87.5 ) Cash used in investing activities (1,852.4 ) (2,804.1 ) 1,283.7 (3,372.8 ) (119.3 ) 119.3 (3,372.8 ) Financing activities: Borrowings under debt agreements 44,629.6 – – 44,629.6 – – 44,629.6 Repayments of debt (42,855.2 ) (0.1 ) – (42,855.3 ) – – (42,855.3 ) Cash distributions paid to owners (3,028.9 ) (1,484.8 ) 1,484.8 (3,028.9 ) (2,871.1 ) 3,028.9 (2,871.1 ) Cash payments made in connection with DERs – – – – (16.4 ) – (16.4 ) Cash distributions paid to noncontrolling interests – (7.0 ) (63.4 ) (70.4 ) – 0.7 (69.7 ) Cash contributions from noncontrolling interests – – 590.8 590.8 – – 590.8 Net cash proceeds from issuance of common units – – – – 82.2 – 82.2 Common units acquired in connection with buyback program – – – – (81.1 ) – (81.1 ) Cash contributions from owners 119.3 2,320.3 (2,320.3 ) 119.3 – (119.3 ) – Other financing activities (26.3 ) (5.6 ) – (31.9 ) (32.8 ) – (64.7 ) Cash provided by (used in) financing activities (1,161.5 ) 822.8 (308.1 ) (646.8 ) (2,919.2 ) 2,910.3 (655.7 ) Net change in cash and cash equivalents, including restricted cash 610.8 185.4 1.5 797.7 – – 797.7 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 $ 1,004.2 $ 235.7 $ (32.1 ) $ 1,207.8 $ – $ – $ 1,207.8 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2018 EPO and Subsidiaries Subsidiary Issuer (EPO) Other Subsidiaries (Non- guarantor) EPO and Subsidiaries Eliminations and Adjustments Consolidated EPO and Subsidiaries EPD (Guarantor) Eliminations and Adjustments Consolidated Total Operating activities: Net income $ 2,921.1 $ 2,950.7 $ (2,900.8 ) $ 2,971.0 $ 2,887.7 $ (2,925.4 ) $ 2,933.3 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 207.3 1,123.8 (0.3 ) 1,330.8 – – 1,330.8 Equity in income of unconsolidated affiliates (2,812.1 ) (437.8 ) 2,899.9 (350.0 ) (2,924.6 ) 2,924.6 (350.0 ) Distributions received on earnings from unconsolidated affiliates 915.1 191.5 (760.9 ) 345.7 2,834.5 (2,834.5 ) 345.7 Net effect of changes in operating accounts and other operating activities 2,325.1 (2,344.0 ) (35.0 ) (53.9 ) 69.4 – 15.5 Net cash flows provided by operating activities 3,556.5 1,484.2 (797.1 ) 4,243.6 2,867.0 (2,835.3 ) 4,275.3 Investing activities: Capital expenditures (605.8 ) (2,343.2 ) – (2,949.0 ) (55.2 ) – (3,004.2 ) Cash used for business combination, net of cash received – (150.6 ) – (150.6 ) – – (150.6 ) Proceeds from asset sales 11.4 12.7 – 24.1 – – 24.1 Other investing activities (1,701.1 ) 180.6 1,468.4 (52.1 ) (438.1 ) 438.1 (52.1 ) Cash used in investing activities (2,295.5 ) (2,300.5 ) 1,468.4 (3,127.6 ) (493.3 ) 438.1 (3,182.8 ) Financing activities: Borrowings under debt agreements 67,086.3 11.5 (11.5 ) 67,086.3 – – 67,086.3 Repayments of debt (65,741.7 ) (0.4 ) – (65,742.1 ) – – (65,742.1 ) Cash distributions paid to owners (2,834.5 ) (1,003.6 ) 1,003.6 (2,834.5 ) (2,782.9 ) 2,834.5 (2,782.9 ) Cash payments made in connection with DERs – – – – (13.2 ) – (13.2 ) Cash distributions paid to noncontrolling interests – (6.8 ) (44.9 ) (51.7 ) – 0.8 (50.9 ) Cash contributions from noncontrolling interests – – 222.0 222.0 – – 222.0 Net cash proceeds from issuance of common units – – – – 449.4 – 449.4 Cash contributions from owners 438.1 1,876.6 (1,876.6 ) 438.1 – (438.1 ) – Other financing activities (25.3 ) – – (25.3 ) (27.0 ) – (52.3 ) Cash provided by (used in) financing activities (1,077.1 ) 877.3 (707.4 ) (907.2 ) (2,373.7 ) 2,397.2 (883.7 ) Net change in cash and cash equivalents, including restricted cash 183.9 61.0 (36.1 ) 208.8 – – 208.8 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 $ 249.1 $ 92.5 $ (62.5 ) $ 279.1 $ – $ – $ 279.1 |
Partnership Operations, Organ_2
Partnership Operations, Organization and Basis for Presentation (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Enterprise Products Partners L.P. [Member] | |
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 | 31.90% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents and Restricted Cash: | ||||
Cash and cash equivalents | $ 1,207.8 | $ 344.8 | ||
Restricted cash | 0 | 65.3 | ||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ 1,207.8 | $ 410.1 | $ 279.1 | $ 70.3 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Inventory by Product Type [Abstract] | ||||||
NGLs | $ 928.2 | $ 928.2 | $ 647.7 | |||
Petrochemicals and refined products | 183.2 | 183.2 | 264.7 | |||
Crude oil | 520.1 | 520.1 | 593.4 | |||
Natural gas | 13.2 | 13.2 | 16.3 | |||
Total | 1,644.7 | 1,644.7 | $ 1,522.1 | |||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | ||||||
Cost of sales | [1] | 5,276.5 | $ 6,838.9 | 16,721.5 | $ 20,371.2 | |
Lower of cost or net realizable value adjustments recognized within cost of sales | $ 6.8 | $ 1.7 | $ 17.1 | $ 4.3 | ||
[1] | Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 54,021.9 | $ 54,021.9 | $ 50,897.2 | |||
Less accumulated depreciation | 13,258.6 | 13,258.6 | 12,159.6 | |||
Property, plant and equipment, net | 40,763.3 | 40,763.3 | 38,737.6 | |||
Summary of depreciation expense and capitalized interest [Abstract] | ||||||
Depreciation expense | [1] | 394.7 | $ 368.3 | 1,164.6 | $ 1,061.1 | |
Capitalized interest | [2] | 33.9 | $ 28.1 | 102.9 | $ 113.4 | |
Asset Retirement Obligations [Roll Forward] | ||||||
Balance at beginning of period | 126.3 | |||||
Liabilities incurred | 0.8 | |||||
Liabilities settled | (0.8) | |||||
Revisions in estimated cash flows | (4.9) | |||||
Accretion expense | 5.9 | |||||
Balance at end of period | 127.3 | 127.3 | ||||
Capitalized costs, asset retirement costs | 66.4 | 66.4 | 72.5 | |||
Plants, pipelines and facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [3] | 45,117.5 | $ 45,117.5 | 42,371 | ||
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] | 3,888.8 | $ 3,888.8 | 3,624.2 | ||
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] | 197.6 | $ 197.6 | 187.1 | ||
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] | 893.8 | $ 893.8 | 828.6 | ||
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 | 366.1 | $ 366.1 | 359.5 | |||
Construction in progress [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 3,558.1 | $ 3,558.1 | $ 3,526.8 | |||
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. |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 2,660.9 | $ 2,660.9 | $ 2,615.1 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 139.3 | $ 112 | 431.3 | $ 350 | |
Income Statement Data: | |||||
Revenues | 470.2 | 439.1 | 1,484.6 | 1,296.4 | |
Operating income | 300.3 | 258 | 938.1 | 789.8 | |
Net income | 299.5 | 256.9 | 935.9 | 785.6 | |
NGL Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 690.9 | 690.9 | 662 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 25.9 | 28.3 | 82.7 | 87.1 | |
Crude Oil Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 1,877.2 | 1,877.2 | 1,867.5 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 113.2 | 83.7 | 348.8 | 265.1 | |
Natural Gas Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 31.4 | 31.4 | 22.8 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 1.6 | 2.1 | 4.9 | 4.7 | |
Petrochemical & Refined Products Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 61.4 | 61.4 | $ 62.8 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | $ (1.4) | $ (2.1) | $ (5.1) | $ (6.9) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,136.5 | $ 5,136.5 | $ 5,343.5 | ||
Accumulated Amortization | (1,647.1) | (1,647.1) | (1,735.1) | ||
Carrying Value | 3,489.4 | 3,489.4 | 3,608.4 | ||
Amortization expense | 44.8 | $ 41.9 | 134.3 | $ 128.6 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2019 | 40.5 | 40.5 | |||
2020 | 161.8 | 161.8 | |||
2021 | 162.8 | 162.8 | |||
2022 | 168.4 | 168.4 | |||
2023 | 168.5 | 168.5 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 610.4 | 610.4 | 820.7 | ||
Accumulated Amortization | (243.7) | (243.7) | (440.6) | ||
Carrying Value | 366.7 | 366.7 | 380.1 | ||
Amortization expense | 7.3 | 9.2 | 25.4 | 25.6 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 447.8 | 447.8 | 457.3 | ||
Accumulated Amortization | (202.8) | (202.8) | (201.9) | ||
Carrying Value | 245 | 245 | 255.4 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 162.6 | 162.6 | 363.4 | ||
Accumulated Amortization | (40.9) | (40.9) | (238.7) | ||
Carrying Value | 121.7 | 121.7 | 124.7 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,480.4 | 2,480.4 | 2,480.4 | ||
Accumulated Amortization | (457) | (457) | (385.8) | ||
Carrying Value | 2,023.4 | 2,023.4 | 2,094.6 | ||
Amortization expense | 25.1 | 20.7 | 71.2 | 67.3 | |
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 | (226.9) | (226.9) | (174.1) | ||
Carrying Value | 1,976.6 | 1,976.6 | 2,029.4 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 276.9 | 276.9 | 276.9 | ||
Accumulated Amortization | (230.1) | (230.1) | (211.7) | ||
Carrying Value | 46.8 | 46.8 | 65.2 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,818.3 | 1,818.3 | 1,815 | ||
Accumulated Amortization | (866.9) | (866.9) | (835.7) | ||
Carrying Value | 951.4 | 951.4 | 979.3 | ||
Amortization expense | 10.3 | 9.8 | 31.2 | 29.1 | |
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 | (473.3) | (473.3) | (447.8) | ||
Carrying Value | 877 | 877 | 902.5 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 468 | 468 | 464.7 | ||
Accumulated Amortization | (393.6) | (393.6) | (387.9) | ||
Carrying Value | 74.4 | 74.4 | 76.8 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 227.4 | 227.4 | 227.4 | ||
Accumulated Amortization | (79.5) | (79.5) | (73) | ||
Carrying Value | 147.9 | 147.9 | 154.4 | ||
Amortization expense | 2.1 | $ 2.2 | 6.5 | $ 6.6 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 181.4 | 181.4 | 181.4 | ||
Accumulated Amortization | (56.2) | (56.2) | (51.8) | ||
Carrying Value | 125.2 | 125.2 | 129.6 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 46 | 46 | 46 | ||
Accumulated Amortization | (23.3) | (23.3) | (21.2) | ||
Carrying Value | $ 22.7 | $ 22.7 | $ 24.8 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Oct. 31, 2019 | Jul. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 28,196.4 | $ 26,420.6 | ||||
Other, non-principal amounts | (257.2) | (242.4) | ||||
Less current maturities of debt | (2,300) | (1,500.1) | ||||
Total long-term debt | 25,639.2 | 24,678.1 | ||||
Debt Obligations Terms: | ||||||
Borrowings under debt agreements | 44,629.6 | $ 67,086.3 | ||||
Repayment of debt obligations | 42,855.3 | $ 65,742.1 | ||||
Letters of credit outstanding | 101.4 | |||||
Senior Debt Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | 25,550 | 23,750 | ||||
Debt Obligations Terms: | ||||||
Aggregate debt principal issued | $ 2,500 | |||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 0 | 0 | ||||
Information regarding variable interest rates paid: | ||||||
Weighted-average interest rate paid | 2.72% | |||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 2.58% | |||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 2.80% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes N [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 0 | 700 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 6.50% | |||||
Senior Debt Obligations [Member] | EPO 364-Day Revolving Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 0 | 0 | ||||
Debt Obligations Terms: | ||||||
Credit facilty interest rate description | (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings. | |||||
Maximum borrowing capacity | $ 1,500 | |||||
Maximum bank commitments increase | 200 | |||||
Total maximum borrowing capacity | 1,700 | |||||
Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 800 | 800 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 2.55% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes LL [Member] | Forecast [Member] | ||||||
Debt Obligations Terms: | ||||||
Repayment of debt obligations | $ 800 | |||||
Senior Debt Obligations [Member] | EPO Senior Notes Q [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 500 | 500 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.25% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes Y [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,000 | 1,000 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.20% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes TT [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 750 | 750 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 2.80% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes RR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 575 | 575 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 2.85% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes VV [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 750 | 750 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.50% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes CC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 650 | 650 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.05% | |||||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 0 | 0 | ||||
Debt Obligations Terms: | ||||||
Credit facilty interest rate description | (i) LIBOR, plus an additional variable spread; or (ii) an alternate base rate, which is the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) the LIBO Market Index Rate in effect on such day plus 1% and a variable spread. The applicable spreads are determined based on our debt ratings. | |||||
Maximum borrowing capacity | $ 3,500 | 4,000 | ||||
Maximum bank commitments increase | 500 | |||||
Total maximum borrowing capacity | 4,000 | |||||
Senior Debt Obligations [Member] | EPO Senior Notes HH [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,250 | 1,250 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.35% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes JJ [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 850 | 850 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.90% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes MM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,150 | 1,150 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.75% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes PP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 875 | 875 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.70% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes SS [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 575 | 575 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.95% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes WW [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,000 | 1,000 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.15% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes YY [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,250 | 0 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 3.125% | |||||
Aggregate debt principal issued | $ 1,250 | |||||
Debt issued as percent of principal amount | 99.955% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes D [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 500 | 500 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 6.875% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes H [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 350 | 350 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 6.65% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes J [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 250 | 250 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.75% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes W [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 399.6 | 399.6 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 7.55% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes R [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 600 | 600 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 6.125% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes Z [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 600 | 600 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 6.45% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes BB [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 750 | 750 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.95% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes DD [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 600 | 600 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.70% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes EE [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 750 | 750 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.85% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes GG [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,100 | 1,100 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.45% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes II [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,400 | 1,400 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.85% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes KK [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,150 | 1,150 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.10% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes QQ [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 975 | 975 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.90% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes UU [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,250 | 1,250 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.25% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes XX [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,250 | 1,250 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.80% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes ZZ [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 1,250 | 0 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.20% | |||||
Aggregate debt principal issued | $ 1,250 | |||||
Debt issued as percent of principal amount | 99.792% | |||||
Senior Debt Obligations [Member] | EPO Senior Notes NN [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 400 | 400 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.95% | |||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | $ 0.4 | 0.4 | ||||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 7.55% | |||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | [1] | $ 232.2 | 256.4 | |||
Debt Obligations Terms: | ||||||
Repayment of debt obligations | 24.2 | |||||
Gain on extinguishment of debt | $ 1.5 | |||||
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 | 5.34% | |||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Minimum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 4.91% | |||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C [Member] | Maximum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 5.52% | |||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding | [2] | $ 700 | 700 | |||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 4.875% | |||||
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 | [3] | $ 1,000 | 1,000 | |||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.25% | |||||
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 | [4] | $ 700 | 700 | |||
Debt Obligations Terms: | ||||||
Interest rate, stated percentage | 5.375% | |||||
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 | [1] | $ 14.2 | $ 14.2 | |||
Debt Obligations Terms: | ||||||
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 | 5.34% | |||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | Minimum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 4.91% | |||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes [Member] | Maximum [Member] | ||||||
Information regarding variable interest rates paid: | ||||||
Variable interest rates paid | 5.52% | |||||
[1] | Variable rate is reset quarterly and based on 3-month LIBOR, or London Inter-Bank Offered Rate, plus 2.778%. During 2019, EPO repurchased and retired $24.2 million in principal amount of these junior subordinated notes. | |||||
[2] | Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%. | |||||
[3] | Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%. | |||||
[4] | Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%. |
Debt Obligations, Debt Maturiti
Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2019 | $ 800 | |
2020 | 1,500 | |
2021 | 1,325 | |
2022 | 1,400 | |
2023 | 1,250 | |
Thereafter | 21,921.4 | |
Total | $ 28,196.4 | $ 26,420.6 |
Equity and Distributions, Summa
Equity and Distributions, Summary of Changes in Outstanding Units (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | |
Summary of changes in outstanding units [Roll Forward] | ||||
Beginning Balance (in units) | 2,189,005,978 | 2,188,560,672 | 2,184,869,029 | 2,184,869,029 |
Common unit repurchases under 2019 Buyback Program (in units) | (1,056,736) | (1,852,392) | ||
Common units issued in connection with DRIP and EUPP (in units) | 1,381,211 | 1,516,779 | ||
Common units issued in connection with employee compensation (in units) | 1,626,041 | |||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 163,550 | 120,831 | 2,379,620 | |
Other (in units) | 21,595 | |||
Ending Balance (in units) | 2,189,169,528 | 2,189,005,978 | 2,188,560,672 | 2,189,169,528 |
Equity and Distributions, Issua
Equity and Distributions, Issuances of Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Net cash proceeds from the issuance of common units | $ 82.2 | $ 449.4 | ||||
Common units issued in connection with employee compensation (in units) | 1,626,041 | |||||
Common units issued in connection with employee compensation | 45.6 | $ 39.1 | ||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 163,550 | 120,831 | 2,379,620 | |||
Treasury Units: | ||||||
Total of common units repurchased under a buyback program (in units) | 1,056,736 | 1,852,392 | ||||
Common units acquired in connection with buyback program | $ 0 | $ 81.1 | ||||
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) | 1,626,041 | |||||
Common units issued in connection with employee compensation | $ 45.6 | |||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 2,664,001 | |||||
2019 Buyback Program [Member] | ||||||
Treasury Units: | ||||||
Amount authorized under 2019 Buyback Program | 2,000 | $ 2,000 | ||||
Remaining available capacity under the 2019 Buyback Program | 1,920 | $ 1,920 | ||||
Total of common units repurchased under a buyback program (in units) | 2,909,128 | |||||
Common units acquired in connection with buyback program | $ 81.1 | |||||
Universal Shelf Registration [Member] | Senior Notes [Member] | ||||||
Registration Statements and Equity Offerings [Line Items] | ||||||
Debt issued under universal shelf registration | 2,500 | |||||
At-the-Market Registration [Member] | ||||||
Registration Statements and Equity Offerings [Line Items] | ||||||
Maximum common units authorized for issuance | 2,540 | 2,540 | ||||
Remaining units available for issuance | $ 2,540 | $ 2,540 | ||||
Distribution Reinvestment Plan [Member] | ||||||
Registration Statements and Equity Offerings [Line Items] | ||||||
Remaining units available for issuance (in units) | 57,544,841 | 57,544,841 | ||||
Distribution reinvestment plan discount rate | 0.00% | 2.50% | ||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Number of common units issued (in units) | 2,601,727 | 16,073,974 | ||||
Net cash proceeds from the issuance of common units | $ 73.7 | $ 438.1 | ||||
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 | $ 21.6 | |||||
Employee Unit Purchase Plan [Member] | ||||||
Registration Statements and Equity Offerings [Line Items] | ||||||
Remaining units available for issuance (in units) | 4,763,149 | 4,763,149 | ||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Number of common units issued (in units) | 296,263 | 403,602 | ||||
Net cash proceeds from the issuance of common units | $ 8.5 | $ 11.3 | ||||
Employer contribution to EUPP | $ 0.5 | |||||
Distribution Reinvestment and Employee Unit Purchase Plans [Member] | ||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | ||||||
Number of common units purchased on the open market and delivered to participants (in units) | 1,410,020 |
Equity and Distributions, Accum
Equity and Distributions, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 50.9 | $ (171.7) | ||
Other comprehensive income (loss) for period, before reclassifications | 34.2 | (135.8) | ||
Reclassification of losses (gains) to net income during period | (124.2) | 0.2 | ||
Total other comprehensive income (loss) for period | $ (28.4) | $ (184.1) | (90) | (135.6) |
Accumulated Other Comprehensive Income (Loss), Ending balance | (39.1) | (307.3) | (39.1) | (307.3) |
Interest expense | 382.9 | 279.5 | 950.2 | 806.2 |
Revenue | (7,964.1) | (9,585.9) | (24,783.9) | (27,351.9) |
Operating costs and expenses | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 |
Total | (1,044.8) | (1,334.6) | (3,561.7) | (2,933.3) |
Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (104.8) | (165.1) | ||
Other comprehensive income (loss) for period, before reclassifications | (23.8) | 20.7 | ||
Reclassification of losses (gains) to net income during period | 27.8 | 29 | ||
Total other comprehensive income (loss) for period | 4 | 49.7 | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | (100.8) | (115.4) | (100.8) | (115.4) |
Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 152.7 | (10.1) | ||
Other comprehensive income (loss) for period, before reclassifications | 58.6 | (156) | ||
Reclassification of losses (gains) to net income during period | (152) | (28.8) | ||
Total other comprehensive income (loss) for period | (93.4) | (184.8) | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 59.3 | (194.9) | 59.3 | (194.9) |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 3 | 3.5 | ||
Other comprehensive income (loss) for period, before reclassifications | (0.6) | (0.5) | ||
Reclassification of losses (gains) to net income during period | 0 | 0 | ||
Total other comprehensive income (loss) for period | (0.6) | (0.5) | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 2.4 | 3 | 2.4 | 3 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | (82.1) | (44.4) | (124.2) | 0.2 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Interest expense | 9.4 | 9.1 | 27.8 | 29 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | (93.6) | (53.9) | (161.4) | (28.5) |
Operating costs and expenses | $ 2.1 | $ 0.4 | $ 9.4 | $ (0.3) |
Equity and Distributions, Nonco
Equity and Distributions, Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noncontrolling Interest [Roll Forward] | ||||
Noncontrolling interest balance at beginning of period | $ 438.7 | |||
Net income attributable to noncontrolling interests | $ 25.6 | $ 21.4 | 67.3 | $ 45.6 |
Cash distributions paid to noncontrolling interests | (22.8) | (22.6) | (69.7) | (50.9) |
Cash contributions from noncontrolling interests | 491.2 | $ 15.1 | 590.8 | $ 222 |
Other | 2.4 | |||
Noncontrolling interest balance at end of period | $ 1,029.5 | $ 1,029.5 | ||
Pascagoula Natural Gas Processing Facility [Member] | ||||
Noncontrolling Interest | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 36 | |||
Shin Oak NGL Pipeline [Member] | ||||
Noncontrolling Interest | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 33.00% | 33.00% | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 440.7 |
Equity and Distributions, Distr
Equity and Distributions, Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions to Partners [Abstract] | ||||
Quarterly increase in cash distribution per unit (in dollars per unit) | $ 0.0025 | |||
Forecasted rate of annual increase of distributions per unit | 2.30% | |||
Quarterly percentage increase in distribution per unit | 2.30% | |||
Cash Distribution [Member] | ||||
Distributions to Partners [Abstract] | ||||
Distribution Per Common Unit (in dollars per unit) | $ 0.4425 | $ 0.4325 | $ 1.7650 | $ 1.7250 |
Revenues, Revenues by Business
Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue [Abstract] | ||||
Revenues | $ 7,964.1 | $ 9,585.9 | $ 24,783.9 | $ 27,351.9 |
Sales of Products [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||
Revenue [Abstract] | ||||
Concentration risk percentage | 82.00% | 85.00% | 82.00% | 85.00% |
Midstream Services [Member] | Revenues [Member] | Product Concentration Risk [Member] | ||||
Revenue [Abstract] | ||||
Concentration risk percentage | 18.00% | 15.00% | 18.00% | 15.00% |
NGL Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | $ 3,252.1 | $ 4,622.9 | $ 9,851.2 | $ 11,309.9 |
NGL Pipelines & Services [Member] | Sales of NGLs and Related Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,624.9 | 3,898.2 | 7,955.5 | 9,324.5 |
NGL Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 627.2 | 724.7 | 1,895.7 | 1,985.4 |
NGL Pipelines & Services [Member] | Midstream Services: Natural Gas Processing and Fractionation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 279.6 | 397.2 | 837.3 | 982.2 |
NGL Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 248.2 | 241.8 | 767.4 | 725.5 |
NGL Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 99.4 | 85.7 | 291 | 277.7 |
Crude Oil Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,478.3 | 2,494.9 | 7,952.2 | 8,847 |
Crude Oil Pipelines & Services [Member] | Sales of Crude Oil [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,130 | 2,209 | 6,990.1 | 8,082.9 |
Crude Oil Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 348.3 | 285.9 | 962.1 | 764.1 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 209.1 | 187.9 | 598.1 | 490.7 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 139.2 | 98 | 364 | 273.4 |
Natural Gas Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 715.5 | 850.2 | 2,462.3 | 2,447.8 |
Natural Gas Pipelines & Services [Member] | Sales of Natural Gas [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 440 | 589 | 1,627.1 | 1,681.5 |
Natural Gas Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 275.5 | 261.2 | 835.2 | 766.3 |
Natural Gas Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 275.5 | 261.2 | 835.2 | 766.3 |
Petrochemical & Refined Products Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 |
Petrochemical & Refined Products Services [Member] | Sales of Petrochemicals and Refined Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,299 | 1,408.9 | 3,867.3 | 4,111.6 |
Petrochemical & Refined Products Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 219.2 | 209 | 650.9 | 635.6 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Fractionation and Isomerization [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 43.2 | 45.9 | 125.5 | 146.8 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 134.4 | 119.2 | 393.2 | 353 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | $ 41.6 | $ 43.9 | $ 132.2 | $ 135.8 |
Revenues, Unbilled Revenue and
Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue | $ 223.8 | $ 13.3 |
Deferred revenue | 329.6 | $ 291.2 |
Other Current Assets [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue (current amount) | 223.8 | |
Other Current Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (current amount) | 137.4 | |
Other Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (noncurrent) | $ 192.2 |
Revenues, Significant Changes i
Revenues, Significant Changes in Unbilled Revenue (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Significant Changes in Unbilled Revenue [Roll Forward] | ||
Balance at beginning of period | $ 13.3 | |
Unbilled revenue included in opening balance transferred to other accounts during period | (13.3) | [1] |
Unbilled revenue recorded during period | 270.5 | |
Unbilled revenue recorded during period transferred to other accounts | (46.7) | [1] |
Other changes | 0 | |
Balance at end of period | $ 223.8 | |
[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 Changes_2
Revenues, Significant Changes in Deferred Revenue (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Significant Changes in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period | $ 291.2 | |
Deferred revenue included in opening balance transferred to other accounts during period | (110.9) | [1] |
Deferred revenue recorded during period | 430.7 | |
Deferred revenue recorded during period transferred to other accounts | (278.7) | [1] |
Other changes | (2.7) | |
Balance at end of period | $ 329.6 | |
[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) - Midstream Services [Member] $ in Millions | Sep. 30, 2019USD ($) |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 22,943.5 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 945 |
Expected timing of satisfaction, period | 3 months |
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 | $ 3,505.7 |
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 | $ 3,075.3 |
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 | $ 2,636.9 |
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 | $ 2,203.9 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 10,576.7 |
Expected timing of satisfaction, period |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Segment | Sep. 30, 2018USD ($) | ||
Business Segments [Abstract] | |||||
Number of reportable segments | Segment | 4 | ||||
Segment Gross Operating Margin [Abstract] | |||||
Operating income | $ 1,474.2 | $ 1,643.3 | $ 4,660.7 | $ 3,768.2 | |
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign): | |||||
Depreciation, amortization and accretion expense in operating costs and expenses | 467.1 | 429.4 | 1,380.8 | 1,249 | |
Asset impairment and related charges in operating costs and expenses | 39.4 | 4.6 | 51.2 | 21.4 | |
Net gains attributable to asset sales in operating costs and expenses | (0.1) | (6.7) | (2.6) | (8.1) | |
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 | |
Non-refundable payments received from shippers attributable to make-up rights | [1] | 20.8 | 6.5 | 34.3 | 14.8 |
Subsequent recognition of revenues attributable to make-up rights | [2] | (5.5) | (6.2) | (18.6) | (42.4) |
Total segment gross operating margin | $ 2,051.4 | $ 2,123.6 | $ 6,266 | $ 5,160 | |
[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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 2,051.4 | $ 2,123.6 | $ 6,266 | $ 5,160 | |
Mark-to-market gains (losses) in gross operating margin | 9.1 | 204.1 | 92.9 | (254.8) | |
Mark-to-market loss in interest expense | (94.9) | 0 | (94.9) | (0.1) | |
Total mark-to-market gains (losses) | (85.8) | 204.1 | (2) | (254.9) | |
Revenues from third parties | 7,948.5 | 9,571.7 | 24,730.2 | 27,257.4 | |
Revenues from related parties | 15.6 | 14.2 | 53.7 | 94.5 | |
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | |
Total revenues | 7,964.1 | 9,585.9 | 24,783.9 | 27,351.9 | |
Equity in income (loss) of unconsolidated affiliates | 139.3 | 112 | 431.3 | 350 | |
Property, plant and equipment, net | 40,763.3 | 40,763.3 | $ 38,737.6 | ||
Investments in unconsolidated affiliates | 2,660.9 | 2,660.9 | 2,615.1 | ||
Intangible assets, net | 3,489.4 | 3,489.4 | 3,608.4 | ||
Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
Segment assets | 52,658.8 | 52,658.8 | 50,706.3 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 3,252.1 | 4,622.9 | 9,851.2 | 11,309.9 | |
Equity in income (loss) of unconsolidated affiliates | 25.9 | 28.3 | 82.7 | 87.1 | |
Investments in unconsolidated affiliates | 690.9 | 690.9 | 662 | ||
Intangible assets, net | 366.7 | 366.7 | 380.1 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,478.3 | 2,494.9 | 7,952.2 | 8,847 | |
Equity in income (loss) of unconsolidated affiliates | 113.2 | 83.7 | 348.8 | 265.1 | |
Investments in unconsolidated affiliates | 1,877.2 | 1,877.2 | 1,867.5 | ||
Intangible assets, net | 2,023.4 | 2,023.4 | 2,094.6 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 715.5 | 850.2 | 2,462.3 | 2,447.8 | |
Equity in income (loss) of unconsolidated affiliates | 1.6 | 2.1 | 4.9 | 4.7 | |
Investments in unconsolidated affiliates | 31.4 | 31.4 | 22.8 | ||
Intangible assets, net | 951.4 | 951.4 | 979.3 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 | |
Equity in income (loss) of unconsolidated affiliates | (1.4) | (2.1) | (5.1) | (6.9) | |
Investments in unconsolidated affiliates | 61.4 | 61.4 | 62.8 | ||
Intangible assets, net | 147.9 | 147.9 | 154.4 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 1,008.3 | 1,063.1 | 2,933.8 | 2,861.7 | |
Mark-to-market gains (losses) in gross operating margin | (0.7) | 0.1 | (0.1) | 7.9 | |
Revenues from third parties | 3,250.1 | 4,616.7 | 9,843.9 | 11,295.1 | |
Revenues from related parties | 2 | 6.2 | 7.3 | 14.8 | |
Intersegment and intrasegment revenues | 4,729.3 | 6,814.9 | 14,715.5 | 19,384.4 | |
Total revenues | 7,981.4 | 11,437.8 | 24,566.7 | 30,694.3 | |
Equity in income (loss) of unconsolidated affiliates | 25.9 | 28.3 | 82.7 | 87.1 | |
Property, plant and equipment, net | 16,212.2 | 16,212.2 | 14,845.4 | ||
Investments in unconsolidated affiliates | 690.9 | 690.9 | 662 | ||
Intangible assets, net | 366.7 | 366.7 | 380.1 | ||
Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
Segment assets | 19,921.5 | 19,921.5 | 18,539.2 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 496.2 | 594.2 | 1,671.7 | 867 | |
Mark-to-market gains (losses) in gross operating margin | 9.8 | 200.2 | 95 | (267.4) | |
Revenues from third parties | 2,467.9 | 2,490.7 | 7,916.5 | 8,777.2 | |
Revenues from related parties | 10.4 | 4.2 | 35.7 | 69.8 | |
Intersegment and intrasegment revenues | 9,479.7 | 6,278.8 | 26,818 | 27,683.6 | |
Total revenues | 11,958 | 8,773.7 | 34,770.2 | 36,530.6 | |
Equity in income (loss) of unconsolidated affiliates | 113.2 | 83.7 | 348.8 | 265.1 | |
Property, plant and equipment, net | 6,316.2 | 6,316.2 | 5,847.7 | ||
Investments in unconsolidated affiliates | 1,877.2 | 1,877.2 | 1,867.5 | ||
Intangible assets, net | 2,023.4 | 2,023.4 | 2,094.6 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Segment assets | 12,057.8 | 12,057.8 | 11,650.8 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 258.5 | 216.9 | 824.6 | 628.2 | |
Mark-to-market gains (losses) in gross operating margin | 1.3 | 4.7 | 1.3 | 5.9 | |
Revenues from third parties | 712.3 | 846.4 | 2,451.6 | 2,437.9 | |
Revenues from related parties | 3.2 | 3.8 | 10.7 | 9.9 | |
Intersegment and intrasegment revenues | 141.7 | 186.6 | 500.2 | 522.5 | |
Total revenues | 857.2 | 1,036.8 | 2,962.5 | 2,970.3 | |
Equity in income (loss) of unconsolidated affiliates | 1.6 | 2.1 | 4.9 | 4.7 | |
Property, plant and equipment, net | 8,320.5 | 8,320.5 | 8,303.8 | ||
Investments in unconsolidated affiliates | 31.4 | 31.4 | 22.8 | ||
Intangible assets, net | 951.4 | 951.4 | 979.3 | ||
Goodwill | 296.3 | 296.3 | 296.3 | ||
Segment assets | 9,599.6 | 9,599.6 | 9,602.2 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 288.4 | 249.4 | 835.9 | 803.1 | |
Mark-to-market gains (losses) in gross operating margin | (1.3) | (0.9) | (3.3) | (1.2) | |
Revenues from third parties | 1,518.2 | 1,617.9 | 4,518.2 | 4,747.2 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | 558.1 | 844.3 | 1,890.4 | 2,241.6 | |
Total revenues | 2,076.3 | 2,462.2 | 6,408.6 | 6,988.8 | |
Equity in income (loss) of unconsolidated affiliates | (1.4) | (2.1) | (5.1) | (6.9) | |
Property, plant and equipment, net | 6,356.3 | 6,356.3 | 6,213.9 | ||
Investments in unconsolidated affiliates | 61.4 | 61.4 | 62.8 | ||
Intangible assets, net | 147.9 | 147.9 | 154.4 | ||
Goodwill | 956.2 | 956.2 | 956.2 | ||
Segment assets | 7,521.8 | 7,521.8 | 7,387.3 | ||
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 | (14,908.8) | (14,124.6) | (43,924.1) | (49,832.1) | |
Total revenues | (14,908.8) | (14,124.6) | (43,924.1) | (49,832.1) | |
Equity in income (loss) of unconsolidated affiliates | 0 | $ 0 | 0 | $ 0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 3,558.1 | 3,558.1 | 3,526.8 | ||
Investments in unconsolidated affiliates | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | $ 3,558.1 | $ 3,558.1 | $ 3,526.8 |
Business Segments, Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 7,964.1 | $ 9,585.9 | $ 24,783.9 | $ 27,351.9 | |
Operating costs and expenses: | |||||
Cost of sales | [1] | 5,276.5 | 6,838.9 | 16,721.5 | 20,371.2 |
Other operating costs and expenses | [2] | 790.8 | 735.7 | 2,243.4 | 2,143.1 |
Depreciation, amortization and accretion | 467.1 | 429.4 | 1,380.8 | 1,249 | |
Asset impairment and related charges | 39.4 | 4.6 | 51.2 | 21.4 | |
Net gains attributable to asset sales | (0.1) | (6.7) | (2.6) | (8.1) | |
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 | |
Total consolidated costs and expenses | 6,629.2 | 8,054.6 | 20,554.5 | 23,933.7 | |
NGL Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 3,252.1 | 4,622.9 | 9,851.2 | 11,309.9 | |
Crude Oil Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 2,478.3 | 2,494.9 | 7,952.2 | 8,847 | |
Natural Gas Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 715.5 | 850.2 | 2,462.3 | 2,447.8 | |
Petrochemical & Refined Products Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 1,518.2 | $ 1,617.9 | $ 4,518.2 | $ 4,747.2 | |
[1] | Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. | ||||
[2] | Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment and related charges; and net losses (or gains) attributable to asset sales. |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
BASIC EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 1,019.2 | $ 1,313.2 | $ 3,494.4 | $ 2,887.7 | |
Undistributed earnings allocated and cash payments on phantom unit awards | [1] | (6.1) | (6.2) | (21.3) | (15.5) |
Net income available to common unitholders | $ 1,013.1 | $ 1,307 | $ 3,473.1 | $ 2,872.2 | |
Basic weighted-average number of common units outstanding (in units) | 2,189.1 | 2,179.9 | 2,188.4 | 2,173.8 | |
Basic earnings per unit (in dollars per unit) | $ 0.46 | $ 0.60 | $ 1.59 | $ 1.32 | |
DILUTED EARNINGS PER UNIT | |||||
Net income attributable to limited partners | $ 1,019.2 | $ 1,313.2 | $ 3,494.4 | $ 2,887.7 | |
Diluted weighted-average number of units outstanding: | |||||
Distribution-bearing common units (in units) | 2,189.1 | 2,179.9 | 2,188.4 | 2,173.8 | |
Phantom units (in units) | [1] | 13.2 | 10.6 | 13.1 | 10.6 |
Total (in units) | 2,202.3 | 2,190.5 | 2,201.5 | 2,184.4 | |
Diluted earnings per unit (in dollars per unit) | $ 0.46 | $ 0.60 | $ 1.59 | $ 1.32 | |
[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 EPD’s common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. |
Equity-Based Awards (Details)
Equity-Based Awards (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 37.3 | $ 25.5 | $ 107.8 | $ 78.8 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 34.7 | 24.2 | 99.6 | 74.7 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 2.5 | 1.2 | 8.1 | 3.8 |
Liability-classified awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.3 |
Equity-Based Awards, Phantom Un
Equity-Based Awards, Phantom Unit Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Cash payments made in connection with DERs | $ 16.4 | $ 13.2 | |||
Phantom Unit Awards [Member] | |||||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||
Beginning of period (in units) | 10,333,277 | ||||
Granted (in units) | [1] | 6,851,920 | |||
Vested (in units) | (3,810,666) | ||||
Forfeited (in units) | (268,621) | ||||
End of period (in units) | 13,105,910 | 13,105,910 | |||
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] | $ 26.97 | |||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 27.75 | |||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.54 | |||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 27.21 | |||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 27.21 | $ 27.21 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Aggregate grant date fair value | $ 190.2 | ||||
Estimated forfeiture rate | 3.00% | ||||
Cash payments made in connection with DERs | $ 5.9 | $ 4.6 | $ 16.4 | 13.2 | |
Total intrinsic value of phantom unit awards that vested during period | 7.2 | $ 4.5 | 108.9 | $ 89.6 | |
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | 172.5 | $ 172.5 | |||
Recognition period for total unrecognized compensation cost | 2 years 1 month 6 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) | $ 27.75 | ||||
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) | $ 29.29 | ||||
Phantom Unit Awards [Member] | Enterprise [Member] | |||||
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | $ 144.2 | $ 144.2 | |||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2019 was $190.2 million based on a grant date market price of EPD common units ranging from $27.75 to $29.29 per unit. An estimated annual forfeiture rate of 3.0% 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] $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Unrecognized Compensation Expense [Abstract] | |
Unrecognized compensation cost | $ 27.3 |
Recognition period for total unrecognized compensation cost | 3 years 4 months 24 days |
Derivative Instruments, Hedgi_3
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)ContractbblBcf | Sep. 30, 2019USD ($)ContractbblBcf | Dec. 31, 2018USD ($) | ||
Derivative [Line Items] | ||||
Gain on the sale of swaption | $ | $ 13.3 | $ 23.1 | ||
Carrying amount of hedged asset | $ | 21.1 | 21.1 | $ 50.2 | |
Forward Starting Swaps [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount | $ | $ 1,150 | $ 1,150 | ||
Average Rate Locked | 2.16% | 2.16% | ||
Life of associated future debt | 30 years | |||
Forward Starting Swaps A [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Number of Derivatives Outstanding | Contract | [1] | 1 | 1 | |
Notional Amount | $ | $ 75 | $ 75 | ||
Average Rate Locked | 2.39% | 2.39% | ||
Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Number of Derivatives Outstanding | Contract | [1] | 1 | 1 | |
Notional Amount | $ | $ 75 | $ 75 | ||
Average Rate Locked | 2.41% | 2.41% | ||
Forward Starting Swaps - September 2019 [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Number of Derivatives Outstanding | Contract | 10 | 10 | ||
Notional Amount | $ | $ 1,000 | $ 1,000 | ||
Average Rate Locked | 2.12% | 2.12% | ||
Difference between forward-starting swaps' weighted-average fixed interest rate and applicable weighted-average variable interest rate | 0.41% | 0.41% | ||
Life of associated future debt | 30 years | |||
Forward Starting Swap C [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Number of Derivatives Outstanding | Contract | [2] | 5 | 5 | |
Notional Amount | $ | $ 500 | $ 500 | ||
Average Rate Locked | 2.12% | 2.12% | ||
Forward Starting Swaps D [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Number of Derivatives Outstanding | Contract | [2] | 5 | 5 | |
Notional Amount | $ | $ 500 | $ 500 | ||
Average Rate Locked | 2.13% | 2.13% | ||
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 | [3],[4] | 15.2 | 15.2 | |
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4] | 1.8 | 1.8 | |
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted purchases of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4] | 1 | 1 | |
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 | [3],[4] | 8.1 | 8.1 | |
Long Term Volume | [3],[4] | 1.6 | 1.6 | |
Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | Bcf | [3],[4] | 3.2 | 3.2 | |
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4] | 100 | 100 | |
Long Term Volume | [3],[4] | 1.5 | 1.5 | |
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 | [3],[4] | 121.7 | 121.7 | |
Long Term Volume | [3],[4] | 1.2 | 1.2 | |
Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4] | 0.3 | 0.3 | |
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 | [3],[4] | 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 | [3],[4] | 0.9 | 0.9 | |
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 | [3],[4] | 10.4 | 10.4 | |
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 | [3],[4] | 13.8 | 13.8 | |
Designated as Hedging Instrument [Member] | Propylene marketing: Forecasted sales of NGLs for propylene marketing activities [Member] | Derivatives in cash flow hedging relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4] | 0.3 | 0.3 | |
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 | [3],[4],[5] | 38.2 | 38.2 | |
Long Term Volume | Bcf | [3],[4],[5] | 0.6 | 0.6 | |
Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4],[5] | 7.6 | 7.6 | |
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4],[5] | 2.4 | 2.4 | |
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | ||||
Derivative [Line Items] | ||||
Current Volume | [3],[4],[5] | 22.2 | 22.2 | |
Long Term Volume | [3],[4],[5] | 6.1 | 6.1 | |
[1] | These swaps were entered into in May 2019. | |||
[2] | These swaps were entered into in September 2019 as a result of the swaption exercise. | |||
[3] | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is January 2021, December 2019 and December 2022, respectively. | |||
[4] | 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. | |||
[5] | Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets. |
Derivative Instruments, Hedgi_4
Derivative Instruments, Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 118.6 | |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 172.6 | $ 161.9 |
Liability Derivatives | 150.5 | 162.4 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 154.9 | 144.1 |
Liability Derivatives | 169.7 | 126.1 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 23.7 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 11.8 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 11.9 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 154.9 | 144.1 |
Liability Derivatives | 146 | 126.1 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 149.3 | 138.5 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5.6 | 5.6 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 139.2 | 115 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6.8 | 11.1 |
Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 17.7 | 17.8 |
Liability Derivatives | 99.4 | 36.3 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 94.9 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 47.2 | 0 |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 47.7 | 0 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 17.7 | 17.8 |
Liability Derivatives | 4.5 | 36.3 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 16.7 | 15.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1 | 1.9 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4.2 | 33.2 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0.3 | $ 3.1 |
Derivative Instruments, Hedgi_5
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 172.6 | $ 161.9 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 172.6 | 161.9 |
Financial Instruments | (149) | (158.6) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | (22.4) | 0 |
Amounts That Would Have Been Presented On Net Basis | $ 1.2 | $ 3.3 |
Derivative Instruments, Hedgi_6
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 118.6 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Amounts of Liabilities Presented in the Balance Sheet | 118.6 | |
Financial Instruments | 0 | |
Cash Collateral Received | 0 | |
Cash Collateral Paid | 0 | |
Amounts That Would Have Been Presented On Net Basis | 118.6 | |
Commodity Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 150.5 | $ 162.4 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 150.5 | 162.4 |
Financial Instruments | (149) | (158.6) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0.3 | (2.3) |
Amounts That Would Have Been Presented On Net Basis | $ 1.8 | $ 1.5 |
Derivative Instruments, Hedgi_7
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 | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gains (losses) | $ 9.1 | $ 204.1 | $ 92.9 | $ (254.8) | |
Total mark-to-market gains (losses) | (85.8) | 204.1 | (2) | (254.9) | |
Derivatives in fair value hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | (0.4) | (1.4) | (2) | 4.5 | |
Gain (Loss) Recognized in Income on Hedged Item | 2.4 | 3.7 | 8.7 | 0.5 | |
Derivatives in fair value hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 0 | 0 | 0 | 1.3 | |
Gain (Loss) Recognized in Income on Hedged Item | 0 | 0 | 0 | (1.4) | |
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 | (0.4) | (1.4) | (2) | 3.2 | |
Gain (Loss) Recognized in Income on Hedged Item | 2.4 | 3.7 | 8.7 | 1.9 | |
Derivatives in cash flow hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 53.7 | (139.7) | 34.8 | (135.3) | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | 82.1 | 44.4 | 124.2 | (0.2) | |
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 | (18.6) | 6.1 | (23.8) | 20.7 | |
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (39.1) | (39.1) | |||
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) | (9.1) | (27.8) | (29) | |
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 | 66.3 | 66.3 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 68.1 | 68.1 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (1.8) | (1.8) | |||
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] | 73.5 | (145.5) | 71.1 | (156.7) |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | 93.6 | 53.9 | 161.4 | 28.5 | |
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] | (1.2) | (0.3) | (12.5) | 0.7 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (2.1) | (0.4) | (9.4) | 0.3 | |
Derivatives not designated as hedging instruments [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | (74.7) | 19.1 | (4.5) | (542.2) | |
Derivatives not designated as hedging instruments [Member] | Interest rate derivatives [Member] | Interest expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | (94.9) | 0 | (94.9) | 0 | |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Realized gains (losses) | (0.7) | ||||
Unrealized gains (losses) | 91.1 | ||||
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 | 21.8 | 21.8 | 96.7 | (538) | |
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 | $ (1.6) | $ (2.7) | (6.3) | $ (4.2) | |
Derivatives in fair value hedging relationships and not designated as hedges [Member] | Commodity derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gains (losses) | $ 92.9 | ||||
[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, Hedgi_8
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Total gains (losses) included in: | ||||||||||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | $ (85.8) | $ 204.1 | $ (2) | $ (254.9) | ||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Value before application of CME Rule 814 | 433.9 | 433.9 | $ 456.9 | |||||||
Impact of CME Rule 814 | (261.3) | (261.3) | (295) | |||||||
Total commodity derivatives | 172.6 | 172.6 | 161.9 | |||||||
Total | 172.6 | 172.6 | 161.9 | |||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity option agreement | 513.1 | 513.1 | 390 | |||||||
Interest rate derivatives | 118.6 | 118.6 | ||||||||
Commodity derivatives: | ||||||||||
Value before application of CME Rule 814 | 356 | 356 | 398.1 | |||||||
Impact of CME Rule 814 | (205.5) | (205.5) | (235.7) | |||||||
Total commodity derivatives | 150.5 | 150.5 | 162.4 | |||||||
Total | 782.2 | 782.2 | 552.4 | |||||||
Net value before application of CME Rule 814 to commodity hedging portfolio | 77.9 | 77.9 | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Value before application of CME Rule 814 | 54 | 54 | 172.3 | |||||||
Impact of CME Rule 814 | (44.8) | (44.8) | (134.8) | |||||||
Total commodity derivatives | 9.2 | 9.2 | 37.5 | |||||||
Total | 9.2 | 9.2 | 37.5 | |||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||||
Interest rate derivatives | 0 | 0 | ||||||||
Commodity derivatives: | ||||||||||
Value before application of CME Rule 814 | 39.8 | 39.8 | 85.5 | |||||||
Impact of CME Rule 814 | (31) | (31) | (48.6) | |||||||
Total commodity derivatives | 8.8 | 8.8 | 36.9 | |||||||
Total | 8.8 | 8.8 | 36.9 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Value before application of CME Rule 814 | 365.4 | 365.4 | 282.4 | |||||||
Impact of CME Rule 814 | (206.3) | (206.3) | (159.3) | |||||||
Total commodity derivatives | 159.1 | 159.1 | 123.1 | |||||||
Total | 159.1 | 159.1 | 123.1 | |||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity option agreement | 0 | 0 | 0 | |||||||
Interest rate derivatives | 118.6 | 118.6 | ||||||||
Commodity derivatives: | ||||||||||
Value before application of CME Rule 814 | 268.3 | 268.3 | 291.2 | |||||||
Impact of CME Rule 814 | (138.5) | (138.5) | (172.9) | |||||||
Total commodity derivatives | 129.8 | 129.8 | 118.3 | |||||||
Total | 248.4 | 248.4 | 118.3 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||||
Financial assets [Abstract] | ||||||||||
Value before application of CME Rule 814 | 14.5 | 14.5 | 2.2 | |||||||
Impact of CME Rule 814 | (10.2) | (10.2) | (0.9) | |||||||
Total commodity derivatives | 4.3 | 4.3 | 1.3 | |||||||
Total | 4.3 | 4.3 | 1.3 | |||||||
Financial liabilities [Abstract] | ||||||||||
Liquidity option agreement | 513.1 | 513.1 | 390 | |||||||
Interest rate derivatives | 0 | 0 | ||||||||
Commodity derivatives: | ||||||||||
Value before application of CME Rule 814 | 47.9 | 47.9 | 21.4 | |||||||
Impact of CME Rule 814 | (36) | (36) | (14.2) | |||||||
Total commodity derivatives | 11.9 | 11.9 | 7.2 | |||||||
Total | 525 | 525 | $ 397.2 | |||||||
Reconciliation of changes in the fair value of Level 3 financial assets and liabilities [Roll Forward] | ||||||||||
Financial liability balance, net, beginning of period | (479.6) | $ (446.9) | $ (395.9) | (349) | $ (341.9) | $ (332.7) | (395.9) | (332.7) | ||
Total gains (losses) included in: | ||||||||||
Transfers out of Level 3 | 0 | 0 | (0.2) | 0 | 0 | 0 | ||||
Financial liability balance, net, end of period | (520.7) | (479.6) | (446.9) | (366.2) | (349) | (341.9) | (520.7) | (366.2) | ||
Unrealized gain (loss) recognized as a component of net income related to financial assets and liabilities | 0.8 | (1.5) | $ 0.6 | $ (1.4) | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Revenue [Member] | ||||||||||
Total gains (losses) included in: | ||||||||||
Net income | [1] | 0.8 | (0.1) | 3.1 | (0.2) | 1.3 | (0.5) | |||
Settlements | [1] | 0 | (3.1) | (0.1) | (1.3) | 0.5 | (1.2) | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Expense [Member] | ||||||||||
Total gains (losses) included in: | ||||||||||
Net income | (38.7) | (26.6) | (57.8) | (18.5) | (8.9) | (7.5) | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other Comprehensive Income (Loss) [Member] | ||||||||||
Total gains (losses) included in: | ||||||||||
Other comprehensive income | $ (3.2) | $ (2.9) | $ 4 | $ 2.8 | $ 0 | $ 0 | ||||
[1] | There were $0.8 million and $0.6 million of unrealized gains included in these amounts for the three and nine months ended September 30, 2019, respectively. There were unrealized losses of $1.5 million and $1.4 million, respectively, included in these amounts for the three and nine months ended September 30, 2018. |
Derivative Instruments, Hedgi_9
Derivative Instruments, Hedging Activities and Fair Value Measurements, Level 3 Recurring Valuation Techniques (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)$ / gal$ / bbl | Dec. 31, 2018USD ($) | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 54.11 | |
Asset commodity derivatives - Crude oil [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / bbl | 54.78 | |
Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.43 | |
Asset commodity derivatives - Propane [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.49 | |
Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.96 | |
Asset commodity derivatives - Natural gasoline [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 1.04 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.18 | |
Asset Commodity derivatives - Ethane [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.19 | |
Asset commodity derivatives - Normal butane [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.48 | |
Asset commodity derivatives - Normal butane [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.56 | |
Asset commodity derivatives - Isobutane [Member] | Liability Commodity Derivatives - Isobutane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.53 | |
Asset commodity derivatives - Isobutane [Member] | Liability Commodity Derivatives - Isobutane [Member] | Level 3 [Member] | Measurement Input, Commodity Forward Price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Fair value inputs, forward commodity price (in dollars per unit) | $ / gal | 0.64 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 172.6 | $ 161.9 |
Commodity liability derivatives | 150.5 | 162.4 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 4.3 | 1.3 |
Commodity liability derivatives | 11.9 | $ 7.2 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 4.3 | |
Commodity liability derivatives | 11.9 | |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Crude oil [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Propane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 3.7 | |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 4.3 | |
Fair Value, Measurements, Recurring [Member] | Liability Commodity Derivatives - Ethane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 1.3 | |
Fair Value, Measurements, Recurring [Member] | Liability commodity derivatives - Normal butane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 2.2 | |
Fair Value, Measurements, Recurring [Member] | Liability Commodity Derivatives - Isobutane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity liability derivatives | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Crude oil [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.5 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Propane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 1.2 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Natural gasoline [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0 | |
Fair Value, Measurements, Recurring [Member] | Asset Commodity derivatives - Ethane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 1.5 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Normal butane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | 0.5 | |
Fair Value, Measurements, Recurring [Member] | Asset commodity derivatives - Isobutane [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring, Valuation Techniques [Line Items] | ||
Commodity asset derivatives | $ 0.6 |
Derivative Instruments, Hedg_10
Derivative Instruments, Hedging Activities and Fair Value Measurements, Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Asset Impairment Charges [Abstract] | ||
Asset impairment and related charges | $ 51.3 | $ 21.4 |
Derivative Instruments, Hedg_11
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 27,950 | $ 26,150 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 31,010 | $ 25,970 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenues - related parties: | |||||
Total revenue - related parties | $ 15.6 | $ 14.2 | $ 53.7 | $ 94.5 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 392.5 | 395.9 | 1,151.2 | 1,154.2 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 2 | 2 | $ 3.5 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 125.5 | 125.5 | 140.2 | ||
Related Party Transactions [Abstract] | |||||
Operating costs and expenses | 356.1 | 358.5 | 1,051.9 | 1,054.6 | |
General and administrative expenses | 36.4 | 37.4 | 99.3 | 99.6 | |
EPCO and its privately held affiliates [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 297.8 | 285.9 | 837.9 | 802.8 | |
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 106.6 | 106.6 | 116.3 | ||
Distributions: | |||||
Total cash distributions | $ 893.1 | 867.4 | |||
Relationship with Affiliates [Abstract] | |||||
Total Number of Units (in units) | 698,313,137 | 698,313,137 | |||
Percentage of Total Units Outstanding | 31.90% | 31.90% | |||
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 | $ 21.6 | ||||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | $ 293.5 | 281.6 | 824.9 | 790.2 | |
Related Party Transactions [Abstract] | |||||
Operating costs and expenses | 259.3 | 246.6 | 732 | 697.6 | |
General and administrative expenses | 34.2 | 35 | 92.9 | 92.6 | |
EPCO and its privately held affiliates [Member] | Related Party Operating Leases [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 3.8 | 3.8 | 11.1 | 10.7 | |
Unconsolidated affiliates [Member] | |||||
Revenues - related parties: | |||||
Total revenue - related parties | 15.6 | 14.2 | 53.7 | 94.5 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 94.7 | $ 110 | 313.3 | $ 351.4 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 2 | 2 | 3.5 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 18.9 | $ 18.9 | $ 23.9 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Scheduled maturities of debt obligations [Abstract] | ||
Principal amount of consolidated debt obligations outstanding | $ 28,196.4 | $ 26,420.6 |
Litigation matters [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation accruals on an undiscounted basis | 0.5 | $ 0.5 |
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, Operating Leases (Details) $ in Millions | Sep. 30, 2019USD ($) | |
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 219.5 | |
Lease liability carrying value | 221.1 | |
Lease liability, current | 39.2 | |
Lease liability, noncurrent | 181.9 | |
Storage and Pipeline Facilities [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | 141 | [1] |
Lease liability carrying value | $ 141.6 | [2] |
Weighted-average remaining term | 16 years | |
Weighted-average discount rate | 4.30% | [3] |
Transportation Equipment [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 54.2 | [1] |
Lease liability carrying value | $ 56.6 | [2] |
Weighted-average remaining term | 4 years | |
Weighted-average discount rate | 3.40% | [3] |
Office Building and Warehouse Space [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 24.3 | [1] |
Lease liability carrying value | $ 22.9 | [2] |
Weighted-average remaining term | 2 years | |
Weighted-average discount rate | 3.50% | [3] |
[1] | ROU asset amounts are a component of “Other assets” on our consolidated balance sheet. | |
[2] | At September 30, 2019, lease liabilities of $39.2 million and $181.9 million were included within “Other current liabilities” and “Other liabilities,” respectively. | |
[3] | The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842. |
Commitments and Contingencies_3
Commitments and Contingencies, Consolidated Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Consolidated Lease Expense [Abstract] | ||||
Fixed lease expense | $ 12.8 | $ 39.3 | ||
Variable lease expense | 1.6 | 4.5 | ||
Subtotal operating lease expense | 14.4 | 43.8 | ||
Short-term lease expense | 12.4 | 35.9 | ||
Total operating lease expense | $ 26.8 | $ 27.6 | $ 79.7 | $ 79 |
Commitments and Contingencies_4
Commitments and Contingencies, Contractual Lease Payments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 02, 2019 |
Contractual Operating Lease Payments [Abstract] | ||
Undiscounted total | $ 314.4 | |
Discounted total | $ 221.1 |
Commitments and Contingencies_5
Commitments and Contingencies, Additional Lease Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Lease Accounting Standard [Abstract] | |||
Right-of-use assets | $ 219.5 | $ 219.5 | |
Lease liabilities | 221.1 | 221.1 | |
Operating lease income | $ 3.5 | $ 10.7 | |
Maximum [Member] | |||
Lease Accounting Standard [Abstract] | |||
Percentage of revenues from operating lease income | 1.00% | 1.00% | |
Percentage of operating expense from operating lease expense | 1.00% | 1.00% | |
ASC 842 [Member] | |||
Lease Accounting Standard [Abstract] | |||
Right-of-use assets | $ 246.1 | ||
Lease liabilities | $ 246.1 | ||
ASC 842 [Member] | Maximum [Member] | |||
Lease Accounting Standard [Abstract] | |||
Percentage impact of adopting new accounting pronouncement on total assets | 1.00% | ||
Percentage impact of adopting new accounting pronouncement on total liabilities | 1.00% |
Commitments and Contingencies_6
Commitments and Contingencies, Purchase Obligations (Details) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded purchase obligation, in total | $ 12.7 | $ 10.8 |
New Purchase Obligations [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded purchase obligation, next five years | 1.3 | |
Thereafter | 2.3 | |
Unrecorded purchase obligation, in total | $ 3.6 |
Commitments and Contingencies_7
Commitments and Contingencies, Liquidity Option Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Liquidity Option Agreement [Abstract] | |||||
Change in fair market value of Liquidity Option Agreement | $ 38.7 | $ 18.5 | $ 123.1 | $ 34.9 | |
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 | 54,807,352 | |||
Valuation, Income Approach [Member] | Liquidity Option Agreement [Member] | |||||
Liquidity Option Agreement [Abstract] | |||||
Derivative Liability | $ 513.1 | $ 513.1 | $ 390 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 29, 2018 | |
Decrease (increase) in: | ||||||
Accounts receivable - trade | $ (578) | $ 123.1 | ||||
Accounts receivable - related parties | 1.6 | (0.3) | ||||
Inventories | (44.2) | (474.2) | ||||
Prepaid and other current assets | (305.3) | (124.7) | ||||
Other assets | (18.3) | (9.9) | ||||
Increase (decrease) in: | ||||||
Accounts payable - trade | (55.4) | 213.1 | ||||
Accounts payable - related parties | 31 | 47.4 | ||||
Accrued product payables | 666.6 | 356.9 | ||||
Accrued interest | (158.4) | (167.5) | ||||
Other current liabilities | 133.6 | (261.7) | ||||
Other liabilities | (82.2) | 35.9 | ||||
Net effect of changes in operating accounts | (409) | (261.9) | ||||
Liability for construction in progress expenditures | 490.5 | $ 567.6 | ||||
Business Combination | ||||||
Cash used for business combinations, net of cash received | 0 | 150.6 | ||||
Gain on step acquisition of Delaware Processing | $ 0 | $ 0 | $ 0 | 39.4 | ||
Delaware Basin Gas Processing LLC [Member] | ||||||
Business Combination | ||||||
Remaining membership interest acquired | 50.00% | |||||
Cash used for business combinations, net of cash received | 150.6 | |||||
Gain on step acquisition of Delaware Processing | $ 39.4 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||||||
Cash and cash equivalents and restricted cash | $ 1,207.8 | $ 410.1 | ||||
Accounts receivable - trade, net | 4,261.7 | 3,659.1 | ||||
Accounts receivable - related parties | 2 | 3.5 | ||||
Inventories | 1,644.7 | 1,522.1 | ||||
Derivative assets | 166 | 154.4 | ||||
Prepaid and other current assets | 631.6 | 311.5 | ||||
Total current assets | 7,913.8 | 6,060.7 | ||||
Property, plant and equipment, net | 40,763.3 | 38,737.6 | ||||
Investments in unconsolidated affiliates | 2,660.9 | 2,615.1 | ||||
Intangible assets, net | 3,489.4 | 3,608.4 | ||||
Goodwill | 5,745.2 | 5,745.2 | ||||
Other assets | 442.7 | 202.8 | ||||
Total assets | 61,015.3 | 56,969.8 | ||||
Current liabilities: | ||||||
Current maturities of debt | 2,300 | 1,500.1 | ||||
Accounts payable - trade | 1,057.8 | 1,102.8 | ||||
Accounts payable - related parties | 125.5 | 140.2 | ||||
Accrued product payables | 4,198.8 | 3,475.8 | ||||
Accrued interest | 237.2 | 395.6 | ||||
Derivative liabilities | 202.4 | 148.2 | ||||
Other current liabilities | 547.8 | 404.8 | ||||
Total current liabilities | 8,669.5 | 7,167.5 | ||||
Long-term debt | 25,639.2 | 24,678.1 | ||||
Deferred tax liabilities | 91.4 | 80.4 | ||||
Other long-term liabilities | 1,089.7 | 751.6 | ||||
Equity: | ||||||
Partners' and other owners' equity | 24,496 | 23,853.5 | ||||
Noncontrolling interests | 1,029.5 | 438.7 | ||||
Total equity | 25,525.5 | $ 24,975.4 | 24,292.2 | $ 23,505.8 | $ 23,090.5 | $ 22,772.4 |
Total liabilities and equity | 61,015.3 | 56,969.8 | ||||
Eliminations and Adjustments [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 0 | 0 | ||||
Accounts receivable - trade, net | 0 | 0 | ||||
Accounts receivable - related parties | (8.1) | (32.7) | ||||
Inventories | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Prepaid and other current assets | 0.1 | 0.6 | ||||
Total current assets | (8) | (32.1) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | (25,016) | (24,273.6) | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | (25,024) | (24,305.7) | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 0 | 0 | ||||
Accounts payable - related parties | (8.1) | (32.6) | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | (8.1) | (32.6) | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 2.7 | 2.3 | ||||
Other long-term liabilities | 0 | 0 | ||||
Equity: | ||||||
Partners' and other owners' equity | (24,985.5) | (24,247.4) | ||||
Noncontrolling interests | (33.1) | (28) | ||||
Total equity | (25,018.6) | (24,275.4) | ||||
Total liabilities and equity | (25,024) | (24,305.7) | ||||
Subsidiary Issuer (EPO) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 1,004.2 | 393.4 | ||||
Accounts receivable - trade, net | 1,223 | 1,303.1 | ||||
Accounts receivable - related parties | 190.8 | 141.8 | ||||
Inventories | 1,078.5 | 889.3 | ||||
Derivative assets | 138.1 | 105 | ||||
Prepaid and other current assets | 275 | 166 | ||||
Total current assets | 3,909.6 | 2,998.6 | ||||
Property, plant and equipment, net | 6,285.6 | 6,112.7 | ||||
Investments in unconsolidated affiliates | 44,827.7 | 43,962.6 | ||||
Intangible assets, net | 642 | 659.2 | ||||
Goodwill | 459.5 | 459.5 | ||||
Other assets | 373.5 | 292.1 | ||||
Total assets | 56,497.9 | 54,484.7 | ||||
Current liabilities: | ||||||
Current maturities of debt | 2,300 | 1,500 | ||||
Accounts payable - trade | 297.1 | 404 | ||||
Accounts payable - related parties | 1,042.3 | 1,557.3 | ||||
Accrued product payables | 1,490.3 | 1,574.7 | ||||
Accrued interest | 237.1 | 395.5 | ||||
Derivative liabilities | 194.3 | 86.2 | ||||
Other current liabilities | 121.3 | 87.9 | ||||
Total current liabilities | 5,682.4 | 5,605.6 | ||||
Long-term debt | 25,624.5 | 24,663.4 | ||||
Deferred tax liabilities | 21 | 17 | ||||
Other long-term liabilities | 195.5 | 65.2 | ||||
Equity: | ||||||
Partners' and other owners' equity | 24,974.5 | 24,133.5 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 24,974.5 | 24,133.5 | ||||
Total liabilities and equity | 56,497.9 | 54,484.7 | ||||
Other Subsidiaries (Non-guarantor) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 235.7 | 50.3 | ||||
Accounts receivable - trade, net | 3,039.4 | 2,356.8 | ||||
Accounts receivable - related parties | 905.5 | 1,423.7 | ||||
Inventories | 566.5 | 633.2 | ||||
Derivative assets | 27.9 | 49.1 | ||||
Prepaid and other current assets | 402.4 | 155.1 | ||||
Total current assets | 5,177.4 | 4,668.2 | ||||
Property, plant and equipment, net | 34,522.8 | 32,628.7 | ||||
Investments in unconsolidated affiliates | 4,174 | 4,170.6 | ||||
Intangible assets, net | 2,860.6 | 2,963 | ||||
Goodwill | 5,285.7 | 5,285.7 | ||||
Other assets | 290.7 | 131.9 | ||||
Total assets | 52,311.2 | 49,848.1 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0.1 | ||||
Accounts payable - trade | 792.8 | 734.3 | ||||
Accounts payable - related parties | 182.7 | 127.5 | ||||
Accrued product payables | 2,709.6 | 1,902.3 | ||||
Accrued interest | 3.2 | 0.9 | ||||
Derivative liabilities | 8.1 | 61.7 | ||||
Other current liabilities | 469.5 | 326.3 | ||||
Total current liabilities | 4,165.9 | 3,153.1 | ||||
Long-term debt | 14.7 | 14.7 | ||||
Deferred tax liabilities | 68.9 | 62 | ||||
Other long-term liabilities | 603 | 518.4 | ||||
Equity: | ||||||
Partners' and other owners' equity | 47,392.8 | 46,031.8 | ||||
Noncontrolling interests | 65.9 | 68.1 | ||||
Total equity | 47,458.7 | 46,099.9 | ||||
Total liabilities and equity | 52,311.2 | 49,848.1 | ||||
Consolidated EPO and Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 1,207.8 | 410.1 | ||||
Accounts receivable - trade, net | 4,261.7 | 3,659.1 | ||||
Accounts receivable - related parties | 10.1 | 35.4 | ||||
Inventories | 1,644.7 | 1,522.1 | ||||
Derivative assets | 166 | 154.4 | ||||
Prepaid and other current assets | 631.2 | 310.9 | ||||
Total current assets | 7,921.5 | 6,092 | ||||
Property, plant and equipment, net | 40,763.3 | 38,737.6 | ||||
Investments in unconsolidated affiliates | 2,660.9 | 2,615.1 | ||||
Intangible assets, net | 3,489.4 | 3,608.4 | ||||
Goodwill | 5,745.2 | 5,745.2 | ||||
Other assets | 441.8 | 201.9 | ||||
Total assets | 61,022.1 | 57,000.2 | ||||
Current liabilities: | ||||||
Current maturities of debt | 2,300 | 1,500.1 | ||||
Accounts payable - trade | 1,057.8 | 1,102.8 | ||||
Accounts payable - related parties | 125.5 | 140.9 | ||||
Accrued product payables | 4,198.8 | 3,475.8 | ||||
Accrued interest | 237.2 | 395.6 | ||||
Derivative liabilities | 202.4 | 148.2 | ||||
Other current liabilities | 547.8 | 404.8 | ||||
Total current liabilities | 8,669.5 | 7,168.2 | ||||
Long-term debt | 25,639.2 | 24,678.1 | ||||
Deferred tax liabilities | 88.7 | 78.1 | ||||
Other long-term liabilities | 576.6 | 361.7 | ||||
Equity: | ||||||
Partners' and other owners' equity | 24,985.5 | 24,247.4 | ||||
Noncontrolling interests | 1,062.6 | 466.7 | ||||
Total equity | 26,048.1 | 24,714.1 | ||||
Total liabilities and equity | 61,022.1 | 57,000.2 | ||||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | (32.1) | (33.6) | ||||
Accounts receivable - trade, net | (0.7) | (0.8) | ||||
Accounts receivable - related parties | (1,086.2) | (1,530.1) | ||||
Inventories | (0.3) | (0.4) | ||||
Derivative assets | 0 | 0.3 | ||||
Prepaid and other current assets | (46.2) | (10.2) | ||||
Total current assets | (1,165.5) | (1,574.8) | ||||
Property, plant and equipment, net | (45.1) | (3.8) | ||||
Investments in unconsolidated affiliates | (46,340.8) | (45,518.1) | ||||
Intangible assets, net | (13.2) | (13.8) | ||||
Goodwill | 0 | 0 | ||||
Other assets | (222.4) | (222.1) | ||||
Total assets | (47,787) | (47,332.6) | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | (32.1) | (35.5) | ||||
Accounts payable - related parties | (1,099.5) | (1,543.9) | ||||
Accrued product payables | (1.1) | (1.2) | ||||
Accrued interest | (3.1) | (0.8) | ||||
Derivative liabilities | 0 | 0.3 | ||||
Other current liabilities | (43) | (9.4) | ||||
Total current liabilities | (1,178.8) | (1,590.5) | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | (1.2) | (0.9) | ||||
Other long-term liabilities | (221.9) | (221.9) | ||||
Equity: | ||||||
Partners' and other owners' equity | (47,381.8) | (45,917.9) | ||||
Noncontrolling interests | 996.7 | 398.6 | ||||
Total equity | (46,385.1) | (45,519.3) | ||||
Total liabilities and equity | (47,787) | (47,332.6) | ||||
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 | 0.8 | ||||
Inventories | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Prepaid and other current assets | 0.3 | 0 | ||||
Total current assets | 0.3 | 0.8 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | 25,016 | 24,273.6 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0.9 | 0.9 | ||||
Total assets | 25,017.2 | 24,275.3 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 0 | 0 | ||||
Accounts payable - related parties | 8.1 | 31.9 | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | 8.1 | 31.9 | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 0 | 0 | ||||
Other long-term liabilities | 513.1 | 389.9 | ||||
Equity: | ||||||
Partners' and other owners' equity | 24,496 | 23,853.5 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 24,496 | 23,853.5 | ||||
Total liabilities and equity | $ 25,017.2 | $ 24,275.3 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | $ 7,964.1 | $ 9,585.9 | $ 24,783.9 | $ 27,351.9 |
Costs and expenses: | ||||
Operating costs and expenses | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 |
General and administrative costs | 55.5 | 52.7 | 160.2 | 157.1 |
Total costs and expenses | 6,629.2 | 8,054.6 | 20,554.5 | 23,933.7 |
Equity in income of unconsolidated affiliates | 139.3 | 112 | 431.3 | 350 |
Operating income | 1,474.2 | 1,643.3 | 4,660.7 | 3,768.2 |
Other income (expense): | ||||
Interest expense | (382.9) | (279.5) | (950.2) | (806.2) |
Other, net | (31.1) | (18.2) | (111.4) | 5.8 |
Total other expense, net | (414) | (297.7) | (1,061.6) | (800.4) |
Income before income taxes | 1,060.2 | 1,345.6 | 3,599.1 | 2,967.8 |
Provision for income taxes | (15.4) | (11) | (37.4) | (34.5) |
Net income | 1,044.8 | 1,334.6 | 3,561.7 | 2,933.3 |
Net income attributable to noncontrolling interests | (25.6) | (21.4) | (67.3) | (45.6) |
Net income attributable to limited partners | 1,019.2 | 1,313.2 | 3,494.4 | 2,887.7 |
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 | (1,058.2) | (1,332) | (3,619.4) | (2,924.6) |
Operating income | (1,058.2) | (1,332) | (3,619.4) | (2,924.6) |
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 | (1,058.2) | (1,332) | (3,619.4) | (2,924.6) |
Provision for income taxes | (0.3) | (0.3) | (0.9) | (0.8) |
Net income | (1,058.5) | (1,332.3) | (3,620.3) | (2,925.4) |
Net income attributable to noncontrolling interests | 1.3 | 1.5 | 4.1 | 4.1 |
Net income attributable to limited partners | (1,057.2) | (1,330.8) | (3,616.2) | (2,921.3) |
Subsidiary Issuer (EPO) [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 8,268.7 | 11,395.5 | 25,664.8 | 31,270.1 |
Costs and expenses: | ||||
Operating costs and expenses | 7,950.9 | 11,086.5 | 24,670.6 | 30,323.2 |
General and administrative costs | 9.4 | 8 | 22.6 | 21.4 |
Total costs and expenses | 7,960.3 | 11,094.5 | 24,693.2 | 30,344.6 |
Equity in income of unconsolidated affiliates | 1,131.9 | 1,313.4 | 3,606.9 | 2,812.1 |
Operating income | 1,440.3 | 1,614.4 | 4,578.5 | 3,737.6 |
Other income (expense): | ||||
Interest expense | (383.2) | (279.8) | (950.9) | (806.8) |
Other, net | 8.7 | 2.6 | 16 | 7.8 |
Total other expense, net | (374.5) | (277.2) | (934.9) | (799) |
Income before income taxes | 1,065.8 | 1,337.2 | 3,643.6 | 2,938.6 |
Provision for income taxes | (8.5) | (5.9) | (18.2) | (17.5) |
Net income | 1,057.3 | 1,331.3 | 3,625.4 | 2,921.1 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | 1,057.3 | 1,331.3 | 3,625.4 | 2,921.1 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 5,238.9 | 6,039.5 | 16,618.5 | 18,254.8 |
Costs and expenses: | ||||
Operating costs and expenses | 4,166.6 | 4,764.8 | 13,216.2 | 15,626.9 |
General and administrative costs | 45.4 | 43.6 | 133.4 | 132.3 |
Total costs and expenses | 4,212 | 4,808.4 | 13,349.6 | 15,759.2 |
Equity in income of unconsolidated affiliates | 167.1 | 146.8 | 496.8 | 437.8 |
Operating income | 1,194 | 1,377.9 | 3,765.7 | 2,933.4 |
Other income (expense): | ||||
Interest expense | (2.6) | (2.5) | (7.8) | (7.6) |
Other, net | 1.8 | 0.5 | 4.2 | 41.1 |
Total other expense, net | (0.8) | (2) | (3.6) | 33.5 |
Income before income taxes | 1,193.2 | 1,375.9 | 3,762.1 | 2,966.9 |
Provision for income taxes | (6.6) | (4.8) | (18.3) | (16.2) |
Net income | 1,186.6 | 1,371.1 | 3,743.8 | 2,950.7 |
Net income attributable to noncontrolling interests | (1.5) | (2.4) | (4.9) | (6.1) |
Net income attributable to limited partners | 1,185.1 | 1,368.7 | 3,738.9 | 2,944.6 |
Consolidated EPO and Subsidiaries [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | 7,964.1 | 9,585.9 | 24,783.9 | 27,351.9 |
Costs and expenses: | ||||
Operating costs and expenses | 6,573.7 | 8,001.9 | 20,394.3 | 23,776.6 |
General and administrative costs | 55.2 | 52.4 | 158.3 | 155.1 |
Total costs and expenses | 6,628.9 | 8,054.3 | 20,552.6 | 23,931.7 |
Equity in income of unconsolidated affiliates | 139.3 | 112 | 431.3 | 350 |
Operating income | 1,474.5 | 1,643.6 | 4,662.6 | 3,770.2 |
Other income (expense): | ||||
Interest expense | (382.9) | (279.5) | (950.2) | (806.2) |
Other, net | 7.6 | 0.3 | 11.7 | 40.7 |
Total other expense, net | (375.3) | (279.2) | (938.5) | (765.5) |
Income before income taxes | 1,099.2 | 1,364.4 | 3,724.1 | 3,004.7 |
Provision for income taxes | (15.1) | (10.7) | (36.5) | (33.7) |
Net income | 1,084.1 | 1,353.7 | 3,687.6 | 2,971 |
Net income attributable to noncontrolling interests | (26.9) | (22.9) | (71.4) | (49.7) |
Net income attributable to limited partners | 1,057.2 | 1,330.8 | 3,616.2 | 2,921.3 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Operations | ||||
Revenues | (5,543.5) | (7,849.1) | (17,499.4) | (22,173) |
Costs and expenses: | ||||
Operating costs and expenses | (5,543.8) | (7,849.4) | (17,492.5) | (22,173.5) |
General and administrative costs | 0.4 | 0.8 | 2.3 | 1.4 |
Total costs and expenses | (5,543.4) | (7,848.6) | (17,490.2) | (22,172.1) |
Equity in income of unconsolidated affiliates | (1,159.7) | (1,348.2) | (3,672.4) | (2,899.9) |
Operating income | (1,159.8) | (1,348.7) | (3,681.6) | (2,900.8) |
Other income (expense): | ||||
Interest expense | 2.9 | 2.8 | 8.5 | 8.2 |
Other, net | (2.9) | (2.8) | (8.5) | (8.2) |
Total other expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | (1,159.8) | (1,348.7) | (3,681.6) | (2,900.8) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | (1,159.8) | (1,348.7) | (3,681.6) | (2,900.8) |
Net income attributable to noncontrolling interests | (25.4) | (20.5) | (66.5) | (43.6) |
Net income attributable to limited partners | (1,185.2) | (1,369.2) | (3,748.1) | (2,944.4) |
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 | 0.3 | 0.3 | 1.9 | 2 |
Total costs and expenses | 0.3 | 0.3 | 1.9 | 2 |
Equity in income of unconsolidated affiliates | 1,058.2 | 1,332 | 3,619.4 | 2,924.6 |
Operating income | 1,057.9 | 1,331.7 | 3,617.5 | 2,922.6 |
Other income (expense): | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other, net | (38.7) | (18.5) | (123.1) | (34.9) |
Total other expense, net | (38.7) | (18.5) | (123.1) | (34.9) |
Income before income taxes | 1,019.2 | 1,313.2 | 3,494.4 | 2,887.7 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | 1,019.2 | 1,313.2 | 3,494.4 | 2,887.7 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to limited partners | $ 1,019.2 | $ 1,313.2 | $ 3,494.4 | $ 2,887.7 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | $ 1,016.4 | $ 1,150.5 | $ 3,471.7 | $ 2,797.7 |
Comprehensive income attributable to noncontrolling interests | (25.6) | (21.4) | (67.3) | (45.6) |
Comprehensive income attributable to entity | 990.8 | 1,129.1 | 3,404.4 | 2,752.1 |
Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (1,030.1) | (1,148.2) | (3,530.3) | (2,789.8) |
Comprehensive income attributable to noncontrolling interests | 1.3 | 1.5 | 4.1 | 4.1 |
Comprehensive income attributable to entity | (1,028.8) | (1,146.7) | (3,526.2) | (2,785.7) |
Subsidiary Issuer (EPO) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 1,038.7 | 1,177.1 | 3,628.6 | 2,791.2 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | 1,038.7 | 1,177.1 | 3,628.6 | 2,791.2 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 1,176.8 | 1,340.7 | 3,650.6 | 2,943.9 |
Comprehensive income attributable to noncontrolling interests | (1.5) | (2.4) | (4.9) | (6.1) |
Comprehensive income attributable to entity | 1,175.3 | 1,338.3 | 3,645.7 | 2,937.8 |
Consolidated EPO and Subsidiaries [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 1,055.7 | 1,169.6 | 3,597.6 | 2,835.4 |
Comprehensive income attributable to noncontrolling interests | (26.9) | (22.9) | (71.4) | (49.7) |
Comprehensive income attributable to entity | 1,028.8 | 1,146.7 | 3,526.2 | 2,785.7 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | (1,159.8) | (1,348.2) | (3,681.6) | (2,899.7) |
Comprehensive income attributable to noncontrolling interests | (25.4) | (20.5) | (66.5) | (43.6) |
Comprehensive income attributable to entity | (1,185.2) | (1,368.7) | (3,748.1) | (2,943.3) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||
Comprehensive income | 990.8 | 1,129.1 | 3,404.4 | 2,752.1 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to entity | $ 990.8 | $ 1,129.1 | $ 3,404.4 | $ 2,752.1 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||||
Net income | $ 1,044.8 | $ 1,334.6 | $ 3,561.7 | $ 2,933.3 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,456.7 | 1,330.8 | ||
Equity in income of unconsolidated affiliates | (139.3) | (112) | (431.3) | (350) |
Distributions received on earnings from unconsolidated affiliates | 431.2 | 345.7 | ||
Net effect of changes in operating accounts and other operating activities | (192.1) | 15.5 | ||
Net cash flows provided by operating activities | 4,826.2 | 4,275.3 | ||
Investing activities: | ||||
Capital expenditures | (3,302.1) | (3,004.2) | ||
Cash used for business combinations, net of cash received | 0 | (150.6) | ||
Proceeds from asset sales | 16.8 | 24.1 | ||
Other investing activities | (87.5) | (52.1) | ||
Cash used in investing activities | (3,372.8) | (3,182.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 44,629.6 | 67,086.3 | ||
Repayments of debt | (42,855.3) | (65,742.1) | ||
Cash distributions paid to owners | (2,871.1) | (2,782.9) | ||
Cash payments made in connection with DERs | (16.4) | (13.2) | ||
Cash distributions paid to noncontrolling interests | (69.7) | (50.9) | ||
Cash contributions from noncontrolling interests | 590.8 | 222 | ||
Net cash proceeds from issuance of common units | 82.2 | 449.4 | ||
Repurchase of common units under 2019 Buyback Program | (81.1) | 0 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (64.7) | (52.3) | ||
Cash provided by (used in) financing activities | (655.7) | (883.7) | ||
Net change in cash and cash equivalents, including restricted cash | 797.7 | 208.8 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 | ||
Cash and cash equivalents, including restricted cash, at end of period | 1,207.8 | 279.1 | 1,207.8 | 279.1 |
Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (1,058.5) | (1,332.3) | (3,620.3) | (2,925.4) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | 1,058.2 | 1,332 | 3,619.4 | 2,924.6 |
Distributions received on earnings from unconsolidated affiliates | (3,028.9) | (2,834.5) | ||
Net effect of changes in operating accounts and other operating activities | 0.2 | 0 | ||
Net cash flows provided by operating activities | (3,029.6) | (2,835.3) | ||
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 | 119.3 | 438.1 | ||
Cash used in investing activities | 119.3 | 438.1 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 3,028.9 | 2,834.5 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | 0.7 | 0.8 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Repurchase of common units under 2019 Buyback Program | 0 | |||
Cash contributions from owners | (119.3) | (438.1) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 2,910.3 | 2,397.2 | ||
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 | 1,057.3 | 1,331.3 | 3,625.4 | 2,921.1 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 231.5 | 207.3 | ||
Equity in income of unconsolidated affiliates | (1,131.9) | (1,313.4) | (3,606.9) | (2,812.1) |
Distributions received on earnings from unconsolidated affiliates | 1,170.9 | 915.1 | ||
Net effect of changes in operating accounts and other operating activities | 2,203.8 | 2,325.1 | ||
Net cash flows provided by operating activities | 3,624.7 | 3,556.5 | ||
Investing activities: | ||||
Capital expenditures | (503.8) | (605.8) | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0.9 | 11.4 | ||
Other investing activities | (1,349.5) | (1,701.1) | ||
Cash used in investing activities | (1,852.4) | (2,295.5) | ||
Financing activities: | ||||
Borrowings under debt agreements | 44,629.6 | 67,086.3 | ||
Repayments of debt | (42,855.2) | (65,741.7) | ||
Cash distributions paid to owners | (3,028.9) | (2,834.5) | ||
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 | ||
Repurchase of common units under 2019 Buyback Program | 0 | |||
Cash contributions from owners | 119.3 | 438.1 | ||
Other financing activities | (26.3) | (25.3) | ||
Cash provided by (used in) financing activities | (1,161.5) | (1,077.1) | ||
Net change in cash and cash equivalents, including restricted cash | 610.8 | 183.9 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 393.4 | 65.2 | ||
Cash and cash equivalents, including restricted cash, at end of period | 1,004.2 | 249.1 | 1,004.2 | 249.1 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 1,186.6 | 1,371.1 | 3,743.8 | 2,950.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,226.5 | 1,123.8 | ||
Equity in income of unconsolidated affiliates | (167.1) | (146.8) | (496.8) | (437.8) |
Distributions received on earnings from unconsolidated affiliates | 243 | 191.5 | ||
Net effect of changes in operating accounts and other operating activities | (2,549.8) | (2,344) | ||
Net cash flows provided by operating activities | 2,166.7 | 1,484.2 | ||
Investing activities: | ||||
Capital expenditures | (2,791.2) | (2,343.2) | ||
Cash used for business combinations, net of cash received | 0 | (150.6) | ||
Proceeds from asset sales | 15.9 | 12.7 | ||
Other investing activities | (28.8) | 180.6 | ||
Cash used in investing activities | (2,804.1) | (2,300.5) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 11.5 | ||
Repayments of debt | (0.1) | (0.4) | ||
Cash distributions paid to owners | (1,484.8) | (1,003.6) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (7) | (6.8) | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Repurchase of common units under 2019 Buyback Program | 0 | |||
Cash contributions from owners | 2,320.3 | 1,876.6 | ||
Other financing activities | (5.6) | 0 | ||
Cash provided by (used in) financing activities | 822.8 | 877.3 | ||
Net change in cash and cash equivalents, including restricted cash | 185.4 | 61 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 50.3 | 31.5 | ||
Cash and cash equivalents, including restricted cash, at end of period | 235.7 | 92.5 | 235.7 | 92.5 |
Consolidated EPO and Subsidiaries [Member] | ||||
Operating activities: | ||||
Net income | 1,084.1 | 1,353.7 | 3,687.6 | 2,971 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,456.7 | 1,330.8 | ||
Equity in income of unconsolidated affiliates | (139.3) | (112) | (431.3) | (350) |
Distributions received on earnings from unconsolidated affiliates | 431.2 | 345.7 | ||
Net effect of changes in operating accounts and other operating activities | (326.9) | (53.9) | ||
Net cash flows provided by operating activities | 4,817.3 | 4,243.6 | ||
Investing activities: | ||||
Capital expenditures | (3,302.1) | (2,949) | ||
Cash used for business combinations, net of cash received | 0 | (150.6) | ||
Proceeds from asset sales | 16.8 | 24.1 | ||
Other investing activities | (87.5) | (52.1) | ||
Cash used in investing activities | (3,372.8) | (3,127.6) | ||
Financing activities: | ||||
Borrowings under debt agreements | 44,629.6 | 67,086.3 | ||
Repayments of debt | (42,855.3) | (65,742.1) | ||
Cash distributions paid to owners | (3,028.9) | (2,834.5) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (70.4) | (51.7) | ||
Cash contributions from noncontrolling interests | 590.8 | 222 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Repurchase of common units under 2019 Buyback Program | 0 | |||
Cash contributions from owners | 119.3 | 438.1 | ||
Other financing activities | (31.9) | (25.3) | ||
Cash provided by (used in) financing activities | (646.8) | (907.2) | ||
Net change in cash and cash equivalents, including restricted cash | 797.7 | 208.8 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 410.1 | 70.3 | ||
Cash and cash equivalents, including restricted cash, at end of period | 1,207.8 | 279.1 | 1,207.8 | 279.1 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (1,159.8) | (1,348.7) | (3,681.6) | (2,900.8) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | (1.3) | (0.3) | ||
Equity in income of unconsolidated affiliates | 1,159.7 | 1,348.2 | 3,672.4 | 2,899.9 |
Distributions received on earnings from unconsolidated affiliates | (982.7) | (760.9) | ||
Net effect of changes in operating accounts and other operating activities | 19.1 | (35) | ||
Net cash flows provided by operating activities | (974.1) | (797.1) | ||
Investing activities: | ||||
Capital expenditures | (7.1) | 0 | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 1,290.8 | 1,468.4 | ||
Cash used in investing activities | 1,283.7 | 1,468.4 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | (11.5) | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 1,484.8 | 1,003.6 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (63.4) | (44.9) | ||
Cash contributions from noncontrolling interests | 590.8 | 222 | ||
Net cash proceeds from issuance of common units | 0 | 0 | ||
Repurchase of common units under 2019 Buyback Program | 0 | |||
Cash contributions from owners | (2,320.3) | (1,876.6) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | (308.1) | (707.4) | ||
Net change in cash and cash equivalents, including restricted cash | 1.5 | (36.1) | ||
Cash and cash equivalents, including restricted cash, at beginning of period | (33.6) | (26.4) | ||
Cash and cash equivalents, including restricted cash, at end of period | (32.1) | (62.5) | (32.1) | (62.5) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 1,019.2 | 1,313.2 | 3,494.4 | 2,887.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | (1,058.2) | (1,332) | (3,619.4) | (2,924.6) |
Distributions received on earnings from unconsolidated affiliates | 3,028.9 | 2,834.5 | ||
Net effect of changes in operating accounts and other operating activities | 134.6 | 69.4 | ||
Net cash flows provided by operating activities | 3,038.5 | 2,867 | ||
Investing activities: | ||||
Capital expenditures | 0 | (55.2) | ||
Cash used for business combinations, net of cash received | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | (119.3) | (438.1) | ||
Cash used in investing activities | (119.3) | (493.3) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | (2,871.1) | (2,782.9) | ||
Cash payments made in connection with DERs | (16.4) | (13.2) | ||
Cash distributions paid to noncontrolling interests | 0 | 0 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 82.2 | 449.4 | ||
Repurchase of common units under 2019 Buyback Program | (81.1) | |||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (32.8) | (27) | ||
Cash provided by (used in) financing activities | (2,919.2) | (2,373.7) | ||
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 |