Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CEQP | |
Entity Registrant Name | Crestwood Equity Partners LP | |
Entity Central Index Key | 1,136,352 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 187,278,781 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 1.3 | $ 8.8 |
Accounts receivable | 302.9 | 379.6 |
Inventory | 38.8 | 46.6 |
Assets from price risk management activities | 31.8 | 79.8 |
Prepaid expenses and other current assets | 26.4 | 23.3 |
Total current assets | 401.2 | 538.1 |
Property, plant and equipment (Note 4) | 4,314.4 | 4,273.9 |
Less: accumulated depreciation and depletion | 461.4 | 380.1 |
Property, plant and equipment, net | 3,853 | 3,893.8 |
Intangible assets (Note 4) | 1,441 | 1,441.9 |
Less: accumulated amortization | 260.3 | 210.6 |
Intangible assets, net | 1,180.7 | 1,231.3 |
Goodwill | 2,210.8 | 2,491.8 |
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 |
Other assets | 9.8 | 11.3 |
Total assets | 7,979.7 | 8,461.4 |
Current liabilities: | ||
Accounts payable | 178.1 | 241.2 |
Accrued expenses and other liabilities (Note 4) | 108.9 | 154.6 |
Liabilities from price risk management activities | 5.8 | 25.4 |
Current portion of long-term debt (Note 8) | 12.3 | 3.7 |
Total current liabilities | 305.1 | 424.9 |
Long-term debt, less current portion (Note 8) | 2,507.1 | 2,392.8 |
Other long-term liabilities | 46.9 | 47.2 |
Deferred income taxes | $ 10.4 | $ 12 |
Commitments and contingencies (Note 12) | ||
Partners’ capital (Note 10): | ||
Interest of non-controlling partners in subsidiaries | $ 4,417.6 | $ 4,808.3 |
Total partners’ capital | 5,110.2 | 5,584.5 |
Total liabilities and partners’ capital | $ 7,979.7 | $ 8,461.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common units, issued | 187,252,262 | 186,403,667 |
Common units, outstanding | 187,252,262 | 186,403,667 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Gathering and processing | $ 73.3 | $ 82.7 | $ 150.6 | $ 161.3 |
Storage and transportation | 44 | 47.8 | 89.7 | 98.8 |
NGL and crude services | 523.1 | 795.1 | 1,130.6 | 1,636.2 |
Related party (Note 13) | 1.1 | 0.7 | 2.1 | 1.6 |
Total revenue | 641.5 | 926.3 | 1,373 | 1,897.9 |
Costs of product/services sold: | ||||
Gathering and processing | 5.6 | 7.8 | 10 | 15.5 |
Storage and transportation | 3.4 | 7.2 | 6.7 | 14 |
NGL and crude services | 442.8 | 722.8 | 956.5 | 1,483.3 |
Related party (Note 13) | 7.7 | 9.8 | 16 | 20.8 |
Cost of product/services sold | 459.5 | 747.6 | 989.2 | 1,533.6 |
Expenses: | ||||
Operations and maintenance | 43.9 | 48.7 | 94.5 | 92.8 |
General and administrative | 30.6 | 24.1 | 58.1 | 52 |
Depreciation, amortization and accretion | 74.8 | 71.2 | 149 | 137.5 |
Total Expenses | 149.3 | 144 | 301.6 | 282.3 |
Gain (loss) on long-lived assets, net | (0.6) | 1.2 | (1.6) | 1.7 |
Goodwill impairment | 281 | 0 | 281 | 0 |
Loss on contingent consideration | 0 | (6.5) | 0 | (8.6) |
Operating income (loss) | (248.9) | 29.4 | (200.4) | 75.1 |
Earnings (loss) from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Interest and debt expense, net | (35.4) | (32.6) | (69) | (64.3) |
Loss on modification/extinguishment of debt | (17.1) | 0 | (17.1) | 0 |
Other income, net | 0.1 | 0.1 | 0.3 | 0.2 |
Income (loss) before income taxes | (296.3) | (4.6) | (277.8) | 9.4 |
Provision (benefit) for income taxes | (0.3) | 0.2 | 0.1 | 1 |
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Net loss attributable to non-controlling partners | 256 | 0.4 | 246.2 | 6.8 |
Net income (loss) attributable to Crestwood Equity Partners LP | (40) | (4.4) | (31.7) | 15.2 |
Subordinated unitholders' interest in net income (loss) | (0.9) | (0.1) | (0.7) | 0.4 |
Common unitholders' interest in net income (loss) | $ (39.1) | $ (4.3) | $ (31) | $ 14.8 |
Basic (in dollars per share) | $ (0.21) | $ (0.02) | $ (0.17) | $ 0.08 |
Diluted (in dollars per share) | $ (0.21) | $ (0.02) | $ (0.17) | $ 0.08 |
Weighted-average limited partners’ units outstanding (in thousands): | ||||
Basic (units) | 182,838 | 182,116 | 182,820 | 182,001 |
Dilutive (units) | 4,388 | 4,388 | 4,388 | 4,388 |
Diluted (units) | 187,226 | 186,504 | 187,208 | 186,389 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (296) | $ (4.8) | $ (277.9) | $ 8.4 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | (0.4) | 0.7 | (0.4) | (0.1) |
Comprehensive income (loss) | $ (296.4) | $ (4.1) | $ (278.3) | $ 8.3 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions | Total | Common unit | Non-Controlling Partners | Partners' Capital |
Balance at December 31, 2014 at Dec. 31, 2014 | $ 776.2 | $ 4,808.3 | $ 5,584.5 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Distributions to partners | (51.5) | (152.4) | (203.9) | |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | $ (0.4) | (0.4) | 0 | (0.4) |
Unit-based compensation charges | 1.6 | 10.1 | 11.7 | |
Taxes paid for unit-based compensation vesting | (1.6) | (2.1) | (3.7) | |
Other | 0 | (0.1) | (0.1) | |
Net income (loss) | $ (277.9) | (31.7) | (246.2) | (277.9) |
Balance at June 30, 2015 at Jun. 30, 2015 | $ 692.6 | $ 4,417.6 | $ 5,110.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Scenario, Unspecified [Domain] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net income (loss) | $ (277.9) | $ 8.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 149 | 137.5 |
Amortization of debt-related deferred costs, discounts and premiums | 4.4 | 3.9 |
Market adjustment on interest rate swaps | (0.5) | (1.2) |
Unit based compensation charges | 11.7 | 11.6 |
(Gain) loss on long-lived assets, net | 1.6 | (1.7) |
Goodwill impairment | 281 | 0 |
Loss on contingent consideration | 0 | 8.6 |
Loss on modification/extinguishment of debt | 17.1 | 0 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions | 2.1 | (1.6) |
Deferred income taxes | (1.6) | (4.1) |
Other | 0.4 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | 28 | (37.4) |
Net cash provided by operating activities | 211.1 | 127.2 |
Investing activities | ||
Acquisitions, net of cash acquired (Note 3) | 0 | (19.5) |
Purchases of property, plant and equipment | (83.5) | (188) |
Investment in unconsolidated affiliates | (28) | (48.6) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | 0 |
Proceeds from sale of assets | 2.1 | 0 |
Net cash used in investing activities | (108.4) | (256.1) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 2,154.6 | 1,244.3 |
Principal payments on long-term debt | (2,030.6) | (1,224.4) |
Payments on capital leases | (1.2) | (1.9) |
Early Repayment of Senior Debt | (13.6) | 0 |
Payments for debt-related deferred costs | (11.7) | 0 |
Distributions to partners | (51.5) | (51.3) |
Distributions paid to non-controlling partners | (152.4) | (148.3) |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 33.6 |
Taxes paid for unit-based compensation vesting | 3.7 | 3.8 |
Other | (0.1) | 0 |
Net cash provided by (used in) financing activities | (110.2) | 141.9 |
Net change in cash | (7.5) | 13 |
Cash at beginning of period | 8.8 | 5.2 |
Cash at end of period | 1.3 | 18.2 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (11.3) | 14.7 |
Preferred Units, Class A | ||
Financing activities | ||
Net proceeds from issuance of preferred equity of subsidiary | $ 0 | $ 293.7 |
Business Description
Business Description | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Business Description | Business Description Crestwood Equity Partners LP (the Company or Crestwood) is a publicly-traded (NYSE: CEQP) Delaware limited partnership that provides midstream solutions to customers in the crude oil, natural gas liquids (NGLs) and natural gas sectors of the energy industry. We are engaged primarily in the gathering, processing, storage and transportation of natural gas and NGLs, the marketing of NGLs, and the gathering, storage and transportation of crude oil. Our general partner, Crestwood Equity GP LLC, owns our non-economic general partnership interest. Our general partner is indirectly owned by Crestwood Holdings LLC (Crestwood Holdings), which is substantially owned and controlled by First Reserve Management, L.P. (First Reserve). As of June 30, 2015 , First Reserve owns approximately 26% of our common units, and 4,387,889 of our subordinated units. We indirectly own Crestwood Midstream GP LLC, the non-economic general partner of Crestwood Midstream Partners LP (Crestwood Midstream or CMLP) and, consequently, manage and control Crestwood Midstream. As of June 30, 2015 , we also own approximately 4% of Crestwood Midstream’s limited partnership interests and 100% of its incentive distribution rights (IDRs), which entitle us to receive 50% of all distributions paid by Crestwood Midstream in excess of its initial quarterly distribution of $0.37 per common unit. As of June 30, 2015 , Crestwood Holdings also owns approximately 11% of the Crestwood Midstream common units. On May 5, 2015, the Company, CMLP and certain of its affiliates entered into a definitive agreement under which CMLP has agreed to merge with a wholly-owned subsidiary of the Company, with CMLP surviving as a wholly-owned subsidiary of the Company (the Simplification Merger). As part of the merger consideration, CMLP’s common unitholders will become unitholders of the Company in a tax free exchange, with CMLP’s common unitholders receiving 2.75 common units of the Company for each common unit of CMLP held upon completion of the merger. Upon completion of the Simplification Merger, CMLP’s IDRs will be eliminated and its common units will cease to be listed on the New York Stock Exchange (NYSE). We expect to complete the merger in the third quarter of 2015, subject to the approval by CMLP's unitholders and the satisfaction of customary closing conditions. For additional information about the Simplification Merger, see Note 16. Our financial statements reflect three operating and reporting segments, including: • Gathering and Processing : our gathering and processing (G&P) operations provide natural gas gathering, processing, treating, compression, transportation services and sales of natural gas and the delivery of NGLs to producers in unconventional shale plays and tight-gas plays in West Virginia, Wyoming, Texas, Arkansas, New Mexico and Louisiana. This segment primarily includes our rich gas gathering systems and processing plants in the Marcellus, Powder River Basin (PRB) Niobrara, Barnett, and Permian Shale plays, and our dry gas gathering systems in the Barnett, Fayetteville, and Haynesville Shale plays; • Storage and Transportation : our storage and transportation operations provide regulated natural gas storage and transportation services to producers, utilities and other customers. This segment primarily includes our natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake), and our natural gas transmission facilities (the North-South Facilities, the MARC I Pipeline and the East Pipeline) in New York and Pennsylvania; and • NGL and Crude Services : our NGL and crude services operations provide NGL and crude oil gathering, storage, marketing and transportation services to producers, refiners, marketers and other customers. This segment primarily includes our NGL marketing, supply and logistics business (including our West Coast processing and fractionation operations, Seymour NGL storage facility, and our rail-to-truck terminals and a fleet of transportation assets) and our integrated Bakken crude oil footprint in North Dakota, which consists of (i) the COLT Hub, a crude oil rail loading and storage terminal, (ii) the Arrow crude oil, natural gas and water gathering systems, and (iii) our fleet of over-the-road crude and produced water transportation assets. This segment also includes our solution-mining and salt production company (US Salt), and Bath storage facility in New York. We own and operate the proprietary NGL supply and logistics business (including our West Coast processing and fractionation facility, Seymour storage facility, terminals and transportation fleet). All of our other consolidated assets are owned by or through Crestwood Midstream. Unless otherwise indicated, references in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “CEQP,” “Crestwood,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The financial information as of June 30, 2015 , and for the three and six months ended June 30, 2015 and 2014 , is unaudited. The consolidated balance sheet as of December 31, 2014 , was derived from the audited balance sheet filed in our 2014 Annual Report on Form 10-K. Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. In management’s opinion, all necessary adjustments to fairly present our results of operations, financial position and cash flows for the periods presented have been made and all such adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Our consolidated financial statements for the prior period include reclassifications that were made to conform to the current period presentation. Cash inflows of $15.7 million related to reimbursements of capital expenditures from producers have been reclassified from investing activities to changes in operating assets and liabilities, net of effects from acquisitions under operating activities in our consolidated statements of cash flows for the six months ended June 30, 2014 to conform with the current period presentation. The reclassification was not significant to our previously reported consolidated financial statements. The accompanying consolidated financial statements and related notes should be read in conjunction with our 2014 Annual Report on Form 10-K filed with the SEC on February 27, 2015. Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2014 Annual Report on Form 10-K. Below is an update of our estimates related to goodwill. Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows, enterprise value and the potential value we would receive if we sold the reporting unit. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the growth assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. Due to the significant, sustained decrease in the market price of our common units from January 1, 2015 to June 30, 2015, we evaluated our reporting units and determined it was more likely than not that the goodwill associated with four of our reporting units was impaired as of June 30, 2015: Fayetteville (G&P segment), West Coast (NGL and Crude Services segment), Watkins Glen (NGL and Crude Services segment) and Barnett (G&P segment). As a result of further analysis of the fair value of goodwill at these reporting units, we recorded goodwill impairments of $8.3 million , $28.4 million , $31.9 million and $212.4 million related to our Fayetteville, West Coast, Watkins Glen and Barnett reporting units, respectively, during the three months ended June 30, 2015. The impairment of our Fayetteville and West Coast goodwill primarily resulted from increasing the discount rate utilized in determining the fair value of the reporting units from 9% to 10% , considering the continued decrease in commodity prices and its impact on the midstream industry and our customers in these areas. The impairment of our Watkins Glen goodwill primarily resulted from increasing the discount rate utilized in determining the fair value of the reporting unit from 10.5% to 13.3% and continued delays and uncertainties in the permitting of our proposed NGL storage facility. The impairment of our Barnett goodwill primarily resulted from increasing the discount rate utilized in determining the fair value of the reporting unit from 9% to 11% , considering the recent actions of our primary customer in the Barnett Shale, Quicksilver, related to its filing for protection under Chapter 11 of the U.S. Bankruptcy Code in March 2015. We have approximately $64.2 million , $57.6 million , $34.3 million and $44.8 million of goodwill remaining on the balance sheet as of June 30, 2015 related to our Fayetteville, West Coast, Watkins Glen and Barnett reporting units, respectively, which represents the fair value of the goodwill related to those reporting units at June 30, 2015, which is a Level 3 fair value measurement. We continue to monitor these goodwill amounts and the $2,010 million of goodwill associated with our other reporting units as of June 30, 2015, and continued increases in discount rates, declines in the projected future operating performance of our reporting units or sustained decreases in the market price of our common units could result in future goodwill impairments. New Accounting Pronouncements Issued But Not Yet Adopted As of June 30, 2015 , the following accounting standards had not yet been adopted by us. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. We expect to adopt the provisions of this standard effective January 1, 2016 and are currently evaluating the impact, if any, that this standard may have on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which requires deferred debt issuance costs to be classified as a reduction of the debt liability rather than as an asset in the balance sheet. We expect to adopt the provisions of this standard effective January 1, 2016, and do not currently anticipate it will have a significant impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Crude Transportation Acquisitions (Bakken) Red Rock . On March 21, 2014, Crestwood Midstream purchased substantially all of the trucking operations of Red Rock Transportation Inc. (Red Rock) for approximately $13.8 million , comprised of $12.1 million paid at closing plus deferred payments of $1.8 million . These operations are located in Watford City, North Dakota and provide crude oil and produced water hauling services to the oilfields of western North Dakota and eastern Montana. The acquired assets include a fleet of approximately 56 trailer tanks, 22 double bottom body tanks and 44 tractors with 28,000 barrels per day of transportation capacity. In the first quarter of 2014, we finalized the purchase price and allocated approximately $10.6 million of the purchase price to property, plant and equipment and intangible assets and approximately $3.2 million to goodwill. Goodwill recognized relates primarily to anticipated operating synergies between the assets acquired and our existing assets. These assets are included in our NGL and crude services segment. LT Enterprises . On May 9, 2014, Crestwood Midstream purchased substantially all of the operating assets of LT Enterprises, Inc. (LT Enterprises) for approximately $10.7 million , comprised of $9.0 million paid at closing plus deferred payments of $1.7 million . These operations are located in Watford City, North Dakota and provide crude oil and produced water hauling services primarily to the oilfields of western North Dakota. The acquired assets include a fleet of approximately 38 tractors, 51 crude trailers and 17 service vehicles with 20,000 barrels per day of transportation capacity. In addition, Crestwood Midstream acquired employee housing and 20 acres of greenfield real property located two miles south of Watford City. In the second quarter of 2014, we finalized the purchase price and allocated all of the purchase price to property, plant and equipment and intangible assets. These assets are included in our NGL and crude services segment. The acquisitions of Red Rock and LT Enterprises were not material to our NGL and crude services segment's results of operations for the three and six months ended June 30, 2014 . In addition, transaction costs related to these acquisitions were not material for the three and six months ended June 30, 2014 . |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Property, Plant and Equipment Property, plant and equipment consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Gathering systems and pipelines $ 1,419.5 $ 1,410.9 Facilities and equipment 1,671.1 1,648.3 Buildings, land, rights-of-way, storage contracts and easements 845.5 841.5 Vehicles 46.0 45.2 Construction in process 160.2 156.5 Base gas 37.5 37.5 Salt deposits 120.5 120.5 Office furniture and fixtures 14.1 13.5 4,314.4 4,273.9 Less: accumulated depreciation and depletion 461.4 380.1 Total property, plant and equipment, net $ 3,853.0 $ 3,893.8 Capital Leases. We have a treating facility and certain auto leases which are accounted for as capital leases. Our treating facility lease is reflected in facilities and equipment in the above table. We had capital lease assets of $5.3 million included in property, plant and equipment, net at June 30, 2015 and December 31, 2014 . Intangible Assets Intangible assets consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Customer accounts $ 583.7 $ 583.7 Covenants not to compete 9.6 9.6 Gas gathering, compression and processing contracts 726.1 730.2 Acquired storage contracts 29.0 29.0 Trademarks 32.1 32.2 Deferred financing costs 60.5 57.2 1,441.0 1,441.9 Less: accumulated amortization 260.3 210.6 Total intangible assets, net $ 1,180.7 $ 1,231.3 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, 2014 Accrued expenses $ 44.4 $ 52.5 Accrued property taxes 6.3 2.2 Accrued product purchases payable 1.0 0.7 Tax payable — 1.6 Interest payable 27.8 23.5 Accrued additions to property, plant and equipment 11.9 20.0 Commitments and contingent liabilities ( Note 12 ) — 40.0 Capital leases 1.9 1.9 Deferred revenue 15.6 12.2 Total accrued expenses and other liabilities $ 108.9 $ 154.6 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Net Investments and Earnings (Loss) Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated ): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates June 30, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 249.9 $ 232.9 $ 1.1 $ (0.6 ) $ 3.6 $ (0.3 ) Tres Palacios Holdings LLC (2) 50.01 % 41.3 36.0 0.6 — 1.5 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 33.0 26.2 3.3 (0.9 ) 3.3 (1.3 ) Total $ 324.2 $ 295.1 $ 5.0 $ (1.5 ) $ 8.4 $ (1.6 ) (1) As of June 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $52.2 million . We amortize and generally assess the recoverability of this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation and RKI Exploration and Production, LLC, and we reflect the amortization as a reduction of our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.7 million for the three months ended June 30, 2015 and 2014, and $1.5 million for the six months ended June 30, 2015 and 2014 . Our Jackalope investment is included in our gathering and processing segment. (2) In December 2014, one of our consolidated subsidiaries and an affiliate of Brookfield Infrastructure Group (Brookfield) formed the Tres Palacios Holdings LLC (Tres Holdings) joint venture. As of June 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.7 million . We amortize and generally assess the recoverability of this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of June 30, 2015 , our investment balance approximated our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC). During the three and six months ended June 30, 2015, we recorded additional equity earnings of approximately $3.2 million related to a gain associated with the adjustment of our member's capital account by our equity investee. Our PRBIC investment is included in our NGL and crude services segment. (4) Excludes non-controlling interests related to our investment in Jackalope. See Note 10 for a further discussion of our non-controlling interest related to our investment in Jackalope. Distributions and Contributions Jackalope. Jackalope is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $4.5 million from Jackalope. During the six months ended June 30, 2014 , Jackalope did not make any distributions to its members. In July 2015, we received a cash distribution of approximately $4.2 million from Jackalope. During the six months ended June 30, 2015 and 2014 , we contributed approximately $17.9 million and $45.8 million to Jackalope. Tres Holdings. Tres Holdings is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $2.1 million from Tres Holdings. In July 2015, we received a cash distribution of approximately $1.9 million from Tres Holdings. During the six months ended June 30, 2015 , we contributed approximately $5.7 million to Tres Holdings. PRBIC. PRBIC is required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the six months ended June 30, 2015 , we received a cash distribution of approximately $0.7 million from PRBIC. During the six months ended June 30, 2014 , PRBIC did not make any distributions to its members. In July 2015, we received a cash distribution of approximately $0.6 million from PRBIC. During the six months ended June 30, 2015 and 2014 , we contributed approximately $4.2 million and $2.8 million to PRBIC. |
Risk Management
Risk Management | 6 Months Ended |
Jun. 30, 2015 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Risk Management | Risk Management We are exposed to certain market risks related to our ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. We also periodically utilize derivative instruments to manage our exposure to fluctuations in interest rates, which is discussed in Note 8 . Additional information related to our derivatives is discussed in Note 7 . Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs to energy related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, heating oil and crude oil. We will periodically enter into offsetting positions to economically hedge against the exposure our customer contracts create. Certain of these contracts and positions are derivative instruments. We do not designate any of our commodity-based derivatives as hedging instruments for accounting purposes. Our commodity-based derivatives are reflected at fair value in the consolidated balance sheets, and changes in the fair value of these derivatives that impact the consolidated statements of operations are reflected in costs of product/services sold. During the three and six months ended June 30, 2015 , the impact to the statement of operations related to our commodity-based derivatives reflected in costs of product/services sold was a gain of $2.9 million and $5.3 million . During the three and six months ended June 30, 2014 , the impact to the statement of operations related to our commodity-based derivatives reflected in costs of product/services sold was a gain of $5.0 million and $4.5 million . We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. This balance in the contractual portfolio significantly reduces the volatility in costs of product/services sold related to these instruments. Commodity Price and Credit Risk Notional Amounts and Terms The notional amounts and terms of our derivative financial instruments include the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 10.2 12.3 6.8 8.4 Natural gas ( MMBTU’s ) — — 0.2 0.1 Notional amounts reflect the volume of transactions, but do not represent the amounts exchanged by the parties to the financial instruments. Accordingly, notional amounts do not reflect our monetary exposure to market or credit risks. All contracts subject to price risk had a maturity of 35 months or less; however, 89% of the contracts expire within 12 months . Credit Risk Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. The counterparties associated with assets from price risk management activities as of June 30, 2015 and December 31, 2014 were energy marketers and propane retailers, resellers and dealers. Certain of our derivative instruments have credit limits that require us to post collateral. The amount of collateral required to be posted is a function of the net liability position of the derivative as well as our established credit limit with the respective counterparty. If our credit rating were to change, the counterparties could require us to post additional collateral. The amount of additional collateral that would be required to be posted would vary depending on the extent of change in our credit rating as well as the requirements of the individual counterparty. The aggregate fair value of all commodity derivative instruments with credit-risk-related contingent features that were in a liability position at June 30, 2015 was $3.7 million , for which we posted no collateral and at December 31, 2014 was $5.2 million for which we posted $1.8 million of collateral in the normal course of business. In addition, at June 30, 2015 and December 31, 2014 , we had a New York Mercantile Exchange (NYMEX) related net derivative liability position of $20.2 million and $36.9 million , for which we posted $28.8 million and $41.9 million of cash collateral in the normal course of business. At June 30, 2015 and December 31, 2014 , we also received collateral of $10.5 million and $33.6 million in the normal course of business. All collateral amounts have been netted against the asset or liability with the respective counterparty and are reflected in our consolidated balance sheets as assets and liabilities from price risk management activities. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and US government treasury securities. • Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options and physical exchanges. • Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Cash and Cash Equivalents, Accounts Receivable and Accounts Payable As of June 30, 2015 and December 31, 2014 , the carrying amounts of cash, accounts receivable and accounts payable represent fair value based on the short-term nature of these instruments. Credit Facilities The fair value of the amounts outstanding under our credit facilities approximates their carrying amounts as of June 30, 2015 and December 31, 2014 due primarily to the variable nature of the interest rates of the instruments, which is considered a Level 2 fair value measurement. Senior Notes We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value and fair value of our senior notes ( in millions ): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value CEQP Senior Notes $ 10.6 $ 10.6 $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.7 $ 517.5 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 615.6 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 729.8 $ — $ — Financial Assets and Liabilities As of June 30, 2015 and December 31, 2014 , we held certain assets and liabilities that are required to be measured at fair value on a recurring basis, which include our derivative instruments related to heating oil, crude oil, NGLs and interest rates. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Certain of our derivative instruments are traded on the NYMEX. These instruments have been categorized as Level 1. Our derivative instruments also include OTC contracts, which are not traded on a public exchange. The fair values of these derivative instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. These instruments have been categorized as Level 2. Our OTC options are valued based on the Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The inputs utilized in the model are based on publicly available information as well as broker quotes. These options have been categorized as Level 2. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.1 $ 49.8 $ — $ 49.9 $ (18.1 ) $ 31.8 Suburban Propane Partners, L.P. units (2) 5.7 — — 5.7 — 5.7 Total assets at fair value $ 5.8 $ 49.8 $ — $ 55.6 $ (18.1 ) $ 37.5 Liabilities Liabilities from price risk management $ — $ 39.9 $ — $ 39.9 $ (34.1 ) $ 5.8 Interest rate swaps (3) — 1.1 — 1.1 — 1.1 Total liabilities at fair value $ — $ 41.0 $ — $ 41.0 $ (34.1 ) $ 6.9 December 31, 2014 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.5 $ 146.7 $ — $ 147.2 $ (67.4 ) $ 79.8 Suburban Propane Partners, L.P. units (2) 6.1 — — 6.1 — 6.1 Total assets at fair value $ 6.6 $ 146.7 $ — $ 153.3 $ (67.4 ) $ 85.9 Liabilities Liabilities from price risk management $ 1.6 $ 99.2 $ — $ 100.8 $ (75.4 ) $ 25.4 Interest rate swaps (3) — 1.6 — 1.6 — 1.6 Total liabilities at fair value $ 1.6 $ 100.8 $ — $ 102.4 $ (75.4 ) $ 27.0 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle asset and liability positions as well as cash collateral held or placed with the same counterparties. (2) Our Suburban Propane Partners, L.P. units are included in prepaid expenses and other current assets on our consolidated balance sheets. (3) Interest rate swaps are included in other long-term liabilities on our consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, CEQP Credit Facility $ 341.2 $ 369.0 CEQP Senior Notes 10.6 11.4 Crestwood Midstream Revolver 358.3 555.0 Crestwood Midstream 2019 Senior Notes — 350.0 Premium on Crestwood Midstream 2019 Senior Notes — 1.0 Crestwood Midstream 2020 Senior Notes 500.0 500.0 Fair value adjustment of Crestwood Midstream 2020 Senior Notes 3.7 4.0 Crestwood Midstream 2022 Senior Notes 600.0 600.0 Crestwood Midstream 2023 Senior Notes 700.0 — Other 5.6 6.1 Total debt 2,519.4 2,396.5 Less: current portion 12.3 3.7 Total long-term debt $ 2,507.1 $ 2,392.8 We and our subsidiaries do not provide credit support or guarantee any amounts outstanding under the credit facility or senior notes of Crestwood Midstream. Crestwood Midstream and its subsidiaries do not provide credit support or guarantee any amounts outstanding under our credit facility or senior notes. In conjunction with the Simplification Merger, we intend to repay and retire the CEQP Credit Facility and the CEQP Senior Notes, and to amend and restate the Crestwood Midstream Revolver (see Note 16 for additional information). CEQP Credit Facility Description of Credit Facility. We utilize a secured credit facility (the CEQP Credit Facility) with an aggregate revolving loan capacity of $495 million , to fund working capital requirements, capital expenditures and acquisitions and for general partnership purposes. All borrowings under the CEQP Credit Facility, which expires in July 2016, are generally secured by substantially all of our assets and the equity interests in all of our wholly owned subsidiaries. At June 30, 2015 , we had $104.1 million of available capacity under the revolving credit facility (excluding standby letters of credit) considering our most restrictive debt covenants under the facility. At June 30, 2015 and December 31, 2014 , our outstanding standby letters of credit were $49.7 million and $56.7 million . The interest rates on the CEQP Credit Facility are based on the prime rate and LIBOR plus the applicable spreads, resulting in interest rates which were between 2.19% and 4.25% at June 30, 2015 and between 2.91% and 5.00% at December 31, 2014 . The weighted-average interest rate as of June 30, 2015 and December 31, 2014 was 2.32% and 3.02% . Restrictive Covenants. The CEQP Credit Facility contains the following financial covenants: • the ratio of our total funded debt (as defined in the credit agreement) to consolidated EBITDA (as defined in the credit agreement) was amended in September 2014 to increase the ratio to (i) 5.00 to 1.0 for the quarter ended June 30, 2015, and (ii) 4.75 to 1.0 for the quarter ended September 30, 2015 and all subsequent quarters. • the ratio of our consolidated EBITDA to consolidated interest expense (as defined in the credit agreement), for the four quarters then most recently ended, must not be less than 2.50 to 1.0. At June 30, 2015 , the total funded debt to consolidated EBITDA was approximately 3.61 to 1.0 and consolidated EBITDA to consolidated interest expense was approximately 7.89 to 1.0. At June 30, 2015 , we were in compliance with the debt covenants in the CEQP Credit Facility. Interest Rate Swaps. We enter into interest rate swaps to reduce our exposure to variable interest payments due under the CEQP Credit Facility. These swap agreements require us to make quarterly payments to the counterparty on an aggregate notional amount based on fixed rates. In exchange, the counterparty is required to make quarterly floating interest rate payments on the same date to us based on the three-month LIBOR applied to the same aggregate notional amount. In February 2015, five of our interest rate swaps matured, with an aggregate notional amount of $175.0 million and fixed rates ranging from 0.84% to 2.35% . As of June 30, 2015 , we had one swap agreement, with a notional amount of $50 million and a fixed rate of 2.52% . This agreement matures in 2016. During the three and six months ended June 30, 2015 , we recorded a gain of approximately $0.2 million and $0.5 million associated with these interest rate swaps, which is reflected as a reduction of our interest and debt expense, net on our consolidated statements of operations. CEQP Senior Notes At June 30, 2015 , we had $10.6 million in outstanding senior notes, the majority of which mature on October 1, 2018 and have a coupon rate of 7% . The outstanding senior notes do not contain any financial covenants. Crestwood Midstream Revolver Description of Facility. Crestwood Midstream has a five -year $1.0 billion senior secured revolving credit facility (the Crestwood Midstream Revolver), which expires in October 2018 and is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. The Crestwood Midstream Revolver includes a sub-limit up to $25 million for same-day swing line advances and a sub-limit up to $250 million for letters of credit. Subject to limited exception, the Crestwood Midstream Revolver is secured by substantially all of the equity interests and assets of Crestwood Midstream’s subsidiaries, except for Crestwood Niobrara LLC (Crestwood Niobrara), PRBIC and Tres Holdings and their respective subsidiaries. At June 30, 2015 , Crestwood Midstream had $489.6 million of available capacity under the Crestwood Midstream Revolver considering the most restrictive debt covenants in its credit agreement. At June 30, 2015 and December 31, 2014 , the balance outstanding under the Crestwood Midstream Revolver was $358.3 million and $555.0 million and its outstanding standby letters of credit were $5.5 million and $15.1 million . Borrowings under the Crestwood Midstream Revolver accrue interest at prime or LIBOR-based rates plus applicable spreads, which resulted in interest rates between 2.94% and 5.00% at June 30, 2015 and 2.66% and 4.75% at December 31, 2014. The weighted-average interest rate as of June 30, 2015 and December 31, 2014 was 2.97% and 2.86% . Restrictive Covenants. Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.00 to 1.0 (or, if applicable, 5.50 to 1.0 during certain periods immediately following a material acquisition by Crestwood Midstream) and a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0. As a result of Crestwood Midstream's election to increase the permitted net debt to consolidated EBITDA ratio in conjunction with its 50.01% acquisition of Tres Holdings, the net debt to consolidated EBITDA ratio required by its credit agreement is 5.50 for a 270-day period commencing December 3, 2014. At June 30, 2015 , the net debt to consolidated EBITDA was approximately 4.48 to 1.0 and consolidated EBITDA to consolidated interest expense was approximately 4.17 to 1.0. Crestwood Midstream Senior Notes In March 2015, Crestwood Midstream issued $700.0 million of 6.25% unsecured Senior Notes due 2023 (the 2023 Senior Notes) in a private offering. The 2023 Senior Notes will mature on April 1, 2023, and interest is payable semiannually in arrears on April 1 and October 1 of each year, beginning October 1, 2015. The net proceeds from this offering of approximately $688.3 million were used to pay down borrowings under the Crestwood Midstream Revolver and for Crestwood Midstream’s general partnership purposes. On April 8, 2015, Crestwood Midstream redeemed its 2019 Senior Notes for approximately $364.1 million , including accrued interest of $0.5 million and a call premium of $13.6 million . Crestwood Midstream utilized approximately $315 million of its credit facility to redeem all of its outstanding 2019 Senior Notes. In conjunction with the redemption of its 2019 Senior Notes, Crestwood Midstream recorded approximately $17.1 million of loss on extinguishment of debt during the second quarter of 2015. Crestwood Midstream's senior notes are guaranteed on a senior unsecured basis by all of its domestic restricted subsidiaries, subject to certain exceptions. At June 30, 2015 , Crestwood Midstream was in compliance with all of its debt covenants applicable to the Crestwood Midstream Revolver and its senior notes. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit Our net income (loss) attributable to Crestwood Equity Partners is allocated to the subordinated and limited partner unitholders based on their ownership percentage. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed by dividing net income attributable to the limited partners by the weighted-average number of units outstanding and the effect of dilutive units outstanding. There were no units excluded from our dilutive earnings per share as we did not have any anti-dilutive units for the three and six months ended June 30, 2015 and 2014 . |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2015 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Distributions Distributions to Partners A summary of our limited partner quarterly cash distributions for the six months ended June 30, 2015 and 2014 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2015 February 6, 2015 February 13, 2015 $ 0.1375 $ 25.8 May 8, 2015 May 15, 2015 $ 0.1375 25.7 $ 51.5 2014 February 7, 2014 February 14, 2014 $ 0.1375 $ 25.6 May 8, 2014 May 15, 2014 $ 0.1375 25.7 $ 51.3 On July 23, 2015 , we declared a distribution of $0.1375 per limited partner unit to be paid on August 14, 2015 , to unitholders of record on August 7, 2015 with respect to the second quarter of 2015 . Non-Controlling Partners Crestwood Midstream Class A Preferred Units On June 17, 2014, Crestwood Midstream entered into definitive agreements with a group of investors, including Magnetar Financial, affiliates of GSO Capital Partners LP and GE Energy Financial Services (the Class A Purchasers). Under these agreements, Crestwood Midstream has agreed to sell to the Class A Purchasers and the Class A Purchasers have agreed to purchase from Crestwood Midstream up to $500 million of Preferred Units at a fixed price of $25.10 per unit on or before September 30, 2015. Through December 31, 2014, the Class A Purchasers purchased 17,529,879 Preferred Units for a cash purchase price of $25.10 per unit resulting in gross proceeds to us of approximately $440.0 million (net proceeds of approximately $430.5 million after deducting transaction fees and offering expenses). During the three and six months ended June 30, 2015 and through the date of this filing, we did not sell any Preferred Units to the Class A Purchasers under these agreements. As of June 30, 2015, Crestwood Midstream had 18,756,098 Preferred Units issued and outstanding, including quarterly distributions paid in kind. In conjunction with the Simplification Merger, (i) Crestwood Midstream will issue the remaining $60 million of Preferred Units available for purchase by the Class A Purchasers under their $500 million equity commitment; and (ii) the Preferred Units will, upon completion of the merger, be exchanged for new preferred units of CEQP with substantially similar terms and conditions to those of the Preferred Units (see Note 16 for additional information). Crestwood Niobrara Preferred Interest Crestwood Niobrara issued a preferred interest to a subsidiary of General Electric Capital Corporation and GE Structured Finance, Inc. (collectively, GE) in conjunction with the acquisition of its investment in Jackalope, which is reflected as non-controlling interest in our consolidated financial statements. During the six months ended June 30, 2014 , GE made capital contributions of $33.6 million to Crestwood Niobrara in exchange for an equivalent number of preferred units. GE did not make capital contributions to Crestwood Niobrara during the six months ended June 30, 2015. Net Loss Attributable to Non-Controlling Partners The components of net loss attributable to non-controlling partners on our consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 , are as follows (in millions) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Crestwood Midstream limited partner interests $ (269.2 ) $ (5.2 ) $ (274.2 ) $ (14.7 ) Crestwood Midstream Class A preferred units 7.5 1.1 16.7 1.1 Crestwood Niobrara preferred interests 5.7 3.7 11.3 6.8 Net loss attributable to non-controlling partners $ (256.0 ) $ (0.4 ) $ (246.2 ) $ (6.8 ) Distributions to Non-Controlling Partners Crestwood Midstream Limited Partners. The Crestwood Midstream partnership agreement requires it to distribute, within 45 days after the end of each quarter, all available cash (as defined in its partnership agreement) to unitholders of record on the applicable record date. We are not entitled to distributions on our non-economic general partner interest in Crestwood Midstream. Crestwood Midstream paid cash distributions to its limited partners (excluding distributions to its general partner and distributions on the limited partner units owned by us) of $148.6 million and $148.3 million during the six months ended June 30, 2015 and 2014 . Crestwood Midstream Class A Preferred Unitholders. Crestwood Midstream's partnership agreement requires it to make quarterly distributions to its Class A Preferred Unit holders. The holders of the Class A Preferred Units (the Preferred Units) are entitled to receive fixed quarterly distributions of $0.5804 per unit. For the 12 quarters following the quarter ended June 30, 2014 (the Initial Distribution Period), distributions on the Preferred Units can be made in additional Preferred Units, cash, or a combination thereof, at Crestwood Midstream's election. If Crestwood Midstream elects to pay the quarterly distribution through the issuance of additional Preferred Units, the number of units to be distributed will be calculated as the fixed quarterly distribution of $0.5804 per unit divided by the cash purchase price of $25.10 per unit. Crestwood Midstream accrues the fair value of such distribution at the end of the quarterly period and adjusts the fair value of the distribution on the date the additional Preferred Units are distributed. Distributions on the Preferred Units following the Initial Distribution Period will be made in cash unless, subject to certain exceptions, (i) there is no distribution being paid on Crestwood Midstream's common units and (ii) its available cash (as defined in its partnership agreement) is insufficient to make a cash distribution to its Preferred Unit holders. If Crestwood Midstream fails to pay the full amount payable to its Preferred Unit holders in cash following the Initial Distribution Period, then (x) the fixed quarterly distribution on the Preferred Units will increase to $0.7059 per unit, and (y) Crestwood Midstream will not be permitted to declare or make any distributions to its common unitholders until such time as all accrued and unpaid distributions on the Preferred Units have been paid in full in cash. In addition, if Crestwood Midstream fails to pay in full any Class A Preferred Distribution (as defined in its partnership agreement), the amount of such unpaid distribution will accrue and accumulate from the last day of the quarter for which such distribution is due until paid in full, and any accrued and unpaid distributions will be increased at a rate of 2.8125% per quarter. During the six months ended June 30, 2015 , Crestwood Midstream issued 838,228 Class A Preferred Units to its preferred unitholders in lieu of paying a cash distribution. On July 23, 2015 , the board of directors of our general partner authorized the issuance of 433,707 Class A Preferred Units to our preferred unitholders for the quarter ended June 30, 2015 in lieu of paying a cash distribution. Crestwood Niobrara Preferred Unitholders. In January 2015, Crestwood Niobrara issued 3,680,570 preferred units to GE in lieu of paying a cash distribution for the quarter ended December 31, 2014. Beginning in the first quarter of 2015, Crestwood Niobrara no longer had the option to pay distributions to GE by issuing additional preferred units in lieu of paying a cash distribution. During the six months ended June 30, 2015 , Crestwood Niobrara paid a cash distribution of $3.8 million to GE. During the three and six months ended June 30, 2014 , Crestwood Niobrara issued 2,536,010 and 4,746,304 preferred units to GE in lieu of paying cash distributions. On July 30, 2015, Crestwood Niobrara paid a cash distribution of $3.8 million to GE for the quarter ended June 30, 2015 . Other Partners’ Capital Transactions Equity Distribution Agreement Effective May 8, 2015, Crestwood Midstream suspended the equity distribution program with certain financial institutions under which it was allowed to offer and sell, from time to time through one or more of these financial institutions, common units having an aggregate offering price of up to $300.0 million . Prior to the suspension of this program, Crestwood Midstream did not issue any common units through these financial institutions. Other In August 2012, Legacy Inergy contributed its retail propane operations to Suburban Propane Partners, L.P. (SPH). In connection with this contribution, Legacy Inergy retained approximately 142,000 SPH units which we record at fair value each quarter. The change in fair value is reflected in the consolidated statements of partners’ capital and the consolidated statements of comprehensive income. |
Equity Plans
Equity Plans | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Long-Term Incentive Plans | Equity Plans Long-term incentive awards are granted under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP) and the Crestwood Midstream Partners LP Long Term Incentive Plan (Crestwood Midstream LTIP) in order to align the economic interests of key employees and directors with those of CEQP and Crestwood Midstream's common unitholders and to provide an incentive for continuous employment. Long-term incentive compensation consist of grants of restricted and phantom units which vest based upon continued service. Under the terms of the Simplification Merger, the restricted and phantom common units granted under the Crestwood Midstream LTIP will be converted into 2.75 restricted units of CEQP. Crestwood LTIP The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 1,315,880 $ 13.21 Vested - restricted units (780,741 ) $ 12.78 Vested - phantom units (48,563 ) $ 6.71 Granted - restricted units 1,177,780 $ 6.79 Granted - phantom units 372,472 $ 6.68 Forfeited (1) (135,246 ) $ 9.66 Unvested - June 30, 2015 1,901,582 $ 8.55 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 72,634 restricted units were forfeited during the six months ended June 30, 2015 . As of June 30, 2015 and December 31, 2014 , we had total unamortized compensation expense of approximately $10.9 million and $8.1 million related to restricted and phantom units, which we expect will be amortized during the next three years (or sooner in certain cases, which generally represents the original vesting period of these instruments), except for grants to non-employee directors of our general partner, which vest over one year. We recognized compensation expense of approximately $2.9 million and $2.9 million (including $2.2 million and $1.9 million that was allocated to Crestwood Midstream) during the three months ended June 30, 2015 and 2014 and $5.6 million and $5.4 million (including $4.4 million and $3.6 million that was allocated to Crestwood Midstream) under the Crestwood LTIP during the six months ended June 30, 2015 and 2014 , which is included in general and administrative expenses on our consolidated statements of operations. We granted restricted and phantom units with a grant date fair value of approximately $8.0 million and $2.5 million during the six months ended June 30, 2015 . As of June 30, 2015 , we had 12,749,713 units available for issuance under the Crestwood LTIP. Crestwood Restricted Units. Under the Crestwood LTIP, participants who have been granted restricted units may elect to have us withhold common units to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When we withhold these common units, we are required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the three months ended June 30, 2015 and 2014 , we withheld 137 and 109,104 common units to satisfy employee tax withholding obligations and during the six months ended June 30, 2015 and 2014 , we withheld 242,502 and 156,904 common units. Crestwood Phantom Units. The Crestwood LTIP currently permits, and our general partner has made, grants of phantom units. Each phantom unit entitles the holder thereof to receive upon vesting one common unit of us granted pursuant to the Crestwood LTIP and a phantom unit award agreement (the Crestwood Equity Phantom Unit Agreement). The Crestwood Equity Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date or, if earlier, upon the named executive officer's termination without cause or due to death or disability or the named executive officer's resignation for employee cause (each, as defined in the Crestwood Equity Phantom Unit Agreement). In addition, the Crestwood Equity Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Crestwood Midstream LTIP The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (449,667 ) $ 22.93 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 522,328 $ 16.01 Granted - phantom units 165,501 $ 15.99 Forfeited (1) (70,522 ) $ 20.03 Unvested - June 30, 2015 980,858 $ 18.65 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 39,172 restricted units were forfeited during the six months ended June 30, 2015 . As of June 30, 2015 and December 31, 2014 , we had total unamortized compensation expense of approximately $12.4 million and $9.5 million related to restricted and phantom units issued under the Crestwood Midstream LTIP, which we expect will be amortized during the next three years (or sooner in certain cases, which generally represents the original vesting period of these instruments), except for grants to non-employee directors of the general partner of CEQP, which vest over one year. Crestwood Midstream recognized compensation expense of approximately $3.1 million and $3.3 million during the three months ended June 30, 2015 and 2014 and $6.1 million and $6.2 million during the six months ended June 30, 2015 and 2014 , which is included in general and administrative expenses on our consolidated statements of operations. We granted restricted and phantom units with a grant date fair value of approximately $8.4 million and $2.6 million during the six months ended June 30, 2015 . As of June 30, 2015 , we had 17,219,872 units available for issuance under the Crestwood Midstream LTIP. Crestwood Midstream Restricted Units. Under the Crestwood Midstream LTIP, participants who have been granted restricted units may elect to have common units withheld to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood Midstream LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When such common units are withheld, Crestwood Midstream is required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the three months ended June 30, 2015 and 2014 Crestwood Midstream withheld 2,574 and 61,076 common units to satisfy employee tax withholding obligations and during the six months ended June 30, 2015 and 2014 , Crestwood Midstream withheld 137,165 and 68,532 common units. Crestwood Midstream Phantom Units. The Crestwood Midstream LTIP currently permits, and Crestwood Midstream's general partner has made, grants of phantom units. Each phantom unit entitles the holder thereof to receive upon vesting one common unit of CMLP granted pursuant to the Crestwood Midstream LTIP and a phantom unit award agreement (the Phantom Unit Agreement). The Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date (or, if earlier, upon the named executive officer's termination without cause or due to death or disability or the named executive officer's resignation for employee cause (each, as defined in the Phantom Unit Agreement). In addition, the Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Crestwood Midstream Employee Unit Purchase Plan Crestwood Midstream has an employee unit purchase plan under which employees of the general partner may purchase Crestwood Midstream's common units through payroll deductions up to a maximum of 10% of the employees' eligible compensation. Under the plan, Crestwood Midstream may purchase its common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, Crestwood Midstream may contribute an additional 10% of participating employees' payroll deductions to purchase additional Crestwood Midstream common units for participating employees. Unless increased by the board of directors of Crestwood Midstream's general partner, the maximum number of units that may be purchased under the plan is 200,000 . During the three and six months ended June 30, 2015 , there were 3,841 and 5,852 common units purchased through the employee unit purchase plan. Effective May 7, 2015, Crestwood Midstream suspended the employee unit purchase plan. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Canadian Class Action Lawsuit. Prior to the completion of our acquisition of Arrow on November 8, 2013, a train transporting over 50,000 barrels of crude oil produced in North Dakota derailed in Lac Megantic, Quebec, Canada on July 6, 2013. The derailment resulted in the death of 47 people, injured numerous others, and caused severe damage to property and the environment. In October 2013, certain individuals suffering harm in the derailment filed a motion to certify a class action lawsuit in the Superior Court for the District of Megantic, Province of Quebec, Canada, on behalf of all persons suffering loss in the derailment (the Class Action Suit). In March 2014, the plaintiffs filed their fourth amended motion to name Arrow and numerous other energy companies as additional defendants in the class action lawsuit. The plaintiffs have named at least 53 defendants purportedly involved in the events leading up to the derailment, including the producers and sellers of the crude being transported, the midstream companies that transported the crude from the well head to the rail system, the manufacturers of the rail cars used to transport the crude, the railroad companies involved, the insurers of these companies, and the Canadian Attorney General. The plaintiffs allege, among other things, that Arrow (i) was a producer of the crude oil being transported on the derailed train, (ii) was negligent in failing to properly classify the crude delivered to the trucks that hauled the crude to the rail loading terminal, and (iii) owed a duty to the petitioners to ensure the safe transportation of the crude being transported. The motion to authorize the class action and motions in opposition were heard by the Court in June 2014. In June 2015, the Superior Court determined that the Class Action Suit proceeding should be allowed to proceed against certain respondents that have not contributed to the global settlement described below. Because Arrow is a contributing party to the global settlement, the Class Action Suit against Arrow has been stayed pending approval of the global settlement plan in the United States and Canadian bankruptcy proceedings described below. One of the defendants in the lawsuit, Montreal Main & Atlantic Railway (MM&A), filed bankruptcy actions in the U.S. Bankruptcy Court for the District of Maine and in the Canadian Bankruptcy Court. The bankruptcy trustees in the proceedings approached the respondents in the Class Action Suit (including Arrow) to contribute monetary damages to a global settlement for all claims, including any potential environmental damages, related to the Lac Megantic derailment. During the first quarter of 2015, Crestwood Midstream agreed to contribute to the global settlement in exchange for a release from all claims related to the derailment, including the Class Action Suit. In June 2015, the creditors in the Canadian bankruptcy proceeding voted unanimously in favor of the global settlement. The Canadian bankruptcy court approved the bankruptcy plan (including the global settlement) on July 13, 2015, which is under appeal, and the United States bankruptcy court may approve the bankruptcy plan (including the global settlement) in 2016. Crestwood Midstream's contribution to the global settlement, in addition to associated legal fees, is fully covered by insurance, and assuming the global settlement is approved by both bankruptcy courts as anticipated, Arrow should not be exposed to additional damages relating to the derailment. Additional lawsuits related to the derailment have been filed in United States courts, all of which have been or are expected to be stayed as a result of the automatic stay arising from MM&A's United States bankruptcy proceeding. Arrow has been named as a defendant in two of these additional lawsuits, including (i) A nnick Roy, as special administrator of the Estate of Jean-Guy Veilleaux, deceased, vs. Rail World, Inc., et. al. , filed in the United States District Court for the District of Maine, and (ii) Samuel Audet, et. al., vs. Devlar Energy Marketing, LLC, et. al. , filed in the District Court of Dallas County, Texas; however, we do not expect to be served due to the automatic stay arising from MM&A's United States bankruptcy proceeding. We will vigorously defend ourselves and, to the extent these actions proceed, we believe we have meritorious defenses to the claims. Moreover, based on Crestwood Midstream's contribution to the global settlement and our expectation that the global settlement will be approved by both bankruptcy courts, we do not anticipate any material loss in this matter after considering insurance. Absent approval of the global settlement, we are not able to estimate our exposure to loss on this matter although we believe we have insurance to cover any reasonably possible exposure. Arrow Indemnification Action . When Arrow was served with the Class Action Suit, Crestwood Midstream notified the former owners of the Arrow system that the claims alleged in the Class Action Suit would, if true, result in breaches of certain representations and warranties made by the former sellers in the agreement under which Crestwood Midstream acquired Arrow. As part of the acquisition, Crestwood Midstream deposited 3,309,797 of its common units into an escrow account to cover potential indemnification claims made by it on or before December 31, 2014. Subject to indemnification claims paid out with escrowed units and any outstanding claims outstanding at year end, all common units remaining in the escrow account on January 1, 2015 were to be released to the former owners. In December 2014, Crestwood Midstream notified the escrow agent of its indemnification notices delivered to the former owners and instructed the escrow agent not to release any escrowed units to the former owners. On February 19, 2015, Crestwood Midstream received a summons for an action filed against it in the Supreme Court of the State of New York (County of New York), under which the former owners have asserted Crestwood Midstream's indemnification notices regarding the Class Action Suit and its notice to the escrow agent breach the terms of the merger and escrow agreements and the implied covenant of good faith and fair dealing. The former owners have requested declaratory and injunctive relief, as well as monetary damages. In March 2015, the parties entered into a standstill agreement to facilitate settlement discussions. On June 30, 2015, the parties entered into a settlement agreement under which (i) Crestwood Midstream agreed to purchase an additional $25 million of insurance coverage underwritten specifically for claims associated with the Lac Megantic derailment; (ii) each party agreed to release the other party from all claims related to the Class Action Suit; (iii) Crestwood Midstream agreed to instruct the escrow agent to release all escrowed units to the former owners; and (iv) the former owners agreed to dismiss the lawsuit with prejudice. On July 1, 2015, Crestwood Midstream and the former owners gave irrevocable notice to the escrow agent for the release of all escrowed units, and the lawsuit was dismissed with prejudice on July 7, 2015. Crestwood Midstream did not incur material costs and expenses related to this lawsuit and settlement. Simplification Merger Lawsuits . On May 20, 2015, Lawrence G. Farber, a purported unitholder of Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Lawrence G. Farber, individually and on behalf of all others similarly situated v. Crestwood Midstream Partners LP, Crestwood Midstream GP LLC, Robert G. Phillips, Alvin Bledsoe, Michael G. France, Philip D. Gettig, Warren H. Gfellar, David Lumpkins, John J. Sherman, David Wood, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC, MGP GP, LLC, Crestwood Midstream Holdings LP, and Crestwood Gas Services GP LLC . This complaint alleges, among other things, that Crestwood Midstream's general partner breached its fiduciary duties, certain individual defendants breached their fiduciary duties of loyalty and due care, and that other defendants have aided and abetted such breaches. The plaintiff seeks to enjoin the Simplification Merger unless and until such alleged breaches have been cured. On July 21, 2015, Isaac Aron, another purported unitholder of the Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Isaac Aron, individually and on behalf of all others similarly situated vs. Robert G. Phillps, Alvin Bledsoe, Michael G. France, Philip D. Getting, Warren H. Gfeller, David Lumpkins, John J. Sherman, David Wood, Crestwood Midstream Partners, LP Crestwood Midstream Holdings LP, Crestwood Midstream GP LLC, Crestwood Gas Services GP, LLC, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC and MGP GP, LLC. The complaint alleges, among other things, that Crestwood Midstream's general partner and certain individual defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 by filing an alleged incomplete and misleading Form S-4 Registration Statement with the Securities and Exchange Commission. The plaintiffs seek to enjoin the merger unless and until certain information is disclosed to Crestwood Midstream's unitholders. While the Company and Crestwood Midstream cannot predict the outcome of these lawsuits or any other lawsuits that may be filed subsequent to the filing of this Form 10-Q, nor can the Company and Crestwood Midstream predict the amount of time and expense that will be required to resolve these lawsuits or any other lawsuits, the Company, Crestwood Midstream and the other defendants named in this lawsuit intend to vigorously defend against this and any other actions. Property Taxes. In conjunction with the sale of our interest in Tres Palacios, we retained liability for certain tax matters, including the property taxes litigation in which we challenged the Matagorda County Appraisal District that the assessed value was over the market value for the tax years 2012 and 2013. For those years, we believe the total difference in taxes between the assessed value and the market value is approximately $12 million . These lawsuits remain pending and the outcome is not yet determined. In January 2015, we settled the lawsuit related to the 2011 tax year with the Matagorda County Appraisal District. General. We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of June 30, 2015 and December 31, 2014 , we had less than $0.1 million and $1.0 million accrued for our outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management's judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on its results of operations, cash flows or financial condition. Environmental Compliance During 2014, we experienced three releases totaling approximately 28,000 barrels of produced water on our Arrow water gathering system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the Three Affiliated Tribes and numerous other regulatory authorities, and thereafter contained and cleaned up the releases completely and placed the impacted segments of these water lines back into service. In May 2015, we experienced a release of approximately 5,200 barrels of produced water on our Arrow water gathering system, immediately notified numerous regulatory authorities and other third parties, and thereafter contained and cleaned up the releases. We will continue our remediation efforts to ensure the impacted lands are restored to their prior state. We believe these releases are insurable events under our policies, and we have notified our carriers of these events. We have not recorded an insurance receivable as of June 30, 2015 . We may potentially be subject to fines and penalties as a result of the water releases. In October 2014, we received data requests from the Environmental Protection Agency (EPA) related to the 2014 water releases and we responded to the requests during the first half of 2015. In April 2015, the EPA issued a Notice of Potential Violation (NOPV) under the Clean Water Act relating to the 2014 water releases. We responded to the NOPV in May 2015, and have commenced settlement discussions with the EPA concerning the NOPV. On March 3, 2015, we received a grand jury subpoena from the United States Attorney’s Office in Bismarck, North Dakota, seeking documents and information relating to the largest of the three 2014 water releases, and we provided the requested information during the second quarter of 2015. We cannot predict what the outcome of these investigations will be, and we had no amounts accrued for fines or penalties as of June 30, 2015 . Our operations are subject to stringent and complex laws and regulations pertaining to health, safety, and the environment. We are subject to laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. At June 30, 2015 and December 31, 2014 , our accrual of approximately $0.3 million and $1.1 million was primarily related to the Arrow water releases described above, which is based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures (including the Arrow water releases described above) could range from approximately $0.3 million to $1.7 million . Self-Insurance We utilize third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. Such self-insurance relates to losses and liabilities primarily associated with medical claims, workers' compensation claims and general, product, vehicle and environmental liability. At June 30, 2015 and December 31, 2014, our self-insurance reserves were $14.3 million and $ 14.6 million . We estimate that $9.7 million of this balance will be paid subsequent to June 30, 2016. As such, $9.7 million has been classified in other long-term liabilities on our consolidated balance sheets. Contingent Consideration - Antero In connection with the acquisition of Antero Resources Appalachian Corporation (Antero), we agreed to pay Antero conditional consideration in the form of potential additional cash payments of up to $40.0 million , depending on the achievement of certain defined average annual production levels achieved during 2012, 2013 and 2014. In February 2015, we paid Antero $40.0 million to settle the liability under the earn-out provision. This amount is reflected in changes in operating assets and liabilities, net of effects from acquisitions under operating activities in our consolidated statements of cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We enter into transactions with our affiliates within the ordinary course of business and the services are based on the same terms as non-affiliates, including gas gathering and processing services under long-term contracts, product purchases and various operating agreements. The following table shows revenues, costs of goods sold and reimbursements of general and administrative expenses from our affiliates for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Gathering and processing revenues $ 1.1 $ 0.7 $ 2.1 $ 1.6 Gathering and processing costs of product/services sold (1) $ 7.7 $ 9.8 $ 16.0 $ 20.8 Reimbursement of general and administrative expenses $ 0.1 $ 0.1 $ 0.2 $ 0.2 Reimbursement of operations and maintenance expenses $ 0.7 $ — $ 1.6 $ — (1) Represents natural gas purchases from Sabine Oil and Gas Corporation. The following table shows accounts receivable and account payable from our affiliates as of June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Accounts receivable $ 1.2 $ 0.6 Accounts payable $ 4.8 $ 5.6 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information We have three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) NGL and crude services operations. Our gathering and processing operations engage in the gathering, processing, treating, compression, transportation and sales of natural gas and the delivery of NGLs. Our storage and transportation operations provide regulated natural gas storage and transportation services to producers, utilities and other customers. Our NGL and crude services operations provide NGL processing and fractionation, NGLs and crude oil gathering, storage, marketing and transportation, supply and logistics services to producers, refiners, marketers, and other customers that effectively provide flow assurances to our customers, as well as the production and sale of salt products. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of net income to EBITDA ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) $ (296.0 ) $ (4.8 ) $ (277.9 ) $ 8.4 Add: Interest and debt expense, net 35.4 32.6 69.0 64.3 Loss on modification/extinguishment of debt 17.1 — 17.1 — Provision for income taxes (0.3 ) 0.2 0.1 1.0 Depreciation, amortization and accretion 74.8 71.2 149.0 137.5 EBITDA $ (169.0 ) $ 99.2 $ (42.7 ) $ 211.2 The following tables summarize the reportable segment data for the three and six months ended June 30, 2015 and 2014 ( in millions ). Three Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 75.0 $ 44.0 $ 523.1 $ (0.6 ) $ — $ 641.5 Costs of product/services sold 13.3 3.4 443.4 (0.6 ) — 459.5 Operations and maintenance expense 14.3 4.1 25.5 — — 43.9 General and administrative expense — — — — 30.6 30.6 Loss on long-lived assets — — (0.6 ) — — (0.6 ) Goodwill impairment (220.7 ) — (60.3 ) — — (281.0 ) Earnings from unconsolidated affiliates, net 1.1 0.6 3.3 — — 5.0 Other income, net — — — — 0.1 0.1 EBITDA $ (172.2 ) $ 37.1 $ (3.4 ) $ — $ (30.5 ) $ (169.0 ) Goodwill $ 117.6 $ 726.3 $ 1,366.9 $ — $ — $ 2,210.8 Total assets $ 2,393.7 $ 1,960.9 $ 3,445.3 $ — $ 179.8 $ 7,979.7 Purchases of property, plant and equipment $ 7.9 $ 3.0 $ 24.9 $ — $ 0.3 $ 36.1 Three Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 83.4 $ 47.8 $ 795.1 $ — $ — $ 926.3 Costs of product/services sold 17.6 7.2 722.8 — — 747.6 Operations and maintenance expense 14.7 6.3 27.7 — — 48.7 General and administrative expense — — — — 24.1 24.1 Gain on long-lived assets 0.5 0.6 0.1 — — 1.2 Loss on contingent consideration (6.5 ) — — — — (6.5 ) Loss from unconsolidated affiliates, net (0.6 ) — (0.9 ) — — (1.5 ) Other income, net — — — — 0.1 0.1 EBITDA $ 44.5 $ 34.9 $ 43.8 $ — $ (24.0 ) $ 99.2 Goodwill $ 356.8 $ 726.3 $ 1,457.5 $ — $ — $ 2,540.6 Total assets $ 2,641.5 $ 2,140.5 $ 3,618.8 $ — $ 190.2 $ 8,591.0 Purchases of property, plant and equipment $ 79.6 $ 1.2 $ 22.1 $ — $ 2.7 $ 105.6 Six Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 153.5 $ 89.7 $ 1,130.6 $ (0.8 ) $ — $ 1,373.0 Costs of product/services sold 26.0 6.7 957.3 (0.8 ) — 989.2 Operations and maintenance expense 29.2 8.4 56.9 — — 94.5 General and administrative expense — — — — 58.1 58.1 Loss on long-lived assets (0.3 ) (0.7 ) (0.6 ) — — (1.6 ) Goodwill impairment (220.7 ) — (60.3 ) — — (281.0 ) Earnings from unconsolidated affiliates, net 3.6 1.5 3.3 — — 8.4 Other income, net — — — 0.3 0.3 EBITDA $ (119.1 ) $ 75.4 $ 58.8 $ — $ (57.8 ) $ (42.7 ) Goodwill $ 117.6 $ 726.3 $ 1,366.9 $ — $ — $ 2,210.8 Total assets $ 2,393.7 $ 1,960.9 $ 3,445.3 $ — $ 179.8 $ 7,979.7 Purchases of property, plant and equipment $ 19.3 $ 5.7 $ 58.0 $ — $ 0.5 $ 83.5 Six Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 162.9 $ 98.8 $ 1,636.2 $ — $ — $ 1,897.9 Costs of product/services sold 36.3 14.0 1,483.3 — — 1,533.6 Operations and maintenance expense 28.1 12.5 52.2 — — 92.8 General and administrative expense — — — — 52.0 52.0 Gain on long-lived assets 1.0 0.6 0.1 — — 1.7 Loss on contingent consideration (8.6 ) — — — — (8.6 ) Loss from unconsolidated affiliates, net (0.3 ) — (1.3 ) — — (1.6 ) Other income, net — — — — 0.2 0.2 EBITDA $ 90.6 $ 72.9 $ 99.5 $ — $ (51.8 ) $ 211.2 Goodwill $ 356.8 $ 726.3 $ 1,457.5 $ — $ — $ 2,540.6 Total assets $ 2,641.5 $ 2,140.5 $ 3,618.8 $ — $ 190.2 $ 8,591.0 Purchases of property, plant and equipment $ 125.9 $ 2.8 $ 53.0 $ — $ 6.3 $ 188.0 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We are a holding company and own no operating assets and have no significant operations independent of our subsidiaries. Obligations under the CEQP Senior Notes and the CEQP Credit Facility are jointly and severally guaranteed by our wholly owned 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. As summarized in the table below, the condensed consolidating financial statements for the three and six months ended June 30, 2014 have been corrected for certain errors in presentation between the parent and guarantor subsidiaries. There was no impact to our consolidated statement of operations for the three and six months ended June 30, 2014 or our consolidated statement of cash flows for the six months ended June 30, 2014 . Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 2.0 $ — $ 0.8 $ 2.8 $ — $ — Operating loss (2.0 ) — (6.1 ) (8.1 ) — — Equity in net income (loss) of subsidiary 0.9 (1.1 ) — — (0.9 ) 1.1 Income (loss) before income taxes (4.7 ) (4.7 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Net income (loss) (4.8 ) (4.8 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Net income (loss) attributable to partners (4.8 ) (4.8 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 4.8 $ — $ 1.8 $ 6.6 $ — $ — Operating income (loss) (4.8 ) — 12.8 8.0 — — Equity in net income (loss) of subsidiary 20.5 15.7 — — (20.5 ) (15.7 ) Income (loss) before income taxes 8.5 8.5 13.0 8.2 (20.5 ) (15.7 ) Net income (loss) 8.4 8.4 12.9 8.1 (20.5 ) (15.7 ) Net income (loss) attributable to partners 8.4 8.4 12.9 8.1 (20.5 ) (15.7 ) Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported Cash flows from operating activities: $ (13.0 ) $ — $ 29.1 $ 16.1 $ — $ — Cash flows from investing activities: Purchases of property, plant and equipment (2.7 ) — (4.9 ) (7.6 ) — — Capital contributions from consolidated affiliates and other 20.9 72.2 — 20.9 (20.9 ) (93.1 ) Net cash provided by (used in) investing activities 18.2 72.2 (4.9 ) 13.3 (20.9 ) (93.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 383.7 — — 383.7 — — Principal payments on long-term debt (361.2 ) — — (361.2 ) — — Distributions paid to partners (51.3 ) (72.2 ) — (51.3 ) 20.9 93.1 Change in intercompany balances 23.8 — (23.8 ) — — — Other — 0.2 (2.2 ) (2.4 ) — — Net cash provided by (used in) financing activities (5.0 ) (72.0 ) (26.0 ) (31.2 ) 20.9 93.1 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 June 30, 2015 and December 31, 2014 , and for the three and six months ended June 30, 2015 and 2014 . 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. Condensed Consolidating Balance Sheet June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.1 $ — $ 0.2 $ — $ 1.3 Accounts receivable — 75.5 226.2 — 301.7 Accounts receivable - related party — — 1.2 — 1.2 Accounts receivable - intercompany 0.3 — — (0.3 ) — Total accounts receivable 0.3 75.5 227.4 (0.3 ) 302.9 Inventory — 26.0 12.8 — 38.8 Other current assets — 40.7 17.5 — 58.2 Total current assets 1.4 142.2 257.9 (0.3 ) 401.2 Property, plant and equipment, net 3.0 220.9 3,629.1 — 3,853.0 Goodwill and intangible assets, net 10.6 661.6 2,719.3 — 3,391.5 Investment in consolidated affiliates 5,458.5 — — (5,458.5 ) — Investment in unconsolidated affiliates — — 324.2 — 324.2 Other assets — 8.5 1.3 — 9.8 Total assets $ 5,473.5 $ 1,033.2 $ 6,931.8 $ (5,458.8 ) $ 7,979.7 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 66.1 $ 107.2 $ — $ 173.3 Accounts payable - related party — 2.5 2.3 — 4.8 Accounts payable - intercompany — — 0.3 (0.3 ) — Total accounts payable — 68.6 109.8 (0.3 ) 178.1 Other current liabilities 5.2 32.9 88.9 — 127.0 Total current liabilities 5.2 101.5 198.7 (0.3 ) 305.1 Long-term liabilities: Long-term debt, less current portion 347.6 — 2,159.5 — 2,507.1 Other long-term liabilities 10.5 15.9 30.9 — 57.3 Partners' capital 692.6 915.8 125.1 (1,040.9 ) 692.6 Interest of non-controlling partners in subsidiaries 4,417.6 — 4,417.6 (4,417.6 ) 4,417.6 Total partners' capital 5,110.2 915.8 4,542.7 (5,458.5 ) 5,110.2 Total liabilities and partners' capital $ 5,473.5 $ 1,033.2 $ 6,931.8 $ (5,458.8 ) $ 7,979.7 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 3.7 $ 0.5 $ 4.6 $ — $ 8.8 Accounts receivable — 137.5 241.5 — 379.0 Accounts receivable - related party — 0.3 0.3 — 0.6 Accounts receivable - intercompany 3.2 — — (3.2 ) — Total accounts receivable 3.2 137.8 241.8 (3.2 ) 379.6 Inventory — 38.6 8.0 — 46.6 Other current assets — 84.4 18.7 — 103.1 Total current assets 6.9 261.3 273.1 (3.2 ) 538.1 Property, plant and equipment, net 2.5 227.1 3,664.2 — 3,893.8 Goodwill and intangible assets, net 1.7 706.7 3,014.7 — 3,723.1 Investment in consolidated affiliates 5,971.2 — — (5,971.2 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 9.9 1.4 — 11.3 Total assets $ 5,982.3 $ 1,205.0 $ 7,248.5 $ (5,974.4 ) $ 8,461.4 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 109.5 $ 126.1 $ — $ 235.6 Accounts payable - related party — 2.5 3.1 — 5.6 Accounts payable - intercompany — — 3.2 (3.2 ) — Total accounts payable — 112.0 132.4 (3.2 ) 241.2 Other current liabilities 4.9 56.1 122.7 — 183.7 Total current liabilities 4.9 168.1 255.1 (3.2 ) 424.9 Long-term liabilities: Long-term debt, less current portion 380.0 — 2,012.8 — 2,392.8 Other long-term liabilities 12.9 15.1 31.2 — 59.2 Partners' capital 776.2 1,021.8 141.1 (1,162.9 ) 776.2 Interest of non-controlling partners in subsidiaries 4,808.3 — 4,808.3 (4,808.3 ) 4,808.3 Total partners' capital 5,584.5 1,021.8 4,949.4 (5,971.2 ) 5,584.5 Total liabilities and partners' capital $ 5,982.3 $ 1,205.0 $ 7,248.5 $ (5,974.4 ) $ 8,461.4 Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 167.0 $ 478.4 $ (3.9 ) $ 641.5 Costs of product/services sold — 147.3 316.1 (3.9 ) 459.5 Expenses: Operations and maintenance — 11.8 32.1 — 43.9 General and administrative 3.3 1.1 26.2 — 30.6 Depreciation, amortization and accretion 1.7 8.0 65.1 — 74.8 5.0 20.9 123.4 — 149.3 Other operating expense: Loss on long-lived assets, net — — (0.6 ) — (0.6 ) Goodwill impairment — (28.4 ) (252.6 ) — (281.0 ) Operating loss (5.0 ) (29.6 ) (214.3 ) — (248.9 ) Earnings from unconsolidated affiliates, net — — 5.0 — 5.0 Interest and debt expense, net (2.8 ) — (32.6 ) — (35.4 ) Loss on modification/extinguishment of debt — — (17.1 ) — (17.1 ) Other income, net — 0.1 — — 0.1 Equity in net income (loss) of subsidiary (288.6 ) — — 288.6 — Income (loss) before income taxes (296.4 ) (29.5 ) (259.0 ) 288.6 (296.3 ) Provision (benefit) for income taxes (0.4 ) — 0.1 — (0.3 ) Net income (loss) (296.0 ) (29.5 ) (259.1 ) 288.6 (296.0 ) Net loss attributable to non-controlling partners in subsidiaries — — 256.0 — 256.0 Net income (loss) attributable to partners $ (296.0 ) $ (29.5 ) $ (3.1 ) $ 288.6 $ (40.0 ) Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 254.0 $ 675.7 $ (3.4 ) $ 926.3 Costs of product/services sold — 231.9 519.1 (3.4 ) 747.6 Expenses: Operations and maintenance — 16.0 32.7 — 48.7 General and administrative 2.0 0.8 21.3 — 24.1 Depreciation, amortization and accretion — 11.5 59.7 — 71.2 2.0 28.3 113.7 — 144.0 Other operating income (expense): Gain on long-lived assets, net — 0.1 1.1 — 1.2 Loss on contingent consideration — — (6.5 ) — (6.5 ) Operating income (loss) (2.0 ) (6.1 ) 37.5 — 29.4 Loss from unconsolidated affiliates, net — — (1.5 ) — (1.5 ) Interest and debt expense, net (3.6 ) — (29.0 ) — (32.6 ) Other income, net — 0.1 — — 0.1 Equity in net income (loss) of subsidiary 0.9 — — (0.9 ) — Income (loss) before income taxes (4.7 ) (6.0 ) 7.0 (0.9 ) (4.6 ) Provision for income taxes 0.1 — 0.1 — 0.2 Net income (loss) (4.8 ) (6.0 ) 6.9 (0.9 ) (4.8 ) Net loss attributable to non-controlling partners in subsidiary — — 0.4 — 0.4 Net income (loss) attributable to partners $ (4.8 ) $ (6.0 ) $ 7.3 $ (0.9 ) $ (4.4 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 447.0 $ 933.5 $ (7.5 ) $ 1,373.0 Costs of product/services sold — 394.0 602.7 (7.5 ) 989.2 Expenses: Operations and maintenance — 27.3 67.2 — 94.5 General and administrative 5.2 2.5 50.4 — 58.1 Depreciation, amortization and accretion 1.7 17.8 129.5 — 149.0 6.9 47.6 247.1 — 301.6 Other operating expense: Loss on long-lived assets, net — (0.2 ) (1.4 ) — (1.6 ) Goodwill impairment — (28.4 ) (252.6 ) — (281.0 ) Operating loss (6.9 ) (23.2 ) (170.3 ) — (200.4 ) Earnings from unconsolidated affiliates, net — — 8.4 — 8.4 Interest and debt expense, net (6.5 ) — (62.5 ) — (69.0 ) Loss on modification/extinguishment of debt — — (17.1 ) — (17.1 ) Other income, net — 0.3 — — 0.3 Equity in net income (loss) of subsidiary (264.8 ) — — 264.8 — Income (loss) before income taxes (278.2 ) (22.9 ) (241.5 ) 264.8 (277.8 ) Provision (benefit) for income taxes (0.3 ) — 0.4 — 0.1 Net income (loss) (277.9 ) (22.9 ) (241.9 ) 264.8 (277.9 ) Net loss attributable to non-controlling partners in subsidiaries — — 246.2 — 246.2 Net income (loss) attributable to partners $ (277.9 ) $ (22.9 ) $ 4.3 $ 264.8 $ (31.7 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 691.9 $ 1,212.7 $ (6.7 ) $ 1,897.9 Costs of product/services sold — 623.1 917.2 (6.7 ) 1,533.6 Expenses: Operations and maintenance — 32.1 60.7 — 92.8 General and administrative 4.8 1.8 45.4 — 52.0 Depreciation, amortization and accretion — 22.2 115.3 — 137.5 4.8 56.1 221.4 — 282.3 Other operating income (expense): Gain on long-lived assets, net — 0.1 1.6 — 1.7 Loss on contingent consideration — — (8.6 ) — (8.6 ) Operating income (loss) (4.8 ) 12.8 67.1 — 75.1 Loss from unconsolidated affiliates, net — — (1.6 ) — (1.6 ) Interest and debt expense, net (7.2 ) — (57.1 ) — (64.3 ) Other income, net — 0.2 — — 0.2 Equity in net income (loss) of subsidiary 20.5 — — (20.5 ) — Income (loss) before income taxes 8.5 13.0 8.4 (20.5 ) 9.4 Provision for income taxes 0.1 0.1 0.8 — 1.0 Net income (loss) 8.4 12.9 7.6 (20.5 ) 8.4 Net loss attributable to non-controlling partners in subsidiary — — 6.8 — 6.8 Net income (loss) attributable to partners $ 8.4 $ 12.9 $ 14.4 $ (20.5 ) $ 15.2 Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (296.0 ) $ (29.5 ) $ (259.1 ) $ 288.6 $ (296.0 ) Change in fair value of Suburban Propane Partners LP units (0.4 ) — — — (0.4 ) Comprehensive income (loss) $ (296.4 ) $ (29.5 ) $ (259.1 ) $ 288.6 $ (296.4 ) Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (4.8 ) $ (6.0 ) $ 6.9 $ (0.9 ) $ (4.8 ) Change in fair value of Suburban Propane Partners LP units 0.7 — — — 0.7 Comprehensive income (loss) $ (4.1 ) $ (6.0 ) $ 6.9 $ (0.9 ) $ (4.1 ) Condensed Consolidating Statements of Comprehensive Income Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (277.9 ) $ (22.9 ) $ (241.9 ) $ 264.8 $ (277.9 ) Change in fair value of Suburban Propane Partners LP units (0.4 ) — — — (0.4 ) Comprehensive income (loss) $ (278.3 ) $ (22.9 ) $ (241.9 ) $ 264.8 $ (278.3 ) Condensed Consolidating Statements of Comprehensive Income Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 8.4 $ 12.9 $ 7.6 $ (20.5 ) $ 8.4 Change in fair value of Suburban Propane Partners LP units (0.1 ) — — — (0.1 ) Comprehensive income (loss) $ 8.3 $ 12.9 $ 7.6 $ (20.5 ) $ 8.3 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (8.5 ) $ 71.7 $ 147.9 $ — $ 211.1 Cash flows from investing activities: Purchases of property, plant and equipment (0.1 ) (5.7 ) (77.7 ) — (83.5 ) Investment in unconsolidated affiliates (0.2 ) — (27.8 ) — (28.0 ) Capital distributions from unconsolidated affiliates — — 1.0 — 1.0 Proceeds from sale of assets — 0.4 1.7 — 2.1 Capital contribution from consolidated affiliates, net 20.9 — — (20.9 ) — Net cash provided by (used in) investing activities 20.6 (5.3 ) (102.8 ) (20.9 ) (108.4 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 289.5 — 1,865.1 — 2,154.6 Principal payments on long-term debt (318.1 ) — (1,712.5 ) — (2,030.6 ) Payments on capital leases — — (1.2 ) — (1.2 ) Payments for debt-related deferred costs — — (11.7 ) — (11.7 ) Financing fees paid for early debt redemption — — (13.6 ) — (13.6 ) Distributions paid to partners (51.5 ) — (20.9 ) 20.9 (51.5 ) Distributions paid to non-controlling partners — — (152.4 ) — (152.4 ) Taxes paid for unit-based compensation vesting — (1.6 ) (2.1 ) — (3.7 ) Change in intercompany balances 65.4 (65.4 ) — — — Other — 0.1 (0.2 ) — (0.1 ) Net cash provided by (used in) financing activities (14.7 ) (66.9 ) (49.5 ) 20.9 (110.2 ) Net change in cash (2.6 ) (0.5 ) (4.4 ) — (7.5 ) Cash at beginning of period 3.7 0.5 4.6 — 8.8 Cash at end of period $ 1.1 $ — $ 0.2 $ — $ 1.3 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (13.0 ) $ 29.1 $ 111.1 $ — $ 127.2 Cash flows from investing activities: Acquisitions, net of cash acquired — — (19.5 ) — (19.5 ) Purchases of property, plant and equipment (2.7 ) (4.9 ) (180.4 ) — (188.0 ) Investment in unconsolidated affiliates — — (48.6 ) — (48.6 ) Capital contribution from consolidated affiliates 20.9 — — (20.9 ) — Net cash provided by (used in) investing activities 18.2 (4.9 ) (248.5 ) (20.9 ) (256.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 383.7 — 860.6 — 1,244.3 Principal payments on long-term debt (361.2 ) — (863.2 ) — (1,224.4 ) Payments on capital leases — — (1.9 ) — (1.9 ) Distributions paid to partners (51.3 ) — (20.9 ) 20.9 (51.3 ) Distributions paid to non-controlling partners — — (148.3 ) — (148.3 ) Net proceeds from issuance of preferred equity of subsidiary — — 33.6 — 33.6 Net proceeds from the issuance of Class A preferred units — — 293.7 — 293.7 Change in intercompany balances 23.8 (23.8 ) — — — Other — (2.2 ) (1.6 ) — (3.8 ) Net cash provided by (used in) financing activities (5.0 ) (26.0 ) 152.0 20.9 141.9 Net change in cash 0.2 (1.8 ) 14.6 — 13.0 Cash at beginning of period 0.1 2.4 2.7 — 5.2 Cash at end of period $ 0.3 $ 0.6 $ 17.3 $ — $ 18.2 |
Simplification Merger
Simplification Merger | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Simplification Merger | Simplification Merger On May 5, 2015, the Company, CMLP and certain of its affiliates entered into a definitive agreement under which CMLP has agreed to merge with a wholly-owned subsidiary of the Company, with CMLP surviving as a wholly-owned subsidiary of the Company. As part of the merger consideration, CMLP’s common unitholders will become unitholders of the Company in a tax free exchange, with CMLP’s common unitholders receiving 2.75 common units of the Company for each common unit of CMLP held upon completion of the merger. Upon completion of the Simplification Merger, CMLP’s IDRs will be eliminated and its common units will cease to be listed on the NYSE. We expect to complete the merger in the third quarter of 2015, subject to the approval by CMLP's unitholders and the satisfaction of customary closing conditions. The Simplification Merger was unanimously approved by the boards of directors of the Company and CMLP, based on the unanimous approval and recommendation of their respective conflicts committees, which consisted entirely of independent directors. Under the merger agreement, (i) Crestwood Midstream is required to call, prior to the closing of the Simplification Merger, the remaining $60 million of equity commitment made available by the Class A Purchasers; and (ii) the Company will, contemporaneously with or immediately following the closing of the Simplification Merger, transfer to Crestwood Midstream the proprietary NGL business currently owned and operated by the Company. Also, in conjunction with the Simplification Merger: • the Company and Crestwood Holdings each entered into a support agreement with Crestwood Midstream under which the Company and Crestwood Holdings have agreed to vote their respective CMLP common units in favor of the Simplification Merger at the Crestwood Midstream unitholder meeting required by the merger; and • the Class A Purchasers entered into letter agreements with Crestwood Midstream under which they have agreed, subject to the closing of the merger, to exchange their Preferred Units into new preferred units of the Company upon completion of the Simplification Merger. Although not required by the merger agreement, we anticipate contemporaneously with the closing of the merger that we will repay and retire the CEQP Credit Facility and outstanding CEQP Senior Notes, and that Crestwood Midstream will repay and retire all borrowings under the Crestwood Midstream Revolver. The Crestwood Midstream Revolver will effectively be retired with a combination of proceeds received by Crestwood Midstream from the sale of Preferred Units to the Class A Purchasers prior to the closing of the Simplification Merger and borrowings under the Crestwood Midstream amended and restated credit facility (described below). To refinance the Crestwood Midstream Revolver in conjunction with the Simplification Merger, Crestwood Midstream intends to enter into an amended and restated senior secured revolving credit facility under which up to $1.5 billion in aggregate principle amount of cash borrowings and letters of credit will be made available by a syndicate of lenders. In July 2015, Crestwood Midstream received final lender commitments for the $1.5 billion revolving credit facility, and subject to customary closing conditions (including the closing of the merger and asset contribution concurrently with or immediately following the closing of the amended and restated credit facility), Crestwood Midstream expects to close the amended and restated credit agreement contemporaneously with the closing of the Simplification Merger. Pursuant to the final commitments from the syndicate of lenders, Crestwood Midstream anticipates that the terms of the amended and restated credit agreement will be substantially similar to the terms and conditions of its existing $1 billion credit facility, and that the proprietary NGL business transferred from the Company will be part of the lenders’ collateral package. Following the asset contribution and refinancing described above, Crestwood Midstream will own all of the operating assets within the Crestwood partnerships and Crestwood Midstream will issue all of the debt (including bank loans and senior notes) required to operate those businesses. The Company will issue common units when equity capital is required by those businesses. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2014 Annual Report on Form 10-K. |
New Accounting Pronouncements Issued But Not Yet Adopted | New Accounting Pronouncements Issued But Not Yet Adopted As of June 30, 2015 , the following accounting standards had not yet been adopted by us. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. We expect to adopt the provisions of this standard effective January 1, 2016 and are currently evaluating the impact, if any, that this standard may have on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which requires deferred debt issuance costs to be classified as a reduction of the debt liability rather than as an asset in the balance sheet. We expect to adopt the provisions of this standard effective January 1, 2016, and do not currently anticipate it will have a significant impact on our consolidated financial statements. |
Certain Balance Sheet Informa25
Certain Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant And Equipment | Property, plant and equipment consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Gathering systems and pipelines $ 1,419.5 $ 1,410.9 Facilities and equipment 1,671.1 1,648.3 Buildings, land, rights-of-way, storage contracts and easements 845.5 841.5 Vehicles 46.0 45.2 Construction in process 160.2 156.5 Base gas 37.5 37.5 Salt deposits 120.5 120.5 Office furniture and fixtures 14.1 13.5 4,314.4 4,273.9 Less: accumulated depreciation and depletion 461.4 380.1 Total property, plant and equipment, net $ 3,853.0 $ 3,893.8 |
Intangible Assets | Intangible assets consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, Customer accounts $ 583.7 $ 583.7 Covenants not to compete 9.6 9.6 Gas gathering, compression and processing contracts 726.1 730.2 Acquired storage contracts 29.0 29.0 Trademarks 32.1 32.2 Deferred financing costs 60.5 57.2 1,441.0 1,441.9 Less: accumulated amortization 260.3 210.6 Total intangible assets, net $ 1,180.7 $ 1,231.3 |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, 2014 Accrued expenses $ 44.4 $ 52.5 Accrued property taxes 6.3 2.2 Accrued product purchases payable 1.0 0.7 Tax payable — 1.6 Interest payable 27.8 23.5 Accrued additions to property, plant and equipment 11.9 20.0 Commitments and contingent liabilities ( Note 12 ) — 40.0 Capital leases 1.9 1.9 Deferred revenue 15.6 12.2 Total accrued expenses and other liabilities $ 108.9 $ 154.6 |
Investments in Unconsolidated26
Investments in Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Our net investments in and earnings (loss) from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated ): Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates June 30, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 249.9 $ 232.9 $ 1.1 $ (0.6 ) $ 3.6 $ (0.3 ) Tres Palacios Holdings LLC (2) 50.01 % 41.3 36.0 0.6 — 1.5 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 33.0 26.2 3.3 (0.9 ) 3.3 (1.3 ) Total $ 324.2 $ 295.1 $ 5.0 $ (1.5 ) $ 8.4 $ (1.6 ) (1) As of June 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $52.2 million . We amortize and generally assess the recoverability of this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation and RKI Exploration and Production, LLC, and we reflect the amortization as a reduction of our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.7 million for the three months ended June 30, 2015 and 2014, and $1.5 million for the six months ended June 30, 2015 and 2014 . Our Jackalope investment is included in our gathering and processing segment. (2) In December 2014, one of our consolidated subsidiaries and an affiliate of Brookfield Infrastructure Group (Brookfield) formed the Tres Palacios Holdings LLC (Tres Holdings) joint venture. As of June 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.7 million . We amortize and generally assess the recoverability of this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. We recorded amortization of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of June 30, 2015 , our investment balance approximated our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC). During the three and six months ended June 30, 2015, we recorded additional equity earnings of approximately $3.2 million related to a gain associated with the adjustment of our member's capital account by our equity investee. Our PRBIC investment is included in our NGL and crude services segment. (4) Excludes non-controlling interests related to our investment in Jackalope. See Note 10 for a further discussion of our non-controlling interest related to our investment in Jackalope. |
Risk Management (Tables)
Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 10.2 12.3 6.8 8.4 Natural gas ( MMBTU’s ) — — 0.2 0.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value and fair value of our senior notes ( in millions ): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value CEQP Senior Notes $ 10.6 $ 10.6 $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.7 $ 517.5 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 615.6 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 729.8 $ — $ — |
Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables set forth by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.1 $ 49.8 $ — $ 49.9 $ (18.1 ) $ 31.8 Suburban Propane Partners, L.P. units (2) 5.7 — — 5.7 — 5.7 Total assets at fair value $ 5.8 $ 49.8 $ — $ 55.6 $ (18.1 ) $ 37.5 Liabilities Liabilities from price risk management $ — $ 39.9 $ — $ 39.9 $ (34.1 ) $ 5.8 Interest rate swaps (3) — 1.1 — 1.1 — 1.1 Total liabilities at fair value $ — $ 41.0 $ — $ 41.0 $ (34.1 ) $ 6.9 December 31, 2014 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.5 $ 146.7 $ — $ 147.2 $ (67.4 ) $ 79.8 Suburban Propane Partners, L.P. units (2) 6.1 — — 6.1 — 6.1 Total assets at fair value $ 6.6 $ 146.7 $ — $ 153.3 $ (67.4 ) $ 85.9 Liabilities Liabilities from price risk management $ 1.6 $ 99.2 $ — $ 100.8 $ (75.4 ) $ 25.4 Interest rate swaps (3) — 1.6 — 1.6 — 1.6 Total liabilities at fair value $ 1.6 $ 100.8 $ — $ 102.4 $ (75.4 ) $ 27.0 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle asset and liability positions as well as cash collateral held or placed with the same counterparties. (2) Our Suburban Propane Partners, L.P. units are included in prepaid expenses and other current assets on our consolidated balance sheets. (3) Interest rate swaps are included in other long-term liabilities on our consolidated balance sheets. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at June 30, 2015 and December 31, 2014 ( in millions ): June 30, December 31, CEQP Credit Facility $ 341.2 $ 369.0 CEQP Senior Notes 10.6 11.4 Crestwood Midstream Revolver 358.3 555.0 Crestwood Midstream 2019 Senior Notes — 350.0 Premium on Crestwood Midstream 2019 Senior Notes — 1.0 Crestwood Midstream 2020 Senior Notes 500.0 500.0 Fair value adjustment of Crestwood Midstream 2020 Senior Notes 3.7 4.0 Crestwood Midstream 2022 Senior Notes 600.0 600.0 Crestwood Midstream 2023 Senior Notes 700.0 — Other 5.6 6.1 Total debt 2,519.4 2,396.5 Less: current portion 12.3 3.7 Total long-term debt $ 2,507.1 $ 2,392.8 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Statement of Partners' Capital [Abstract] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of our limited partner quarterly cash distributions for the six months ended June 30, 2015 and 2014 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2015 February 6, 2015 February 13, 2015 $ 0.1375 $ 25.8 May 8, 2015 May 15, 2015 $ 0.1375 25.7 $ 51.5 2014 February 7, 2014 February 14, 2014 $ 0.1375 $ 25.6 May 8, 2014 May 15, 2014 $ 0.1375 25.7 $ 51.3 |
Equity Plans (Tables)
Equity Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (449,667 ) $ 22.93 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 522,328 $ 16.01 Granted - phantom units 165,501 $ 15.99 Forfeited (1) (70,522 ) $ 20.03 Unvested - June 30, 2015 980,858 $ 18.65 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 39,172 restricted units were forfeited during the six months ended June 30, 2015 . The following table summarizes information regarding restricted and phantom unit activity during the six months ended June 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 1,315,880 $ 13.21 Vested - restricted units (780,741 ) $ 12.78 Vested - phantom units (48,563 ) $ 6.71 Granted - restricted units 1,177,780 $ 6.79 Granted - phantom units 372,472 $ 6.68 Forfeited (1) (135,246 ) $ 9.66 Unvested - June 30, 2015 1,901,582 $ 8.55 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 72,634 restricted units were forfeited during the six months ended June 30, 2015 . |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows revenues, costs of goods sold and reimbursements of general and administrative expenses from our affiliates for the three and six months ended June 30, 2015 and 2014 ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Gathering and processing revenues $ 1.1 $ 0.7 $ 2.1 $ 1.6 Gathering and processing costs of product/services sold (1) $ 7.7 $ 9.8 $ 16.0 $ 20.8 Reimbursement of general and administrative expenses $ 0.1 $ 0.1 $ 0.2 $ 0.2 Reimbursement of operations and maintenance expenses $ 0.7 $ — $ 1.6 $ — (1) Represents natural gas purchases from Sabine Oil and Gas Corporation. |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and account payable from our affiliates as of June 30, 2015 and December 31, 2014 ( in millions ): June 30, 2015 December 31, 2014 Accounts receivable $ 1.2 $ 0.6 Accounts payable $ 4.8 $ 5.6 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of net income to EBITDA ( in millions ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income (loss) $ (296.0 ) $ (4.8 ) $ (277.9 ) $ 8.4 Add: Interest and debt expense, net 35.4 32.6 69.0 64.3 Loss on modification/extinguishment of debt 17.1 — 17.1 — Provision for income taxes (0.3 ) 0.2 0.1 1.0 Depreciation, amortization and accretion 74.8 71.2 149.0 137.5 EBITDA $ (169.0 ) $ 99.2 $ (42.7 ) $ 211.2 |
Summary Of Segment Information | The following tables summarize the reportable segment data for the three and six months ended June 30, 2015 and 2014 ( in millions ). Three Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 75.0 $ 44.0 $ 523.1 $ (0.6 ) $ — $ 641.5 Costs of product/services sold 13.3 3.4 443.4 (0.6 ) — 459.5 Operations and maintenance expense 14.3 4.1 25.5 — — 43.9 General and administrative expense — — — — 30.6 30.6 Loss on long-lived assets — — (0.6 ) — — (0.6 ) Goodwill impairment (220.7 ) — (60.3 ) — — (281.0 ) Earnings from unconsolidated affiliates, net 1.1 0.6 3.3 — — 5.0 Other income, net — — — — 0.1 0.1 EBITDA $ (172.2 ) $ 37.1 $ (3.4 ) $ — $ (30.5 ) $ (169.0 ) Goodwill $ 117.6 $ 726.3 $ 1,366.9 $ — $ — $ 2,210.8 Total assets $ 2,393.7 $ 1,960.9 $ 3,445.3 $ — $ 179.8 $ 7,979.7 Purchases of property, plant and equipment $ 7.9 $ 3.0 $ 24.9 $ — $ 0.3 $ 36.1 Three Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 83.4 $ 47.8 $ 795.1 $ — $ — $ 926.3 Costs of product/services sold 17.6 7.2 722.8 — — 747.6 Operations and maintenance expense 14.7 6.3 27.7 — — 48.7 General and administrative expense — — — — 24.1 24.1 Gain on long-lived assets 0.5 0.6 0.1 — — 1.2 Loss on contingent consideration (6.5 ) — — — — (6.5 ) Loss from unconsolidated affiliates, net (0.6 ) — (0.9 ) — — (1.5 ) Other income, net — — — — 0.1 0.1 EBITDA $ 44.5 $ 34.9 $ 43.8 $ — $ (24.0 ) $ 99.2 Goodwill $ 356.8 $ 726.3 $ 1,457.5 $ — $ — $ 2,540.6 Total assets $ 2,641.5 $ 2,140.5 $ 3,618.8 $ — $ 190.2 $ 8,591.0 Purchases of property, plant and equipment $ 79.6 $ 1.2 $ 22.1 $ — $ 2.7 $ 105.6 Six Months Ended June 30, 2015 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 153.5 $ 89.7 $ 1,130.6 $ (0.8 ) $ — $ 1,373.0 Costs of product/services sold 26.0 6.7 957.3 (0.8 ) — 989.2 Operations and maintenance expense 29.2 8.4 56.9 — — 94.5 General and administrative expense — — — — 58.1 58.1 Loss on long-lived assets (0.3 ) (0.7 ) (0.6 ) — — (1.6 ) Goodwill impairment (220.7 ) — (60.3 ) — — (281.0 ) Earnings from unconsolidated affiliates, net 3.6 1.5 3.3 — — 8.4 Other income, net — — — 0.3 0.3 EBITDA $ (119.1 ) $ 75.4 $ 58.8 $ — $ (57.8 ) $ (42.7 ) Goodwill $ 117.6 $ 726.3 $ 1,366.9 $ — $ — $ 2,210.8 Total assets $ 2,393.7 $ 1,960.9 $ 3,445.3 $ — $ 179.8 $ 7,979.7 Purchases of property, plant and equipment $ 19.3 $ 5.7 $ 58.0 $ — $ 0.5 $ 83.5 Six Months Ended June 30, 2014 Gathering and Processing Storage and Transportation NGL and Crude Services Intersegment Corporate Total Revenues $ 162.9 $ 98.8 $ 1,636.2 $ — $ — $ 1,897.9 Costs of product/services sold 36.3 14.0 1,483.3 — — 1,533.6 Operations and maintenance expense 28.1 12.5 52.2 — — 92.8 General and administrative expense — — — — 52.0 52.0 Gain on long-lived assets 1.0 0.6 0.1 — — 1.7 Loss on contingent consideration (8.6 ) — — — — (8.6 ) Loss from unconsolidated affiliates, net (0.3 ) — (1.3 ) — — (1.6 ) Other income, net — — — — 0.2 0.2 EBITDA $ 90.6 $ 72.9 $ 99.5 $ — $ (51.8 ) $ 211.2 Goodwill $ 356.8 $ 726.3 $ 1,457.5 $ — $ — $ 2,540.6 Total assets $ 2,641.5 $ 2,140.5 $ 3,618.8 $ — $ 190.2 $ 8,591.0 Purchases of property, plant and equipment $ 125.9 $ 2.8 $ 53.0 $ — $ 6.3 $ 188.0 |
Condensed Consolidating Finan34
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Text Block [Abstract] | ||
Schedule of Error Corrections and Prior Period Adjustments | As summarized in the table below, the condensed consolidating financial statements for the three and six months ended June 30, 2014 have been corrected for certain errors in presentation between the parent and guarantor subsidiaries. There was no impact to our consolidated statement of operations for the three and six months ended June 30, 2014 or our consolidated statement of cash flows for the six months ended June 30, 2014 . Condensed Consolidating Statement of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 2.0 $ — $ 0.8 $ 2.8 $ — $ — Operating loss (2.0 ) — (6.1 ) (8.1 ) — — Equity in net income (loss) of subsidiary 0.9 (1.1 ) — — (0.9 ) 1.1 Income (loss) before income taxes (4.7 ) (4.7 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Net income (loss) (4.8 ) (4.8 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Net income (loss) attributable to partners (4.8 ) (4.8 ) (6.0 ) (8.0 ) (0.9 ) 1.1 Condensed Consolidating Statement of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported General and administrative expense $ 4.8 $ — $ 1.8 $ 6.6 $ — $ — Operating income (loss) (4.8 ) — 12.8 8.0 — — Equity in net income (loss) of subsidiary 20.5 15.7 — — (20.5 ) (15.7 ) Income (loss) before income taxes 8.5 8.5 13.0 8.2 (20.5 ) (15.7 ) Net income (loss) 8.4 8.4 12.9 8.1 (20.5 ) (15.7 ) Net income (loss) attributable to partners 8.4 8.4 12.9 8.1 (20.5 ) (15.7 ) Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Eliminations As Adjusted As Previously Reported As Adjusted As Previously Reported As Adjusted As Previously Reported Cash flows from operating activities: $ (13.0 ) $ — $ 29.1 $ 16.1 $ — $ — Cash flows from investing activities: Purchases of property, plant and equipment (2.7 ) — (4.9 ) (7.6 ) — — Capital contributions from consolidated affiliates and other 20.9 72.2 — 20.9 (20.9 ) (93.1 ) Net cash provided by (used in) investing activities 18.2 72.2 (4.9 ) 13.3 (20.9 ) (93.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 383.7 — — 383.7 — — Principal payments on long-term debt (361.2 ) — — (361.2 ) — — Distributions paid to partners (51.3 ) (72.2 ) — (51.3 ) 20.9 93.1 Change in intercompany balances 23.8 — (23.8 ) — — — Other — 0.2 (2.2 ) (2.4 ) — — Net cash provided by (used in) financing activities (5.0 ) (72.0 ) (26.0 ) (31.2 ) 20.9 93.1 | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.1 $ — $ 0.2 $ — $ 1.3 Accounts receivable — 75.5 226.2 — 301.7 Accounts receivable - related party — — 1.2 — 1.2 Accounts receivable - intercompany 0.3 — — (0.3 ) — Total accounts receivable 0.3 75.5 227.4 (0.3 ) 302.9 Inventory — 26.0 12.8 — 38.8 Other current assets — 40.7 17.5 — 58.2 Total current assets 1.4 142.2 257.9 (0.3 ) 401.2 Property, plant and equipment, net 3.0 220.9 3,629.1 — 3,853.0 Goodwill and intangible assets, net 10.6 661.6 2,719.3 — 3,391.5 Investment in consolidated affiliates 5,458.5 — — (5,458.5 ) — Investment in unconsolidated affiliates — — 324.2 — 324.2 Other assets — 8.5 1.3 — 9.8 Total assets $ 5,473.5 $ 1,033.2 $ 6,931.8 $ (5,458.8 ) $ 7,979.7 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 66.1 $ 107.2 $ — $ 173.3 Accounts payable - related party — 2.5 2.3 — 4.8 Accounts payable - intercompany — — 0.3 (0.3 ) — Total accounts payable — 68.6 109.8 (0.3 ) 178.1 Other current liabilities 5.2 32.9 88.9 — 127.0 Total current liabilities 5.2 101.5 198.7 (0.3 ) 305.1 Long-term liabilities: Long-term debt, less current portion 347.6 — 2,159.5 — 2,507.1 Other long-term liabilities 10.5 15.9 30.9 — 57.3 Partners' capital 692.6 915.8 125.1 (1,040.9 ) 692.6 Interest of non-controlling partners in subsidiaries 4,417.6 — 4,417.6 (4,417.6 ) 4,417.6 Total partners' capital 5,110.2 915.8 4,542.7 (5,458.5 ) 5,110.2 Total liabilities and partners' capital $ 5,473.5 $ 1,033.2 $ 6,931.8 $ (5,458.8 ) $ 7,979.7 Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 3.7 $ 0.5 $ 4.6 $ — $ 8.8 Accounts receivable — 137.5 241.5 — 379.0 Accounts receivable - related party — 0.3 0.3 — 0.6 Accounts receivable - intercompany 3.2 — — (3.2 ) — Total accounts receivable 3.2 137.8 241.8 (3.2 ) 379.6 Inventory — 38.6 8.0 — 46.6 Other current assets — 84.4 18.7 — 103.1 Total current assets 6.9 261.3 273.1 (3.2 ) 538.1 Property, plant and equipment, net 2.5 227.1 3,664.2 — 3,893.8 Goodwill and intangible assets, net 1.7 706.7 3,014.7 — 3,723.1 Investment in consolidated affiliates 5,971.2 — — (5,971.2 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 9.9 1.4 — 11.3 Total assets $ 5,982.3 $ 1,205.0 $ 7,248.5 $ (5,974.4 ) $ 8,461.4 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 109.5 $ 126.1 $ — $ 235.6 Accounts payable - related party — 2.5 3.1 — 5.6 Accounts payable - intercompany — — 3.2 (3.2 ) — Total accounts payable — 112.0 132.4 (3.2 ) 241.2 Other current liabilities 4.9 56.1 122.7 — 183.7 Total current liabilities 4.9 168.1 255.1 (3.2 ) 424.9 Long-term liabilities: Long-term debt, less current portion 380.0 — 2,012.8 — 2,392.8 Other long-term liabilities 12.9 15.1 31.2 — 59.2 Partners' capital 776.2 1,021.8 141.1 (1,162.9 ) 776.2 Interest of non-controlling partners in subsidiaries 4,808.3 — 4,808.3 (4,808.3 ) 4,808.3 Total partners' capital 5,584.5 1,021.8 4,949.4 (5,971.2 ) 5,584.5 Total liabilities and partners' capital $ 5,982.3 $ 1,205.0 $ 7,248.5 $ (5,974.4 ) $ 8,461.4 Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 167.0 $ 478.4 $ (3.9 ) $ 641.5 Costs of product/services sold — 147.3 316.1 (3.9 ) 459.5 Expenses: Operations and maintenance — 11.8 32.1 — 43.9 General and administrative 3.3 1.1 26.2 — 30.6 Depreciation, amortization and accretion 1.7 8.0 65.1 — 74.8 5.0 20.9 123.4 — 149.3 Other operating expense: Loss on long-lived assets, net — — (0.6 ) — (0.6 ) Goodwill impairment — (28.4 ) (252.6 ) — (281.0 ) Operating loss (5.0 ) (29.6 ) (214.3 ) — (248.9 ) Earnings from unconsolidated affiliates, net — — 5.0 — 5.0 Interest and debt expense, net (2.8 ) — (32.6 ) — (35.4 ) Loss on modification/extinguishment of debt — — (17.1 ) — (17.1 ) Other income, net — 0.1 — — 0.1 Equity in net income (loss) of subsidiary (288.6 ) — — 288.6 — Income (loss) before income taxes (296.4 ) (29.5 ) (259.0 ) 288.6 (296.3 ) Provision (benefit) for income taxes (0.4 ) — 0.1 — (0.3 ) Net income (loss) (296.0 ) (29.5 ) (259.1 ) 288.6 (296.0 ) Net loss attributable to non-controlling partners in subsidiaries — — 256.0 — 256.0 Net income (loss) attributable to partners $ (296.0 ) $ (29.5 ) $ (3.1 ) $ 288.6 $ (40.0 ) Condensed Consolidating Statements of Operations Three Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 254.0 $ 675.7 $ (3.4 ) $ 926.3 Costs of product/services sold — 231.9 519.1 (3.4 ) 747.6 Expenses: Operations and maintenance — 16.0 32.7 — 48.7 General and administrative 2.0 0.8 21.3 — 24.1 Depreciation, amortization and accretion — 11.5 59.7 — 71.2 2.0 28.3 113.7 — 144.0 Other operating income (expense): Gain on long-lived assets, net — 0.1 1.1 — 1.2 Loss on contingent consideration — — (6.5 ) — (6.5 ) Operating income (loss) (2.0 ) (6.1 ) 37.5 — 29.4 Loss from unconsolidated affiliates, net — — (1.5 ) — (1.5 ) Interest and debt expense, net (3.6 ) — (29.0 ) — (32.6 ) Other income, net — 0.1 — — 0.1 Equity in net income (loss) of subsidiary 0.9 — — (0.9 ) — Income (loss) before income taxes (4.7 ) (6.0 ) 7.0 (0.9 ) (4.6 ) Provision for income taxes 0.1 — 0.1 — 0.2 Net income (loss) (4.8 ) (6.0 ) 6.9 (0.9 ) (4.8 ) Net loss attributable to non-controlling partners in subsidiary — — 0.4 — 0.4 Net income (loss) attributable to partners $ (4.8 ) $ (6.0 ) $ 7.3 $ (0.9 ) $ (4.4 ) | |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 447.0 $ 933.5 $ (7.5 ) $ 1,373.0 Costs of product/services sold — 394.0 602.7 (7.5 ) 989.2 Expenses: Operations and maintenance — 27.3 67.2 — 94.5 General and administrative 5.2 2.5 50.4 — 58.1 Depreciation, amortization and accretion 1.7 17.8 129.5 — 149.0 6.9 47.6 247.1 — 301.6 Other operating expense: Loss on long-lived assets, net — (0.2 ) (1.4 ) — (1.6 ) Goodwill impairment — (28.4 ) (252.6 ) — (281.0 ) Operating loss (6.9 ) (23.2 ) (170.3 ) — (200.4 ) Earnings from unconsolidated affiliates, net — — 8.4 — 8.4 Interest and debt expense, net (6.5 ) — (62.5 ) — (69.0 ) Loss on modification/extinguishment of debt — — (17.1 ) — (17.1 ) Other income, net — 0.3 — — 0.3 Equity in net income (loss) of subsidiary (264.8 ) — — 264.8 — Income (loss) before income taxes (278.2 ) (22.9 ) (241.5 ) 264.8 (277.8 ) Provision (benefit) for income taxes (0.3 ) — 0.4 — 0.1 Net income (loss) (277.9 ) (22.9 ) (241.9 ) 264.8 (277.9 ) Net loss attributable to non-controlling partners in subsidiaries — — 246.2 — 246.2 Net income (loss) attributable to partners $ (277.9 ) $ (22.9 ) $ 4.3 $ 264.8 $ (31.7 ) Condensed Consolidating Statements of Operations Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 691.9 $ 1,212.7 $ (6.7 ) $ 1,897.9 Costs of product/services sold — 623.1 917.2 (6.7 ) 1,533.6 Expenses: Operations and maintenance — 32.1 60.7 — 92.8 General and administrative 4.8 1.8 45.4 — 52.0 Depreciation, amortization and accretion — 22.2 115.3 — 137.5 4.8 56.1 221.4 — 282.3 Other operating income (expense): Gain on long-lived assets, net — 0.1 1.6 — 1.7 Loss on contingent consideration — — (8.6 ) — (8.6 ) Operating income (loss) (4.8 ) 12.8 67.1 — 75.1 Loss from unconsolidated affiliates, net — — (1.6 ) — (1.6 ) Interest and debt expense, net (7.2 ) — (57.1 ) — (64.3 ) Other income, net — 0.2 — — 0.2 Equity in net income (loss) of subsidiary 20.5 — — (20.5 ) — Income (loss) before income taxes 8.5 13.0 8.4 (20.5 ) 9.4 Provision for income taxes 0.1 0.1 0.8 — 1.0 Net income (loss) 8.4 12.9 7.6 (20.5 ) 8.4 Net loss attributable to non-controlling partners in subsidiary — — 6.8 — 6.8 Net income (loss) attributable to partners $ 8.4 $ 12.9 $ 14.4 $ (20.5 ) $ 15.2 | |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (277.9 ) $ (22.9 ) $ (241.9 ) $ 264.8 $ (277.9 ) Change in fair value of Suburban Propane Partners LP units (0.4 ) — — — (0.4 ) Comprehensive income (loss) $ (278.3 ) $ (22.9 ) $ (241.9 ) $ 264.8 $ (278.3 ) Condensed Consolidating Statements of Comprehensive Income Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 8.4 $ 12.9 $ 7.6 $ (20.5 ) $ 8.4 Change in fair value of Suburban Propane Partners LP units (0.1 ) — — — (0.1 ) Comprehensive income (loss) $ 8.3 $ 12.9 $ 7.6 $ (20.5 ) $ 8.3 | |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (8.5 ) $ 71.7 $ 147.9 $ — $ 211.1 Cash flows from investing activities: Purchases of property, plant and equipment (0.1 ) (5.7 ) (77.7 ) — (83.5 ) Investment in unconsolidated affiliates (0.2 ) — (27.8 ) — (28.0 ) Capital distributions from unconsolidated affiliates — — 1.0 — 1.0 Proceeds from sale of assets — 0.4 1.7 — 2.1 Capital contribution from consolidated affiliates, net 20.9 — — (20.9 ) — Net cash provided by (used in) investing activities 20.6 (5.3 ) (102.8 ) (20.9 ) (108.4 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 289.5 — 1,865.1 — 2,154.6 Principal payments on long-term debt (318.1 ) — (1,712.5 ) — (2,030.6 ) Payments on capital leases — — (1.2 ) — (1.2 ) Payments for debt-related deferred costs — — (11.7 ) — (11.7 ) Financing fees paid for early debt redemption — — (13.6 ) — (13.6 ) Distributions paid to partners (51.5 ) — (20.9 ) 20.9 (51.5 ) Distributions paid to non-controlling partners — — (152.4 ) — (152.4 ) Taxes paid for unit-based compensation vesting — (1.6 ) (2.1 ) — (3.7 ) Change in intercompany balances 65.4 (65.4 ) — — — Other — 0.1 (0.2 ) — (0.1 ) Net cash provided by (used in) financing activities (14.7 ) (66.9 ) (49.5 ) 20.9 (110.2 ) Net change in cash (2.6 ) (0.5 ) (4.4 ) — (7.5 ) Cash at beginning of period 3.7 0.5 4.6 — 8.8 Cash at end of period $ 1.1 $ — $ 0.2 $ — $ 1.3 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (13.0 ) $ 29.1 $ 111.1 $ — $ 127.2 Cash flows from investing activities: Acquisitions, net of cash acquired — — (19.5 ) — (19.5 ) Purchases of property, plant and equipment (2.7 ) (4.9 ) (180.4 ) — (188.0 ) Investment in unconsolidated affiliates — — (48.6 ) — (48.6 ) Capital contribution from consolidated affiliates 20.9 — — (20.9 ) — Net cash provided by (used in) investing activities 18.2 (4.9 ) (248.5 ) (20.9 ) (256.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 383.7 — 860.6 — 1,244.3 Principal payments on long-term debt (361.2 ) — (863.2 ) — (1,224.4 ) Payments on capital leases — — (1.9 ) — (1.9 ) Distributions paid to partners (51.3 ) — (20.9 ) 20.9 (51.3 ) Distributions paid to non-controlling partners — — (148.3 ) — (148.3 ) Net proceeds from issuance of preferred equity of subsidiary — — 33.6 — 33.6 Net proceeds from the issuance of Class A preferred units — — 293.7 — 293.7 Change in intercompany balances 23.8 (23.8 ) — — — Other — (2.2 ) (1.6 ) — (3.8 ) Net cash provided by (used in) financing activities (5.0 ) (26.0 ) 152.0 20.9 141.9 Net change in cash 0.2 (1.8 ) 14.6 — 13.0 Cash at beginning of period 0.1 2.4 2.7 — 5.2 Cash at end of period $ 0.3 $ 0.6 $ 17.3 $ — $ 18.2 |
Business Description (Narrative
Business Description (Narrative) (Detail) | 6 Months Ended | |
Jun. 30, 2015segment$ / sharesshares | May. 05, 2015 | |
Business Description [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Equity interest issued or issuable, conversion ratio | 2.75 | |
Crestwood Equity Partners LP | ||
Business Description [Line Items] | ||
General partner ownership percentage | 4.00% | |
Incentive Distribution Rights, Distribution Percentage | 100.00% | |
CMLP | ||
Business Description [Line Items] | ||
Incentive Distribution Rights, Percent | 50.00% | |
Incentive Distribution, Distribution Per Unit | $ / shares | $ 0.37 | |
Common unit | First Reserve Management, L.P. | ||
Business Description [Line Items] | ||
General partner ownership percentage | 26.00% | |
Common unit | Crestwood Equity Partners LP | ||
Business Description [Line Items] | ||
General partner ownership percentage | 11.00% | |
Subordinated unit | ||
Business Description [Line Items] | ||
Units of Partnership Interest, Amount | 4,387,889 |
Basis of Presentation and Sum36
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | $ 281 | $ 0 | $ 281 | $ 0 | |
Goodwill | 2,210.8 | $ 2,540.6 | 2,210.8 | 2,540.6 | $ 2,491.8 |
Reimbursements of property, plant and equipment | $ 15.7 | ||||
Fayetteville | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 8.3 | ||||
Goodwill | 64.2 | 64.2 | |||
West Coast | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 28.4 | ||||
Goodwill | 57.6 | 57.6 | |||
Watkins Glen | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 31.9 | ||||
Goodwill | 34.3 | 34.3 | |||
Barnett | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill impairment | 212.4 | ||||
Goodwill | 44.8 | 44.8 | |||
Reporting Units Excluding Fayetteville, Watkins Glen, West Coast and Barnett [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 2,010 | $ 2,010 | |||
Previous discount rate | Watkins Glen | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 10.50% | ||||
Previous discount rate | Barnett | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 9.00% | ||||
Previous discount rate | Fayetteville and West Coast | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 9.00% | ||||
Revised discount rate | Watkins Glen | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 13.30% | ||||
Revised discount rate | Barnett | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 11.00% | ||||
Revised discount rate | Fayetteville and West Coast | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair Value Inputs, Discount Rate | 10.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May. 09, 2014USD ($)aservice_vehiclescrude_trailerstractorbbl | Mar. 21, 2014USD ($)double_bottom_body_tankstrailer_tankstractorbbl | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,210.8 | $ 2,491.8 | $ 2,540.6 | |||
Red Rock | ||||||
Business Acquisition [Line Items] | ||||||
Consideration Transferred | $ 13.8 | |||||
Payments to Acquire Businesses, Gross | 12.1 | |||||
Deferred Payments | $ 1.8 | |||||
Trailer Tanks | trailer_tanks | 56 | |||||
Double Bottom Tanks | double_bottom_body_tanks | 22 | |||||
Tractors | tractor | 44 | |||||
Crude Hauling Capacity (barrels per day) | bbl | 28,000 | |||||
Property, plant and equipment | $ 10.6 | |||||
Goodwill | $ 3.2 | |||||
LT Enterprises [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration Transferred | $ 10.7 | |||||
Payments to Acquire Businesses, Gross | 9 | |||||
Deferred Payments | $ 1.7 | |||||
Tractors | tractor | 38 | |||||
Crude Hauling Capacity (barrels per day) | bbl | 20,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Crude Trailers | crude_trailers | 51 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Service Vehicles | service_vehicles | 17 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land, Area | a | 20 | |||||
Storage and Transportation | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 726.3 | 726.3 | ||||
NGL and Crude Services | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,366.9 | $ 1,457.5 |
Certain Balance Sheet Informa38
Certain Balance Sheet Information (Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 4,314.4 | $ 4,273.9 |
Less: accumulated depreciation and depletion | 461.4 | 380.1 |
Property, plant and equipment, net | 3,853 | 3,893.8 |
Capital lease assets | 5.3 | 5.3 |
Gathering systems and pipelines | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,419.5 | 1,410.9 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,671.1 | 1,648.3 |
Buildings, land, rights-of-way, storage contracts and easements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 845.5 | 841.5 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 46 | 45.2 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 160.2 | 156.5 |
Base gas | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 37.5 | 37.5 |
Salt deposits | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 120.5 | 120.5 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 14.1 | $ 13.5 |
Certain Balance Sheet Informa39
Certain Balance Sheet Information (Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,441 | $ 1,441.9 |
Less: accumulated amortization | 260.3 | 210.6 |
Total intangible assets, net | 1,180.7 | 1,231.3 |
Customer accounts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 583.7 | 583.7 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 9.6 | 9.6 |
Gas gathering, compression and processing contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 726.1 | 730.2 |
Acquired storage contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 29 | 29 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 32.1 | 32.2 |
Deferred financing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 60.5 | $ 57.2 |
Certain Balance Sheet Informa40
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued expenses | $ 44.4 | $ 52.5 |
Accrued property taxes | 6.3 | 2.2 |
Accrued product purchases payable | 1 | 0.7 |
Tax payable | 0 | 1.6 |
Interest payable | 27.8 | 23.5 |
Accrued additions to property, plant and equipment | 11.9 | 20 |
Commitments and contingent liabilities (Note 12) | 0 | 40 |
Capital leases | 1.9 | 1.9 |
Deferred revenue | 15.6 | 12.2 |
Total accrued expenses and other liabilities | $ 108.9 | $ 154.6 |
Investments in Unconsolidated41
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 324.2 | $ 324.2 | $ 295.1 | ||
Earnings (loss) from unconsolidated affiliates, net | $ 5 | $ (1.5) | $ 8.4 | $ (1.6) | |
Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.00% | 50.00% | |||
Investment | $ 249.9 | $ 249.9 | 232.9 | ||
Earnings (loss) from unconsolidated affiliates, net | 1.1 | (0.6) | 3.6 | (0.3) | |
Difference between carrying amount and underlying equity | $ 52.2 | $ 52.2 | |||
Amortization | 0.7 | 1.5 | |||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 41.3 | $ 41.3 | 36 | ||
Earnings (loss) from unconsolidated affiliates, net | 0.6 | 0 | 1.5 | 0 | |
Difference between carrying amount and underlying equity | 29.7 | 29.7 | |||
Amortization | $ 0.3 | $ 0.6 | |||
Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 33 | $ 33 | $ 26.2 | ||
Earnings (loss) from unconsolidated affiliates, net | $ 3.3 | $ (0.9) | 3.3 | $ (1.3) | |
Income (loss) from Equity Method Investments, Disproportionate Distribution | $ 3.2 |
Investments in Unconsolidated42
Investments in Unconsolidated Affiliates Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire equity method investments | $ 28 | $ 48.6 | |||
Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization | $ 0.7 | 1.5 | |||
Proceeds from equity method investments | 4.5 | 0 | |||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Amortization | $ 0.3 | 0.6 | |||
Proceeds from equity method investments | 2.1 | ||||
Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from equity method investments | 0.7 | 0 | |||
Payments to acquire equity method investments | 4.2 | 2.8 | |||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire equity method investments | 17.9 | $ 45.8 | |||
Crestwood Niobrara LLC | Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire equity method investments | $ 5.7 | ||||
Subsequent Event | Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from equity method investments | $ 4.2 | ||||
Subsequent Event | Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from equity method investments | 1.9 | ||||
Subsequent Event | Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from equity method investments | $ 0.6 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) - bbl bbl in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Propane Crude And Heating Oil | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 10.2 | 6.8 |
Propane Crude And Heating Oil | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 12.3 | 8.4 |
Natural Gas | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 0.2 |
Natural Gas | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 0.1 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||
Collateral posted for commodity derivative instruments | $ 10.5 | $ 10.5 | $ 33.6 | ||
Price Risk Contracts | Maximum | |||||
Derivative [Line Items] | |||||
Remaining maturity | 35 months | ||||
Percent of contracts expiring in the next twelve months | 89.00% | ||||
Commodity contract | |||||
Derivative [Line Items] | |||||
Gain (loss) on derivative instruments not designated as hedging | 2.9 | $ 5 | $ 5.3 | $ 4.5 | |
Aggregate fair value of commodity derivative instruments | 3.7 | 3.7 | 5.2 | ||
Collateral posted for commodity derivative instruments | 0 | 0 | 1.8 | ||
NYMEX Derivative Liability [Member] | |||||
Derivative [Line Items] | |||||
Aggregate fair value of commodity derivative instruments | 20.2 | 20.2 | 36.9 | ||
NYMEX Margin Deposit | |||||
Derivative [Line Items] | |||||
NYMEX margin deposits | $ 28.8 | $ 28.8 | $ 41.9 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Fair value | $ 10.6 | $ 11.6 |
Crestwood Midstream Partners LP | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | 0 | 351 |
Fair value | 0 | 360.5 |
Crestwood Midstream Partners LP | Nrgm Credit Facility | ||
Debt Instrument [Line Items] | ||
Carrying amount | 503.7 | 504 |
Fair value | 517.5 | 481.6 |
CEQP Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | 10.6 | 11.4 |
Senior Notes, 2022 | Crestwood Midstream Partners LP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value | 615.6 | 568.5 |
Senior Notes, 2023 | Crestwood Midstream Partners LP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value | 729.8 | 0 |
Crestwood Midstream Partners LP | Senior Notes, 2022 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | 600 | 600 |
Crestwood Midstream Partners LP | Senior Notes, 2023 | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | 700 | 0 |
Crestwood Midstream Partners LP | Senior Notes, 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 700 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 49.9 | $ 147.2 |
Assets from price risk management, total | 31.8 | 79.8 |
SPH units | 5.7 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 55.6 | 153.3 |
Netting agreements | (18.1) | (67.4) |
Total assets at fair value | 37.5 | 85.9 |
Liabilities from price risk management | 39.9 | 100.8 |
Liabilities from price risk management, total | 5.8 | 25.4 |
Interest rate swaps | 1.1 | 1.6 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 41 | 102.4 |
Netting agreements | (34.1) | (75.4) |
Total liabilities at fair value | 6.9 | 27 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0.1 | 0.5 |
SPH units | 5.7 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 5.8 | 6.6 |
Liabilities from price risk management | 0 | 1.6 |
Interest rate swaps | 0 | 0 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 1.6 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 49.8 | 146.7 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 49.8 | 146.7 |
Liabilities from price risk management | 39.9 | 99.2 |
Interest rate swaps | 1.1 | 1.6 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 41 | 100.8 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0 | 0 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 0 |
Liabilities from price risk management | 0 | 0 |
Interest rate swaps | 0 | 0 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | $ 0 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 2,519.4 | $ 2,396.5 |
Less: current portion | 12.3 | 3.7 |
Total long-term debt | 2,507.1 | 2,392.8 |
Senior Notes | CEQP Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 10.6 | 11.4 |
Senior Notes | Senior Notes, 2019 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 350 |
Senior Notes | Senior Notes, 2020 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Senior notes | 500 | 500 |
Senior Notes | Senior Notes, 2022 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Senior notes | 600 | 600 |
Senior Notes | Senior Notes, 2023 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 0 |
Premium on Crestwood Midstream 2019 Senior Notes | Senior Notes, 2019 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Premium on senior notes | 0 | 1 |
Fair value adjustment of Crestwood Midstream 2020 Senior Notes | Senior Notes, 2020 | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Fair value adjustment | 3.7 | 4 |
Other | ||
Debt Instrument [Line Items] | ||
Other | 5.6 | 6.1 |
Revolving Credit Facility | Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 358.3 | 555 |
Revolving Credit Facility | Crestwood Midstream Revolver | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 358.3 | 555 |
Revolving Credit Facility | Line of Credit | CEQP Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | $ 341.2 | $ 369 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) | Apr. 08, 2015USD ($) | Dec. 03, 2014 | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)swap | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)swap | Jun. 30, 2014USD ($) | Feb. 28, 2015USD ($)swap | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 2,030,600,000 | $ 1,224,400,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||||||
Early Repayment of Senior Debt | $ 13,600,000 | 0 | |||||||
Loss on modification/extinguishment of debt | $ 17,100,000 | $ 0 | 17,100,000 | $ 0 | |||||
Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 1,000,000,000 | $ 1,000,000,000 | |||||||
Line of Credit Facility, Expiration Period | 5 years | ||||||||
CEQP Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Total Funded Debt to Consolidated Ebitda | 3.61 | ||||||||
Consolidated Ebitda To Consolidated Interest Expense | 7.89 | ||||||||
Fixed rate, range low end | 0.84% | ||||||||
Fixed rate, range high end | 2.52% | 2.52% | 2.35% | ||||||
CEQP Credit Facility | Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Coverage Ratio Minimum | 2.50 | ||||||||
CEQP Credit Facility | Interest Rate Swap | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Interest Rate Derivatives Held | swap | 1 | 1 | 5 | ||||||
Aggregate notional amount, cash flow hedges | $ 50,000,000 | $ 50,000,000 | $ 175,000,000 | ||||||
Gain (Loss) on Hedging Activity | 200,000 | 500,000 | |||||||
CEQP Credit Facility | Revolving Credit Facility | Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit Agreement amount available | 104,100,000 | 104,100,000 | |||||||
Letters of credit outstanding | $ 49,700,000 | $ 49,700,000 | $ 56,700,000 | ||||||
CEQP Credit Facility | Revolving Credit Facility | Minimum | LIBO Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 2.19% | 2.19% | 2.91% | ||||||
Long-term Debt, Weighted Average Interest Rate | 2.32% | 2.32% | 3.02% | ||||||
CEQP Credit Facility | Revolving Credit Facility | Maximum | LIBO Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 4.25% | 4.25% | 5.00% | ||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 341,200,000 | $ 341,200,000 | $ 369,000,000 | ||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | Amended and Restated | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 495,000,000 | 495,000,000 | |||||||
Consolidated Leverage Ratio Maximum | 5 | ||||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | Forecast | Amended and Restated | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated Leverage Ratio Maximum | 4.75 | ||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit outstanding | $ 5,500,000 | 5,500,000 | 15,100,000 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 489,600,000 | 489,600,000 | |||||||
Credit agreement outstanding carrying value | $ 358,300,000 | $ 358,300,000 | $ 555,000,000 | ||||||
Total Funded Debt to Consolidated Ebitda | 4.48 | ||||||||
Consolidated Ebitda To Consolidated Interest Expense | 4.17 | ||||||||
Debt, Weighted Average Interest Rate | 2.97% | 2.97% | 2.86% | ||||||
Consolidated Leverage Ratio Maximum | 5 | ||||||||
Consolidated Leverage Ratio, Maximum, Post Acquisitions | 5.50 | 5.50 | |||||||
Interest Coverage Ratio Minimum | 2.50 | ||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 2.94% | 2.94% | 2.66% | ||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, Weighted Average Interest Rate | 5.00% | 5.00% | 4.75% | ||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 315,000,000 | ||||||||
Crestwood Midstream Revolver | Swing Line Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 25,000,000 | $ 25,000,000 | |||||||
Crestwood Midstream Revolver | Standby Letters of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 250,000,000 | $ 250,000,000 | |||||||
Senior Notes, 2019 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Early Repayment of Senior Debt | 364,100,000 | ||||||||
Interest Paid | 500,000 | ||||||||
Call Premium On Debt Redemption | $ 13,600,000 | ||||||||
Senior Notes, 2023 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||||||
Crestwood Midstream Partners LP | Crestwood Midstream Revolver | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 358,300,000 | $ 358,300,000 | $ 555,000,000 | ||||||
Crestwood Midstream Partners LP | Senior Notes, 2019 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | 0 | 0 | 350,000,000 | ||||||
Crestwood Midstream Partners LP | Senior Notes, 2020 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Crestwood Midstream Partners LP | Senior Notes, 2022 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | 600,000,000 | 600,000,000 | 600,000,000 | ||||||
Crestwood Midstream Partners LP | Senior Notes, 2023 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt | 700,000,000 | 700,000,000 | |||||||
Senior notes | $ 700,000,000 | 700,000,000 | 0 | ||||||
Proceeds from Issuance of Debt | $ 688,300,000 | ||||||||
Tres Palacios Holdings LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership Percentage | 50.01% | 50.01% | |||||||
Crestwood Midstream Partners LP | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes | $ 0 | $ 0 | $ 351,000,000 | ||||||
Crestwood Midstream Partners LP | Tres Palacios Holdings LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership Percentage | 50.01% | 50.01% | |||||||
Subsequent Event | Crestwood Midstream Revolver | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit agreement outstanding carrying value | $ 1,500,000,000 |
Earnings Per Limited Partner 49
Earnings Per Limited Partner Unit (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2014 | |
Legacy Crestwood | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 0 | 0 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) | Aug. 10, 2015 | Jul. 30, 2015 | Jul. 23, 2015 | May. 15, 2015 | Feb. 13, 2015 | Jul. 10, 2014 | Jun. 17, 2014 | May. 15, 2014 | Feb. 14, 2014 | Aug. 31, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Incentive Distribution, Distribution | $ 51,500,000 | $ 51,300,000 | |||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (256,000,000) | $ (400,000) | (246,200,000) | (6,800,000) | |||||||||||
Distribution Made to Limited Partner, Unit Distribution | 838,228 | ||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 152,400,000 | 148,300,000 | |||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 25,700,000 | $ 25,800,000 | $ 25,700,000 | $ 25,600,000 | $ 51,500,000 | 51,300,000 | |||||||||
Partners' Capital Account, Sale of Units | $ 300,000,000 | ||||||||||||||
Preferred Units, Issued | 18,756,098 | 18,756,098 | |||||||||||||
Preferred Partner | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Partners' Capital, Contingent Distribution Amount Per Share | $ 0.7059 | $ 0.7059 | |||||||||||||
Partner's Capital, Unpaid Distribution, Accrual Percentage | 2.8125% | ||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ 0.5804 | $ 0.5804 | |||||||||||||
CMLP | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (269,200,000) | (5,200,000) | $ (274,200,000) | (14,700,000) | |||||||||||
Crestwood Niobrara LLC | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 5,700,000 | $ 3,700,000 | $ 11,300,000 | 6,800,000 | |||||||||||
Suburban Propane Partners L P | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Limited Liability Company L L C Or Limited Partnership L P Members Or Limited Partners Ownership Interest Shares | 142,000 | ||||||||||||||
Non-Controlling Partners | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Proceeds from Noncontrolling Interests, Additional Capital Contributions | 33,600,000 | ||||||||||||||
Preferred Units [Member] | Crestwood Niobrara LLC | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 2,536,010 | 4,746,304 | |||||||||||||
Preferred Units, Class D | Crestwood Niobrara LLC | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 3,680,570 | ||||||||||||||
Preferred Units, Class A | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Partners' Capital Account, Sale of Units | $ 17,529,879 | ||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | 440,000,000 | ||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units | $ 430,500,000 | ||||||||||||||
Partners' Capital Account, Private Placement of Units, Price Per Unit | $ 25.10 | $ 25.10 | |||||||||||||
Cash Distribution [Member] | Crestwood Niobrara LLC | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3,800,000 | ||||||||||||||
Maximum | Class A Purchasers | Preferred Units, Class A | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Partners' Capital Account, Sale of Units | $ 500,000,000 | ||||||||||||||
Subsequent Event | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 433,707 | ||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | ||||||||||||||
Subsequent Event | Preferred Units, Class A | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | ||||||||||||||
Subsequent Event | Cash Distribution [Member] | Crestwood Niobrara LLC | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3,800,000 | ||||||||||||||
Cash Distribution [Member] | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Limited Partners' Capital Account, Distribution Amount | $ 148,600,000 | $ 148,300,000 | |||||||||||||
Cash Distribution [Member] | Subsequent Event | |||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $ 0.1375 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distriubtions) (Details) - USD ($) $ / shares in Units, $ in Millions | May. 15, 2015 | May. 08, 2015 | Feb. 13, 2015 | Feb. 06, 2015 | May. 15, 2014 | May. 08, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Statement of Partners' Capital [Abstract] | ||||||||||
Distribution Made to Member or Limited Partner, Date of Record | May 8, 2015 | Feb. 6, 2015 | May 8, 2014 | Feb. 7, 2014 | ||||||
Distribution Made to Member or Limited Partner, Distribution Date | May 15, 2015 | Feb. 13, 2015 | May 15, 2014 | Feb. 14, 2014 | ||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | ||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 25.7 | $ 25.8 | $ 25.7 | $ 25.6 | $ 51.5 | $ 51.3 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (256) | $ (0.4) | $ (246.2) | $ (6.8) |
CMLP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (269.2) | (5.2) | (274.2) | (14.7) |
Crestwood Niobrara LLC | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 5.7 | 3.7 | 11.3 | 6.8 |
Preferred Units, Class A | CMLP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 7.5 | $ 1.1 | $ 16.7 | $ 1.1 |
Equity Plans (Restricted Unit A
Equity Plans (Restricted Unit Activity) (Details) - Jun. 30, 2015 - $ / shares | Total | Total |
Restricted Stock Units (RSUs) | Crestwood LTIP | ||
Units | ||
Unvested - January 1, 2015 | 1,315,880 | |
Vested - restricted units | (780,741) | |
Granted - restricted units | 1,177,780 | |
Forfeited1 | (135,246) | |
Unvested - June 30, 2015 | 1,901,582 | 1,901,582 |
Weighted-Average Grant Date Fair Value | ||
Unvested - January 1, 2015 | $ 13.21 | |
Vested - restricted units | $ 12.78 | |
Granted - restricted units | 6.79 | |
Forfeited1 | 9.66 | |
Unvested - June 30, 2015 | $ 8.55 | $ 8.55 |
Restricted Stock Units (RSUs) | Crestwood Midstream LTIP | ||
Units | ||
Unvested - January 1, 2015 | 834,796 | |
Vested - restricted units | (449,667) | |
Granted - restricted units | 522,328 | |
Forfeited1 | (70,522) | |
Unvested - June 30, 2015 | 980,858 | 980,858 |
Weighted-Average Grant Date Fair Value | ||
Unvested - January 1, 2015 | $ 23.18 | |
Vested - restricted units | 22.93 | |
Granted - restricted units | 16.01 | |
Forfeited1 | 20.03 | |
Unvested - June 30, 2015 | $ 18.65 | $ 18.65 |
Phantom Share Units (PSUs) | Crestwood LTIP | ||
Units | ||
Vested - restricted units | (48,563) | |
Granted - restricted units | 372,472 | |
Weighted-Average Grant Date Fair Value | ||
Vested - restricted units | $ 6.71 | |
Granted - restricted units | $ 6.68 | |
Phantom Share Units (PSUs) | Crestwood Midstream LTIP | ||
Units | ||
Vested - restricted units | (21,578) | |
Granted - restricted units | 165,501 | |
Weighted-Average Grant Date Fair Value | ||
Vested - restricted units | $ 16.05 | |
Granted - restricted units | $ 15.99 |
Equity Plans (Narrative) (Detai
Equity Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | May. 05, 2015 | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity interest issued or issuable, conversion ratio | 2.75 | |||||
Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | |||||
Defined Contribution Plan, Maximum Purchasable Units | shares | 200,000 | 200,000 | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 10.00% | |||||
Unit Purchase Plan, Shares Purchased Under Plan | shares | 3,841 | 5,852 | ||||
Crestwood LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 2.9 | $ 2.9 | $ 5.6 | $ 5.4 | ||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 137 | 109,104 | 242,502 | 156,904 | ||
Crestwood LTIP | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 135,246 | |||||
Total Compensation Cost Not yet Recognized | $ 10.9 | $ 10.9 | $ 8.1 | |||
Grants in Period, Fair Value | $ 8 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 12,749,713 | 12,749,713 | ||||
Crestwood LTIP | Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in Period, Fair Value | $ 2.5 | |||||
Crestwood LTIP | CMLP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 1.9 | $ 3.6 | ||||
Crestwood Midstream LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 3.1 | $ 3.3 | $ 6.1 | $ 6.2 | ||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 2,574 | 61,076 | 137,165 | 68,532 | ||
Crestwood Midstream LTIP | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 70,522 | |||||
Grants in Period, Fair Value | $ 8.4 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 17,219,872 | 17,219,872 | ||||
Crestwood Midstream LTIP | Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in Period, Fair Value | $ 2.6 | |||||
Crestwood Midstream LTIP | CMLP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 2.2 | 4.4 | ||||
Crestwood Midstream LTIP | CMLP | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total Compensation Cost Not yet Recognized | $ 12.4 | $ 12.4 | $ 9.5 | |||
Employee Severance | Crestwood LTIP | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 72,634 | |||||
Employee Severance | Crestwood Midstream LTIP | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | 39,172 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2015USD ($) | Mar. 31, 2014defendant | Dec. 31, 2014USD ($)shares | Feb. 28, 2015USD ($) | Nov. 08, 2013bblpeople |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Self Insurance Reserve | $ 14.3 | $ 14.6 | |||
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 9.7 | ||||
Escrow Deposit of Common Units | shares | 3,309,797 | ||||
Additional Insurance Coverage | 25 | ||||
Loss Contingency, Estimate of Possible Loss | $ 12 | ||||
Loss Contingency Accrual, at Carrying Value | 0.1 | $ 1 | |||
Antero | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Contingent Consideration, Liability, Current | $ 40 | $ 40 | |||
Arrow Acquisition Class Action Lawsuit | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Loss Contingency, Loss of Life, Number | people | 47 | ||||
Loss Contingency, Number of Defendants | defendant | 53 | ||||
Minimum | Arrow Acquisition Class Action Lawsuit | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Barrels of Oil Equivalents Spilled | bbl | 50,000 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Compliance (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($)bblRelease | May. 06, 2015bbl | |
Site Contingency [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 1.1 | ||
Fort Berthold Indian Reservation | |||
Site Contingency [Line Items] | |||
Site Contingency, Loss Exposure, Number of Releases of Produced Water | Release | 3 | ||
Site Contingency, Loss Exposure, Release of Produced Water | bbl | 28,000 | 5,200 | |
Accrual for Environmental Loss Contingencies | $ 0.3 | ||
Site Contingency, Loss Exposure in Excess of Accrual, Low Estimate | 0.3 | ||
Site Contingency, Loss Exposure in Excess of Accrual, High Estimate | $ 1.7 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related party receivables | $ 1.2 | $ 1.2 | $ 0.6 | ||
Gathering and processing revenues | 1.1 | $ 0.7 | 2.1 | $ 1.6 | |
Reimbursement of operations and maintenance expenses | 0.7 | 0 | 1.6 | 0 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts payable | 4.8 | 4.8 | 5.6 | ||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Related party receivables | 1.2 | 1.2 | 0.6 | ||
Gathering and processing revenues | 1.1 | 0.7 | 2.1 | 1.6 | |
Gathering and processing costs of product/services sold(1) | 7.7 | 9.8 | 16 | 20.8 | |
Reimbursement of general and administrative expenses | 0.1 | $ 0.1 | 0.2 | $ 0.2 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts payable | $ 4.8 | $ 4.8 | $ 5.6 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting [Abstract] | ||||
Net income (loss) | $ (296) | $ (4.8) | $ (277.9) | $ 8.4 |
Interest and debt expense, net | 35.4 | 32.6 | 69 | 64.3 |
Loss on modification/extinguishment of debt | 17.1 | 0 | 17.1 | 0 |
Provision for income taxes | 0.3 | (0.2) | (0.1) | (1) |
Depreciation, amortization and accretion | (74.8) | (71.2) | (149) | (137.5) |
EBITDA | $ (169) | $ 99.2 | $ (42.7) | $ 211.2 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Number of Operating Segments | segment | 3 | ||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | $ 641.5 | $ 926.3 | $ 1,373 | $ 1,897.9 | |
Cost of Goods and Services Sold | 459.5 | 747.6 | 989.2 | 1,533.6 | |
Operations and maintenance | 43.9 | 48.7 | 94.5 | 92.8 | |
General and administrative | 30.6 | 24.1 | 58.1 | 52 | |
Goodwill impairment | 281 | 0 | 281 | 0 | |
Gain (loss) on long-lived assets, net | (0.6) | 1.2 | (1.6) | 1.7 | |
Loss on contingent consideration | 0 | (6.5) | 0 | (8.6) | |
Earnings (loss) from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) | |
Other income, net | 0.1 | 0.1 | 0.3 | 0.2 | |
EBITDA | (169) | 99.2 | (42.7) | 211.2 | |
Goodwill | 2,210.8 | 2,540.6 | 2,210.8 | 2,540.6 | $ 2,491.8 |
Total assets | 7,979.7 | 8,591 | 7,979.7 | 8,591 | $ 8,461.4 |
Cash expenditures for property, plant and equipment | 36.1 | 105.6 | 83.5 | 188 | |
Gathering and Processing Operations | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | 75 | 83.4 | 153.5 | 162.9 | |
Cost of Goods and Services Sold | 13.3 | 17.6 | 26 | 36.3 | |
Operations and maintenance | 14.3 | 14.7 | 29.2 | 28.1 | |
General and administrative | 0 | 0 | 0 | 0 | |
Goodwill impairment | 220.7 | 220.7 | |||
Gain (loss) on long-lived assets, net | 0 | 0.5 | (0.3) | 1 | |
Loss on contingent consideration | (6.5) | (8.6) | |||
Earnings (loss) from unconsolidated affiliates, net | 1.1 | (0.6) | 3.6 | (0.3) | |
Other income, net | 0 | 0 | 0 | 0 | |
EBITDA | (172.2) | 44.5 | (119.1) | 90.6 | |
Goodwill | 117.6 | 356.8 | 117.6 | 356.8 | |
Total assets | 2,393.7 | 2,641.5 | 2,393.7 | 2,641.5 | |
Cash expenditures for property, plant and equipment | 7.9 | 79.6 | 19.3 | 125.9 | |
Storage and Transportation | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | 44 | 47.8 | 89.7 | 98.8 | |
Cost of Goods and Services Sold | 3.4 | 7.2 | 6.7 | 14 | |
Operations and maintenance | 4.1 | 6.3 | 8.4 | 12.5 | |
General and administrative | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | |||
Gain (loss) on long-lived assets, net | 0 | 0.6 | (0.7) | 0.6 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 0.6 | 0 | 1.5 | 0 | |
Other income, net | 0 | 0 | 0 | 0 | |
EBITDA | 37.1 | 34.9 | 75.4 | 72.9 | |
Goodwill | 726.3 | 726.3 | 726.3 | 726.3 | |
Total assets | 1,960.9 | 2,140.5 | 1,960.9 | 2,140.5 | |
Cash expenditures for property, plant and equipment | 3 | 1.2 | 5.7 | 2.8 | |
NGL and Crude Services | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | 523.1 | 795.1 | 1,130.6 | 1,636.2 | |
Cost of Goods and Services Sold | 443.4 | 722.8 | 957.3 | 1,483.3 | |
Operations and maintenance | 25.5 | 27.7 | 56.9 | 52.2 | |
General and administrative | 0 | 0 | 0 | 0 | |
Goodwill impairment | 60.3 | 60.3 | |||
Gain (loss) on long-lived assets, net | (0.6) | 0.1 | (0.6) | 0.1 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 3.3 | (0.9) | 3.3 | (1.3) | |
Other income, net | 0 | 0 | 0 | 0 | |
EBITDA | (3.4) | 43.8 | 58.8 | 99.5 | |
Goodwill | 1,366.9 | 1,457.5 | 1,366.9 | 1,457.5 | |
Total assets | 3,445.3 | 3,618.8 | 3,445.3 | 3,618.8 | |
Cash expenditures for property, plant and equipment | 24.9 | 22.1 | 58 | 53 | |
Intersegment | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | (0.6) | 0 | (0.8) | 0 | |
Cost of Goods and Services Sold | (0.6) | 0 | (0.8) | 0 | |
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | |||
Gain (loss) on long-lived assets, net | 0 | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | 0 | |||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | ||
EBITDA | 0 | 0 | 0 | ||
Goodwill | 0 | 0 | 0 | 0 | |
Total assets | 0 | 0 | 0 | 0 | |
Cash expenditures for property, plant and equipment | 0 | 0 | 0 | ||
Corporate Assets | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Loss on contingent consideration | 0 | ||||
Corporate | |||||
Segment Reporting Information, Additional Information [Abstract] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Cost of Goods and Services Sold | 0 | 0 | 0 | 0 | |
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 30.6 | 24.1 | 58.1 | 52 | |
Goodwill impairment | 0 | 0 | |||
Gain (loss) on long-lived assets, net | 0 | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | ||||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
Other income, net | 0.1 | 0.1 | 0.3 | 0.2 | |
EBITDA | (30.5) | (24) | (57.8) | (51.8) | |
Goodwill | 0 | 0 | 0 | 0 | |
Total assets | 179.8 | 190.2 | 179.8 | 190.2 | |
Cash expenditures for property, plant and equipment | $ 0.3 | $ 2.7 | $ 0.5 | $ 6.3 |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information Narrative (Details) | 6 Months Ended |
Jun. 30, 2015 | |
CEQP Finance Corp. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information (Statement of Operations Adjustments to Prior Periods) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | $ 30.6 | $ 24.1 | $ 58.1 | $ 52 |
Operating Income (Loss) | (248.9) | 29.4 | (200.4) | 75.1 |
Equity in net income of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (296.3) | (4.6) | (277.8) | 9.4 |
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Net income attributable to Crestwood Equity Partners LP | (40) | (4.4) | (31.7) | 15.2 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 3.3 | 2 | 5.2 | 4.8 |
Operating Income (Loss) | (5) | (2) | (6.9) | (4.8) |
Equity in net income of subsidiary | (288.6) | 0.9 | (264.8) | 20.5 |
Income (loss) before income taxes | (296.4) | (4.7) | (278.2) | 8.5 |
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Net income attributable to Crestwood Equity Partners LP | (296) | (4.8) | (277.9) | 8.4 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 1.1 | 0.8 | 2.5 | 1.8 |
Operating Income (Loss) | (29.6) | (6.1) | (23.2) | 12.8 |
Equity in net income of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (29.5) | (6) | (22.9) | 13 |
Net income (loss) | (29.5) | (6) | (22.9) | 12.9 |
Net income attributable to Crestwood Equity Partners LP | (29.5) | (6) | (22.9) | 12.9 |
Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 0 | 0 | 0 | 0 |
Equity in net income of subsidiary | 288.6 | (0.9) | 264.8 | (20.5) |
Income (loss) before income taxes | 288.6 | (0.9) | 264.8 | (20.5) |
Net income (loss) | 288.6 | (0.9) | 264.8 | (20.5) |
Net income attributable to Crestwood Equity Partners LP | $ 288.6 | (0.9) | $ 264.8 | (20.5) |
Scenario, Previously Reported | Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | ||
Equity in net income of subsidiary | (1.1) | 15.7 | ||
Income (loss) before income taxes | (4.7) | 8.5 | ||
Net income (loss) | (4.8) | 8.4 | ||
Net income attributable to Crestwood Equity Partners LP | (4.8) | 8.4 | ||
Scenario, Previously Reported | Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 2.8 | 6.6 | ||
Operating Income (Loss) | (8.1) | 8 | ||
Equity in net income of subsidiary | 0 | 0 | ||
Income (loss) before income taxes | (8) | 8.2 | ||
Net income (loss) | (8) | 8.1 | ||
Net income attributable to Crestwood Equity Partners LP | (8) | 8.1 | ||
Scenario, Previously Reported | Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | ||
Equity in net income of subsidiary | 1.1 | (15.7) | ||
Income (loss) before income taxes | 1.1 | (15.7) | ||
Net income (loss) | 1.1 | (15.7) | ||
Net income attributable to Crestwood Equity Partners LP | $ 1.1 | $ (15.7) |
Condensed Consolidating Finan62
Condensed Consolidating Financial Information (Cash Flow Adjustments to Prior Periods) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 211.1 | $ 127.2 |
Purchases of property, plant and equipment | (83.5) | (188) |
Capital contributions from consolidated affiliates and other | 0 | 0 |
Net cash used in investing activities | (108.4) | (256.1) |
Proceeds from the issuance of long-term debt | 2,154.6 | 1,244.3 |
Principal payments on long-term debt | (2,030.6) | (1,224.4) |
Distributions to partners | (51.5) | (51.3) |
Change in intercompany balances | 0 | 0 |
Payments For Other Financing Activities | (3.8) | |
Net cash provided by (used in) financing activities | (110.2) | 141.9 |
Consolidation, Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 0 | 0 |
Purchases of property, plant and equipment | 0 | 0 |
Capital contributions from consolidated affiliates and other | (20.9) | (20.9) |
Net cash used in investing activities | (20.9) | (20.9) |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Distributions to partners | 20.9 | 20.9 |
Change in intercompany balances | 0 | 0 |
Payments For Other Financing Activities | 0 | |
Net cash provided by (used in) financing activities | 20.9 | 20.9 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (8.5) | (13) |
Purchases of property, plant and equipment | (0.1) | (2.7) |
Capital contributions from consolidated affiliates and other | 20.9 | 20.9 |
Net cash used in investing activities | 20.6 | 18.2 |
Proceeds from the issuance of long-term debt | 289.5 | 383.7 |
Principal payments on long-term debt | (318.1) | (361.2) |
Distributions to partners | (51.5) | (51.3) |
Change in intercompany balances | 65.4 | 23.8 |
Payments For Other Financing Activities | 0 | |
Net cash provided by (used in) financing activities | (14.7) | (5) |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 71.7 | 29.1 |
Purchases of property, plant and equipment | (5.7) | (4.9) |
Capital contributions from consolidated affiliates and other | 0 | 0 |
Net cash used in investing activities | (5.3) | (4.9) |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Distributions to partners | 0 | 0 |
Change in intercompany balances | (65.4) | (23.8) |
Payments For Other Financing Activities | (2.2) | |
Net cash provided by (used in) financing activities | $ (66.9) | (26) |
Scenario, Previously Reported | Consolidation, Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 0 | |
Purchases of property, plant and equipment | 0 | |
Capital contributions from consolidated affiliates and other | (93.1) | |
Net cash used in investing activities | (93.1) | |
Proceeds from the issuance of long-term debt | 0 | |
Principal payments on long-term debt | 0 | |
Distributions to partners | 93.1 | |
Change in intercompany balances | 0 | |
Payments For Other Financing Activities | 0 | |
Net cash provided by (used in) financing activities | 93.1 | |
Scenario, Previously Reported | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 0 | |
Purchases of property, plant and equipment | 0 | |
Capital contributions from consolidated affiliates and other | 72.2 | |
Net cash used in investing activities | 72.2 | |
Proceeds from the issuance of long-term debt | 0 | |
Principal payments on long-term debt | 0 | |
Distributions to partners | (72.2) | |
Change in intercompany balances | 0 | |
Payments For Other Financing Activities | 0.2 | |
Net cash provided by (used in) financing activities | (72) | |
Scenario, Previously Reported | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 16.1 | |
Purchases of property, plant and equipment | (7.6) | |
Capital contributions from consolidated affiliates and other | 20.9 | |
Net cash used in investing activities | 13.3 | |
Proceeds from the issuance of long-term debt | 383.7 | |
Principal payments on long-term debt | (361.2) | |
Distributions to partners | (51.3) | |
Change in intercompany balances | 0 | |
Payments For Other Financing Activities | (2.4) | |
Net cash provided by (used in) financing activities | $ (31.2) |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Limited Partners' Capital Account | $ 692.6 | $ 776.2 | |||
Current assets: | |||||
Cash | 1.3 | 8.8 | $ 18.2 | $ 5.2 | $ 5.2 |
Other Receivables | 301.7 | 379 | |||
Accounts receivable | 302.9 | 379.6 | |||
Related party receivables | 1.2 | 0.6 | |||
Accounts Receivable, Intercompany, Current | 0 | 0 | |||
Inventory | 38.8 | 46.6 | |||
Other current assets | 58.2 | 103.1 | |||
Total current assets | 401.2 | 538.1 | |||
Property, plant and equipment, net | 3,853 | 3,893.8 | |||
Goodwill and intangible assets, net | 3,391.5 | 3,723.1 | |||
Investment in consolidated affiliates | 0 | 0 | |||
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 | |||
Other assets | 9.8 | 11.3 | |||
Total assets | 7,979.7 | 8,461.4 | 8,591 | ||
Current liabilities: | |||||
Accounts payable | 173.3 | 235.6 | |||
Accounts payable - related party | 4.8 | 5.6 | |||
Accounts payable - intercompany | 0 | 0 | |||
Total accounts payable | 178.1 | 241.2 | |||
Other current liabilities | 127 | 183.7 | |||
Total current liabilities | 305.1 | 424.9 | |||
Long-term liabilities: | |||||
Long-term debt, less current portion (Note 8) | 2,507.1 | 2,392.8 | |||
Other long-term liabilities | 57.3 | 59.2 | |||
Interest of non-controlling partners in subsidiaries | 4,417.6 | 4,808.3 | |||
Total partners’ capital | 5,110.2 | 5,584.5 | |||
Total liabilities and partners’ capital | 7,979.7 | 8,461.4 | |||
Parent Company | |||||
Limited Partners' Capital Account | 692.6 | 776.2 | |||
Current assets: | |||||
Cash | 1.1 | 3.7 | 0.3 | 0.1 | |
Other Receivables | 0 | 0 | |||
Accounts receivable | 0.3 | 3.2 | |||
Related party receivables | 0 | 0 | |||
Accounts Receivable, Intercompany, Current | 0.3 | 3.2 | |||
Inventory | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 1.4 | 6.9 | |||
Property, plant and equipment, net | 3 | 2.5 | |||
Goodwill and intangible assets, net | 10.6 | 1.7 | |||
Investment in consolidated affiliates | 5,458.5 | 5,971.2 | |||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | 5,473.5 | 5,982.3 | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Accounts payable - related party | 0 | 0 | |||
Accounts payable - intercompany | 0 | 0 | |||
Total accounts payable | 0 | 0 | |||
Other current liabilities | 5.2 | 4.9 | |||
Total current liabilities | 5.2 | 4.9 | |||
Long-term liabilities: | |||||
Long-term debt, less current portion (Note 8) | 347.6 | 380 | |||
Other long-term liabilities | 10.5 | 12.9 | |||
Interest of non-controlling partners in subsidiaries | 4,417.6 | 4,808.3 | |||
Total partners’ capital | 5,110.2 | 5,584.5 | |||
Total liabilities and partners’ capital | 5,473.5 | 5,982.3 | |||
Guarantor Subsidiaries | |||||
Limited Partners' Capital Account | 915.8 | 1,021.8 | |||
Current assets: | |||||
Cash | 0 | 0.5 | 0.6 | 2.4 | |
Other Receivables | 75.5 | 137.5 | |||
Accounts receivable | 75.5 | 137.8 | |||
Related party receivables | 0 | 0.3 | |||
Accounts Receivable, Intercompany, Current | 0 | 0 | |||
Inventory | 26 | 38.6 | |||
Other current assets | 40.7 | 84.4 | |||
Total current assets | 142.2 | 261.3 | |||
Property, plant and equipment, net | 220.9 | 227.1 | |||
Goodwill and intangible assets, net | 661.6 | 706.7 | |||
Investment in consolidated affiliates | 0 | 0 | |||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | |||
Other assets | 8.5 | 9.9 | |||
Total assets | 1,033.2 | 1,205 | |||
Current liabilities: | |||||
Accounts payable | 66.1 | 109.5 | |||
Accounts payable - related party | 2.5 | 2.5 | |||
Accounts payable - intercompany | 0 | 0 | |||
Total accounts payable | 68.6 | 112 | |||
Other current liabilities | 32.9 | 56.1 | |||
Total current liabilities | 101.5 | 168.1 | |||
Long-term liabilities: | |||||
Long-term debt, less current portion (Note 8) | 0 | 0 | |||
Other long-term liabilities | 15.9 | 15.1 | |||
Interest of non-controlling partners in subsidiaries | 0 | 0 | |||
Total partners’ capital | 915.8 | 1,021.8 | |||
Total liabilities and partners’ capital | 1,033.2 | 1,205 | |||
Non-Guarantor Subsidiaries | |||||
Limited Partners' Capital Account | 125.1 | 141.1 | |||
Current assets: | |||||
Cash | 0.2 | 4.6 | 17.3 | 2.7 | |
Other Receivables | 226.2 | 241.5 | |||
Accounts receivable | 227.4 | 241.8 | |||
Related party receivables | 1.2 | 0.3 | |||
Accounts Receivable, Intercompany, Current | 0 | 0 | |||
Inventory | 12.8 | 8 | |||
Other current assets | 17.5 | 18.7 | |||
Total current assets | 257.9 | 273.1 | |||
Property, plant and equipment, net | 3,629.1 | 3,664.2 | |||
Goodwill and intangible assets, net | 2,719.3 | 3,014.7 | |||
Investment in consolidated affiliates | 0 | 0 | |||
Investment in unconsolidated affiliates (Note 5) | 324.2 | 295.1 | |||
Other assets | 1.3 | 1.4 | |||
Total assets | 6,931.8 | 7,248.5 | |||
Current liabilities: | |||||
Accounts payable | 107.2 | 126.1 | |||
Accounts payable - related party | 2.3 | 3.1 | |||
Accounts payable - intercompany | 0.3 | 3.2 | |||
Total accounts payable | 109.8 | 132.4 | |||
Other current liabilities | 88.9 | 122.7 | |||
Total current liabilities | 198.7 | 255.1 | |||
Long-term liabilities: | |||||
Long-term debt, less current portion (Note 8) | 2,159.5 | 2,012.8 | |||
Other long-term liabilities | 30.9 | 31.2 | |||
Interest of non-controlling partners in subsidiaries | 4,417.6 | 4,808.3 | |||
Total partners’ capital | 4,542.7 | 4,949.4 | |||
Total liabilities and partners’ capital | 6,931.8 | 7,248.5 | |||
Consolidation, Eliminations | |||||
Limited Partners' Capital Account | (1,040.9) | (1,162.9) | |||
Current assets: | |||||
Cash | 0 | 0 | $ 0 | $ 0 | |
Other Receivables | 0 | 0 | |||
Accounts receivable | (0.3) | (3.2) | |||
Related party receivables | 0 | 0 | |||
Accounts Receivable, Intercompany, Current | (0.3) | (3.2) | |||
Inventory | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | (0.3) | (3.2) | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | |||
Investment in consolidated affiliates | (5,458.5) | (5,971.2) | |||
Investment in unconsolidated affiliates (Note 5) | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | (5,458.8) | (5,974.4) | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Accounts payable - related party | 0 | 0 | |||
Accounts payable - intercompany | (0.3) | (3.2) | |||
Total accounts payable | (0.3) | (3.2) | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | (0.3) | (3.2) | |||
Long-term liabilities: | |||||
Long-term debt, less current portion (Note 8) | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Interest of non-controlling partners in subsidiaries | (4,417.6) | (4,808.3) | |||
Total partners’ capital | (5,458.5) | (5,971.2) | |||
Total liabilities and partners’ capital | $ (5,458.8) | $ (5,974.4) |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 641.5 | $ 926.3 | $ 1,373 | $ 1,897.9 |
Cost of product/services sold | 459.5 | 747.6 | 989.2 | 1,533.6 |
Expenses: | ||||
Operations and maintenance | 43.9 | 48.7 | 94.5 | 92.8 |
General and administrative | 30.6 | 24.1 | 58.1 | 52 |
Depreciation, amortization and accretion | 74.8 | 71.2 | 149 | 137.5 |
Costs and Expenses | 149.3 | 144 | 301.6 | 282.3 |
Gain (Loss) on Disposition of Assets | (0.6) | 1.2 | (1.6) | 1.7 |
Goodwill impairment | 281 | 0 | 281 | 0 |
Loss on contingent consideration | 0 | (6.5) | 0 | (8.6) |
Operating income (loss) | (248.9) | 29.4 | (200.4) | 75.1 |
Earnings (loss) from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Other income (expense): | ||||
Interest and debt expense, net | (35.4) | (32.6) | (69) | (64.3) |
Loss on modification/extinguishment of debt | (17.1) | 0 | (17.1) | 0 |
Other income, net | 0.1 | 0.1 | 0.3 | 0.2 |
Equity in net income of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (296.3) | (4.6) | (277.8) | 9.4 |
Provision (benefit) for income taxes | (0.3) | 0.2 | 0.1 | 1 |
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Net income attributable to non-controlling partners in subsidiary | 256 | 0.4 | 246.2 | 6.8 |
Net income attributable to Crestwood Equity Partners LP | (40) | (4.4) | (31.7) | 15.2 |
Parent Company | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of product/services sold | 0 | 0 | 0 | 0 |
Expenses: | ||||
Operations and maintenance | 0 | 0 | 0 | 0 |
General and administrative | 3.3 | 2 | 5.2 | 4.8 |
Depreciation, amortization and accretion | 1.7 | 0 | 1.7 | 0 |
Costs and Expenses | 5 | 2 | 6.9 | 4.8 |
Gain (Loss) on Disposition of Assets | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | 0 | ||
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | (5) | (2) | (6.9) | (4.8) |
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest and debt expense, net | (2.8) | (3.6) | (6.5) | (7.2) |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Other income, net | 0 | 0 | 0 | 0 |
Equity in net income of subsidiary | (288.6) | 0.9 | (264.8) | 20.5 |
Income (loss) before income taxes | (296.4) | (4.7) | (278.2) | 8.5 |
Provision (benefit) for income taxes | (0.4) | 0.1 | (0.3) | 0.1 |
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | 0 |
Net income attributable to Crestwood Equity Partners LP | (296) | (4.8) | (277.9) | 8.4 |
Guarantor Subsidiaries | ||||
Revenue | 167 | 254 | 447 | 691.9 |
Cost of product/services sold | 147.3 | 231.9 | 394 | 623.1 |
Expenses: | ||||
Operations and maintenance | 11.8 | 16 | 27.3 | 32.1 |
General and administrative | 1.1 | 0.8 | 2.5 | 1.8 |
Depreciation, amortization and accretion | 8 | 11.5 | 17.8 | 22.2 |
Costs and Expenses | 20.9 | 28.3 | 47.6 | 56.1 |
Gain (Loss) on Disposition of Assets | 0 | 0.1 | (0.2) | 0.1 |
Goodwill impairment | 28.4 | 28.4 | ||
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | (29.6) | (6.1) | (23.2) | 12.8 |
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Other income, net | 0.1 | 0.1 | 0.3 | 0.2 |
Equity in net income of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (29.5) | (6) | (22.9) | 13 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0.1 |
Net income (loss) | (29.5) | (6) | (22.9) | 12.9 |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | 0 |
Net income attributable to Crestwood Equity Partners LP | (29.5) | (6) | (22.9) | 12.9 |
Non-Guarantor Subsidiaries | ||||
Revenue | 478.4 | 675.7 | 933.5 | 1,212.7 |
Cost of product/services sold | 316.1 | 519.1 | 602.7 | 917.2 |
Expenses: | ||||
Operations and maintenance | 32.1 | 32.7 | 67.2 | 60.7 |
General and administrative | 26.2 | 21.3 | 50.4 | 45.4 |
Depreciation, amortization and accretion | 65.1 | 59.7 | 129.5 | 115.3 |
Costs and Expenses | 123.4 | 113.7 | 247.1 | 221.4 |
Gain (Loss) on Disposition of Assets | (0.6) | 1.1 | (1.4) | 1.6 |
Goodwill impairment | 252.6 | 252.6 | ||
Loss on contingent consideration | (6.5) | (8.6) | ||
Operating income (loss) | (214.3) | 37.5 | (170.3) | 67.1 |
Earnings (loss) from unconsolidated affiliates, net | 5 | (1.5) | 8.4 | (1.6) |
Other income (expense): | ||||
Interest and debt expense, net | (32.6) | (29) | (62.5) | (57.1) |
Loss on modification/extinguishment of debt | (17.1) | (17.1) | ||
Other income, net | 0 | 0 | 0 | 0 |
Equity in net income of subsidiary | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (259) | 7 | (241.5) | 8.4 |
Provision (benefit) for income taxes | 0.1 | 0.1 | 0.4 | 0.8 |
Net income (loss) | (259.1) | 6.9 | (241.9) | 7.6 |
Net income attributable to non-controlling partners in subsidiary | 256 | 0.4 | 246.2 | 6.8 |
Net income attributable to Crestwood Equity Partners LP | (3.1) | 7.3 | 4.3 | 14.4 |
Consolidation, Eliminations | ||||
Revenue | (3.9) | (3.4) | (7.5) | (6.7) |
Cost of product/services sold | (3.9) | (3.4) | (7.5) | (6.7) |
Expenses: | ||||
Operations and maintenance | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 |
Costs and Expenses | 0 | 0 | 0 | 0 |
Gain (Loss) on Disposition of Assets | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | 0 | ||
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | 0 | 0 | 0 | 0 |
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest and debt expense, net | 0 | 0 | 0 | 0 |
Loss on modification/extinguishment of debt | 0 | 0 | ||
Other income, net | 0 | 0 | 0 | 0 |
Equity in net income of subsidiary | 288.6 | (0.9) | 264.8 | (20.5) |
Income (loss) before income taxes | 288.6 | (0.9) | 264.8 | (20.5) |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 288.6 | (0.9) | 264.8 | (20.5) |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | 0 |
Net income attributable to Crestwood Equity Partners LP | $ 288.6 | $ (0.9) | $ 264.8 | $ (20.5) |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $ (296) | $ (4.8) | $ (277.9) | $ 8.4 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | 0.4 | (0.7) | 0.4 | 0.1 |
Comprehensive income | (296.4) | (4.1) | (278.3) | 8.3 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (296) | (4.8) | (277.9) | 8.4 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | 0.4 | (0.7) | 0.4 | 0.1 |
Comprehensive income | (296.4) | (4.1) | (278.3) | 8.3 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (29.5) | (6) | (22.9) | 12.9 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | 0 | 0 | 0 | 0 |
Comprehensive income | (29.5) | (6) | (22.9) | 12.9 |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | (259.1) | 6.9 | (241.9) | 7.6 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | 0 | 0 | 0 | 0 |
Comprehensive income | (259.1) | 6.9 | (241.9) | 7.6 |
Consolidation, Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 288.6 | (0.9) | 264.8 | (20.5) |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | 0 | 0 | 0 | 0 |
Comprehensive income | $ 288.6 | $ (0.9) | $ 264.8 | $ (20.5) |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | $ 211.1 | $ 127.2 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 0 | (19.5) |
Purchases of property, plant and equipment | (83.5) | (188) |
Investment in unconsolidated affiliates | (28) | (48.6) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | 0 |
Proceeds from sale of assets | 2.1 | 0 |
Capital contributions from consolidated affiliates and other | 0 | 0 |
Net cash used in investing activities | (108.4) | (256.1) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 2,154.6 | 1,244.3 |
Principal payments on long-term debt | (2,030.6) | (1,224.4) |
Payments on capital leases | (1.2) | (1.9) |
Payments for debt-related deferred costs | (11.7) | 0 |
Early Repayment of Senior Debt | (13.6) | 0 |
Distributions to partners | (51.5) | (51.3) |
Distributions paid to non-controlling partners | (152.4) | (148.3) |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 33.6 |
Other | (0.1) | 0 |
Payments For Other Financing Activities | (3.8) | |
Net cash provided by (used in) financing activities | (110.2) | 141.9 |
Net change in cash | (7.5) | 13 |
Cash at beginning of period | 8.8 | 5.2 |
Cash at end of period | 1.3 | 18.2 |
Taxes paid for unit-based compensation vesting | (3.7) | (3.8) |
Change in intercompany balances | 0 | 0 |
Parent Company | ||
Cash flows from operating activities | (8.5) | (13) |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 0 | |
Purchases of property, plant and equipment | (0.1) | (2.7) |
Investment in unconsolidated affiliates | (0.2) | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | |
Proceeds from sale of assets | 0 | |
Capital contributions from consolidated affiliates and other | 20.9 | 20.9 |
Net cash used in investing activities | 20.6 | 18.2 |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 289.5 | 383.7 |
Principal payments on long-term debt | (318.1) | (361.2) |
Payments on capital leases | 0 | 0 |
Payments for debt-related deferred costs | 0 | |
Early Repayment of Senior Debt | 0 | |
Distributions to partners | (51.5) | (51.3) |
Distributions paid to non-controlling partners | 0 | 0 |
Net proceeds from issuance of preferred equity of subsidiary | 0 | |
Other | 0 | |
Payments For Other Financing Activities | 0 | |
Net cash provided by (used in) financing activities | (14.7) | (5) |
Net change in cash | (2.6) | 0.2 |
Cash at beginning of period | 3.7 | 0.1 |
Cash at end of period | 1.1 | 0.3 |
Taxes paid for unit-based compensation vesting | 0 | |
Change in intercompany balances | 65.4 | 23.8 |
Guarantor Subsidiaries | ||
Cash flows from operating activities | 71.7 | 29.1 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 0 | |
Purchases of property, plant and equipment | (5.7) | (4.9) |
Investment in unconsolidated affiliates | 0 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | |
Proceeds from sale of assets | 0.4 | |
Capital contributions from consolidated affiliates and other | 0 | 0 |
Net cash used in investing activities | (5.3) | (4.9) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Payments on capital leases | 0 | 0 |
Payments for debt-related deferred costs | 0 | |
Early Repayment of Senior Debt | 0 | |
Distributions to partners | 0 | 0 |
Distributions paid to non-controlling partners | 0 | 0 |
Net proceeds from issuance of preferred equity of subsidiary | 0 | |
Other | 0.1 | |
Payments For Other Financing Activities | (2.2) | |
Net cash provided by (used in) financing activities | (66.9) | (26) |
Net change in cash | (0.5) | (1.8) |
Cash at beginning of period | 0.5 | 2.4 |
Cash at end of period | 0 | 0.6 |
Taxes paid for unit-based compensation vesting | (1.6) | |
Change in intercompany balances | (65.4) | (23.8) |
Non-Guarantor Subsidiaries | ||
Cash flows from operating activities | 147.9 | 111.1 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | (19.5) | |
Purchases of property, plant and equipment | (77.7) | (180.4) |
Investment in unconsolidated affiliates | (27.8) | (48.6) |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 1 | |
Proceeds from sale of assets | 1.7 | |
Capital contributions from consolidated affiliates and other | 0 | 0 |
Net cash used in investing activities | (102.8) | (248.5) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 1,865.1 | 860.6 |
Principal payments on long-term debt | (1,712.5) | (863.2) |
Payments on capital leases | (1.2) | (1.9) |
Payments for debt-related deferred costs | (11.7) | |
Early Repayment of Senior Debt | (13.6) | |
Distributions to partners | (20.9) | (20.9) |
Distributions paid to non-controlling partners | (152.4) | (148.3) |
Net proceeds from issuance of preferred equity of subsidiary | 33.6 | |
Other | (0.2) | |
Payments For Other Financing Activities | (1.6) | |
Net cash provided by (used in) financing activities | (49.5) | 152 |
Net change in cash | (4.4) | 14.6 |
Cash at beginning of period | 4.6 | 2.7 |
Cash at end of period | 0.2 | 17.3 |
Taxes paid for unit-based compensation vesting | (2.1) | |
Change in intercompany balances | 0 | 0 |
Consolidation, Eliminations | ||
Cash flows from operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | 0 | |
Purchases of property, plant and equipment | 0 | 0 |
Investment in unconsolidated affiliates | 0 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | |
Proceeds from sale of assets | 0 | |
Capital contributions from consolidated affiliates and other | (20.9) | (20.9) |
Net cash used in investing activities | (20.9) | (20.9) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Payments on capital leases | 0 | 0 |
Payments for debt-related deferred costs | 0 | |
Early Repayment of Senior Debt | 0 | |
Distributions to partners | 20.9 | 20.9 |
Distributions paid to non-controlling partners | 0 | 0 |
Net proceeds from issuance of preferred equity of subsidiary | 0 | |
Other | 0 | |
Payments For Other Financing Activities | 0 | |
Net cash provided by (used in) financing activities | 20.9 | 20.9 |
Net change in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Taxes paid for unit-based compensation vesting | 0 | |
Change in intercompany balances | 0 | 0 |
Preferred Units, Class A | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of preferred equity of subsidiary | $ 0 | 293.7 |
Preferred Units, Class A | Parent Company | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of preferred equity of subsidiary | 0 | |
Preferred Units, Class A | Guarantor Subsidiaries | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of preferred equity of subsidiary | 0 | |
Preferred Units, Class A | Non-Guarantor Subsidiaries | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of preferred equity of subsidiary | 293.7 | |
Preferred Units, Class A | Consolidation, Eliminations | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of preferred equity of subsidiary | $ 0 |
Simplification Merger (Details)
Simplification Merger (Details) | Aug. 10, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | May. 05, 2015 |
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Equity interest issued or issuable, conversion ratio | 2.75 | |||
Subsequent Event | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | |||
Crestwood Midstream Revolver | Revolving Credit Facility | Subsequent Event | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Credit agreement outstanding carrying value | $ 1,500,000,000 | |||
Line of Credit | Revolving Credit Facility | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Credit agreement outstanding carrying value | $ 1,000,000,000 |