Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 685,564,820 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 9 | $ 8.8 |
Accounts receivable | 302.5 | 379.6 |
Inventory | 49.9 | 46.6 |
Assets from price risk management activities | 34.4 | 79.8 |
Prepaid expenses and other current assets | 19.8 | 23.3 |
Total current assets | 415.6 | 538.1 |
Property, plant and equipment (Note 4) | 4,324.9 | 4,273.9 |
Less: accumulated depreciation and depletion | 507.7 | 380.1 |
Property, plant and equipment, net | 3,817.2 | 3,893.8 |
Intangible assets (Note 4) | 1,443 | 1,441.9 |
Less: accumulated amortization | 289 | 210.6 |
Intangible assets, net | 1,154 | 1,231.3 |
Goodwill | 1,600.9 | 2,491.8 |
Investment in unconsolidated affiliates (Note 5) | 332.4 | 295.1 |
Other assets | 8.3 | 11.3 |
Total assets | 7,328.4 | 8,461.4 |
Current liabilities: | ||
Accounts payable | 165.8 | 241.2 |
Accrued expenses and other liabilities (Note 4) | 118.5 | 154.6 |
Liabilities from price risk management activities | 8.1 | 25.4 |
Current portion of long-term debt (Note 8) | 17.6 | 3.7 |
Total current liabilities | 310 | 424.9 |
Long-term debt, less current portion (Note 8) | 2,518.2 | 2,392.8 |
Other long-term liabilities | 46.1 | 47.2 |
Deferred income taxes | $ 9.5 | $ 12 |
Commitments and contingencies (Note 12) | ||
Partners’ capital (Note 10): | ||
Crestwood Equity Partners LP partners’ capital (685,376,684 and 186,403,667 common units issued and outstanding at September 30, 2015 and December 31, 2014) | $ 3,733.7 | $ 776.2 |
Preferred units (59,345,672 units issued and outstanding at September 30, 2015) | 529.6 | 0 |
Total Crestwood Equity Partners LP partners’ capital | 4,263.3 | 776.2 |
Interest of non-controlling partners in subsidiaries | 181.3 | 4,808.3 |
Total partners’ capital | 4,444.6 | 5,584.5 |
Total liabilities and partners’ capital | $ 7,328.4 | $ 8,461.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common units, issued | 685,376,684 | 186,403,667 |
Common units, outstanding | 685,376,684 | 186,403,667 |
Preferred Units, Issued | 59,345,672 | 0 |
Preferred Units, Outstanding | 59,345,672 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Gathering and processing | $ 275.3 | $ 529.7 | $ 799.5 | $ 1,426 |
Marketing, supply and logistics | 179.3 | 312.2 | 653 | 947.4 |
Total product revenue | 454.6 | 841.9 | 1,452.5 | 2,373.4 |
Gathering and processing | 79.4 | 87.3 | 250.2 | 242.2 |
Storage and transportation | 65 | 65.8 | 201.1 | 197.6 |
Marketing, supply and logistics | 30.8 | 40.4 | 96.9 | 118.5 |
Related party (Note 13) | 0.9 | 0.8 | 3 | 2.4 |
Total services revenues | 176.1 | 194.3 | 551.2 | 560.7 |
Total revenues | 630.7 | 1,036.2 | 2,003.7 | 2,934.1 |
Costs of product/services sold: | ||||
Gathering and processing | 275.4 | 542.6 | 818.9 | 1,408.2 |
Marketing, supply and logistics | 149.2 | 260.1 | 538.5 | 852 |
Related party (Note 13) | 7.2 | 11.3 | 23.2 | 32.1 |
Total product costs | 431.8 | 814 | 1,380.6 | 2,292.3 |
Gathering and processing | 0.2 | 0.1 | 0.5 | 0.6 |
Storage and transportation | 5.2 | 9.7 | 15.8 | 27.9 |
Marketing, supply and logistics | 12 | 19.5 | 41.5 | 56.1 |
Total service costs | 17.4 | 29.3 | 57.8 | 84.6 |
Total costs of products/services sold | 449.2 | 843.3 | 1,438.4 | 2,376.9 |
Expenses: | ||||
Operations and maintenance | 49.3 | 55.9 | 143.8 | 148.7 |
General and administrative | 32.8 | 21.4 | 90.9 | 73.4 |
Depreciation, amortization and accretion | 75.5 | 71.7 | 224.5 | 209.2 |
Total Expenses | 157.6 | 149 | 459.2 | 431.3 |
Gain (loss) on long-lived assets, net | (2.3) | (0.9) | (3.9) | 0.8 |
Goodwill impairment | (609.9) | 0 | (890.9) | 0 |
Loss on contingent consideration | 0 | 0 | 0 | (8.6) |
Operating income (loss) | (588.3) | 43 | (788.7) | 118.1 |
Earnings (loss) from unconsolidated affiliates, net | 2.8 | 0.3 | 11.2 | (1.3) |
Interest and debt expense, net | (35.7) | (31.5) | (104.7) | (95.8) |
Loss on modification/extinguishment of debt | (2.7) | 0 | (19.8) | 0 |
Other income, net | 0.2 | 0.2 | 0.5 | 0.4 |
Income (loss) before income taxes | (623.7) | 12 | (901.5) | 21.4 |
Provision (benefit) for income taxes | (0.3) | 0.1 | (0.2) | 1.1 |
Net income (loss) | (623.4) | 11.9 | (901.3) | 20.3 |
Net (income) loss attributable to non-controlling partners | 396.5 | (9.1) | 642.7 | (2.3) |
Net income (loss) attributable to Crestwood Equity Partners LP | (226.9) | 2.8 | (258.6) | 18 |
Subordinated unitholders' interest in net income (loss) | (5.4) | 0 | (6.1) | 0.4 |
Common unitholders' interest in net income (loss) | $ (221.5) | $ 2.8 | $ (252.5) | $ 17.6 |
Net income (loss) per limited partner unit: | ||||
Basic (in dollars per share) | $ (1.18) | $ 0.02 | $ (1.37) | $ 0.10 |
Diluted (in dollars per share) | $ (1.18) | $ 0.02 | $ (1.37) | $ 0.10 |
Weighted-average limited partners’ units outstanding (in thousands): | ||||
Basic (units) | 188,337 | 182,014 | 184,679 | 182,005 |
Dilutive units (units) | 4,388 | 4,388 | 4,388 | 4,388 |
Diluted (units) | 192,725 | 186,402 | 189,067 | 186,393 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (623.4) | $ 11.9 | $ (901.3) | $ 20.3 |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | (1) | (0.2) | (1.4) | (0.3) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (624.4) | 11.7 | (902.7) | 20 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (396.5) | 9.1 | (642.7) | 2.3 |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ (227.9) | $ 2.6 | $ (260) | $ 17.7 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - 9 months ended Sep. 30, 2015 - USD ($) $ in Millions | Total | Preferred Units | Common unit | Non-Controlling Partners | Partners' Capital |
Balance at December 31, 2014 at Dec. 31, 2014 | $ 776.2 | $ 0 | $ 776.2 | $ 4,808.3 | $ 5,584.5 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Issuance of CMLP Class A preferred units | 0 | (77.2) | (230.5) | (307.7) | |
Issuance of CMLP Class A preferred units | 0 | 0 | 58.8 | 58.8 | |
Acquisition of CMLP non-controlling interest | 529.6 | 3,283 | (3,812.6) | 0 | |
Change in fair value of Suburban Propane Partners, L.P. units (Note 10) | (1.4) | 0 | (1.4) | 0 | (1.4) |
Unit-based compensation charges | 0 | 15.6 | 0 | 15.6 | |
Taxes paid for unit-based compensation vesting | 0 | (3.8) | 0 | (3.8) | |
Other | 0 | (0.1) | 0 | (0.1) | |
Net income (loss) | (901.3) | 0 | (258.6) | (642.7) | (901.3) |
Balance at September 30, 2015 at Sep. 30, 2015 | $ 4,263.3 | $ 529.6 | $ 3,733.7 | $ 181.3 | $ 4,444.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income (loss) | $ (901.3) | $ 20.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 224.5 | 209.2 |
Amortization of debt-related deferred costs, discounts and premiums | 6.6 | 5.9 |
Market adjustment on interest rate swaps | (0.5) | (2) |
Unit-based compensation charges | 15.6 | 16.4 |
(Gain) loss on long-lived assets, net | 3.9 | (0.8) |
Goodwill impairment | 890.9 | 0 |
Loss on contingent consideration | 0 | 8.6 |
Loss on modification/extinguishment of debt | 19.8 | 0 |
(Earnings) loss from unconsolidated affiliates, net, adjusted for cash distributions | (1.6) | 1.3 |
Deferred income taxes | (2.5) | (4.5) |
Other | 0.6 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | 45.6 | (79.6) |
Net cash provided by operating activities | 301.6 | 174.8 |
Investing activities | ||
Acquisitions, net of cash acquired (Note 3) | 0 | (19.5) |
Purchases of property, plant and equipment | (122.8) | (288.3) |
Investment in unconsolidated affiliates | (40) | (81.8) |
Capital distributions from unconsolidated affiliates | 4.4 | 0 |
Proceeds from sale of assets | 2.9 | 0.3 |
Net cash used in investing activities | (155.5) | (389.3) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 3,470.5 | 1,974.9 |
Principal payments on long-term debt | (3,330) | (1,876) |
Payments on capital leases | (1.6) | (2.6) |
Financing fees paid for early debt redemption | (13.6) | 0 |
Payments for debt-related deferred costs | (17.3) | (1.8) |
Distributions to partners | (77.2) | (76.9) |
Distributions paid to non-controlling partners | (230.5) | (222.4) |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 53.9 |
Taxes paid for unit-based compensation vesting | (3.8) | (3.8) |
Other | (1.2) | (0.6) |
Net cash provided by (used in) financing activities | (145.9) | 211.5 |
Net change in cash | 0.2 | (3) |
Cash at beginning of period | 8.8 | |
Cash at end of period | 9 | 2.2 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (19.3) | (8) |
Preferred Units, Class A | ||
Financing activities | ||
Net proceeds from issuance of preferred equity of subsidiary | $ 58.8 | $ 366.8 |
Organization and Business Descr
Organization and Business Description | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Business Description | Business Description Organization 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. On May 5, 2015, the Company, Crestwood Midstream Partners LP (Crestwood Midstream or CMLP), a Delaware limited partnership, and certain of its affiliates entered into a definitive agreement under which CMLP agreed to merge with a wholly-owned subsidiary of the Company (the Simplification Merger). On September 30, 2015, CMLP's unitholders approved the Simplification Merger and we completed the merger on that date. As part of the merger consideration, CMLP's common and preferred unitholders (other than the Company and our subsidiaries) received 2.75 common or preferred units of the Company for each common or preferred unit of CMLP held upon completion of the merger. Prior to the Simplification Merger, we indirectly owned a non-economic general partnership interest Crestwood Midstream and 100% of its incentive distribution rights (IDRs), which entitled us to receive 50% of all distributions paid by Crestwood Midstream in excess of its initial quarterly distribution of $0.37 per common unit. Crestwood Midstream was also a publicly-traded limited partnership with common units listed on the New York Stock Exchange (NYSE) under the listing symbol "CMLP." As a result of the completion of the Simplification Merger on September 30, 2015, CMLP's common units ceased to be listed on the NYSE, the IDRs were eliminated and Crestwood Midstream became a wholly-owned subsidiary of the Company. On September 30, 2015, the Company contributed 100% of its interests in Crestwood Operations LLC (Crestwood Operations) to Crestwood Midstream. Crestwood Operations owns a proprietary NGL business primarily consisting of: • a fleet of rail and over-the-road transportation vehicles, rail-to-truck terminals located in Florida, New Jersey, New York and Rhode Island, and truck maintenance facilities located in Indiana, Mississippi, New Jersey and Ohio; • West Coast NGL operations, which provides processing, fractionation, storage, transportation and marketing services to producers, refiners and other customers. Located near Bakersfield, California, the West Coast facilities include 24 million gallons of aboveground NGL storage capacity, 25 MMcf/d of natural gas processing capacity, 12,000 Bbls of NGL fractionation capacity, 8,000 Bbls/d of butane isomerization capacity and NGL rail and truck take-away options; and • the Seymour NGL storage facility located in Seymour, Indiana, which has 21 million gallons of underground NGL storage capacity and 1.2 million gallons of aboveground bullet storage capacity. Immediately following the Simplification Merger and the related transactions described above, as of September 30, 2015, the Company owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP, LLC (CGS GP), our wholly-owned subsidiary, owns a 0.1% limited partnership interest in Crestwood Midstream. 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 September 30, 2015 , First Reserve owns approximately 15.6% of our common units, and 4,387,889 of our subordinated units. Description of Business In conjunction with the Simplification Merger, we modified our segments and our financial statements now reflect three operating and reporting segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations (formerly NGL and crude services operations). Consequently, the results of our Arrow operations are now reflected in our gathering and processing operations for all periods presented and our COLT and Powder River Basin Industrial Complex, LLC (PRBIC) operations are now reflected in our storage and transportation operations for all periods presented. These respective operations were previously included in our NGL and crude services operations. Below is a description of our operating and reporting segments. • Gathering and Processing : our gathering and processing (G&P) operations provide natural gas gathering, processing, treating, compression, transportation services, crude oil and water gathering and transportation services to producers in unconventional shale plays and tight-gas plays in West Virginia, Wyoming, Texas, Arkansas, New Mexico, Louisiana and North Dakota. This segment primarily includes (i) our rich gas gathering systems and processing plants in the Marcellus, Powder River Basin (PRB) Niobrara, Barnett, and Permian Shale plays; (ii) our dry gas gathering systems in the Barnett, Fayetteville, and Haynesville Shale plays; and (iii) our Arrow crude oil, natural gas and water gathering systems in the Bakken Shale play; • Storage and Transportation : our storage and transportation (S&T) operations provide natural gas and crude oil storage and transportation services to producers, utilities and other customers. This segment primarily includes (i) our natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake); (ii) our regulated natural gas transmission facilities (the North-South Facilities, the MARC I Pipeline and the East Pipeline) in New York and Pennsylvania; and (iii) the COLT Hub, a crude oil rail loading and storage terminal located in North Dakota; and • Marketing, Supply and Logistics : our marketing, supply and logistics (MS&L) operations provide NGL and crude oil storage, marketing and transportation services to producers, refiners, marketers and other customers. This segment primarily includes (i) West Coast processing and fractionation operations; (ii) our NGL storage facilities in Bath, New York and Seymour, Indiana; (iii) our rail-to-truck NGL terminals and a fleet of NGL, crude oil and produced water transportation assets; and (iv) our solution-mining and salt production company (US Salt). As of September 30, 2015 and concurrent with the completion of the Simplification Merger and other related transactions described above, all of our consolidated operating 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 | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation 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). In conjunction with the closing of the Simplification Merger on September 30, 2015, the Company contributed 100% of its interest in Crestwood Operations to Crestwood Midstream. We accounted for this transaction as a reorganization of entities under common control. Prior to the Simplification Merger, we consolidated the results of Crestwood Operations in our financial statements and as such, this transaction had no impact on our historical financial statements. Our consolidated financial statements for the prior period include reclassifications that were made to conform to the current period presentation. Cash inflows of $17.6 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 nine months ended September 30, 2014 to conform with the current period presentation. The reclassification was not significant to our previously reported consolidated financial statements. Beginning in the third quarter of 2015, we began presenting our revenues from product sales separately from service revenues (and the related costs and expenses) in our consolidated statements of operations. In addition, we also reclassified our historical consolidated statements of operations for the three and nine months ended September 30, 2014 to reflect this change. This change had no impact on our previously reported total revenues, net income or partners' capital. 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. The financial information as of September 30, 2015 , and for the three and nine months ended September 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. 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 and our policy related to the classification of revenues on our consolidated statements of operations. 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 and related future growth in those 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 assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. We acquired substantially all of our reporting units in 2013, 2012 and 2011, which required us to record the assets, liabilities and goodwill of each of those reporting units at fair value on the date they were acquired. As a result, any level of decrease in the forecasted cash flows of these businesses or increases in the discount rates utilized to value those businesses from their respective acquisition dates would likely result in the fair value of the reporting unit falling below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit's goodwill is impaired. Commodity prices have continued to decline since late 2014, and that decline has adversely impacted forecasted cash flows, discount rates and stock/unit prices for most companies in the midstream industry, including us. In particular, due to the significant, sustained decrease in the market price of our and Crestwood Midstream's common units from January 1, 2015 to June 30, 2015 and from July 1, 2015 to September 30, 2015, we evaluated the carrying value of our reporting units and determined it was more likely than not that the goodwill associated with all of our reporting units, in aggregate, was impaired as of September 30, 2015 and June 30, 2015. As a result of further analysis of the fair value of goodwill of our reporting units, we recorded goodwill impairments on several of our reporting units during the quarters ended September 30, 2015 and June 30, 2015. The following table summarizes the goodwill of our various reporting units (in millions): Goodwill at December 31, 2014 Goodwill Impairments during the Three Months Ended Goodwill at September 30, 2015 September 30, 2015 June 30, 2015 (Preliminary) Gathering and Processing Fayetteville $ 72.5 $ 39.1 $ 8.3 $ 25.1 Barnett 257.2 — 212.4 44.8 Marcellus 8.6 — — 8.6 Arrow 45.9 — — 45.9 Storage and Transportation Northeast Storage and Transportation 726.3 — — 726.3 COLT 668.3 348.0 — 320.3 Marketing, Supply and Logistics West Coast 85.9 57.5 28.4 — Supply and Logistics 266.2 — — 266.2 Storage and Terminals 104.2 — — 104.2 US Salt 12.6 — — 12.6 Trucking 177.9 147.3 — 30.6 Watkins Glen 66.2 18.0 31.9 16.3 Total $ 2,491.8 $ 609.9 $ 281.0 $ 1,600.9 Our assessment of the goodwill of all of the reporting units included in the table above, which includes those for which we recorded impairments as of September 30, 2015 and those for which we did not record impairments as of September 30, 2015, is preliminary in nature. For those reporting units which we did not record goodwill impairments, we were not reasonably able to estimate the amount of goodwill impairment, if any, as of September 30, 2015. We will finalize the impairment of our goodwill during the quarter ended December 31, 2015, which may result in the recording of additional goodwill impairments or adjustments of the goodwill impairments recorded as of September 30, 2015 as we receive updated information about the fair value of the assets and liabilities of the reporting units given the uncertainties surrounding the continued decline in commodity prices and its impact on the forecasted demand for the products we sell and the services that we provide. The preliminary goodwill impairments recorded during the three months ended September 30, 2015 and the goodwill impairments recorded during the three months ended June 30, 2015, primarily resulted from increasing the discount rates utilized in determining the fair value of the reporting units for certain of those reporting units considering the continued decrease in commodity prices and its impact on the midstream industry and our customers. In addition to the impact of increasing discount rates, the impairment of our Watkins Glen goodwill also resulted from continued delays and uncertainties in the permitting of our proposed NGL storage facility, and the impairment of our Barnett goodwill also resulted from considering the recent actions of our primary customer in the Barnett Shale, Quicksilver Resources Inc. (Quicksilver), related to its filing for protection under Chapter 11 of the U.S. Bankruptcy Code in March 2015. The remaining goodwill related to these reporting units represents the fair value of the goodwill as of September 30, 2015, which is a Level 3 fair value measurement. Revenue Recognition We gather, treat, compress, store, transport and sell various commodities (including crude oil, natural gas NGLs and water) pursuant to fixed-fee and percent-of-proceeds contracts. Under certain of those contracts in our G&P operations and our marketing, supply and logistics operations, we take title to the underlying commodity. We classify the revenues associated with the products to which we take title as product revenues in our consolidated statement of operations. We classify all other revenues as service revenues in our consolidated statement of operations. For a further discussion of our accounting policy related to revenue recognition, see our 2014 Annual Report on Form 10-K. New Accounting Pronouncements Issued But Not Yet Adopted As of September 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 | 9 Months Ended |
Sep. 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 marketing, supply and logistics 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 marketing, supply and logistics segment. The acquisitions of Red Rock and LT Enterprises were not material to our marketing, supply and logistics segment's results of operations for the three and nine months ended September 30, 2014 . In addition, transaction costs related to these acquisitions were not material for the three and nine months ended September 30, 2014 . |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, Gathering systems and pipelines $ 1,425.6 $ 1,410.9 Facilities and equipment 1,680.6 1,648.3 Buildings, land, rights-of-way, storage contracts and easements 848.6 841.5 Vehicles 46.1 45.2 Construction in process 148.2 156.5 Base gas 37.3 37.5 Salt deposits 120.5 120.5 Office furniture, fixtures and other 18.0 13.5 4,324.9 4,273.9 Less: accumulated depreciation and depletion 507.7 380.1 Total property, plant and equipment, net $ 3,817.2 $ 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 $2.9 million and $5.3 million included in property, plant and equipment, net at September 30, 2015 and December 31, 2014 . Intangible Assets Intangible assets consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 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 31.3 32.2 Deferred financing costs 63.3 57.2 1,443.0 1,441.9 Less: accumulated amortization 289.0 210.6 Total intangible assets, net $ 1,154.0 $ 1,231.3 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, 2014 Accrued expenses $ 50.3 $ 52.5 Accrued property taxes 6.6 2.2 Accrued product purchases payable 1.8 0.7 Tax payable — 1.6 Interest payable 35.4 23.5 Accrued additions to property, plant and equipment 7.7 20.0 Commitments and contingent liabilities ( Note 12 ) — 40.0 Capital leases 1.6 1.9 Deferred revenue 15.1 12.2 Total accrued expenses and other liabilities $ 118.5 $ 154.6 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 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 September 30, September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 255.2 $ 232.9 $ 2.0 $ 0.4 $ 5.6 $ 0.1 Tres Palacios Holdings LLC (2) 50.01 % 40.1 36.0 0.6 — 2.1 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 37.1 26.2 0.2 (0.1 ) 3.5 (1.4 ) Total $ 332.4 $ 295.1 $ 2.8 $ 0.3 $ 11.2 $ (1.3 ) (1) As of September 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $51.4 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 $0.8 million for the three months ended September 30, 2015 and 2014, and $2.3 million for the nine months ended September 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 September 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.4 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 $0.9 million for the three and nine months ended September 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of September 30, 2015 , our investment balance approximated our equity in the underlying net assets of PRBIC. During the three 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 storage and transportation 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 nine months ended September 30, 2015 , we received cash distributions of approximately $8.7 million from Jackalope. During the nine months ended September 30, 2014 , Jackalope did not make any distributions to its members. In October 2015, we received a cash distribution of approximately $3.9 million from Jackalope. During the nine months ended September 30, 2015 and 2014 , we contributed approximately $25.4 million and $78.3 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 nine months ended September 30, 2015 , we received cash distributions of approximately $4.0 million from Tres Holdings. In October 2015, we received a cash distribution of approximately $3.5 million from Tres Holdings. During the nine months ended September 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 nine months ended September 30, 2015 , we received cash distributions of approximately $1.3 million from PRBIC. During the nine months ended September 30, 2014 , PRBIC did not make any distributions to its members. In October 2015, we received a cash distribution of approximately $0.6 million from PRBIC. During the nine months ended September 30, 2015 and 2014 , we contributed approximately $8.7 million and $3.5 million to PRBIC. |
Risk Management
Risk Management | 9 Months Ended |
Sep. 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. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. Prior to the completion of the Simplification Merger, we also utilized 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 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 nine months ended September 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 $5.7 million and $11.0 million . During the three and nine months ended September 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 $5.9 million and $10.4 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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 10.6 12.7 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, 86% 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 September 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 September 30, 2015 was $4.1 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 September 30, 2015 and December 31, 2014 , we had a New York Mercantile Exchange (NYMEX) related net derivative liability position of $24.5 million and $36.9 million , for which we posted $31.9 million and $41.9 million of cash collateral in the normal course of business. At September 30, 2015 and December 31, 2014 , we also received collateral of $17.6 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 | 9 Months Ended |
Sep. 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 September 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 September 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 ): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value CEQP Senior Notes $ 10.0 $ 10.0 $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.5 $ 448.7 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 523.4 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 602.0 $ — $ — Financial Assets and Liabilities As of September 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. In conjunction with the completion of the Simplification Merger, we terminated and settled amounts outstanding under our interest rate swaps, which would have matured in 2016. 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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.7 $ 64.8 $ — $ 65.5 $ (31.1 ) $ 34.4 Suburban Propane Partners, L.P. units (2) 4.7 — — 4.7 — 4.7 Total assets at fair value $ 5.4 $ 64.8 $ — $ 70.2 $ (31.1 ) $ 39.1 Liabilities Liabilities from price risk management $ 0.5 $ 50.7 $ — $ 51.2 $ (43.1 ) $ 8.1 Total liabilities at fair value $ 0.5 $ 50.7 $ — $ 51.2 $ (43.1 ) $ 8.1 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. (Suburban Propane) 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 sheet. In conjunction with the Simplification Merger, we terminated and settled amounts outstanding under our swaps which would have matured in 2016. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, CEQP Credit Facility $ — $ 369.0 CEQP Senior Notes 10.0 11.4 CMLP Credit Facility 716.7 555.0 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 3.5 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 2,535.8 2,396.5 Less: current portion 17.6 3.7 Total long-term debt $ 2,518.2 $ 2,392.8 CEQP Credit Facility Description of Credit Facility. Prior to the completion of the Simplification Merger, we utilized 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 would have expired in July 2016, were generally secured by substantially all of our assets and the equity interests in all of our wholly-owned subsidiaries. In conjunction with the closing of the Simplification Merger, we terminated the CEQP Credit Facility, repaid all borrowings and retired all standby letters of credit outstanding under the facility. We recognized a loss on extinguishment of debt of approximately $0.9 million in conjunction with the termination of the CEQP Credit Facility. At December 31, 2014 , our outstanding standby letters of credit were $56.7 million . The interest rates on the CEQP Credit Facility were based on the prime rate and LIBOR plus the applicable spreads, resulting in interest rates which were between 2.91% and 5.00% at December 31, 2014 . The weighted-average interest rate as of December 31, 2014 was 3.02% . Interest Rate Swaps. We entered into interest rate swaps to reduce our exposure to variable interest payments due under the CEQP Credit Facility. These swap agreements required us to make quarterly payments to the counterparty on an aggregate notional amount based on fixed rates. In exchange, the counterparty was 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% . In conjunction with the completion of the Simplification Merger, we terminated and settled amounts outstanding under our remaining swaps which would have matured in 2016. During the three months ended September 30, 2014, we recorded a gain of approximately $0.8 million associated with these interest rate swaps. We did not record a gain on our interest rate swaps during three months ended September 30, 2015. During the nine months ended September 30, 2015 and 2014, we recorded a gain of $0.5 million and $2.0 million . We reflected these gains as a reduction of our interest and debt expense, net on our consolidated statements of operations. CEQP Senior Notes At September 30, 2015 , we had $10.0 million in outstanding senior notes. On October 1, 2015, we repaid the balance outstanding under our senior notes and as such, we reflected the amount as current on our consolidated balance sheet as of September 30, 2015. The senior notes were scheduled to mature on October 1, 2018 and had a coupon rate of 7% . The outstanding senior notes did not have any financial covenants. In September 2015, we also repaid approximately $0.6 million of amounts outstanding on our 2021 senior notes. Crestwood Midstream and its subsidiaries do not provide credit support or guarantee Crestwood Equity's senior notes. Crestwood Midstream Credit Facility Description of Facility. Contemporaneously with the closing of the Simplification Merger on September 30, 2015, Crestwood Midstream amended and restated its senior secured credit agreement (the CMLP Credit Agreement). The CMLP Credit Agreement provides for a five-year $1.5 billion revolving credit facility (the CMLP Credit Facility), which expires in September 2020 and is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. The CMLP Credit Facility allows Crestwood Midstream to increase its available borrowings under the facility by $350 million , subject to lender approval and the satisfaction of certain other conditions, as described in the CMLP Credit Agreement. The CMLP Credit Facility also includes a sub-limit of up to $25 million for same-day swing line advances and a sub-limit up to $350 million for letters of credit. Subject to limited exception, the CMLP Credit Facility is guaranteed and 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. The Company also guarantees Crestwood Midstream's obligations under its $1.5 billion credit agreement. Prior to amending and restating its credit agreement, Crestwood Midstream had a five-year $1.0 billion senior secured revolving credit facility, which would have expired October 2018. We recognized a loss on extinguishment of debt of approximately $1.8 million in conjunction with amending and restating the CMLP Credit Agreement. Borrowings under the CMLP Credit Facility (other than the swing line loans) bear interest at either: • the Alternate Base Rate, which is defined as the highest of (i) the federal funds rate plus 0.50% ; (ii) Wells Fargo Bank's prime rate; or (iii) the Eurodollar Rate adjusted for certain reserve requirements plus 1% ; plus a margin varying from 0.75% to 1.75% depending on Crestwood Midstream's most recent consolidated total leverage ratio; or • the Eurodollar Rate, adjusted for certain reserve requirements plus a margin varying from 1.75% to 2.75% depending on Crestwood Midstream's most recent consolidated total leverage ratio. Swing line loans bear interest at the Alternate Base Rate as described above. The unused portion of the CMLP Credit Facility is subject to a commitment fee ranging from 0.30% to 0.50% according to its most recent consolidated total leverage ratio. Interest on the Alternate Base Rate loans is payable quarterly, or if the adjusted Eurodollar Rate applies, interest is payable at certain intervals selected by Crestwood Midstream. At September 30, 2015 , the balance outstanding under the CMLP Credit Facility was $716.7 million and its outstanding standby letters of credit were $50.8 million . At September 30, 2015 , Crestwood Midstream had $473.3 million of available capacity under the CMLP Credit Facility considering the most restrictive debt covenants in its credit agreement. Borrowings under the CMLP Credit Facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.70% and 4.75% at September 30, 2015 . The weighted-average interest rate as of September 30, 2015 was 3.82% . At December 31, 2014, the balance outstanding under the Crestwood Midstream $1.0 billion credit facility was $555.0 million and its outstanding letters of credit were $15.1 million . Borrowings under the $1.0 billion credit facility accrued interest at prime or LIBOR-based rates plus applicable spreads, which resulted in interest rates between 2.66% and 4.75% at December 31, 2014. The weighted-average interest rate as of December 31, 2014 was 2.86% . In conjunction with the closing of the Simplification Merger, Crestwood Midstream borrowed approximately $720 million under the CMLP Credit Facility on September 30, 2015 to (i) repay all borrowings outstanding under the $1.0 billion credit facility, (ii) fund a distribution to the Company of approximately $378.3 million for purposes of repaying (or, if applicable, satisfying and discharging) substantially all of the Company's outstanding indebtedness as discussed above, and (iii) pay merger-related fees and expenses. Restrictive Covenants. The CMLP Credit Facility contains various covenants and restrictive provisions that limit our ability to, among other things, (i) incur additional debt; (ii) make distributions on or redeem or repurchase units; (iii) make certain investments and acquisitions; (iv) incur or permit certain liens to exist; (v) merge, consolidate or amalgamate with another company; and (vi) transfer or dispose of assets. 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 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At September 30, 2015 , the net debt to consolidated EBITDA was approximately 4.63 to 1.0, the consolidated EBITDA to consolidated interest expense was approximately 4.12 to 1.0, and the senior secured leverage ratio was 1.31 to 1.0. If Crestwood Midstream fails to perform its obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the CMLP Credit Facility could be declared immediately due and payable. The CMLP Credit Facility also has cross default provisions that apply to any of its other material indebtedness. 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 $1.0 billion credit facility 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 $1.0 billion credit facility to redeem all of its outstanding 2019 Senior Notes. In conjunction with the redemption of its 2019 Senior Notes, Crestwood Midstream recorded a loss on extinguishment of debt of approximately $17.1 million . Crestwood Midstream's senior notes are guaranteed on a senior unsecured basis by all of its domestic subsidiaries that guarantee its credit facility, subject to certain exceptions. Crestwood Equity and its subsidiaries do not provide credit support or guarantee Crestwood Midstream's senior notes. At September 30, 2015 , Crestwood Midstream was in compliance with all of its debt covenants applicable to the CMLP Credit Facility and its senior notes. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 9 Months Ended |
Sep. 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 after giving effect to net income attributable to the Class A preferred units. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed using the treasury stock method, which considers the impact to net income attributable to Crestwood Equity Partners and limited partner units from the potential issuance of limited partner units. We exclude potentially dilutive securities from the determination of diluted earnings per unit (as well as their related income statement impacts) when their impact on net income attributable to Crestwood Equity Partners per limited partner unit is anti-dilutive. During the three and nine months ended September 30, 2015 , we excluded a weighted-average of 645,062 and 217,383 common units, representing preferred units, and a weighted-average of 789,678 and 266,118 common units, representing Crestwood Niobrara's preferred units, from our diluted earnings per unit. See Note 10 for additional information regarding the potential conversion of these preferred units to common units. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2015 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital As discussed in Note 1, on September 30, 2015, we completed the Simplification Merger. As part of the merger consideration, Crestwood Midstream's common and preferred unitholders (other than the Company and our subsidiaries) received 2.75 common or preferred units of the Company for each common or preferred unit of CMLP held upon completion of the merger. Prior to the Simplification Merger, the Company indirectly owned a non-economic general partnership interest in Crestwood Midstream and 100% of its IDRs. Crestwood Midstream was also a publicly-traded limited partnership with common units listed on the NYSE. However, as a result of Crestwood Midstream's completion of the Simplification Merger on September 30, 2015, its common units ceased to be listed on the NYSE, the IDRs were eliminated and Crestwood Midstream became a wholly-owned subsidiary of the Company. Immediately following the Simplification Merger and the transactions described above, as of September 30, 2015, the Company owns a 99.9% limited partnership interest in Crestwood Midstream and our wholly-owned subsidiary, CGS GP, owns a 0.1% limited partnership interest in Crestwood Midstream. 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 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 Class A Preferred Units (CMLP 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 CMLP 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). On August 10, 2015, Crestwood Midstream issued the remaining $60.0 million of CMLP Preferred Units for net proceeds of approximately $58.8 million after deducting transaction fees and offering expenses. As discussed above, in conjunction with the closing of the Simplification Merger, the CMLP Preferred Units were exchanged for new preferred units of the Company (the Preferred Units) with substantially similar terms and conditions to those of the CMLP Preferred Units and as a result, we classified the new preferred units as a component of Crestwood Equity Partners LP partners' capital on our consolidated balance sheet at September 30, 2015. Prior to the Simplification Merger, we classified the CMLP Preferred Units as a component of Interest of Non-Controlling Partners on our consolidated balance sheet. Because the fair value of the preferred units was materially equivalent immediately before and after the exchange, we recorded CEQP's preferred units at Crestwood Midstream's historical book value. Subject to certain conditions, the holders of the Preferred Units will have the right to convert Preferred Units into (i) common units on a one-for-one basis after June 17, 2017, or (ii) a number of common units determined pursuant to a conversion ratio set forth in our partnership agreement upon the occurrence of certain events, such as a change in control. The Preferred Units have voting rights that are identical to the voting rights of the common units and will vote with the common units as a single class, with each Preferred Units entitled to one vote for each common unit into which such Preferred Unit is convertible, except that the Preferred Units are entitled to vote as a separate class on any matter on which all unit holders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Preferred Units in relation to our other securities outstanding. Distributions Distributions to Partners A summary of our limited partner quarterly cash distributions for the nine months ended September 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 August 7, 2015 August 14, 2015 $ 0.1375 25.7 $ 77.2 2014 February 7, 2014 February 14, 2014 $ 0.1375 $ 25.6 May 8, 2014 May 15, 2014 $ 0.1375 25.7 August 7, 2014 August 14, 2014 $ 0.1375 25.6 $ 76.9 On October 22, 2015 , we declared a distribution of $0.1375 per limited partner unit to be paid on November 13, 2015 , to unitholders of record on November 6, 2015 with respect to the quarter ended September 30, 2015 . On October 22, 2015, the board of directors of our general partner approved a 1-for-10 reverse split on our common units, effective after the market closes on November 23, 2015. The units will begin trading on a split-adjusted basis on November 24, 2015. Pursuant to the reverse split, common unit holders will receive one common unit for every 10 common units owned with substantially the same terms and conditions of the common units prior to the reverse split. Preferred Unit Holders. We are required to make quarterly distributions to our Preferred Unit holders. The holders of the Preferred Units are entitled to receive fixed quarterly distributions of $0.2111 per unit. For the seven quarters following the quarter ended September 30, 2015 (the Initial Distribution Period), distributions on the Preferred Units can be made in additional Preferred Units, cash, or a combination thereof, at our election. If we elect 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 $0.2111 per unit divided by the cash purchase price of $9.13 per unit. We accrue the fair value of such distribution at the end of the quarterly period and adjust 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 our common units and (ii) our available cash (as defined in our partnership agreement) is insufficient to make a cash distribution to our Preferred Unit holders. If we fail to pay the full amount payable to our Preferred Unit holders in cash following the Initial Distribution Period, then (x) the fixed quarterly distribution on the Preferred Units will increase to $0.2567 per unit, and (y) we will not be permitted to declare or make any distributions to our 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 we fail to pay in full any 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. On October 22, 2015 , the board of directors of our general partner authorized the issuance of 1,372,573 Preferred Units to our preferred unit holders for the quarter ended September 30, 2015 in lieu of paying a cash distribution of $7.9 million . Non-Controlling Partners 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. We serve as the managing member of Crestwood Niobrara and, subject to certain restrictions, we have the ability to redeem GE's preferred interest in either cash or common units at an amount equal to the face amount of the preferred units plus an applicable return. During the nine months ended September 30, 2014 , GE made capital contributions of $53.9 million to Crestwood Niobrara in exchange for an equivalent number of preferred units. GE did not make capital contributions to Crestwood Niobrara during the nine months ended September 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 nine months ended September 30, 2015 and 2014 , are as follows (in millions) : Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Crestwood Midstream limited partner interests $ (408.8 ) $ (4.5 ) $ (683.0 ) $ (19.2 ) Crestwood Midstream Class A preferred units 6.4 9.1 23.1 10.2 Crestwood Niobrara preferred interests 5.9 4.5 17.2 11.3 Net income (loss) attributable to non-controlling partners $ (396.5 ) $ 9.1 $ (642.7 ) $ 2.3 Distributions to Non-Controlling Partners Crestwood Midstream Limited Partners. Prior to the completion of the Simplification Merger, the Crestwood Midstream partnership agreement required 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 were 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 $222.9 million and $222.4 million during the nine months ended September 30, 2015 and 2014 . Crestwood Midstream Class A Preferred Unit Holders . During the nine months ended September 30, 2015, Crestwood Midstream issued 1,271,935 Class A Preferred Units to its preferred unit holders in lieu of paying a cash distribution. Crestwood Niobrara Preferred Unit Holders. 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 nine months ended September 30, 2015 , Crestwood Niobrara paid cash distributions of $7.6 million to GE. During the three and nine months ended September 30, 2014 , Crestwood Niobrara issued 3,073,357 and 7,819,661 preferred units to GE in lieu of paying cash distributions. On October 30, 2015, Crestwood Niobrara paid a cash distribution of $3.8 million to GE for the quarter ended September 30, 2015 . Other Partners’ Capital Transactions In August 2012, Legacy Inergy contributed its retail propane operations to Suburban Propane. In connection with this contribution, Legacy Inergy retained approximately 142,000 Suburban Propane 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 | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity Plans | Equity Plans Long-term incentive awards are granted under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood 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. Prior to the completion of the Simplification Merger, Crestwood Midstream also granted incentive awards under is Long-term Incentive Plan (Crestwood Midstream LTIP). In conjunction with the closing of the Simplification Merger, the restricted and phantom common units granted under the Crestwood Midstream LTIP were converted into restricted and phantom units of CEQP with substantially the same terms considering the 2.75 to 1 exchange ratio. Crestwood LTIP The following table summarizes information regarding restricted and phantom unit activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 1,315,880 $ 13.21 Vested - restricted units (790,555 ) $ 12.78 Vested - phantom units (48,563 ) $ 6.71 Granted - restricted units 1,214,704 $ 6.71 Granted - phantom units 384,912 $ 6.59 Modification - restricted units 2,264,012 $ 6.88 Modification - phantom units 412,694 $ 5.84 Forfeited (1) (175,892 ) $ 9.98 Unvested - September 30, 2015 4,577,192 $ 7.40 (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 nine months ended September 30, 2015 . As of September 30, 2015 and December 31, 2014 , we had total unamortized compensation expense of approximately $19.6 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 $1.9 million and $2.3 million (including $1.5 million and $1.6 million that was allocated to Crestwood Midstream) during the three months ended September 30, 2015 and 2014 and $7.5 million and $7.7 million (including $5.9 million and $5.2 million that was allocated to Crestwood Midstream) under the Crestwood LTIP during the nine months ended September 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 $8.2 million and $2.5 million during the nine months ended September 30, 2015 . As of September 30, 2015 , we had 10,067,139 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 September 30, 2015 , we withheld 2,733 common units to satisfy employee tax withholding obligations and during the nine months ended September 30, 2015 and 2014 , we withheld 245,235 and 156,904 common units. There were no common units withheld during the three months ended September 30, 2014. 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 nine months ended September 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (457,458 ) $ 22.91 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 535,858 $ 15.89 Granted - phantom units 171,648 $ 15.76 Forfeited (1) (89,919 ) $ 20.06 Modification - restricted units (823,277 ) $ 18.93 Modification - phantom units (150,070 ) $ 16.05 Unvested - September 30, 2015 — $ — (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 nine months ended September 30, 2015 . As of December 31, 2014 , we had total unamortized compensation expense of approximately $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 $2.0 million and $2.5 million during the three months ended September 30, 2015 and 2014 and $8.1 million and $8.7 million during the nine months ended September 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 $8.5 million and $2.7 million during the nine months ended September 30, 2015 . As of September 30, 2015 , we do not have any issued, outstanding or units available for issuance under the Crestwood Midstream LTIP. Crestwood Midstream Restricted Units. Under the Crestwood Midstream LTIP, participants who were been granted restricted units could 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 were returned to the Crestwood Midstream LTIP on the applicable vesting dates, which corresponded to the times at which income was recognized by the employee. When such common units were withheld, Crestwood Midstream was 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 was determined based on the closing price per common unit as reported on the NYSE on such dates. During the three months ended September 30, 2015 Crestwood Midstream withheld 2,166 common units to satisfy employee tax withholding obligations and during the nine months ended September 30, 2015 and 2014 , Crestwood Midstream withheld 139,331 and 68,532 common units. Crestwood Midstream withheld no common units during the three months ended September 30, 2014. Crestwood Midstream Phantom Units. The Crestwood Midstream LTIP permitted, and Crestwood Midstream's general partner made, grants of phantom units. Each phantom unit entitled 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 provided 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 provided for distribution equivalent rights with respect to each phantom unit which was 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 had an employee unit purchase plan under which employees of the general partner purchased Crestwood Midstream's common units through payroll deductions up to a maximum of 10% of the employees' eligible compensation. Under the plan, Crestwood Midstream purchased its common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, Crestwood Midstream could 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 were available for purchase under the plan was 200,000 . Effective May 7, 2015, Crestwood Midstream suspended the employee unit purchase plan. In conjunction with the Simplification Merger, all common units purchased through the employee purchase plan were converted into common units of CEQP. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 alleged, 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 finalization 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, and the United States bankruptcy court approved a modified version of the bankruptcy plan (including the global settlement) on October 9, 2015. Consistent with the modified plan approved in the US bankruptcy proceeding, the Canadian bankruptcy court also approved a modified bankruptcy plan on October 9, 2015. We expect the US and Canadian bankruptcy proceedings to be finalized by the end of 2015 and for the global settlement to be funded thereafter. 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 finalized 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 39 lawsuits pending in three different courts; however, we do not expect to actively litigate these cases due to the automatic stay arising from MM&A's United States bankruptcy proceeding. We also expect these lawsuits to be dismissed with prejudice upon finalization of the global settlement referenced above. 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 requested declaratory and injunctive relief, as well as monetary damages. 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. 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. On August 12, 2015, the defendants filed a motion to consolidate the Farber and Aron cases, which the court granted on September 4, 2015. Farber subsequently dismissed his claims against all the defendants on September 16, 2015. Aron filed a motion for temporary restraining order and requested an expedited preliminary injunction hearing, which was scheduled for September 23, 2015. On September 22, 2015, the parties entered into a memorandum of understanding (MOU) with respect to a proposed settlement of the Aron lawsuit. The settlement contemplated by the MOU is subject to a number of conditions, including notice to the class, limited confirmatory discovery and final court approval of the settlement. The defendants expect the court to approve the final settlement during the first half of 2016. The anticipated settlement of the MOU has not and will not have a material impact to our consolidated financial statements. 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 September 30, 2015 and December 31, 2014 , we had approximately $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 September 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. In August 2015, we received a notice of violation from the Three Affiliated Tribes' Environmental Division related to our 2014 produced water releases on the Fort Berthold Indian Reservation. The notice of violation imposes fines and requests reimbursements exceeding $1.1 million; however, the notice of violation was stayed on September 15, 2015, upon our posting of a performance bond for the amount contemplated by the notice and pending the outcome of ongoing settlement discussions with the regulatory agencies asserting jurisdiction over the 2014 produced water releases. We cannot predict what the outcome of these investigations will be, and we had no amounts accrued for fines or penalties as of September 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 September 30, 2015 and December 31, 2014 , our accrual of approximately $1.0 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 $1.0 million to $2.5 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 September 30, 2015 and December 31, 2014, our self-insurance reserves were $13.6 million and $ 14.6 million . We estimate that $9.7 million of this balance will be paid subsequent to September 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 | 9 Months Ended |
Sep. 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 product/services sold and reimbursements of general and administrative expenses from our affiliates for the three and nine months ended September 30, 2015 and 2014 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Gathering and processing revenues $ 0.9 $ 0.8 $ 3.0 $ 2.4 Gathering and processing costs of product/services sold (1) $ 7.2 $ 11.3 $ 23.2 $ 32.1 Reimbursement of general and administrative expenses $ 0.2 $ 0.2 $ 0.4 $ 0.4 Reimbursement of operations and maintenance expenses $ 0.6 $ — $ 2.2 $ — (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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 December 31, 2014 Accounts receivable $ 6.2 $ 0.6 Accounts payable $ 4.5 $ 5.6 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information As discussed in Note 1, on September 30, 2015, the Company contributed 100% of its interest in Crestwood Operations to Crestwood Midstream and as a result, we modified our segments and our financial statements now reflect three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations (formerly NGL and crude services operations). Consequently, the results of our Arrow operations are now reflected in our gathering and processing operations for all periods presented and our COLT and PRBIC operations are now reflected in our storage and transportation operations for all periods presented. These respective operations were previously included in our NGL and crude services operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. For a further description of our operating and reporting segments, see Note 1. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income (loss) $ (623.4 ) $ 11.9 $ (901.3 ) $ 20.3 Add: Interest and debt expense, net 35.7 31.5 104.7 95.8 Loss on modification/extinguishment of debt 2.7 — 19.8 — Provision (benefit) for income taxes (0.3 ) 0.1 (0.2 ) 1.1 Depreciation, amortization and accretion 75.5 71.7 224.5 209.2 EBITDA $ (509.8 ) $ 115.2 $ (552.5 ) $ 326.4 Our intersegment revenues, along with the intersegment costs of product/services sold, were incurred in the normal course of business between our operating segments. Intersegment revenues primarily represent sales by our gathering and processing segment to our marketing, supply and logistics segment, which is responsible for marketing certain of our commodities to third parties. The following tables summarize the reportable segment data for the three and nine months ended September 30, 2015 and 2014 ( in millions ). Three Months Ended September 30, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 366.2 $ 65.0 $ 210.1 $ (10.6 ) $ — $ 630.7 Costs of product/services sold 282.8 5.2 171.8 (10.6 ) — 449.2 Operations and maintenance expense 20.6 10.7 18.0 — — 49.3 General and administrative expense — — — — 32.8 32.8 Loss on long-lived assets (0.3 ) (0.9 ) (1.1 ) — — (2.3 ) Goodwill impairment (39.1 ) (348.0 ) (222.8 ) — — (609.9 ) Earnings from unconsolidated affiliates, net 2.0 0.8 — — — 2.8 Other income, net — — — — 0.2 0.2 EBITDA $ 25.4 $ (299.0 ) $ (203.6 ) $ — $ (32.6 ) $ (509.8 ) Goodwill $ 124.4 $ 1,046.6 $ 429.9 $ — $ — $ 1,600.9 Total assets $ 3,293.5 $ 2,540.2 $ 1,295.6 $ — $ 199.1 $ 7,328.4 Purchases of property, plant and equipment $ 15.9 $ 8.2 $ 14.6 $ — $ 0.6 $ 39.3 Three Months Ended September 30, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 648.7 $ 65.8 $ 352.5 $ (30.8 ) $ — $ 1,036.2 Costs of product/services sold 554.0 9.7 310.4 (30.8 ) — 843.3 Operations and maintenance expense 29.6 7.3 19.0 — — 55.9 General and administrative expense — — — — 21.4 21.4 Gain on long-lived assets (0.9 ) — — — — (0.9 ) Earnings (loss) from unconsolidated affiliates, net 0.4 (0.1 ) — — — 0.3 Other income, net — — — — 0.2 0.2 EBITDA $ 64.6 $ 48.7 $ 23.1 $ — $ (21.2 ) $ 115.2 Goodwill $ 402.7 $ 1,394.6 $ 743.3 $ — $ — $ 2,540.6 Total assets $ 3,694.5 $ 2,565.0 $ 2,262.2 $ — $ 195.0 $ 8,716.7 Purchases of property, plant and equipment $ 81.4 $ 10.7 $ 6.8 $ — $ 1.4 $ 100.3 Nine Months Ended September 30, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 1,107.2 $ 201.1 $ 749.9 $ (54.5 ) $ — $ 2,003.7 Costs of product/services sold 842.6 15.8 634.5 (54.5 ) — 1,438.4 Operations and maintenance expense 67.0 23.0 53.8 — — 143.8 General and administrative expense — — — — 90.9 90.9 Loss on long-lived assets (1.2 ) (1.6 ) (1.1 ) — — (3.9 ) Goodwill impairment (259.8 ) (348.0 ) (283.1 ) — — (890.9 ) Earnings from unconsolidated affiliates, net 5.6 5.6 — — — 11.2 Other income, net — — — — 0.5 0.5 EBITDA $ (57.8 ) $ (181.7 ) $ (222.6 ) $ — $ (90.4 ) $ (552.5 ) Goodwill $ 124.4 $ 1,046.6 $ 429.9 $ — $ — $ 1,600.9 Total assets $ 3,293.5 $ 2,540.2 $ 1,295.6 $ — $ 199.1 $ 7,328.4 Purchases of property, plant and equipment $ 80.5 $ 16.2 $ 25.1 $ — $ 1.0 $ 122.8 Nine Months Ended September 30, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 1,701.4 $ 197.6 $ 1,065.9 $ (30.8 ) $ — $ 2,934.1 Costs of product/services sold 1,440.9 27.9 938.9 (30.8 ) — 2,376.9 Operations and maintenance expense 74.5 22.2 52.0 — — 148.7 General and administrative expense — — — — 73.4 73.4 Gain on long-lived assets 0.1 0.6 0.1 — — 0.8 Loss on contingent consideration (8.6 ) — — — — (8.6 ) Earnings (loss) from unconsolidated affiliates, net 0.1 (1.4 ) — — — (1.3 ) Other income, net — — — — 0.4 0.4 EBITDA $ 177.6 $ 146.7 $ 75.1 $ — $ (73.0 ) $ 326.4 Goodwill $ 402.7 $ 1,394.6 $ 743.3 $ — $ — $ 2,540.6 Total assets $ 3,694.5 $ 2,565.0 $ 2,262.2 $ — $ 195.0 $ 8,716.7 Purchases of property, plant and equipment $ 238.0 $ 24.9 $ 18.4 $ — $ 7.0 $ 288.3 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 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. |
Basis of Presentation and Sum23
Basis of Presentation and Summary of Significant Accounting Policies Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill at December 31, 2014 Goodwill Impairments during the Three Months Ended Goodwill at September 30, 2015 September 30, 2015 June 30, 2015 (Preliminary) Gathering and Processing Fayetteville $ 72.5 $ 39.1 $ 8.3 $ 25.1 Barnett 257.2 — 212.4 44.8 Marcellus 8.6 — — 8.6 Arrow 45.9 — — 45.9 Storage and Transportation Northeast Storage and Transportation 726.3 — — 726.3 COLT 668.3 348.0 — 320.3 Marketing, Supply and Logistics West Coast 85.9 57.5 28.4 — Supply and Logistics 266.2 — — 266.2 Storage and Terminals 104.2 — — 104.2 US Salt 12.6 — — 12.6 Trucking 177.9 147.3 — 30.6 Watkins Glen 66.2 18.0 31.9 16.3 Total $ 2,491.8 $ 609.9 $ 281.0 $ 1,600.9 |
Certain Balance Sheet Informa24
Certain Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant And Equipment | Property, plant and equipment consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, Gathering systems and pipelines $ 1,425.6 $ 1,410.9 Facilities and equipment 1,680.6 1,648.3 Buildings, land, rights-of-way, storage contracts and easements 848.6 841.5 Vehicles 46.1 45.2 Construction in process 148.2 156.5 Base gas 37.3 37.5 Salt deposits 120.5 120.5 Office furniture, fixtures and other 18.0 13.5 4,324.9 4,273.9 Less: accumulated depreciation and depletion 507.7 380.1 Total property, plant and equipment, net $ 3,817.2 $ 3,893.8 |
Intangible Assets | Intangible assets consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 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 31.3 32.2 Deferred financing costs 63.3 57.2 1,443.0 1,441.9 Less: accumulated amortization 289.0 210.6 Total intangible assets, net $ 1,154.0 $ 1,231.3 |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, 2014 Accrued expenses $ 50.3 $ 52.5 Accrued property taxes 6.6 2.2 Accrued product purchases payable 1.8 0.7 Tax payable — 1.6 Interest payable 35.4 23.5 Accrued additions to property, plant and equipment 7.7 20.0 Commitments and contingent liabilities ( Note 12 ) — 40.0 Capital leases 1.6 1.9 Deferred revenue 15.1 12.2 Total accrued expenses and other liabilities $ 118.5 $ 154.6 |
Investments in Unconsolidated25
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 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 September 30, September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 2014 2015 2014 2015 2014 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 255.2 $ 232.9 $ 2.0 $ 0.4 $ 5.6 $ 0.1 Tres Palacios Holdings LLC (2) 50.01 % 40.1 36.0 0.6 — 2.1 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 37.1 26.2 0.2 (0.1 ) 3.5 (1.4 ) Total $ 332.4 $ 295.1 $ 2.8 $ 0.3 $ 11.2 $ (1.3 ) (1) As of September 30, 2015 , our investment balance exceeded our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) by approximately $51.4 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 $0.8 million for the three months ended September 30, 2015 and 2014, and $2.3 million for the nine months ended September 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 September 30, 2015 , our equity in the underlying net assets exceeded our investment balance in Tres Holdings by approximately $29.4 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 $0.9 million for the three and nine months ended September 30, 2015 . Our Tres Holdings investment is included in our storage and transportation segment. (3) As of September 30, 2015 , our investment balance approximated our equity in the underlying net assets of PRBIC. During the three 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 storage and transportation 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) | 9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 10.6 12.7 6.8 8.4 Natural gas ( MMBTU’s ) — — 0.2 0.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 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 ): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value CEQP Senior Notes $ 10.0 $ 10.0 $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.5 $ 448.7 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 523.4 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 602.0 $ — $ — |
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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Total Netting Agreements (1) Total Assets Assets from price risk management $ 0.7 $ 64.8 $ — $ 65.5 $ (31.1 ) $ 34.4 Suburban Propane Partners, L.P. units (2) 4.7 — — 4.7 — 4.7 Total assets at fair value $ 5.4 $ 64.8 $ — $ 70.2 $ (31.1 ) $ 39.1 Liabilities Liabilities from price risk management $ 0.5 $ 50.7 $ — $ 51.2 $ (43.1 ) $ 8.1 Total liabilities at fair value $ 0.5 $ 50.7 $ — $ 51.2 $ (43.1 ) $ 8.1 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. (Suburban Propane) 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 sheet. In conjunction with the Simplification Merger, we terminated and settled amounts outstanding under our swaps which would have matured in 2016. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at September 30, 2015 and December 31, 2014 ( in millions ): September 30, December 31, CEQP Credit Facility $ — $ 369.0 CEQP Senior Notes 10.0 11.4 CMLP Credit Facility 716.7 555.0 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 3.5 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 2,535.8 2,396.5 Less: current portion 17.6 3.7 Total long-term debt $ 2,518.2 $ 2,392.8 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 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 August 7, 2015 August 14, 2015 $ 0.1375 25.7 $ 77.2 2014 February 7, 2014 February 14, 2014 $ 0.1375 $ 25.6 May 8, 2014 May 15, 2014 $ 0.1375 25.7 August 7, 2014 August 14, 2014 $ 0.1375 25.6 $ 76.9 |
Equity Plans (Tables)
Equity Plans (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 1,315,880 $ 13.21 Vested - restricted units (790,555 ) $ 12.78 Vested - phantom units (48,563 ) $ 6.71 Granted - restricted units 1,214,704 $ 6.71 Granted - phantom units 384,912 $ 6.59 Modification - restricted units 2,264,012 $ 6.88 Modification - phantom units 412,694 $ 5.84 Forfeited (1) (175,892 ) $ 9.98 Unvested - September 30, 2015 4,577,192 $ 7.40 (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 nine months ended September 30, 2015 . The following table summarizes information regarding restricted and phantom unit activity during the nine months ended September 30, 2015 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2015 834,796 $ 23.18 Vested - restricted units (457,458 ) $ 22.91 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 535,858 $ 15.89 Granted - phantom units 171,648 $ 15.76 Forfeited (1) (89,919 ) $ 20.06 Modification - restricted units (823,277 ) $ 18.93 Modification - phantom units (150,070 ) $ 16.05 Unvested - September 30, 2015 — $ — (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 nine months ended September 30, 2015 . |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows revenues, costs of product/services sold and reimbursements of general and administrative expenses from our affiliates for the three and nine months ended September 30, 2015 and 2014 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Gathering and processing revenues $ 0.9 $ 0.8 $ 3.0 $ 2.4 Gathering and processing costs of product/services sold (1) $ 7.2 $ 11.3 $ 23.2 $ 32.1 Reimbursement of general and administrative expenses $ 0.2 $ 0.2 $ 0.4 $ 0.4 Reimbursement of operations and maintenance expenses $ 0.6 $ — $ 2.2 $ — (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 September 30, 2015 and December 31, 2014 ( in millions ): September 30, 2015 December 31, 2014 Accounts receivable $ 6.2 $ 0.6 Accounts payable $ 4.5 $ 5.6 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income (loss) $ (623.4 ) $ 11.9 $ (901.3 ) $ 20.3 Add: Interest and debt expense, net 35.7 31.5 104.7 95.8 Loss on modification/extinguishment of debt 2.7 — 19.8 — Provision (benefit) for income taxes (0.3 ) 0.1 (0.2 ) 1.1 Depreciation, amortization and accretion 75.5 71.7 224.5 209.2 EBITDA $ (509.8 ) $ 115.2 $ (552.5 ) $ 326.4 |
Summary Of Segment Information | The following tables summarize the reportable segment data for the three and nine months ended September 30, 2015 and 2014 ( in millions ). Three Months Ended September 30, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 366.2 $ 65.0 $ 210.1 $ (10.6 ) $ — $ 630.7 Costs of product/services sold 282.8 5.2 171.8 (10.6 ) — 449.2 Operations and maintenance expense 20.6 10.7 18.0 — — 49.3 General and administrative expense — — — — 32.8 32.8 Loss on long-lived assets (0.3 ) (0.9 ) (1.1 ) — — (2.3 ) Goodwill impairment (39.1 ) (348.0 ) (222.8 ) — — (609.9 ) Earnings from unconsolidated affiliates, net 2.0 0.8 — — — 2.8 Other income, net — — — — 0.2 0.2 EBITDA $ 25.4 $ (299.0 ) $ (203.6 ) $ — $ (32.6 ) $ (509.8 ) Goodwill $ 124.4 $ 1,046.6 $ 429.9 $ — $ — $ 1,600.9 Total assets $ 3,293.5 $ 2,540.2 $ 1,295.6 $ — $ 199.1 $ 7,328.4 Purchases of property, plant and equipment $ 15.9 $ 8.2 $ 14.6 $ — $ 0.6 $ 39.3 Three Months Ended September 30, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 648.7 $ 65.8 $ 352.5 $ (30.8 ) $ — $ 1,036.2 Costs of product/services sold 554.0 9.7 310.4 (30.8 ) — 843.3 Operations and maintenance expense 29.6 7.3 19.0 — — 55.9 General and administrative expense — — — — 21.4 21.4 Gain on long-lived assets (0.9 ) — — — — (0.9 ) Earnings (loss) from unconsolidated affiliates, net 0.4 (0.1 ) — — — 0.3 Other income, net — — — — 0.2 0.2 EBITDA $ 64.6 $ 48.7 $ 23.1 $ — $ (21.2 ) $ 115.2 Goodwill $ 402.7 $ 1,394.6 $ 743.3 $ — $ — $ 2,540.6 Total assets $ 3,694.5 $ 2,565.0 $ 2,262.2 $ — $ 195.0 $ 8,716.7 Purchases of property, plant and equipment $ 81.4 $ 10.7 $ 6.8 $ — $ 1.4 $ 100.3 Nine Months Ended September 30, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 1,107.2 $ 201.1 $ 749.9 $ (54.5 ) $ — $ 2,003.7 Costs of product/services sold 842.6 15.8 634.5 (54.5 ) — 1,438.4 Operations and maintenance expense 67.0 23.0 53.8 — — 143.8 General and administrative expense — — — — 90.9 90.9 Loss on long-lived assets (1.2 ) (1.6 ) (1.1 ) — — (3.9 ) Goodwill impairment (259.8 ) (348.0 ) (283.1 ) — — (890.9 ) Earnings from unconsolidated affiliates, net 5.6 5.6 — — — 11.2 Other income, net — — — — 0.5 0.5 EBITDA $ (57.8 ) $ (181.7 ) $ (222.6 ) $ — $ (90.4 ) $ (552.5 ) Goodwill $ 124.4 $ 1,046.6 $ 429.9 $ — $ — $ 1,600.9 Total assets $ 3,293.5 $ 2,540.2 $ 1,295.6 $ — $ 199.1 $ 7,328.4 Purchases of property, plant and equipment $ 80.5 $ 16.2 $ 25.1 $ — $ 1.0 $ 122.8 Nine Months Ended September 30, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Corporate Total Revenues $ 1,701.4 $ 197.6 $ 1,065.9 $ (30.8 ) $ — $ 2,934.1 Costs of product/services sold 1,440.9 27.9 938.9 (30.8 ) — 2,376.9 Operations and maintenance expense 74.5 22.2 52.0 — — 148.7 General and administrative expense — — — — 73.4 73.4 Gain on long-lived assets 0.1 0.6 0.1 — — 0.8 Loss on contingent consideration (8.6 ) — — — — (8.6 ) Earnings (loss) from unconsolidated affiliates, net 0.1 (1.4 ) — — — (1.3 ) Other income, net — — — — 0.4 0.4 EBITDA $ 177.6 $ 146.7 $ 75.1 $ — $ (73.0 ) $ 326.4 Goodwill $ 402.7 $ 1,394.6 $ 743.3 $ — $ — $ 2,540.6 Total assets $ 3,694.5 $ 2,565.0 $ 2,262.2 $ — $ 195.0 $ 8,716.7 Purchases of property, plant and equipment $ 238.0 $ 24.9 $ 18.4 $ — $ 7.0 $ 288.3 |
Organization and Business Des33
Organization and Business Description (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2015MMcf / dbbl / dsegment$ / sharessharesgalbbl | |
Business Description [Line Items] | |
Natural Gas Processing Capacity | MMcf / d | 25 |
NGL Fractionation Capacity | bbl | 12,000 |
Butane Isomerization Capacity | bbl / d | 8,000 |
Underground NGL Storage Capacity | 21,000,000 |
Aboveground Bullet Storage Capacity | 1,200,000 |
Equity interest issued or issuable, conversion ratio | 2.75 |
Number of Operating Segments | segment | 3 |
West Coast | |
Business Description [Line Items] | |
NGL Storage Capacity | 24,000,000 |
Crestwood Equity Partners LP | |
Business Description [Line Items] | |
Limited partner ownership percentage | 99.90% |
Incentive Distribution Rights, Distribution Percentage | 100.00% |
Crestwood Gas Services GP, LLC | |
Business Description [Line Items] | |
Limited partner ownership percentage | 0.10% |
CMLP | |
Business Description [Line Items] | |
Incentive Distribution Rights, Percent | 50.00% |
Distribution Made to Limited Partner, Distribution Threshold | $ / shares | $ 0.37 |
Common unit | First Reserve Management, L.P. | |
Business Description [Line Items] | |
General partner ownership percentage | 15.60% |
Subordinated unit | |
Business Description [Line Items] | |
Units of Partnership Interest, Amount | shares | 4,387,889 |
Basis of Presentation and Sum34
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Reimbursements of property, plant and equipment | $ 17.6 | ||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | $ 2,491.8 | ||||
Goodwill impairment | $ 609.9 | $ 281 | $ 0 | 890.9 | 0 |
Goodwill at September 30, 2015 | 1,600.9 | $ 2,540.6 | 1,600.9 | $ 2,540.6 | |
Fayetteville | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 72.5 | ||||
Goodwill impairment | 39.1 | 8.3 | |||
Goodwill at September 30, 2015 | 25.1 | 25.1 | |||
Barnett | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 257.2 | ||||
Goodwill impairment | 0 | 212.4 | |||
Goodwill at September 30, 2015 | 44.8 | 44.8 | |||
Marcellus | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 8.6 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 8.6 | 8.6 | |||
Arrow | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 45.9 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 45.9 | 45.9 | |||
Northeast Storage and Transportation | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 726.3 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 726.3 | 726.3 | |||
COLT | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 668.3 | ||||
Goodwill impairment | 348 | 0 | |||
Goodwill at September 30, 2015 | 320.3 | 320.3 | |||
West Coast | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 85.9 | ||||
Goodwill impairment | 57.5 | 28.4 | |||
Goodwill at September 30, 2015 | 0 | 0 | |||
Supply and Logistics | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 266.2 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 266.2 | 266.2 | |||
Storage and Terminals | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 104.2 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 104.2 | 104.2 | |||
US Salt | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 12.6 | ||||
Goodwill impairment | 0 | 0 | |||
Goodwill at September 30, 2015 | 12.6 | 12.6 | |||
Trucking | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 177.9 | ||||
Goodwill impairment | 147.3 | 0 | |||
Goodwill at September 30, 2015 | 30.6 | 30.6 | |||
Watkins Glen | |||||
Goodwill [Roll Forward] | |||||
Goodwill at December 31, 2014 | 66.2 | ||||
Goodwill impairment | 18 | $ 31.9 | |||
Goodwill at September 30, 2015 | $ 16.3 | $ 16.3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May. 09, 2014USD ($)atractorcrude_trailersservice_vehiclesbbl | Mar. 21, 2014USD ($)tractordouble_bottom_body_tankstrailer_tanksbbl | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,600.9 | $ 2,491.8 | $ 2,540.6 | |||
Red Rock | ||||||
Business Acquisition [Line Items] | ||||||
Consideration Transferred | $ 13.8 | |||||
Cash paid at closing | 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 | ||||||
Business Acquisition [Line Items] | ||||||
Consideration Transferred | $ 10.7 | |||||
Cash paid at closing | 9 | |||||
Deferred payments | $ 1.7 | |||||
Tractors | tractor | 38 | |||||
Crude hauling capacity (barrels per day) | bbl | 20,000 | |||||
Crude Trailers | crude_trailers | 51 | |||||
Service Vehicles | service_vehicles | 17 | |||||
Land (in acres) | a | 20 | |||||
NGL and Crude Services | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 429.9 | $ 743.3 |
Certain Balance Sheet Informa36
Certain Balance Sheet Information (Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 4,324.9 | $ 4,273.9 |
Less: accumulated depreciation and depletion | 507.7 | 380.1 |
Property, plant and equipment, net | 3,817.2 | 3,893.8 |
Capital lease assets | 2.9 | 5.3 |
Gathering systems and pipelines | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,425.6 | 1,410.9 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 1,680.6 | 1,648.3 |
Buildings, land, rights-of-way, storage contracts and easements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 848.6 | 841.5 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 46.1 | 45.2 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 148.2 | 156.5 |
Base gas | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 37.3 | 37.5 |
Salt deposits | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 120.5 | 120.5 |
Office furniture, fixtures and other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 18 | $ 13.5 |
Certain Balance Sheet Informa37
Certain Balance Sheet Information (Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,443 | $ 1,441.9 |
Less: accumulated amortization | 289 | 210.6 |
Total intangible assets, net | 1,154 | 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 | 31.3 | 32.2 |
Deferred financing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 63.3 | $ 57.2 |
Certain Balance Sheet Informa38
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued expenses | $ 50.3 | $ 52.5 |
Accrued property taxes | 6.6 | 2.2 |
Accrued product purchases payable | 1.8 | 0.7 |
Tax payable | 0 | 1.6 |
Interest payable | 35.4 | 23.5 |
Accrued additions to property, plant and equipment | 7.7 | 20 |
Commitments and contingent liabilities (Note 12) | 0 | 40 |
Capital leases | 1.6 | 1.9 |
Deferred revenue | 15.1 | 12.2 |
Total accrued expenses and other liabilities | $ 118.5 | $ 154.6 |
Investments in Unconsolidated39
Investments in Unconsolidated Affiliates (Net Investments In and Earnings (Loss) from Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 332.4 | $ 332.4 | $ 295.1 | ||
Earnings (loss) from unconsolidated affiliates, net | $ 2.8 | $ 0.3 | $ 11.2 | $ (1.3) | |
Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.00% | 50.00% | |||
Investment | $ 255.2 | $ 255.2 | 232.9 | ||
Earnings (loss) from unconsolidated affiliates, net | 2 | 0.4 | 5.6 | 0.1 | |
Difference between carrying amount and underlying equity | $ 51.4 | $ 51.4 | |||
Amortization | 0.8 | 2.3 | |||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 40.1 | $ 40.1 | 36 | ||
Earnings (loss) from unconsolidated affiliates, net | 0.6 | 0 | 2.1 | 0 | |
Difference between carrying amount and underlying equity | 29.4 | 29.4 | |||
Amortization | $ 0.3 | $ 0.9 | |||
Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 50.01% | 50.01% | |||
Investment | $ 37.1 | $ 37.1 | $ 26.2 | ||
Earnings (loss) from unconsolidated affiliates, net | $ 0.2 | $ (0.1) | 3.5 | $ (1.4) | |
Disproportionate distribution | $ 3.2 |
Investments in Unconsolidated40
Investments in Unconsolidated Affiliates Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | $ 40 | $ 81.8 | |
Jackalope Gas Gathering Services, L.L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 8.7 | 0 | |
Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 4 | ||
Powder River Basin Industrial Complex, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 1.3 | 0 | |
Payments to acquire equity method investments | 8.7 | 3.5 | |
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, L.L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | 25.4 | $ 78.3 | |
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 | $ 3.9 | ||
Subsequent Event | Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 3.5 | ||
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Propane Crude And Heating Oil | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 10.6 | 6.8 |
Propane Crude And Heating Oil | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 12.7 | 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 | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||
Collateral posted for commodity derivative instruments | $ 17.6 | $ 17.6 | $ 33.6 | ||
Price Risk Contracts | Maximum | |||||
Derivative [Line Items] | |||||
Remaining maturity | 35 months | ||||
Percent of contracts expiring in the next twelve months | 86.00% | ||||
Commodity contract | |||||
Derivative [Line Items] | |||||
Gain (loss) on derivative instruments not designated as hedging | 5.7 | $ 5.9 | $ 11 | $ 10.4 | |
Aggregate fair value of commodity derivative instruments | 4.1 | 4.1 | 5.2 | ||
Collateral posted for commodity derivative instruments | 0 | 0 | 1.8 | ||
NYMEX Derivative Liability | |||||
Derivative [Line Items] | |||||
Aggregate fair value of commodity derivative instruments | 24.5 | 24.5 | 36.9 | ||
NYMEX Margin Deposit | |||||
Derivative [Line Items] | |||||
NYMEX margin deposits | $ 31.9 | $ 31.9 | $ 41.9 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Fair value | $ 10 | $ 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 | 503.5 | 504 |
Fair value | 448.7 | 481.6 |
CEQP Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount | 10 | 11.4 |
Senior Notes, 2022 | Crestwood Midstream Partners LP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value | 523.4 | 568.5 |
Senior Notes, 2023 | Crestwood Midstream Partners LP | Crestwood Midstream Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value | 602 | 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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 65.5 | $ 147.2 |
Assets from price risk management, total | 34.4 | 79.8 |
SPH units | 4.7 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 70.2 | 153.3 |
Netting agreements | (31.1) | (67.4) |
Total assets at fair value | 39.1 | 85.9 |
Liabilities from price risk management | 51.2 | 100.8 |
Liabilities from price risk management, total | 8.1 | 25.4 |
Interest rate swaps | 1.6 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 51.2 | 102.4 |
Netting agreements | (43.1) | (75.4) |
Total liabilities at fair value | 8.1 | 27 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0.7 | 0.5 |
SPH units | 4.7 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 5.4 | 6.6 |
Liabilities from price risk management | 0.5 | 1.6 |
Interest rate swaps | 0 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 0.5 | 1.6 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 64.8 | 146.7 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 64.8 | 146.7 |
Liabilities from price risk management | 50.7 | 99.2 |
Interest rate swaps | 1.6 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 50.7 | 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 | |
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 2,535.8 | $ 2,396.5 |
Less: current portion | 17.6 | 3.7 |
Total long-term debt | 2,518.2 | 2,392.8 |
Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 555 | |
Senior Notes | CEQP Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 10 | 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 | 3.5 | 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 | 716.7 | |
Revolving Credit Facility | Crestwood Midstream Revolver | Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 716.7 | 555 |
Revolving Credit Facility | Line of Credit | CEQP Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | $ 0 | $ 369 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) | Sep. 30, 2015USD ($) | Aug. 14, 2015USD ($) | May. 15, 2015USD ($) | Apr. 08, 2015USD ($) | Feb. 13, 2015USD ($) | May. 15, 2014USD ($) | Feb. 14, 2014USD ($) | Aug. 14, 2013USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Feb. 28, 2015USD ($)swap | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 25,700,000 | $ 25,700,000 | $ 25,800,000 | $ 25,700,000 | $ 25,600,000 | $ 25,600,000 | $ 77,200,000 | $ 76,900,000 | |||||||
Senior Secured Leverage Ratio | 1.31 | 1.31 | 1.31 | 1.31 | |||||||||||
Repayments of Long-term Debt | $ 3,330,000,000 | 1,876,000,000 | |||||||||||||
Gain (Loss) on Hedging Activity | $ 500,000 | $ 2,000,000 | 800,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | 7.00% | 7.00% | |||||||||||
Early Repayment of Senior Debt | $ 13,600,000 | 0 | |||||||||||||
Senior Secured Leverage Ratio, maximum | 3.75 | 3.75 | 3.75 | 3.75 | |||||||||||
Loss on modification/extinguishment of debt | $ 2,700,000 | $ 0 | $ 19,800,000 | $ 0 | |||||||||||
Senior Notes, 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Early Repayment of Senior Debt | $ 600,000 | ||||||||||||||
Senior Notes, 2019 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on modification/extinguishment of debt | 17,100,000 | ||||||||||||||
Crestwood Midstream Revolver | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on modification/extinguishment of debt | (1,800,000) | ||||||||||||||
CEQP Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on modification/extinguishment of debt | $ (900,000) | ||||||||||||||
Crestwood Midstream Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit agreement outstanding carrying value | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | |||||||||||
Crestwood Midstream Credit Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Commitment Fee Amount | 0.0030 | ||||||||||||||
Crestwood Midstream Credit Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Commitment Fee Amount | 0.0050 | ||||||||||||||
CEQP Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fixed rate, range low end | 0.84% | ||||||||||||||
Fixed rate, range high end | 2.35% | ||||||||||||||
CEQP Credit Facility | Interest Rate Swap | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Interest Rate Derivatives Held | swap | 5 | ||||||||||||||
Aggregate notional amount, cash flow hedges | $ 175,000,000 | ||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Credit Agreement | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letters of credit outstanding | $ 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 | 2.91% | ||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 3.02% | ||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Maximum | LIBO Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.00% | ||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit agreement outstanding carrying value | 0 | 0 | 0 | 0 | $ 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 | 495,000,000 | 495,000,000 | |||||||||||
Crestwood Midstream Revolver | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit agreement outstanding carrying value | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 | 1,000,000,000 | ||||||||||
Letters of credit outstanding | 15,100,000 | ||||||||||||||
Credit agreement outstanding carrying value | $ 555,000,000 | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.00% | ||||||||||||||
Consolidated Leverage Ratio Maximum | 5.50 | ||||||||||||||
Crestwood Midstream Revolver | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 3.00% | ||||||||||||||
Crestwood Midstream Revolver | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 5.00% | ||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letters of credit outstanding | 50,800,000 | 50,800,000 | 50,800,000 | $ 50,800,000 | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 473,300,000 | 473,300,000 | 473,300,000 | 473,300,000 | |||||||||||
Credit agreement outstanding carrying value | $ 716,700,000 | $ 716,700,000 | $ 716,700,000 | $ 716,700,000 | |||||||||||
Total Funded Debt to Consolidated Ebitda | 4.63 | ||||||||||||||
Consolidated Ebitda To Consolidated Interest Expense | 4.12 | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.82% | 3.82% | 3.82% | 3.82% | |||||||||||
Interest Coverage Ratio Minimum | 2.50 | ||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 2.70% | 2.70% | 2.70% | 2.70% | |||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt, Weighted Average Interest Rate | 4.75% | 4.75% | 4.75% | 4.75% | |||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from Issuance of Debt | $ 720,000,000 | $ 315,000,000 | |||||||||||||
Crestwood Midstream Revolver | Swing Line Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit agreement outstanding carrying value | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||||||||||
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% | 6.25% | 6.25% | |||||||||||
Crestwood Midstream Partners LP | Crestwood Midstream Revolver | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit agreement outstanding carrying value | $ 716,700,000 | $ 716,700,000 | $ 716,700,000 | $ 716,700,000 | $ 555,000,000 | ||||||||||
Crestwood Midstream Partners LP | Senior Notes, 2019 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Senior notes | 0 | 0 | 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 | 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 | 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 | 700,000,000 | 700,000,000 | |||||||||||
Senior notes | $ 700,000,000 | $ 700,000,000 | $ 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% | 50.01% | 50.01% | |||||||||||
Crestwood Equity Partners LP | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 378,300,000 | ||||||||||||||
Crestwood Midstream Partners LP | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Senior notes | $ 0 | $ 0 | $ 0 | $ 0 | $ 351,000,000 | ||||||||||
Federal Funds Rate | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||||
Eurodollar | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||||
Eurodollar | Revolving Credit Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||||
Eurodollar | Revolving Credit Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||||
Eurodollar | Revolving Credit Facility | Crestwood Midstream Credit Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||||
Eurodollar | Revolving Credit Facility | Crestwood Midstream Credit Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Earnings Per Limited Partner 47
Earnings Per Limited Partner Unit (Details) - Preferred Units - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 645,062 | 217,383 |
Crestwood Niobrara LLC | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 789,678 | 266,118 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) | Oct. 30, 2015USD ($) | Oct. 22, 2015$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Aug. 14, 2015USD ($) | Aug. 10, 2015USD ($) | May. 15, 2015USD ($) | Feb. 13, 2015USD ($) | Jun. 17, 2014USD ($)$ / shares | May. 15, 2014USD ($) | Feb. 14, 2014USD ($) | Aug. 14, 2013USD ($) | Aug. 31, 2012shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares |
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Equity interest issued or issuable, conversion ratio | 2.75 | 2.75 | 2.75 | ||||||||||||||
Incentive Distribution, Distribution | $ 77,200,000 | $ 76,900,000 | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (396,500,000) | $ 9,100,000 | $ (642,700,000) | 2,300,000 | |||||||||||||
Distribution Made to Limited Partner, Unit Distribution | shares | 1,271,935 | ||||||||||||||||
Dividends, Paid-in-kind | $ 7,900,000 | ||||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 230,500,000 | 222,400,000 | |||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 25,700,000 | $ 25,700,000 | $ 25,800,000 | $ 25,700,000 | $ 25,600,000 | $ 25,600,000 | $ 77,200,000 | 76,900,000 | |||||||||
Preferred Units, Issued | shares | 59,345,672 | 59,345,672 | 59,345,672 | 0 | |||||||||||||
Preferred Partner | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Partners' Capital, Contingent Distribution Amount Per Share | $ / shares | $ 0.2111 | $ 0.2111 | $ 0.2111 | ||||||||||||||
Partner's Capital, Unpaid Distribution, Accrual Percentage | 2.8125% | ||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 0.2567 | $ 0.2567 | $ 0.2567 | ||||||||||||||
Crestwood Equity Partners LP | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Incentive Distribution Rights, Ownership Percentage | 100.00% | ||||||||||||||||
Limited partner ownership percentage | 99.90% | ||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 378,300,000 | ||||||||||||||||
Crestwood Gas Services GP, LLC | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Limited partner ownership percentage | 0.10% | ||||||||||||||||
CMLP | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (408,800,000) | (4,500,000) | $ (683,000,000) | (19,200,000) | |||||||||||||
Crestwood Niobrara LLC | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 5,900,000 | $ 4,500,000 | 17,200,000 | 11,300,000 | |||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 7,600,000 | ||||||||||||||||
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 | shares | 142,000 | ||||||||||||||||
Non-Controlling Partners | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Proceeds from Noncontrolling Interests, Additional Capital Contributions | 53,900,000 | ||||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units | $ (58,800,000) | ||||||||||||||||
Preferred Units | Crestwood Niobrara LLC | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | shares | 3,073,357 | 7,819,661 | |||||||||||||||
Preferred Units, Class D | Crestwood Niobrara LLC | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | shares | 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 | $ 60,000,000 | 440,000,000 | |||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units | $ 430,500,000 | ||||||||||||||||
Partners' Capital Account, Private Placement of Units, Price Per Unit | $ / shares | $ 25.10 | $ 9.13 | $ 25.10 | ||||||||||||||
Proceeds from issuance of preferred limited partners units, net | $ 58,800,000 | ||||||||||||||||
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 | shares | 1,372,573 | ||||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3,800,000 | ||||||||||||||||
Cash Distribution | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Limited Partners' Capital Account, Distribution Amount | $ 222,900,000 | $ 222,400,000 | |||||||||||||||
Cash Distribution | Subsequent Event | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Distribution Made to Member or Limited Partner, Distributions Declared, Per Unit | $ / shares | $ 0.1375 | ||||||||||||||||
Crestwood LTIP | |||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | shares | 2,733 | 0 | 245,235 | 156,904 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distriubtions) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 14, 2015 | Aug. 07, 2015 | May. 15, 2015 | May. 08, 2015 | Feb. 13, 2015 | Feb. 06, 2015 | May. 15, 2014 | May. 08, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Aug. 14, 2013 | Aug. 07, 2013 | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Partners' Capital [Abstract] | ||||||||||||||
Distribution Made to Member or Limited Partner, Date of Record | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | May 8, 2014 | Feb. 7, 2014 | Aug. 7, 2014 | ||||||||
Distribution Made to Member or Limited Partner, Distribution Date | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | May 15, 2014 | Feb. 14, 2014 | Aug. 14, 2014 | ||||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | $ 0.1375 | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 25.7 | $ 25.7 | $ 25.8 | $ 25.7 | $ 25.6 | $ 25.6 | $ 77.2 | $ 76.9 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (396.5) | $ 9.1 | $ (642.7) | $ 2.3 |
CMLP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (408.8) | (4.5) | (683) | (19.2) |
Crestwood Niobrara LLC | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 5.9 | 4.5 | 17.2 | 11.3 |
Preferred Units, Class A | CMLP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 6.4 | $ 9.1 | $ 23.1 | $ 10.2 |
Equity Plans (Restricted Unit A
Equity Plans (Restricted Unit Activity) (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Restricted Stock Units (RSUs) | Crestwood LTIP | ||
Units | ||
Unvested - January 1, 2015 | 1,315,880 | |
Vested - restricted units | (790,555) | |
Granted - restricted units | 1,214,704 | |
Forfeited1 | (175,892) | |
Unvested - September 30, 2015 | 4,577,192 | 4,577,192 |
Weighted-Average Grant Date Fair Value | ||
Unvested - January 1, 2015 | $ 13.21 | |
Vested - restricted units | $ 12.78 | |
Granted - restricted units | 6.71 | |
Forfeited1 | 9.98 | |
Unvested - September 30, 2015 | $ 7.40 | $ 7.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 2,264,012 | |
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 6.88 | |
Restricted Stock Units (RSUs) | Crestwood Midstream LTIP | ||
Units | ||
Unvested - January 1, 2015 | 834,796 | |
Vested - restricted units | (457,458) | |
Granted - restricted units | 535,858 | |
Forfeited1 | (89,919) | |
Unvested - September 30, 2015 | 0 | 0 |
Weighted-Average Grant Date Fair Value | ||
Unvested - January 1, 2015 | $ 23.18 | |
Vested - restricted units | 22.91 | |
Granted - restricted units | 15.89 | |
Forfeited1 | 20.06 | |
Unvested - September 30, 2015 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (823,277) | |
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 18.93 | |
Phantom Share Units (PSUs) | Crestwood LTIP | ||
Units | ||
Vested - restricted units | (48,563) | |
Granted - restricted units | 384,912 | |
Weighted-Average Grant Date Fair Value | ||
Vested - restricted units | $ 6.71 | |
Granted - restricted units | $ 6.59 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 412,694 | |
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 5.84 | |
Phantom Share Units (PSUs) | Crestwood Midstream LTIP | ||
Units | ||
Vested - restricted units | (21,578) | |
Granted - restricted units | 171,648 | |
Weighted-Average Grant Date Fair Value | ||
Vested - restricted units | $ 16.05 | |
Granted - restricted units | $ 15.76 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (150,070) | |
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 16.05 |
Equity Plans (Narrative) (Detai
Equity Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($)shares | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($)shares | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity interest issued or issuable, conversion ratio | 2.75 | 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% | ||||
Crestwood LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 1.9 | $ 2.3 | $ 7.5 | $ 7.7 | |
Shares Paid for Tax Withholding for Share Based Compensation | shares | 2,733 | 0 | 245,235 | 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 | 175,892 | ||||
Total Compensation Cost Not yet Recognized | $ 19.6 | $ 19.6 | $ 8.1 | ||
Grants in Period, Fair Value | $ 8.2 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 10,067,139 | 10,067,139 | |||
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 | $ 5.2 | ||||
Crestwood Midstream LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 2 | $ 2.5 | $ 8.1 | $ 8.7 | |
Shares Paid for Tax Withholding for Share Based Compensation | shares | 2,166 | 139,331 | 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 | 89,919 | ||||
Grants in Period, Fair Value | $ 8.5 | ||||
Crestwood Midstream LTIP | Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in Period, Fair Value | 2.7 | ||||
Crestwood Midstream LTIP | CMLP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 1.5 | $ 1.6 | $ 5.9 | ||
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 | $ 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 ($) | Dec. 31, 2014USD ($)shares | Sep. 30, 2015USD ($) | Feb. 28, 2015USD ($) | Nov. 08, 2013bblpeople |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Self Insurance Reserve | $ 14.6 | $ 13.6 | |||
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 | $ 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 | ||||
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 | 9 Months Ended | 12 Months Ended | |
Sep. 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 | $ 1 | ||
Site Contingency, Loss Exposure in Excess of Accrual, Low Estimate | 1 | ||
Site Contingency, Loss Exposure in Excess of Accrual, High Estimate | $ 2.5 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues | $ 0.9 | $ 0.8 | $ 3 | $ 2.4 | |
Reimbursement of operations and maintenance expenses | 0.6 | 0 | 2.2 | 0 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Related party receivables | 6.2 | 6.2 | $ 0.6 | ||
Gathering and processing revenues | 0.9 | 0.8 | 3 | 2.4 | |
Gathering and processing costs of product/services sold(1) | 7.2 | 11.3 | 23.2 | 32.1 | |
Reimbursement of general and administrative expenses | 0.2 | $ 0.2 | 0.4 | $ 0.4 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts payable | $ 4.5 | $ 4.5 | $ 5.6 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | |
Segment Reporting [Abstract] | ||||
Number of Operating Segments | segment | 3 | |||
Net income (loss) | $ (623.4) | $ 11.9 | $ (901.3) | $ 20.3 |
Interest and debt expense, net | 35.7 | 31.5 | 104.7 | 95.8 |
Loss on modification/extinguishment of debt | 2.7 | 0 | 19.8 | 0 |
Provision for income taxes | 0.3 | (0.1) | 0.2 | (1.1) |
Depreciation, amortization and accretion | 75.5 | 71.7 | 224.5 | 209.2 |
EBITDA | $ (509.8) | $ 115.2 | $ (552.5) | $ 326.4 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Number of Operating Segments | segment | 3 | |||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | $ 630.7 | $ 1,036.2 | $ 2,003.7 | $ 2,934.1 | ||
Costs of product/services sold | 449.2 | 843.3 | 1,438.4 | 2,376.9 | ||
Operations and maintenance | 49.3 | 55.9 | 143.8 | 148.7 | ||
General and administrative | 32.8 | 21.4 | 90.9 | 73.4 | ||
Goodwill impairment | (609.9) | $ (281) | 0 | (890.9) | 0 | |
Gain (loss) on long-lived assets, net | (2.3) | (0.9) | (3.9) | 0.8 | ||
Loss on contingent consideration | 0 | 0 | 0 | (8.6) | ||
Earnings (loss) from unconsolidated affiliates, net | 2.8 | 0.3 | 11.2 | (1.3) | ||
Other income, net | 0.2 | 0.2 | 0.5 | 0.4 | ||
EBITDA | (509.8) | 115.2 | (552.5) | 326.4 | ||
Goodwill | 1,600.9 | 2,540.6 | 1,600.9 | 2,540.6 | $ 2,491.8 | |
Total assets | 7,328.4 | 8,716.7 | 7,328.4 | 8,716.7 | $ 8,461.4 | |
Cash expenditures for property, plant and equipment | 39.3 | 100.3 | 122.8 | 288.3 | ||
Gathering and Processing Operations | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 366.2 | 648.7 | 1,107.2 | 1,701.4 | ||
Costs of product/services sold | 282.8 | 554 | 842.6 | 1,440.9 | ||
Operations and maintenance | 20.6 | 29.6 | 67 | 74.5 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Goodwill impairment | (39.1) | (259.8) | ||||
Gain (loss) on long-lived assets, net | (0.3) | (0.9) | (1.2) | 0.1 | ||
Loss on contingent consideration | (8.6) | |||||
Earnings (loss) from unconsolidated affiliates, net | 2 | 0.4 | 5.6 | 0.1 | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | 25.4 | 64.6 | (57.8) | 177.6 | ||
Goodwill | 124.4 | 402.7 | 124.4 | 402.7 | ||
Total assets | 3,293.5 | 3,694.5 | 3,293.5 | 3,694.5 | ||
Cash expenditures for property, plant and equipment | 15.9 | 81.4 | 80.5 | 238 | ||
Storage and Transportation | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 65 | 65.8 | 201.1 | 197.6 | ||
Costs of product/services sold | 5.2 | 9.7 | 15.8 | 27.9 | ||
Operations and maintenance | 10.7 | 7.3 | 23 | 22.2 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Goodwill impairment | (348) | (348) | ||||
Gain (loss) on long-lived assets, net | (0.9) | 0 | (1.6) | 0.6 | ||
Loss on contingent consideration | 0 | |||||
Earnings (loss) from unconsolidated affiliates, net | 0.8 | (0.1) | 5.6 | (1.4) | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | (299) | 48.7 | (181.7) | 146.7 | ||
Goodwill | 1,046.6 | 1,394.6 | 1,046.6 | 1,394.6 | ||
Total assets | 2,540.2 | 2,565 | 2,540.2 | 2,565 | ||
Cash expenditures for property, plant and equipment | 8.2 | 10.7 | 16.2 | 24.9 | ||
NGL and Crude Services | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 210.1 | 352.5 | 749.9 | 1,065.9 | ||
Costs of product/services sold | 171.8 | 310.4 | 634.5 | 938.9 | ||
Operations and maintenance | 18 | 19 | 53.8 | 52 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Goodwill impairment | (222.8) | (283.1) | ||||
Gain (loss) on long-lived assets, net | (1.1) | 0 | (1.1) | 0.1 | ||
Loss on contingent consideration | 0 | |||||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | (203.6) | 23.1 | (222.6) | 75.1 | ||
Goodwill | 429.9 | 743.3 | 429.9 | 743.3 | ||
Total assets | 1,295.6 | 2,262.2 | 1,295.6 | 2,262.2 | ||
Cash expenditures for property, plant and equipment | 14.6 | 6.8 | 25.1 | 18.4 | ||
Intersegment | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | (10.6) | (30.8) | (54.5) | (30.8) | ||
Costs of product/services sold | (10.6) | (30.8) | (54.5) | (30.8) | ||
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 | |||||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
Other income, net | 0 | 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 | ||
Costs of product/services sold | 0 | 0 | 0 | 0 | ||
Operations and maintenance | 0 | 0 | 0 | 0 | ||
General and administrative | 32.8 | 21.4 | 90.9 | 73.4 | ||
Goodwill impairment | 0 | 0 | ||||
Gain (loss) on long-lived assets, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
Other income, net | 0.2 | 0.2 | 0.5 | 0.4 | ||
EBITDA | (32.6) | (21.2) | (90.4) | (73) | ||
Goodwill | 0 | 0 | 0 | 0 | ||
Total assets | 199.1 | 195 | 199.1 | 195 | ||
Cash expenditures for property, plant and equipment | $ 0.6 | $ 1.4 | $ 1 | $ 7 |