Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 | 1-14323 | |
Entity Tax Identification Number | 76-0568219 | |
Entity Address, Address Line One | 1100 Louisiana Street, 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 | 2,182,880,979 | |
Document Fiscal Year Focus | 2020 | |
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, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,032.2 | $ 334.7 |
Restricted cash | 98.9 | 75.3 |
Accounts receivable - trade, net of allowance for doubtful accounts of $13.8 at September 30, 2020 and $12.4 at December 31, 2019 | 3,776.2 | 4,873.6 |
Accounts receivable - related parties | 4.1 | 2.5 |
Inventories | 3,192.6 | 2,091.4 |
Derivative assets | 132.9 | 127.2 |
Prepaid and other current assets | 556.4 | 358.2 |
Total current assets | 8,793.3 | 7,862.9 |
Property, plant and equipment, net | 42,360.1 | 41,603.4 |
Investments in unconsolidated affiliates | 2,485.4 | 2,600.2 |
Intangible assets, net of accumulated amortization of $1,796.8 at September 30, 2020 and $1,687.5 at December 31, 2019 | 3,348.6 | 3,449 |
Goodwill | 5,745.2 | 5,745.2 |
Other assets | 1,003.6 | 472.5 |
Total assets | 63,736.2 | 61,733.2 |
Current liabilities: | ||
Current maturities of debt | 1,325 | 1,981.9 |
Accounts payable - trade | 896 | 1,004.5 |
Accounts payable - related parties | 121.3 | 162.3 |
Accrued product payables | 4,317.1 | 4,915.7 |
Accrued interest | 235.1 | 431.7 |
Derivative liabilities | 329.7 | 122.4 |
Other current liabilities | 622.7 | 511.2 |
Total current liabilities | 7,846.9 | 9,129.7 |
Long-term debt | 28,537 | 25,643.2 |
Deferred tax liabilities | 463.3 | 100.4 |
Other long-term liabilities | 735.2 | 1,032.4 |
Commitments and contingent liabilities | ||
Redeemable preferred limited partner interests: | ||
Series A cumulative convertible preferred units (50,000 units outstanding at September 30, 2020) | 49.1 | |
Partners' equity | ||
Common limited partner interests (2,182,880,979 units issued and outstanding at September 30, 2020 and 2,189,226,130 units issued and outstanding at December 31, 2019) | 26,381.9 | 24,692.6 |
Treasury units, at cost | (1,297.3) | 0 |
Accumulated other comprehensive income (loss) | (49.3) | 71.4 |
Total partners' equity | 25,035.3 | 24,764 |
Noncontrolling interests in consolidated subsidiaries | 1,069.4 | 1,063.5 |
Total equity | 26,104.7 | 25,827.5 |
Total liabilities, preferred units, and equity | $ 63,736.2 | $ 61,733.2 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 13.8 | $ 12.4 |
Intangible assets, accumulated amortization | $ 1,796.8 | $ 1,687.5 |
Redeemable preferred limited partner interests: | ||
Series A cumulative convertible preferred units outstanding (in units) | 50,000 | |
Limited partners: | ||
Common units issued (in units) | 2,182,880,979 | 2,189,226,130 |
Common units outstanding (in units) | 2,182,880,979 | 2,189,226,130 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Revenues: | ||||||
Third parties | $ 6,914.5 | $ 7,948.5 | $ 20,126.3 | $ 24,730.2 | ||
Related parties | 7.5 | 15.6 | 29.2 | 53.7 | ||
Total revenues | 6,922 | 7,964.1 | 20,155.5 | 24,783.9 | ||
Operating costs and expenses: | ||||||
Third parties | 5,288.2 | 6,217.6 | 15,087.4 | 19,342.4 | ||
Related parties | 283 | 356.1 | 914.5 | 1,051.9 | ||
Total operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 | ||
General and administrative costs: | ||||||
Third parties | 16.3 | 19.1 | 63.1 | 60.9 | ||
Related parties | 34 | 36.4 | 99.7 | 99.3 | ||
Total general and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | ||
Total costs and expenses | 5,621.5 | 6,629.2 | 16,164.7 | 20,554.5 | ||
Equity in income of unconsolidated affiliates | 82 | 139.3 | 336.1 | 431.3 | ||
Operating income | 1,382.5 | 1,474.2 | 4,326.9 | 4,660.7 | ||
Other income (expense): | ||||||
Interest expense | (320.5) | (382.9) | (958.2) | (950.2) | ||
Change in fair market value of Liquidity Option | 0 | (38.7) | (2.3) | (123.1) | ||
Interest income | 2.2 | 6.9 | 12.3 | 8.9 | ||
Other, net | 0.7 | 0.7 | 2.5 | 2.8 | ||
Total other expense, net | (317.6) | (414) | (945.7) | (1,061.6) | ||
Income before income taxes | 1,064.9 | 1,060.2 | 3,381.2 | 3,599.1 | ||
Benefit from (provision for) income taxes | 19.1 | (15.4) | 138.6 | (37.4) | ||
Net income | 1,084 | 1,044.8 | 3,519.8 | 3,561.7 | ||
Net income attributable to noncontrolling interests | (31.4) | (25.6) | (82.4) | (67.3) | ||
Net income attributable to preferred units | 0 | [1] | 0 | 0 | [1] | 0 |
Net income attributable to common unitholders | $ 1,052.6 | $ 1,019.2 | $ 3,437.4 | $ 3,494.4 | ||
Earnings per unit: | ||||||
Basic earnings per common unit (in dollars per unit) | $ 0.48 | $ 0.46 | $ 1.56 | $ 1.59 | ||
Diluted earnings per common unit (in dollars per unit) | $ 0.48 | $ 0.46 | $ 1.56 | $ 1.59 | ||
[1] | * Amount is negligible |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME | ||||||
Net income | $ 1,084 | $ 1,044.8 | $ 3,519.8 | $ 3,561.7 | ||
Commodity hedging derivative instruments: | ||||||
Changes in fair value of cash flow hedges | (4.2) | 72.3 | 392.7 | 58.6 | ||
Reclassification of losses (gains) to net income | 29.5 | (91.5) | (334.8) | (152) | ||
Interest rate hedging derivative instruments: | ||||||
Changes in fair value of cash flow hedges | 62.6 | (18.6) | (207.7) | (23.8) | ||
Reclassification of losses to net income | 9.9 | 9.4 | 29.2 | 27.8 | ||
Total cash flow hedges | 97.8 | (28.4) | (120.6) | (89.4) | ||
Other | 0 | 0 | (0.1) | (0.6) | ||
Total other comprehensive income (loss) | 97.8 | (28.4) | (120.7) | (90) | ||
Comprehensive income | 1,181.8 | 1,016.4 | 3,399.1 | 3,471.7 | ||
Comprehensive income attributable to noncontrolling interests | (31.4) | (25.6) | (82.4) | (67.3) | ||
Comprehensive income attributable to preferred units | 0 | [1] | 0 | 0 | [1] | 0 |
Comprehensive income attributable to common unitholders | $ 1,150.4 | $ 990.8 | $ 3,316.7 | $ 3,404.4 | ||
[1] | * Amount is negligible |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net income | $ 3,519.8 | $ 3,561.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||
Depreciation, amortization and accretion | 1,545.1 | 1,456.7 |
Asset impairment and related charges | 90.4 | 51.3 |
Equity in income of unconsolidated affiliates | (336.1) | (431.3) |
Distributions received from unconsolidated affiliates attributable to earnings | 337.4 | 431.2 |
Net gains attributable to asset sales | (2.1) | (2.6) |
Deferred income tax expense (benefit) | (149) | 10.9 |
Change in fair market value of derivative instruments | (53.7) | 2 |
Change in fair market value of Liquidity Option | 2.3 | 123.1 |
Non-cash expense related to long-term operating leases | 29.6 | 32.4 |
Net effect of changes in operating accounts | (692) | (409) |
Other operating activities | (0.1) | (0.2) |
Net cash flows provided by operating activities | 4,291.6 | 4,826.2 |
Investing activities: | ||
Capital expenditures | (2,671.6) | (3,302.1) |
Investments in unconsolidated affiliates | (9.9) | (100.1) |
Distributions received from unconsolidated affiliates attributable to the return of capital | 124.9 | 53.9 |
Proceeds from asset sales | 8.4 | 16.8 |
Other investing activities | (16) | (41.3) |
Cash used in investing activities | (2,564.2) | (3,372.8) |
Financing activities: | ||
Borrowings under debt agreements | 6,672.1 | 44,629.6 |
Repayments of debt | (4,406.6) | (42,855.3) |
Debt issuance costs | (46.3) | (26.3) |
Monetization of interest rate derivative instruments | (33.3) | 0 |
Cash distributions paid to common unitholders | (2,919.6) | (2,871.1) |
Cash payments made in connection with distribution equivalent rights | (20) | (16.4) |
Cash distributions paid to noncontrolling interests | (97.8) | (69.7) |
Cash contributions from noncontrolling interests | 21.2 | 590.8 |
Net cash proceeds from the issuance of common units | 0 | 82.2 |
Repurchase of common units under 2019 Buyback Program | (173.8) | (81.1) |
Net cash proceeds from the issuance of preferred units | 32.5 | 0 |
Other financing activities | (34.7) | (38.4) |
Cash provided by (used in) financing activities | (1,006.3) | (655.7) |
Net change in cash and cash equivalents, including restricted cash | 721.1 | 797.7 |
Cash and cash equivalents, including restricted cash, at beginning of period | 410 | 410.1 |
Cash and cash equivalents, including restricted cash, at end of period | $ 1,131.1 | $ 1,207.8 |
UNAUDITED CONDENSED STATEMENT_4
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests in Consolidated Subsidiaries [Member] | Common Limited Partners Interests [Member] | Treasury Units [Member] |
Balance at Dec. 31, 2018 | $ 24,292.2 | $ 50.9 | $ 438.7 | $ 23,802.6 | |
Increase (Decrease) in Partners' Equity [Roll Forward] | |||||
Net income | 3,561.7 | 0 | 67.3 | 3,494.4 | |
Cash distributions paid to common unitholders | (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 and cancellation of common units under 2019 Buyback Program | (81.1) | 0 | 0 | (81.1) | |
Cash flow hedges | (89.4) | (89.4) | 0 | 0 | |
Other, net | (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' Equity [Roll Forward] | |||||
Net income | 1,044.8 | 0 | 25.6 | 1,019.2 | |
Cash distributions paid to common unitholders | (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 | |
Amortization of fair value of equity-based awards | 36.7 | 0 | 0 | 36.7 | |
Cash flow hedges | (28.4) | (28.4) | 0 | 0 | |
Other, net | (2.3) | 0 | (0.1) | (2.2) | |
Balance at Sep. 30, 2019 | 25,525.5 | (39.1) | 1,029.5 | 24,535.1 | |
Balance at Dec. 31, 2019 | 25,827.5 | 71.4 | 1,063.5 | 24,692.6 | $ 0 |
Increase (Decrease) in Partners' Equity [Roll Forward] | |||||
Net income | 3,519.8 | 0 | 82.4 | 3,437.4 | 0 |
Cash distributions paid to common unitholders | (2,919.6) | 0 | 0 | (2,919.6) | 0 |
Cash payments made in connection with distribution equivalent rights | (20) | 0 | 0 | (20) | 0 |
Cash distributions paid to noncontrolling interests | (97.8) | 0 | (97.8) | 0 | 0 |
Cash contributions from noncontrolling interests | 21.2 | 0 | 21.2 | 0 | 0 |
Amortization of fair value of equity-based awards | 120.1 | 0 | 0 | 120.1 | 0 |
Repurchase and cancellation of common units under 2019 Buyback Program | (173.8) | 0 | 0 | (173.8) | 0 |
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option | 1,297.3 | 0 | 0 | 1,297.3 | 0 |
Treasury units acquired in connection with settlement of Liquidity Option, at cost | (1,297.3) | 0 | 0 | 0 | (1,297.3) |
Common units exchanged for preferred units, with common units received being immediately cancelled | (17.5) | 0 | 0 | (17.5) | 0 |
Cash flow hedges | (120.6) | (120.6) | 0 | 0 | 0 |
Other, net | (34.6) | (0.1) | 0.1 | (34.6) | 0 |
Balance at Sep. 30, 2020 | 26,104.7 | (49.3) | 1,069.4 | 26,381.9 | (1,297.3) |
Balance at Jun. 30, 2020 | 25,941.4 | (147.1) | 1,064.7 | 26,321.1 | (1,297.3) |
Increase (Decrease) in Partners' Equity [Roll Forward] | |||||
Net income | 1,084 | 0 | 31.4 | 1,052.6 | 0 |
Cash distributions paid to common unitholders | (972.7) | 0 | 0 | (972.7) | 0 |
Cash payments made in connection with distribution equivalent rights | (7.1) | 0 | 0 | (7.1) | 0 |
Cash distributions paid to noncontrolling interests | (36) | 0 | (36) | 0 | 0 |
Cash contributions from noncontrolling interests | 1.5 | 0 | 1.5 | 0 | 0 |
Amortization of fair value of equity-based awards | 39.5 | 0 | 0 | 39.5 | 0 |
Repurchase and cancellation of common units under 2019 Buyback Program | (33.7) | 0 | 0 | (33.7) | 0 |
Common units exchanged for preferred units, with common units received being immediately cancelled | (17.5) | 0 | 0 | (17.5) | 0 |
Cash flow hedges | 97.8 | 97.8 | 0 | 0 | 0 |
Other, net | 7.5 | 0 | 7.8 | (0.3) | 0 |
Balance at Sep. 30, 2020 | $ 26,104.7 | $ (49.3) | $ 1,069.4 | $ 26,381.9 | $ (1,297.3) |
Partnership Organization and Ba
Partnership Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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” or the “Partnership” 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 Co-Chief Executive Officer 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 32.2% of EPD’s common units outstanding and 30% of its preferred units outstanding at September 30, 2020. See Note 8 for information regarding our issuance of preferred units on September 30, 2020. Note 1. Partnership Organization and Basis of Presentation The Partnership is 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.” The Partnership’s preferred units are not publicly traded. 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. The Partnership is owned by its limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in the Partnership, manages our operations. The Partnership conducts substantially all of its business through EPO. We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 15 for information regarding related party matters. Our results of operations for the nine months ended September 30, 2020 are not necessarily indicative of results expected for the full year of 2020. 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, 2019 (the “2019 Form 10-K”) filed with the SEC on February 28, 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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 2019 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, 2020 December 31, 2019 Cash and cash equivalents $ 1,032.2 $ 334.7 Restricted cash 98.9 75.3 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 1,131.1 $ 410.0 Restricted cash primarily 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, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 14 for information regarding our derivative instruments and hedging activities. Recent Accounting Developments Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, The adoption of this new guidance on January 1, 2020 did not have a material impact on our consolidated financial statements. See Note 14 for information regarding our fair value measurements. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 3. Inventories Our inventory amounts by product type were as follows at the dates indicated: September 30, 2020 December 31, 2019 NGLs $ 1,678.1 $ 1,094.9 Petrochemicals and refined products 800.8 311.5 Crude oil 696.1 674.2 Natural gas 17.6 10.8 Total $ 3,192.6 $ 2,091.4 Inventories of NGLs, refined products and crude oil increased since December 31, 2019 primarily due to the use of working capital in connection with our marketing activities. 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, 2020 2019 2020 2019 Cost of sales (1) $ 4,313.7 $ 5,276.5 $ 12,331.9 $ 16,721.5 Lower of cost or net realizable value adjustments recognized in cost of sales 4.4 6.8 55.6 17.1 (1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Plants, pipelines and facilities (1) 3-45 (5) $ 49,050.9 $ 47,201.2 Underground and other storage facilities (2) 5-40 (6) 4,133.7 3,965.5 Transportation equipment (3) 3-10 204.1 198.9 Marine vessels (4) 15-30 928.9 905.9 Land 376.7 372.3 Construction in progress 2,468.9 2,641.2 Total 57,163.2 55,285.0 Less accumulated depreciation 14,803.1 13,681.6 Property, plant and equipment, net $ 42,360.1 $ 41,603.4 (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. 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, 2020 2019 2020 2019 Depreciation expense (1) $ 420.7 $ 394.7 $ 1,251.6 $ 1,164.6 Capitalized interest (2) 34.5 33.9 96.9 102.9 (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Asset impairment charges and related matters We recognized non-cash asset impairment charges of $77.0 million and $90.4 million during the three and nine months ended September 30, 2020, respectively, primarily due to the complete write-off of assets that would no longer be used or constructed. These charges include the $42.0 million of expense we recognized in September 2020 in connection with our cancellation of the Midland-to-ECHO 4 pipeline construction project. We recognized impairment charges of $39.4 million and $51.2 million during the three and nine months ended September 30, 2019, respectively, primarily due to the complete write-off of assets that would no longer be used. These impairment charges are a component of “Operating costs and expenses” on our Unaudited Condensed Statements of Consolidated Operations. We recognized $0.1 million of impairment charges in the three and nine months ended September 30, 2019 that are a component of general and administrative costs. We are closely monitoring the recoverability of our long-lived assets in light of the adverse economic effects of the coronavirus disease 2019 (“COVID-19”) pandemic. If the adverse economic impacts of the pandemic persist for longer periods than currently expected, these developments could result in the recognition of additional non-cash impairment charges in the future. In connection with our cancellation of the Midland-to-ECHO 4 pipeline project, we reclassified $311.7 million of pipe and related items that were purchased for the project from construction in progress to long-term spare parts, where they will be held for future use. Long-term spare parts is a component of “Other assets” as presented on our Unaudited Condensed Consolidated Balance Sheet. Asset Retirement Obligations Property, plant and equipment at September 30, 2020 and December 31, 2019 includes $70.2 million and $69.6 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, 2019: ARO liability balance, December 31, 2019 $ 132.1 Liabilities incurred 3.5 Liabilities settled (0.6 ) Revisions in estimated cash flows 2.9 Accretion expense 6.1 ARO liability balance, September 30, 2020 $ 144.0 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 NGL Pipelines & Services $ 676.4 $ 703.8 Crude Oil Pipelines & Services 1,774.8 1,866.5 Natural Gas Pipelines & Services 29.9 27.3 Petrochemical & Refined Products Services 4.3 2.6 Total $ 2,485.4 $ 2,600.2 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, 2020 2019 2020 2019 NGL Pipelines & Services $ 29.3 $ 25.9 $ 90.8 $ 82.7 Crude Oil Pipelines & Services 51.8 113.2 243.2 348.8 Natural Gas Pipelines & Services 1.4 1.6 4.3 4.9 Petrochemical & Refined Products Services (0.5 ) (1.4 ) (2.2 ) (5.1 ) Total $ 82.0 $ 139.3 $ 336.1 $ 431.3 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.8 $ (217.0 ) $ 230.8 $ 447.8 $ (206.3 ) $ 241.5 Contract-based intangibles 162.6 (52.2 ) 110.4 162.6 (43.9 ) 118.7 Segment total 610.4 (269.2 ) 341.2 610.4 (250.2 ) 360.2 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (287.5 ) 1,916.0 2,203.5 (243.5 ) 1,960.0 Contract-based intangibles 283.1 (246.7 ) 36.4 276.9 (235.0 ) 41.9 Segment total 2,486.6 (534.2 ) 1,952.4 2,480.4 (478.5 ) 2,001.9 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (504.2 ) 846.1 1,350.3 (481.6 ) 868.7 Contract-based intangibles 470.7 (401.7 ) 69.0 468.0 (395.5 ) 72.5 Segment total 1,821.0 (905.9 ) 915.1 1,818.3 (877.1 ) 941.2 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (62.2 ) 119.2 181.4 (57.5 ) 123.9 Contract-based intangibles 46.0 (25.3 ) 20.7 46.0 (24.2 ) 21.8 Segment total 227.4 (87.5 ) 139.9 227.4 (81.7 ) 145.7 Total intangible assets $ 5,145.4 $ (1,796.8 ) $ 3,348.6 $ 5,136.5 $ (1,687.5 ) $ 3,449.0 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, 2020 2019 2020 2019 NGL Pipelines & Services $ 6.2 $ 7.3 $ 19.0 $ 25.4 Crude Oil Pipelines & Services 16.0 25.1 55.7 71.2 Natural Gas Pipelines & Services 9.0 10.3 28.8 31.2 Petrochemical & Refined Products Services 1.9 2.1 5.8 6.5 Total $ 33.1 $ 44.8 $ 109.3 $ 134.3 The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2020 2021 2022 2023 2024 $ 45.1 $ 145.5 $ 162.3 $ 169.9 $ 165.7 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 2019 Form 10-K. We are closely monitoring the recoverability of our long-lived assets, which include goodwill, in light of the COVID-19 pandemic (see Note 4). |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ – $ 482.0 Senior Notes Q, 5.25% fixed-rate, due January 2020 – 500.0 Senior Notes Y, fixed-rate, due September 2020 – 1,000.0 Senior Notes TT, fixed-rate, due February 2021 750.0 750.0 Senior Notes RR, fixed-rate, due April 2021 575.0 575.0 September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021 – – 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 1,250.0 Senior Notes AAA, 2.80% fixed-rate, due January 2030 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 1,250.0 Senior Notes BBB, 3.70% fixed-rate, due January 2051 1,000.0 – Senior Notes DDD, 3.20% fixed-rate, due February 2052 1,000.0 – Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 Senior Notes CCC, 3.95% fixed rate, due January 2060 1,000.0 – 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 27,500.0 25,232.0 EPO Junior Subordinated Notes C, variable-rate, due June 2067 232.2 232.2 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 30,146.4 27,878.4 Other, non-principal amounts (284.4 ) (253.3 ) Less current maturities of debt (1,325.0 ) (1,981.9 ) Total long-term debt $ 28,537.0 $ 25,643.2 (1) Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%. (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, 2020: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 1.78% to 2.08% 1.86% EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes 3.02% to 4.68% 3.87% Amounts borrowed under EPO’s 364-Day and Multi-Year Revolving Credit Agreements bear interest, at its 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 EPO's debt ratings. The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2020 for the next five years and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2020 2021 2022 2023 2024 Thereafter Principal amount of senior and junior debt obligations $ 30,146.4 $ – $ 1,325.0 $ 1,400.0 $ 1,250.0 $ 850.0 $ 25,321.4 September 2020 364-Day Revolving Credit Agreement In September 2020, EPO entered into a new 364-Day Revolving Credit Agreement that replaced its September 2019 364-Day Revolving Credit Agreement. The new 364-Day Revolving Credit Agreement matures in September 2021. There was no principal amount outstanding under the September 2019 364-Day Revolving Credit Agreement when it expired and was replaced by the September 2020 364-Day Revolving Credit Agreement. Under the terms of the September 2020 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 2022. Borrowings under the September 2020 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The September 2020 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 September 2020 364-Day 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 September 2020 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by Enterprise Products Partners L.P. August 2020 Senior Notes Offering In August 2020, EPO issued $1.0 billion in principal amount of 3.20% senior notes due February 2052 We received aggregate net proceeds of $1.25 billion from the sale of the notes after deducting underwriting discounts and other estimated offering expenses payable by us. The reopened Senior Notes AAA represent a re-opening of an outstanding series of EPO’s senior notes. EPO originally issued $1.0 billion principal amount of Senior Notes AAA on January 15, 2020. The reopened Senior Notes AAA form a single series with the original notes of that series, trade under the same CUSIP number, and have the same terms as to status, redemption or otherwise as the original notes of that series. EPO’s fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO’s senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. April 2020 364-Day Revolving Credit Agreement In April 2020, EPO entered into an additional 364-day revolving credit agreement (the “April 2020 ”). The new agreement provided EPO with an incremental $ billion of borrowing capacity Following execution of the September 2020 364-Day 2020 364-Day January 2020 Senior Notes Offering In January 2020, EPO issued $3.0 billion aggregate principal amount of senior notes comprised of (i) $1.0 billion principal amount of senior notes due January 2030 (“Senior Notes AAA”), (ii) $1.0 billion principal amount of senior notes due January 2051 (“Senior Notes BBB”) and (iii) $1.0 billion principal amount of senior notes due January 2060 (“Senior Notes CCC”). Net proceeds from this offering were used by EPO for the repayment of $500 million principal amount of its Senior Notes Q that matured in January 2020, temporary repayment of amounts outstanding under its commercial paper program and for general company purposes. In addition, net proceeds from this offering were used by EPO for the repayment of $1.0 billion principal amount of its Senior Notes Y that matured in September 2020. Senior Notes AAA were issued at 99.921% of their principal amount and have a fixed-rate interest rate of 2.80% per year. Senior Notes BBB were issued at 99.413% of their principal amount and have a fixed-rate interest rate of 3.70% per year. Senior Notes CCC were issued at 99.360% of their principal amount and have a fixed-rate interest rate of 3.95% per year. EPD guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2020. Letters of Credit At September 30, 2020, EPO had $200.7 million of letters of credit outstanding primarily related to our commodity hedging activities. 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. |
Capital Accounts
Capital Accounts | 9 Months Ended |
Sep. 30, 2020 | |
Capital Accounts [Abstract] | |
Equity and Distributions | Note 8. Capital Accounts Common Limited Partner Interests The following table summarizes changes in the number of our common units outstanding since December 31, 2019: Common units outstanding at December 31, 2019 2,189,226,130 Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option in March 2020 54,807,352 Treasury units acquired in connection with settlement of Liquidity Option in March 2020 (54,807,352 ) Common unit repurchases under 2019 Buyback Program (6,357,739 ) Common units issued in connection with the vesting of phantom unit awards, net 2,912,214 Other 19,638 Common units outstanding at March 31, 2020 2,185,800,243 Common units issued in connection with the vesting of phantom unit awards, net 96,190 Common units outstanding at June 30, 2020 2,185,896,433 Common units exchanged for preferred units in September 2020, with the common units received being immediately cancelled (1,120,588 ) Common unit repurchases under 2019 Buyback Program (1,984,507 ) Common units issued in connection with the vesting of phantom unit awards, net 89,641 Units outstanding at September 30, 2020 2,182,880,979 Registration Statements We have a universal shelf registration statement (the “2019 Shelf”) on file with the SEC which allows the Partnership and EPO to issue an unlimited amount of equity and debt securities, respectively. EPO issued $4.25 billion of senior notes during 2020 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. March 2020 Issuance of Common Units to Skyline North Americas, Inc. and related acquisition of Treasury Units In February 2020, the Partnership received notice from Marquard & Bahls AG (“M&B”) of M&B’s election to exercise its rights (the “Liquidity Option”) under the Liquidity Option Agreement among the Partnership, OTA Holdings, Inc., a Delaware corporation previously named Oiltanking Holding Americas, Inc. (“OTA”), and M&B dated October 1, 2014 (the “Liquidity Option Agreement”). On March 5, 2020, the Partnership settled its obligations under the Liquidity Option Agreement by issuing 54,807,352 new common units to Skyline North Americas, Inc. (“Skyline,” an affiliate of M&B) in exchange for the capital stock of OTA. As a result of the settlement, OTA became a consolidated subsidiary of ours and we indirectly acquired the 54,807,352 Partnership common units owned by OTA (which were issued by the Partnership to OTA in October 2014) and assumed all future income tax obligations of OTA, including its deferred tax liability. At March 5, 2020, OTA’s assets and liabilities consisted primarily of the Partnership common units it owned and the related deferred tax liability, respectively. At March 5, 2020, the Partnership’s accrual for the Liquidity Option liability was $511.9 million. The Liquidity Option liability, at any measurement date, represented the fair value of estimated federal and state income taxes that we believe a market participant would assume due to ownership of OTA, including its deferred income tax liabilities. OTA’s deferred tax liability at March 5, 2020 was $439.7 million. The market value of the common units issued by the Partnership to Skyline was $1.30 billion based on a closing price of $23.67 per unit on March 5, 2020. The common units issued to Skyline upon settlement of the Liquidity Option constitute “restricted securities” in the meaning of Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”) and may not be resold except pursuant to an effective registration statement or an available exemption under the Securities Act. In connection with the settlement of the Liquidity Option, the Partnership entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with Skyline. Pursuant to the Registration Rights Agreement, Skyline has the right to request that the Partnership prepare and file a registration statement to permit and otherwise facilitate the public resale of all or a portion of the Partnership’s common units owned by Skyline and its affiliates. The Partnership’s obligation to Skyline to effect such transactions is limited to registration statements and underwritten offerings. In May 2020, the Partnership filed a registration statement on behalf of Skyline for the resale of up to common units. This registration statement is effective and, in June 2020, the Partnership filed a prospectus supplement to this registration statement that allows Skyline to sell up to $ million of the Partnership’s common units it owns in connection with an “at-the-market” program that it administers. We do not receive any proceeds from such offerings. As a result of the Liquidity Option settlement, the partners’ equity balance for common units (as presented on our Unaudited Condensed Consolidated Balance Sheet) increased by $1.30 billion, representing the market value of the Partnership’s common units issued to Skyline. Since OTA does not meet the definition of a business as described in Accounting Standards Codification (“ASC”) 805, Business Combinations , t In consolidation, we present the limited partner units owned by OTA as treasury units, with their historical cost equal to the $ billion market value of the Partnership common units issued to Skyline. On September 30, 2020, OTA exchanged the common units it holds for preferred units issued by the Partnership. For information regarding the preferred units and exchange transaction, see “Redeemable Preferred Limited Partner Interests” within this Note 8. Upon settlement of the Liquidity Option, the Liquidity Option liability was effectively replaced by the deferred tax liability of OTA as calculated in accordance with ASC 740, Income Taxes Prior to March 5, 2020, changes in the estimated fair value of the Liquidity Option liability were recognized in earnings as a component of other income (expense) on our Unaudited Condensed Statements of Consolidated Operations. We recognized $2.3 million of expense for the period January 1, 2020 to March 5, 2020 attributable to changes in the estimated fair value of the Liquidity Option. We recognized $38.7 million and $123.1 million of such expense for the three and nine months ended September 30, 2019, respectively. Common Unit Repurchases Under 2019 Buyback Program In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. The 2019 Buyback Program authorizes the Partnership 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) the Partnership’s unit market 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. The Partnership repurchased an aggregate 2019 Buyback Program through open market and private purchases during the . The total purchase price of these repurchases was $ including commissions and fees During the , the Partnership repurchased common units under the 2019 Buyback Program for a total purchase price of $ million including commissions and fees. Units At September 30, 2020, the remaining available capacity under the 2019 Buyback Program was $ Common Units Issued in Connection With the Vesting of Phantom Unit Awards During the , after taking into account tax withholding requirements, the Partnership issued a net new Common Units Delivered Under DRIP and EUPP The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership 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. During the nine months ended September 30, 2020, a total of million Redeemable Preferred Limited Partner Interests On September 30, 2020, the Partnership issued and sold an aggregate of 50,000 Series A Cumulative Convertible Preferred Units in a private placement transaction. The stated value of each preferred unit is $1,000 per unit. The total offering price for the preferred units was $50.0 million, of which $32.5 million was received in cash with the remaining $17.5 million funded through the exchange of 1,120,588 of the Partnership’s common units owned by the purchasers. Cash proceeds from the preferred unit offering include $15.0 million received from a privately held affiliate of EPCO for the purchase of 15,000 preferred units. Concurrently, the Partnership exchanged all of the 54,807,352 Partnership common units owned directly by OTA for 855,915 of the Partnership’s new preferred units having an equivalent value. The preferred units held by OTA, like the common units OTA held prior to the exchange, are accounted for as treasury units by the Partnership in consolidation. The historical cost of the treasury units did not change as a result of the exchange and remains at the $1.30 billion recognized in March 2020 in connection with settlement of the Liquidity Option. The preferred units represent a new class of limited partner interests authorized under the Partnership’s Seventh Amended and Restated Agreement of Limited Partnership dated September 30, 2020 (the “Amended Partnership Agreement”). As described in the Amended Partnership Agreement, key terms of the preferred units include the following: • With respect to distribution and liquidation rights, the preferred units rank senior to the Partnership’s common units. Preferred units held by persons other than the Partnership, its subsidiaries and its affiliates generally will vote on an as-converted basis with the Partnership’s common units and have certain class voting rights with respect to certain protective matters. • Holders of the preferred units are entitled to receive cumulative quarterly distributions at a rate of 7.25% per annum. The Partnership is prohibited from paying distributions on its common units unless full cumulative distributions on the preferred units are paid or set aside for payment. The Partnership may satisfy its obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in the Amended Partnership Agreement. The exchange by OTA of its common units for PIK-eligible preferred units enables the Partnership to more effectively manage its consolidated cash balances. • Subject to certain limitations, each preferred unitholder may elect to convert its preferred units on or after September 30, 2025 into a number of the Partnership’s common units equal to (a) the number of preferred units to be converted multiplied by (b) the quotient of (i) $1,000 plus any accrued and unpaid distributions per preferred unit, divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements). In addition, each preferred unitholder may convert its preferred units into common units if EPO’s senior notes cease to have an investment grade rating or a Change of Control (as defined in the Amended Partnership Agreement) occurs, in each case based on the conversion ratio specified in the Amended Partnership Agreement. • The Partnership may elect to redeem the preferred units for cash, in whole or in part, based on a redemption price outlined in the following schedule, plus any accrued and unpaid distributions at the redemption date: • $1,100 per preferred unit from September 30, 2020 through September 29, 2022; • $1,070 per preferred unit from September 30, 2022 through September 29, 2024; • $1,030 per preferred unit from September 30, 2024 through September 29, 2025; • $1,010 per preferred unit from September 30, 2025 through September 29, 2026; and • $1,000 per preferred unit on or after September 30, 2026; however, • if a Change of Control event occurs prior to September 30, 2026, the redemption price is $1,010 per preferred unit. In connection with a redemption at the Partnership’s election, the Partnership may convert up to 50% of the preferred units being redeemed into common units (and to pay cash with respect to the remainder), with each such preferred unit being converted on the applicable redemption date into a number of common units equal to (i) the then-applicable preferred unit redemption price divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements). The Partnership has agreed to prepare and file a registration statement that would permit or otherwise facilitate the public resale of any common units resulting from the conversion of the preferred units to common units. Our Unaudited Condensed Consolidated Balance Sheet at presents the capital accounts of the third-party and related party purchasers of the preferred units as mezzanine equity since the terms of the preferred units allow for cash redemption by the holders in a Change of Control event, without regard to the likelihood of such an event. 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, December 31, 2019 $ 55.1 $ 13.9 $ 2.4 $ 71.4 Other comprehensive income (loss) for period, before reclassifications 392.7 (207.7 ) (0.1 ) 184.9 Reclassification of losses (gains) to net income during period (334.8 ) 29.2 – (305.6 ) Total other comprehensive income (loss) for period 57.9 (178.5 ) (0.1 ) (120.7 ) Accumulated Other Comprehensive Income (Loss), September 30, 2020 $ 113.0 $ (164.6 ) $ 2.3 $ (49.3 ) 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 ) 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 2020 2019 2020 2019 Interest rate derivatives Interest expense $ 9.9 $ 9.4 $ 29.2 $ 27.8 Commodity derivatives Revenue 19.5 (93.6 ) (344.7 ) (161.4 ) Commodity derivatives Operating costs and expenses 10.0 2.1 9.9 9.4 Total $ 39.4 $ (82.1 ) $ (305.6 ) $ (124.2 ) For information regarding our interest rate and commodity derivative instruments, see Note 14. Cash Distributions On October 7, 2020, we announced that the Board declared a quarterly cash distribution of $0.4450 per common unit, or $1.78 per unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the third quarter of 2020. The quarterly distribution is payable on November 12, 2020 to unitholders of record as of the close of business on October 30, 2020. In light of current economic conditions, management will evaluate any future increases in cash distributions on a quarterly basis. The payment of any quarterly cash distribution is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 NGL Pipelines & Services: Sales of NGLs and related products $ 2,048.4 $ 2,624.9 $ 6,401.7 $ 7,955.5 Segment midstream services: Natural gas processing and fractionation 205.4 279.6 575.8 837.3 Transportation 254.7 248.2 769.6 767.4 Storage and terminals 105.5 99.4 311.3 291.0 Total segment midstream services 565.6 627.2 1,656.7 1,895.7 Total NGL Pipelines & Services 2,614.0 3,252.1 8,058.4 9,851.2 Crude Oil Pipelines & Services: Sales of crude oil 1,216.1 2,130.0 4,059.7 6,990.1 Segment midstream services: Transportation 189.3 209.1 603.5 598.1 Storage and terminals 116.2 139.2 360.5 364.0 Total segment midstream services 305.5 348.3 964.0 962.1 Total Crude Oil Pipelines & Services 1,521.6 2,478.3 5,023.7 7,952.2 Natural Gas Pipelines & Services: Sales of natural gas 350.7 440.0 1,097.6 1,627.1 Segment midstream services: Transportation 256.2 275.5 765.1 835.2 Total segment midstream services 256.2 275.5 765.1 835.2 Total Natural Gas Pipelines & Services 606.9 715.5 1,862.7 2,462.3 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,966.2 1,299.0 4,593.7 3,867.3 Segment midstream services: Fractionation and isomerization 54.6 43.2 129.0 125.5 Transportation, including marine logistics 115.2 134.4 365.5 393.2 Storage and terminals 43.5 41.6 122.5 132.2 Total segment midstream services 213.3 219.2 617.0 650.9 Total Petrochemical & Refined Products Services 2,179.5 1,518.2 5,210.7 4,518.2 Total consolidated revenues $ 6,922.0 $ 7,964.1 $ 20,155.5 $ 24,783.9 Substantially all of our revenues are derived from contracts with customers as defined within ASC 606, Revenue from Contracts with Customers Unbilled Revenue and Deferred Revenue The following table provides information regarding our contract assets and contract liabilities at September 30, 2020: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 173.1 Total $ 173.1 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 162.0 Deferred revenue (noncurrent) Other long-term liabilities 206.4 Total $ 368.4 The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2020: Unbilled Revenue Deferred Revenue Balance at December 31, 2019 $ 17.6 $ 314.9 Amount included in opening balance transferred to other accounts during period (1) (17.6 ) (101.7 ) Amount recorded during period (2) 253.0 486.7 Amounts recorded during period transferred to other accounts (1) (79.9 ) (325.5 ) Other changes – (6.0 ) Balance at September 30, 2020 $ 173.1 $ 368.4 (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. (2) Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. The increase in unbilled revenue since December 31, 2019 is primarily due to the recognition of deficiency fee revenues on our EFS Midstream System that are not billable to the customer until the end of 2020. Remaining Performance Obligations The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2020. Period Fixed Consideration Three Months Ended December 31, 2020 $ 988.5 One Year Ended December 31, 2021 3,804.7 One Year Ended December 31, 2022 3,375.9 One Year Ended December 31, 2023 3,016.8 One Year Ended December 31, 2024 2,848.3 Thereafter 15,315.9 Total $ 29,350.1 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
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. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies. The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Operating income $ 1,382.5 $ 1,474.2 $ 4,326.9 $ 4,660.7 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 484.2 467.1 1,461.3 1,380.8 Asset impairment and related charges in operating costs and expenses 77.0 39.4 90.4 51.2 Net gains attributable to asset sales in operating costs and expenses (0.6 ) (0.1 ) (2.1 ) (2.6 ) General and administrative costs 50.3 55.5 162.8 160.2 N on-refundable payments received from shippers attributable to make-up rights (1) 49.3 20.8 79.1 34.3 Subsequent recognition of revenues attributable to make-up rights (2) (9.4 ) (5.5 ) (25.0 ) (18.6 ) Total segment gross operating margin $ 2,033.3 $ 2,051.4 $ 6,093.4 $ 6,266.0 (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, 2020 2019 2020 2019 Gross operating margin by segment: NGL Pipelines & Services $ 1,028.1 $ 1,008.3 $ 3,038.2 $ 2,933.8 Crude Oil Pipelines & Services 481.8 496.2 1,569.1 1,671.7 Natural Gas Pipelines & Services 208.4 258.5 701.1 824.6 Petrochemical & Refined Products Services 315.0 288.4 785.0 835.9 Total segment gross operating margin $ 2,033.3 $ 2,051.4 $ 6,093.4 $ 6,266.0 The following table summarizes the non-cash mark-to-market gains (losses) for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (12.0 ) $ (0.7 ) $ 11.4 $ (0.1 ) Crude Oil Pipelines & Services 10.1 9.8 28.9 95.0 Natural Gas Pipelines & Services (14.8 ) 1.3 10.0 1.3 Petrochemical & Refined Products Services (21.0 ) (1.3 ) 3.4 (3.3 ) Total mark-to-market impact on gross operating margin (37.7 ) 9.1 53.7 92.9 Mark-to-market loss in interest expense – (94.9 ) – (94.9 ) Total $ (37.7 ) $ (85.8 ) $ 53.7 $ (2.0 ) For information regarding our hedging activities, see Note 14. 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, 2020 $ 2,612.4 $ 1,518.0 $ 604.6 $ 2,179.5 $ – $ 6,914.5 Three months ended September 30, 2019 3,250.1 2,467.9 712.3 1,518.2 – 7,948.5 Nine months ended September 30, 2020 8,053.4 5,007.0 1,855.2 5,210.7 – 20,126.3 Nine months ended September 30, 2019 9,843.9 7,916.5 2,451.6 4,518.2 – 24,730.2 Revenues from related parties: Three months ended September 30, 2020 1.6 3.6 2.3 – – 7.5 Three months ended September 30, 2019 2.0 10.4 3.2 – – 15.6 Nine months ended September 30, 2020 5.0 16.7 7.5 – – 29.2 Nine months ended September 30, 2019 7.3 35.7 10.7 – – 53.7 Intersegment and intrasegment revenues: Three months ended September 30, 2020 7,098.2 6,422.5 117.0 1,297.8 (14,935.5 ) – Three months ended September 30, 2019 4,729.3 9,479.7 141.7 558.1 (14,908.8 ) – Nine months ended September 30, 2020 18,826.6 18,302.7 325.0 2,815.6 (40,269.9 ) – Nine months ended September 30, 2019 14,715.5 26,818.0 500.2 1,890.4 (43,924.1 ) – Total revenues: Three months ended September 30, 2020 9,712.2 7,944.1 723.9 3,477.3 (14,935.5 ) 6,922.0 Three months ended September 30, 2019 7,981.4 11,958.0 857.2 2,076.3 (14,908.8 ) 7,964.1 Nine months ended September 30, 2020 26,885.0 23,326.4 2,187.7 8,026.3 (40,269.9 ) 20,155.5 Nine months ended September 30, 2019 24,566.7 34,770.2 2,962.5 6,408.6 (43,924.1 ) 24,783.9 Equity in income (loss) of unconsolidated affiliates: Three months ended September 30, 2020 29.3 51.8 1.4 (0.5 ) – 82.0 Three months ended September 30, 2019 25.9 113.2 1.6 (1.4 ) – 139.3 Nine months ended September 30, 2020 90.8 243.2 4.3 (2.2 ) – 336.1 Nine months ended September 30, 2019 82.7 348.8 4.9 (5.1 ) – 431.3 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, 2020 $ 17,309.6 $ 6,503.6 $ 8,383.0 $ 7,695.0 $ 2,468.9 $ 42,360.1 At December 31, 2019 16,652.1 6,324.4 8,432.5 7,553.2 2,641.2 41,603.4 Investments in unconsolidated affiliates: (see Note 5) At September 30, 2020 676.4 1,774.8 29.9 4.3 – 2,485.4 At December 31, 2019 703.8 1,866.5 27.3 2.6 – 2,600.2 Intangible assets, net: At September 30, 2020 341.2 1,952.4 915.1 139.9 – 3,348.6 At December 31, 2019 360.2 2,001.9 941.2 145.7 – 3,449.0 Goodwill: At September 30, 2020 2,651.7 1,841.0 296.3 956.2 – 5,745.2 At December 31, 2019 2,651.7 1,841.0 296.3 956.2 – 5,745.2 Segment assets: At September 30, 2020 20,978.9 12,071.8 9,624.3 8,795.4 2,468.9 53,939.3 At December 31, 2019 20,367.8 12,033.8 9,697.3 8,657.7 2,641.2 53,397.8 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, 2020 2019 2020 2019 Consolidated revenues: NGL Pipelines & Services $ 2,614.0 $ 3,252.1 $ 8,058.4 $ 9,851.2 Crude Oil Pipelines & Services 1,521.6 2,478.3 5,023.7 7,952.2 Natural Gas Pipelines & Services 606.9 715.5 1,862.7 2,462.3 Petrochemical & Refined Products Services 2,179.5 1,518.2 5,210.7 4,518.2 Total consolidated revenues $ 6,922.0 $ 7,964.1 $ 20,155.5 $ 24,783.9 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 4,313.7 $ 5,276.5 $ 12,331.9 $ 16,721.5 Other operating costs and expenses (1) 696.9 790.8 2,120.4 2,243.4 Depreciation, amortization and accretion 484.2 467.1 1,461.3 1,380.8 Asset impairment and related charges 77.0 39.4 90.4 51.2 Ne t gains (0.6 ) (0.1 ) (2.1 ) (2.6 ) General and administrative costs 50.3 55.5 162.8 160.2 Total consolidated costs and expenses $ 5,621.5 $ 6,629.2 $ 16,164.7 $ 20,554.5 (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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11. Income Taxes The following table presents the components of our consolidated benefit from (provision for) income taxes for the periods indicated (dollars in millions): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Deferred tax benefit (expense) attributable to OTA $ 21.3 $ 158.0 Texas Margin Tax (7.2 ) $ (15.5 ) (21.9 ) $ (36.5 ) Other 5.0 0.1 2.5 (0.9 ) Benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the and 2019. OTA Deferred Tax Liability On March 5, 2020, the Partnership settled its obligations under the Liquidity Option Agreement (see Note 8) and indirectly assumed OTA’s deferred tax liability, which reflects OTA’s outside basis difference in the limited partner interests it received from the Partnership in October 2014. Upon settlement of the Liquidity Option, the Liquidity Option liability was effectively replaced by the deferred tax liability of OTA calculated in accordance with ASC 740, Income Taxes . At March 5, 2020, the Liquidity Option liability amount was $ million. Since the book value of the Liquidity Option liability exceeded OTA’s estimated deferred tax liability of $ million on that date, we recognized a non-cash benefit in earnings of $ million, which is reflected in the “Benefit from (provision for) income tax” line on our Unaudited Condensed Statement of Consolidated Operations for the . Subsequent to March 5, 2020 and through September 30, 2020, OTA recognized an additional net, non-cash deferred income tax benefit of $ million due to a decrease in the outside basis difference of its investment in the Partnership, which in turn was driven by a decline in the market price of Partnership common units since March 5, 2020. In total, earnings for the three and nine months ended September 30, 2020 reflect On September 30, 2020, OTA exchanged the Partnership common units it owned for non-publicly traded preferred units having a stated value of $1,000 per unit (see Note 8). As a result and beginning September 30, 2020, OTA’s deferred tax liability no longer fluctuates due to market price changes in the Partnership’s common units. Our subsidiary OTA is a corporation for U.S. federal income tax purposes, and the exchange of common units for preferred units did not constitute a taxable transaction for OTA. Tabular Disclosures Regarding Income Taxes Our federal, state and foreign income tax benefit (provision) is summarized below: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current portion of income tax benefit (provision): Federal $ 5.3 $ 0.4 $ 3.0 $ (0.1 ) State (4.7 ) (9.1 ) (13.4 ) (25.6 ) Foreign 0.2 – – (0.8 ) Total current portion 0.8 (8.7 ) (10.4 ) (26.5 ) Deferred portion of income tax benefit (provision): Federal 18.7 (0.3 ) 145.1 (0.2 ) State (0.4 ) (6.4 ) 3.9 (10.9 ) Foreign – – – 0.2 Total deferred portion 18.3 (6.7 ) 149.0 (10.9 ) Total benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Pre-Tax Net Book Income (“NBI”) $ 1,064.9 $ 1,060.2 $ 3,381.2 $ 3,599.1 Texas Margin Tax (1) (7.2 ) (15.5 ) (21.9 ) (36.5 ) State income tax benefit (provision), net of federal benefit (2) 1.6 – 9.7 (0.3 ) Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities 25.1 0.1 83.4 (0.6 ) Federal benefit attributable to settlement of Liquidity Option (2) – – 67.8 – Other differences (0.4 ) – (0.4 ) – Benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) Effective income tax rate 1.8 % (1.5 )% 4.1 % (1.0 )% (1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. (2) The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit. Deferred income taxes are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates, which will be in effect when these differences reverse. The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated: September 30, December 31, 2020 2019 Deferred tax liabilities: Attributable to investment in OTA $ 353.9 Attributable to property, plant and equipment 107.9 $ 100.2 Attributable to investments in other entities 4.2 3.3 Total deferred tax liabilities 466.0 103.5 Less deferred tax assets: Net operating loss carryovers (1) 0.1 0.1 Temporary differences related to Texas Margin Tax 2.6 3.0 Total deferred tax assets 2.7 3.1 Total net deferred tax liabilities $ 463.3 $ 100.4 (1) These losses expire in various years between 2020 and 2037 and are subject to limitations on their utilization. |
Earnings Per Unit
Earnings Per Unit | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Note 12. 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, 2020 2019 2020 2019 BASIC EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,052.6 $ 1,019.2 $ 3,437.4 $ 3,494.4 Earnings allocated to phantom unit awards (1) (7.5 ) (6.1 ) (24.9 ) (21.3 ) Net income allocated to common unitholders $ 1,045.1 $ 1,013.1 $ 3,412.5 $ 3,473.1 Basic weighted-average number of common units outstanding 2,185.5 2,189.1 2,186.7 2,188.4 Basic earnings per common unit $ 0.48 $ 0.46 $ 1.56 $ 1.59 DILUTED EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,052.6 $ 1,019.2 $ 3,437.4 $ 3,494.4 Diluted weighted-average number of units outstanding: Common units 2,185.5 2,189.1 2,186.7 2,188.4 Phantom units (2) 15.9 13.2 15.7 13.1 Preferred units (2) - * – - * – Total 2,201.4 2,202.3 2,202.4 2,201.5 Diluted earnings per common unit $ 0.48 $ 0.46 $ 1.56 $ 1.59 * Amount is negligible (1) Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the phantom units. (2) We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding. See Note 8 for information regarding the preferred units issued on September 30, 2020. Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible. |
Equity-Based Awards
Equity-Based Awards | 9 Months Ended |
Sep. 30, 2020 | |
Equity-based Awards [Abstract] | |
Equity-based Awards | Note 13. 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, 2020 2019 2020 2019 Equity-classified awards: Phantom unit awards $ 37.3 $ 34.7 $ 113.1 $ 99.6 Profits interest awards 2.2 2.5 7.2 8.1 Liability-classified awards – 0.1 – 0.1 Total $ 39.5 $ 37.3 $ 120.3 $ 107.8 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 Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire EPD common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). 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, 2019 12,974,684 $ 27.21 Granted (2) 7,403,345 $ 25.71 Vested (4,447,460 ) $ 26.35 Forfeited (130,774 ) $ 26.74 Phantom unit awards at September 30, 2020 15,799,795 $ 26.75 (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 2020 was $190.4 million based on a grant date market price of EPD common units ranging from $17.24 to $25.76 per unit. An estimated annual forfeiture rate of 2.4% was applied to these awards. Each phantom unit award includes a distribution equivalent right (“ DER”), which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by EPD to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. The following table presents supplemental information regarding phantom unit awards for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Cash payments made in connection with DERs $ 7.1 $ 5.9 $ 20.0 $ 16.4 Total intrinsic value of phantom unit awards that vested during period 2.0 7.2 113.4 108.9 For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $196.6 million at September 30, 2020, of which our share of such cost is currently estimated to be $165.5 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.1 years. Profits Interest Awards EPCO currently serves as the general partner for each of four limited partnerships (referred to as the “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing such employees a profits interest in one or more of the Employee Partnerships. On September 30, 2020, the partners of two such Employee Partnerships, namely EPD PubCo Unit II L.P. (“PubCo II”) and EPD PrivCo Unit I L.P. (“PrivCo I”), amended their respective limited partnership agreements to provide for the vesting of their Class B limited partner interests on the earlier of (i) February 22, 2023, (ii) the first date on or after September 30, 2020 on which the closing market price of the Partnership’s common units is equal to or greater than $25.41 per unit, (iii) a change of control event, or (iv) dissolution of the applicable Employee Partnership. As a result of these modifications, PubCo II and PrivCo I will recognize incremental compensation cost of $ million and $ million, respectively, through February 22, 2023. The profits interest in EPD PubCo Unit I L.P. vested in February 2020 and was liquidated. At , our share of the total unrecognized compensation cost related to the four remaining Employee Partnerships was $ |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments, Hedging Activities and Fair Value Measurements [Abstract] | |
Derivative Instruments, Hedging Activities and Fair Value Measurements | Note 14. 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. Forward-Starting Swaps The following table summarizes our portfolio of 30-year forward-starting swaps at September 30, 2020, 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 $75.0 4/2021 2.41% Cash flow hedge Future long-term debt offering 5 forward-starting swaps $500.0 4/2021 2.13% Cash flow hedge Future long-term debt offering 2 forward-starting swaps (1) $150.0 2/2022 1.72% Cash flow hedge Future long-term debt offering 1 forward starting swap (1) $100.0 4/2021 1.46% Cash flow hedge Future long-term debt offering 2 forward starting swaps (1) $150.0 2/2022 1.48% Cash flow hedge Future long-term debt offering 2 forward starting swaps (1) $100.0 2/2022 0.95% Cash flow hedge (1) These swaps were entered into during the first quarter of 2020. In total, the notional amount of forward-starting swaps outstanding at September 30, 2020 was $1.08 billion. The weighted-average fixed interest rate of these derivative instruments is 1.83%. In January 2020, we terminated an aggregate $575 million notional amount of forward-starting swaps, which resulted in net cash payments of $33.3 million. These swaps were unwound in connection with our issuance of Senior Notes BBB due January 2051. 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, 2020, 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 the fair value of commodity products held in inventory and (iii) hedging natural gas processing margins. The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2020 (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”)) 7.4 n/a Cash flow hedge Forecasted sales of NGLs (million barrels (“MMBbls”)) (3) 1.1 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (MMBbls) 0.3 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 1.2 n/a Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 5.2 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 143.3 5.6 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 179.7 16.6 Cash flow hedge NGLs inventory management activities (MMBbls) 0.8 0.7 Fair value hedge Refined products marketing: Forecasted purchases of refined products (MMBbls) 46.8 8.1 Cash flow hedge Forecasted sales of refined products (MMBbls) 54.0 11.5 Cash flow hedge Refined products inventory management activities (MMBbls) 0.1 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 51.0 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 65.2 n/a Cash flow hedge Petrochemical marketing: Forecasted sales of petrochemical products (MMBbls) 0.3 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (4) 37.9 0.7 Mark-to-market NGL risk management activities (MMBbls) (4) 26.4 10.8 Mark-to-market Refined products risk management activities (MMBbls) (4) 4.0 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 19.5 5.9 Mark-to-market (1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2022, December 2021 and December 2022, respectively. (3) Forecasted NGL sales volumes under natural gas processing exclude 0.3 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. (4) Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets. The carrying amount of our inventories subject to fair value hedges was $72.4 million and $31.7 million at September 30, 2020 and December 31, 2019, 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, 2020 December 31, 2019 September 30, 2020 December 31, 2019 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 $ 160.7 Current liabilities $ 6.7 Interest rate derivatives Other assets 5.7 Other assets – Other liabilities 32.9 Other liabilities 6.8 Total interest rate derivatives 5.7 – 193.6 13.5 Commodity derivatives Current assets 109.3 Current assets 116.5 Current liabilities 159.4 Current liabilities 107.1 Commodity derivatives Other assets 4.3 Other assets – Other liabilities 20.2 Other liabilities – Total commodity derivatives 113.6 116.5 179.6 107.1 Total derivatives designated as hedging instruments $ 119.3 $ 116.5 $ 373.2 $ 120.6 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 23.6 Current assets $ 10.7 Current liabilities $ 9.6 Current liabilities $ 8.6 Commodity derivatives Other assets 2.2 Other assets 0.6 Other liabilities 1.0 Other liabilities 0.5 Total commodity derivatives 25.8 11.3 10.6 9.1 Total derivatives not designated as hedging instruments $ 25.8 $ 11.3 $ 10.6 $ 9.1 Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated: Offsetting of Financial Assets and Derivative Assets Gross 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, 2020: Interest rate derivatives $ 5.7 $ – $ 5.7 $ – $ – $ – $ 5.7 Commodity derivatives $ 139.4 $ – $ 139.4 $ (139.4 ) $ – $ 50.4 $ 50.4 As of December 31, 2019: Commodity derivatives $ 127.8 $ – $ 127.8 $ (115.3 ) $ – $ (11.0 ) $ 1.5 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, 2020: Interest rate derivatives $ 193.6 $ – $ 193.6 $ – $ – $ – $ 193.6 Commodity derivatives 190.2 – 190.2 (139.4 ) – – 50.8 As of December 31, 2019: Interest rate derivatives $ 13.5 $ – $ 13.5 $ – $ – $ – $ 13.5 Commodity derivatives 116.2 – 116.2 (115.3 ) – – 0.9 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, 2020 2019 2020 2019 Commodity derivatives Revenue $ (19.8 ) $ (0.4 ) $ (69.1 ) $ (2.0 ) Total $ (19.8 ) $ (0.4 ) $ (69.1 ) $ (2.0 ) 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, 2020 2019 2020 2019 Commodity derivatives Revenue $ 22.4 $ 2.4 142.6 $ 8.7 Total $ 22.4 $ 2.4 $ 142.6 $ 8.7 The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness. 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, 2020 2019 2020 2019 Interest rate derivatives $ 62.6 $ (18.6 ) $ (207.7 ) $ (23.8 ) Commodity derivatives – Revenue (1) 2.6 73.5 404.5 71.1 Commodity derivatives – Operating costs and expenses (1) (6.8 ) (1.2 ) (11.8 ) (12.5 ) Total $ 58.4 $ 53.7 $ 185.0 $ 34.8 (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, 2020 2019 2020 2019 Interest rate derivatives Interest expense $ (9.9 ) $ (9.4 ) $ (29.2 ) $ (27.8 ) Commodity derivatives Revenue (19.5 ) 93.6 344.7 161.4 Commodity derivatives Operating costs and expenses (10.0 ) (2.1 ) (9.9 ) (9.4 ) Total $ (39.4 ) $ 82.1 $ 305.6 $ 124.2 Over the next twelve months, we expect to reclassify $40.8 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $174.3 million of gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, $175.5 million as an increase in revenue and $1.2 million as an increase in operating costs and expenses. The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: Derivatives Not Designated as Hedging Instruments Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Interest rate derivatives Interest expense $ – $ (94.9 ) $ – $ (94.9 ) Commodity derivatives Revenue 14.7 21.8 113.4 96.7 Commodity derivatives Operating costs and expenses 0.1 (1.6 ) 0.9 (6.3 ) Total $ 14.8 $ (74.7 ) $ 114.3 $ (4.5 ) The $114.3 million gain recognized for the nine months ended September 30, 2020 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $59.6 million of realized gains and $54.7 million of net unrealized mark-to-market gains attributable to commodity 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, 2020 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ – $ 5.7 $ – $ 5.7 Commodity derivatives: Value before application of CME Rule 814 442.4 454.1 52.7 949.2 Impact of CME Rule 814 (417.8 ) (352.3 ) (39.7 ) (809.8 ) Total commodity derivatives 24.6 101.8 13.0 139.4 Total $ 24.6 $ 107.5 $ 13.0 $ 145.1 Financial liabilities: Interest rate derivatives $ – $ 193.6 $ – $ 193.6 Commodity derivatives: Value before application of CME Rule 814 637.9 567.9 100.2 1,306.0 Impact of CME Rule 814 (613.6 ) (433.5 ) (68.7 ) (1,115.8 ) Total commodity derivatives 24.3 134.4 31.5 190.2 Total $ 24.3 $ 328.0 $ 31.5 $ 383.8 At December 31, 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 $ 53.4 $ 343.7 $ 0.1 $ 397.2 Impact of CME Rule 814 (47.0 ) (222.4 ) – (269.4 ) Total commodity derivatives 6.4 121.3 0.1 127.8 Total $ 6.4 $ 121.3 $ 0.1 $ 127.8 Financial liabilities: Liquidity Option (see Note 8) $ – $ – $ 509.6 $ 509.6 Interest rate derivatives – 13.5 – 13.5 Commodity derivatives: Value before application of CME Rule 814 88.1 273.6 0.3 362.0 Impact of CME Rule 814 (81.9 ) (163.9 ) – (245.8 ) Total commodity derivatives 6.2 109.7 0.3 116.2 Total $ 6.2 $ 123.2 $ 509.9 $ 639.3 In the aggregate, the fair value of our commodity hedging portfolios at was a net derivative liability of $ Financial assets and liabilities recorded on the balance sheet at September 30, 2020 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements. Refer to Note 8 for discussion of the settlement of the Liquidity Option in March 2020 and Note 11 for the income tax impact related to this transaction. Nonrecurring Fair Value Measurements We did not have any significant nonrecurring fair value measurements at September 30, 2020 or 2019. See Note 4 for information regarding other non-cash asset impairment charges. 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 $32.80 billion and $30.37 billion at September 30, 2020 and December 31, 2019, respectively. The aggregate carrying value of these debt obligations was $29.90 billion and $27.15 billion at September 30, 2020 and December 31, 2019, 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, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. 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, 2020 2019 2020 2019 Revenues – related parties: Unconsolidated affiliates $ 7.5 $ 15.6 $ 29.2 $ 53.7 Costs and expenses – related parties: EPCO and its privately held affiliates $ 283.9 $ 297.8 $ 847.0 $ 837.9 Unconsolidated affiliates 33.1 94.7 167.2 313.3 Total $ 317.0 $ 392.5 $ 1,014.2 $ 1,151.2 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: September 30, 2020 December 31, 2019 Accounts receivable - related parties: EPCO and its privately held affiliates $ 2.2 $ – Unconsolidated affiliates 1.9 2.5 Total $ 4.1 $ 2.5 Accounts payable - related parties: EPCO and its privately held affiliates $ 113.8 $ 143.7 Unconsolidated affiliates 7.5 18.6 Total $ 121.3 $ 162.3 We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies. At September 30, 2020, 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 Limited Partner Interests Held Percentage of Limited Partner Interests Outstanding 701,981,017 common units 32.2% 15,000 preferred units 30.0% Of the total number of units held by EPCO and its privately held affiliates, 97,322,618 have been pledged as security under the credit facilities of EPCO and its privately held affiliates at September 30, 2020. 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. The Partnership 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, 2020 and 2019, we paid EPCO and its privately held affiliates cash distributions totaling $908.2 million and $893.1 million, respectively. We have no employees. All of our operating functions and general and administrative support services are provided by employees of EPCO pursuant to the ASA or by other service providers. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Operating costs and expenses $ 247.8 $ 259.3 $ 740.9 $ 732.0 General and administrative expenses 32.1 34.2 94.6 92.9 Total costs and expenses $ 279.9 $ 293.5 $ 835.5 $ 824.9 We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates. In January 2020, we amended an office space lease with an affiliate of EPCO that extended the term through June 2037. For the and 2019, we recognized $ $ For the and 2019, we recognized $ $ |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingent Liabilities 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 $6.9 million and $0.2 million at September 30, 2020 and December 31, 2019, respectively, and recorded in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities.” Energy Transfer Matter As reported in our 2019 Form 10-K, we prevailed on our appeal on January 31, 2020 when the Supreme Court of Texas unanimously affirmed the opinion of the Dallas Court of Appeals. On March 6, 2020, the Supreme Court of Texas issued its mandate to the Dallas County Civil District Court, bringing this lawsuit and the resulting appeal to a close. 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 initial propane dehydrogenation (“PDH 1”) 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 1 project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC, to complete the construction and installation of PDH 1. 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 $30.15 billion and $27.88 billion at September 30, 2020 and December 31, 2019, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal. Lease Accounting Matters The following table presents information regarding operating leases where we are the lessee at September 30, 2020: Asset Category ROU Asset Carrying Value Lease Liability Carrying Value Weighted- Average Remaining Term Weighted- Average Discount Rate Storage and pipeline facilities $ 131.0 $ 131.5 16 years 4.3% Transportation equipment 39.7 3 years 3.5% Office and warehouse space 183.0 16 years 3.2% Total $ 341.1 $ 354.2 (1) Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet. (2) At September 30, 2020, lease liabilities of $28.6 million and $325.6 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, Leases In total, our ROU asset and lease liability carrying values increased $130.9 million and $142.2 million, respectively, since December 31, 2019 primarily due to the modification of an office space lease with an affiliate of EPCO. The following table disaggregates our total operating lease expense for the periods indicated For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Long-term operating leases: Fixed lease expense: Non-cash lease expense (amortization of ROU assets) $ 9.8 $ 10.7 $ 29.6 $ 32.4 Related accretion expense on lease liability balances 3.1 2.1 9.8 6.9 Total fixed lease expense 12.9 12.8 39.4 39.3 Variable lease expense 0.1 1.6 0.4 4.5 Subtotal operating lease expense 13.0 14.4 39.8 43.8 Short-term operating leases 12.3 12.4 37.3 35.9 Total operating lease expense $ 25.3 $ 26.8 $ 77.1 $ 79.7 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 operating lease expense is expensed as incurred. Cash paid for operating lease liabilities recorded on our balance sheet was $9.8 million and $13.0 million for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019 cash paid for operating lease liabilities was $28.1 million and $39.4 million, respectively. We do not have any significant operating or direct financing leases where we are the lessor. Our operating lease income for the three months ended September 30, 2020 and 2019 was $ million and $ million, respectively. For the and operating lease income was $ million and $ million, respectively. We do not have any sales-type leases. Including the impact of the modification of the related party office space lease, our total operating lease commitments increased from $271.2 million at December 31, 2019 to approximately $469.2 million at September 30, 2020. Purchase Obligations We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products. These commitments represent enforceable and legally binding agreements as of the reporting date. Our product purchase commitments at September 30, 2020 declined by an estimated $6.3 billion when compared to those reported in our 2019 Form 10-K primarily due to lower NGL and crude oil prices in the nine months ended September 30, 2020. At September 30, 2020, our estimated long-term product purchase obligations totaled $14.27 billion after reflecting the decline in commodity prices, agreements added during the nine months ended September 30, 2020 and those commitments that expired during the year. At December 31, 2019, our estimated long-term product purchase obligations totaled $20.57 billion. Settlement of Liquidity Option See Note 8 for information regarding settlement of the Liquidity Option on March 5, 2020. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 17. 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, 2020 2019 Decrease (increase) in: Accounts receivable – trade $ 1,119.5 $ (578.0 ) Accounts receivable – related parties 1.0 1.6 Inventories (1,063.2 ) (44.2 ) Prepaid and other current assets 288.2 (305.3 ) Other assets (27.7 ) (18.3 ) Increase (decrease) in: Accounts payable – trade 147.0 (55.4 ) Accounts payable – related parties (41.0 ) 31.0 Accrued product payables (621.9 ) 666.6 Accrued interest (196.6 ) (158.4 ) Other current liabilities (212.3 ) 133.6 Other liabilities (85.0 ) (82.2 ) Net effect of changes in operating accounts $ (692.0 ) $ (409.0 ) Cash payments for interest, net of $ and $ capitalized during the nine months ended September 30, 2020 and 2019, respectively $ 1,107.4 $ 996.1 Cash payments for federal and state income taxes $ 24.9 $ 24.7 We incurred liabilities for construction in progress that had not been paid at September 30, 2020 and December 31, 2019 of $272.1 million and $432.0 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2020 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Note 18. 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, 2020 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 $ 863.2 $ 292.5 $ (24.7 ) $ 1,131.0 $ 0.1 $ – $ 1,131.1 Accounts receivable – trade, net 1,155.1 2,621.9 (0.8 ) 3,776.2 – – 3,776.2 Accounts receivable – related parties 145.8 782.0 (915.0 ) 12.8 – (8.7 ) 4.1 Inventories 2,447.6 745.3 (0.3 ) 3,192.6 – – 3,192.6 Derivative assets 101.6 31.3 – 132.9 – – 132.9 Prepaid and other current assets 269.8 445.5 (159.7 ) 555.6 0.2 0.6 556.4 Total current assets 4,983.1 4,918.5 (1,100.5 ) 8,801.1 0.3 (8.1 ) 8,793.3 Property, plant and equipment, net 6,685.4 35,715.0 (40.3 ) 42,360.1 – – 42,360.1 Investments in unconsolidated affiliates 46,284.9 4,840.8 (48,640.3 ) 2,485.4 25,092.9 (25,092.9 ) 2,485.4 Intangible assets, net 624.3 2,741.0 (16.7 ) 3,348.6 – – 3,348.6 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 907.0 335.0 (239.4 ) 1,002.6 1.0 – 1,003.6 Total assets $ 59,944.2 $ 53,836.0 $ (50,037.2 ) $ 63,743.0 $ 25,094.2 $ (25,101.0 ) $ 63,736.2 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 1,325.0 $ – $ – $ 1,325.0 $ – $ – $ 1,325.0 Accounts payable – trade 288.3 631.4 (24.7 ) 895.0 1.0 – 896.0 Accounts payable – related parties 891.1 158.1 (927.9 ) 121.3 8.7 (8.7 ) 121.3 Accrued product payables 1,879.1 2,439.0 (1.0 ) 4,317.1 – – 4,317.1 Accrued interest 235.0 3.2 (3.1 ) 235.1 – – 235.1 Derivative liabilities 329.3 0.4 – 329.7 – – 329.7 Other current liabilities 201.8 579.1 (158.2 ) 622.7 – – 622.7 Total current liabilities 5,149.6 3,811.2 (1,114.9 ) 7,845.9 9.7 (8.7 ) 7,846.9 Long-term debt 28,522.4 14.6 – 28,537.0 – – 28,537.0 Deferred tax liabilities 25.5 434.2 (0.5 ) 459.2 – 4.1 463.3 Other long-term liabilities 370.0 607.3 (242.1 ) 735.2 – – 735.2 Commitments and contingent liabilities Redeemable preferred limited partner interests – – – – 49.2 (0.1 ) 49.1 Equity: Partners’ and other owners’ equity 25,876.7 48,905.3 (49,724.5 ) 25,057.5 25,035.3 (25,057.5 ) 25,035.3 Noncontrolling interests in consolidated subsidiairies – 63.4 1,044.8 1,108.2 – (38.8 ) 1,069.4 Total equity 25,876.7 48,968.7 (48,679.7 ) 26,165.7 25,035.3 (25,096.3 ) 26,104.7 Total liabilities, preferred units, and equity $ 59,944.2 $ 53,836.0 $ (50,037.2 ) $ 63,743.0 $ 25,094.2 $ (25,101.0 ) $ 63,736.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ 109.2 $ 315.8 $ (15.1 ) $ 409.9 $ 0.1 $ – $ 410.0 Accounts receivable – trade, net 1,471.1 3,403.8 (1.3 ) 4,873.6 – – 4,873.6 Accounts receivable – related parties 233.1 799.9 (1,023.6 ) 9.4 – (6.9 ) 2.5 Inventories 1,351.3 740.4 (0.3 ) 2,091.4 – – 2,091.4 Derivative assets 115.2 12.0 – 127.2 – – 127.2 Prepaid and other current assets 221.0 183.5 (46.3 ) 358.2 – – 358.2 Total current assets 3,500.9 5,455.4 (1,086.6 ) 7,869.7 0.1 (6.9 ) 7,862.9 Property, plant and equipment, net 6,413.3 35,233.6 (43.5 ) 41,603.4 – – 41,603.4 Investments in unconsolidated affiliates 45,514.0 4,165.7 (47,079.5 ) 2,600.2 25,279.3 (25,279.3 ) 2,600.2 Intangible assets, net 636.7 2,852.3 (40.0 ) 3,449.0 – – 3,449.0 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 404.9 288.5 (221.9 ) 471.5 1.0 – 472.5 Total assets $ 56,929.3 $ 53,281.2 $ (48,471.5 ) $ 61,739.0 $ 25,280.4 $ (25,286.2 ) $ 61,733.2 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 1,981.9 $ – $ – $ 1,981.9 $ – $ – $ 1,981.9 Accounts payable – trade 301.4 717.7 (14.6 ) 1,004.5 – – 1,004.5 Accounts payable – related parties 977.5 222.3 (1,037.5 ) 162.3 6.9 (6.9 ) 162.3 Accrued product payables 1,895.4 3,021.9 (1.6 ) 4,915.7 – – 4,915.7 Accrued interest 431.6 0.9 (0.8 ) 431.7 – – 431.7 Derivative liabilities 114.2 8.2 – 122.4 – – 122.4 Other current liabilities 120.5 438.2 (47.3 ) 511.4 – (0.2 ) 511.2 Total current liabilities 5,822.5 4,409.2 (1,101.8 ) 9,129.9 6.9 (7.1 ) 9,129.7 Long-term debt 25,628.6 14.6 – 25,643.2 – – 25,643.2 Deferred tax liabilities 22.2 75.6 (0.8 ) 97.0 – 3.4 100.4 Other long-term liabilities 161.2 608.9 (247.2 ) 522.9 509.5 – 1,032.4 Commitments and contingent liabilities Equity: Partners’ and other owners’ equity 25,294.8 48,107.6 (48,155.3 ) 25,247.1 24,764.0 (25,247.1 ) 24,764.0 Noncontrolling interests in consolidated subsidiairies – 65.3 1,033.6 1,098.9 – (35.4 ) 1,063.5 Total equity 25,294.8 48,172.9 (47,121.7 ) 26,346.0 24,764.0 (25,282.5 ) 25,827.5 Total liabilities and equity $ 56,929.3 $ 53,281.2 $ (48,471.5 ) $ 61,739.0 $ 25,280.4 $ (25,286.2 ) $ 61,733.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2020 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 $ 11,392.7 $ 4,135.4 $ (8,606.1 ) $ 6,922.0 $ – $ – $ 6,922.0 Costs and expenses: Operating costs and expenses 11,053.8 3,124.1 (8,606.7 ) 5,571.2 – – 5,571.2 General and administrative costs 8.1 41.2 0.7 50.0 0.3 – 50.3 Total costs and expenses 11,061.9 3,165.3 (8,606.0 ) 5,621.2 0.3 – 5,621.5 Equity in income of unconsolidated affiliates 923.7 114.3 (956.0 ) 82.0 1,053.0 (1,053.0 ) 82.0 Operating income 1,254.5 1,084.4 (956.1 ) 1,382.8 1,052.7 (1,053.0 ) 1,382.5 Other income (expense): Interest expense (320.8 ) (2.5 ) 2.8 (320.5 ) – – (320.5 ) Other, net 4.4 (114.1 ) 112.6 2.9 – – 2.9 Total other expense, net (316.4 ) (116.6 ) 115.4 (317.6 ) – – (317.6 ) Income before income taxes 938.1 967.8 (840.7 ) 1,065.2 1,052.7 (1,053.0 ) 1,064.9 Benefit from (provision for) income taxes (1.7 ) 21.3 (0.1 ) 19.5 0.1 (0.5 ) 19.1 Net income 936.4 989.1 (840.8 ) 1,084.7 1,052.8 (1,053.5 ) 1,084.0 Net income attributable to noncontrolling interests – (1.8 ) (31.3 ) (33.1 ) – 1.7 (31.4 ) Net income attributable to preferred units – – – – (0.2 ) 0.2 – Net income attributable to entity $ 936.4 $ 987.3 $ (872.1 ) $ 1,051.6 $ 1,052.6 $ (1,051.6 ) $ 1,052.6 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 Nine Months Ended September 30, 2020 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 $ 29,836.7 $ 12,609.5 $ (22,290.7 ) $ 20,155.5 $ – $ – $ 20,155.5 Costs and expenses: Operating costs and expenses 28,856.1 9,438.6 (22,292.8 ) 16,001.9 – – 16,001.9 General and administrative costs 28.5 130.6 2.1 161.2 1.6 – 162.8 Total costs and expenses 28,884.6 9,569.2 (22,290.7 ) 16,163.1 1.6 – 16,164.7 Equity in income of unconsolidated affiliates 2,972.6 422.3 (3,058.8 ) 336.1 3,368.9 (3,368.9 ) 336.1 Operating income 3,924.7 3,462.6 (3,058.8 ) 4,328.5 3,367.3 (3,368.9 ) 4,326.9 Other income (expense): Interest expense (959.0 ) (7.6 ) 8.4 (958.2 ) – – (958.2 ) Other, net 17.4 (386.9 ) 384.0 14.5 (2.0 ) – 12.5 Total other expense, net (941.6 ) (394.5 ) 392.4 (943.7 ) (2.0 ) – (945.7 ) Income before income taxes 2,983.1 3,068.1 (2,666.4 ) 3,384.8 3,365.3 (3,368.9 ) 3,381.2 Benefit from (provision for) income taxes (10.5 ) 78.3 (0.4 ) 67.4 72.3 (1.1 ) 138.6 Net income 2,972.6 3,146.4 (2,666.8 ) 3,452.2 3,437.6 (3,370.0 ) 3,519.8 Net income attributable to noncontrolling interests – (4.6 ) (82.5 ) (87.1 ) – 4.7 (82.4 ) Net income attributable to preferred units – – – – (0.2 ) 0.2 – Net income attributable to entity $ 2,972.6 $ 3,141.8 $ (2,749.3 ) $ 3,365.1 $ 3,437.4 $ (3,365.1 ) $ 3,437.4 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 Comprehensive Income For the Three Months Ended September 30, 2020 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 $ 1,083.0 $ 940.4 $ (840.8 ) $ 1,182.6 $ 1,150.4 $ (1,151.2 ) $ 1,181.8 Comprehensive income attributable to noncontrolling interests – (1.8 ) (31.3 ) (33.1 ) – 1.7 (31.4 ) Comprehensive income attributable to preferred units – – – – (0.2 ) 0.2 – Comprehensive income attributable to entity $ 1,083.0 $ 938.6 $ (872.1 ) $ 1,149.5 $ 1,150.2 $ (1,149.3 ) $ 1,150.4 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 Nine Months Ended September 30, 2020 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 $ 2,767.1 $ 3,231.4 $ (2,666.8 ) $ 3,331.7 $ 3,316.7 $ (3,249.3 ) $ 3,399.1 Comp rehensive income attrib – (4.6 ) (82.5 ) (87.1 ) – 4.7 (82.4 ) Comprehensive income attributable to preferred units – – – – (0.2 ) 0.2 – Comprehensive income attributable to entity $ 2,767.1 $ 3,226.8 $ (2,749.3 ) $ 3,244.6 $ 3,316.5 $ (3,244.4 ) $ 3,316.7 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 Comprehensive income attributable to noncontrolling interests – (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 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2020 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 $ 2,972.6 $ 3,146.4 $ (2,666.8 ) $ 3,452.2 $ 3,437.6 $ (3,370.0 ) $ 3,519.8 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 260.8 1,286.9 (2.6 ) 1,545.1 – – 1,545.1 Equity in income of unconsolidated affiliates (2,972.6 ) (422.3 ) 3,058.8 (336.1 ) (3,368.9 ) 3,368.9 (336.1 ) Distributions received from unconsolidated affiliates attributable to earnings 1,071.3 157.4 (891.3 ) 337.4 3,164.4 (3,164.4 ) 337.4 Net effect of changes in operating accounts and other operating activities 1,997.2 (2,254.3 ) (449.2 ) (706.3 ) (68.7 ) 0.4 (774.6 ) Net cash flows provided by operating activities 3,329.3 1,914.1 (951.1 ) 4,292.3 3,164.4 (3,165.1 ) 4,291.6 Investing activities: Capital expenditures (533.9 ) (2,139.1 ) 1.4 (2,671.6 ) – – (2,671.6 ) Proceeds from asset sales 1.2 7.2 – 8.4 – – 8.4 Other investing activities (1,106.8 ) 30.4 1,175.4 99.0 – – 99.0 Cash used in investing activities (1,639.5 ) (2,101.5 ) 1,176.8 (2,564.2 ) – – (2,564.2 ) Financing activities: Borrowings under debt agreements 6,672.1 – – 6,672.1 – – 6,672.1 Repayments of debt (4,406.6 ) – – (4,406.6 ) – – (4,406.6 ) Cash distributions paid to owners (3,164.4 ) (1,104.7 ) 1,153.5 (3,115.6 ) (2,968.4 ) 3,164.4 (2,919.6 ) Cash payments made in connection with DERs – – – – (20.0 ) – (20.0 ) Cash distributions paid to noncontrolling interests – (6.6 ) (91.9 ) (98.5 ) – 0.7 (97.8 ) Cash contributions from noncontrolling interests – – 21.2 21.2 – – 21.2 Repurchase of common units under 2019 Buyback Program – – – – (173.8 ) – (173.8 ) Net cash proceeds from the issuance of preferred unit – – – – 32.5 – 32.5 Cash contributions from owners – 1,275.4 (1,275.4 ) – – – – Other financing activities (36.9 ) – (42.7 ) (79.6 ) (34.7 ) – (114.3 ) Cash provided by (used in) financing activities (935.8 ) 164.1 (235.3 ) (1,007.0 ) (3,164.4 ) 3,165.1 (1,006.3 ) Net change in cash and cash equivalents, including restricted cash 754.0 (23.3 ) (9.6 ) 721.1 – – 721.1 Cash and cash equivalents, including restricted cash, at beginning of period 109.2 315.8 (15.1 ) 409.9 0.1 – 410.0 Cash and cash equivalents, including restricted cash, at end of period $ 863.2 $ 292.5 $ (24.7 ) $ 1,131.0 $ 0.1 $ – $ 1,131.1 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 from unconsolidated affiliates attributable to earnings 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 ) 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 Repurchase of common units under 2019 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, The adoption of this new guidance on January 1, 2020 did not have a material impact on our consolidated financial statements. See Note 14 for information regarding our fair value measurements. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Cash and cash equivalents $ 1,032.2 $ 334.7 Restricted cash 98.9 75.3 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 1,131.1 $ 410.0 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventories [Abstract] | |
Inventory Amounts by Product Type | Our inventory amounts by product type were as follows at the dates indicated: September 30, 2020 December 31, 2019 NGLs $ 1,678.1 $ 1,094.9 Petrochemicals and refined products 800.8 311.5 Crude oil 696.1 674.2 Natural gas 17.6 10.8 Total $ 3,192.6 $ 2,091.4 |
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, 2020 2019 2020 2019 Cost of sales (1) $ 4,313.7 $ 5,276.5 $ 12,331.9 $ 16,721.5 Lower of cost or net realizable value adjustments recognized in cost of sales 4.4 6.8 55.6 17.1 (1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Plants, pipelines and facilities (1) 3-45 (5) $ 49,050.9 $ 47,201.2 Underground and other storage facilities (2) 5-40 (6) 4,133.7 3,965.5 Transportation equipment (3) 3-10 204.1 198.9 Marine vessels (4) 15-30 928.9 905.9 Land 376.7 372.3 Construction in progress 2,468.9 2,641.2 Total 57,163.2 55,285.0 Less accumulated depreciation 14,803.1 13,681.6 Property, plant and equipment, net $ 42,360.1 $ 41,603.4 (1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
Depreciation Expense and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Depreciation expense (1) $ 420.7 $ 394.7 $ 1,251.6 $ 1,164.6 Capitalized interest (2) 34.5 33.9 96.9 102.9 (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated 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, 2019 $ 132.1 Liabilities incurred 3.5 Liabilities settled (0.6 ) Revisions in estimated cash flows 2.9 Accretion expense 6.1 ARO liability balance, September 30, 2020 $ 144.0 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 NGL Pipelines & Services $ 676.4 $ 703.8 Crude Oil Pipelines & Services 1,774.8 1,866.5 Natural Gas Pipelines & Services 29.9 27.3 Petrochemical & Refined Products Services 4.3 2.6 Total $ 2,485.4 $ 2,600.2 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, 2020 2019 2020 2019 NGL Pipelines & Services $ 29.3 $ 25.9 $ 90.8 $ 82.7 Crude Oil Pipelines & Services 51.8 113.2 243.2 348.8 Natural Gas Pipelines & Services 1.4 1.6 4.3 4.9 Petrochemical & Refined Products Services (0.5 ) (1.4 ) (2.2 ) (5.1 ) Total $ 82.0 $ 139.3 $ 336.1 $ 431.3 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 447.8 $ (217.0 ) $ 230.8 $ 447.8 $ (206.3 ) $ 241.5 Contract-based intangibles 162.6 (52.2 ) 110.4 162.6 (43.9 ) 118.7 Segment total 610.4 (269.2 ) 341.2 610.4 (250.2 ) 360.2 Crude Oil Pipelines & Services: Customer relationship intangibles 2,203.5 (287.5 ) 1,916.0 2,203.5 (243.5 ) 1,960.0 Contract-based intangibles 283.1 (246.7 ) 36.4 276.9 (235.0 ) 41.9 Segment total 2,486.6 (534.2 ) 1,952.4 2,480.4 (478.5 ) 2,001.9 Natural Gas Pipelines & Services: Customer relationship intangibles 1,350.3 (504.2 ) 846.1 1,350.3 (481.6 ) 868.7 Contract-based intangibles 470.7 (401.7 ) 69.0 468.0 (395.5 ) 72.5 Segment total 1,821.0 (905.9 ) 915.1 1,818.3 (877.1 ) 941.2 Petrochemical & Refined Products Services: Customer relationship intangibles 181.4 (62.2 ) 119.2 181.4 (57.5 ) 123.9 Contract-based intangibles 46.0 (25.3 ) 20.7 46.0 (24.2 ) 21.8 Segment total 227.4 (87.5 ) 139.9 227.4 (81.7 ) 145.7 Total intangible assets $ 5,145.4 $ (1,796.8 ) $ 3,348.6 $ 5,136.5 $ (1,687.5 ) $ 3,449.0 |
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, 2020 2019 2020 2019 NGL Pipelines & Services $ 6.2 $ 7.3 $ 19.0 $ 25.4 Crude Oil Pipelines & Services 16.0 25.1 55.7 71.2 Natural Gas Pipelines & Services 9.0 10.3 28.8 31.2 Petrochemical & Refined Products Services 1.9 2.1 5.8 6.5 Total $ 33.1 $ 44.8 $ 109.3 $ 134.3 |
Forecasted Amortization Expense | The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2020 2021 2022 2023 2024 $ 45.1 $ 145.5 $ 162.3 $ 169.9 $ 165.7 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ – $ 482.0 Senior Notes Q, 5.25% fixed-rate, due January 2020 – 500.0 Senior Notes Y, fixed-rate, due September 2020 – 1,000.0 Senior Notes TT, fixed-rate, due February 2021 750.0 750.0 Senior Notes RR, fixed-rate, due April 2021 575.0 575.0 September 2020 364-Day Revolving Credit Agreement, variable-rate, due September 2021 – – 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 1,250.0 Senior Notes AAA, 2.80% fixed-rate, due January 2030 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 1,250.0 Senior Notes BBB, 3.70% fixed-rate, due January 2051 1,000.0 – Senior Notes DDD, 3.20% fixed-rate, due February 2052 1,000.0 – Senior Notes NN, 4.95% fixed-rate, due October 2054 400.0 400.0 Senior Notes CCC, 3.95% fixed rate, due January 2060 1,000.0 – 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 27,500.0 25,232.0 EPO Junior Subordinated Notes C, variable-rate, due June 2067 232.2 232.2 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 30,146.4 27,878.4 Other, non-principal amounts (284.4 ) (253.3 ) Less current maturities of debt (1,325.0 ) (1,981.9 ) Total long-term debt $ 28,537.0 $ 25,643.2 (1) Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%. (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 | 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, 2020: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 1.78% to 2.08% 1.86% EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes 3.02% to 4.68% 3.87% |
Consolidated Debt Maturities | The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2020 for the next five years and in total thereafter: Scheduled Maturities of Debt Total Remainder of 2020 2021 2022 2023 2024 Thereafter Principal amount of senior and junior debt obligations $ 30,146.4 $ – $ 1,325.0 $ 1,400.0 $ 1,250.0 $ 850.0 $ 25,321.4 |
Capital Accounts (Tables)
Capital Accounts (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Capital Accounts [Abstract] | |
Summary of Changes in Outstanding Units | The following table summarizes changes in the number of our common units outstanding since December 31, 2019: Common units outstanding at December 31, 2019 2,189,226,130 Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option in March 2020 54,807,352 Treasury units acquired in connection with settlement of Liquidity Option in March 2020 (54,807,352 ) Common unit repurchases under 2019 Buyback Program (6,357,739 ) Common units issued in connection with the vesting of phantom unit awards, net 2,912,214 Other 19,638 Common units outstanding at March 31, 2020 2,185,800,243 Common units issued in connection with the vesting of phantom unit awards, net 96,190 Common units outstanding at June 30, 2020 2,185,896,433 Common units exchanged for preferred units in September 2020, with the common units received being immediately cancelled (1,120,588 ) Common unit repurchases under 2019 Buyback Program (1,984,507 ) Common units issued in connection with the vesting of phantom unit awards, net 89,641 Units outstanding at September 30, 2020 2,182,880,979 |
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, December 31, 2019 $ 55.1 $ 13.9 $ 2.4 $ 71.4 Other comprehensive income (loss) for period, before reclassifications 392.7 (207.7 ) (0.1 ) 184.9 Reclassification of losses (gains) to net income during period (334.8 ) 29.2 – (305.6 ) Total other comprehensive income (loss) for period 57.9 (178.5 ) (0.1 ) (120.7 ) Accumulated Other Comprehensive Income (Loss), September 30, 2020 $ 113.0 $ (164.6 ) $ 2.3 $ (49.3 ) 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 ) |
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 2020 2019 2020 2019 Interest rate derivatives Interest expense $ 9.9 $ 9.4 $ 29.2 $ 27.8 Commodity derivatives Revenue 19.5 (93.6 ) (344.7 ) (161.4 ) Commodity derivatives Operating costs and expenses 10.0 2.1 9.9 9.4 Total $ 39.4 $ (82.1 ) $ (305.6 ) $ (124.2 ) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenues [Abstract] | |
Revenues by Business Segment and Revenue Type | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 NGL Pipelines & Services: Sales of NGLs and related products $ 2,048.4 $ 2,624.9 $ 6,401.7 $ 7,955.5 Segment midstream services: Natural gas processing and fractionation 205.4 279.6 575.8 837.3 Transportation 254.7 248.2 769.6 767.4 Storage and terminals 105.5 99.4 311.3 291.0 Total segment midstream services 565.6 627.2 1,656.7 1,895.7 Total NGL Pipelines & Services 2,614.0 3,252.1 8,058.4 9,851.2 Crude Oil Pipelines & Services: Sales of crude oil 1,216.1 2,130.0 4,059.7 6,990.1 Segment midstream services: Transportation 189.3 209.1 603.5 598.1 Storage and terminals 116.2 139.2 360.5 364.0 Total segment midstream services 305.5 348.3 964.0 962.1 Total Crude Oil Pipelines & Services 1,521.6 2,478.3 5,023.7 7,952.2 Natural Gas Pipelines & Services: Sales of natural gas 350.7 440.0 1,097.6 1,627.1 Segment midstream services: Transportation 256.2 275.5 765.1 835.2 Total segment midstream services 256.2 275.5 765.1 835.2 Total Natural Gas Pipelines & Services 606.9 715.5 1,862.7 2,462.3 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 1,966.2 1,299.0 4,593.7 3,867.3 Segment midstream services: Fractionation and isomerization 54.6 43.2 129.0 125.5 Transportation, including marine logistics 115.2 134.4 365.5 393.2 Storage and terminals 43.5 41.6 122.5 132.2 Total segment midstream services 213.3 219.2 617.0 650.9 Total Petrochemical & Refined Products Services 2,179.5 1,518.2 5,210.7 4,518.2 Total consolidated revenues $ 6,922.0 $ 7,964.1 $ 20,155.5 $ 24,783.9 |
Unbilled Revenue and Deferred Revenue | The following table provides information regarding our contract assets and contract liabilities at September 30, 2020: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 173.1 Total $ 173.1 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 162.0 Deferred revenue (noncurrent) Other long-term liabilities 206.4 Total $ 368.4 The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2020: Unbilled Revenue Deferred Revenue Balance at December 31, 2019 $ 17.6 $ 314.9 Amount included in opening balance transferred to other accounts during period (1) (17.6 ) (101.7 ) Amount recorded during period (2) 253.0 486.7 Amounts recorded during period transferred to other accounts (1) (79.9 ) (325.5 ) Other changes – (6.0 ) Balance at September 30, 2020 $ 173.1 $ 368.4 (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. (2) Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. |
Remaining Performance Obligations | The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of September 30, 2020. Period Fixed Consideration Three Months Ended December 31, 2020 $ 988.5 One Year Ended December 31, 2021 3,804.7 One Year Ended December 31, 2022 3,375.9 One Year Ended December 31, 2023 3,016.8 One Year Ended December 31, 2024 2,848.3 Thereafter 15,315.9 Total $ 29,350.1 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Segments [Abstract] | |
Measurement of Total Segment Gross Operating Margin | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Operating income $ 1,382.5 $ 1,474.2 $ 4,326.9 $ 4,660.7 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 484.2 467.1 1,461.3 1,380.8 Asset impairment and related charges in operating costs and expenses 77.0 39.4 90.4 51.2 Net gains attributable to asset sales in operating costs and expenses (0.6 ) (0.1 ) (2.1 ) (2.6 ) General and administrative costs 50.3 55.5 162.8 160.2 N on-refundable payments received from shippers attributable to make-up rights (1) 49.3 20.8 79.1 34.3 Subsequent recognition of revenues attributable to make-up rights (2) (9.4 ) (5.5 ) (25.0 ) (18.6 ) Total segment gross operating margin $ 2,033.3 $ 2,051.4 $ 6,093.4 $ 6,266.0 (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. |
Information by Business Segments | 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, 2020 2019 2020 2019 Gross operating margin by segment: NGL Pipelines & Services $ 1,028.1 $ 1,008.3 $ 3,038.2 $ 2,933.8 Crude Oil Pipelines & Services 481.8 496.2 1,569.1 1,671.7 Natural Gas Pipelines & Services 208.4 258.5 701.1 824.6 Petrochemical & Refined Products Services 315.0 288.4 785.0 835.9 Total segment gross operating margin $ 2,033.3 $ 2,051.4 $ 6,093.4 $ 6,266.0 The following table summarizes the non-cash mark-to-market gains (losses) for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Mark-to-market gains (losses) in gross operating margin: NGL Pipelines & Services $ (12.0 ) $ (0.7 ) $ 11.4 $ (0.1 ) Crude Oil Pipelines & Services 10.1 9.8 28.9 95.0 Natural Gas Pipelines & Services (14.8 ) 1.3 10.0 1.3 Petrochemical & Refined Products Services (21.0 ) (1.3 ) 3.4 (3.3 ) Total mark-to-market impact on gross operating margin (37.7 ) 9.1 53.7 92.9 Mark-to-market loss in interest expense – (94.9 ) – (94.9 ) Total $ (37.7 ) $ (85.8 ) $ 53.7 $ (2.0 ) 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, 2020 $ 2,612.4 $ 1,518.0 $ 604.6 $ 2,179.5 $ – $ 6,914.5 Three months ended September 30, 2019 3,250.1 2,467.9 712.3 1,518.2 – 7,948.5 Nine months ended September 30, 2020 8,053.4 5,007.0 1,855.2 5,210.7 – 20,126.3 Nine months ended September 30, 2019 9,843.9 7,916.5 2,451.6 4,518.2 – 24,730.2 Revenues from related parties: Three months ended September 30, 2020 1.6 3.6 2.3 – – 7.5 Three months ended September 30, 2019 2.0 10.4 3.2 – – 15.6 Nine months ended September 30, 2020 5.0 16.7 7.5 – – 29.2 Nine months ended September 30, 2019 7.3 35.7 10.7 – – 53.7 Intersegment and intrasegment revenues: Three months ended September 30, 2020 7,098.2 6,422.5 117.0 1,297.8 (14,935.5 ) – Three months ended September 30, 2019 4,729.3 9,479.7 141.7 558.1 (14,908.8 ) – Nine months ended September 30, 2020 18,826.6 18,302.7 325.0 2,815.6 (40,269.9 ) – Nine months ended September 30, 2019 14,715.5 26,818.0 500.2 1,890.4 (43,924.1 ) – Total revenues: Three months ended September 30, 2020 9,712.2 7,944.1 723.9 3,477.3 (14,935.5 ) 6,922.0 Three months ended September 30, 2019 7,981.4 11,958.0 857.2 2,076.3 (14,908.8 ) 7,964.1 Nine months ended September 30, 2020 26,885.0 23,326.4 2,187.7 8,026.3 (40,269.9 ) 20,155.5 Nine months ended September 30, 2019 24,566.7 34,770.2 2,962.5 6,408.6 (43,924.1 ) 24,783.9 Equity in income (loss) of unconsolidated affiliates: Three months ended September 30, 2020 29.3 51.8 1.4 (0.5 ) – 82.0 Three months ended September 30, 2019 25.9 113.2 1.6 (1.4 ) – 139.3 Nine months ended September 30, 2020 90.8 243.2 4.3 (2.2 ) – 336.1 Nine months ended September 30, 2019 82.7 348.8 4.9 (5.1 ) – 431.3 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, 2020 $ 17,309.6 $ 6,503.6 $ 8,383.0 $ 7,695.0 $ 2,468.9 $ 42,360.1 At December 31, 2019 16,652.1 6,324.4 8,432.5 7,553.2 2,641.2 41,603.4 Investments in unconsolidated affiliates: (see Note 5) At September 30, 2020 676.4 1,774.8 29.9 4.3 – 2,485.4 At December 31, 2019 703.8 1,866.5 27.3 2.6 – 2,600.2 Intangible assets, net: At September 30, 2020 341.2 1,952.4 915.1 139.9 – 3,348.6 At December 31, 2019 360.2 2,001.9 941.2 145.7 – 3,449.0 Goodwill: At September 30, 2020 2,651.7 1,841.0 296.3 956.2 – 5,745.2 At December 31, 2019 2,651.7 1,841.0 296.3 956.2 – 5,745.2 Segment assets: At September 30, 2020 20,978.9 12,071.8 9,624.3 8,795.4 2,468.9 53,939.3 At December 31, 2019 20,367.8 12,033.8 9,697.3 8,657.7 2,641.2 53,397.8 |
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, 2020 2019 2020 2019 Consolidated revenues: NGL Pipelines & Services $ 2,614.0 $ 3,252.1 $ 8,058.4 $ 9,851.2 Crude Oil Pipelines & Services 1,521.6 2,478.3 5,023.7 7,952.2 Natural Gas Pipelines & Services 606.9 715.5 1,862.7 2,462.3 Petrochemical & Refined Products Services 2,179.5 1,518.2 5,210.7 4,518.2 Total consolidated revenues $ 6,922.0 $ 7,964.1 $ 20,155.5 $ 24,783.9 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 4,313.7 $ 5,276.5 $ 12,331.9 $ 16,721.5 Other operating costs and expenses (1) 696.9 790.8 2,120.4 2,243.4 Depreciation, amortization and accretion 484.2 467.1 1,461.3 1,380.8 Asset impairment and related charges 77.0 39.4 90.4 51.2 Ne t gains (0.6 ) (0.1 ) (2.1 ) (2.6 ) General and administrative costs 50.3 55.5 162.8 160.2 Total consolidated costs and expenses $ 5,621.5 $ 6,629.2 $ 16,164.7 $ 20,554.5 (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. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Federal and State Income Tax Provision | Our federal, state and foreign income tax benefit (provision) is summarized below: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current portion of income tax benefit (provision): Federal $ 5.3 $ 0.4 $ 3.0 $ (0.1 ) State (4.7 ) (9.1 ) (13.4 ) (25.6 ) Foreign 0.2 – – (0.8 ) Total current portion 0.8 (8.7 ) (10.4 ) (26.5 ) Deferred portion of income tax benefit (provision): Federal 18.7 (0.3 ) 145.1 (0.2 ) State (0.4 ) (6.4 ) 3.9 (10.9 ) Foreign – – – 0.2 Total deferred portion 18.3 (6.7 ) 149.0 (10.9 ) Total benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) |
Reconciliation of Provision for Income Taxes | The following table presents the components of our consolidated benefit from (provision for) income taxes for the periods indicated (dollars in millions): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Deferred tax benefit (expense) attributable to OTA $ 21.3 $ 158.0 Texas Margin Tax (7.2 ) $ (15.5 ) (21.9 ) $ (36.5 ) Other 5.0 0.1 2.5 (0.9 ) Benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Pre-Tax Net Book Income (“NBI”) $ 1,064.9 $ 1,060.2 $ 3,381.2 $ 3,599.1 Texas Margin Tax (1) (7.2 ) (15.5 ) (21.9 ) (36.5 ) State income tax benefit (provision), net of federal benefit (2) 1.6 – 9.7 (0.3 ) Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities 25.1 0.1 83.4 (0.6 ) Federal benefit attributable to settlement of Liquidity Option (2) – – 67.8 – Other differences (0.4 ) – (0.4 ) – Benefit from (provision for) income taxes $ 19.1 $ (15.4 ) $ 138.6 $ (37.4 ) Effective income tax rate 1.8 % (1.5 )% 4.1 % (1.0 )% (1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. (2) The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit. |
Components of Deferred Tax Assets and Liabilities | The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated: September 30, December 31, 2020 2019 Deferred tax liabilities: Attributable to investment in OTA $ 353.9 Attributable to property, plant and equipment 107.9 $ 100.2 Attributable to investments in other entities 4.2 3.3 Total deferred tax liabilities 466.0 103.5 Less deferred tax assets: Net operating loss carryovers (1) 0.1 0.1 Temporary differences related to Texas Margin Tax 2.6 3.0 Total deferred tax assets 2.7 3.1 Total net deferred tax liabilities $ 463.3 $ 100.4 (1) These losses expire in various years between 2020 and 2037 and are subject to limitations on their utilization. |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 BASIC EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,052.6 $ 1,019.2 $ 3,437.4 $ 3,494.4 Earnings allocated to phantom unit awards (1) (7.5 ) (6.1 ) (24.9 ) (21.3 ) Net income allocated to common unitholders $ 1,045.1 $ 1,013.1 $ 3,412.5 $ 3,473.1 Basic weighted-average number of common units outstanding 2,185.5 2,189.1 2,186.7 2,188.4 Basic earnings per common unit $ 0.48 $ 0.46 $ 1.56 $ 1.59 DILUTED EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,052.6 $ 1,019.2 $ 3,437.4 $ 3,494.4 Diluted weighted-average number of units outstanding: Common units 2,185.5 2,189.1 2,186.7 2,188.4 Phantom units (2) 15.9 13.2 15.7 13.1 Preferred units (2) - * – - * – Total 2,201.4 2,202.3 2,202.4 2,201.5 Diluted earnings per common unit $ 0.48 $ 0.46 $ 1.56 $ 1.59 * Amount is negligible (1) Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the phantom units. (2) We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding. See Note 8 for information regarding the preferred units issued on September 30, 2020. Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible. |
Equity-Based Awards (Tables)
Equity-Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Equity-classified awards: Phantom unit awards $ 37.3 $ 34.7 $ 113.1 $ 99.6 Profits interest awards 2.2 2.5 7.2 8.1 Liability-classified awards – 0.1 – 0.1 Total $ 39.5 $ 37.3 $ 120.3 $ 107.8 |
Other Share-based Compensation Plans | Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire EPD common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). 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, 2019 12,974,684 $ 27.21 Granted (2) 7,403,345 $ 25.71 Vested (4,447,460 ) $ 26.35 Forfeited (130,774 ) $ 26.74 Phantom unit awards at September 30, 2020 15,799,795 $ 26.75 (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 2020 was $190.4 million based on a grant date market price of EPD common units ranging from $17.24 to $25.76 per unit. An estimated annual forfeiture rate of 2.4% 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, 2020 2019 2020 2019 Cash payments made in connection with DERs $ 7.1 $ 5.9 $ 20.0 $ 16.4 Total intrinsic value of phantom unit awards that vested during period 2.0 7.2 113.4 108.9 |
Derivative Instruments, Hedgi_2
Derivative Instruments, Hedging Activities and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020, 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 $75.0 4/2021 2.41% Cash flow hedge Future long-term debt offering 5 forward-starting swaps $500.0 4/2021 2.13% Cash flow hedge Future long-term debt offering 2 forward-starting swaps (1) $150.0 2/2022 1.72% Cash flow hedge Future long-term debt offering 1 forward starting swap (1) $100.0 4/2021 1.46% Cash flow hedge Future long-term debt offering 2 forward starting swaps (1) $150.0 2/2022 1.48% Cash flow hedge Future long-term debt offering 2 forward starting swaps (1) $100.0 2/2022 0.95% Cash flow hedge (1) These swaps were entered into during the first quarter of 2020. The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2020 (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”)) 7.4 n/a Cash flow hedge Forecasted sales of NGLs (million barrels (“MMBbls”)) (3) 1.1 n/a Cash flow hedge Octane enhancement: Forecasted purchase of NGLs (MMBbls) 0.3 n/a Cash flow hedge Forecasted sales of octane enhancement products (MMBbls) 1.2 n/a Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 5.2 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 143.3 5.6 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 179.7 16.6 Cash flow hedge NGLs inventory management activities (MMBbls) 0.8 0.7 Fair value hedge Refined products marketing: Forecasted purchases of refined products (MMBbls) 46.8 8.1 Cash flow hedge Forecasted sales of refined products (MMBbls) 54.0 11.5 Cash flow hedge Refined products inventory management activities (MMBbls) 0.1 n/a Fair value hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 51.0 n/a Cash flow hedge Forecasted sales of crude oil (MMBbls) 65.2 n/a Cash flow hedge Petrochemical marketing: Forecasted sales of petrochemical products (MMBbls) 0.3 n/a Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (4) 37.9 0.7 Mark-to-market NGL risk management activities (MMBbls) (4) 26.4 10.8 Mark-to-market Refined products risk management activities (MMBbls) (4) 4.0 n/a Mark-to-market Crude oil risk management activities (MMBbls) (4) 19.5 5.9 Mark-to-market (1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2022, December 2021 and December 2022, respectively. (3) Forecasted NGL sales volumes under natural gas processing exclude 0.3 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. (4) Reflects the use of derivative instruments to manage risks associated with our 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, 2020 December 31, 2019 September 30, 2020 December 31, 2019 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 $ 160.7 Current liabilities $ 6.7 Interest rate derivatives Other assets 5.7 Other assets – Other liabilities 32.9 Other liabilities 6.8 Total interest rate derivatives 5.7 – 193.6 13.5 Commodity derivatives Current assets 109.3 Current assets 116.5 Current liabilities 159.4 Current liabilities 107.1 Commodity derivatives Other assets 4.3 Other assets – Other liabilities 20.2 Other liabilities – Total commodity derivatives 113.6 116.5 179.6 107.1 Total derivatives designated as hedging instruments $ 119.3 $ 116.5 $ 373.2 $ 120.6 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 23.6 Current assets $ 10.7 Current liabilities $ 9.6 Current liabilities $ 8.6 Commodity derivatives Other assets 2.2 Other assets 0.6 Other liabilities 1.0 Other liabilities 0.5 Total commodity derivatives 25.8 11.3 10.6 9.1 Total derivatives not designated as hedging instruments $ 25.8 $ 11.3 $ 10.6 $ 9.1 |
Offsetting Financial Assets | 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, 2020: Interest rate derivatives $ 5.7 $ – $ 5.7 $ – $ – $ – $ 5.7 Commodity derivatives $ 139.4 $ – $ 139.4 $ (139.4 ) $ – $ 50.4 $ 50.4 As of December 31, 2019: Commodity derivatives $ 127.8 $ – $ 127.8 $ (115.3 ) $ – $ (11.0 ) $ 1.5 |
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, 2020: Interest rate derivatives $ 193.6 $ – $ 193.6 $ – $ – $ – $ 193.6 Commodity derivatives 190.2 – 190.2 (139.4 ) – – 50.8 As of December 31, 2019: Interest rate derivatives $ 13.5 $ – $ 13.5 $ – $ – $ – $ 13.5 Commodity derivatives 116.2 – 116.2 (115.3 ) – – 0.9 |
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, 2020 2019 2020 2019 Commodity derivatives Revenue $ (19.8 ) $ (0.4 ) $ (69.1 ) $ (2.0 ) Total $ (19.8 ) $ (0.4 ) $ (69.1 ) $ (2.0 ) 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, 2020 2019 2020 2019 Commodity derivatives Revenue $ 22.4 $ 2.4 142.6 $ 8.7 Total $ 22.4 $ 2.4 $ 142.6 $ 8.7 The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness. |
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, 2020 2019 2020 2019 Interest rate derivatives $ 62.6 $ (18.6 ) $ (207.7 ) $ (23.8 ) Commodity derivatives – Revenue (1) 2.6 73.5 404.5 71.1 Commodity derivatives – Operating costs and expenses (1) (6.8 ) (1.2 ) (11.8 ) (12.5 ) Total $ 58.4 $ 53.7 $ 185.0 $ 34.8 (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, 2020 2019 2020 2019 Interest rate derivatives Interest expense $ (9.9 ) $ (9.4 ) $ (29.2 ) $ (27.8 ) Commodity derivatives Revenue (19.5 ) 93.6 344.7 161.4 Commodity derivatives Operating costs and expenses (10.0 ) (2.1 ) (9.9 ) (9.4 ) Total $ (39.4 ) $ 82.1 $ 305.6 $ 124.2 |
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, 2020 2019 2020 2019 Interest rate derivatives Interest expense $ – $ (94.9 ) $ – $ (94.9 ) Commodity derivatives Revenue 14.7 21.8 113.4 96.7 Commodity derivatives Operating costs and expenses 0.1 (1.6 ) 0.9 (6.3 ) Total $ 14.8 $ (74.7 ) $ 114.3 $ (4.5 ) |
Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis | At September 30, 2020 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Interest rate derivatives $ – $ 5.7 $ – $ 5.7 Commodity derivatives: Value before application of CME Rule 814 442.4 454.1 52.7 949.2 Impact of CME Rule 814 (417.8 ) (352.3 ) (39.7 ) (809.8 ) Total commodity derivatives 24.6 101.8 13.0 139.4 Total $ 24.6 $ 107.5 $ 13.0 $ 145.1 Financial liabilities: Interest rate derivatives $ – $ 193.6 $ – $ 193.6 Commodity derivatives: Value before application of CME Rule 814 637.9 567.9 100.2 1,306.0 Impact of CME Rule 814 (613.6 ) (433.5 ) (68.7 ) (1,115.8 ) Total commodity derivatives 24.3 134.4 31.5 190.2 Total $ 24.3 $ 328.0 $ 31.5 $ 383.8 At December 31, 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 $ 53.4 $ 343.7 $ 0.1 $ 397.2 Impact of CME Rule 814 (47.0 ) (222.4 ) – (269.4 ) Total commodity derivatives 6.4 121.3 0.1 127.8 Total $ 6.4 $ 121.3 $ 0.1 $ 127.8 Financial liabilities: Liquidity Option (see Note 8) $ – $ – $ 509.6 $ 509.6 Interest rate derivatives – 13.5 – 13.5 Commodity derivatives: Value before application of CME Rule 814 88.1 273.6 0.3 362.0 Impact of CME Rule 814 (81.9 ) (163.9 ) – (245.8 ) Total commodity derivatives 6.2 109.7 0.3 116.2 Total $ 6.2 $ 123.2 $ 509.9 $ 639.3 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Revenues – related parties: Unconsolidated affiliates $ 7.5 $ 15.6 $ 29.2 $ 53.7 Costs and expenses – related parties: EPCO and its privately held affiliates $ 283.9 $ 297.8 $ 847.0 $ 837.9 Unconsolidated affiliates 33.1 94.7 167.2 313.3 Total $ 317.0 $ 392.5 $ 1,014.2 $ 1,151.2 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: September 30, 2020 December 31, 2019 Accounts receivable - related parties: EPCO and its privately held affiliates $ 2.2 $ – Unconsolidated affiliates 1.9 2.5 Total $ 4.1 $ 2.5 Accounts payable - related parties: EPCO and its privately held affiliates $ 113.8 $ 143.7 Unconsolidated affiliates 7.5 18.6 Total $ 121.3 $ 162.3 At September 30, 2020, 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 Limited Partner Interests Held Percentage of Limited Partner Interests Outstanding 701,981,017 common units 32.2% 15,000 preferred units 30.0% For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Operating costs and expenses $ 247.8 $ 259.3 $ 740.9 $ 732.0 General and administrative expenses 32.1 34.2 94.6 92.9 Total costs and expenses $ 279.9 $ 293.5 $ 835.5 $ 824.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Operating Leases | The following table presents information regarding operating leases where we are the lessee at September 30, 2020: Asset Category ROU Asset Carrying Value Lease Liability Carrying Value Weighted- Average Remaining Term Weighted- Average Discount Rate Storage and pipeline facilities $ 131.0 $ 131.5 16 years 4.3% Transportation equipment 39.7 3 years 3.5% Office and warehouse space 183.0 16 years 3.2% Total $ 341.1 $ 354.2 (1) Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet. (2) At September 30, 2020, lease liabilities of $28.6 million and $325.6 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, Leases |
Consolidated Lease Expense | The following table disaggregates our total operating lease expense for the periods indicated For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Long-term operating leases: Fixed lease expense: Non-cash lease expense (amortization of ROU assets) $ 9.8 $ 10.7 $ 29.6 $ 32.4 Related accretion expense on lease liability balances 3.1 2.1 9.8 6.9 Total fixed lease expense 12.9 12.8 39.4 39.3 Variable lease expense 0.1 1.6 0.4 4.5 Subtotal operating lease expense 13.0 14.4 39.8 43.8 Short-term operating leases 12.3 12.4 37.3 35.9 Total operating lease expense $ 25.3 $ 26.8 $ 77.1 $ 79.7 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 Decrease (increase) in: Accounts receivable – trade $ 1,119.5 $ (578.0 ) Accounts receivable – related parties 1.0 1.6 Inventories (1,063.2 ) (44.2 ) Prepaid and other current assets 288.2 (305.3 ) Other assets (27.7 ) (18.3 ) Increase (decrease) in: Accounts payable – trade 147.0 (55.4 ) Accounts payable – related parties (41.0 ) 31.0 Accrued product payables (621.9 ) 666.6 Accrued interest (196.6 ) (158.4 ) Other current liabilities (212.3 ) 133.6 Other liabilities (85.0 ) (82.2 ) Net effect of changes in operating accounts $ (692.0 ) $ (409.0 ) Cash payments for interest, net of $ and $ capitalized during the nine months ended September 30, 2020 and 2019, respectively $ 1,107.4 $ 996.1 Cash payments for federal and state income taxes $ 24.9 $ 24.7 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Condensed Consolidating Financial Information [Abstract] | |
Unaudited Condensed Consolidating Balance Sheet | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet September 30, 2020 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 $ 863.2 $ 292.5 $ (24.7 ) $ 1,131.0 $ 0.1 $ – $ 1,131.1 Accounts receivable – trade, net 1,155.1 2,621.9 (0.8 ) 3,776.2 – – 3,776.2 Accounts receivable – related parties 145.8 782.0 (915.0 ) 12.8 – (8.7 ) 4.1 Inventories 2,447.6 745.3 (0.3 ) 3,192.6 – – 3,192.6 Derivative assets 101.6 31.3 – 132.9 – – 132.9 Prepaid and other current assets 269.8 445.5 (159.7 ) 555.6 0.2 0.6 556.4 Total current assets 4,983.1 4,918.5 (1,100.5 ) 8,801.1 0.3 (8.1 ) 8,793.3 Property, plant and equipment, net 6,685.4 35,715.0 (40.3 ) 42,360.1 – – 42,360.1 Investments in unconsolidated affiliates 46,284.9 4,840.8 (48,640.3 ) 2,485.4 25,092.9 (25,092.9 ) 2,485.4 Intangible assets, net 624.3 2,741.0 (16.7 ) 3,348.6 – – 3,348.6 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 907.0 335.0 (239.4 ) 1,002.6 1.0 – 1,003.6 Total assets $ 59,944.2 $ 53,836.0 $ (50,037.2 ) $ 63,743.0 $ 25,094.2 $ (25,101.0 ) $ 63,736.2 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 1,325.0 $ – $ – $ 1,325.0 $ – $ – $ 1,325.0 Accounts payable – trade 288.3 631.4 (24.7 ) 895.0 1.0 – 896.0 Accounts payable – related parties 891.1 158.1 (927.9 ) 121.3 8.7 (8.7 ) 121.3 Accrued product payables 1,879.1 2,439.0 (1.0 ) 4,317.1 – – 4,317.1 Accrued interest 235.0 3.2 (3.1 ) 235.1 – – 235.1 Derivative liabilities 329.3 0.4 – 329.7 – – 329.7 Other current liabilities 201.8 579.1 (158.2 ) 622.7 – – 622.7 Total current liabilities 5,149.6 3,811.2 (1,114.9 ) 7,845.9 9.7 (8.7 ) 7,846.9 Long-term debt 28,522.4 14.6 – 28,537.0 – – 28,537.0 Deferred tax liabilities 25.5 434.2 (0.5 ) 459.2 – 4.1 463.3 Other long-term liabilities 370.0 607.3 (242.1 ) 735.2 – – 735.2 Commitments and contingent liabilities Redeemable preferred limited partner interests – – – – 49.2 (0.1 ) 49.1 Equity: Partners’ and other owners’ equity 25,876.7 48,905.3 (49,724.5 ) 25,057.5 25,035.3 (25,057.5 ) 25,035.3 Noncontrolling interests in consolidated subsidiairies – 63.4 1,044.8 1,108.2 – (38.8 ) 1,069.4 Total equity 25,876.7 48,968.7 (48,679.7 ) 26,165.7 25,035.3 (25,096.3 ) 26,104.7 Total liabilities, preferred units, and equity $ 59,944.2 $ 53,836.0 $ (50,037.2 ) $ 63,743.0 $ 25,094.2 $ (25,101.0 ) $ 63,736.2 Enterprise Products Partners L.P. Unaudited Condensed Consolidating Balance Sheet December 31, 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 $ 109.2 $ 315.8 $ (15.1 ) $ 409.9 $ 0.1 $ – $ 410.0 Accounts receivable – trade, net 1,471.1 3,403.8 (1.3 ) 4,873.6 – – 4,873.6 Accounts receivable – related parties 233.1 799.9 (1,023.6 ) 9.4 – (6.9 ) 2.5 Inventories 1,351.3 740.4 (0.3 ) 2,091.4 – – 2,091.4 Derivative assets 115.2 12.0 – 127.2 – – 127.2 Prepaid and other current assets 221.0 183.5 (46.3 ) 358.2 – – 358.2 Total current assets 3,500.9 5,455.4 (1,086.6 ) 7,869.7 0.1 (6.9 ) 7,862.9 Property, plant and equipment, net 6,413.3 35,233.6 (43.5 ) 41,603.4 – – 41,603.4 Investments in unconsolidated affiliates 45,514.0 4,165.7 (47,079.5 ) 2,600.2 25,279.3 (25,279.3 ) 2,600.2 Intangible assets, net 636.7 2,852.3 (40.0 ) 3,449.0 – – 3,449.0 Goodwill 459.5 5,285.7 – 5,745.2 – – 5,745.2 Other assets 404.9 288.5 (221.9 ) 471.5 1.0 – 472.5 Total assets $ 56,929.3 $ 53,281.2 $ (48,471.5 ) $ 61,739.0 $ 25,280.4 $ (25,286.2 ) $ 61,733.2 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 1,981.9 $ – $ – $ 1,981.9 $ – $ – $ 1,981.9 Accounts payable – trade 301.4 717.7 (14.6 ) 1,004.5 – – 1,004.5 Accounts payable – related parties 977.5 222.3 (1,037.5 ) 162.3 6.9 (6.9 ) 162.3 Accrued product payables 1,895.4 3,021.9 (1.6 ) 4,915.7 – – 4,915.7 Accrued interest 431.6 0.9 (0.8 ) 431.7 – – 431.7 Derivative liabilities 114.2 8.2 – 122.4 – – 122.4 Other current liabilities 120.5 438.2 (47.3 ) 511.4 – (0.2 ) 511.2 Total current liabilities 5,822.5 4,409.2 (1,101.8 ) 9,129.9 6.9 (7.1 ) 9,129.7 Long-term debt 25,628.6 14.6 – 25,643.2 – – 25,643.2 Deferred tax liabilities 22.2 75.6 (0.8 ) 97.0 – 3.4 100.4 Other long-term liabilities 161.2 608.9 (247.2 ) 522.9 509.5 – 1,032.4 Commitments and contingent liabilities Equity: Partners’ and other owners’ equity 25,294.8 48,107.6 (48,155.3 ) 25,247.1 24,764.0 (25,247.1 ) 24,764.0 Noncontrolling interests in consolidated subsidiairies – 65.3 1,033.6 1,098.9 – (35.4 ) 1,063.5 Total equity 25,294.8 48,172.9 (47,121.7 ) 26,346.0 24,764.0 (25,282.5 ) 25,827.5 Total liabilities and equity $ 56,929.3 $ 53,281.2 $ (48,471.5 ) $ 61,739.0 $ 25,280.4 $ (25,286.2 ) $ 61,733.2 |
Unaudited Condensed Consolidating Statement of Operations | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Operations For the Three Months Ended September 30, 2020 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 $ 11,392.7 $ 4,135.4 $ (8,606.1 ) $ 6,922.0 $ – $ – $ 6,922.0 Costs and expenses: Operating costs and expenses 11,053.8 3,124.1 (8,606.7 ) 5,571.2 – – 5,571.2 General and administrative costs 8.1 41.2 0.7 50.0 0.3 – 50.3 Total costs and expenses 11,061.9 3,165.3 (8,606.0 ) 5,621.2 0.3 – 5,621.5 Equity in income of unconsolidated affiliates 923.7 114.3 (956.0 ) 82.0 1,053.0 (1,053.0 ) 82.0 Operating income 1,254.5 1,084.4 (956.1 ) 1,382.8 1,052.7 (1,053.0 ) 1,382.5 Other income (expense): Interest expense (320.8 ) (2.5 ) 2.8 (320.5 ) – – (320.5 ) Other, net 4.4 (114.1 ) 112.6 2.9 – – 2.9 Total other expense, net (316.4 ) (116.6 ) 115.4 (317.6 ) – – (317.6 ) Income before income taxes 938.1 967.8 (840.7 ) 1,065.2 1,052.7 (1,053.0 ) 1,064.9 Benefit from (provision for) income taxes (1.7 ) 21.3 (0.1 ) 19.5 0.1 (0.5 ) 19.1 Net income 936.4 989.1 (840.8 ) 1,084.7 1,052.8 (1,053.5 ) 1,084.0 Net income attributable to noncontrolling interests – (1.8 ) (31.3 ) (33.1 ) – 1.7 (31.4 ) Net income attributable to preferred units – – – – (0.2 ) 0.2 – Net income attributable to entity $ 936.4 $ 987.3 $ (872.1 ) $ 1,051.6 $ 1,052.6 $ (1,051.6 ) $ 1,052.6 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 Nine Months Ended September 30, 2020 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 $ 29,836.7 $ 12,609.5 $ (22,290.7 ) $ 20,155.5 $ – $ – $ 20,155.5 Costs and expenses: Operating costs and expenses 28,856.1 9,438.6 (22,292.8 ) 16,001.9 – – 16,001.9 General and administrative costs 28.5 130.6 2.1 161.2 1.6 – 162.8 Total costs and expenses 28,884.6 9,569.2 (22,290.7 ) 16,163.1 1.6 – 16,164.7 Equity in income of unconsolidated affiliates 2,972.6 422.3 (3,058.8 ) 336.1 3,368.9 (3,368.9 ) 336.1 Operating income 3,924.7 3,462.6 (3,058.8 ) 4,328.5 3,367.3 (3,368.9 ) 4,326.9 Other income (expense): Interest expense (959.0 ) (7.6 ) 8.4 (958.2 ) – – (958.2 ) Other, net 17.4 (386.9 ) 384.0 14.5 (2.0 ) – 12.5 Total other expense, net (941.6 ) (394.5 ) 392.4 (943.7 ) (2.0 ) – (945.7 ) Income before income taxes 2,983.1 3,068.1 (2,666.4 ) 3,384.8 3,365.3 (3,368.9 ) 3,381.2 Benefit from (provision for) income taxes (10.5 ) 78.3 (0.4 ) 67.4 72.3 (1.1 ) 138.6 Net income 2,972.6 3,146.4 (2,666.8 ) 3,452.2 3,437.6 (3,370.0 ) 3,519.8 Net income attributable to noncontrolling interests – (4.6 ) (82.5 ) (87.1 ) – 4.7 (82.4 ) Net income attributable to preferred units – – – – (0.2 ) 0.2 – Net income attributable to entity $ 2,972.6 $ 3,141.8 $ (2,749.3 ) $ 3,365.1 $ 3,437.4 $ (3,365.1 ) $ 3,437.4 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 |
Unaudited Condensed Consolidating Statement of Comprehensive Income | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2020 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 $ 1,083.0 $ 940.4 $ (840.8 ) $ 1,182.6 $ 1,150.4 $ (1,151.2 ) $ 1,181.8 Comprehensive income attributable to noncontrolling interests – (1.8 ) (31.3 ) (33.1 ) – 1.7 (31.4 ) Comprehensive income attributable to preferred units – – – – (0.2 ) 0.2 – Comprehensive income attributable to entity $ 1,083.0 $ 938.6 $ (872.1 ) $ 1,149.5 $ 1,150.2 $ (1,149.3 ) $ 1,150.4 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 Nine Months Ended September 30, 2020 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 $ 2,767.1 $ 3,231.4 $ (2,666.8 ) $ 3,331.7 $ 3,316.7 $ (3,249.3 ) $ 3,399.1 Comp rehensive income attrib – (4.6 ) (82.5 ) (87.1 ) – 4.7 (82.4 ) Comprehensive income attributable to preferred units – – – – (0.2 ) 0.2 – Comprehensive income attributable to entity $ 2,767.1 $ 3,226.8 $ (2,749.3 ) $ 3,244.6 $ 3,316.5 $ (3,244.4 ) $ 3,316.7 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 Comprehensive income attributable to noncontrolling interests – (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 Cash Flows | Enterprise Products Partners L.P. Unaudited Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2020 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 $ 2,972.6 $ 3,146.4 $ (2,666.8 ) $ 3,452.2 $ 3,437.6 $ (3,370.0 ) $ 3,519.8 Reconciliation of net income to net cash flows provided by operating activities: Depreciation, amortization and accretion 260.8 1,286.9 (2.6 ) 1,545.1 – – 1,545.1 Equity in income of unconsolidated affiliates (2,972.6 ) (422.3 ) 3,058.8 (336.1 ) (3,368.9 ) 3,368.9 (336.1 ) Distributions received from unconsolidated affiliates attributable to earnings 1,071.3 157.4 (891.3 ) 337.4 3,164.4 (3,164.4 ) 337.4 Net effect of changes in operating accounts and other operating activities 1,997.2 (2,254.3 ) (449.2 ) (706.3 ) (68.7 ) 0.4 (774.6 ) Net cash flows provided by operating activities 3,329.3 1,914.1 (951.1 ) 4,292.3 3,164.4 (3,165.1 ) 4,291.6 Investing activities: Capital expenditures (533.9 ) (2,139.1 ) 1.4 (2,671.6 ) – – (2,671.6 ) Proceeds from asset sales 1.2 7.2 – 8.4 – – 8.4 Other investing activities (1,106.8 ) 30.4 1,175.4 99.0 – – 99.0 Cash used in investing activities (1,639.5 ) (2,101.5 ) 1,176.8 (2,564.2 ) – – (2,564.2 ) Financing activities: Borrowings under debt agreements 6,672.1 – – 6,672.1 – – 6,672.1 Repayments of debt (4,406.6 ) – – (4,406.6 ) – – (4,406.6 ) Cash distributions paid to owners (3,164.4 ) (1,104.7 ) 1,153.5 (3,115.6 ) (2,968.4 ) 3,164.4 (2,919.6 ) Cash payments made in connection with DERs – – – – (20.0 ) – (20.0 ) Cash distributions paid to noncontrolling interests – (6.6 ) (91.9 ) (98.5 ) – 0.7 (97.8 ) Cash contributions from noncontrolling interests – – 21.2 21.2 – – 21.2 Repurchase of common units under 2019 Buyback Program – – – – (173.8 ) – (173.8 ) Net cash proceeds from the issuance of preferred unit – – – – 32.5 – 32.5 Cash contributions from owners – 1,275.4 (1,275.4 ) – – – – Other financing activities (36.9 ) – (42.7 ) (79.6 ) (34.7 ) – (114.3 ) Cash provided by (used in) financing activities (935.8 ) 164.1 (235.3 ) (1,007.0 ) (3,164.4 ) 3,165.1 (1,006.3 ) Net change in cash and cash equivalents, including restricted cash 754.0 (23.3 ) (9.6 ) 721.1 – – 721.1 Cash and cash equivalents, including restricted cash, at beginning of period 109.2 315.8 (15.1 ) 409.9 0.1 – 410.0 Cash and cash equivalents, including restricted cash, at end of period $ 863.2 $ 292.5 $ (24.7 ) $ 1,131.0 $ 0.1 $ – $ 1,131.1 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 from unconsolidated affiliates attributable to earnings 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 ) 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 Repurchase of common units under 2019 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 |
Partnership Organization and _2
Partnership Organization and Basis of Presentation (Details) - EPCO and its privately held affiliates [Member] | Sep. 30, 2020 |
Common Units [Member] | |
Related Party Transaction [Line Items] | |
Percentage of total units outstanding | 32.20% |
Preferred Units [Member] | |
Related Party Transaction [Line Items] | |
Percentage of total units outstanding | 30.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash, Cash Equivalents and Restricted Cash: | ||||
Cash and cash equivalents | $ 1,032.2 | $ 334.7 | ||
Restricted cash | 98.9 | 75.3 | ||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ 1,131.1 | $ 410 | $ 1,207.8 | $ 410.1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Inventory by Product Type [Abstract] | ||||||
NGLs | $ 1,678.1 | $ 1,678.1 | $ 1,094.9 | |||
Petrochemicals and refined products | 800.8 | 800.8 | 311.5 | |||
Crude oil | 696.1 | 696.1 | 674.2 | |||
Natural gas | 17.6 | 17.6 | 10.8 | |||
Total | 3,192.6 | 3,192.6 | $ 2,091.4 | |||
Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract] | ||||||
Cost of sales | [1] | 4,313.7 | $ 5,276.5 | 12,331.9 | $ 16,721.5 | |
Lower of cost or net realizable value adjustments recognized in cost of sales | $ 4.4 | $ 6.8 | $ 55.6 | $ 17.1 | ||
[1] | Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 57,163.2 | $ 57,163.2 | $ 55,285 | |||
Less accumulated depreciation | 14,803.1 | 14,803.1 | 13,681.6 | |||
Property, plant and equipment, net | 42,360.1 | 42,360.1 | 41,603.4 | |||
Summary of depreciation expense and capitalized interest [Abstract] | ||||||
Depreciation expense | [1] | 420.7 | $ 394.7 | 1,251.6 | $ 1,164.6 | |
Capitalized interest | [2] | 34.5 | 33.9 | 96.9 | 102.9 | |
Asset Retirement Obligations [Roll Forward] | ||||||
Balance at beginning of period | 132.1 | |||||
Liabilities incurred | 3.5 | |||||
Liabilities settled | (0.6) | |||||
Revisions in estimated cash flows | 2.9 | |||||
Accretion expense | 6.1 | |||||
Balance at end of period | 144 | 144 | ||||
Capitalized costs, asset retirement costs | 70.2 | 70.2 | 69.6 | |||
Asset impairment charges and related matters | ||||||
Asset impairment and related charges in operating costs and expenses | 77 | 39.4 | 90.4 | 51.2 | ||
Asset impairment and related charges in general and administrative costs and expenses | $ 0.1 | $ 0.1 | ||||
Reclassification of construction in progress to other assets | (311.7) | |||||
Plants, pipelines and facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [3] | 49,050.9 | $ 49,050.9 | 47,201.2 | ||
Plants, pipelines and facilities [Member] | Minimum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [3],[4] | 3 years | ||||
Plants, pipelines and facilities [Member] | Maximum [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Estimated useful life | [3],[4] | 45 years | ||||
Underground and other storage facilities [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | [5] | 4,133.7 | $ 4,133.7 | 3,965.5 | ||
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] | 204.1 | $ 204.1 | 198.9 | ||
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] | 928.9 | $ 928.9 | 905.9 | ||
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 | 376.7 | $ 376.7 | 372.3 | |||
Construction in progress [Member] | ||||||
Property, plant and equipment and accumulated depreciation [Abstract] | ||||||
Property, plant and equipment, gross | $ 2,468.9 | $ 2,468.9 | $ 2,641.2 | |||
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 | |||||
Midland-to-Echo 4 Pipeline [Member] | ||||||
Asset impairment charges and related matters | ||||||
Asset impairment and related charges | $ 42 | |||||
[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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | $ 2,485.4 | $ 2,485.4 | $ 2,600.2 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 82 | $ 139.3 | 336.1 | $ 431.3 | |
NGL Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 676.4 | 676.4 | 703.8 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 29.3 | 25.9 | 90.8 | 82.7 | |
Crude Oil Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 1,774.8 | 1,774.8 | 1,866.5 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 51.8 | 113.2 | 243.2 | 348.8 | |
Natural Gas Pipelines & Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 29.9 | 29.9 | 27.3 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | 1.4 | 1.6 | 4.3 | 4.9 | |
Petrochemical & Refined Products Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated affiliates | 4.3 | 4.3 | $ 2.6 | ||
Equity in income (loss) of unconsolidated affiliates by business segment [Abstract] | |||||
Equity in income (loss) of unconsolidated affiliates | $ (0.5) | $ (1.4) | $ (2.2) | $ (5.1) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Identifiable intangible assets [Abstract] | |||||
Gross Value | $ 5,145.4 | $ 5,145.4 | $ 5,136.5 | ||
Accumulated Amortization | (1,796.8) | (1,796.8) | (1,687.5) | ||
Carrying Value | 3,348.6 | 3,348.6 | 3,449 | ||
Amortization expense | 33.1 | $ 44.8 | 109.3 | $ 134.3 | |
Forecasted amortization expense [Abstract] | |||||
Remainder of 2020 | 45.1 | 45.1 | |||
2021 | 145.5 | 145.5 | |||
2022 | 162.3 | 162.3 | |||
2023 | 169.9 | 169.9 | |||
2024 | 165.7 | 165.7 | |||
NGL Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 610.4 | 610.4 | 610.4 | ||
Accumulated Amortization | (269.2) | (269.2) | (250.2) | ||
Carrying Value | 341.2 | 341.2 | 360.2 | ||
Amortization expense | 6.2 | 7.3 | 19 | 25.4 | |
NGL Pipelines & Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 447.8 | 447.8 | 447.8 | ||
Accumulated Amortization | (217) | (217) | (206.3) | ||
Carrying Value | 230.8 | 230.8 | 241.5 | ||
NGL Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 162.6 | 162.6 | 162.6 | ||
Accumulated Amortization | (52.2) | (52.2) | (43.9) | ||
Carrying Value | 110.4 | 110.4 | 118.7 | ||
Crude Oil Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 2,486.6 | 2,486.6 | 2,480.4 | ||
Accumulated Amortization | (534.2) | (534.2) | (478.5) | ||
Carrying Value | 1,952.4 | 1,952.4 | 2,001.9 | ||
Amortization expense | 16 | 25.1 | 55.7 | 71.2 | |
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 | (287.5) | (287.5) | (243.5) | ||
Carrying Value | 1,916 | 1,916 | 1,960 | ||
Crude Oil Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 283.1 | 283.1 | 276.9 | ||
Accumulated Amortization | (246.7) | (246.7) | (235) | ||
Carrying Value | 36.4 | 36.4 | 41.9 | ||
Natural Gas Pipelines & Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 1,821 | 1,821 | 1,818.3 | ||
Accumulated Amortization | (905.9) | (905.9) | (877.1) | ||
Carrying Value | 915.1 | 915.1 | 941.2 | ||
Amortization expense | 9 | 10.3 | 28.8 | 31.2 | |
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 | (504.2) | (504.2) | (481.6) | ||
Carrying Value | 846.1 | 846.1 | 868.7 | ||
Natural Gas Pipelines & Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 470.7 | 470.7 | 468 | ||
Accumulated Amortization | (401.7) | (401.7) | (395.5) | ||
Carrying Value | 69 | 69 | 72.5 | ||
Petrochemical & Refined Products Services [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 227.4 | 227.4 | 227.4 | ||
Accumulated Amortization | (87.5) | (87.5) | (81.7) | ||
Carrying Value | 139.9 | 139.9 | 145.7 | ||
Amortization expense | 1.9 | $ 2.1 | 5.8 | $ 6.5 | |
Petrochemical & Refined Products Services [Member] | Customer relationship intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 181.4 | 181.4 | 181.4 | ||
Accumulated Amortization | (62.2) | (62.2) | (57.5) | ||
Carrying Value | 119.2 | 119.2 | 123.9 | ||
Petrochemical & Refined Products Services [Member] | Contract-based intangibles [Member] | |||||
Identifiable intangible assets [Abstract] | |||||
Gross Value | 46 | 46 | 46 | ||
Accumulated Amortization | (25.3) | (25.3) | (24.2) | ||
Carrying Value | $ 20.7 | $ 20.7 | $ 21.8 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2020 | Jan. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | Apr. 30, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 30,146.4 | $ 30,146.4 | $ 27,878.4 | |||||||
Other, non-principal amounts | (284.4) | (284.4) | (253.3) | |||||||
Less current maturities of debt | (1,325) | (1,325) | (1,981.9) | |||||||
Total long-term debt | 28,537 | 28,537 | 25,643.2 | |||||||
Debt Obligations Terms: | ||||||||||
Borrowings under debt agreements | 6,672.1 | $ 44,629.6 | ||||||||
Repayment of debt obligations | 4,406.6 | $ 42,855.3 | ||||||||
Letters of credit outstanding | 200.7 | 200.7 | ||||||||
Senior Debt Obligations [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 27,500 | 27,500 | 25,232 | |||||||
Debt Obligations Terms: | ||||||||||
Aggregate debt principal issued | $ 1,250 | $ 3,000 | ||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0 | $ 0 | 482 | |||||||
Information regarding variable interest rates paid: | ||||||||||
Weighted-average interest rate paid | 1.86% | |||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 1.78% | 1.78% | ||||||||
Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 2.08% | 2.08% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Q, due January 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0 | $ 0 | 500 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.25% | 5.25% | ||||||||
Repayment of debt obligations | $ 500 | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Y , due September 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0 | $ 0 | 1,000 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.20% | 5.20% | ||||||||
Repayment of debt obligations | $ 1,000 | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes TT, due February 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 750 | $ 750 | 750 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 2.80% | 2.80% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes TT, due February 2021 [Member] | Forecast [Member] | ||||||||||
Debt Obligations Terms: | ||||||||||
Repayment of debt obligations | $ 750 | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes RR, due April 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 575 | $ 575 | 575 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 2.85% | 2.85% | ||||||||
Senior Debt Obligations [Member] | April 2020 EPO 364-Day Revolving Credit Agreement, due April 2021 [Member] | ||||||||||
Debt Obligations Terms: | ||||||||||
Maximum borrowing capacity | $ 1,000 | |||||||||
Senior Debt Obligations [Member] | September 2020 EPO 364 Day Credit Agreement, due September 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0 | $ 0 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Credit facility 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 EPO's debt ratings. | |||||||||
Maximum borrowing capacity | 1,500 | $ 1,500 | ||||||||
Maximum bank commitments increase | 200 | 200 | ||||||||
Total maximum borrowing capacity | 1,700 | 1,700 | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes VV, due February 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 750 | $ 750 | 750 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.50% | 3.50% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CC, due February 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 650 | $ 650 | 650 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.05% | 4.05% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes HH, due March 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 1,250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.35% | 3.35% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes JJ, due February 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 850 | $ 850 | 850 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.90% | 3.90% | ||||||||
Senior Debt Obligations [Member] | EPO Multi-Year Revolving Credit Agreement, due September 2024 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0 | $ 0 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Credit facility 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 EPO's debt ratings. | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes MM, due February 2025 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,150 | $ 1,150 | 1,150 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.75% | 3.75% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes PP, due February 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 875 | $ 875 | 875 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.70% | 3.70% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes SS, due February 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 575 | $ 575 | 575 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.95% | 3.95% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes WW, due October 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,000 | $ 1,000 | 1,000 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.15% | 4.15% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes YY, due July 2029 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 1,250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.125% | 3.125% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes AAA, due January 2030 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 2.80% | 2.80% | ||||||||
Aggregate debt principal issued | $ 250 | $ 1,000 | ||||||||
Debt issued as percent of principal amount | 107.211% | 99.921% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes D, due March 2033 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 500 | $ 500 | 500 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 6.875% | 6.875% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes H, due October 2034 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 350 | $ 350 | 350 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 6.65% | 6.65% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes J, due March 2035 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 250 | $ 250 | 250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.75% | 5.75% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes W, due April 2038 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 399.6 | $ 399.6 | 399.6 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 7.55% | 7.55% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes R, due October 2039 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 600 | $ 600 | 600 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 6.125% | 6.125% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes Z, due September 2040 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 600 | $ 600 | 600 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 6.45% | 6.45% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BB, due February 2041 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 750 | $ 750 | 750 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.95% | 5.95% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DD, due February 2042 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 600 | $ 600 | 600 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.70% | 5.70% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes EE, due August 2042 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 750 | $ 750 | 750 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.85% | 4.85% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes GG, due February 2043 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,100 | $ 1,100 | 1,100 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.45% | 4.45% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes II, due March 2044 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,400 | $ 1,400 | 1,400 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.85% | 4.85% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes KK, due February 2045 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,150 | $ 1,150 | 1,150 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.10% | 5.10% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes QQ , due May 2046 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 975 | $ 975 | 975 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.90% | 4.90% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes UU, due February 2048 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 1,250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.25% | 4.25% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes XX, due February 2049 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 1,250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.80% | 4.80% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes ZZ, due January 2050 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,250 | $ 1,250 | 1,250 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.20% | 4.20% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes BBB, due January 2051 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,000 | $ 1,000 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.70% | 3.70% | ||||||||
Aggregate debt principal issued | $ 1,000 | |||||||||
Debt issued as percent of principal amount | 99.413% | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes DDD, due February 2052 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,000 | $ 1,000 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.20% | 3.20% | ||||||||
Aggregate debt principal issued | $ 1,000 | |||||||||
Debt issued as percent of principal amount | 99.233% | |||||||||
Senior Debt Obligations [Member] | EPO Senior Notes NN, due October 2054 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 400 | $ 400 | 400 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.95% | 4.95% | ||||||||
Senior Debt Obligations [Member] | EPO Senior Notes CCC, due January 2060 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 1,000 | $ 1,000 | 0 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 3.95% | 3.95% | ||||||||
Aggregate debt principal issued | $ 1,000 | |||||||||
Debt issued as percent of principal amount | 99.36% | |||||||||
Senior Debt Obligations [Member] | TEPPCO Senior Notes, due April 2038 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | $ 0.4 | $ 0.4 | 0.4 | |||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 7.55% | 7.55% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | [1] | $ 232.2 | $ 232.2 | 232.2 | ||||||
Debt Obligations Terms: | ||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month London Interbank Offered Rate ("LIBOR") | |||||||||
Variable interest rate | 2.778% | |||||||||
Information regarding variable interest rates paid: | ||||||||||
Weighted-average interest rate paid | 3.87% | |||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Minimum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 3.02% | 3.02% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Maximum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 4.68% | 4.68% | ||||||||
Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | [2] | $ 700 | $ 700 | 700 | ||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 4.875% | 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, due August 2077 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | [3] | $ 1,000 | $ 1,000 | 1,000 | ||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.25% | 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, due February 2078 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | [4] | $ 700 | $ 700 | 700 | ||||||
Debt Obligations Terms: | ||||||||||
Interest rate, stated percentage | 5.375% | 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, due June 2067 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | [1] | $ 14.2 | $ 14.2 | $ 14.2 | ||||||
Debt Obligations Terms: | ||||||||||
Variable annual interest rate thereafter, variable rate basis | 3-month London Interbank Offered Rate ("LIBOR") | |||||||||
Variable interest rate | 2.778% | |||||||||
Information regarding variable interest rates paid: | ||||||||||
Weighted-average interest rate paid | 3.87% | |||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Minimum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 3.02% | 3.02% | ||||||||
Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Maximum [Member] | ||||||||||
Information regarding variable interest rates paid: | ||||||||||
Variable interest rates paid | 4.68% | 4.68% | ||||||||
[1] | Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate ("LIBOR"), plus 2.778%. | |||||||||
[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, 2020 | Dec. 31, 2019 |
Scheduled Maturities of Debt [Abstract] | ||
Remainder of 2020 | $ 0 | |
2021 | 1,325 | |
2022 | 1,400 | |
2023 | 1,250 | |
2024 | 850 | |
Thereafter | 25,321.4 | |
Total | $ 30,146.4 | $ 27,878.4 |
Capital Accounts, Summary of Ch
Capital Accounts, Summary of Changes in Outstanding Units (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | |
Summary of changes in outstanding units [Roll Forward] | ||||
Number of common units outstanding, beginning balance (in units) | 2,185,896,433 | 2,185,800,243 | 2,189,226,130 | 2,189,226,130 |
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option in March 2020 (in units) | 54,807,352 | |||
Treasury units acquired in connection with settlement of Liquidity Option in March 2020 (in units) | (54,807,352) | |||
Common units exchanged for preferred units in September 2020, with the common units received being immediately cancelled (in units) | (1,120,588) | (1,120,588) | ||
Common unit repurchases under 2019 Buyback Program (in units) | (1,984,507) | (6,357,739) | ||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | 89,641 | 96,190 | 2,912,214 | |
Other (in units) | 19,638 | |||
Number of common units outstanding, ending balance (in units) | 2,182,880,979 | 2,185,896,433 | 2,185,800,243 | 2,182,880,979 |
Capital Accounts, Issuances of
Capital Accounts, Issuances of Equity (Details) $ / shares in Units, $ in Millions | Mar. 05, 2020USD ($)$ / shares | Mar. 05, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Contractshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2019USD ($) |
Net Cash Proceeds from Sale of Common Units [Abstract] | |||||||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | shares | 89,641 | 96,190 | 2,912,214 | ||||||
Liquidity Option Agreement [Abstract] | |||||||||
Liquidity Option liability | $ 511.9 | $ 511.9 | |||||||
Deferred tax liability | $ 466 | $ 466 | $ 103.5 | ||||||
Common units issued to Skyline North Americas, Inc. in connection with settlement of Liquidity Option | 1,300 | 1,297.3 | |||||||
Change in fair market value of Liquidity Option | (2.3) | $ 0 | $ (38.7) | (2.3) | $ (123.1) | ||||
Treasury Units: | |||||||||
Total of common units repurchased under a buyback program (in units) | shares | 1,984,507 | 6,357,739 | |||||||
Common units acquired in connection with buyback program | $ 33.7 | $ 173.8 | $ 81.1 | ||||||
OTA Holdings, Inc. [Member] | |||||||||
Liquidity Option Agreement [Abstract] | |||||||||
Deferred tax liability | $ 439.7 | $ 439.7 | |||||||
Enterprise Products Partners L.P. [Member] | |||||||||
Liquidity Option Agreement [Abstract] | |||||||||
Closing price (in dollars per unit) | $ / shares | $ 23.67 | $ 23.67 | |||||||
Long-Term Incentive Plan (2008) [Member] | |||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||||||||
Common units issued in connection with the vesting of phantom unit awards, net (in units) | shares | 3,098,045 | ||||||||
2019 Buyback Program [Member] | |||||||||
Treasury Units: | |||||||||
Amount authorized under 2019 Buyback Program | 2,000 | $ 2,000 | |||||||
Remaining available capacity under the 2019 Buyback Program | 1,750 | $ 1,750 | |||||||
Total of common units repurchased under a buyback program (in units) | shares | 8,342,246 | 2,909,128 | |||||||
Common units acquired in connection with buyback program | $ 173.8 | $ 81.1 | |||||||
Universal Shelf Registration [Member] | Senior Notes [Member] | |||||||||
Registration Statements and Equity Offerings [Line Items] | |||||||||
Debt issued under universal shelf registration | 4,250 | ||||||||
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 | |||||||
Skyline Registration Rights Agreement [Member] | |||||||||
Registration Statements and Equity Offerings [Line Items] | |||||||||
Maximum common units authorized for issuance | $ 500 | $ 500 | |||||||
Liquidity Option Agreement [Abstract] | |||||||||
Number of registration statements following exercise of Liquidity Option | Contract | 5 | ||||||||
Employee Unit Purchase Plan [Member] | |||||||||
Net Cash Proceeds from Sale of Common Units [Abstract] | |||||||||
Employer contribution to EUPP | $ 1.8 | ||||||||
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) | shares | 5,148,468 |
Capital Accounts, Redeemable Pr
Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Temporary Equity [Line Items] | ||||
Treasury units outstanding (preferred units) (in units) | 855,915 | 855,915 | ||
Treasury units outstanding (common units) (in units) | 54,807,352 | |||
Treasury units | $ 1,297.3 | $ 1,297.3 | $ 0 | |
Series A cumulative convertible preferred units (in dollars per unit) | $ 1,000 | $ 1,000 | ||
Series A cumulative convertible preferred units issued (in units) | 50,000 | 50,000 | ||
Net cash proceeds from the issuance of preferred units | $ 32.5 | $ 0 | ||
Common units exchanged for preferred units, with common units received being immediately cancelled | $ 17.5 | 17.5 | ||
Total offering price for redeemable noncontrolling interests | $ 50 | |||
Common units exchanged for preferred units in September 2020, with the common units received being immediately cancelled (in units) | 1,120,588 | 1,120,588 | ||
Preferred unit distribution rate | 7.25% | |||
Redemption price per preferred unit after September 30, 2025 at unitholder election (in dollars per unit) | $ 1,000 | |||
Redemption price per preferred unit from September 30, 2020 through September 29, 2022 (in dollars per unit) | 1,100 | |||
Redemption price per preferred unit from September 30, 2022 through September 29, 2024 (in dollars per unit) | 1,070 | |||
Redemption price per preferred unit from September 30, 2024 through September 29, 2025 (in dollars per unit) | 1,030 | |||
Redemption price per preferred unit from September 30, 2026 through September 29, 2026 (in dollars per unit) | 1,010 | |||
Redemption price per preferred unit on or after September 30, 2026 (in dollars per unit) | 1,000 | |||
Redemption price per preferred unit if Change of Control event occurs (in dollars per unit) | $ 1,010 | |||
Percentage applied to the common unit market price in calculating the number of common units to be acquired upon the conversion of series A preferred units to common units | 92.50% | |||
Percentage of preferred units that may be converted into common units at unitholder option | 50.00% | |||
EPCO and its privately held affiliates [Member] | ||||
Temporary Equity [Line Items] | ||||
Series A cumulative convertible preferred units issued (in units) | 15,000 | 15,000 | ||
Net cash proceeds from the issuance of preferred units | $ 15 |
Capital Accounts, Accumulated O
Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ 71.4 | $ 50.9 | ||
Other comprehensive income (loss) for period, before reclassifications | 184.9 | 34.2 | ||
Reclassification of losses (gains) to net income during period | (305.6) | (124.2) | ||
Total other comprehensive income (loss) for period | $ 97.8 | $ (28.4) | (120.7) | (90) |
Accumulated Other Comprehensive Income (Loss), Ending balance | (49.3) | (39.1) | (49.3) | (39.1) |
Interest expense | 320.5 | 382.9 | 958.2 | 950.2 |
Revenue | (6,922) | (7,964.1) | (20,155.5) | (24,783.9) |
Operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 |
Total | (1,084) | (1,044.8) | (3,519.8) | (3,561.7) |
Cash Flow Hedges [Member] | Interest Rate Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 13.9 | (104.8) | ||
Other comprehensive income (loss) for period, before reclassifications | (207.7) | (23.8) | ||
Reclassification of losses (gains) to net income during period | 29.2 | 27.8 | ||
Total other comprehensive income (loss) for period | (178.5) | 4 | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | (164.6) | (100.8) | (164.6) | (100.8) |
Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 55.1 | 152.7 | ||
Other comprehensive income (loss) for period, before reclassifications | 392.7 | 58.6 | ||
Reclassification of losses (gains) to net income during period | (334.8) | (152) | ||
Total other comprehensive income (loss) for period | 57.9 | (93.4) | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 113 | 59.3 | 113 | 59.3 |
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2.4 | 3 | ||
Other comprehensive income (loss) for period, before reclassifications | (0.1) | (0.6) | ||
Reclassification of losses (gains) to net income during period | 0 | 0 | ||
Total other comprehensive income (loss) for period | (0.1) | (0.6) | ||
Accumulated Other Comprehensive Income (Loss), Ending balance | 2.3 | 2.4 | 2.3 | 2.4 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Total | 39.4 | (82.1) | (305.6) | (124.2) |
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 | 9.9 | 9.4 | 29.2 | 27.8 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Commodity Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||
Revenue | 19.5 | (93.6) | (344.7) | (161.4) |
Operating costs and expenses | $ 10 | $ 2.1 | $ 9.9 | $ 9.4 |
Capital Accounts, Distributions
Capital Accounts, Distributions (Details) - Cash Distribution [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Third Quarter 2020 Distribution [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 0.4450 | |
Forecast [Member] | ||
Distributions to Partners [Abstract] | ||
Distribution Per Common Unit (in dollars per unit) | $ 1.78 |
Revenues, Revenues by Business
Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue [Abstract] | ||||
Revenues | $ 6,922 | $ 7,964.1 | $ 20,155.5 | $ 24,783.9 |
NGL Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,614 | 3,252.1 | 8,058.4 | 9,851.2 |
NGL Pipelines & Services [Member] | Sales of NGLs and Related Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,048.4 | 2,624.9 | 6,401.7 | 7,955.5 |
NGL Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 565.6 | 627.2 | 1,656.7 | 1,895.7 |
NGL Pipelines & Services [Member] | Midstream Services: Natural Gas Processing and Fractionation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 205.4 | 279.6 | 575.8 | 837.3 |
NGL Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 254.7 | 248.2 | 769.6 | 767.4 |
NGL Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 105.5 | 99.4 | 311.3 | 291 |
Crude Oil Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 |
Crude Oil Pipelines & Services [Member] | Sales of Crude Oil [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,216.1 | 2,130 | 4,059.7 | 6,990.1 |
Crude Oil Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 305.5 | 348.3 | 964 | 962.1 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 189.3 | 209.1 | 603.5 | 598.1 |
Crude Oil Pipelines & Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 116.2 | 139.2 | 360.5 | 364 |
Natural Gas Pipelines & Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 606.9 | 715.5 | 1,862.7 | 2,462.3 |
Natural Gas Pipelines & Services [Member] | Sales of Natural Gas [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 350.7 | 440 | 1,097.6 | 1,627.1 |
Natural Gas Pipelines & Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 256.2 | 275.5 | 765.1 | 835.2 |
Natural Gas Pipelines & Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 256.2 | 275.5 | 765.1 | 835.2 |
Petrochemical & Refined Products Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 |
Petrochemical & Refined Products Services [Member] | Sales of Petrochemicals and Refined Products [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 1,966.2 | 1,299 | 4,593.7 | 3,867.3 |
Petrochemical & Refined Products Services [Member] | Midstream Services [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 213.3 | 219.2 | 617 | 650.9 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Fractionation and Isomerization [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 54.6 | 43.2 | 129 | 125.5 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Transportation [Member] | ||||
Revenue [Abstract] | ||||
Revenues | 115.2 | 134.4 | 365.5 | 393.2 |
Petrochemical & Refined Products Services [Member] | Midstream Services: Storage and Terminals [Member] | ||||
Revenue [Abstract] | ||||
Revenues | $ 43.5 | $ 41.6 | $ 122.5 | $ 132.2 |
Revenues, Unbilled Revenue and
Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue | $ 173.1 | $ 17.6 |
Deferred revenue | 368.4 | $ 314.9 |
Other Current Assets [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Unbilled revenue (current amount) | 173.1 | |
Other Current Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (current amount) | 162 | |
Other Liabilities [Member] | ||
Contracts with Customers, Assets and Liabilities [Abstract] | ||
Deferred revenue (noncurrent) | $ 206.4 |
Revenues, Significant Changes i
Revenues, Significant Changes in Unbilled Revenue (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Significant Changes in Unbilled Revenue [Roll Forward] | ||
Balance at beginning of period | $ 17.6 | |
Unbilled revenue included in opening balance transferred to other accounts during period | (17.6) | [1] |
Unbilled revenue recorded during period | 253 | [2] |
Unbilled revenue recorded during period transferred to other accounts | (79.9) | [1] |
Other changes | 0 | |
Balance at end of period | $ 173.1 | |
[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. | |
[2] | Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. |
Revenues, Significant Changes_2
Revenues, Significant Changes in Deferred Revenue (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Significant Changes in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period | $ 314.9 | |
Deferred revenue included in opening balance transferred to other accounts during period | (101.7) | [1] |
Deferred revenue recorded during period | 486.7 | [2] |
Deferred revenue recorded during period transferred to other accounts | (325.5) | [1] |
Other changes | (6) | |
Balance at end of period | $ 368.4 | |
[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. | |
[2] | Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. |
Revenues, Remaining Performance
Revenues, Remaining Performance Obligations (Details) - Midstream Services [Member] $ in Millions | Sep. 30, 2020USD ($) |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 29,350.1 |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 988.5 |
Expected timing of satisfaction, period | 3 months |
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 | $ 3,804.7 |
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 | $ 3,375.9 |
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 | $ 3,016.8 |
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 | $ 2,848.3 |
Expected timing of satisfaction, period | 1 year |
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Remaining Performance Obligation to be Recognized in the Future [Abstract] | |
Remaining performance obligation | $ 15,315.9 |
Expected timing of satisfaction, period |
Business Segments (Details)
Business Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Segment | Sep. 30, 2019USD ($) | ||
Business Segments [Abstract] | |||||
Number of reportable segments | Segment | 4 | ||||
Gross Operating Margin | |||||
Operating income | $ 1,382.5 | $ 1,474.2 | $ 4,326.9 | $ 4,660.7 | |
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 | 484.2 | 467.1 | 1,461.3 | 1,380.8 | |
Asset impairment and related charges in operating costs and expenses | 77 | 39.4 | 90.4 | 51.2 | |
Net gains attributable to asset sales in operating costs and expenses | (0.6) | (0.1) | (2.1) | (2.6) | |
General and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | |
Non-refundable payments received from shippers attributable to make-up rights | [1] | 49.3 | 20.8 | 79.1 | 34.3 |
Subsequent recognition of revenues attributable to make-up rights | [2] | (9.4) | (5.5) | (25) | (18.6) |
Total segment gross operating margin | $ 2,033.3 | $ 2,051.4 | $ 6,093.4 | $ 6,266 | |
[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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Information by business segment [Abstract] | |||||
Segment gross operating margin | $ 2,033.3 | $ 2,051.4 | $ 6,093.4 | $ 6,266 | |
Mark-to-market gains (losses) in gross operating margin | (37.7) | 9.1 | 53.7 | 92.9 | |
Mark-to-market loss in interest expense | 0 | (94.9) | 0 | (94.9) | |
Total mark-to-market gains (losses) | (37.7) | (85.8) | 53.7 | (2) | |
Revenues from third parties | 6,914.5 | 7,948.5 | 20,126.3 | 24,730.2 | |
Revenues from related parties | 7.5 | 15.6 | 29.2 | 53.7 | |
Intersegment and intrasegment revenues | 0 | 0 | 0 | 0 | |
Total revenues | 6,922 | 7,964.1 | 20,155.5 | 24,783.9 | |
Equity in income (loss) of unconsolidated affiliates | 82 | 139.3 | 336.1 | 431.3 | |
Property, plant and equipment, net | 42,360.1 | 42,360.1 | $ 41,603.4 | ||
Investments in unconsolidated affiliates | 2,485.4 | 2,485.4 | 2,600.2 | ||
Intangible assets, net | 3,348.6 | 3,348.6 | 3,449 | ||
Goodwill | 5,745.2 | 5,745.2 | 5,745.2 | ||
Segment assets | 53,939.3 | 53,939.3 | 53,397.8 | ||
NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,614 | 3,252.1 | 8,058.4 | 9,851.2 | |
Equity in income (loss) of unconsolidated affiliates | 29.3 | 25.9 | 90.8 | 82.7 | |
Investments in unconsolidated affiliates | 676.4 | 676.4 | 703.8 | ||
Intangible assets, net | 341.2 | 341.2 | 360.2 | ||
Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 | |
Equity in income (loss) of unconsolidated affiliates | 51.8 | 113.2 | 243.2 | 348.8 | |
Investments in unconsolidated affiliates | 1,774.8 | 1,774.8 | 1,866.5 | ||
Intangible assets, net | 1,952.4 | 1,952.4 | 2,001.9 | ||
Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 606.9 | 715.5 | 1,862.7 | 2,462.3 | |
Equity in income (loss) of unconsolidated affiliates | 1.4 | 1.6 | 4.3 | 4.9 | |
Investments in unconsolidated affiliates | 29.9 | 29.9 | 27.3 | ||
Intangible assets, net | 915.1 | 915.1 | 941.2 | ||
Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Total revenues | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 | |
Equity in income (loss) of unconsolidated affiliates | (0.5) | (1.4) | (2.2) | (5.1) | |
Investments in unconsolidated affiliates | 4.3 | 4.3 | 2.6 | ||
Intangible assets, net | 139.9 | 139.9 | 145.7 | ||
Reportable Business Segments [Member] | NGL Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 1,028.1 | 1,008.3 | 3,038.2 | 2,933.8 | |
Mark-to-market gains (losses) in gross operating margin | (12) | (0.7) | 11.4 | (0.1) | |
Revenues from third parties | 2,612.4 | 3,250.1 | 8,053.4 | 9,843.9 | |
Revenues from related parties | 1.6 | 2 | 5 | 7.3 | |
Intersegment and intrasegment revenues | 7,098.2 | 4,729.3 | 18,826.6 | 14,715.5 | |
Total revenues | 9,712.2 | 7,981.4 | 26,885 | 24,566.7 | |
Equity in income (loss) of unconsolidated affiliates | 29.3 | 25.9 | 90.8 | 82.7 | |
Property, plant and equipment, net | 17,309.6 | 17,309.6 | 16,652.1 | ||
Investments in unconsolidated affiliates | 676.4 | 676.4 | 703.8 | ||
Intangible assets, net | 341.2 | 341.2 | 360.2 | ||
Goodwill | 2,651.7 | 2,651.7 | 2,651.7 | ||
Segment assets | 20,978.9 | 20,978.9 | 20,367.8 | ||
Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 481.8 | 496.2 | 1,569.1 | 1,671.7 | |
Mark-to-market gains (losses) in gross operating margin | 10.1 | 9.8 | 28.9 | 95 | |
Revenues from third parties | 1,518 | 2,467.9 | 5,007 | 7,916.5 | |
Revenues from related parties | 3.6 | 10.4 | 16.7 | 35.7 | |
Intersegment and intrasegment revenues | 6,422.5 | 9,479.7 | 18,302.7 | 26,818 | |
Total revenues | 7,944.1 | 11,958 | 23,326.4 | 34,770.2 | |
Equity in income (loss) of unconsolidated affiliates | 51.8 | 113.2 | 243.2 | 348.8 | |
Property, plant and equipment, net | 6,503.6 | 6,503.6 | 6,324.4 | ||
Investments in unconsolidated affiliates | 1,774.8 | 1,774.8 | 1,866.5 | ||
Intangible assets, net | 1,952.4 | 1,952.4 | 2,001.9 | ||
Goodwill | 1,841 | 1,841 | 1,841 | ||
Segment assets | 12,071.8 | 12,071.8 | 12,033.8 | ||
Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 208.4 | 258.5 | 701.1 | 824.6 | |
Mark-to-market gains (losses) in gross operating margin | (14.8) | 1.3 | 10 | 1.3 | |
Revenues from third parties | 604.6 | 712.3 | 1,855.2 | 2,451.6 | |
Revenues from related parties | 2.3 | 3.2 | 7.5 | 10.7 | |
Intersegment and intrasegment revenues | 117 | 141.7 | 325 | 500.2 | |
Total revenues | 723.9 | 857.2 | 2,187.7 | 2,962.5 | |
Equity in income (loss) of unconsolidated affiliates | 1.4 | 1.6 | 4.3 | 4.9 | |
Property, plant and equipment, net | 8,383 | 8,383 | 8,432.5 | ||
Investments in unconsolidated affiliates | 29.9 | 29.9 | 27.3 | ||
Intangible assets, net | 915.1 | 915.1 | 941.2 | ||
Goodwill | 296.3 | 296.3 | 296.3 | ||
Segment assets | 9,624.3 | 9,624.3 | 9,697.3 | ||
Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member] | |||||
Information by business segment [Abstract] | |||||
Segment gross operating margin | 315 | 288.4 | 785 | 835.9 | |
Mark-to-market gains (losses) in gross operating margin | (21) | (1.3) | 3.4 | (3.3) | |
Revenues from third parties | 2,179.5 | 1,518.2 | 5,210.7 | 4,518.2 | |
Revenues from related parties | 0 | 0 | 0 | 0 | |
Intersegment and intrasegment revenues | 1,297.8 | 558.1 | 2,815.6 | 1,890.4 | |
Total revenues | 3,477.3 | 2,076.3 | 8,026.3 | 6,408.6 | |
Equity in income (loss) of unconsolidated affiliates | (0.5) | (1.4) | (2.2) | (5.1) | |
Property, plant and equipment, net | 7,695 | 7,695 | 7,553.2 | ||
Investments in unconsolidated affiliates | 4.3 | 4.3 | 2.6 | ||
Intangible assets, net | 139.9 | 139.9 | 145.7 | ||
Goodwill | 956.2 | 956.2 | 956.2 | ||
Segment assets | 8,795.4 | 8,795.4 | 8,657.7 | ||
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 | (14,935.5) | (14,908.8) | (40,269.9) | (43,924.1) | |
Total revenues | (14,935.5) | (14,908.8) | (40,269.9) | (43,924.1) | |
Equity in income (loss) of unconsolidated affiliates | 0 | $ 0 | 0 | $ 0 | |
Adjustments [Member] | |||||
Information by business segment [Abstract] | |||||
Property, plant and equipment, net | 2,468.9 | 2,468.9 | 2,641.2 | ||
Investments in unconsolidated affiliates | 0 | 0 | 0 | ||
Intangible assets, net | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | ||
Segment assets | $ 2,468.9 | $ 2,468.9 | $ 2,641.2 |
Business Segments, Consolidated
Business Segments, Consolidated Revenues and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 6,922 | $ 7,964.1 | $ 20,155.5 | $ 24,783.9 | |
Operating costs and expenses: | |||||
Cost of sales | [1] | 4,313.7 | 5,276.5 | 12,331.9 | 16,721.5 |
Other operating costs and expenses | [2] | 696.9 | 790.8 | 2,120.4 | 2,243.4 |
Depreciation, amortization and accretion | 484.2 | 467.1 | 1,461.3 | 1,380.8 | |
Asset impairment and related charges | 77 | 39.4 | 90.4 | 51.2 | |
Net gains attributable to asset sales | (0.6) | (0.1) | (2.1) | (2.6) | |
General and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | |
Total consolidated costs and expenses | 5,621.5 | 6,629.2 | 16,164.7 | 20,554.5 | |
NGL Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 2,614 | 3,252.1 | 8,058.4 | 9,851.2 | |
Crude Oil Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 1,521.6 | 2,478.3 | 5,023.7 | 7,952.2 | |
Natural Gas Pipelines & Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | 606.9 | 715.5 | 1,862.7 | 2,462.3 | |
Petrochemical & Refined Products Services [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Total consolidated revenues | $ 2,179.5 | $ 1,518.2 | $ 5,210.7 | $ 4,518.2 | |
[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. |
Income Taxes, Benefit from (pro
Income Taxes, Benefit from (provision for) income taxes (Details) - USD ($) $ in Millions | Mar. 05, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Components of Benefit From (Provision For) Income Taxes: | |||||||
Texas Margin Tax | [1] | $ (7.2) | $ (15.5) | $ (21.9) | $ (36.5) | ||
Other | 5 | 0.1 | 2.5 | (0.9) | |||
Benefit from (provision for) income taxes | 19.1 | $ (15.4) | 138.6 | $ (37.4) | |||
OTA Holdings, Inc. [Member] | |||||||
Components of Benefit From (Provision For) Income Taxes: | |||||||
Benefit from (provision for) income taxes | $ 72.2 | $ 21.3 | $ 85.8 | $ 158 | |||
[1] | Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 05, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
OTA Deferred Tax Liability: | ||||||||
Liquidity Option liability | $ 511.9 | |||||||
Series A cumulative convertible preferred units (in dollars per unit) | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Current portion of income tax benefit (provision): | ||||||||
Federal | $ 5.3 | $ 0.4 | $ 3 | $ (0.1) | ||||
State | (4.7) | (9.1) | (13.4) | (25.6) | ||||
Foreign | 0.2 | 0 | 0 | (0.8) | ||||
Total current portion | 0.8 | (8.7) | (10.4) | (26.5) | ||||
Deferred portion of income tax benefit (provision): | ||||||||
Federal | 67.8 | 18.7 | (0.3) | 145.1 | (0.2) | |||
State | 4.4 | (0.4) | (6.4) | 3.9 | (10.9) | |||
Foreign | 0 | 0 | 0 | 0.2 | ||||
Total deferred portion | 18.3 | (6.7) | 149 | (10.9) | ||||
Total benefit from (provision for) income taxes | 19.1 | $ (15.4) | 138.6 | $ (37.4) | ||||
Deferred tax liabilities: | ||||||||
Attributable to investment in OTA | 353.9 | $ 353.9 | 353.9 | |||||
Attributable to property, plant and equipment | 107.9 | 107.9 | 107.9 | $ 100.2 | ||||
Attributable to investments in other entities | 4.2 | 4.2 | 4.2 | 3.3 | ||||
Total deferred tax liabilities | 466 | 466 | 466 | 103.5 | ||||
Less: deferred tax assets: | ||||||||
Net operating loss carryovers | [1] | 0.1 | 0.1 | 0.1 | 0.1 | |||
Temporary differences related to Texas Margin Tax | 2.6 | 2.6 | 2.6 | 3 | ||||
Total deferred tax assets | 2.7 | 2.7 | 2.7 | 3.1 | ||||
Total net deferred tax liabilities | 463.3 | 463.3 | 463.3 | $ 100.4 | ||||
OTA Holdings, Inc. [Member] | ||||||||
Deferred portion of income tax benefit (provision): | ||||||||
Total benefit from (provision for) income taxes | 72.2 | $ 21.3 | $ 85.8 | $ 158 | ||||
Deferred tax liabilities: | ||||||||
Total deferred tax liabilities | $ 439.7 | |||||||
[1] | These losses expire in various years between 2020 and 2037 and are subject to limitations on their utilization. |
Income Taxes, Reconciliation (D
Income Taxes, Reconciliation (Details) - USD ($) $ in Millions | Mar. 05, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of the provision for (benefit from) income taxes [Abstract] | |||||||
Pre-Tax Net Book Income ("NBI") | $ 1,064.9 | $ 1,060.2 | $ 3,381.2 | $ 3,599.1 | |||
Texas Margin Tax | [1] | (7.2) | (15.5) | (21.9) | (36.5) | ||
State income tax benefit (provision), net of federal benefit | [2] | 1.6 | 0 | 9.7 | (0.3) | ||
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities | 25.1 | 0.1 | 83.4 | (0.6) | |||
Federal benefit attributable to settlement of Liquidity Option | [2] | 0 | 0 | 67.8 | 0 | ||
Other permanent differences | (0.4) | 0 | (0.4) | 0 | |||
Total benefit from (provision for) income taxes | $ 19.1 | $ (15.4) | $ 138.6 | $ (37.4) | |||
Effective income tax rate | 1.80% | (1.50%) | 4.10% | (1.00%) | |||
OTA Holdings, Inc. [Member] | |||||||
Reconciliation of the provision for (benefit from) income taxes [Abstract] | |||||||
Total benefit from (provision for) income taxes | $ 72.2 | $ 21.3 | $ 85.8 | $ 158 | |||
[1] | Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. | ||||||
[2] | The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit. |
Earnings Per Unit (Details)
Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
BASIC EARNINGS PER COMMON UNIT | |||||||
Net income attributable to common unitholders | $ 1,052.6 | $ 1,019.2 | $ 3,437.4 | $ 3,494.4 | |||
Earnings allocated to phantom unit awards | [1] | (7.5) | (6.1) | (24.9) | (21.3) | ||
Net income allocated to common unitholders | $ 1,045.1 | $ 1,013.1 | $ 3,412.5 | $ 3,473.1 | |||
Basic weighted-average number of common units outstanding (in units) | 2,185.5 | 2,189.1 | 2,186.7 | 2,188.4 | |||
Basic earnings per common unit (in dollars per unit) | $ 0.48 | $ 0.46 | $ 1.56 | $ 1.59 | |||
DILUTED EARNINGS PER COMMON UNIT | |||||||
Net income attributable to common unitholders | $ 1,052.6 | $ 1,019.2 | $ 3,437.4 | $ 3,494.4 | |||
Diluted weighted-average number of units outstanding: | |||||||
Common units (in units) | 2,185.5 | 2,189.1 | 2,186.7 | 2,188.4 | |||
Phantom units (in units) | [2] | 15.9 | 13.2 | 15.7 | 13.1 | ||
Preferred units (in units) | [2] | 0 | [3] | 0 | 0 | [3] | 0 |
Total (in units) | 2,201.4 | 2,202.3 | 2,202.4 | 2,201.5 | |||
Diluted earnings per common unit (in dollars per unit) | $ 0.48 | $ 0.46 | $ 1.56 | $ 1.59 | |||
[1] | Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the phantom units. | ||||||
[2] | We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding. See Note 8 for information regarding the preferred units issued on September 30, 2020. Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible. | ||||||
[3] | * Amount is negligible |
Equity-Based Awards (Details)
Equity-Based Awards (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 39.5 | $ 37.3 | $ 120.3 | $ 107.8 |
Phantom Unit Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 37.3 | 34.7 | 113.1 | 99.6 |
Profits Interest Awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | 2.2 | 2.5 | 7.2 | 8.1 |
Liability-classified awards [Member] | ||||
Equity-based compensation expense [Abstract] | ||||
Total compensation expense | $ 0 | $ 0.1 | $ 0 | $ 0.1 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Cash payments made in connection with DERs | $ 20 | $ 16.4 | |||
Phantom Unit Awards [Member] | |||||
Summary of awards activity, equity instruments other than options [Roll Forward] | |||||
Beginning of period (in units) | 12,974,684 | ||||
Granted (in units) | [1] | 7,403,345 | |||
Vested (in units) | (4,447,460) | ||||
Forfeited (in units) | (130,774) | ||||
End of period (in units) | 15,799,795 | 15,799,795 | |||
Phantom units outstanding, weighted-average grant date fair value [Roll Forward] | |||||
Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit) | [2] | $ 27.21 | |||
Granted weighted-average grant date fair value per unit (in dollars per unit) | [1],[2] | 25.71 | |||
Vested weighted-average grant date fair value per unit (in dollars per unit) | [2] | 26.35 | |||
Forfeited weighted-average grant date fair value per unit (in dollars per unit) | [2] | 26.74 | |||
Weighted-average grant date fair value per unit, at end of period (in dollars per unit) | [2] | $ 26.75 | $ 26.75 | ||
Summary of awards activity, equity instruments other than options, additional disclosures [Abstract] | |||||
Aggregate grant date fair value | $ 190.4 | ||||
Estimated forfeiture rate | 2.40% | ||||
Cash payments made in connection with DERs | $ 7.1 | $ 5.9 | $ 20 | 16.4 | |
Total intrinsic value of phantom unit awards that vested during period | 2 | $ 7.2 | 113.4 | $ 108.9 | |
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | 196.6 | $ 196.6 | |||
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) | $ 17.24 | ||||
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) | $ 25.76 | ||||
Phantom Unit Awards [Member] | Enterprise [Member] | |||||
Unrecognized Compensation Expense [Abstract] | |||||
Unrecognized compensation cost | $ 165.5 | $ 165.5 | |||
[1] | The aggregate grant date fair value of phantom unit awards issued during 2020 was $190.4 million based on a grant date market price of EPD common units ranging from $17.24 to $25.76 per unit. An estimated annual forfeiture rate of 2.4% was applied to these awards. | ||||
[2] | Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
Equity-Based Awards, Profits In
Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)$ / shares | |
Unrecognized Compensation Expense [Abstract] | |
Unrecognized compensation cost | $ 18 |
Recognition period for total unrecognized compensation cost | 3 years 1 month 6 days |
EPD PubCo II [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price (in dollars per unit) | $ / shares | $ 25.41 |
Incremental cost due to plan modification | $ 1.2 |
EPD PrivCo I [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price (in dollars per unit) | $ / shares | $ 25.41 |
Incremental cost due to plan modification | $ 0.5 |
Derivative Instruments, Hedgi_3
Derivative Instruments, Hedging Activities and Fair Value Measurements (Details) bbl in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | |||
Jan. 31, 2020USD ($) | Sep. 30, 2020USD ($)ContractbblBcf | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Derivative [Line Items] | |||||
Payments for the settlement of interest rate derivative instruments | $ | $ (33.3) | $ 0 | |||
Carrying amount of hedged asset | $ | 72.4 | $ 31.7 | |||
Forward Starting Swaps [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Notional Amount | $ | $ 1,080 | ||||
Weighted-Average Rate Locked | 1.83% | ||||
Life of associated future debt | 30 years | ||||
Notional amount of settled derivative instruments | $ | $ 575 | ||||
Payments for the settlement of interest rate derivative instruments | $ | $ (33.3) | ||||
Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | 1 | ||||
Notional Amount | $ | $ 75 | ||||
Weighted-Average Rate Locked | 2.41% | ||||
Forward Starting Swaps D [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | 5 | ||||
Notional Amount | $ | $ 500 | ||||
Weighted-Average Rate Locked | 2.13% | ||||
Forward Starting Swaps - January 2020 [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | [1] | 2 | |||
Notional Amount | $ | $ 150 | ||||
Weighted-Average Rate Locked | 1.72% | ||||
Forward Starting Swaps - February 2020 (A) [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | [1] | 1 | |||
Notional Amount | $ | $ 100 | ||||
Weighted-Average Rate Locked | 1.46% | ||||
Forward Starting Swaps - February 2020 (B) [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | [1] | 2 | |||
Notional Amount | $ | $ 150 | ||||
Weighted-Average Rate Locked | 1.48% | ||||
Forward Starting Swaps - March 2020 [Member] | Derivatives in cash flow hedging relationships [Member] | |||||
Derivative [Line Items] | |||||
Number of Derivatives Outstanding | Contract | [1] | 2 | |||
Notional Amount | $ | $ 100 | ||||
Weighted-Average Rate Locked | 0.95% | ||||
Natural gas processing: Forecasted sales of NGLs [Member] | |||||
Derivative [Line Items] | |||||
Forecasted NGL sales designated as normal sales agreements | 0.3 | ||||
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] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | Bcf | [2],[3] | 7.4 | |||
Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[4] | 1.1 | |||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted purchases of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 0.3 | |||
Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 1.2 | |||
Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | Bcf | [2],[3] | 5.2 | |||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 143.3 | |||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 5.6 | |||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 179.7 | |||
Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 16.6 | |||
Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 0.8 | |||
Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 0.7 | |||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 46.8 | |||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 8.1 | |||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 54 | |||
Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted sales of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 11.5 | |||
Designated as Hedging Instrument [Member] | Refined products marketing: Refined products inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 0.1 | |||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 51 | |||
Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 65.2 | |||
Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted sales of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3] | 0.3 | |||
Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | Bcf | [2],[3],[5] | 37.9 | |||
Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | Bcf | [2],[3],[5] | 0.7 | |||
Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[5] | 4 | |||
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[5] | 26.4 | |||
Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[5] | 10.8 | |||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[5] | 19.5 | |||
Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member] | |||||
Derivative [Line Items] | |||||
Volume | [2],[3],[5] | 5.9 | |||
[1] | These swaps were entered into during the first quarter of 2020. | ||||
[2] | The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2022, December 2021 and December 2022, respectively. | ||||
[3] | 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. | ||||
[4] | Forecasted NGL sales volumes under natural gas processing exclude 0.3 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements. | ||||
[5] | Reflects the use of derivative instruments to manage risks associated with our 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, 2020 | Dec. 31, 2019 |
Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 5.7 | |
Liability Derivatives | 193.6 | $ 13.5 |
Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 139.4 | 127.8 |
Liability Derivatives | 190.2 | 116.2 |
Derivatives designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 119.3 | 116.5 |
Liability Derivatives | 373.2 | 120.6 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5.7 | 0 |
Liability Derivatives | 193.6 | 13.5 |
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 | 5.7 | 0 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 160.7 | 6.7 |
Derivatives designated as hedging instruments [Member] | Interest rate derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 32.9 | 6.8 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 113.6 | 116.5 |
Liability Derivatives | 179.6 | 107.1 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 109.3 | 116.5 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 4.3 | 0 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 159.4 | 107.1 |
Derivatives designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 20.2 | 0 |
Derivatives not designated as hedging instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 25.8 | 11.3 |
Liability Derivatives | 10.6 | 9.1 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 25.8 | 11.3 |
Liability Derivatives | 10.6 | 9.1 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 23.6 | 10.7 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.2 | 0.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 9.6 | 8.6 |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1 | $ 0.5 |
Derivative Instruments, Hedgi_5
Derivative Instruments, Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Interest rate derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 5.7 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Amounts of Assets Presented in the Balance Sheet | 5.7 | |
Financial Instruments | 0 | |
Cash Collateral Received | 0 | |
Cash Collateral Paid | 0 | |
Amounts That Would Have Been Presented On Net Basis | 5.7 | |
Commodity Derivatives [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 139.4 | $ 127.8 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Assets Presented in the Balance Sheet | 139.4 | 127.8 |
Financial Instruments | (139.4) | (115.3) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 50.4 | (11) |
Amounts That Would Have Been Presented On Net Basis | $ 50.4 | $ 1.5 |
Derivative Instruments, Hedgi_6
Derivative Instruments, Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Interest rate derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 193.6 | $ 13.5 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 193.6 | 13.5 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | 193.6 | 13.5 |
Commodity Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 190.2 | 116.2 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Amounts of Liabilities Presented in the Balance Sheet | 190.2 | 116.2 |
Financial Instruments | (139.4) | (115.3) |
Cash Collateral Received | 0 | 0 |
Cash Collateral Paid | 0 | 0 |
Amounts That Would Have Been Presented On Net Basis | $ 50.8 | $ 0.9 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gains (losses) | $ (37.7) | $ 9.1 | $ 53.7 | $ 92.9 | |
Derivatives in fair value hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | (19.8) | (0.4) | (69.1) | (2) | |
Gain (Loss) Recognized in Income on Hedged Item | 22.4 | 2.4 | 142.6 | 8.7 | |
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 | (19.8) | (0.4) | (69.1) | (2) | |
Gain (Loss) Recognized in Income on Hedged Item | 22.4 | 2.4 | 142.6 | 8.7 | |
Derivatives in cash flow hedging relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | 58.4 | 53.7 | 185 | 34.8 | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (39.4) | 82.1 | 305.6 | 124.2 | |
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 | 62.6 | (18.6) | (207.7) | (23.8) | |
Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months | (40.8) | (40.8) | |||
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 | (9.9) | (9.4) | (29.2) | (27.8) | |
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 | 174.3 | 174.3 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months | 175.5 | 175.5 | |||
Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months | (1.2) | (1.2) | |||
Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | [1] | 2.6 | 73.5 | 404.5 | 71.1 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (19.5) | 93.6 | 344.7 | 161.4 | |
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] | (6.8) | (1.2) | (11.8) | (12.5) |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | (10) | (2.1) | (9.9) | (9.4) | |
Derivatives not designated as hedging instruments [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | 14.8 | (74.7) | 114.3 | (4.5) | |
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 | 0 | (94.9) | 0 | (94.9) | |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Realized gains (losses) | 59.6 | ||||
Unrealized gains (losses) | 54.7 | ||||
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 | 14.7 | 21.8 | 113.4 | 96.7 | |
Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Loss) Recognized in Income on Derivative | $ 0.1 | $ (1.6) | $ 0.9 | $ (6.3) | |
[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. |
Derivative Instruments, Hedgi_8
Derivative Instruments, Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Mar. 05, 2020 | Dec. 31, 2019 |
Financial liabilities [Abstract] | |||
Liquidity Option | $ 511.9 | ||
Fair Value, Measurements, Recurring [Member] | |||
Financial assets [Abstract] | |||
Interest rate derivatives | $ 5.7 | ||
Value before application of CME Rule 814 | 949.2 | $ 397.2 | |
Impact of CME Rule 814 | (809.8) | (269.4) | |
Total commodity derivatives | 139.4 | 127.8 | |
Total | 145.1 | 127.8 | |
Financial liabilities [Abstract] | |||
Liquidity Option | 509.6 | ||
Interest rate derivatives | 193.6 | 13.5 | |
Commodity derivatives: | |||
Value before application of CME Rule 814 | 1,306 | 362 | |
Impact of CME Rule 814 | (1,115.8) | (245.8) | |
Total commodity derivatives | 190.2 | 116.2 | |
Total | 383.8 | 639.3 | |
Net value before application of CME Rule 814 to commodity hedging portfolio | (356.8) | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Financial assets [Abstract] | |||
Interest rate derivatives | 0 | ||
Value before application of CME Rule 814 | 442.4 | 53.4 | |
Impact of CME Rule 814 | (417.8) | (47) | |
Total commodity derivatives | 24.6 | 6.4 | |
Total | 24.6 | 6.4 | |
Financial liabilities [Abstract] | |||
Liquidity Option | 0 | ||
Interest rate derivatives | 0 | 0 | |
Commodity derivatives: | |||
Value before application of CME Rule 814 | 637.9 | 88.1 | |
Impact of CME Rule 814 | (613.6) | (81.9) | |
Total commodity derivatives | 24.3 | 6.2 | |
Total | 24.3 | 6.2 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Financial assets [Abstract] | |||
Interest rate derivatives | 5.7 | ||
Value before application of CME Rule 814 | 454.1 | 343.7 | |
Impact of CME Rule 814 | (352.3) | (222.4) | |
Total commodity derivatives | 101.8 | 121.3 | |
Total | 107.5 | 121.3 | |
Financial liabilities [Abstract] | |||
Liquidity Option | 0 | ||
Interest rate derivatives | 193.6 | 13.5 | |
Commodity derivatives: | |||
Value before application of CME Rule 814 | 567.9 | 273.6 | |
Impact of CME Rule 814 | (433.5) | (163.9) | |
Total commodity derivatives | 134.4 | 109.7 | |
Total | 328 | 123.2 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Financial assets [Abstract] | |||
Interest rate derivatives | 0 | ||
Value before application of CME Rule 814 | 52.7 | 0.1 | |
Impact of CME Rule 814 | (39.7) | 0 | |
Total commodity derivatives | 13 | 0.1 | |
Total | 13 | 0.1 | |
Financial liabilities [Abstract] | |||
Liquidity Option | 509.6 | ||
Interest rate derivatives | 0 | 0 | |
Commodity derivatives: | |||
Value before application of CME Rule 814 | 100.2 | 0.3 | |
Impact of CME Rule 814 | (68.7) | 0 | |
Total commodity derivatives | 31.5 | 0.3 | |
Total | $ 31.5 | $ 509.9 |
Derivative Instruments, Hedgi_9
Derivative Instruments, Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 29,900 | $ 27,150 |
Level 2 [Member] | Fair Value [Member] | ||
Financial Liabilities: [Abstract] | ||
Fixed Rate Debt Principal Amount Fair Value Disclosure | $ 32,800 | $ 30,370 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues - related parties: | |||||
Total revenue - related parties | $ 7.5 | $ 15.6 | $ 29.2 | $ 53.7 | |
Costs and expenses - related parties: | |||||
Operating costs and expenses | 283 | 356.1 | 914.5 | 1,051.9 | |
General and administrative expenses | 34 | 36.4 | 99.7 | 99.3 | |
Total costs and expenses - related parties | 317 | 392.5 | 1,014.2 | 1,151.2 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 4.1 | 4.1 | $ 2.5 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 121.3 | 121.3 | 162.3 | ||
EPCO and its privately held affiliates [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 283.9 | 297.8 | 847 | 837.9 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 2.2 | 2.2 | 0 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | 113.8 | 113.8 | 143.7 | ||
Distributions: | |||||
Total cash distributions | 908.2 | 893.1 | |||
EPCO and its privately held affiliates [Member] | Administrative Services Agreement [Member] | |||||
Costs and expenses - related parties: | |||||
Operating costs and expenses | 247.8 | 259.3 | 740.9 | 732 | |
General and administrative expenses | 32.1 | 34.2 | 94.6 | 92.9 | |
Total costs and expenses - related parties | 279.9 | 293.5 | 835.5 | 824.9 | |
EPCO and its privately held affiliates [Member] | Related Party Operating Leases [Member] | |||||
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | $ 3.3 | 3.8 | $ 9.6 | 11.1 | |
EPCO and its privately held affiliates [Member] | Common Units [Member] | |||||
Relationship with Affiliates [Abstract] | |||||
Total Number of Units (in units) | 701,981,017 | 701,981,017 | |||
Percentage of total units outstanding | 32.20% | 32.20% | |||
Enterprise common units pledged as security (in units) | 97,322,618 | 97,322,618 | |||
EPCO and its privately held affiliates [Member] | Preferred Units [Member] | |||||
Relationship with Affiliates [Abstract] | |||||
Total Number of Units (in units) | 15,000 | 15,000 | |||
Percentage of total units outstanding | 30.00% | 30.00% | |||
Unconsolidated affiliates [Member] | |||||
Revenues - related parties: | |||||
Total revenue - related parties | $ 7.5 | 15.6 | $ 29.2 | 53.7 | |
Costs and expenses - related parties: | |||||
Total costs and expenses - related parties | 33.1 | $ 94.7 | 167.2 | $ 313.3 | |
Accounts receivable - related parties: | |||||
Total accounts receivable - related parties | 1.9 | 1.9 | 2.5 | ||
Accounts payable - related parties: | |||||
Total accounts payable - related parties | $ 7.5 | $ 7.5 | $ 18.6 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Scheduled maturities of debt obligations [Abstract] | ||
Principal amount of consolidated debt obligations outstanding | $ 30,146.4 | $ 27,878.4 |
Litigation matters [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation accruals on an undiscounted basis | $ 6.9 | $ 0.2 |
Commitments and Contingencies,
Commitments and Contingencies, Operating Leases (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 341.1 | |
Lease liability carrying value | 354.2 | |
Lease liability, current | 28.6 | |
Lease liability, noncurrent | 325.6 | |
Increase in ROU asset during the period | 130.9 | |
Increase in lease liability during the period | 142.2 | |
Storage and Pipeline Facilities [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | 131 | [1] |
Lease liability carrying value | $ 131.5 | [2] |
Weighted-average remaining term | 16 years | |
Weighted-average discount rate | 4.30% | [3] |
Transportation Equipment [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 37.4 | [1] |
Lease liability carrying value | $ 39.7 | [2] |
Weighted-average remaining term | 3 years | |
Weighted-average discount rate | 3.50% | [3] |
Office and Warehouse Space [Member] | ||
Operating Leases [Abstract] | ||
ROU asset carrying value | $ 172.7 | [1] |
Lease liability carrying value | $ 183 | [2] |
Weighted-average remaining term | 16 years | |
Weighted-average discount rate | 3.20% | [3] |
[1] | Right-of-use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet. | |
[2] | At September 30, 2020, lease liabilities of $28.6 million and $325.6 million were included within “Other current liabilities” and “Other liabilities,” respectively. | |
[3] | The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842, Leases. |
Commitments and Contingencies_3
Commitments and Contingencies, Consolidated Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Consolidated Lease Expense [Abstract] | |||||
Non-cash lease expense (amortization of ROU assets) | $ 9.8 | $ 10.7 | $ 29.6 | $ 32.4 | |
Related accretion expense on lease liability balances | 3.1 | 2.1 | 9.8 | 6.9 | |
Total fixed lease expense | 12.9 | 12.8 | 39.4 | 39.3 | |
Variable lease expense | 0.1 | 1.6 | 0.4 | 4.5 | |
Subtotal operating lease expense | 13 | 14.4 | 39.8 | 43.8 | |
Short-term operating leases | 12.3 | 12.4 | 37.3 | 35.9 | |
Total operating lease expense | 25.3 | 26.8 | 77.1 | 79.7 | |
Cash payments for operating lease liabilities | 9.8 | 13 | 28.1 | 39.4 | |
Operating lease income | 2.3 | $ 3.5 | 8.4 | $ 10.7 | |
Operating lease commitments | $ 469.2 | $ 469.2 | $ 271.2 |
Commitments and Contingencies_4
Commitments and Contingencies, Purchase Obligations (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Decrease in unrecorded unconditional purchase obligations during the period | $ (6,300) | |
Unrecorded purchase obligation, in total | $ 14,270 | $ 20,570 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Decrease (increase) in: | ||||||
Accounts receivable - trade | $ 1,119.5 | $ (578) | ||||
Accounts receivable - related parties | 1 | 1.6 | ||||
Inventories | (1,063.2) | (44.2) | ||||
Prepaid and other current assets | 288.2 | (305.3) | ||||
Other assets | (27.7) | (18.3) | ||||
Increase (decrease) in: | ||||||
Accounts payable - trade | 147 | (55.4) | ||||
Accounts payable - related parties | (41) | 31 | ||||
Accrued product payables | (621.9) | 666.6 | ||||
Accrued interest | (196.6) | (158.4) | ||||
Other current liabilities | (212.3) | 133.6 | ||||
Other liabilities | (85) | (82.2) | ||||
Net effect of changes in operating accounts | (692) | (409) | ||||
Cash payments for interest, net of $96.9 and $102.9 capitalized during the nine months ended September 30, 2020 and 2019, respectively | 1,107.4 | 996.1 | ||||
Capitalized interest | [1] | $ 34.5 | $ 33.9 | 96.9 | 102.9 | |
Cash payments for federal and state income taxes | 24.9 | $ 24.7 | ||||
Liability for construction in progress expenditures | $ 272.1 | $ 432 | ||||
[1] | 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. |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information, Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||||||
Cash and cash equivalents and restricted cash | $ 1,131.1 | $ 410 | $ 1,207.8 | $ 410.1 | ||
Accounts receivable - trade, net | 3,776.2 | 4,873.6 | ||||
Accounts receivable - related parties | 4.1 | 2.5 | ||||
Inventories | 3,192.6 | 2,091.4 | ||||
Derivative assets | 132.9 | 127.2 | ||||
Prepaid and other current assets | 556.4 | 358.2 | ||||
Total current assets | 8,793.3 | 7,862.9 | ||||
Property, plant and equipment, net | 42,360.1 | 41,603.4 | ||||
Investments in unconsolidated affiliates | 2,485.4 | 2,600.2 | ||||
Intangible assets, net | 3,348.6 | 3,449 | ||||
Goodwill | 5,745.2 | 5,745.2 | ||||
Other assets | 1,003.6 | 472.5 | ||||
Total assets | 63,736.2 | 61,733.2 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,325 | 1,981.9 | ||||
Accounts payable - trade | 896 | 1,004.5 | ||||
Accounts payable - related parties | 121.3 | 162.3 | ||||
Accrued product payables | 4,317.1 | 4,915.7 | ||||
Accrued interest | 235.1 | 431.7 | ||||
Derivative liabilities | 329.7 | 122.4 | ||||
Other current liabilities | 622.7 | 511.2 | ||||
Total current liabilities | 7,846.9 | 9,129.7 | ||||
Long-term debt | 28,537 | 25,643.2 | ||||
Deferred tax liabilities | 463.3 | 100.4 | ||||
Other long-term liabilities | 735.2 | 1,032.4 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 49.1 | |||||
Equity: | ||||||
Partners' and other owners' equity | 25,035.3 | 24,764 | ||||
Noncontrolling interests in consolidated subsidiaries | 1,069.4 | 1,063.5 | ||||
Total equity | 26,104.7 | $ 25,941.4 | 25,827.5 | 25,525.5 | $ 24,975.4 | 24,292.2 |
Total liabilities, preferred units, and equity | 63,736.2 | 61,733.2 | ||||
Eliminations and Adjustments [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 0 | 0 | 0 | 0 | ||
Accounts receivable - trade, net | 0 | 0 | ||||
Accounts receivable - related parties | (8.7) | (6.9) | ||||
Inventories | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Prepaid and other current assets | 0.6 | 0 | ||||
Total current assets | (8.1) | (6.9) | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | (25,092.9) | (25,279.3) | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 0 | 0 | ||||
Total assets | (25,101) | (25,286.2) | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 0 | 0 | ||||
Accounts payable - related parties | (8.7) | (6.9) | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Other current liabilities | 0 | (0.2) | ||||
Total current liabilities | (8.7) | (7.1) | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 4.1 | 3.4 | ||||
Other long-term liabilities | 0 | 0 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | (0.1) | |||||
Equity: | ||||||
Partners' and other owners' equity | (25,057.5) | (25,247.1) | ||||
Noncontrolling interests in consolidated subsidiaries | (38.8) | (35.4) | ||||
Total equity | (25,096.3) | (25,282.5) | ||||
Total liabilities, preferred units, and equity | (25,101) | (25,286.2) | ||||
Subsidiary Issuer (EPO) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 863.2 | 109.2 | 1,004.2 | 393.4 | ||
Accounts receivable - trade, net | 1,155.1 | 1,471.1 | ||||
Accounts receivable - related parties | 145.8 | 233.1 | ||||
Inventories | 2,447.6 | 1,351.3 | ||||
Derivative assets | 101.6 | 115.2 | ||||
Prepaid and other current assets | 269.8 | 221 | ||||
Total current assets | 4,983.1 | 3,500.9 | ||||
Property, plant and equipment, net | 6,685.4 | 6,413.3 | ||||
Investments in unconsolidated affiliates | 46,284.9 | 45,514 | ||||
Intangible assets, net | 624.3 | 636.7 | ||||
Goodwill | 459.5 | 459.5 | ||||
Other assets | 907 | 404.9 | ||||
Total assets | 59,944.2 | 56,929.3 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,325 | 1,981.9 | ||||
Accounts payable - trade | 288.3 | 301.4 | ||||
Accounts payable - related parties | 891.1 | 977.5 | ||||
Accrued product payables | 1,879.1 | 1,895.4 | ||||
Accrued interest | 235 | 431.6 | ||||
Derivative liabilities | 329.3 | 114.2 | ||||
Other current liabilities | 201.8 | 120.5 | ||||
Total current liabilities | 5,149.6 | 5,822.5 | ||||
Long-term debt | 28,522.4 | 25,628.6 | ||||
Deferred tax liabilities | 25.5 | 22.2 | ||||
Other long-term liabilities | 370 | 161.2 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 0 | |||||
Equity: | ||||||
Partners' and other owners' equity | 25,876.7 | 25,294.8 | ||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||||
Total equity | 25,876.7 | 25,294.8 | ||||
Total liabilities, preferred units, and equity | 59,944.2 | 56,929.3 | ||||
Other Subsidiaries (Non-guarantor) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 292.5 | 315.8 | 235.7 | 50.3 | ||
Accounts receivable - trade, net | 2,621.9 | 3,403.8 | ||||
Accounts receivable - related parties | 782 | 799.9 | ||||
Inventories | 745.3 | 740.4 | ||||
Derivative assets | 31.3 | 12 | ||||
Prepaid and other current assets | 445.5 | 183.5 | ||||
Total current assets | 4,918.5 | 5,455.4 | ||||
Property, plant and equipment, net | 35,715 | 35,233.6 | ||||
Investments in unconsolidated affiliates | 4,840.8 | 4,165.7 | ||||
Intangible assets, net | 2,741 | 2,852.3 | ||||
Goodwill | 5,285.7 | 5,285.7 | ||||
Other assets | 335 | 288.5 | ||||
Total assets | 53,836 | 53,281.2 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 631.4 | 717.7 | ||||
Accounts payable - related parties | 158.1 | 222.3 | ||||
Accrued product payables | 2,439 | 3,021.9 | ||||
Accrued interest | 3.2 | 0.9 | ||||
Derivative liabilities | 0.4 | 8.2 | ||||
Other current liabilities | 579.1 | 438.2 | ||||
Total current liabilities | 3,811.2 | 4,409.2 | ||||
Long-term debt | 14.6 | 14.6 | ||||
Deferred tax liabilities | 434.2 | 75.6 | ||||
Other long-term liabilities | 607.3 | 608.9 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 0 | |||||
Equity: | ||||||
Partners' and other owners' equity | 48,905.3 | 48,107.6 | ||||
Noncontrolling interests in consolidated subsidiaries | 63.4 | 65.3 | ||||
Total equity | 48,968.7 | 48,172.9 | ||||
Total liabilities, preferred units, and equity | 53,836 | 53,281.2 | ||||
Consolidated EPO and Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 1,131 | 409.9 | 1,207.8 | 410.1 | ||
Accounts receivable - trade, net | 3,776.2 | 4,873.6 | ||||
Accounts receivable - related parties | 12.8 | 9.4 | ||||
Inventories | 3,192.6 | 2,091.4 | ||||
Derivative assets | 132.9 | 127.2 | ||||
Prepaid and other current assets | 555.6 | 358.2 | ||||
Total current assets | 8,801.1 | 7,869.7 | ||||
Property, plant and equipment, net | 42,360.1 | 41,603.4 | ||||
Investments in unconsolidated affiliates | 2,485.4 | 2,600.2 | ||||
Intangible assets, net | 3,348.6 | 3,449 | ||||
Goodwill | 5,745.2 | 5,745.2 | ||||
Other assets | 1,002.6 | 471.5 | ||||
Total assets | 63,743 | 61,739 | ||||
Current liabilities: | ||||||
Current maturities of debt | 1,325 | 1,981.9 | ||||
Accounts payable - trade | 895 | 1,004.5 | ||||
Accounts payable - related parties | 121.3 | 162.3 | ||||
Accrued product payables | 4,317.1 | 4,915.7 | ||||
Accrued interest | 235.1 | 431.7 | ||||
Derivative liabilities | 329.7 | 122.4 | ||||
Other current liabilities | 622.7 | 511.4 | ||||
Total current liabilities | 7,845.9 | 9,129.9 | ||||
Long-term debt | 28,537 | 25,643.2 | ||||
Deferred tax liabilities | 459.2 | 97 | ||||
Other long-term liabilities | 735.2 | 522.9 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 0 | |||||
Equity: | ||||||
Partners' and other owners' equity | 25,057.5 | 25,247.1 | ||||
Noncontrolling interests in consolidated subsidiaries | 1,108.2 | 1,098.9 | ||||
Total equity | 26,165.7 | 26,346 | ||||
Total liabilities, preferred units, and equity | 63,743 | 61,739 | ||||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | (24.7) | (15.1) | (32.1) | (33.6) | ||
Accounts receivable - trade, net | (0.8) | (1.3) | ||||
Accounts receivable - related parties | (915) | (1,023.6) | ||||
Inventories | (0.3) | (0.3) | ||||
Derivative assets | 0 | 0 | ||||
Prepaid and other current assets | (159.7) | (46.3) | ||||
Total current assets | (1,100.5) | (1,086.6) | ||||
Property, plant and equipment, net | (40.3) | (43.5) | ||||
Investments in unconsolidated affiliates | (48,640.3) | (47,079.5) | ||||
Intangible assets, net | (16.7) | (40) | ||||
Goodwill | 0 | 0 | ||||
Other assets | (239.4) | (221.9) | ||||
Total assets | (50,037.2) | (48,471.5) | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | (24.7) | (14.6) | ||||
Accounts payable - related parties | (927.9) | (1,037.5) | ||||
Accrued product payables | (1) | (1.6) | ||||
Accrued interest | (3.1) | (0.8) | ||||
Derivative liabilities | 0 | 0 | ||||
Other current liabilities | (158.2) | (47.3) | ||||
Total current liabilities | (1,114.9) | (1,101.8) | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | (0.5) | (0.8) | ||||
Other long-term liabilities | (242.1) | (247.2) | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 0 | |||||
Equity: | ||||||
Partners' and other owners' equity | (49,724.5) | (48,155.3) | ||||
Noncontrolling interests in consolidated subsidiaries | 1,044.8 | 1,033.6 | ||||
Total equity | (48,679.7) | (47,121.7) | ||||
Total liabilities, preferred units, and equity | (50,037.2) | (48,471.5) | ||||
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents and restricted cash | 0.1 | 0.1 | $ 0 | $ 0 | ||
Accounts receivable - trade, net | 0 | 0 | ||||
Accounts receivable - related parties | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Prepaid and other current assets | 0.2 | 0 | ||||
Total current assets | 0.3 | 0.1 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investments in unconsolidated affiliates | 25,092.9 | 25,279.3 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 1 | 1 | ||||
Total assets | 25,094.2 | 25,280.4 | ||||
Current liabilities: | ||||||
Current maturities of debt | 0 | 0 | ||||
Accounts payable - trade | 1 | 0 | ||||
Accounts payable - related parties | 8.7 | 6.9 | ||||
Accrued product payables | 0 | 0 | ||||
Accrued interest | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Other current liabilities | 0 | 0 | ||||
Total current liabilities | 9.7 | 6.9 | ||||
Long-term debt | 0 | 0 | ||||
Deferred tax liabilities | 0 | 0 | ||||
Other long-term liabilities | 0 | 509.5 | ||||
Commitments and contingent liabilities | ||||||
Redeemable preferred limited partner interests | 49.2 | |||||
Equity: | ||||||
Partners' and other owners' equity | 25,035.3 | 24,764 | ||||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | ||||
Total equity | 25,035.3 | 24,764 | ||||
Total liabilities, preferred units, and equity | $ 25,094.2 | $ 25,280.4 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information, Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | $ 6,922 | $ 7,964.1 | $ 20,155.5 | $ 24,783.9 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 | ||
General and administrative costs | 50.3 | 55.5 | 162.8 | 160.2 | ||
Total costs and expenses | 5,621.5 | 6,629.2 | 16,164.7 | 20,554.5 | ||
Equity in income of unconsolidated affiliates | 82 | 139.3 | 336.1 | 431.3 | ||
Operating income | 1,382.5 | 1,474.2 | 4,326.9 | 4,660.7 | ||
Other income (expense): | ||||||
Interest expense | (320.5) | (382.9) | (958.2) | (950.2) | ||
Other, net | 2.9 | (31.1) | 12.5 | (111.4) | ||
Total other expense, net | (317.6) | (414) | (945.7) | (1,061.6) | ||
Income before income taxes | 1,064.9 | 1,060.2 | 3,381.2 | 3,599.1 | ||
Benefit from (provision for) income taxes | 19.1 | (15.4) | 138.6 | (37.4) | ||
Net income | 1,084 | 1,044.8 | 3,519.8 | 3,561.7 | ||
Net income attributable to noncontrolling interests | (31.4) | (25.6) | (82.4) | (67.3) | ||
Net income attributable to preferred units | 0 | [1] | 0 | 0 | [1] | 0 |
Net income attributable to entity | 1,052.6 | 1,019.2 | 3,437.4 | 3,494.4 | ||
Eliminations and Adjustments [Member] | ||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 0 | 0 | 0 | 0 | ||
General and administrative costs | 0 | 0 | 0 | 0 | ||
Total costs and expenses | 0 | 0 | 0 | 0 | ||
Equity in income of unconsolidated affiliates | (1,053) | (1,058.2) | (3,368.9) | (3,619.4) | ||
Operating income | (1,053) | (1,058.2) | (3,368.9) | (3,619.4) | ||
Other income (expense): | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Other, net | 0 | 0 | 0 | 0 | ||
Total other expense, net | 0 | 0 | 0 | 0 | ||
Income before income taxes | (1,053) | (1,058.2) | (3,368.9) | (3,619.4) | ||
Benefit from (provision for) income taxes | (0.5) | (0.3) | (1.1) | (0.9) | ||
Net income | (1,053.5) | (1,058.5) | (3,370) | (3,620.3) | ||
Net income attributable to noncontrolling interests | 1.7 | 1.3 | 4.7 | 4.1 | ||
Net income attributable to preferred units | 0.2 | 0.2 | ||||
Net income attributable to entity | (1,051.6) | (1,057.2) | (3,365.1) | (3,616.2) | ||
Subsidiary Issuer (EPO) [Member] | ||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | 11,392.7 | 8,268.7 | 29,836.7 | 25,664.8 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 11,053.8 | 7,950.9 | 28,856.1 | 24,670.6 | ||
General and administrative costs | 8.1 | 9.4 | 28.5 | 22.6 | ||
Total costs and expenses | 11,061.9 | 7,960.3 | 28,884.6 | 24,693.2 | ||
Equity in income of unconsolidated affiliates | 923.7 | 1,131.9 | 2,972.6 | 3,606.9 | ||
Operating income | 1,254.5 | 1,440.3 | 3,924.7 | 4,578.5 | ||
Other income (expense): | ||||||
Interest expense | (320.8) | (383.2) | (959) | (950.9) | ||
Other, net | 4.4 | 8.7 | 17.4 | 16 | ||
Total other expense, net | (316.4) | (374.5) | (941.6) | (934.9) | ||
Income before income taxes | 938.1 | 1,065.8 | 2,983.1 | 3,643.6 | ||
Benefit from (provision for) income taxes | (1.7) | (8.5) | (10.5) | (18.2) | ||
Net income | 936.4 | 1,057.3 | 2,972.6 | 3,625.4 | ||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income attributable to preferred units | 0 | 0 | ||||
Net income attributable to entity | 936.4 | 1,057.3 | 2,972.6 | 3,625.4 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | 4,135.4 | 5,238.9 | 12,609.5 | 16,618.5 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 3,124.1 | 4,166.6 | 9,438.6 | 13,216.2 | ||
General and administrative costs | 41.2 | 45.4 | 130.6 | 133.4 | ||
Total costs and expenses | 3,165.3 | 4,212 | 9,569.2 | 13,349.6 | ||
Equity in income of unconsolidated affiliates | 114.3 | 167.1 | 422.3 | 496.8 | ||
Operating income | 1,084.4 | 1,194 | 3,462.6 | 3,765.7 | ||
Other income (expense): | ||||||
Interest expense | (2.5) | (2.6) | (7.6) | (7.8) | ||
Other, net | (114.1) | 1.8 | (386.9) | 4.2 | ||
Total other expense, net | (116.6) | (0.8) | (394.5) | (3.6) | ||
Income before income taxes | 967.8 | 1,193.2 | 3,068.1 | 3,762.1 | ||
Benefit from (provision for) income taxes | 21.3 | (6.6) | 78.3 | (18.3) | ||
Net income | 989.1 | 1,186.6 | 3,146.4 | 3,743.8 | ||
Net income attributable to noncontrolling interests | (1.8) | (1.5) | (4.6) | (4.9) | ||
Net income attributable to preferred units | 0 | 0 | ||||
Net income attributable to entity | 987.3 | 1,185.1 | 3,141.8 | 3,738.9 | ||
Consolidated EPO and Subsidiaries [Member] | ||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | 6,922 | 7,964.1 | 20,155.5 | 24,783.9 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 5,571.2 | 6,573.7 | 16,001.9 | 20,394.3 | ||
General and administrative costs | 50 | 55.2 | 161.2 | 158.3 | ||
Total costs and expenses | 5,621.2 | 6,628.9 | 16,163.1 | 20,552.6 | ||
Equity in income of unconsolidated affiliates | 82 | 139.3 | 336.1 | 431.3 | ||
Operating income | 1,382.8 | 1,474.5 | 4,328.5 | 4,662.6 | ||
Other income (expense): | ||||||
Interest expense | (320.5) | (382.9) | (958.2) | (950.2) | ||
Other, net | 2.9 | 7.6 | 14.5 | 11.7 | ||
Total other expense, net | (317.6) | (375.3) | (943.7) | (938.5) | ||
Income before income taxes | 1,065.2 | 1,099.2 | 3,384.8 | 3,724.1 | ||
Benefit from (provision for) income taxes | 19.5 | (15.1) | 67.4 | (36.5) | ||
Net income | 1,084.7 | 1,084.1 | 3,452.2 | 3,687.6 | ||
Net income attributable to noncontrolling interests | (33.1) | (26.9) | (87.1) | (71.4) | ||
Net income attributable to preferred units | 0 | 0 | ||||
Net income attributable to entity | 1,051.6 | 1,057.2 | 3,365.1 | 3,616.2 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||||
Unaudited Condensed Consolidating Statement of Operations | ||||||
Revenues | (8,606.1) | (5,543.5) | (22,290.7) | (17,499.4) | ||
Costs and expenses: | ||||||
Operating costs and expenses | (8,606.7) | (5,543.8) | (22,292.8) | (17,492.5) | ||
General and administrative costs | 0.7 | 0.4 | 2.1 | 2.3 | ||
Total costs and expenses | (8,606) | (5,543.4) | (22,290.7) | (17,490.2) | ||
Equity in income of unconsolidated affiliates | (956) | (1,159.7) | (3,058.8) | (3,672.4) | ||
Operating income | (956.1) | (1,159.8) | (3,058.8) | (3,681.6) | ||
Other income (expense): | ||||||
Interest expense | 2.8 | 2.9 | 8.4 | 8.5 | ||
Other, net | 112.6 | (2.9) | 384 | (8.5) | ||
Total other expense, net | 115.4 | 0 | 392.4 | 0 | ||
Income before income taxes | (840.7) | (1,159.8) | (2,666.4) | (3,681.6) | ||
Benefit from (provision for) income taxes | (0.1) | 0 | (0.4) | 0 | ||
Net income | (840.8) | (1,159.8) | (2,666.8) | (3,681.6) | ||
Net income attributable to noncontrolling interests | (31.3) | (25.4) | (82.5) | (66.5) | ||
Net income attributable to preferred units | 0 | 0 | ||||
Net income attributable to entity | (872.1) | (1,185.2) | (2,749.3) | (3,748.1) | ||
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 | 1.6 | 1.9 | ||
Total costs and expenses | 0.3 | 0.3 | 1.6 | 1.9 | ||
Equity in income of unconsolidated affiliates | 1,053 | 1,058.2 | 3,368.9 | 3,619.4 | ||
Operating income | 1,052.7 | 1,057.9 | 3,367.3 | 3,617.5 | ||
Other income (expense): | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Other, net | 0 | (38.7) | (2) | (123.1) | ||
Total other expense, net | 0 | (38.7) | (2) | (123.1) | ||
Income before income taxes | 1,052.7 | 1,019.2 | 3,365.3 | 3,494.4 | ||
Benefit from (provision for) income taxes | 0.1 | 0 | 72.3 | 0 | ||
Net income | 1,052.8 | 1,019.2 | 3,437.6 | 3,494.4 | ||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income attributable to preferred units | (0.2) | (0.2) | ||||
Net income attributable to entity | $ 1,052.6 | $ 1,019.2 | $ 3,437.4 | $ 3,494.4 | ||
[1] | * Amount is negligible |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information, Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | $ 1,181.8 | $ 1,016.4 | $ 3,399.1 | $ 3,471.7 | ||
Comprehensive income attributable to noncontrolling interests | (31.4) | (25.6) | (82.4) | (67.3) | ||
Comprehensive income attributable to preferred units | 0 | [1] | 0 | 0 | [1] | 0 |
Comprehensive income attributable to entity | 1,150.4 | 990.8 | 3,316.7 | 3,404.4 | ||
Eliminations and Adjustments [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | (1,151.2) | (1,030.1) | (3,249.3) | (3,530.3) | ||
Comprehensive income attributable to noncontrolling interests | 1.7 | 1.3 | 4.7 | 4.1 | ||
Comprehensive income attributable to preferred units | 0.2 | 0.2 | ||||
Comprehensive income attributable to entity | (1,149.3) | (1,028.8) | (3,244.4) | (3,526.2) | ||
Subsidiary Issuer (EPO) [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | 1,083 | 1,038.7 | 2,767.1 | 3,628.6 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to preferred units | 0 | 0 | ||||
Comprehensive income attributable to entity | 1,083 | 1,038.7 | 2,767.1 | 3,628.6 | ||
Other Subsidiaries (Non-guarantor) [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | 940.4 | 1,176.8 | 3,231.4 | 3,650.6 | ||
Comprehensive income attributable to noncontrolling interests | (1.8) | (1.5) | (4.6) | (4.9) | ||
Comprehensive income attributable to preferred units | 0 | 0 | ||||
Comprehensive income attributable to entity | 938.6 | 1,175.3 | 3,226.8 | 3,645.7 | ||
Consolidated EPO and Subsidiaries [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | 1,182.6 | 1,055.7 | 3,331.7 | 3,597.6 | ||
Comprehensive income attributable to noncontrolling interests | (33.1) | (26.9) | (87.1) | (71.4) | ||
Comprehensive income attributable to preferred units | 0 | 0 | ||||
Comprehensive income attributable to entity | 1,149.5 | 1,028.8 | 3,244.6 | 3,526.2 | ||
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | (840.8) | (1,159.8) | (2,666.8) | (3,681.6) | ||
Comprehensive income attributable to noncontrolling interests | (31.3) | (25.4) | (82.5) | (66.5) | ||
Comprehensive income attributable to preferred units | 0 | 0 | ||||
Comprehensive income attributable to entity | (872.1) | (1,185.2) | (2,749.3) | (3,748.1) | ||
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||||
Unaudited Condensed Consolidating Statement of Comprehensive Income | ||||||
Comprehensive income | 1,150.4 | 990.8 | 3,316.7 | 3,404.4 | ||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to preferred units | (0.2) | (0.2) | ||||
Comprehensive income attributable to entity | $ 1,150.2 | $ 990.8 | $ 3,316.5 | $ 3,404.4 | ||
[1] | * Amount is negligible |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||||
Net income | $ 1,084 | $ 1,044.8 | $ 3,519.8 | $ 3,561.7 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,545.1 | 1,456.7 | ||
Equity in income of unconsolidated affiliates | (82) | (139.3) | (336.1) | (431.3) |
Distributions received from unconsolidated affiliates attributable to earnings | 337.4 | 431.2 | ||
Net effect of changes in operating accounts and other operating activities | (774.6) | (192.1) | ||
Net cash flows provided by operating activities | 4,291.6 | 4,826.2 | ||
Investing activities: | ||||
Capital expenditures | (2,671.6) | (3,302.1) | ||
Proceeds from asset sales | 8.4 | 16.8 | ||
Other investing activities | 99 | (87.5) | ||
Cash used in investing activities | (2,564.2) | (3,372.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 6,672.1 | 44,629.6 | ||
Repayments of debt | (4,406.6) | (42,855.3) | ||
Cash distributions paid to owners | (2,919.6) | (2,871.1) | ||
Cash payments made in connection with DERs | (20) | (16.4) | ||
Cash distributions paid to noncontrolling interests | (97.8) | (69.7) | ||
Cash contributions from noncontrolling interests | 21.2 | 590.8 | ||
Net cash proceeds from issuance of common units | 0 | 82.2 | ||
Repurchase of common units under 2019 Buyback Program | (173.8) | (81.1) | ||
Net cash proceeds from the issuance of preferred units | 32.5 | 0 | ||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (114.3) | (64.7) | ||
Cash provided by (used in) financing activities | (1,006.3) | (655.7) | ||
Net change in cash and cash equivalents, including restricted cash | 721.1 | 797.7 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 410 | 410.1 | ||
Cash and cash equivalents, including restricted cash, at end of period | 1,131.1 | 1,207.8 | 1,131.1 | 1,207.8 |
Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (1,053.5) | (1,058.5) | (3,370) | (3,620.3) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | 1,053 | 1,058.2 | 3,368.9 | 3,619.4 |
Distributions received from unconsolidated affiliates attributable to earnings | (3,164.4) | (3,028.9) | ||
Net effect of changes in operating accounts and other operating activities | 0.4 | 0.2 | ||
Net cash flows provided by operating activities | (3,165.1) | (3,029.6) | ||
Investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 0 | 119.3 | ||
Cash used in investing activities | 0 | 119.3 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 3,164.4 | 3,028.9 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | 0.7 | 0.7 | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | |||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | ||
Net cash proceeds from the issuance of preferred units | 0 | |||
Cash contributions from owners | 0 | (119.3) | ||
Other financing activities | 0 | 0 | ||
Cash provided by (used in) financing activities | 3,165.1 | 2,910.3 | ||
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 | 936.4 | 1,057.3 | 2,972.6 | 3,625.4 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 260.8 | 231.5 | ||
Equity in income of unconsolidated affiliates | (923.7) | (1,131.9) | (2,972.6) | (3,606.9) |
Distributions received from unconsolidated affiliates attributable to earnings | 1,071.3 | 1,170.9 | ||
Net effect of changes in operating accounts and other operating activities | 1,997.2 | 2,203.8 | ||
Net cash flows provided by operating activities | 3,329.3 | 3,624.7 | ||
Investing activities: | ||||
Capital expenditures | (533.9) | (503.8) | ||
Proceeds from asset sales | 1.2 | 0.9 | ||
Other investing activities | (1,106.8) | (1,349.5) | ||
Cash used in investing activities | (1,639.5) | (1,852.4) | ||
Financing activities: | ||||
Borrowings under debt agreements | 6,672.1 | 44,629.6 | ||
Repayments of debt | (4,406.6) | (42,855.2) | ||
Cash distributions paid to owners | (3,164.4) | (3,028.9) | ||
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 | |||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | ||
Net cash proceeds from the issuance of preferred units | 0 | |||
Cash contributions from owners | 0 | 119.3 | ||
Other financing activities | (36.9) | (26.3) | ||
Cash provided by (used in) financing activities | (935.8) | (1,161.5) | ||
Net change in cash and cash equivalents, including restricted cash | 754 | 610.8 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 109.2 | 393.4 | ||
Cash and cash equivalents, including restricted cash, at end of period | 863.2 | 1,004.2 | 863.2 | 1,004.2 |
Other Subsidiaries (Non-guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 989.1 | 1,186.6 | 3,146.4 | 3,743.8 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,286.9 | 1,226.5 | ||
Equity in income of unconsolidated affiliates | (114.3) | (167.1) | (422.3) | (496.8) |
Distributions received from unconsolidated affiliates attributable to earnings | 157.4 | 243 | ||
Net effect of changes in operating accounts and other operating activities | (2,254.3) | (2,549.8) | ||
Net cash flows provided by operating activities | 1,914.1 | 2,166.7 | ||
Investing activities: | ||||
Capital expenditures | (2,139.1) | (2,791.2) | ||
Proceeds from asset sales | 7.2 | 15.9 | ||
Other investing activities | 30.4 | (28.8) | ||
Cash used in investing activities | (2,101.5) | (2,804.1) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | (0.1) | ||
Cash distributions paid to owners | (1,104.7) | (1,484.8) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (6.6) | (7) | ||
Cash contributions from noncontrolling interests | 0 | 0 | ||
Net cash proceeds from issuance of common units | 0 | |||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | ||
Net cash proceeds from the issuance of preferred units | 0 | |||
Cash contributions from owners | 1,275.4 | 2,320.3 | ||
Other financing activities | 0 | (5.6) | ||
Cash provided by (used in) financing activities | 164.1 | 822.8 | ||
Net change in cash and cash equivalents, including restricted cash | (23.3) | 185.4 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 315.8 | 50.3 | ||
Cash and cash equivalents, including restricted cash, at end of period | 292.5 | 235.7 | 292.5 | 235.7 |
Consolidated EPO and Subsidiaries [Member] | ||||
Operating activities: | ||||
Net income | 1,084.7 | 1,084.1 | 3,452.2 | 3,687.6 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 1,545.1 | 1,456.7 | ||
Equity in income of unconsolidated affiliates | (82) | (139.3) | (336.1) | (431.3) |
Distributions received from unconsolidated affiliates attributable to earnings | 337.4 | 431.2 | ||
Net effect of changes in operating accounts and other operating activities | (706.3) | (326.9) | ||
Net cash flows provided by operating activities | 4,292.3 | 4,817.3 | ||
Investing activities: | ||||
Capital expenditures | (2,671.6) | (3,302.1) | ||
Proceeds from asset sales | 8.4 | 16.8 | ||
Other investing activities | 99 | (87.5) | ||
Cash used in investing activities | (2,564.2) | (3,372.8) | ||
Financing activities: | ||||
Borrowings under debt agreements | 6,672.1 | 44,629.6 | ||
Repayments of debt | (4,406.6) | (42,855.3) | ||
Cash distributions paid to owners | (3,115.6) | (3,028.9) | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (98.5) | (70.4) | ||
Cash contributions from noncontrolling interests | 21.2 | 590.8 | ||
Net cash proceeds from issuance of common units | 0 | |||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | ||
Net cash proceeds from the issuance of preferred units | 0 | |||
Cash contributions from owners | 0 | 119.3 | ||
Other financing activities | (79.6) | (31.9) | ||
Cash provided by (used in) financing activities | (1,007) | (646.8) | ||
Net change in cash and cash equivalents, including restricted cash | 721.1 | 797.7 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 409.9 | 410.1 | ||
Cash and cash equivalents, including restricted cash, at end of period | 1,131 | 1,207.8 | 1,131 | 1,207.8 |
Consolidated EPO and Subsidiaries [Member] | Eliminations and Adjustments [Member] | ||||
Operating activities: | ||||
Net income | (840.8) | (1,159.8) | (2,666.8) | (3,681.6) |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | (2.6) | (1.3) | ||
Equity in income of unconsolidated affiliates | 956 | 1,159.7 | 3,058.8 | 3,672.4 |
Distributions received from unconsolidated affiliates attributable to earnings | (891.3) | (982.7) | ||
Net effect of changes in operating accounts and other operating activities | (449.2) | 19.1 | ||
Net cash flows provided by operating activities | (951.1) | (974.1) | ||
Investing activities: | ||||
Capital expenditures | 1.4 | (7.1) | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 1,175.4 | 1,290.8 | ||
Cash used in investing activities | 1,176.8 | 1,283.7 | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | 1,153.5 | 1,484.8 | ||
Cash payments made in connection with DERs | 0 | 0 | ||
Cash distributions paid to noncontrolling interests | (91.9) | (63.4) | ||
Cash contributions from noncontrolling interests | 21.2 | 590.8 | ||
Net cash proceeds from issuance of common units | 0 | |||
Repurchase of common units under 2019 Buyback Program | 0 | 0 | ||
Net cash proceeds from the issuance of preferred units | 0 | |||
Cash contributions from owners | (1,275.4) | (2,320.3) | ||
Other financing activities | (42.7) | 0 | ||
Cash provided by (used in) financing activities | (235.3) | (308.1) | ||
Net change in cash and cash equivalents, including restricted cash | (9.6) | 1.5 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | (15.1) | (33.6) | ||
Cash and cash equivalents, including restricted cash, at end of period | (24.7) | (32.1) | (24.7) | (32.1) |
Enterprise Products Partners L.P. (Guarantor) [Member] | ||||
Operating activities: | ||||
Net income | 1,052.8 | 1,019.2 | 3,437.6 | 3,494.4 |
Reconciliation of net income to net cash flows provided by operating activities: | ||||
Depreciation, amortization and accretion | 0 | 0 | ||
Equity in income of unconsolidated affiliates | (1,053) | (1,058.2) | (3,368.9) | (3,619.4) |
Distributions received from unconsolidated affiliates attributable to earnings | 3,164.4 | 3,028.9 | ||
Net effect of changes in operating accounts and other operating activities | (68.7) | 134.6 | ||
Net cash flows provided by operating activities | 3,164.4 | 3,038.5 | ||
Investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Proceeds from asset sales | 0 | 0 | ||
Other investing activities | 0 | (119.3) | ||
Cash used in investing activities | 0 | (119.3) | ||
Financing activities: | ||||
Borrowings under debt agreements | 0 | 0 | ||
Repayments of debt | 0 | 0 | ||
Cash distributions paid to owners | (2,968.4) | (2,871.1) | ||
Cash payments made in connection with DERs | (20) | (16.4) | ||
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 | |||
Repurchase of common units under 2019 Buyback Program | (173.8) | (81.1) | ||
Net cash proceeds from the issuance of preferred units | 32.5 | |||
Cash contributions from owners | 0 | 0 | ||
Other financing activities | (34.7) | (32.8) | ||
Cash provided by (used in) financing activities | (3,164.4) | (2,919.2) | ||
Net change in cash and cash equivalents, including restricted cash | 0 | 0 | ||
Cash and cash equivalents, including restricted cash, at beginning of period | 0.1 | 0 | ||
Cash and cash equivalents, including restricted cash, at end of period | $ 0.1 | $ 0 | $ 0.1 | $ 0 |