Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2014 |
Text Block [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information |
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CEQP is a holding company and owns no operating assets and has no significant operations independent of its subsidiaries. Obligations under the CEQP Senior Notes and the CEQP Credit Facility are jointly and severally guaranteed by our wholly owned domestic subsidiaries. Legacy Crestwood GP and Crestwood Midstream and its wholly owned subsidiaries (collectively, Non-Guarantor Subsidiaries) do not guarantee our obligations under CEQP Senior notes or CEQP Credit Facility. CEQP Finance Corp., the co-issuer of the CEQP Senior Notes, is our 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of our senior notes. |
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As discussed in Note 2, the accounting for the reverse acquisition of Legacy Inergy results in Legacy Inergy's historical operations being acquired on June 19, 2013. The CEQP Senior Notes are thus not included in the financial statements for periods prior to June 19, 2013. |
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The tables below present condensed consolidating financial statements for us (parent) on a stand-alone, unconsolidated basis, and our combined guarantor and combined non-guarantor subsidiaries as of September 30, 2014 and December 31, 2013, and for the three and nine months ended September 30, 2014 and 2013. The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. |
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Condensed Consolidating Balance Sheet |
30-Sep-14 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 2 | | | $ | 0.1 | | | $ | 0.1 | | | $ | — | | | $ | 2.2 | |
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Accounts receivable | — | | | 120.8 | | | 312.8 | | | (3.1 | ) | | 430.5 | |
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Inventories | — | | | 96.4 | | | 8.3 | | | — | | | 104.7 | |
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Other current assets | — | | | 27.4 | | | 20.3 | | | — | | | 47.7 | |
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Total current assets | 2 | | | 244.7 | | | 341.5 | | | (3.1 | ) | | 585.1 | |
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Property, plant and equipment, net | 1.8 | | | 392.1 | | | 3,647.80 | | | — | | | 4,041.70 | |
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Goodwill and intangible assets, net | — | | | 718 | | | 3,110.60 | | | — | | | 3,828.60 | |
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Investment in consolidated affiliates | 6,132.90 | | | — | | | — | | | (6,132.9 | ) | | — | |
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Other assets | — | | | 10 | | | 251.3 | | | — | | | 261.3 | |
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Total assets | $ | 6,136.70 | | | $ | 1,364.80 | | | $ | 7,351.20 | | | $ | (6,136.0 | ) | | $ | 8,716.70 | |
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Liabilities and partners' capital | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 88.1 | | | $ | 251.8 | | | $ | (3.1 | ) | | $ | 336.8 | |
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Other current liabilities | 11.5 | | | 44.2 | | | 165.7 | | | — | | | 221.4 | |
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Total current liabilities | 11.5 | | | 132.3 | | | 417.5 | | | (3.1 | ) | | 558.2 | |
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Long-term liabilities: | | | | | | | | | |
Long-term debt, less current portion | 464.2 | | | — | | | 1,893.00 | | | — | | | 2,357.20 | |
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Other long-term liabilities | 14.3 | | | 110.3 | | | 30 | | | — | | | 154.6 | |
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Total long-term liabilities | 478.5 | | | 110.3 | | | 1,923.00 | | | — | | | 2,511.80 | |
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Partners' capital | 762.7 | | | 1,122.20 | | | 126.7 | | | (1,248.9 | ) | | 762.7 | |
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Interest of non-controlling partners in subsidiaries | 4,884.00 | | | — | | | 4,884.00 | | | (4,884.0 | ) | | 4,884.00 | |
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Total partners' capital | 5,646.70 | | | 1,122.20 | | | 5,010.70 | | | (6,132.9 | ) | | 5,646.70 | |
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Total liabilities and partners' capital | $ | 6,136.70 | | | $ | 1,364.80 | | | $ | 7,351.20 | | | $ | (6,136.0 | ) | | $ | 8,716.70 | |
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Condensed Consolidating Balance Sheet |
31-Dec-13 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 0.1 | | | $ | 2.4 | | | $ | 2.7 | | | $ | — | | | $ | 5.2 | |
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Accounts receivable | — | | | 207.5 | | | 205.1 | | | — | | | 412.6 | |
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Inventories | — | | | 66.6 | | | 7 | | | — | | | 73.6 | |
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Other current assets | — | | | 25.8 | | | 10.2 | | | (5.4 | ) | | 30.6 | |
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Total current assets | 0.1 | | | 302.3 | | | 225 | | | (5.4 | ) | | 522 | |
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Property, plant and equipment, net | — | | | 400.9 | | | 3,504.40 | | | — | | | 3,905.30 | |
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Goodwill and intangible assets, net | — | | | 742.4 | | | 3,170.20 | | | — | | | 3,912.60 | |
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Investment in consolidated affiliates | 5,927.10 | | | — | | | — | | | (5,927.1 | ) | | — | |
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Other assets | — | | | 10.2 | | | 173.1 | | | — | | | 183.3 | |
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Total assets | $ | 5,927.20 | | | $ | 1,455.80 | | | $ | 7,072.70 | | | $ | (5,932.5 | ) | | $ | 8,523.20 | |
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Liabilities and partners' capital | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 218.3 | | | $ | 160.7 | | | $ | — | | | $ | 379 | |
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Other current liabilities | 4.2 | | | 61.6 | | | 156.7 | | | (5.4 | ) | | 217.1 | |
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Total current liabilities | 4.2 | | | 279.9 | | | 317.4 | | | (5.4 | ) | | 596.1 | |
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Long-term liabilities: | | | | | | | | | |
Long-term debt, less current portion | 393 | | | — | | | 1,867.90 | | | — | | | 2,260.90 | |
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Other long-term liabilities | 21.4 | | | 109.9 | | | 26.3 | | | — | | | 157.6 | |
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Total long-term liabilities | 414.4 | | | 109.9 | | | 1,894.20 | | | — | | | 2,418.50 | |
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Partners' capital | 831.6 | | | 1,066.00 | | | 184.1 | | | (1,250.1 | ) | | 831.6 | |
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Interest of non-controlling partners in subsidiaries | 4,677.00 | | | — | | | 4,677.00 | | | (4,677.0 | ) | | 4,677.00 | |
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Total partners' capital | 5,508.60 | | | 1,066.00 | | | 4,861.10 | | | (5,927.1 | ) | | 5,508.60 | |
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Total liabilities and partners' capital | $ | 5,927.20 | | | $ | 1,455.80 | | | $ | 7,072.70 | | | $ | (5,932.5 | ) | | $ | 8,523.20 | |
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Condensed Consolidating Statements of Operations |
Three Months Ended September 30, 2014 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Revenues: | | | | | | | | | |
Gathering and processing | $ | — | | | $ | — | | | $ | 83.9 | | | $ | — | | | $ | 83.9 | |
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Storage and transportation | — | | | 2.4 | | | 44.2 | | | — | | | 46.6 | |
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NGL and crude services | — | | | 299.5 | | | 605.4 | | | — | | | 904.9 | |
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Related party | — | | | — | | | 4.9 | | | (4.1 | ) | | 0.8 | |
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| — | | | 301.9 | | | 738.4 | | | (4.1 | ) | | 1,036.20 | |
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Cost of product/services sold (excluding depreciation, amortization and accretion as shown below): | | | | | | | | | |
Gathering and processing | — | | | — | | | 7.3 | | | — | | | 7.3 | |
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Storage and transportation | — | | | 3.1 | | | 4.3 | | | — | | | 7.4 | |
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NGL and crude services | — | | | 265.1 | | | 552.8 | | | (0.6 | ) | | 817.3 | |
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Related party | — | | | 3.5 | | | 11.3 | | | (3.5 | ) | | 11.3 | |
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| — | | | 271.7 | | | 575.7 | | | (4.1 | ) | | 843.3 | |
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Expenses: | | | | | | | | | |
Operations and maintenance | — | | | 16.5 | | | 39.4 | | | — | | | 55.9 | |
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General and administrative | — | | | 3.2 | | | 18.2 | | | — | | | 21.4 | |
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Depreciation, amortization and accretion | — | | | 11.5 | | | 60.2 | | | — | | | 71.7 | |
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| — | | | 31.2 | | | 117.8 | | | — | | | 149 | |
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Other operating income (expense): | | | | | | | | | |
Other | — | | | — | | | (0.9 | ) | | — | | | (0.9 | ) |
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Operating income (loss) | — | | | (1.0 | ) | | 44 | | | — | | | 43 | |
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Other income (expense): | | | | | | | | | |
Interest and debt expense, net | (3.8 | ) | | — | | | (27.7 | ) | | — | | | (31.5 | ) |
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Other | — | | | 0.2 | | | 0.3 | | | — | | | 0.5 | |
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Equity in net income of subsidiary | 15.7 | | | — | | | — | | | (15.7 | ) | | — | |
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Income (loss) before income taxes | 11.9 | | | (0.8 | ) | | 16.6 | | | (15.7 | ) | | 12 | |
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Provision for income taxes | — | | | 0.1 | | | — | | | — | | | 0.1 | |
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Net income (loss) | 11.9 | | | (0.9 | ) | | 16.6 | | | (15.7 | ) | | 11.9 | |
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Net income attributable to non-controlling partners in subsidiaries | — | | | — | | | (9.1 | ) | | — | | | (9.1 | ) |
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Net income (loss) attributable to partners | $ | 11.9 | | | $ | (0.9 | ) | | $ | 7.5 | | | $ | (15.7 | ) | | $ | 2.8 | |
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Condensed Consolidating Statements of Operations |
Three Months Ended September 30, 2013 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Revenues: | | | | | | | | | |
Gathering and processing | $ | — | | | $ | — | | | $ | 47 | | | $ | — | | | $ | 47 | |
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Storage and transportation | — | | | 6.7 | | | 42.1 | | | — | | | 48.8 | |
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NGL and crude services | — | | | 283.8 | | | 23.5 | | | — | | | 307.3 | |
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Related party | — | | | — | | | 27.5 | | | (3.4 | ) | | 24.1 | |
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| — | | | 290.5 | | | 140.1 | | | (3.4 | ) | | 427.2 | |
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Cost of product/services sold (excluding depreciation, amortization and accretion as shown below): | | | | | | | | | |
Gathering and processing | — | | | — | | | 5.3 | | | — | | | 5.3 | |
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Storage and transportation | — | | | 3.1 | | | 4 | | | — | | | 7.1 | |
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NGL and crude services | — | | | 260.3 | | | 9.7 | | | — | | | 270 | |
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Related party | — | | | 3.4 | | | 7.6 | | | (3.4 | ) | | 7.6 | |
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| — | | | 266.8 | | | 26.6 | | | (3.4 | ) | | 290 | |
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Expenses: | | | | | | | | | |
Operations and maintenance | — | | | 15.5 | | | 21.7 | | | — | | | 37.2 | |
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General and administrative | — | | | 5.2 | | | 23.9 | | | — | | | 29.1 | |
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Depreciation, amortization and accretion | — | | | 15.3 | | | 40.1 | | | — | | | 55.4 | |
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| — | | | 36 | | | 85.7 | | | — | | | 121.7 | |
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Other operating income (expense): | | | | | | | | | |
Other | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Operating income (loss) | — | | | (12.3 | ) | | 28.1 | | | — | | | 15.8 | |
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Other income (expense): | | | | | | | | | |
Interest and debt expense, net | (3.3 | ) | | — | | | (19.5 | ) | | — | | | (22.8 | ) |
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Other | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) |
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Equity in net income of subsidiary | (4.5 | ) | | — | | | — | | | 4.5 | | | — | |
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Income (loss) before income taxes | (7.8 | ) | | (12.3 | ) | | 8.2 | | | 4.5 | | | (7.4 | ) |
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Provision for income taxes | 0.1 | | | 0.1 | | | 0.3 | | | — | | | 0.5 | |
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Net income (loss) | (7.9 | ) | | (12.4 | ) | | 7.9 | | | 4.5 | | | (7.9 | ) |
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Net income attributable to non-controlling partners in subsidiary | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) |
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Net income (loss) attributable to partners | $ | (7.9 | ) | | $ | (12.4 | ) | | $ | 7.5 | | | $ | 4.5 | | | $ | (8.3 | ) |
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Condensed Consolidating Statements of Operations |
Nine Months Ended September 30, 2014 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Revenues: | | | | | | | | | |
Gathering and processing | $ | — | | | $ | — | | | $ | 245.2 | | | $ | — | | | $ | 245.2 | |
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Storage and transportation | — | | | 11.5 | | | 133.9 | | | — | | | 145.4 | |
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NGL and crude services | — | | | 982.3 | | | 1,558.80 | | | — | | | 2,541.10 | |
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Related party | — | | | — | | | 13.2 | | | (10.8 | ) | | 2.4 | |
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| — | | | 993.8 | | | 1,951.10 | | | (10.8 | ) | | 2,934.10 | |
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Costs of product/services sold (excluding depreciation, amortization and accretion as shown below): | | | | | | | | | |
Gathering and processing | — | | | — | | | 22.8 | | | — | | | 22.8 | |
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Storage and transportation | — | | | 10.1 | | | 11.3 | | | — | | | 21.4 | |
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NGL and crude services | — | | | 874.5 | | | 1,426.70 | | | (0.6 | ) | | 2,300.60 | |
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Related party | — | | | 10.2 | | | 32.1 | | | (10.2 | ) | | 32.1 | |
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| — | | | 894.8 | | | 1,492.90 | | | (10.8 | ) | | 2,376.90 | |
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Expenses: | | | | | | | | | |
Operations and maintenance | — | | | 48.6 | | | 100.1 | | | — | | | 148.7 | |
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General and administrative | — | | | 9.8 | | | 63.6 | | | — | | | 73.4 | |
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Depreciation, amortization and accretion | — | | | 33.7 | | | 175.5 | | | — | | | 209.2 | |
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| — | | | 92.1 | | | 339.2 | | | — | | | 431.3 | |
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Other operating income (expense): | | | | | | | | | |
Loss on contingent consideration | — | | | — | | | (8.6 | ) | | — | | | (8.6 | ) |
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Other | — | | | 0.1 | | | 0.7 | | | — | | | 0.8 | |
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Operating income (loss) | — | | | 7 | | | 111.1 | | | — | | | 118.1 | |
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Other income (expense): | | | | | | | | | |
Interest and debt expense, net | (11.0 | ) | | — | | | (84.8 | ) | | — | | | (95.8 | ) |
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Other | — | | | 0.4 | | | (1.3 | ) | | — | | | (0.9 | ) |
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Equity in net income of subsidiary | 31.4 | | | — | | | — | | | (31.4 | ) | | — | |
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Income (loss) before income taxes | 20.4 | | | 7.4 | | | 25 | | | (31.4 | ) | | 21.4 | |
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Provision for income taxes | 0.1 | | | 0.2 | | | 0.8 | | | — | | | 1.1 | |
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Net income (loss) | 20.3 | | | 7.2 | | | 24.2 | | | (31.4 | ) | | 20.3 | |
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Net income attributable to non-controlling partners in subsidiaries | — | | | — | | | (2.3 | ) | | — | | | (2.3 | ) |
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Net income (loss) attributable to partners | $ | 20.3 | | | $ | 7.2 | | | $ | 21.9 | | | $ | (31.4 | ) | | $ | 18 | |
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Condensed Consolidating Statements of Operations |
Nine Months Ended September 30, 2013 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Revenues: | | | | | | | | | |
Gathering and processing | $ | — | | | $ | — | | | $ | 140.3 | | | $ | — | | | $ | 140.3 | |
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Storage and transportation | — | | | 7.5 | | | 47.6 | | | — | | | 55.1 | |
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NGL and crude services | — | | | 322.2 | | | 26.6 | | | — | | | 348.8 | |
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Related party | — | | | — | | | 78.1 | | | (3.8 | ) | | 74.3 | |
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| — | | | 329.7 | | | 292.6 | | | (3.8 | ) | | 618.5 | |
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Cost of product/services sold (excluding depreciation, amortization and accretion as shown below): | | | | | | | | | |
Gathering and processing | — | | | — | | | 18.2 | | | — | | | 18.2 | |
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Storage and transportation | — | | | 3.3 | | | 4.4 | | | — | | | 7.7 | |
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NGL and crude services | — | | | 296.8 | | | 10.6 | | | — | | | 307.4 | |
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Related party | — | | | 3.8 | | | 22.2 | | | (3.8 | ) | | 22.2 | |
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| — | | | 303.9 | | | 55.4 | | | (3.8 | ) | | 355.5 | |
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Expenses: | | | | | | | | | |
Operations and maintenance | — | | | 17.4 | | | 48.1 | | | — | | | 65.5 | |
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General and administrative | — | | | 5.8 | | | 46.9 | | | — | | | 52.7 | |
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Depreciation, amortization and accretion | — | | | 17.3 | | | 88.5 | | | — | | | 105.8 | |
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| — | | | 40.5 | | | 183.5 | | | — | | | 224 | |
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Other operating income (expense): | | | | | | | | | |
Other | — | | | — | | | 0.3 | | | — | | | 0.3 | |
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Operating income (loss) | — | | | (14.7 | ) | | 54 | | | — | | | 39.3 | |
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Other income (expense): | | | | | | | | | |
Interest and debt expense, net | (2.8 | ) | | — | | | (43.4 | ) | | — | | | (46.2 | ) |
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Other | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) |
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Equity in net income of subsidiary | (5.6 | ) | | — | | | — | | | 5.6 | | | — | |
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Income (loss) before income taxes | (8.4 | ) | | (14.7 | ) | | 10.2 | | | 5.6 | | | (7.3 | ) |
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Provision for income taxes | 0.1 | | | 0.1 | | | 1 | | | — | | | 1.2 | |
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Net income (loss) | (8.5 | ) | | (14.8 | ) | | 9.2 | | | 5.6 | | | (8.5 | ) |
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Net loss attributable to non-controlling partners in subsidiary | — | | | — | | | 6.9 | | | — | | | 6.9 | |
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Net income (loss) attributable to partners | $ | (8.5 | ) | | $ | (14.8 | ) | | $ | 16.1 | | | $ | 5.6 | | | $ | (1.6 | ) |
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Condensed Consolidating Statements of Comprehensive Income |
Three Months Ended September 30, 2014 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net income (loss) | $ | 11.9 | | | $ | (0.9 | ) | | $ | 16.6 | | | $ | (15.7 | ) | | $ | 11.9 | |
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Change in Suburban Propane Partners LP units | (0.2 | ) | | — | | | — | | | — | | | (0.2 | ) |
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Comprehensive income (loss) | $ | 11.7 | | | $ | (0.9 | ) | | $ | 16.6 | | | $ | (15.7 | ) | | $ | 11.7 | |
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Condensed Consolidating Statements of Comprehensive Income |
Three Months Ended September 30, 2013 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net income (loss) | $ | (7.9 | ) | | $ | (12.4 | ) | | $ | 7.9 | | | $ | 4.5 | | | $ | (7.9 | ) |
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Change in Suburban Propane Partners LP units | 0.2 | | | — | | | — | | | — | | | 0.2 | |
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Comprehensive income (loss) | $ | (7.7 | ) | | $ | (12.4 | ) | | $ | 7.9 | | | $ | 4.5 | | | $ | (7.7 | ) |
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Condensed Consolidating Statements of Comprehensive Income |
Nine Months Ended September 30, 2014 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net income (loss) | $ | 20.3 | | | $ | 7.2 | | | $ | 24.2 | | | $ | (31.4 | ) | | $ | 20.3 | |
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Change in Suburban Propane Partners LP units | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) |
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Comprehensive income (loss) | $ | 20 | | | $ | 7.2 | | | $ | 24.2 | | | $ | (31.4 | ) | | $ | 20 | |
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Condensed Consolidating Statements of Comprehensive Income |
Nine Months Ended September 30, 2013 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Net income (loss) | $ | (8.5 | ) | | $ | (14.8 | ) | | $ | 9.2 | | | $ | 5.6 | | | $ | (8.5 | ) |
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Change in Suburban Propane Partners LP units | — | | | — | | | — | | | — | | | — | |
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Comprehensive income (loss) | $ | (8.5 | ) | | $ | (14.8 | ) | | $ | 9.2 | | | $ | 5.6 | | | $ | (8.5 | ) |
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Condensed Consolidating Statements of Cash Flows |
Nine Months Ended September 30, 2014 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Cash flows from operating activities: | $ | — | | | $ | (18.6 | ) | | $ | 175.8 | | | $ | — | | | $ | 157.2 | |
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Cash flows from investing activities: | | | | | | | | | |
Acquisitions, net of cash acquired | — | | | — | | | (19.5 | ) | | — | | | (19.5 | ) |
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Purchases of property, plant and equipment | — | | | (11.4 | ) | | (259.3 | ) | | — | | | (270.7 | ) |
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Investment in unconsolidated affiliates | — | | | — | | | (81.8 | ) | | — | | | (81.8 | ) |
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Proceeds from the sale of assets | — | | | 0.3 | | | — | | | — | | | 0.3 | |
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Distributions received and other | 108.3 | | | 31.4 | | | — | | | (139.7 | ) | | — | |
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Net change in receivables from affiliates | 1.9 | | | — | | | — | | | (1.9 | ) | | — | |
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Net cash provided by (used in) investing activities | 110.2 | | | 20.3 | | | (360.6 | ) | | (141.6 | ) | | (371.7 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Proceeds from the issuance of long-term debt | — | | | 564 | | | 1,410.90 | | | — | | | 1,974.90 | |
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Principal payments on long-term debt | — | | | (485.2 | ) | | (1,390.8 | ) | | — | | | (1,876.0 | ) |
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Payments on capital leases | — | | | — | | | (2.6 | ) | | — | | | (2.6 | ) |
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Distributions paid to partners | (108.3 | ) | | (76.9 | ) | | (31.4 | ) | | 139.7 | | | (76.9 | ) |
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Distributions paid to non-controlling partners | — | | | — | | | (222.4 | ) | | — | | | (222.4 | ) |
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Net proceeds from issuance of preferred equity of subsidiary | — | | | — | | | 53.9 | | | — | | | 53.9 | |
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Net proceeds from the issuance of CMLP Class A preferred units | — | | | — | | | 366.8 | | | — | | | 366.8 | |
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Taxes paid for unit-based compensation vesting | — | | | (2.3 | ) | | (1.5 | ) | | — | | | (3.8 | ) |
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Payments for debt-related deferred costs | — | | | (1.7 | ) | | (0.1 | ) | | — | | | (1.8 | ) |
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Net change in payables to affiliates | — | | | (1.9 | ) | | — | | | 1.9 | | | — | |
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Other | — | | | — | | | (0.6 | ) | | — | | | (0.6 | ) |
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Net cash provided by (used in) financing activities | (108.3 | ) | | (4.0 | ) | | 182.2 | | | 141.6 | | | 211.5 | |
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Net change in cash | 1.9 | | | (2.3 | ) | | (2.6 | ) | | — | | | (3.0 | ) |
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Cash at beginning of period | 0.1 | | | 2.4 | | | 2.7 | | | — | | | 5.2 | |
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Cash at end of period | $ | 2 | | | $ | 0.1 | | | $ | 0.1 | | | $ | — | | | $ | 2.2 | |
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Condensed Consolidating Statements of Cash Flows |
Nine Months Ended September 30, 2013 |
(in millions) |
| Parent | | Guarantor | | Non- | | Eliminations | | Consolidated |
Subsidiaries | Guarantor |
| Subsidiaries |
Cash flows from operating activities: | $ | — | | | $ | (16.4 | ) | | $ | 130.5 | | | $ | — | | | $ | 114.1 | |
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Cash flows from investing activities: | | | | | | | | | |
Acquisitions, net of cash acquired | 0.1 | | | 5.8 | | | 0.2 | | | — | | | 6.1 | |
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Purchases of property, plant and equipment | — | | | (9.2 | ) | | (189.4 | ) | | — | | | (198.6 | ) |
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Investment in unconsolidated affiliates | — | | | — | | | (152.5 | ) | | — | | | (152.5 | ) |
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Proceeds from the sale of assets | — | | | 0.1 | | | 11 | | | — | | | 11.1 | |
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Distributions received and other | 60.5 | | | 17.1 | | | — | | | (77.6 | ) | | — | |
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Net cash provided by (used in) investing activities | 60.6 | | | 13.8 | | | (330.7 | ) | | (77.6 | ) | | (333.9 | ) |
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Cash flows from financing activities: | | | | | | | | | |
Proceeds from the issuance of long-term debt | — | | | 216.3 | | | 577.2 | | | — | | | 793.5 | |
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Principal payments on long-term debt | — | | | (160.2 | ) | | (568.5 | ) | | — | | | (728.7 | ) |
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Payments on capital leases | — | | | — | | | (3.0 | ) | | — | | | (3.0 | ) |
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Distributions paid to partners | (60.5 | ) | | (43.4 | ) | | (17.1 | ) | | 77.6 | | | (43.4 | ) |
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Distributions paid to non-controlling partners | — | | | — | | | (110.0 | ) | | — | | | (110.0 | ) |
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Distributions for additional interest in Crestwood Marcellus Midstream LLC | — | | | — | | | (129.0 | ) | | — | | | (129.0 | ) |
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Net proceeds from the issuance of common units | — | | | — | | | 356.7 | | | — | | | 356.7 | |
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Net proceeds from issuance of preferred equity of subsidiary | — | | | — | | | 96.1 | | | — | | | 96.1 | |
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Taxes paid for unit-based compensation vesting | — | | | (3.0 | ) | | (0.7 | ) | | — | | | (3.7 | ) |
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Payments for debt-related deferred costs | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
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Other | — | | | (5.3 | ) | | 5.4 | | | — | | | 0.1 | |
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Net cash provided by financing activities | (60.5 | ) | | 4.4 | | | 207 | | | 77.6 | | | 228.5 | |
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Net change in cash | 0.1 | | | 1.8 | | | 6.8 | | | — | | | 8.7 | |
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Cash at beginning of period | — | | | — | | | 0.1 | | | — | | | 0.1 | |
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Cash at end of period | $ | 0.1 | | | $ | 1.8 | | | $ | 6.9 | | | $ | — | | | $ | 8.8 | |
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