Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 70,291,071 | |
Crestwood Midstream Partners LP | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Crestwood Midstream Partners LP | |
Entity Central Index Key | 1,304,464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash | $ 1.4 | $ 1.6 |
Accounts receivable, less allowance for doubtful accounts of $1.2 million and $1.9 million at September 30, 2017 and December 31, 2016 | 345 | 289.8 |
Inventory | 92.9 | 66 |
Assets from price risk management activities | 7.8 | 6.3 |
Prepaid expenses and other current assets | 5.2 | 9.7 |
Total current assets | 452.3 | 373.4 |
Property, plant and equipment | 2,599.6 | 2,555.4 |
Less: accumulated depreciation and depletion | 547.5 | 457.8 |
Property, plant and equipment, net | 2,052.1 | 2,097.6 |
Intangible assets | 898.6 | 898.6 |
Less: accumulated amortization | 281.4 | 241.2 |
Intangible assets, net | 617.2 | 657.4 |
Goodwill | 199 | 199 |
Investments in unconsolidated affiliates | 1,198.5 | 1,115.4 |
Other assets | 6.2 | 6.1 |
Total assets | 4,525.3 | 4,448.9 |
Current liabilities: | ||
Accounts payable | 312.7 | 217.2 |
Accrued expenses and other liabilities | 112.5 | 90.5 |
Liabilities from price risk management activities | 52.6 | 28.6 |
Current portion of long-term debt | 0.9 | 1 |
Total current liabilities | 478.7 | 337.3 |
Long-term debt, less current portion | 1,615.4 | 1,522.7 |
Other long-term liabilities | 48.2 | 44.6 |
Deferred income taxes | 4.7 | 5.3 |
Commitments and contingencies (Note 10) | ||
Partners’ capital: | ||
Crestwood Equity Partners LP partners’ capital (70,551,614 and 69,499,741 common and subordinated units issued and outstanding at September 30, 2017 and December 31, 2016) | 1,566.4 | 1,782 |
Preferred units (71,257,445 and 66,533,415 units issued and outstanding at September 30, 2017 and December 31, 2016) | 612 | 564.5 |
Total company partners’ capital | 2,178.4 | 2,346.5 |
Interest of non-controlling partners in subsidiaries | 199.9 | 192.5 |
Total partners’ capital | 2,378.3 | 2,539 |
Total liabilities and partners’ capital | 4,525.3 | 4,448.9 |
Crestwood Midstream Partners LP | ||
Assets | ||
Cash | 1.1 | 1.3 |
Accounts receivable, less allowance for doubtful accounts of $1.2 million and $1.9 million at September 30, 2017 and December 31, 2016 | 344.7 | 289.8 |
Inventory | 92.9 | 66 |
Assets from price risk management activities | 7.8 | 6.3 |
Prepaid expenses and other current assets | 5.2 | 9.7 |
Total current assets | 451.7 | 373.1 |
Property, plant and equipment | 2,929.6 | 2,885.5 |
Less: accumulated depreciation and depletion | 687.4 | 587.1 |
Property, plant and equipment, net | 2,242.2 | 2,298.4 |
Intangible assets | 883.1 | 883.1 |
Less: accumulated amortization | 268.1 | 230.2 |
Intangible assets, net | 615 | 652.9 |
Goodwill | 199 | 199 |
Investments in unconsolidated affiliates | 1,198.5 | 1,115.4 |
Other assets | 2.6 | 1.8 |
Total assets | 4,709 | 4,640.6 |
Current liabilities: | ||
Accounts payable | 310 | 214.5 |
Accrued expenses and other liabilities | 111.8 | 87.9 |
Liabilities from price risk management activities | 52.6 | 28.6 |
Current portion of long-term debt | 0.9 | 1 |
Total current liabilities | 475.3 | 332 |
Long-term debt, less current portion | 1,615.4 | 1,522.7 |
Other long-term liabilities | 45.3 | 42 |
Deferred income taxes | 0.7 | 0.7 |
Partners’ capital: | ||
Total company partners’ capital | 2,372.4 | 2,550.7 |
Interest of non-controlling partners in subsidiaries | 199.9 | 192.5 |
Total partners’ capital | 2,572.3 | 2,743.2 |
Total liabilities and partners’ capital | $ 4,709 | $ 4,640.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 1.2 | $ 1.9 |
Limited Partners' Capital Account, Units Issued | 70,551,614 | 69,499,741 |
Limited Partners' Capital Account, Units Outstanding | 70,551,614 | 69,499,741 |
Preferred Units, Issued | 71,257,445 | 66,533,415 |
Preferred Units, Outstanding | 71,257,445 | 66,533,415 |
Crestwood Midstream Partners LP | ||
Allowance for doubtful accounts | $ 1.2 | $ 1.9 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Gathering and processing | $ 353.3 | $ 206.1 | $ 971.7 | $ 567.7 |
Marketing, supply and logistics | 502 | 271.3 | 1,353.7 | 735.2 |
Total product revenues | 855.3 | 477.4 | 2,325.4 | 1,302.9 |
Gathering and processing | 80.6 | 72.5 | 235 | 217.9 |
Storage and transportation | 6.2 | 18.3 | 24.7 | 131.5 |
Marketing, supply and logistics | 13 | 18.7 | 47.5 | 71.1 |
Related party (Note 13) | 0.5 | 0.7 | 1.4 | 2.1 |
Total services revenues | 100.3 | 110.2 | 308.6 | 422.6 |
Total revenues | 955.6 | 587.6 | 2,634 | 1,725.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Gathering and processing | 374.9 | 221.1 | 1,038.1 | 618.4 |
Marketing, supply and logistics | 468.4 | 229.1 | 1,185.6 | 605.1 |
Related party (Note 11) | 3.7 | 5 | 11.8 | 13.7 |
Total product costs | 847 | 455.2 | 2,235.5 | 1,237.2 |
Gathering and processing | 0 | 0 | 0 | 0.1 |
Storage and transportation | 0.2 | 0.1 | 0.3 | 4.9 |
Marketing, supply and logistics | 11.3 | 11.4 | 35.8 | 37.9 |
Total service costs | 11.5 | 11.5 | 36.1 | 42.9 |
Total costs of products/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 |
Expenses: | ||||
Operations and maintenance | 35.5 | 33.1 | 103.4 | 119.9 |
General and administrative | 22.5 | 18.3 | 71.6 | 70.2 |
Depreciation, amortization and accretion | 48.1 | 50.3 | 145.2 | 177 |
Total Expenses | 106.1 | 101.7 | 320.2 | 367.1 |
Goodwill impairment | 0 | 0 | 0 | (109.7) |
Operating income (loss) | (15.3) | 17.1 | 35.9 | (66.2) |
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 |
Interest and debt expense, net | (24.2) | (27.5) | (74.8) | (97.9) |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | (37.7) | 10 |
Other income, net | 0.2 | 0.2 | 0.4 | 0.4 |
Income (loss) before income taxes | (27.8) | 3.2 | (47) | (127.6) |
Provision for income taxes | (0.1) | (0.2) | 0 | (0.2) |
Net income (loss) | (27.9) | 3 | (47) | (127.8) |
Net Income (Loss) Attributable to Noncontrolling Interest | 6.4 | 6.1 | 18.8 | 18 |
Net income (loss) attributable to parent | (34.3) | (3.1) | (65.8) | (145.8) |
Net income (loss) attributable to preferred unit holders | 16.2 | 6.9 | 47.5 | 16.6 |
Net loss attributable to partners | (50.5) | (10) | (113.3) | (162.4) |
Subordinated unitholders' interest in net loss | 0 | 0 | 0 | 0 |
Common unitholders' interest in net loss | $ (50.5) | $ (10) | $ (113.3) | $ (162.4) |
Net loss per limited partner unit: | ||||
Basic (in dollars per share) | $ (0.72) | $ (0.14) | $ (1.63) | $ (2.35) |
Diluted (in dollars per share) | $ (0.72) | $ (0.14) | $ (1.63) | $ (2.35) |
Weighted-average limited partners’ units outstanding (in thousands): | ||||
Basic (units) | 69,725 | 69,050 | 69,692 | 69,002 |
Dilutive units (units) | 0 | 0 | 0 | 0 |
Diluted (units) | 69,725 | 69,050 | 69,692 | 69,002 |
Crestwood Midstream Partners LP | ||||
Revenues: | ||||
Gathering and processing | $ 353.3 | $ 206.1 | $ 971.7 | $ 567.7 |
Marketing, supply and logistics | 502 | 271.3 | 1,353.7 | 735.2 |
Total product revenues | 855.3 | 477.4 | 2,325.4 | 1,302.9 |
Gathering and processing | 80.6 | 72.5 | 235 | 217.9 |
Storage and transportation | 6.2 | 18.3 | 24.7 | 131.5 |
Marketing, supply and logistics | 13 | 18.7 | 47.5 | 71.1 |
Related party (Note 13) | 0.5 | 0.7 | 1.4 | 2.1 |
Total services revenues | 100.3 | 110.2 | 308.6 | 422.6 |
Total revenues | 955.6 | 587.6 | 2,634 | 1,725.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Gathering and processing | 374.9 | 221.1 | 1,038.1 | 618.4 |
Marketing, supply and logistics | 468.4 | 229.1 | 1,185.6 | 605.1 |
Related party (Note 11) | 3.7 | 5 | 11.8 | 13.7 |
Total product costs | 847 | 455.2 | 2,235.5 | 1,237.2 |
Gathering and processing | 0 | 0 | 0 | 0.1 |
Storage and transportation | 0.2 | 0.1 | 0.3 | 4.9 |
Marketing, supply and logistics | 11.3 | 11.4 | 35.8 | 37.9 |
Total service costs | 11.5 | 11.5 | 36.1 | 42.9 |
Total costs of products/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 |
Expenses: | ||||
Operations and maintenance | 35.5 | 33.6 | 103.4 | 116.7 |
General and administrative | 21.4 | 17.3 | 69 | 67.5 |
Depreciation, amortization and accretion | 50.9 | 53.2 | 153.5 | 185.2 |
Total Expenses | 107.8 | 104.1 | 325.9 | 369.4 |
Goodwill impairment | 0 | 0 | 0 | (109.7) |
Operating income (loss) | (17) | 14.7 | 30.2 | (68.5) |
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 |
Interest and debt expense, net | (24.2) | (27.5) | (74.8) | (97.9) |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | (37.7) | 10 |
Income (loss) before income taxes | (29.7) | 0.6 | (53.1) | (130.3) |
Provision for income taxes | (0.1) | 0 | 0 | 0 |
Net income (loss) | (29.8) | 0.6 | (53.1) | (130.3) |
Net Income (Loss) Attributable to Noncontrolling Interest | 6.4 | 6.1 | 18.8 | 18 |
Net income (loss) attributable to parent | $ (36.2) | $ (5.5) | $ (71.9) | $ (148.3) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (27.9) | $ 3 | $ (47) | $ (127.8) |
Change in fair value of Suburban Propane Partners, L.P. units | 0.3 | 0 | (0.6) | 1.3 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (27.6) | 3 | (47.6) | (126.5) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 6.4 | 6.1 | 18.8 | 18 |
Comprehensive loss attributable to Crestwood Equity Partners LP | $ (34) | $ (3.1) | $ (66.4) | $ (144.5) |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Millions | Total | Preferred Units | Common unit | Non-Controlling Partners | Partners' Capital | Crestwood Midstream Partners LP | Crestwood Midstream Partners LPCommon unit | Crestwood Midstream Partners LPNon-Controlling Partners | Crestwood Midstream Partners LPPartners' Capital | Common Units | Preferred Units | Subordinated Units |
Common Unit, Outstanding | 69,100,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 66,533,415 | 66,500,000 | ||||||||||
Preferred Stock Dividends, Shares | 4,724,030 | 4,800,000 | ||||||||||
Balance at December 31, 2016 at Dec. 31, 2016 | $ 2,346.5 | $ 564.5 | $ 1,782 | $ 192.5 | $ 2,539 | $ 2,550.7 | $ 2,550.7 | $ 192.5 | $ 2,743.2 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Distributions to partners | 0 | (125.4) | (11.4) | (136.8) | (130.9) | (119.5) | (11.4) | (130.9) | ||||
Change in fair value of Suburban Propane Partners, L.P. units | (0.6) | 0 | (0.6) | 0 | (0.6) | |||||||
Partners' Capital Account, Sale of Units | 0 | 10.6 | 0 | 10.6 | ||||||||
Partners' Capital Account, Units, Sold in Public Offering | 400,000 | |||||||||||
Unit-based compensation charges | 0 | 18.9 | 0 | 18.9 | 18.9 | 0 | 18.9 | |||||
Partners' Capital Account, Units, Unit-based Compensation | 900,000 | |||||||||||
Taxes paid for unit-based compensation vesting | 0 | (5.3) | 0 | (5.3) | (5.3) | 0 | (5.3) | |||||
Shares Paid for Tax Withholding for Share Based Compensation | (200,000) | |||||||||||
Other | 0 | (0.5) | 0 | (0.5) | (0.5) | 0 | (0.5) | |||||
Net income (loss) attributable to preferred unit holders | 47.5 | 47.5 | ||||||||||
Net loss attributable to partners | (113.3) | (113.3) | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 18.8 | 18.8 | 18.8 | |||||||||
Net income (loss) | (47) | (47) | (53.1) | (71.9) | (53.1) | |||||||
Balance at September 30, 2017 at Sep. 30, 2017 | $ 2,178.4 | $ 612 | $ 1,566.4 | $ 199.9 | $ 2,378.3 | $ 2,372.4 | $ 2,372.4 | $ 199.9 | $ 2,572.3 | |||
Common Unit, Outstanding | 70,200,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 71,257,445 | 71,300,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Proceeds from Issuance of Common Limited Partners Units | $ 10.6 | $ 0 |
Operating activities | ||
Net loss | (47) | (127.8) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 145.2 | 177 |
Amortization of debt-related deferred costs | 5.4 | 5.1 |
Unit-based compensation charges | 18.9 | 13.4 |
Gain (loss) on long-lived assets | 6.3 | 34.8 |
Goodwill impairment | 0 | 109.7 |
Gains (Losses) on Extinguishment of Debt | 37.7 | (10) |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (2.5) | (3.9) |
Deferred income taxes | (0.7) | (0.9) |
Other | (0.3) | 0.3 |
Changes in operating assets and liabilities | 65.2 | 46.8 |
Net cash provided by operating activities | 228.2 | 244.5 |
Investing activities | ||
Purchases of property, plant and equipment | (134.4) | (79.3) |
Investment in unconsolidated affiliates | (46.5) | (6.2) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 35.3 | 9.2 |
Net proceeds from sale of assets | 1.3 | 943.1 |
Net cash provided by (used in) investing activities | (144.3) | 866.8 |
Financing activities | ||
Proceeds from the issuance of long-term debt | 2,209.8 | 1,364 |
Payments on long-term debt | (2,159.2) | (2,279.4) |
Payments on capital leases | (2.2) | (1.5) |
Payments for debt-related deferred costs | (1) | (3.4) |
Distributions to partners | 125.4 | 178.4 |
Distributions paid to non-controlling partners | (11.4) | (11.4) |
Taxes paid for unit-based compensation vesting | (5.3) | (0.8) |
Other | 0 | 0.1 |
Net cash used in financing activities | (84.1) | (1,110.8) |
Net change in cash | (0.2) | 0.5 |
Cash at beginning of period | 1.6 | 0.5 |
Cash at end of period | 1.4 | 1 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | (15.4) | (9.4) |
Crestwood Midstream Partners LP | ||
Operating activities | ||
Net loss | (53.1) | (130.3) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 153.5 | 185.2 |
Amortization of debt-related deferred costs | 5.4 | 5.1 |
Unit-based compensation charges | 18.9 | 13.4 |
Gain (loss) on long-lived assets | 6.3 | 34.8 |
Goodwill impairment | 0 | 109.7 |
Gains (Losses) on Extinguishment of Debt | 37.7 | (10) |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | (2.5) | (3.9) |
Deferred income taxes | 0.1 | 0.2 |
Other | (0.3) | 0.3 |
Changes in operating assets and liabilities | 66.9 | 46.3 |
Net cash provided by operating activities | 232.9 | 250.8 |
Investing activities | ||
Purchases of property, plant and equipment | (134.4) | (79.3) |
Investment in unconsolidated affiliates | (46.5) | (6.2) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 35.3 | 9.2 |
Net proceeds from sale of assets | 1.3 | 943.1 |
Net cash provided by (used in) investing activities | (144.3) | 866.8 |
Financing activities | ||
Proceeds from the issuance of long-term debt | 2,209.8 | 1,364 |
Payments on long-term debt | (2,159.2) | (2,279.2) |
Payments on capital leases | (2.2) | (1.5) |
Payments for debt-related deferred costs | (1) | (3.4) |
Distributions to partners | (130.9) | (196.4) |
Taxes paid for unit-based compensation vesting | (5.3) | (0.8) |
Other | 0 | 0.1 |
Net cash used in financing activities | (88.8) | (1,117.2) |
Net change in cash | (0.2) | 0.4 |
Cash at beginning of period | 1.3 | 0.1 |
Cash at end of period | 1.1 | 0.5 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ (15.4) | $ (9.4) |
Organization and Business Descr
Organization and Business Description | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Business Description | Organization and Business Description Organization The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP and Crestwood Midstream Partners LP, unless otherwise indicated. References in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” "Crestwood Equity," “CEQP,” and similar terms refer to either Crestwood Equity Partners LP itself or Crestwood Equity Partners LP and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, references to "Crestwood Midstream" and "CMLP" refer to Crestwood Midstream Partners LP and its consolidated subsidiaries. The accompanying consolidated financial statements and related notes should be read in conjunction with our 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2017. The financial information as of September 30, 2017 , and for the three and nine months ended September 30, 2017 and 2016 , is unaudited. The consolidated balance sheets as of December 31, 2016 , were derived from the audited balance sheets filed in our 2016 Annual Report on Form 10-K. Business Description Crestwood Equity is a publicly-traded (NYSE: CEQP) Delaware limited partnership that develops, acquires, owns or controls, and operates primarily fee-based assets and operations within the energy midstream sector. We provide broad-ranging infrastructure solutions across the value chain to service premier liquids-rich natural gas and crude oil shale plays across the United States. We own and operate a diversified portfolio of crude oil and natural gas gathering, processing, storage and transportation assets and connect fundamental energy supply with energy demand across North America. Crestwood Equity is a holding company and all of its consolidated operating assets are owned by or through its wholly-owned subsidiary, Crestwood Midstream, a Delaware limited partnership. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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 Generally Accepted Accounting Principles (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 SEC. Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2016 Annual Report on Form 10-K. Below is an update of our accounting policies related to Goodwill and Unit-Based Compensation, and a description of Crestwood Equity's Long Term Incentive Plan. Goodwill . The goodwill impairments recorded during the first quarter of 2016 primarily resulted from increasing the discount rates utilized in determining the fair value of the reporting units considering the significant, sustained decrease in the market price of our common units and the continued decrease in commodity prices and its impact on the midstream industry and our customers during that period. We utilized the income approach to determine the fair value of our reporting units given the limited availability of comparable market-based transactions as of March 31, 2016, and we utilized discount rates ranging from 10% to 19% in applying the income approach to determine the fair value of our reporting units with goodwill as of March 31, 2016. The following table summarizes goodwill impairments of certain of our reporting units recorded during the nine months ended September 30, 2016 ( in millions ): Gathering and Processing Marcellus $ 8.6 Storage and Transportation COLT 13.7 Marketing, Supply and Logistics Supply and Logistics 65.5 Storage and Terminals 14.1 Trucking 7.8 Total $ 109.7 Unit-Based Compensation . Effective January 1, 2017, we adopted the provisions of Accounting Standards Update (ASU) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment award transactions, including the classification of awards as either equity or liabilities and the presentation on the statement of cash flows. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. Crestwood Equity Long Term Incentive Plan . As of September 30, 2017, Crestwood Equity had 404,847 performance units outstanding under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP) that were issued in 2017. The performance units are designed to provide an incentive for continuous employment to certain key employees. The vesting of performance units is subject to the attainment of certain performance and market goals over a three-year period, and entitle a participant to receive common units of Crestwood Equity without payment of an exercise price upon vesting. As of September 30, 2017 , we had total unamortized compensation expense of approximately $7.6 million related to these performance units, which we expect will be amortized during the next three years. We recognized compensation expense of approximately $0.9 million and $2.9 million under the Crestwood LTIP related to these performance units during the three and nine months ended September 30, 2017 , which is included in general and administrative expenses on our consolidated statements of operations. New Accounting Pronouncements Issued But Not Yet Adopted As of September 30, 2017 , the following accounting standards had not yet been adopted by us: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 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 anticipate utilizing the modified retrospective method to adopt the provisions of this standard effective January 1, 2018 and are currently applying the provisions of the standard to our aggregated listing of gathering and processing, storage and transportation, and marketing, supply and logistics revenue contracts that involve revenue generating activities that occur after January 1, 2018. We are also in the process of implementing appropriate changes to our processes, systems and controls to support the accounting and disclosure requirements of the new standard. We are currently evaluating the impact that this standard will have on our consolidated financial statements, and currently believe that the standard will require us to begin classifying certain capital expenditure reimbursements received from our customers as deferred revenue rather than as reductions of property, plant and equipment in our consolidated financial statements. We currently anticipate that approximately $60 million to $70 million of these net reimbursements will be reclassified to net deferred revenue on January 1, 2018, which would result in a $15 million to $25 million cumulative effect of accounting change being recorded as an increase to partners' capital on January 1, 2018. In addition, we currently believe that the standard will require us to begin classifying service revenues on certain of our gathering and processing contracts as reductions of costs of product sold prospectively beginning January 1, 2018. We continue to evaluate the impact that this standard will have on our consolidated financial statements, especially as it relates to non-cash consideration received under certain of our gathering, processing, storage and transportation contracts. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We expect to adopt the provisions of this standard effective January 1, 2019 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which changes the annual quantitative goodwill impairment test to eliminate the current two step method and replace it with a single test to determine if goodwill is impaired and the amount of any impairment. We are required to adopt the provisions of this standard by January 1, 2020 and are currently evaluating the impact that this standard may have on our consolidated financial statements. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 9 Months Ended |
Sep. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2017 2016 2017 2016 Accrued expenses $ 40.6 $ 46.9 $ 39.9 $ 45.5 Accrued property taxes 6.3 4.2 6.3 4.2 Accrued natural gas purchases 0.7 4.9 0.7 4.9 Tax payable — 1.2 — — Interest payable 39.7 22.8 39.7 22.8 Accrued additions to property, plant and equipment 16.6 1.7 16.6 1.7 Capital leases 1.1 1.3 1.1 1.3 Deferred revenue 7.5 7.5 7.5 7.5 Total accrued expenses and other liabilities $ 112.5 $ 90.5 $ 111.8 $ 87.9 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Crestwood Permian Basin Holdings LLC In October 2016, Crestwood Infrastructure, our wholly-owned subsidiary, and an affiliate of First Reserve formed a joint venture, Crestwood Permian Basin Holdings LLC (Crestwood Permian), to fund and own the Nautilus gathering system (described below) and other potential investments in the Delaware Permian. As part of this transaction, we transferred to the Crestwood Permian joint venture 100% of the equity interests of Crestwood Permian Basin LLC (Crestwood Permian Basin), which owns the Nautilus gathering system. We manage and account for our 50% ownership interest in Crestwood Permian, which is a VIE, under the equity method of accounting as we exercise significant influence, but do not control Crestwood Permian and we are not its primary beneficiary due to First Reserve’s rights to exercise control over the entity. Crestwood Permian Basin has a long-term agreement with SWEPI LP (SWEPI), a subsidiary of Royal Dutch Shell plc, to construct, own and operate a natural gas gathering system (the Nautilus gathering system) in SWEPI’s operated position in the Delaware Permian. SWEPI has dedicated to Crestwood Permian Basin approximately 100,000 acres and gathering rights for SWEPI’s gas production across a large acreage position in Loving, Reeves and Ward Counties, Texas. The Nautilus gathering system is designed to include 194 miles of low pressure gathering lines, 36 miles of high pressure trunklines and centralized compression facilities, which are expandable over time as production increases, providing gas gathering capacity of approximately 250 MMcf/d. The initial build-out of the Nautilus gathering system was completed on June 6, 2017 and includes 20 receipt point meters, 60 miles of pipeline, a 24 -mile high pressure header system, 10,800 horsepower of compression and a high pressure delivery point. Crestwood Permian Basin provides gathering, dehydration, compression and liquids handling services to SWEPI on a fixed fee basis. In October 2017, Shell Midstream Partners L.P. (Shell Midstream), a subsidiary of Royal Dutch Shell plc, purchased a 50% equity interest in Crestwood Permian Basin for approximately $37.9 million in cash. CEQP issued a guarantee in conjunction with the Crestwood Permian Basin gas gathering agreement with SWEPI described above, under which CEQP has agreed to fund 100% of the costs to build the Nautilus gathering system (which is currently estimated to cost $180 million , of which approximately $72.7 million has been spent through September 30, 2017) if Crestwood Permian fails to do so. We do not believe this guarantee is probable of resulting in future losses based on our assessment of the nature of the guarantee, the financial condition of the guaranteed party and the period of time that the guarantee has been outstanding, and as a result, we have not recorded a liability on our balance sheet at September 30, 2017 and December 31, 2016 . On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of Crestwood New Mexico Pipeline LLC (Crestwood New Mexico), our wholly-owned subsidiary that owns our Delaware Basin assets located in Eddy County, New Mexico. This contribution was treated as a transaction between entities under common control (because of our relationship with First Reserve), and accordingly we deconsolidated Crestwood New Mexico and our investment in Crestwood Permian was increased by the historical book value of these assets of approximately $69.4 million . In conjunction with this contribution, First Reserve has agreed to contribute to Crestwood Permian the first $151 million of capital cost required to fund the expansion of the Delaware Basin assets, which includes a new processing plant located in Orla, Texas and associated pipelines (Orla processing plant). Pursuant to Crestwood Permian's limited liability company agreement, we will receive 100% of Crestwood New Mexico's available cash (as defined in the limited liability company agreement) until the earlier of the Orla processing plant in-service date or June 30, 2018, at which time the distributions will be based on the members respective ownership percentages. Because our ownership and distribution percentages will differ during this period, equity earnings from Crestwood Permian is determined using the Hypothetical Liquidation at Book Value (HLBV) method. Under the HLBV method, a calculation is prepared at each balance sheet date to determine the amount that we would receive if Crestwood Permian were to liquidate all of its assets, as valued in accordance with GAAP, and distribute that cash to the members. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses from the equity investment for the period, which approximates how earnings are allocated under the terms of the limited liability company agreement. Stagecoach Gas Services LLC. In June 2016, we contributed to Stagecoach Gas Services LLC (Stagecoach Gas) the entities owning the Northeast storage and transportation assets. Additionally, Con Edison Gas Pipeline Storage Northeast, LLC (CEGP), a wholly-owned subsidiary of Consolidated Edison, Inc., contributed $945 million to Stagecoach Gas in exchange for a 50% equity interest in Stagecoach Gas, and Stagecoach Gas distributed to us the cash proceeds received (net of approximately $3 million of cash transferred to the joint venture) from CEGP. Pursuant to the Stagecoach Gas limited liability company agreement, we may be required to make payments of up to $57 million to CEGP after December 31, 2020 if certain criteria are not met by Stagecoach Gas by December 31, 2020, including achieving certain performance targets on growth capital projects. We do not believe that this provision is probable of resulting in future payments to CEGP, and as a result we have not recorded a liability on our balance sheet as of September 30, 2017 and December 31, 2016. We deconsolidated the Northeast storage and transportation assets as a result of this transaction discussed above and began accounting for our 50% equity interest in Stagecoach under the equity method of accounting. We recognized a loss on the deconsolidation of the Northeast storage and transportation assets of approximately $32.9 million . Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated ): Investment Earnings (Loss) from Unconsolidated Affiliates September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 Stagecoach Gas Services LLC (1) $ 854.3 $ 871.0 $ 6.4 $ 6.8 $ 19.0 $ 9.1 Jackalope Gas Gathering Services, L.L.C. (2) 186.2 197.2 1.5 5.5 5.5 16.5 Tres Palacios Holdings LLC (3) 34.7 39.0 0.3 0.8 1.5 (0.7 ) Powder River Basin Industrial Complex, LLC (4) 8.6 8.7 0.5 0.3 1.0 1.2 Crestwood Permian Basin Holdings LLC (5) 114.7 (0.5 ) 2.8 — 2.2 — Total $ 1,198.5 $ 1,115.4 $ 11.5 $ 13.4 $ 29.2 $ 26.1 (1) As of September 30, 2017 , our equity in the underlying net assets of Stagecoach Gas exceeded our investment balance by approximately $51.4 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. Our Stagecoach Gas investment is included in our storage and transportation segment. (2) As of September 30, 2017 , our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) exceeded our investment balance by approximately $0.8 million . We amortize this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake), and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. Our Jackalope investment is included in our gathering and processing segment. (3) As of September 30, 2017 , our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $26.9 million . We amortize 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. Our Tres Holdings investment is included in our storage and transportation segment. (4) As of September 30, 2017 , our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) exceeded our investment balance by approximately $6.5 million . We amortize a portion of this amount over the life of PRBIC's property, plant and equipment and its agreement with Chesapeake, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. During 2015, we recorded an impairment of our PRBIC equity investment as further discussed in our 2016 Annual Report on Form 10-K. For the year ended December 31, 2016, PRBIC recorded a $41.3 million impairment of its goodwill and long-lived assets and as a result, we adjusted our excess basis in PRBIC by approximately $8.3 million to reflect our proportionate share of the fair value of PRBIC's net assets. Our PRBIC investment is included in our storage and transportation segment. (5) As of September 30, 2017 , our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by approximately $22.0 million , which is entirely attributable to goodwill and, as such, is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment. Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates ( in millions; amounts represent 100% of unconsolidated affiliate information ): Three Months Ended September 30, 2017 2016 Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 43.1 $ 20.4 $ 22.7 $ 42.8 $ 18.4 $ 24.4 Other (1) 78.3 66.4 11.9 30.1 18.4 11.7 Total $ 121.4 $ 86.8 $ 34.6 $ 72.9 $ 36.8 $ 36.1 (1) Includes our Jackalope, Tres Holdings, PRBIC and Crestwood Permian equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for both the three months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $0.3 million for both the three months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.2 million and $0.4 million for the three months ended September 30, 2017 and 2016 . Nine Months Ended September 30, 2017 2016 Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 127.1 $ 58.4 $ 68.8 $ 56.0 $ 24.1 $ 31.9 Other (1) 124.6 103.7 20.8 90.3 60.6 29.6 Total $ 251.7 $ 162.1 $ 89.6 $ 146.3 $ 84.7 $ 61.5 (1) Includes our Jackalope, Tres Holdings, PRBIC and Crestwood Permian equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for both the nine months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $0.9 million for both the nine months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.5 million and $1.2 million for the nine months ended September 30, 2017 and 2016 . Distributions and Contributions Distributions Contributions Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stagecoach Gas (1) $ 35.7 $ 3.7 $ — $ — Jackalope 19.4 19.9 2.9 0.7 Tres Holdings (1) 5.8 6.2 — 5.5 PRBIC 1.1 1.6 — — Crestwood Permian (2) — — 113.0 — Total $ 62.0 $ 31.4 $ 115.9 $ 6.2 (1) In October 2017, we received a cash distribution from Stagecoach Gas, Tres Holdings and Crestwood Permian of approximately $11.6 million , $3.1 million and $4.5 million , respectively. (2) On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of Crestwood New Mexico at our historical book value of approximately $69.4 million . This contribution was treated as a non-cash transaction between entities under common control. |
Risk Management
Risk Management | 9 Months Ended |
Sep. 30, 2017 | |
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. Additional information related to our derivatives is discussed in Note 6 . Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs and crude oil 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, 2017 , the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in costs of product/services sold was a loss of $24.1 million and $22.6 million . During the three and nine months ended September 30, 2016 , the impact to the statement of operations related to our commodity-based derivatives reflected in costs of product/services sold was a gain of $2.1 million and $4.1 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: September 30, 2017 December 31, 2016 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil (MMBbls) 19.7 22.7 13.1 15.1 Natural gas (MMBTU’s) 0.9 0.6 — — 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, 87% of the contracted volumes will be delivered or settled 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 our price risk management activities are primarily 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, 2017 and December 31, 2016 was $30.1 million and $13.9 million . At September 30, 2017 and December 31, 2016 , we posted less than $0.1 million of collateral for our commodity derivative instruments with credit-risk-related contingent features. In addition, at September 30, 2017 and December 31, 2016 , we had a New York Mercantile Exchange (NYMEX) related net derivative asset position of $30.7 million and $14.3 million , for which we posted $25.2 million and $4.2 million of cash collateral in the normal course of business. At September 30, 2017 and December 31, 2016 , we also received collateral of $5.7 million and $4.3 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, 2017 | |
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, Accounts Receivable and Accounts Payable As of September 30, 2017 and December 31, 2016 , the carrying amounts of cash, accounts receivable and accounts payable approximate fair value based on the short-term nature of these instruments. Credit Facility The fair value of the amounts outstanding under our CMLP credit facility approximates the carrying amounts as of September 30, 2017 and December 31, 2016 , due primarily to the variable nature of the interest rate of the instrument, 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 (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ — $ — $ 340.6 $ 350.2 2022 Senior Notes $ — $ — $ 429.3 $ 447.3 2023 Senior Notes $ 691.7 $ 724.7 $ 690.6 $ 722.6 2025 Senior Notes $ 492.1 $ 511.5 $ — $ — Financial Assets and Liabilities As of September 30, 2017 and December 31, 2016 , 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, and NGLs. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Our derivative instruments that are traded on the NYMEX 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 financial instruments that were accounted for at fair value on a recurring basis at September 30, 2017 and December 31, 2016 ( in millions ): September 30, 2017 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.9 $ 127.1 $ — $ 128.0 $ (94.2 ) $ (26.0 ) $ 7.8 Suburban Propane Partners, L.P. units (2) 3.7 — — 3.7 — — 3.7 Total assets at fair value $ 4.6 $ 127.1 $ — $ 131.7 $ (94.2 ) $ (26.0 ) $ 11.5 Liabilities Liabilities from price risk management $ 1.6 $ 140.3 $ — $ 141.9 $ (94.2 ) $ 4.9 $ 52.6 Total liabilities at fair value $ 1.6 $ 140.3 $ — $ 141.9 $ (94.2 ) $ 4.9 $ 52.6 December 31, 2016 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.6 $ 84.4 $ — $ 85.0 $ (67.8 ) $ (10.9 ) $ 6.3 Suburban Propane Partners, L.P. units (2) 4.3 — — 4.3 — — 4.3 Total assets at fair value $ 4.9 $ 84.4 $ — $ 89.3 $ (67.8 ) $ (10.9 ) $ 10.6 Liabilities Liabilities from price risk management $ 2.7 $ 90.2 $ — $ 92.9 $ (67.8 ) $ 3.5 $ 28.6 Total liabilities at fair value $ 2.7 $ 90.2 $ — $ 92.9 $ (67.8 ) $ 3.5 $ 28.6 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions as well as cash collateral held or placed with the same counterparties. (2) Amount is reflected in other assets on CEQP's consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at September 30, 2017 and December 31, 2016 ( in millions ): September 30, December 31, Credit Facility $ 444.1 $ 77.0 2020 Senior Notes — 338.8 Fair value adjustment of 2020 Senior Notes — 1.8 2022 Senior Notes — 436.4 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 — Other 2.4 3.7 Less: deferred financing costs, net 30.2 34.0 Total debt 1,616.3 1,523.7 Less: current portion 0.9 1.0 Total long-term debt, less current portion $ 1,615.4 $ 1,522.7 Credit Facility At September 30, 2017 , Crestwood Midstream had $548.7 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At September 30, 2017 and December 31, 2016 , Crestwood Midstream's outstanding standby letters of credit were $63.6 million and $64.0 million . Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 3.49% and 5.50% at September 30, 2017 and 3.21% and 5.25% at December 31, 2016 . The weighted-average interest rate as of September 30, 2017 and December 31, 2016 was 3.50% and 3.23% . 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, 2017 , the net debt to consolidated EBITDA was approximately 4.13 to 1.0, the consolidated EBITDA to consolidated interest expense was approximately 4.08 to 1.0, and the senior secured leverage ratio was 1.11 to 1.0. The CMLP credit facility allows Crestwood Midstream to increase its available borrowings under the facility by $350.0 million , subject to lender approval and the satisfaction of certain other conditions, as described in the credit agreement. Senior Notes Repayments . During the nine months ended September 30, 2017 , Crestwood Midstream paid approximately $457.8 million to purchase, redeem and/or cancel all of the principal amount outstanding under the 2022 Senior Notes and approximately $349.9 million to redeem all of the principal amount outstanding under the 2020 Senior Notes. Crestwood Midstream funded the repayments with a combination of net proceeds from the issuance of the 2025 Senior Notes described below and borrowings under the credit facility. In conjunction with these note repayments, Crestwood Midstream (i) recognized a loss on extinguishment of debt of approximately $37.7 million during the nine months ended September 30, 2017 (including the write off of approximately $6.8 million of deferred financing costs associated with the 2022 Senior Notes); and (ii) paid $5.1 million and $1.0 million of accrued interest on the 2020 Senior Notes and 2022 Senior Notes, respectively, on the date they were tendered. In June 2016, Crestwood Midstream paid approximately $312.9 million to purchase and cancel approximately $161.2 million and $163.6 million of the principal amounts outstanding under its 2020 Senior Notes and 2022 Senior Notes, respectively, utilizing a portion of the proceeds received from Stagecoach Gas, as further discussed in Note 4. Crestwood Midstream recognized a gain on extinguishment of debt of approximately $10 million in conjunction with the early tender of these notes. 2025 Senior Notes . In March 2017, Crestwood Midstream issued $500 million of 5.75% unsecured senior notes due 2025 (the 2025 Senior Notes) in a private offering. The 2025 Senior Notes will mature on April 1, 2025, and interest is payable semiannually in arrears on April 1 and October 1 of each year, beginning October 1, 2017. The net proceeds from this offering of approximately $492 million were used to repay amounts outstanding under the 2020 Senior Notes and the 2022 Senior Notes. In May 2017, Crestwood Midstream filed a registration statement with the SEC under which it offered to exchange new senior notes for any and all outstanding 2025 Senior Notes. Crestwood Midstream completed the exchange offer in July 2017. The terms of the exchange notes are substantially identical to the terms of the 2025 Senior Notes, except that the exchange notes are freely tradable. At September 30, 2017 , 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, 2017 | |
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 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, 2017 , we excluded a weighted-average of 7,125,744 and 6,968,210 common units (representing preferred units), a weighted-average of 7,277,340 common units in both periods (representing Crestwood Niobrara's preferred units), and a weighted-average of 438,789 common units in both periods (representing subordinated units). During the three and nine months ended September 30, 2016 , we excluded a weighted-average of 6,502,907 and 6,358,626 common units (representing preferred units), and a weighted-average of 8,669,633 common units in both periods (representing Crestwood Niobrara's preferred units) and a weighted-average of 438,789 common units in both periods (representing subordinated units). See Note 9 for additional information regarding the potential conversion of our preferred units and Crestwood Niobrara's preferred units to common units. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Sep. 30, 2017 | |
Statement of Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Preferred Units Subject to certain conditions, the holders of the Preferred Units have the right to convert their Preferred Units into (i) common units on a 1-for-10 basis or (ii) a number of common units determined pursuant to a conversion ratio set forth in Crestwood Equity's 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 Unit 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 unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Preferred Units in relation to Crestwood Equity's other securities outstanding. Common Units On August 4, 2017, we entered into an equity distribution agreement with certain financial institutions (each, a Manager), under which we may offer and sell from time to time through one or more of the Managers, common units having an aggregate offering price of up to $250 million . Common units sold pursuant to this at-the-market (ATM) equity distribution program are issued under a registration statement that became effective on April 12, 2017. We will pay the Managers an aggregate fee of up to 2.0% (which totaled $0.2 million during the three and nine months ended September 30, 2017) of the gross sales price per common unit sold under our ATM equity distribution program. The table below shows the units issued and the net proceeds from the issuances: Issuance Dates Common Units Net Proceeds (1) (in millions) Third Quarter 2017 437,518 $ 10.6 (1) The net proceeds from sales under the ATM program are used for general partnership purposes, which may include debt repayment and capital expenditures. Distributions Crestwood Equity Limited Partners. A summary of CEQP's limited partner quarterly cash distributions for the nine months ended September 30, 2017 and 2016 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2017 February 7, 2017 February 14, 2017 $ 0.60 $ 41.8 May 8, 2017 May 15, 2017 0.60 41.8 August 7, 2017 August 14, 2017 0.60 41.8 $ 125.4 2016 February 5, 2016 February 12, 2016 $ 1.375 $ 95.6 May 6, 2016 May 13, 2016 0.60 41.4 August 5, 2016 August 12, 2016 0.60 41.4 $ 178.4 On October 19, 2017 , we declared a distribution of $0.60 per limited partner unit to be paid on November 14, 2017 , to unitholders of record on November 7, 2017 with respect to the third quarter of 2017 . Preferred Unit Holders . We are required to make quarterly distributions to our preferred unitholders. During the nine months ended September 30, 2017 and 2016 , we issued 4,724,030 and 4,311,143 Preferred Units to our preferred unitholders in lieu of paying cash distributions of $43.1 million and $39.3 million , respectively. On October 19, 2017 , the board of directors of our general partner authorized a cash distribution to our preferred unitholders of approximately $15.0 million for the quarter ended September 30, 2017 in lieu of issuing additional preferred units, and beginning with the quarter ending December 31, 2017, we will be required to make all future quarterly distributions to our preferred unitholders in cash. Crestwood Midstream During the nine months ended September 30, 2017 and 2016 , Crestwood Midstream paid cash distributions of $119.5 million and $185.0 million to Crestwood Equity. 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. During the three and nine months ended September 30, 2017 , net income attributable to non-controlling partners was approximately $6.4 million and $18.8 million . During the three and nine months ended September 30, 2016 , net income attributable to non-controlling partners was approximately $6.1 million and $18.0 million . During both the nine months ended September 30, 2017 and 2016 , Crestwood Niobrara paid cash distributions of $11.4 million to GE. In October 2017, Crestwood Niobrara paid a cash distribution of $3.8 million to GE for the quarter ended September 30, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings 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, 2017 and December 31, 2016 , both CEQP and CMLP had less than $0.1 million accrued for 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 our results of operations, cash flows or financial condition. Environmental Compliance Our operations are subject to stringent and complex laws and regulations pertaining to worker health, safety, and the environment. We are subject to laws and regulations at the federal, state, regional 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. 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. 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 largest of the 2014 water releases. We responded to the NOPV in May 2015, and in April 2017, we entered into an Administrative Order on Consent (the Order) with the EPA. The Order requires us to continue to remediate and monitor the impacted area for no less than four years unless all goals of the Order are satisfied earlier. The Order does not preclude the EPA from seeking to impose fines and penalties as a result of the water releases. 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. We provided the requested information during the second quarter of 2015 and key employees were interviewed by the United States’ Attorney in December 2015. On September 13, 2017, we received a notice from the United States Department of Justice that it completed the investigation with no charges being filed against us. 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 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, 2017 . At September 30, 2017 and December 31, 2016 , our accrual of approximately $2.7 million and $2.1 million is based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties. 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 $2.7 million to $4.2 million at September 30, 2017 . 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, 2017 and December 31, 2016 , CEQP's self-insurance reserves were $15.8 million and $ 15.6 million . We estimate that $10.6 million of this balance will be paid subsequent to September 30, 2018 . As such, CEQP has classified $10.6 million in other long-term liabilities on its consolidated balance sheet at September 30, 2017 . At September 30, 2017 and December 31, 2016 , CMLP's self insurance reserves were $12.9 million and $12.2 million . CMLP estimates that $8.0 million of this balance will be paid subsequent to September 30, 2018 . As such, CMLP has classified $8.0 million in other long-term liabilities on its consolidated balance sheet at September 30, 2017 . Guarantees and Indemnifications. We are involved in various joint ventures that sometimes require financial and performance guarantees. In a financial guarantee, we are obligated to make payments if the guaranteed party fails to make payments under, or violates the terms of, the financial arrangement. In a performance guarantee, we provide assurance that the guaranteed party will execute on the terms of the contract. If they do not, we are required to perform on their behalf. We also periodically provide indemnification arrangements related to assets or businesses we have sold. For a further description of our guarantees associated with our joint ventures, see Note 4, and for a further description of our guarantees associated with our assets or businesses we have sold, see our 2016 Annual Report on Form 10-K. Our potential exposure under guarantee and indemnification arrangements can range from a specified amount to an unlimited dollar amount, depending on the nature of the claim, specificity as to duration, and the particular transaction. As of September 30, 2017 and December 31, 2016 , we have no amounts accrued for these guarantees. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Crestwood Holdings indirectly owns both CEQP's and CMLP's general partner. The affiliates of Crestwood Holdings and its owners are considered CEQP's and CMLP's related parties, including Sabine Oil and Gas LLC (Sabine) and Arsenal Resources. CEQP and CMLP enter into transactions with their affiliates within the ordinary course of business, including gas gathering and processing services under long-term contracts, product purchases and various operating agreements. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Gathering and processing revenues at CEQP and CMLP $ 0.5 $ 0.7 $ 1.4 $ 2.1 Gathering and processing costs of product/services sold at CEQP and CMLP (1) $ 3.7 $ 5.0 $ 11.8 $ 13.7 Operations and maintenance expenses at CEQP and CMLP (2) $ 6.6 $ 1.8 $ 16.4 $ 3.5 General and administrative expenses charged by CEQP to CMLP, net (3) $ 4.4 $ 2.7 $ 14.8 $ 9.6 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (0.2 ) $ (0.5 ) $ (0.4 ) $ (0.6 ) (1) Represents natural gas purchases from Sabine. (2) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements. During the three and nine months ended September 30, 2017 , we charged $2.0 million and $6.5 million to Stagecoach Gas, $0.8 million and $2.6 million to Tres Palacios, $3.7 million and $7.0 million to Crestwood Permian and $0.1 million and $0.3 million to Jackalope. During the three and nine months ended September 30, 2016 , we charged $0.8 million and $2.2 million to Tres Palacios and $1.0 million and $1.3 million to Stagecoach Gas. (3) Includes $5.2 million and $17.1 million of net unit-based compensation charges allocated from CEQP to CMLP for the three and nine months ended September 30, 2017 and $3.5 million and $11.9 million for the three and nine months ended September 30, 2016 . In addition, CMLP shares common management, general and administrative and overhead costs with CEQP. During both the three and nine months ended September 30, 2017 and 2016 , CMLP allocated $0.8 million and $2.3 million of general and administrative costs to CEQP. (4) Includes less than $1.1 million and $1.9 million unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three and nine months ended September 30, 2017 and $0.6 million and $1.5 million during the three and nine months ended September 30, 2016 . The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 9.8 $ 5.6 Accounts payable at CEQP $ 9.7 $ 2.5 Accounts payable at CMLP $ 7.2 $ — |
Segments
Segments | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information We have three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (interest and debt expense, net and gain (loss) on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP's net income (loss) to EBITDA ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income (loss) $ (27.9 ) $ 3.0 $ (47.0 ) $ (127.8 ) Add: Interest and debt expense, net 24.2 27.5 74.8 97.9 (Gain) loss on modification/extinguishment of debt — — 37.7 (10.0 ) Provision for income taxes 0.1 0.2 — 0.2 Depreciation, amortization and accretion 48.1 50.3 145.2 177.0 EBITDA $ 44.5 $ 81.0 $ 210.7 $ 137.3 The following tables summarize CEQP's reportable segment data for the three and nine months ended September 30, 2017 and 2016 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies described in our 2016 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $10.0 million and $8.3 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended September 30, 2017 and 2016 and $25.7 million and $15.3 million for the nine months ended September 30, 2017 and 2016 . Three Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 434.4 $ 6.2 $ 515.0 $ — $ 955.6 Intersegment revenues 29.9 1.2 (31.1 ) — — Costs of product/services sold 378.6 0.2 479.7 — 858.5 Operations and maintenance expense 16.2 1.0 18.3 — 35.5 General and administrative expense — — — 22.5 22.5 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 4.3 7.2 — — 11.5 Other income, net — — — 0.2 0.2 EBITDA $ 69.9 $ 13.4 $ (13.5 ) $ (25.3 ) $ 44.5 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,452.2 $ 1,049.9 $ 1,002.3 $ 20.9 $ 4,525.3 Three Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 279.3 $ 18.3 $ 290.0 $ — $ 587.6 Intersegment revenues 24.8 1.5 (26.3 ) — — Costs of product/services sold 226.1 0.1 240.5 — 466.7 Operations and maintenance expense 17.4 2.5 13.2 — 33.1 General and administrative expense — — — 18.3 18.3 Loss on long-lived assets (2.0 ) (0.1 ) — — (2.1 ) Earnings from unconsolidated affiliates, net 5.5 7.9 — — 13.4 Other income, net — — — 0.2 0.2 EBITDA $ 64.1 $ 25.0 $ 10.0 $ (18.1 ) $ 81.0 Nine Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,208.1 $ 24.7 $ 1,401.2 $ — $ 2,634.0 Intersegment revenues 94.3 4.7 (99.0 ) — — Costs of product/services sold 1,049.9 0.3 1,221.4 — 2,271.6 Operations and maintenance expense 51.8 3.4 48.2 — 103.4 General and administrative expense — — — 71.6 71.6 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 7.7 21.5 — — 29.2 Other income, net — — — 0.4 0.4 EBITDA $ 204.5 $ 47.2 $ 33.2 $ (74.2 ) $ 210.7 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,452.2 $ 1,049.9 $ 1,002.3 $ 20.9 $ 4,525.3 Nine Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 787.7 $ 131.5 $ 806.3 $ — $ 1,725.5 Intersegment revenues 75.9 3.0 (78.9 ) — — Costs of product/services sold 632.2 4.9 643.0 — 1,280.1 Operations and maintenance expense 56.1 18.2 45.6 — 119.9 General and administrative expense — — — 70.2 70.2 Loss on long-lived assets (2.0 ) (32.8 ) — — (34.8 ) Goodwill impairment (8.6 ) (13.7 ) (87.4 ) — (109.7 ) Earnings from unconsolidated affiliates, net 16.5 9.6 — — 26.1 Other income, net — — — 0.4 0.4 EBITDA $ 181.2 $ 74.5 $ (48.6 ) $ (69.8 ) $ 137.3 Below is a reconciliation of CMLP's net income (loss) to EBITDA ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income (loss) $ (29.8 ) $ 0.6 $ (53.1 ) $ (130.3 ) Add: Interest and debt expense, net 24.2 27.5 74.8 97.9 (Gain) loss on modification/extinguishment of debt — — 37.7 (10.0 ) Provision for income taxes 0.1 — — — Depreciation, amortization and accretion 50.9 53.2 153.5 185.2 EBITDA $ 45.4 $ 81.3 $ 212.9 $ 142.8 The following tables summarize CMLP's reportable segment data for the three and nine months ended September 30, 2017 and 2016 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies described in our 2016 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $10.0 million and $8.3 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended September 30, 2017 and 2016 and $25.7 million and $15.3 million for the nine months ended September 30, 2017 and 2016 . Three Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 434.4 $ 6.2 $ 515.0 $ — $ 955.6 Intersegment revenues 29.9 1.2 (31.1 ) — — Costs of product/services sold 378.6 0.2 479.7 — 858.5 Operations and maintenance expense 16.2 1.0 18.3 — 35.5 General and administrative expense — — — 21.4 21.4 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 4.3 7.2 — — 11.5 EBITDA $ 69.9 $ 13.4 $ (13.5 ) $ (24.4 ) $ 45.4 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,643.7 $ 1,049.9 $ 1,002.3 $ 13.1 $ 4,709.0 Three Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 279.3 $ 18.3 $ 290.0 $ — $ 587.6 Intersegment revenues 24.8 1.5 (26.3 ) — — Costs of product/services sold 226.1 0.1 240.5 — 466.7 Operations and maintenance expense 17.4 3.0 13.2 — 33.6 General and administrative expense — — — 17.3 17.3 Loss on long-lived assets (2.0 ) (0.1 ) — — (2.1 ) Earnings from unconsolidated affiliates, net 5.5 7.9 — — 13.4 EBITDA $ 64.1 $ 24.5 $ 10.0 $ (17.3 ) $ 81.3 Nine Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,208.1 $ 24.7 $ 1,401.2 $ — $ 2,634.0 Intersegment revenues 94.3 4.7 (99.0 ) — — Costs of product/services sold 1,049.9 0.3 1,221.4 — 2,271.6 Operations and maintenance expense 51.8 3.4 48.2 — 103.4 General and administrative expense — — — 69.0 69.0 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 7.7 21.5 — — 29.2 EBITDA $ 204.5 $ 47.2 $ 33.2 $ (72.0 ) $ 212.9 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,643.7 $ 1,049.9 $ 1,002.3 $ 13.1 $ 4,709.0 Nine Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 787.7 $ 131.5 $ 806.3 $ — $ 1,725.5 Intersegment revenues 75.9 3.0 (78.9 ) — — Costs of product/services sold 632.2 4.9 643.0 — 1,280.1 Operations and maintenance expense 56.1 15.0 45.6 — 116.7 General and administrative expense — — — 67.5 67.5 Loss on long-lived assets (2.0 ) (32.8 ) — — (34.8 ) Goodwill impairment (8.6 ) (13.7 ) (87.4 ) — (109.7 ) Earnings from unconsolidated affiliates, net 16.5 9.6 — — 26.1 EBITDA $ 181.2 $ 77.7 $ (48.6 ) $ (67.5 ) $ 142.8 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Crestwood Midstream is a holding company (Parent) and owns no operating assets and has no significant operations independent of its subsidiaries. Obligations under Crestwood Midstream's senior notes and its credit facility are jointly and severally guaranteed by substantially all of its subsidiaries, except for Crestwood Infrastructure Holdings LLC, Crestwood Niobrara, Crestwood Pipeline and Storage Northeast LLC (Crestwood Northeast), PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of its senior notes, is Crestwood Midstream's 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of the Crestwood Midstream senior notes. The tables below present condensed consolidating financial statements for Crestwood Midstream as Parent on a stand-alone, unconsolidated basis, and Crestwood Midstream's combined guarantor and combined non-guarantor subsidiaries as of September 30, 2017 and December 31, 2016 , and for the three and nine months ended September 30, 2017 and 2016 . The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. The condensed consolidating financial statements for the three and nine months ended September 30, 2016 include reclassifications that were made to conform to the current year presentation, none of which impacted previously reported net income (loss) or partners’ capital. In particular, the condensed consolidating statement of operations was modified to consider the impact of net income (loss) attributable to non-controlling partners in subsidiaries in arriving at equity in net income (loss) of subsidiaries in the parent and eliminations columns of those statements. Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.1 $ — $ — $ — $ 1.1 Accounts receivable — 341.0 3.7 — 344.7 Inventory — 92.9 — — 92.9 Other current assets — 13.0 — — 13.0 Total current assets 1.1 446.9 3.7 — 451.7 Property, plant and equipment, net — 2,242.2 — — 2,242.2 Goodwill and intangible assets, net — 814.0 — — 814.0 Investment in consolidated affiliates 4,025.8 — — (4,025.8 ) — Investment in unconsolidated affiliates — — 1,198.5 — 1,198.5 Other assets — 2.6 — — 2.6 Total assets $ 4,026.9 $ 3,505.7 $ 1,202.2 $ (4,025.8 ) $ 4,709.0 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 310.0 $ — $ — $ 310.0 Other current liabilities 39.9 125.4 — — 165.3 Total current liabilities 39.9 435.4 — — 475.3 Long-term liabilities: Long-term debt, less current portion 1,614.6 0.8 — — 1,615.4 Other long-term liabilities — 45.3 — — 45.3 Deferred income taxes — 0.7 — — 0.7 Partners' capital 2,372.4 3,023.5 1,002.3 (4,025.8 ) 2,372.4 Interest of non-controlling partners in subsidiaries — — 199.9 — 199.9 Total partners' capital 2,372.4 3,023.5 1,202.2 (4,025.8 ) 2,572.3 Total liabilities and partners' capital $ 4,026.9 $ 3,505.7 $ 1,202.2 $ (4,025.8 ) $ 4,709.0 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.3 $ — $ — $ — $ 1.3 Accounts receivable — 289.3 0.5 — 289.8 Inventory — 66.0 — — 66.0 Other current assets — 16.0 — — 16.0 Total current assets 1.3 371.3 0.5 — 373.1 Property, plant and equipment, net — 2,298.4 — — 2,298.4 Goodwill and intangible assets, net — 851.9 — — 851.9 Investment in consolidated affiliates 4,093.7 — — (4,093.7 ) — Investment in unconsolidated affiliates — — 1,115.4 — 1,115.4 Other assets — 1.8 — — 1.8 Total assets $ 4,095.0 $ 3,523.4 $ 1,115.9 $ (4,093.7 ) $ 4,640.6 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 214.5 $ — $ — $ 214.5 Other current liabilities 23.1 94.4 — — 117.5 Total current liabilities 23.1 308.9 — — 332.0 Long-term liabilities: Long-term debt, less current portion 1,521.2 1.5 — — 1,522.7 Other long-term liabilities — 42.0 — — 42.0 Deferred income taxes — 0.7 — — 0.7 Partners' capital 2,550.7 3,170.3 923.4 (4,093.7 ) 2,550.7 Interest of non-controlling partners in subsidiaries — — 192.5 — 192.5 Total partners' capital 2,550.7 3,170.3 1,115.9 (4,093.7 ) 2,743.2 Total liabilities and partners' capital $ 4,095.0 $ 3,523.4 $ 1,115.9 $ (4,093.7 ) $ 4,640.6 Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 955.6 $ — $ — $ 955.6 Costs of product/services sold — 858.5 — — 858.5 Expenses: Operations and maintenance — 35.5 — — 35.5 General and administrative 15.2 6.2 — — 21.4 Depreciation, amortization and accretion — 50.9 — — 50.9 15.2 92.6 — — 107.8 Other operating expense: Loss on long-lived assets, net — (6.3 ) — — (6.3 ) Operating loss (15.2 ) (1.8 ) — — (17.0 ) Earnings from unconsolidated affiliates, net — — 11.5 — 11.5 Interest and debt expense, net (24.2 ) — — — (24.2 ) Equity in net income (loss) of subsidiaries 3.2 — — (3.2 ) — Income (loss) before income taxes (36.2 ) (1.8 ) 11.5 (3.2 ) (29.7 ) Provision for income taxes — (0.1 ) — — (0.1 ) Net income (loss) (36.2 ) (1.9 ) 11.5 (3.2 ) (29.8 ) Net income attributable to non-controlling partners in subsidiaries — — 6.4 — 6.4 Net income (loss) attributable to Crestwood Midstream Partners LP $ (36.2 ) $ (1.9 ) $ 5.1 $ (3.2 ) $ (36.2 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 587.6 $ — $ — $ 587.6 Costs of product/services sold — 466.7 — — 466.7 Expenses: Operations and maintenance — 33.6 — — 33.6 General and administrative 13.3 4.0 — — 17.3 Depreciation, amortization and accretion — 53.2 — — 53.2 13.3 90.8 — — 104.1 Other operating expense: Loss on long-lived assets, net — (2.1 ) — — (2.1 ) Operating income (loss) (13.3 ) 28.0 — — 14.7 Earnings from unconsolidated affiliates, net — — 13.4 — 13.4 Interest and debt expense, net (27.5 ) — — — (27.5 ) Equity in net income (loss) of subsidiaries 35.3 — — (35.3 ) — Net income (loss) (5.5 ) 28.0 13.4 (35.3 ) 0.6 Net income attributable to non-controlling partners in subsidiaries — — 6.1 — 6.1 Net income (loss) attributable to Crestwood Midstream Partners LP (5.5 ) 28.0 7.3 (35.3 ) (5.5 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 2,634.0 $ — $ — $ 2,634.0 Costs of product/services sold — 2,271.6 — — 2,271.6 Expenses: Operations and maintenance — 103.4 — — 103.4 General and administrative 50.1 18.9 — — 69.0 Depreciation, amortization and accretion — 153.5 — — 153.5 50.1 275.8 — — 325.9 Other operating expense: Loss on long-lived assets, net — (6.3 ) — — (6.3 ) Operating income (loss) (50.1 ) 80.3 — — 30.2 Earnings from unconsolidated affiliates, net — — 29.2 — 29.2 Interest and debt expense, net (74.8 ) — — — (74.8 ) Loss on modification/extinguishment of debt (37.7 ) — — — (37.7 ) Equity in net income (loss) of subsidiaries 90.7 — — (90.7 ) — Net income (loss) (71.9 ) 80.3 29.2 (90.7 ) (53.1 ) Net income attributable to non-controlling partners in subsidiaries — — 18.8 — 18.8 Net income (loss) attributable to Crestwood Midstream Partners LP $ (71.9 ) $ 80.3 $ 10.4 $ (90.7 ) $ (71.9 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,725.5 $ — $ — $ 1,725.5 Costs of product/services sold — 1,280.1 — — 1,280.1 Expenses: Operations and maintenance — 116.7 — — 116.7 General and administrative 54.2 13.3 — — 67.5 Depreciation, amortization and accretion — 185.2 — — 185.2 54.2 315.2 — — 369.4 Other operating expense: Loss on long-lived assets, net — (34.8 ) — — (34.8 ) Goodwill Impairment — (109.7 ) — — (109.7 ) Operating loss (54.2 ) (14.3 ) — — (68.5 ) Earnings from unconsolidated affiliates, net — — 26.1 — 26.1 Interest and debt expense, net (97.9 ) — — — (97.9 ) Gain on modification/extinguishment of debt 10.0 — — — 10.0 Equity in net income (loss) of subsidiaries (6.2 ) — — 6.2 — Net income (loss) (148.3 ) (14.3 ) 26.1 6.2 (130.3 ) Net income attributable to non-controlling partners in subsidiaries — — 18.0 — 18.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ (148.3 ) $ (14.3 ) $ 8.1 $ 6.2 $ (148.3 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (102.6 ) $ 312.0 $ 23.5 $ — $ 232.9 Cash flows from investing activities: Purchases of property, plant and equipment (5.8 ) (128.6 ) — — (134.4 ) Investment in unconsolidated affiliates — — (46.5 ) — (46.5 ) Capital distributions from unconsolidated affiliates — — 35.3 — 35.3 Net proceeds from sale of assets — 1.3 — — 1.3 Capital distributions from consolidated affiliates 0.9 — — (0.9 ) — Net cash used in investing activities (4.9 ) (127.3 ) (11.2 ) (0.9 ) (144.3 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,209.8 — — — 2,209.8 Payments on long-term debt (2,157.9 ) (1.3 ) — — (2,159.2 ) Payments on capital leases — (2.2 ) — — (2.2 ) Payments for debt-related deferred costs (1.0 ) — — — (1.0 ) Distributions paid (119.5 ) — (11.4 ) — (130.9 ) Distributions to parent — — (0.9 ) 0.9 — Taxes paid for unit-based compensation vesting — (5.3 ) — — (5.3 ) Change in intercompany balances 175.9 (175.9 ) — — — Net cash provided by (used in) financing activities 107.3 (184.7 ) (12.3 ) 0.9 (88.8 ) Net change in cash (0.2 ) — — — (0.2 ) Cash at beginning of period 1.3 — — — 1.3 Cash at end of period $ 1.1 $ — $ — $ — $ 1.1 Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (140.4 ) $ 371.3 $ 19.9 $ — $ 250.8 Cash flows from investing activities: Purchases of property, plant and equipment (1.6 ) (77.7 ) — — (79.3 ) Investment in unconsolidated affiliates — — (6.2 ) — (6.2 ) Capital distributions from unconsolidated affiliates — — 9.2 — 9.2 Net proceeds from sale of assets — 943.1 — — 943.1 Capital distributions from consolidated affiliates 11.5 — — (11.5 ) — Net cash provided by (used in) investing activities 9.9 865.4 3.0 (11.5 ) 866.8 Cash flows from financing activities: Proceeds from the issuance of long-term debt 1,364.0 — — — 1,364.0 Payments on long-term debt (2,278.4 ) (0.8 ) — — (2,279.2 ) Payments on capital leases — (1.5 ) — — (1.5 ) Payments for debt-related deferred costs (3.4 ) — — — (3.4 ) Distributions paid (185.0 ) — (11.4 ) — (196.4 ) Distributions to parent — — (11.5 ) 11.5 — Taxes paid for unit-based compensation vesting — (0.8 ) — — (0.8 ) Change in intercompany balances 1,233.7 (1,233.7 ) — — — Other — 0.1 — — 0.1 Net cash provided by (used in) financing activities 130.9 (1,236.7 ) (22.9 ) 11.5 (1,117.2 ) Net change in cash 0.4 — — — 0.4 Cash at beginning of period 0.1 — — — 0.1 Cash at end of period $ 0.5 $ — $ — $ — $ 0.5 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Event In October 2017, we entered into a Purchase Agreement with an affiliate of Kissner Group Holdings LP to sell 100% of our equity interests in US Salt, LLC (US Salt) for approximately $225 million . US Salt is a solution mining and salt production company located on the shores of Seneca Lake near Watkins Glen in Schuyler County, New York. US Salt is included in our marketing, supply and logistics segment. Subject to the terms and conditions of the Purchase Agreement (including customary closing conditions and purchase price adjustments), we expect to close the transaction during the fourth quarter of 2017. The impact of this transaction has not been reflected in this Quarterly Report on Form 10-Q as of and for the three and nine months ended September 30, 2017. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies There were no material changes in our significant accounting policies from those described in our 2016 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, 2017 , the following accounting standards had not yet been adopted by us: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 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 anticipate utilizing the modified retrospective method to adopt the provisions of this standard effective January 1, 2018 and are currently applying the provisions of the standard to our aggregated listing of gathering and processing, storage and transportation, and marketing, supply and logistics revenue contracts that involve revenue generating activities that occur after January 1, 2018. We are also in the process of implementing appropriate changes to our processes, systems and controls to support the accounting and disclosure requirements of the new standard. We are currently evaluating the impact that this standard will have on our consolidated financial statements, and currently believe that the standard will require us to begin classifying certain capital expenditure reimbursements received from our customers as deferred revenue rather than as reductions of property, plant and equipment in our consolidated financial statements. We currently anticipate that approximately $60 million to $70 million of these net reimbursements will be reclassified to net deferred revenue on January 1, 2018, which would result in a $15 million to $25 million cumulative effect of accounting change being recorded as an increase to partners' capital on January 1, 2018. In addition, we currently believe that the standard will require us to begin classifying service revenues on certain of our gathering and processing contracts as reductions of costs of product sold prospectively beginning January 1, 2018. We continue to evaluate the impact that this standard will have on our consolidated financial statements, especially as it relates to non-cash consideration received under certain of our gathering, processing, storage and transportation contracts. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities on the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We expect to adopt the provisions of this standard effective January 1, 2019 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which changes the annual quantitative goodwill impairment test to eliminate the current two step method and replace it with a single test to determine if goodwill is impaired and the amount of any impairment. We are required to adopt the provisions of this standard by January 1, 2020 and are currently evaluating the impact that this standard may have 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, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes goodwill impairments of certain of our reporting units recorded during the nine months ended September 30, 2016 ( in millions ): Gathering and Processing Marcellus $ 8.6 Storage and Transportation COLT 13.7 Marketing, Supply and Logistics Supply and Logistics 65.5 Storage and Terminals 14.1 Trucking 7.8 Total $ 109.7 |
Certain Balance Sheet Informa24
Certain Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following ( in millions ): CEQP CMLP September 30, December 31, September 30, December 31, 2017 2016 2017 2016 Accrued expenses $ 40.6 $ 46.9 $ 39.9 $ 45.5 Accrued property taxes 6.3 4.2 6.3 4.2 Accrued natural gas purchases 0.7 4.9 0.7 4.9 Tax payable — 1.2 — — Interest payable 39.7 22.8 39.7 22.8 Accrued additions to property, plant and equipment 16.6 1.7 16.6 1.7 Capital leases 1.1 1.3 1.1 1.3 Deferred revenue 7.5 7.5 7.5 7.5 Total accrued expenses and other liabilities $ 112.5 $ 90.5 $ 111.8 $ 87.9 |
Investments in Unconsolidated25
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Summarized Financial Information of Unconsolidated Affiliates Below is the summarized operating results for our significant unconsolidated affiliates ( in millions; amounts represent 100% of unconsolidated affiliate information ): Three Months Ended September 30, 2017 2016 Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 43.1 $ 20.4 $ 22.7 $ 42.8 $ 18.4 $ 24.4 Other (1) 78.3 66.4 11.9 30.1 18.4 11.7 Total $ 121.4 $ 86.8 $ 34.6 $ 72.9 $ 36.8 $ 36.1 (1) Includes our Jackalope, Tres Holdings, PRBIC and Crestwood Permian equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for both the three months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $0.3 million for both the three months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.2 million and $0.4 million for the three months ended September 30, 2017 and 2016 . Nine Months Ended September 30, 2017 2016 Operating Revenues Operating Expenses Net Income Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 127.1 $ 58.4 $ 68.8 $ 56.0 $ 24.1 $ 31.9 Other (1) 124.6 103.7 20.8 90.3 60.6 29.6 Total $ 251.7 $ 162.1 $ 89.6 $ 146.3 $ 84.7 $ 61.5 (1) Includes our Jackalope, Tres Holdings, PRBIC and Crestwood Permian equity investments. We amortize the excess basis in certain of our equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Jackalope equity investment of less than $0.1 million for both the nine months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our Tres Holdings equity investment of approximately $0.9 million for both the nine months ended September 30, 2017 and 2016 . We recorded amortization of the excess basis in our PRBIC equity investment of approximately $0.5 million and $1.2 million for the nine months ended September 30, 2017 and 2016 . Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows ( in millions, unless otherwise stated ): Investment Earnings (Loss) from Unconsolidated Affiliates September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 2017 2016 Stagecoach Gas Services LLC (1) $ 854.3 $ 871.0 $ 6.4 $ 6.8 $ 19.0 $ 9.1 Jackalope Gas Gathering Services, L.L.C. (2) 186.2 197.2 1.5 5.5 5.5 16.5 Tres Palacios Holdings LLC (3) 34.7 39.0 0.3 0.8 1.5 (0.7 ) Powder River Basin Industrial Complex, LLC (4) 8.6 8.7 0.5 0.3 1.0 1.2 Crestwood Permian Basin Holdings LLC (5) 114.7 (0.5 ) 2.8 — 2.2 — Total $ 1,198.5 $ 1,115.4 $ 11.5 $ 13.4 $ 29.2 $ 26.1 (1) As of September 30, 2017 , our equity in the underlying net assets of Stagecoach Gas exceeded our investment balance by approximately $51.4 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. Our Stagecoach Gas investment is included in our storage and transportation segment. (2) As of September 30, 2017 , our equity in the underlying net assets of Jackalope Gas Gathering Services, L.L.C. (Jackalope) exceeded our investment balance by approximately $0.8 million . We amortize this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake), and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. Our Jackalope investment is included in our gathering and processing segment. (3) As of September 30, 2017 , our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $26.9 million . We amortize 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. Our Tres Holdings investment is included in our storage and transportation segment. (4) As of September 30, 2017 , our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) exceeded our investment balance by approximately $6.5 million . We amortize a portion of this amount over the life of PRBIC's property, plant and equipment and its agreement with Chesapeake, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. During 2015, we recorded an impairment of our PRBIC equity investment as further discussed in our 2016 Annual Report on Form 10-K. For the year ended December 31, 2016, PRBIC recorded a $41.3 million impairment of its goodwill and long-lived assets and as a result, we adjusted our excess basis in PRBIC by approximately $8.3 million to reflect our proportionate share of the fair value of PRBIC's net assets. Our PRBIC investment is included in our storage and transportation segment. (5) As of September 30, 2017 , our equity in the underlying net assets of Crestwood Permian exceeded our investment balance by approximately $22.0 million , which is entirely attributable to goodwill and, as such, is not subject to amortization. Our Crestwood Permian investment is included in our gathering and processing segment and $1.2 million for the nine months ended September 30, 2017 and 2016 . Distributions and Contributions Distributions Contributions Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stagecoach Gas (1) $ 35.7 $ 3.7 $ — $ — Jackalope 19.4 19.9 2.9 0.7 Tres Holdings (1) 5.8 6.2 — 5.5 PRBIC 1.1 1.6 — — Crestwood Permian (2) — — 113.0 — Total $ 62.0 $ 31.4 $ 115.9 $ 6.2 (1) In October 2017, we received a cash distribution from Stagecoach Gas, Tres Holdings and Crestwood Permian of approximately $11.6 million , $3.1 million and $4.5 million , respectively. (2) On June 21, 2017, we contributed to Crestwood Permian 100% of the equity interest of Crestwood New Mexico at our historical book value of approximately $69.4 million . This contribution was treated as a non-cash transaction between entities under common control. |
Risk Management (Tables)
Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 December 31, 2016 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil (MMBbls) 19.7 22.7 13.1 15.1 Natural gas (MMBTU’s) 0.9 0.6 — — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ — $ — $ 340.6 $ 350.2 2022 Senior Notes $ — $ — $ 429.3 $ 447.3 2023 Senior Notes $ 691.7 $ 724.7 $ 690.6 $ 722.6 2025 Senior Notes $ 492.1 $ 511.5 $ — $ — |
Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at September 30, 2017 and December 31, 2016 ( in millions ): September 30, 2017 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.9 $ 127.1 $ — $ 128.0 $ (94.2 ) $ (26.0 ) $ 7.8 Suburban Propane Partners, L.P. units (2) 3.7 — — 3.7 — — 3.7 Total assets at fair value $ 4.6 $ 127.1 $ — $ 131.7 $ (94.2 ) $ (26.0 ) $ 11.5 Liabilities Liabilities from price risk management $ 1.6 $ 140.3 $ — $ 141.9 $ (94.2 ) $ 4.9 $ 52.6 Total liabilities at fair value $ 1.6 $ 140.3 $ — $ 141.9 $ (94.2 ) $ 4.9 $ 52.6 December 31, 2016 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.6 $ 84.4 $ — $ 85.0 $ (67.8 ) $ (10.9 ) $ 6.3 Suburban Propane Partners, L.P. units (2) 4.3 — — 4.3 — — 4.3 Total assets at fair value $ 4.9 $ 84.4 $ — $ 89.3 $ (67.8 ) $ (10.9 ) $ 10.6 Liabilities Liabilities from price risk management $ 2.7 $ 90.2 $ — $ 92.9 $ (67.8 ) $ 3.5 $ 28.6 Total liabilities at fair value $ 2.7 $ 90.2 $ — $ 92.9 $ (67.8 ) $ 3.5 $ 28.6 (1) Amounts represent the impact of legally enforceable master netting agreements that allow us to settle positive and negative positions as well as cash collateral held or placed with the same counterparties. (2) Amount is reflected in other assets on CEQP's consolidated balance sheets. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at September 30, 2017 and December 31, 2016 ( in millions ): September 30, December 31, Credit Facility $ 444.1 $ 77.0 2020 Senior Notes — 338.8 Fair value adjustment of 2020 Senior Notes — 1.8 2022 Senior Notes — 436.4 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 — Other 2.4 3.7 Less: deferred financing costs, net 30.2 34.0 Total debt 1,616.3 1,523.7 Less: current portion 0.9 1.0 Total long-term debt, less current portion $ 1,615.4 $ 1,522.7 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Statement of Partners' Capital [Abstract] | |
Schedule Of Issuances And Net Proceeds Of Common Units | The table below shows the units issued and the net proceeds from the issuances: Issuance Dates Common Units Net Proceeds (1) (in millions) Third Quarter 2017 437,518 $ 10.6 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP's limited partner quarterly cash distributions for the nine months ended September 30, 2017 and 2016 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2017 February 7, 2017 February 14, 2017 $ 0.60 $ 41.8 May 8, 2017 May 15, 2017 0.60 41.8 August 7, 2017 August 14, 2017 0.60 41.8 $ 125.4 2016 February 5, 2016 February 12, 2016 $ 1.375 $ 95.6 May 6, 2016 May 13, 2016 0.60 41.4 August 5, 2016 August 12, 2016 0.60 41.4 $ 178.4 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Gathering and processing revenues at CEQP and CMLP $ 0.5 $ 0.7 $ 1.4 $ 2.1 Gathering and processing costs of product/services sold at CEQP and CMLP (1) $ 3.7 $ 5.0 $ 11.8 $ 13.7 Operations and maintenance expenses at CEQP and CMLP (2) $ 6.6 $ 1.8 $ 16.4 $ 3.5 General and administrative expenses charged by CEQP to CMLP, net (3) $ 4.4 $ 2.7 $ 14.8 $ 9.6 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (0.2 ) $ (0.5 ) $ (0.4 ) $ (0.6 ) (1) Represents natural gas purchases from Sabine. (2) We have operating agreements with certain of our unconsolidated affiliates pursuant to which we charge them operations and maintenance expenses in accordance with their respective agreements. During the three and nine months ended September 30, 2017 , we charged $2.0 million and $6.5 million to Stagecoach Gas, $0.8 million and $2.6 million to Tres Palacios, $3.7 million and $7.0 million to Crestwood Permian and $0.1 million and $0.3 million to Jackalope. During the three and nine months ended September 30, 2016 , we charged $0.8 million and $2.2 million to Tres Palacios and $1.0 million and $1.3 million to Stagecoach Gas. (3) Includes $5.2 million and $17.1 million of net unit-based compensation charges allocated from CEQP to CMLP for the three and nine months ended September 30, 2017 and $3.5 million and $11.9 million for the three and nine months ended September 30, 2016 . In addition, CMLP shares common management, general and administrative and overhead costs with CEQP. During both the three and nine months ended September 30, 2017 and 2016 , CMLP allocated $0.8 million and $2.3 million of general and administrative costs to CEQP. (4) Includes less than $1.1 million and $1.9 million unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three and nine months ended September 30, 2017 and $0.6 million and $1.5 million during the three and nine months ended September 30, 2016 . |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): September 30, December 31, Accounts receivable at CEQP and CMLP $ 9.8 $ 5.6 Accounts payable at CEQP $ 9.7 $ 2.5 Accounts payable at CMLP $ 7.2 $ — |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of CEQP's net income (loss) to EBITDA ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income (loss) $ (27.9 ) $ 3.0 $ (47.0 ) $ (127.8 ) Add: Interest and debt expense, net 24.2 27.5 74.8 97.9 (Gain) loss on modification/extinguishment of debt — — 37.7 (10.0 ) Provision for income taxes 0.1 0.2 — 0.2 Depreciation, amortization and accretion 48.1 50.3 145.2 177.0 EBITDA $ 44.5 $ 81.0 $ 210.7 $ 137.3 |
Summary Of Segment Information | Three Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 434.4 $ 6.2 $ 515.0 $ — $ 955.6 Intersegment revenues 29.9 1.2 (31.1 ) — — Costs of product/services sold 378.6 0.2 479.7 — 858.5 Operations and maintenance expense 16.2 1.0 18.3 — 35.5 General and administrative expense — — — 22.5 22.5 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 4.3 7.2 — — 11.5 Other income, net — — — 0.2 0.2 EBITDA $ 69.9 $ 13.4 $ (13.5 ) $ (25.3 ) $ 44.5 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,452.2 $ 1,049.9 $ 1,002.3 $ 20.9 $ 4,525.3 Three Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 279.3 $ 18.3 $ 290.0 $ — $ 587.6 Intersegment revenues 24.8 1.5 (26.3 ) — — Costs of product/services sold 226.1 0.1 240.5 — 466.7 Operations and maintenance expense 17.4 2.5 13.2 — 33.1 General and administrative expense — — — 18.3 18.3 Loss on long-lived assets (2.0 ) (0.1 ) — — (2.1 ) Earnings from unconsolidated affiliates, net 5.5 7.9 — — 13.4 Other income, net — — — 0.2 0.2 EBITDA $ 64.1 $ 25.0 $ 10.0 $ (18.1 ) $ 81.0 Nine Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,208.1 $ 24.7 $ 1,401.2 $ — $ 2,634.0 Intersegment revenues 94.3 4.7 (99.0 ) — — Costs of product/services sold 1,049.9 0.3 1,221.4 — 2,271.6 Operations and maintenance expense 51.8 3.4 48.2 — 103.4 General and administrative expense — — — 71.6 71.6 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 7.7 21.5 — — 29.2 Other income, net — — — 0.4 0.4 EBITDA $ 204.5 $ 47.2 $ 33.2 $ (74.2 ) $ 210.7 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,452.2 $ 1,049.9 $ 1,002.3 $ 20.9 $ 4,525.3 Nine Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 787.7 $ 131.5 $ 806.3 $ — $ 1,725.5 Intersegment revenues 75.9 3.0 (78.9 ) — — Costs of product/services sold 632.2 4.9 643.0 — 1,280.1 Operations and maintenance expense 56.1 18.2 45.6 — 119.9 General and administrative expense — — — 70.2 70.2 Loss on long-lived assets (2.0 ) (32.8 ) — — (34.8 ) Goodwill impairment (8.6 ) (13.7 ) (87.4 ) — (109.7 ) Earnings from unconsolidated affiliates, net 16.5 9.6 — — 26.1 Other income, net — — — 0.4 0.4 EBITDA $ 181.2 $ 74.5 $ (48.6 ) $ (69.8 ) $ 137.3 |
Crestwood Midstream Partners LP | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization | Below is a reconciliation of CMLP's net income (loss) to EBITDA ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income (loss) $ (29.8 ) $ 0.6 $ (53.1 ) $ (130.3 ) Add: Interest and debt expense, net 24.2 27.5 74.8 97.9 (Gain) loss on modification/extinguishment of debt — — 37.7 (10.0 ) Provision for income taxes 0.1 — — — Depreciation, amortization and accretion 50.9 53.2 153.5 185.2 EBITDA $ 45.4 $ 81.3 $ 212.9 $ 142.8 |
Summary Of Segment Information | Three Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 434.4 $ 6.2 $ 515.0 $ — $ 955.6 Intersegment revenues 29.9 1.2 (31.1 ) — — Costs of product/services sold 378.6 0.2 479.7 — 858.5 Operations and maintenance expense 16.2 1.0 18.3 — 35.5 General and administrative expense — — — 21.4 21.4 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 4.3 7.2 — — 11.5 EBITDA $ 69.9 $ 13.4 $ (13.5 ) $ (24.4 ) $ 45.4 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,643.7 $ 1,049.9 $ 1,002.3 $ 13.1 $ 4,709.0 Three Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 279.3 $ 18.3 $ 290.0 $ — $ 587.6 Intersegment revenues 24.8 1.5 (26.3 ) — — Costs of product/services sold 226.1 0.1 240.5 — 466.7 Operations and maintenance expense 17.4 3.0 13.2 — 33.6 General and administrative expense — — — 17.3 17.3 Loss on long-lived assets (2.0 ) (0.1 ) — — (2.1 ) Earnings from unconsolidated affiliates, net 5.5 7.9 — — 13.4 EBITDA $ 64.1 $ 24.5 $ 10.0 $ (17.3 ) $ 81.3 Nine Months Ended September 30, 2017 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,208.1 $ 24.7 $ 1,401.2 $ — $ 2,634.0 Intersegment revenues 94.3 4.7 (99.0 ) — — Costs of product/services sold 1,049.9 0.3 1,221.4 — 2,271.6 Operations and maintenance expense 51.8 3.4 48.2 — 103.4 General and administrative expense — — — 69.0 69.0 Gain (loss) on long-lived assets (3.9 ) — 0.6 (3.0 ) (6.3 ) Earnings from unconsolidated affiliates, net 7.7 21.5 — — 29.2 EBITDA $ 204.5 $ 47.2 $ 33.2 $ (72.0 ) $ 212.9 Goodwill $ 45.9 $ — $ 153.1 $ — $ 199.0 Total assets $ 2,643.7 $ 1,049.9 $ 1,002.3 $ 13.1 $ 4,709.0 Nine Months Ended September 30, 2016 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 787.7 $ 131.5 $ 806.3 $ — $ 1,725.5 Intersegment revenues 75.9 3.0 (78.9 ) — — Costs of product/services sold 632.2 4.9 643.0 — 1,280.1 Operations and maintenance expense 56.1 15.0 45.6 — 116.7 General and administrative expense — — — 67.5 67.5 Loss on long-lived assets (2.0 ) (32.8 ) — — (34.8 ) Goodwill impairment (8.6 ) (13.7 ) (87.4 ) — (109.7 ) Earnings from unconsolidated affiliates, net 16.5 9.6 — — 26.1 EBITDA $ 181.2 $ 77.7 $ (48.6 ) $ (67.5 ) $ 142.8 |
Condensed Consolidating Finan32
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.1 $ — $ — $ — $ 1.1 Accounts receivable — 341.0 3.7 — 344.7 Inventory — 92.9 — — 92.9 Other current assets — 13.0 — — 13.0 Total current assets 1.1 446.9 3.7 — 451.7 Property, plant and equipment, net — 2,242.2 — — 2,242.2 Goodwill and intangible assets, net — 814.0 — — 814.0 Investment in consolidated affiliates 4,025.8 — — (4,025.8 ) — Investment in unconsolidated affiliates — — 1,198.5 — 1,198.5 Other assets — 2.6 — — 2.6 Total assets $ 4,026.9 $ 3,505.7 $ 1,202.2 $ (4,025.8 ) $ 4,709.0 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 310.0 $ — $ — $ 310.0 Other current liabilities 39.9 125.4 — — 165.3 Total current liabilities 39.9 435.4 — — 475.3 Long-term liabilities: Long-term debt, less current portion 1,614.6 0.8 — — 1,615.4 Other long-term liabilities — 45.3 — — 45.3 Deferred income taxes — 0.7 — — 0.7 Partners' capital 2,372.4 3,023.5 1,002.3 (4,025.8 ) 2,372.4 Interest of non-controlling partners in subsidiaries — — 199.9 — 199.9 Total partners' capital 2,372.4 3,023.5 1,202.2 (4,025.8 ) 2,572.3 Total liabilities and partners' capital $ 4,026.9 $ 3,505.7 $ 1,202.2 $ (4,025.8 ) $ 4,709.0 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 1.3 $ — $ — $ — $ 1.3 Accounts receivable — 289.3 0.5 — 289.8 Inventory — 66.0 — — 66.0 Other current assets — 16.0 — — 16.0 Total current assets 1.3 371.3 0.5 — 373.1 Property, plant and equipment, net — 2,298.4 — — 2,298.4 Goodwill and intangible assets, net — 851.9 — — 851.9 Investment in consolidated affiliates 4,093.7 — — (4,093.7 ) — Investment in unconsolidated affiliates — — 1,115.4 — 1,115.4 Other assets — 1.8 — — 1.8 Total assets $ 4,095.0 $ 3,523.4 $ 1,115.9 $ (4,093.7 ) $ 4,640.6 Liabilities and partners' capital Current liabilities: Accounts payable $ — $ 214.5 $ — $ — $ 214.5 Other current liabilities 23.1 94.4 — — 117.5 Total current liabilities 23.1 308.9 — — 332.0 Long-term liabilities: Long-term debt, less current portion 1,521.2 1.5 — — 1,522.7 Other long-term liabilities — 42.0 — — 42.0 Deferred income taxes — 0.7 — — 0.7 Partners' capital 2,550.7 3,170.3 923.4 (4,093.7 ) 2,550.7 Interest of non-controlling partners in subsidiaries — — 192.5 — 192.5 Total partners' capital 2,550.7 3,170.3 1,115.9 (4,093.7 ) 2,743.2 Total liabilities and partners' capital $ 4,095.0 $ 3,523.4 $ 1,115.9 $ (4,093.7 ) $ 4,640.6 |
Condensed Income Statement | Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,725.5 $ — $ — $ 1,725.5 Costs of product/services sold — 1,280.1 — — 1,280.1 Expenses: Operations and maintenance — 116.7 — — 116.7 General and administrative 54.2 13.3 — — 67.5 Depreciation, amortization and accretion — 185.2 — — 185.2 54.2 315.2 — — 369.4 Other operating expense: Loss on long-lived assets, net — (34.8 ) — — (34.8 ) Goodwill Impairment — (109.7 ) — — (109.7 ) Operating loss (54.2 ) (14.3 ) — — (68.5 ) Earnings from unconsolidated affiliates, net — — 26.1 — 26.1 Interest and debt expense, net (97.9 ) — — — (97.9 ) Gain on modification/extinguishment of debt 10.0 — — — 10.0 Equity in net income (loss) of subsidiaries (6.2 ) — — 6.2 — Net income (loss) (148.3 ) (14.3 ) 26.1 6.2 (130.3 ) Net income attributable to non-controlling partners in subsidiaries — — 18.0 — 18.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ (148.3 ) $ (14.3 ) $ 8.1 $ 6.2 $ (148.3 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 955.6 $ — $ — $ 955.6 Costs of product/services sold — 858.5 — — 858.5 Expenses: Operations and maintenance — 35.5 — — 35.5 General and administrative 15.2 6.2 — — 21.4 Depreciation, amortization and accretion — 50.9 — — 50.9 15.2 92.6 — — 107.8 Other operating expense: Loss on long-lived assets, net — (6.3 ) — — (6.3 ) Operating loss (15.2 ) (1.8 ) — — (17.0 ) Earnings from unconsolidated affiliates, net — — 11.5 — 11.5 Interest and debt expense, net (24.2 ) — — — (24.2 ) Equity in net income (loss) of subsidiaries 3.2 — — (3.2 ) — Income (loss) before income taxes (36.2 ) (1.8 ) 11.5 (3.2 ) (29.7 ) Provision for income taxes — (0.1 ) — — (0.1 ) Net income (loss) (36.2 ) (1.9 ) 11.5 (3.2 ) (29.8 ) Net income attributable to non-controlling partners in subsidiaries — — 6.4 — 6.4 Net income (loss) attributable to Crestwood Midstream Partners LP $ (36.2 ) $ (1.9 ) $ 5.1 $ (3.2 ) $ (36.2 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 587.6 $ — $ — $ 587.6 Costs of product/services sold — 466.7 — — 466.7 Expenses: Operations and maintenance — 33.6 — — 33.6 General and administrative 13.3 4.0 — — 17.3 Depreciation, amortization and accretion — 53.2 — — 53.2 13.3 90.8 — — 104.1 Other operating expense: Loss on long-lived assets, net — (2.1 ) — — (2.1 ) Operating income (loss) (13.3 ) 28.0 — — 14.7 Earnings from unconsolidated affiliates, net — — 13.4 — 13.4 Interest and debt expense, net (27.5 ) — — — (27.5 ) Equity in net income (loss) of subsidiaries 35.3 — — (35.3 ) — Net income (loss) (5.5 ) 28.0 13.4 (35.3 ) 0.6 Net income attributable to non-controlling partners in subsidiaries — — 6.1 — 6.1 Net income (loss) attributable to Crestwood Midstream Partners LP (5.5 ) 28.0 7.3 (35.3 ) (5.5 ) Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Nine Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 2,634.0 $ — $ — $ 2,634.0 Costs of product/services sold — 2,271.6 — — 2,271.6 Expenses: Operations and maintenance — 103.4 — — 103.4 General and administrative 50.1 18.9 — — 69.0 Depreciation, amortization and accretion — 153.5 — — 153.5 50.1 275.8 — — 325.9 Other operating expense: Loss on long-lived assets, net — (6.3 ) — — (6.3 ) Operating income (loss) (50.1 ) 80.3 — — 30.2 Earnings from unconsolidated affiliates, net — — 29.2 — 29.2 Interest and debt expense, net (74.8 ) — — — (74.8 ) Loss on modification/extinguishment of debt (37.7 ) — — — (37.7 ) Equity in net income (loss) of subsidiaries 90.7 — — (90.7 ) — Net income (loss) (71.9 ) 80.3 29.2 (90.7 ) (53.1 ) Net income attributable to non-controlling partners in subsidiaries — — 18.8 — 18.8 Net income (loss) attributable to Crestwood Midstream Partners LP $ (71.9 ) $ 80.3 $ 10.4 $ (90.7 ) $ (71.9 ) |
Condensed Cash Flow Statement | Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (102.6 ) $ 312.0 $ 23.5 $ — $ 232.9 Cash flows from investing activities: Purchases of property, plant and equipment (5.8 ) (128.6 ) — — (134.4 ) Investment in unconsolidated affiliates — — (46.5 ) — (46.5 ) Capital distributions from unconsolidated affiliates — — 35.3 — 35.3 Net proceeds from sale of assets — 1.3 — — 1.3 Capital distributions from consolidated affiliates 0.9 — — (0.9 ) — Net cash used in investing activities (4.9 ) (127.3 ) (11.2 ) (0.9 ) (144.3 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,209.8 — — — 2,209.8 Payments on long-term debt (2,157.9 ) (1.3 ) — — (2,159.2 ) Payments on capital leases — (2.2 ) — — (2.2 ) Payments for debt-related deferred costs (1.0 ) — — — (1.0 ) Distributions paid (119.5 ) — (11.4 ) — (130.9 ) Distributions to parent — — (0.9 ) 0.9 — Taxes paid for unit-based compensation vesting — (5.3 ) — — (5.3 ) Change in intercompany balances 175.9 (175.9 ) — — — Net cash provided by (used in) financing activities 107.3 (184.7 ) (12.3 ) 0.9 (88.8 ) Net change in cash (0.2 ) — — — (0.2 ) Cash at beginning of period 1.3 — — — 1.3 Cash at end of period $ 1.1 $ — $ — $ — $ 1.1 Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Nine Months Ended September 30, 2016 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (140.4 ) $ 371.3 $ 19.9 $ — $ 250.8 Cash flows from investing activities: Purchases of property, plant and equipment (1.6 ) (77.7 ) — — (79.3 ) Investment in unconsolidated affiliates — — (6.2 ) — (6.2 ) Capital distributions from unconsolidated affiliates — — 9.2 — 9.2 Net proceeds from sale of assets — 943.1 — — 943.1 Capital distributions from consolidated affiliates 11.5 — — (11.5 ) — Net cash provided by (used in) investing activities 9.9 865.4 3.0 (11.5 ) 866.8 Cash flows from financing activities: Proceeds from the issuance of long-term debt 1,364.0 — — — 1,364.0 Payments on long-term debt (2,278.4 ) (0.8 ) — — (2,279.2 ) Payments on capital leases — (1.5 ) — — (1.5 ) Payments for debt-related deferred costs (3.4 ) — — — (3.4 ) Distributions paid (185.0 ) — (11.4 ) — (196.4 ) Distributions to parent — — (11.5 ) 11.5 — Taxes paid for unit-based compensation vesting — (0.8 ) — — (0.8 ) Change in intercompany balances 1,233.7 (1,233.7 ) — — — Other — 0.1 — — 0.1 Net cash provided by (used in) financing activities 130.9 (1,236.7 ) (22.9 ) 11.5 (1,117.2 ) Net change in cash 0.4 — — — 0.4 Cash at beginning of period 0.1 — — — 0.1 Cash at end of period $ 0.5 $ — $ — $ — $ 0.5 |
Basis of Presentation and Sum33
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Net proceeds from sale of assets | $ 945 | $ 1.3 | $ 943.1 | ||||
Deferred finance costs, net | $ 30.2 | 30.2 | $ 34 | ||||
Goodwill [Roll Forward] | |||||||
Goodwill at December 31, 2015 | 199 | ||||||
Goodwill impairment | 0 | $ 0 | 0 | 109.7 | |||
Goodwill at September 30, 2016 | 199 | 199 | 199 | ||||
Marcellus | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill impairment | 8.6 | ||||||
COLT | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill impairment | 13.7 | ||||||
Supply and Logistics | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill impairment | 65.5 | ||||||
Storage and Terminals | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill impairment | 14.1 | ||||||
Trucking | |||||||
Goodwill [Roll Forward] | |||||||
Goodwill impairment | 7.8 | ||||||
Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
New Accounting Pronouncement, change in balance sheet classification | 60 | 60 | |||||
New Accounting Pronouncement, effect of adoption | 15 | ||||||
Discount rate | 10.00% | ||||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
New Accounting Pronouncement, change in balance sheet classification | 70 | 70 | |||||
New Accounting Pronouncement, effect of adoption | 25 | ||||||
Discount rate | 19.00% | ||||||
Crestwood Midstream Partners LP | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Net proceeds from sale of assets | 1.3 | 943.1 | |||||
Goodwill [Roll Forward] | |||||||
Goodwill at December 31, 2015 | 199 | ||||||
Goodwill impairment | 0 | $ 0 | 0 | $ 109.7 | |||
Goodwill at September 30, 2016 | $ 199 | $ 199 | $ 199 | ||||
Performance Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Units outstanding | 404,847 | 404,847 | |||||
Goodwill [Roll Forward] | |||||||
Share-based compensation | $ 0.9 | $ 2.9 | |||||
Crestwood LTIP | Performance Shares | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Compensation cost not yet recognized | $ 7.6 | $ 7.6 |
Certain Balance Sheet Informa34
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | $ 40.6 | $ 46.9 |
Accrued property taxes | 6.3 | 4.2 |
Accrued product purchases payable | 0.7 | 4.9 |
Tax payable | 0 | 1.2 |
Interest payable | 39.7 | 22.8 |
Accrued additions to property, plant and equipment | 16.6 | 1.7 |
Capital leases | 1.1 | 1.3 |
Deferred revenue | 7.5 | 7.5 |
Total accrued expenses and other liabilities | 112.5 | 90.5 |
Crestwood Midstream Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 39.9 | 45.5 |
Accrued property taxes | 6.3 | 4.2 |
Accrued product purchases payable | 0.7 | 4.9 |
Tax payable | 0 | 0 |
Interest payable | 39.7 | 22.8 |
Accrued additions to property, plant and equipment | 16.6 | 1.7 |
Capital leases | 1.1 | 1.3 |
Deferred revenue | 7.5 | 7.5 |
Total accrued expenses and other liabilities | $ 111.8 | $ 87.9 |
Investments in Unconsolidated35
Investments in Unconsolidated Affiliates Net Investments In and Earnings (Loss) from Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net proceeds from sale of assets | $ 945 | $ 1.3 | $ 943.1 | |||
Proceeds from equity method investments | 62 | 31.4 | ||||
Investment | $ 1,198.5 | 1,198.5 | $ 1,115.4 | |||
Earnings from unconsolidated affiliates, net | 11.5 | $ 13.4 | 29.2 | 26.1 | ||
Goodwill impairment | 0 | 0 | 0 | 109.7 | ||
Stagecoach Gas Services LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net proceeds from sale of assets | 3 | |||||
Proceeds from equity method investments | 35.7 | 3.7 | ||||
Investment | 854.3 | 854.3 | 871 | |||
Earnings from unconsolidated affiliates, net | 6.4 | 6.8 | 19 | 9.1 | ||
Difference between carrying amount and underlying equity | 51.4 | 51.4 | ||||
Jackalope Gas Gathering Services, L.L.C. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investments | 19.4 | 19.9 | ||||
Investment | 186.2 | 186.2 | 197.2 | |||
Earnings from unconsolidated affiliates, net | 1.5 | 5.5 | 5.5 | 16.5 | ||
Difference between carrying amount and underlying equity | 0.8 | 0.8 | ||||
Tres Palacios Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investments | 5.8 | 6.2 | ||||
Investment | 34.7 | 34.7 | 39 | |||
Earnings from unconsolidated affiliates, net | 0.3 | 0.8 | 1.5 | (0.7) | ||
Difference between carrying amount and underlying equity | 26.9 | 26.9 | ||||
Powder River Basin Industrial Complex, LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investments | 1.1 | 1.6 | ||||
Investment | 8.6 | 8.6 | 8.7 | |||
Earnings from unconsolidated affiliates, net | 0.5 | 0.3 | 1 | 1.2 | ||
Difference between carrying amount and underlying equity | 6.5 | 6.5 | ||||
Goodwill impairment | 41.3 | |||||
Equity method investment, excess basis difference adjustment | 8.3 | |||||
Crestwood Permian Basin Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from equity method investments | 0 | 0 | ||||
Investment | 114.7 | 114.7 | $ (0.5) | |||
Earnings from unconsolidated affiliates, net | 2.8 | $ 0 | 2.2 | $ 0 | ||
Difference between carrying amount and underlying equity | $ 22 | $ 22 |
Investments in Unconsolidated36
Investments in Unconsolidated Affiliates Distributions and Contributions (Details) - USD ($) $ in Millions | Jun. 21, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 62 | $ 31.4 | ||
Payments to acquire equity method investments | 46.5 | 6.2 | ||
Payments to acquire equity method investment, cash and non cash | 115.9 | |||
Contribution of property | $ 69.4 | |||
Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 35.7 | 3.7 | ||
Payments to acquire equity method investments | 0 | 0 | ||
Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 0 | 0 | ||
Payments to acquire equity method investments | 0 | |||
Payments to acquire equity method investment, cash and non cash | 113 | |||
Jackalope Gas Gathering Services, L.L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 19.4 | 19.9 | ||
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 5.8 | 6.2 | ||
Payments to acquire equity method investments | 0 | 5.5 | ||
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 1.1 | 1.6 | ||
Payments to acquire equity method investments | 0 | 0 | ||
Crestwood New Mexico Pipeline LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest | 100.00% | |||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, L.L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire equity method investments | $ 2.9 | $ 0.7 | ||
Subsequent Event | Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 11.6 | |||
Subsequent Event | Crestwood Permian Basin Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | 4.5 | |||
Subsequent Event | Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from equity method investments | $ 3.1 |
Investments in Unconsolidated37
Investments in Unconsolidated Affiliates Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | $ 121.4 | $ 72.9 | $ 251.7 | $ 146.3 |
Operating Expenses | 86.8 | 36.8 | 162.1 | 84.7 |
Net Income | 34.6 | 36.1 | 89.6 | 61.5 |
Jackalope Gas Gathering Services, L.L.C. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amortization | 0.1 | 0.1 | 0.1 | 0.1 |
Stagecoach Gas Services LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | 43.1 | 42.8 | 127.1 | 56 |
Operating Expenses | 20.4 | 18.4 | 58.4 | 24.1 |
Net Income | 22.7 | 24.4 | 68.8 | 31.9 |
Other Equity Method Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating Revenues | 78.3 | 30.1 | 124.6 | 90.3 |
Operating Expenses | 66.4 | 18.4 | 103.7 | 60.6 |
Net Income | 11.9 | 11.7 | 20.8 | 29.6 |
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amortization | 0.9 | 0.3 | 0.3 | |
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amortization | $ 0.2 | $ 0.4 | $ 0.5 | $ 1.2 |
Investments in Unconsolidated38
Investments in Unconsolidated Affiliates Narrative (Details) $ in Millions | Jun. 21, 2017USD ($) | Oct. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($)amiles | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)amiles | Sep. 30, 2016USD ($) | Aug. 01, 2017 | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of assets | $ 945 | $ 1.3 | $ 943.1 | ||||||
Investments in unconsolidated affiliates | $ 1,198.5 | 1,198.5 | $ 1,115.4 | ||||||
Contribution of property | $ 69.4 | ||||||||
Estimated cost to build | 180 | ||||||||
Payments to Acquire Property, Plant, and Equipment | $ 134.4 | $ 79.3 | |||||||
Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | miles | 60 | 60 | |||||||
Receipt point meters | 20 | 20 | |||||||
Jackalope Gas Gathering Services, L.L.C. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | $ 186.2 | $ 186.2 | 197.2 | ||||||
Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | 34.7 | 34.7 | 39 | ||||||
Powder River Basin Industrial Complex, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | 8.6 | 8.6 | 8.7 | ||||||
Crestwood Permian Basin Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates | 114.7 | 114.7 | (0.5) | ||||||
Stagecoach Gas Services LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | 50.00% | |||||||
Net proceeds from sale of assets | $ 3 | ||||||||
Contingent consideration, current liability | 57 | 57 | |||||||
Investments in unconsolidated affiliates | 854.3 | $ 854.3 | 871 | ||||||
Deconsolidation, gain (loss), amount | 32.9 | ||||||||
Crestwood Permian Basin LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity interest | 100.00% | ||||||||
Crestwood Equity Partners LP | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 10 | $ 8.3 | $ 25.7 | 15.3 | |||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | 50.00% | |||||||
Crestwood New Mexico Pipeline LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity interest | 100.00% | ||||||||
Crestwood Midstream Partners LP | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of assets | $ 1.3 | 943.1 | |||||||
Investments in unconsolidated affiliates | $ 1,198.5 | 1,198.5 | $ 1,115.4 | ||||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 10 | $ 8.3 | 25.7 | 15.3 | |||||
Payments to Acquire Property, Plant, and Equipment | $ 134.4 | $ 79.3 | |||||||
SWEPI LP | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Area of Land | a | 100,000 | 100,000 | |||||||
Gas gathering capacity | 250 | 250 | |||||||
Horsepower of compression | 10,800 | 10,800 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 72.7 | ||||||||
SWEPI LP | Crestwood Permian Basin LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 50.00% | ||||||||
First Reserve Management, L.P. | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Capital commitment to acquire equity method investment | $ 151 | ||||||||
Subsequent Event | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Net proceeds from sale of assets | $ 37.9 | ||||||||
Low Pressure Gathering Lines | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | miles | 194 | 194 | |||||||
High Pressure Trunklines | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | miles | 36 | 36 | |||||||
High Pressure Header System [Member] | Crestwood Permian Basin Holdings | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | miles | 24 | 24 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) - bbl bbl in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Propane Crude And Heating Oil | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 19.7 | 13.1 |
Propane Crude And Heating Oil | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 22.7 | 15.1 |
Natural Gas [Member] | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0.9 | 0 |
Natural Gas [Member] | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0.6 | 0 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Collateral posted for commodity derivative instruments | $ 5.7 | $ 5.7 | $ 4.3 | ||
Commodity contract | |||||
Derivative [Line Items] | |||||
Gain (loss) on derivative instruments not designated as hedging | 24.1 | $ 2.1 | 22.6 | $ 4.1 | |
Collateral posted for commodity derivative instruments | 0.1 | 0.1 | |||
Commodity contract with credit contingent features | |||||
Derivative [Line Items] | |||||
Aggregate fair value of commodity derivative instruments | 30.1 | 30.1 | 13.9 | ||
NYMEX Derivative Liability | |||||
Derivative [Line Items] | |||||
Aggregate fair value of commodity derivative instruments | 14.3 | ||||
Derivative Asset | 30.7 | 30.7 | |||
NYMEX Margin Deposit | |||||
Derivative [Line Items] | |||||
NYMEX margin deposits | $ 25.2 | $ 25.2 | $ 4.2 | ||
ERROR in label resolution. | Maximum | |||||
Derivative [Line Items] | |||||
Remaining maturity | 35 months | ||||
Percent of contracts expiring in the next twelve months | 87.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - Crestwood Midstream Partners LP - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Senior Notes, 2020 | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 0 | $ 340.6 |
Fair value | 0 | 350.2 |
Senior Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 0 | 429.3 |
Fair value | 0 | 447.3 |
Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 691.7 | 690.6 |
Fair value | 724.7 | 722.6 |
Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 492.1 | 0 |
Fair value | $ 511.5 | $ 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, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 128 | $ 85 |
SPH units | 3.7 | 4.3 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 131.7 | 89.3 |
Netting agreements | (94.2) | (67.8) |
Derivative Asset, Fair Value of Collateral | (26) | (10.9) |
Assets from price risk management, total | 7.8 | 6.3 |
Total assets at fair value | 11.5 | 10.6 |
Liabilities from price risk management | 141.9 | 92.9 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 141.9 | 92.9 |
Netting agreements | (94.2) | (67.8) |
Derivative Liability, Fair Value of Collateral | 4.9 | 3.5 |
Liabilities from price risk management, total | 52.6 | 28.6 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 0.9 | 0.6 |
SPH units | 3.7 | 4.3 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 4.6 | 4.9 |
Liabilities from price risk management | 1.6 | 2.7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 1.6 | 2.7 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 127.1 | 84.4 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 127.1 | 84.4 |
Liabilities from price risk management | 140.3 | 90.2 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 140.3 | 90.2 |
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 |
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, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Deferred finance costs, net | $ 30.2 | $ 34 |
Total debt | 1,616.3 | 1,523.7 |
Less: current portion | 0.9 | 1 |
Total long-term debt, less current portion | 1,615.4 | 1,522.7 |
Senior Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Deferred finance costs, net | 6.8 | |
Senior Notes | Senior Notes, 2020 | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 338.8 |
Senior Notes | Senior Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 436.4 |
Senior Notes | Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 700 | 700 |
Senior Notes | Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | 500 | 0 |
Fair value adjustment of 2020 Senior Notes | Senior Notes, 2020 | ||
Debt Instrument [Line Items] | ||
Fair value adjustment | 0 | 1.8 |
Other | ||
Debt Instrument [Line Items] | ||
Other | 2.4 | 3.7 |
Revolving Credit Facility | Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 444.1 | 77 |
Crestwood Midstream Partners LP | ||
Debt Instrument [Line Items] | ||
Less: current portion | 0.9 | 1 |
Total long-term debt, less current portion | 1,615.4 | 1,522.7 |
Crestwood Midstream Partners LP | Senior Notes, 2020 | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 340.6 |
Crestwood Midstream Partners LP | Senior Notes, 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 429.3 |
Crestwood Midstream Partners LP | Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Senior notes | 691.7 | 690.6 |
Crestwood Midstream Partners LP | Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 492.1 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Senior Secured Leverage Ratio | 1.11 | 1.11 | ||||
Repayments of Senior Debt | $ 312.9 | |||||
Gains (Losses) on Extinguishment of Debt | 10 | $ 0 | $ 0 | $ 37.7 | $ (10) | |
Deferred finance costs, net | $ 30.2 | 30.2 | $ 34 | |||
Repayments of Long-term Debt | $ 2,159.2 | 2,279.4 | ||||
Senior Secured Leverage Ratio, maximum | 3.75 | 3.75 | ||||
Crestwood Midstream Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Additional Potential Capacity | $ 350 | $ 350 | ||||
Senior Notes, 2025 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 500 | $ 500 | 0 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||
Crestwood Midstream Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated Leverage Ratio Maximum | 5.50 | |||||
Crestwood Midstream Revolver | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 63.6 | $ 63.6 | 64 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 548.7 | 548.7 | ||||
Credit agreement outstanding carrying value | $ 444.1 | $ 444.1 | $ 77 | |||
Total Funded Debt to Consolidated Ebitda | 4.13 | |||||
Consolidated Ebitda To Consolidated Interest Expense | 4.08 | |||||
Debt, Weighted Average Interest Rate | 3.50% | 3.50% | 3.23% | |||
Interest Coverage Ratio Minimum | 2.50 | |||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 3.49% | 3.49% | 3.21% | |||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 5.50% | 5.50% | 5.25% | |||
Senior Notes, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Senior Debt | $ 349.9 | |||||
Extinguishment of Debt, Amount | 161.2 | |||||
Senior Notes, 2020 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Paid | 5.1 | |||||
Senior notes | $ 0 | 0 | $ 338.8 | |||
Senior Notes, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Senior Debt | 457.8 | |||||
Extinguishment of Debt, Amount | $ 163.6 | |||||
Deferred finance costs, net | 6.8 | 6.8 | ||||
Senior Notes, 2022 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Paid | 1 | |||||
Senior notes | 0 | 0 | 436.4 | |||
Senior Notes, 2023 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 700 | 700 | 700 | |||
Crestwood Midstream Partners LP | Senior Notes, 2025 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from Issuance of Debt | 492 | |||||
Crestwood Midstream Partners LP | ||||||
Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | 0 | $ 0 | 37.7 | (10) | ||
Repayments of Long-term Debt | 2,159.2 | $ 2,279.2 | ||||
Crestwood Midstream Partners LP | Senior Notes, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 492.1 | 492.1 | 0 | |||
Crestwood Midstream Partners LP | Senior Notes, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 0 | 0 | 340.6 | |||
Crestwood Midstream Partners LP | Senior Notes, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 0 | 0 | 429.3 | |||
Crestwood Midstream Partners LP | Senior Notes, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | $ 691.7 | $ 691.7 | $ 690.6 |
Earnings Per Limited Partner 45
Earnings Per Limited Partner Unit (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Preferred Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Units excluded from dilutive earnings per share | 7,125,744 | 6,502,907 | 6,968,210 | 6,358,626 |
Preferred Units | Crestwood Niobrara LLC | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Units excluded from dilutive earnings per share | 7,277,340 | 8,669,633 | 7,277,340 | 8,669,633 |
Subordinated Units | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Units excluded from dilutive earnings per share | 438,789 | 438,789 | 438,789 | 438,789 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distriubtions) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 14, 2017 | Aug. 07, 2017 | May 15, 2017 | May 08, 2017 | Feb. 14, 2017 | Feb. 07, 2017 | May 13, 2016 | May 06, 2016 | Feb. 12, 2016 | Feb. 05, 2016 | Aug. 14, 2015 | Aug. 07, 2015 | Sep. 30, 2017 | Sep. 30, 2016 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 7, 2017 | May 8, 2017 | Feb. 7, 2017 | May 6, 2016 | Feb. 5, 2016 | Aug. 5, 2016 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | May 13, 2016 | Feb. 12, 2016 | Aug. 12, 2016 | ||||||||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.60 | $ 0.60 | $ 0.6 | $ 0.60 | $ 1.375 | $ 0.60 | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 41.8 | $ 41.8 | $ 41.8 | $ 41.4 | $ 95.6 | $ 41.4 | $ 125.4 | $ 178.4 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Distribution Made to Limited Partner [Line Items] | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 11.4 | $ 11.4 | ||
Net income attributable to non-controlling partners in subsidiaries | $ (6.4) | $ (6.1) | (18.8) | (18) |
Crestwood Midstream Partners LP | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Net income attributable to non-controlling partners in subsidiaries | (6.4) | (6.1) | (18.8) | (18) |
Crestwood Niobrara LLC | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | 11.4 | 11.4 | ||
Net income attributable to non-controlling partners in subsidiaries | $ 6.4 | $ 6.1 | $ 18.8 | $ 18 |
Partners' Capital Schedule of U
Partners' Capital Schedule of Unit Issuances and Net Proceeds (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Statement of Partners' Capital [Abstract] | ||
Payments of Stock Issuance Costs | $ 0.2 | $ 0.2 |
Equity Offering Program Authorized Amount | $ 250 | |
Partners' Capital Account, Units, Sold in Public Offering | 437,518 | |
Proceeds from Issuance or Sale of Equity | $ 10.6 | |
Equity Distribution Program Management Fee Percentage | 2.00% |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 14, 2017 | Nov. 07, 2017 | Oct. 19, 2017 | Aug. 14, 2017 | Aug. 07, 2017 | May 15, 2017 | May 08, 2017 | Feb. 14, 2017 | Feb. 07, 2017 | May 13, 2016 | May 06, 2016 | Feb. 12, 2016 | Feb. 05, 2016 | Aug. 14, 2015 | Aug. 07, 2015 | Oct. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 14, 2017 | May 15, 2017 | Feb. 14, 2017 | May 13, 2016 | Feb. 12, 2016 | Aug. 12, 2016 | |||||||||||||||
Distribution Made to Limited Partner, Date of Record | Aug. 7, 2017 | May 8, 2017 | Feb. 7, 2017 | May 6, 2016 | Feb. 5, 2016 | Aug. 5, 2016 | |||||||||||||||
Incentive Distribution, Distribution | $ 125.4 | $ 178.4 | |||||||||||||||||||
Preferred Stock Dividends, Shares | 4,724,030 | 4,311,143 | |||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (6.4) | $ (6.1) | $ (18.8) | $ (18) | |||||||||||||||||
Dividends, Paid-in-kind | 43.1 | 39.3 | |||||||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 11.4 | 11.4 | |||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 41.8 | $ 41.8 | $ 41.8 | $ 41.4 | $ 95.6 | $ 41.4 | $ 125.4 | 178.4 | |||||||||||||
Preferred Units, Issued | 71,257,445 | 71,257,445 | 66,533,415 | ||||||||||||||||||
Crestwood Midstream Partners LP | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (6.4) | (6.1) | $ (18.8) | (18) | |||||||||||||||||
Partners' Capital Account, Distributions | 130.9 | 196.4 | |||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | 119.5 | 185 | |||||||||||||||||||
Crestwood Niobrara LLC | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 6.4 | $ 6.1 | 18.8 | 18 | |||||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 11.4 | $ 11.4 | |||||||||||||||||||
Non-Controlling Partners | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (18.8) | ||||||||||||||||||||
Partners' Capital Account, Distributions | 11.4 | ||||||||||||||||||||
Non-Controlling Partners | Crestwood Midstream Partners LP | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Partners' Capital Account, Distributions | $ 11.4 | ||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distribution Date | Nov. 14, 2017 | ||||||||||||||||||||
Distribution Made to Limited Partner, Date of Record | Nov. 7, 2017 | ||||||||||||||||||||
Subsequent Event | Crestwood Niobrara LLC | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3.8 | ||||||||||||||||||||
Cash Distribution | Subsequent Event | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.6 | ||||||||||||||||||||
Preferred Partner | Subsequent Event | |||||||||||||||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||||||||||||||
Partners' Capital Account, Distributions | $ 15 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | $ 15.8 | $ 15.6 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 10.6 | |
Accrued property taxes | 6.3 | 4.2 |
Loss Contingency Accrual, at Carrying Value | 0.1 | |
Crestwood Midstream Partners LP | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | 12.9 | 12.2 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 8 | |
Accrued property taxes | $ 6.3 | $ 4.2 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Compliance (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Dec. 31, 2014Release | Dec. 31, 2016USD ($)bbl | Sep. 15, 2015USD ($) | May 06, 2015bbl | |
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 | $ 2.7 | $ 2.1 | |||
Maximum | |||||
Site Contingency [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 1.1 | ||||
Maximum | Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | 4.2 | ||||
Minimum | Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | $ 2.7 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues at CEQP and CMLP | $ 0.5 | $ 0.7 | $ 1.4 | $ 2.1 | |
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 6.6 | 1.8 | 16.4 | 3.5 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Related party receivables | 9.8 | 9.8 | $ 5.6 | ||
Gathering and processing revenues at CEQP and CMLP | 0.5 | 0.7 | 1.4 | 2.1 | |
Gathering and processing costs of product/services sold at CEQP and CMLP(1) | 3.7 | 5 | 11.8 | 13.7 | |
General and administrative expenses charged by CEQP to CMLP, net(3) | 4.4 | 2.7 | 14.8 | 9.6 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts payable at CEQP | 9.7 | 9.7 | 2.5 | ||
Crestwood Equity Partners LP | |||||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Related Party Transaction, (Income) Expenses from Transactions with Related Party | (0.2) | (0.5) | (0.4) | (0.6) | |
Crestwood Midstream Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues at CEQP and CMLP | 0.5 | 0.7 | 1.4 | 2.1 | |
Crestwood Midstream Partners LP | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses charged by CEQP to CMLP, net(3) | 0.8 | 0.8 | 2.3 | 2.3 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts payable at CEQP | 7.2 | 7.2 | $ 0 | ||
Crestwood LTIP | Crestwood Midstream Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Allocated Share-based Compensation Expense | 5.2 | 3.5 | 17.1 | 11.9 | |
Crestwood LTIP | Crestwood Holdings | |||||
Related Party Transaction [Line Items] | |||||
Allocated Share-based Compensation Expense | 1.1 | 0.6 | 1.9 | 1.5 | |
Stagecoach Gas Services LLC | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 2 | 1 | 6.5 | 1.3 | |
Tres Palacios Holdings LLC | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 0.8 | $ 0.8 | 2.6 | $ 2.2 | |
Crestwood Permian Basin Holdings LLC | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 3.7 | 7 | |||
Jackalope Gas Gathering Services, L.L.C. | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | $ 0.1 | $ 0.3 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Number of Operating Segments | segment | 3 | ||||
Net income (loss) | $ (27.9) | $ 3 | $ (47) | $ (127.8) | |
Interest and debt expense, net | 24.2 | 27.5 | 74.8 | 97.9 | |
Gains (Losses) on Extinguishment of Debt | $ 10 | 0 | 0 | 37.7 | (10) |
Benefit for income taxes | 0.1 | 0.2 | 0 | 0.2 | |
Depreciation, amortization and accretion | 48.1 | 50.3 | 145.2 | 177 | |
EBITDA | 44.5 | 81 | 210.7 | 137.3 | |
Crestwood Midstream Partners LP | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Net income (loss) | (29.8) | 0.6 | (53.1) | (130.3) | |
Interest and debt expense, net | 24.2 | 27.5 | 74.8 | 97.9 | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 37.7 | (10) | |
Benefit for income taxes | 0.1 | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 50.9 | 53.2 | 153.5 | 185.2 | |
EBITDA | $ 45.4 | $ 81.3 | $ 212.9 | $ 142.8 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Net income (loss) | $ (27.9) | $ 3 | $ (47) | $ (127.8) | ||
Interest and debt expense, net | 24.2 | 27.5 | 74.8 | 97.9 | ||
Gains (Losses) on Extinguishment of Debt | $ 10 | 0 | 0 | $ 37.7 | (10) | |
Number of Operating Segments | segment | 3 | |||||
Benefit for income taxes | 0.1 | 0.2 | $ 0 | 0.2 | ||
Depreciation, amortization and accretion | 48.1 | 50.3 | 145.2 | 177 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 955.6 | 587.6 | 2,634 | 1,725.5 | ||
Intersegment Revenues | 0 | 0 | 0 | 0 | ||
Costs of product/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 | ||
Operations and maintenance | 35.5 | 33.1 | 103.4 | 119.9 | ||
General and administrative | 22.5 | 18.3 | 71.6 | 70.2 | ||
Gain (loss) on long-lived assets | (6.3) | (2.1) | (6.3) | (34.8) | ||
Goodwill impairment | 0 | 0 | 0 | (109.7) | ||
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 | ||
Other income, net | 0.2 | 0.2 | 0.4 | 0.4 | ||
EBITDA | 44.5 | 81 | 210.7 | 137.3 | ||
Goodwill | 199 | 199 | $ 199 | |||
Total assets | 4,525.3 | 4,525.3 | 4,448.9 | |||
Gathering and Processing Operations | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 434.4 | 279.3 | 1,208.1 | 787.7 | ||
Intersegment Revenues | 29.9 | 24.8 | 94.3 | 75.9 | ||
Costs of product/services sold | 378.6 | 226.1 | 1,049.9 | 632.2 | ||
Operations and maintenance | 16.2 | 17.4 | 51.8 | 56.1 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | (3.9) | (2) | (3.9) | (2) | ||
Goodwill impairment | (8.6) | |||||
Earnings from unconsolidated affiliates, net | 4.3 | 5.5 | 7.7 | 16.5 | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | 69.9 | 64.1 | 204.5 | 181.2 | ||
Goodwill | 45.9 | 45.9 | ||||
Total assets | 2,452.2 | 2,452.2 | ||||
Storage and Transportation | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 6.2 | 18.3 | 24.7 | 131.5 | ||
Intersegment Revenues | 1.2 | 1.5 | 4.7 | 3 | ||
Costs of product/services sold | 0.2 | 0.1 | 0.3 | 4.9 | ||
Operations and maintenance | 1 | 2.5 | 3.4 | 18.2 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | 0 | (0.1) | 0 | (32.8) | ||
Goodwill impairment | (13.7) | |||||
Earnings from unconsolidated affiliates, net | 7.2 | 7.9 | 21.5 | 9.6 | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | 13.4 | 25 | 47.2 | 74.5 | ||
Goodwill | 0 | 0 | ||||
Total assets | 1,049.9 | 1,049.9 | ||||
Marketing Supply and Logistics | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 515 | 290 | 1,401.2 | 806.3 | ||
Intersegment Revenues | (31.1) | (26.3) | (99) | (78.9) | ||
Costs of product/services sold | 479.7 | 240.5 | 1,221.4 | 643 | ||
Operations and maintenance | 18.3 | 13.2 | 48.2 | 45.6 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | 0.6 | 0 | 0.6 | 0 | ||
Goodwill impairment | (87.4) | |||||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
Other income, net | 0 | 0 | 0 | 0 | ||
EBITDA | (13.5) | 10 | 33.2 | (48.6) | ||
Goodwill | 153.1 | 153.1 | ||||
Total assets | 1,002.3 | 1,002.3 | ||||
Corporate | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 0 | 0 | 0 | 0 | ||
Intersegment Revenues | 0 | 0 | 0 | 0 | ||
Costs of product/services sold | 0 | 0 | 0 | 0 | ||
Operations and maintenance | 0 | 0 | 0 | 0 | ||
General and administrative | 22.5 | 18.3 | 71.6 | 70.2 | ||
Gain (loss) on long-lived assets | (3) | 0 | (3) | 0 | ||
Goodwill impairment | 0 | |||||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
Other income, net | 0.2 | 0.2 | 0.4 | 0.4 | ||
EBITDA | (25.3) | (18.1) | (74.2) | (69.8) | ||
Goodwill | 0 | 0 | ||||
Total assets | 20.9 | 20.9 | ||||
Crestwood Midstream Partners LP | ||||||
Net income (loss) | (29.8) | 0.6 | (53.1) | (130.3) | ||
Interest and debt expense, net | 24.2 | 27.5 | 74.8 | 97.9 | ||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 37.7 | (10) | ||
Benefit for income taxes | 0.1 | 0 | 0 | 0 | ||
Depreciation, amortization and accretion | 50.9 | 53.2 | 153.5 | 185.2 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 955.6 | 587.6 | 2,634 | 1,725.5 | ||
Intersegment Revenues | 0 | 0 | 0 | 0 | ||
Costs of product/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 | ||
Operations and maintenance | 35.5 | 33.6 | 103.4 | 116.7 | ||
General and administrative | 21.4 | 17.3 | 69 | 67.5 | ||
Gain (loss) on long-lived assets | (6.3) | (2.1) | (6.3) | (34.8) | ||
Goodwill impairment | 0 | 0 | 0 | (109.7) | ||
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 | ||
EBITDA | 45.4 | 81.3 | 212.9 | 142.8 | ||
Goodwill | 199 | 199 | 199 | |||
Total assets | 4,709 | 4,709 | $ 4,640.6 | |||
Crestwood Midstream Partners LP | Gathering and Processing Operations | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 434.4 | 279.3 | 1,208.1 | 787.7 | ||
Intersegment Revenues | 29.9 | 24.8 | 94.3 | 75.9 | ||
Costs of product/services sold | 378.6 | 226.1 | 1,049.9 | 632.2 | ||
Operations and maintenance | 16.2 | 17.4 | 51.8 | 56.1 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | (3.9) | (2) | (3.9) | (2) | ||
Goodwill impairment | (8.6) | |||||
Earnings from unconsolidated affiliates, net | 4.3 | 5.5 | 7.7 | 16.5 | ||
EBITDA | 69.9 | 64.1 | 204.5 | 181.2 | ||
Goodwill | 45.9 | 45.9 | ||||
Total assets | 2,643.7 | 2,643.7 | ||||
Crestwood Midstream Partners LP | Storage and Transportation | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 6.2 | 18.3 | 24.7 | 131.5 | ||
Intersegment Revenues | 1.2 | 1.5 | 4.7 | 3 | ||
Costs of product/services sold | 0.2 | 0.1 | 0.3 | 4.9 | ||
Operations and maintenance | 1 | 3 | 3.4 | 15 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | 0 | (0.1) | 0 | (32.8) | ||
Goodwill impairment | (13.7) | |||||
Earnings from unconsolidated affiliates, net | 7.2 | 7.9 | 21.5 | 9.6 | ||
EBITDA | 13.4 | 24.5 | 47.2 | 77.7 | ||
Goodwill | 0 | 0 | ||||
Total assets | 1,049.9 | 1,049.9 | ||||
Crestwood Midstream Partners LP | Marketing Supply and Logistics | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 515 | 290 | 1,401.2 | 806.3 | ||
Intersegment Revenues | (31.1) | (26.3) | (99) | (78.9) | ||
Costs of product/services sold | 479.7 | 240.5 | 1,221.4 | 643 | ||
Operations and maintenance | 18.3 | 13.2 | 48.2 | 45.6 | ||
General and administrative | 0 | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets | 0.6 | 0 | 0.6 | 0 | ||
Goodwill impairment | (87.4) | |||||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
EBITDA | (13.5) | 10 | 33.2 | (48.6) | ||
Goodwill | 153.1 | 153.1 | ||||
Total assets | 1,002.3 | 1,002.3 | ||||
Crestwood Midstream Partners LP | Corporate | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Operating revenues | 0 | 0 | 0 | 0 | ||
Intersegment Revenues | 0 | 0 | 0 | 0 | ||
Costs of product/services sold | 0 | 0 | 0 | 0 | ||
Operations and maintenance | 0 | 0 | 0 | 0 | ||
General and administrative | 21.4 | 17.3 | 69 | 67.5 | ||
Gain (loss) on long-lived assets | (3) | 0 | (3) | 0 | ||
Goodwill impairment | 0 | |||||
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | ||
EBITDA | (24.4) | $ (17.3) | (72) | $ (67.5) | ||
Goodwill | 0 | 0 | ||||
Total assets | $ 13.1 | $ 13.1 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Crestwood Equity Partners LP | ||||
Segment Reporting Information [Line Items] | ||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 10 | $ 8.3 | $ 25.7 | $ 15.3 |
Crestwood Midstream Partners LP | ||||
Segment Reporting Information [Line Items] | ||||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 10 | $ 8.3 | $ 25.7 | $ 15.3 |
Condensed Consolidating Finan56
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash | $ 1.4 | $ 1.6 | $ 1 | $ 0.5 |
Accounts receivable | 345 | 289.8 | ||
Inventory | 92.9 | 66 | ||
Total current assets | 452.3 | 373.4 | ||
Property, plant and equipment, net | 2,052.1 | 2,097.6 | ||
Investment | 1,198.5 | 1,115.4 | ||
Other assets | 6.2 | 6.1 | ||
Total assets | 4,525.3 | 4,448.9 | ||
Current liabilities: | ||||
Accounts payable | 312.7 | 217.2 | ||
Total current liabilities | 478.7 | 337.3 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 1,615.4 | 1,522.7 | ||
Other long-term liabilities | 48.2 | 44.6 | ||
Deferred income taxes | 4.7 | 5.3 | ||
Total partners’ capital | 2,378.3 | 2,539 | ||
Total liabilities and partners’ capital | 4,525.3 | 4,448.9 | ||
Eliminations | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Inventory | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | ||
Investment in consolidated affiliates | (4,025.8) | (4,093.7) | ||
Investment | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (4,025.8) | (4,093.7) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | (4,025.8) | (4,093.7) | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | (4,025.8) | (4,093.7) | ||
Total liabilities and partners’ capital | (4,025.8) | (4,093.7) | ||
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | ||||
Current assets: | ||||
Cash | 1.1 | 1.3 | 0.5 | 0.1 |
Accounts receivable | 0 | 0 | ||
Inventory | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 1.1 | 1.3 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | ||
Investment in consolidated affiliates | 4,025.8 | 4,093.7 | ||
Investment | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 4,026.9 | 4,095 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Total current liabilities | 39.9 | 23.1 | ||
Total current liabilities | 39.9 | 23.1 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 1,614.6 | 1,521.2 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | 2,372.4 | 2,550.7 | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | 2,372.4 | 2,550.7 | ||
Total liabilities and partners’ capital | 4,026.9 | 4,095 | ||
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Accounts receivable | 341 | 289.3 | ||
Inventory | 92.9 | 66 | ||
Other | 13 | 16 | ||
Total current assets | 446.9 | 371.3 | ||
Property, plant and equipment, net | 2,242.2 | 2,298.4 | ||
Intangible Assets, Net (Including Goodwill) | 814 | 851.9 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment | 0 | 0 | ||
Other assets | 2.6 | 1.8 | ||
Total assets | 3,505.7 | 3,523.4 | ||
Current liabilities: | ||||
Accounts payable | 310 | 214.5 | ||
Total current liabilities | 125.4 | 94.4 | ||
Total current liabilities | 435.4 | 308.9 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 0.8 | 1.5 | ||
Other long-term liabilities | 45.3 | 42 | ||
Deferred income taxes | 0.7 | 0.7 | ||
Partners' capital | 3,023.5 | 3,170.3 | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | 3,023.5 | 3,170.3 | ||
Total liabilities and partners’ capital | 3,505.7 | 3,523.4 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets: | ||||
Cash | 0 | 0 | 0 | 0 |
Accounts receivable | 3.7 | 0.5 | ||
Inventory | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 3.7 | 0.5 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment | 1,198.5 | 1,115.4 | ||
Other assets | 0 | 0 | ||
Total assets | 1,202.2 | 1,115.9 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | 1,002.3 | 923.4 | ||
Interest of non-controlling partners in subsidiary | 199.9 | 192.5 | ||
Total partners’ capital | 1,202.2 | 1,115.9 | ||
Total liabilities and partners’ capital | 1,202.2 | 1,115.9 | ||
Crestwood Midstream Partners LP | ||||
Current assets: | ||||
Cash | 1.1 | 1.3 | $ 0.5 | $ 0.1 |
Accounts receivable | 344.7 | 289.8 | ||
Inventory | 92.9 | 66 | ||
Other | 13 | 16 | ||
Total current assets | 451.7 | 373.1 | ||
Property, plant and equipment, net | 2,242.2 | 2,298.4 | ||
Intangible Assets, Net (Including Goodwill) | 814 | 851.9 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment | 1,198.5 | 1,115.4 | ||
Other assets | 2.6 | 1.8 | ||
Total assets | 4,709 | 4,640.6 | ||
Current liabilities: | ||||
Accounts payable | 310 | 214.5 | ||
Total current liabilities | 165.3 | 117.5 | ||
Total current liabilities | 475.3 | 332 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion | 1,615.4 | 1,522.7 | ||
Other long-term liabilities | 45.3 | 42 | ||
Deferred income taxes | 0.7 | 0.7 | ||
Partners' capital | 2,372.4 | 2,550.7 | ||
Interest of non-controlling partners in subsidiary | 199.9 | 192.5 | ||
Total partners’ capital | 2,572.3 | 2,743.2 | ||
Total liabilities and partners’ capital | $ 4,709 | $ 4,640.6 |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information (Statements Of Operations) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 955.6 | $ 587.6 | $ 2,634 | $ 1,725.5 | |
Total costs of products/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 | |
Expenses: | |||||
Operations and maintenance | 35.5 | 33.1 | 103.4 | 119.9 | |
General and administrative | 22.5 | 18.3 | 71.6 | 70.2 | |
Depreciation, amortization and accretion | 48.1 | 50.3 | 145.2 | 177 | |
Gain (loss) on long-lived assets | (6.3) | (2.1) | (6.3) | (34.8) | |
Goodwill impairment | 0 | 0 | 0 | (109.7) | |
Operating loss | (15.3) | 17.1 | 35.9 | (66.2) | |
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 | |
Interest and debt expense, net | (24.2) | (27.5) | (74.8) | (97.9) | |
Gains (Losses) on Extinguishment of Debt | $ (10) | 0 | 0 | (37.7) | 10 |
Loss before income taxes | (27.8) | 3.2 | (47) | (127.6) | |
Provision for income taxes | (0.1) | (0.2) | 0 | (0.2) | |
Net income (loss) | (27.9) | 3 | (47) | (127.8) | |
Net income attributable to non-controlling partners in subsidiaries | 6.4 | 6.1 | 18.8 | 18 | |
Net income (loss) attributable to parent | (34.3) | (3.1) | (65.8) | (145.8) | |
Eliminations | |||||
Revenues | 0 | 0 | 0 | 0 | |
Total costs of products/services sold | 0 | 0 | 0 | 0 | |
Expenses: | |||||
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | |
Costs and Expenses | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | ||||
Operating loss | 0 | 0 | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
Interest and debt expense, net | 0 | 0 | 0 | 0 | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | |||
Loss from unconsolidated affiliates | (3.2) | (35.3) | (90.7) | 6.2 | |
Loss before income taxes | (3.2) | ||||
Provision for income taxes | 0 | ||||
Net income (loss) | (3.2) | (35.3) | (90.7) | 6.2 | |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to parent | (3.2) | (35.3) | (90.7) | 6.2 | |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||
Revenues | 0 | 0 | 0 | 0 | |
Total costs of products/services sold | 0 | 0 | 0 | 0 | |
Expenses: | |||||
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | |
Costs and Expenses | 0 | 0 | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | ||||
Operating loss | 0 | 0 | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 | |
Interest and debt expense, net | 0 | 0 | 0 | 0 | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Loss before income taxes | 11.5 | ||||
Provision for income taxes | 0 | ||||
Net income (loss) | 11.5 | 13.4 | 29.2 | 26.1 | |
Net income attributable to non-controlling partners in subsidiaries | 6.4 | 6.1 | 18.8 | 18 | |
Net income (loss) attributable to parent | 5.1 | 7.3 | 10.4 | 8.1 | |
Crestwood Midstream Partners LP | |||||
Revenues | 955.6 | 587.6 | 2,634 | 1,725.5 | |
Total costs of products/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 | |
Expenses: | |||||
Operations and maintenance | 35.5 | 33.6 | 103.4 | 116.7 | |
General and administrative | 21.4 | 17.3 | 69 | 67.5 | |
Depreciation, amortization and accretion | 50.9 | 53.2 | 153.5 | 185.2 | |
Costs and Expenses | 107.8 | 104.1 | 325.9 | 369.4 | |
Gain (loss) on long-lived assets | (2.1) | (34.8) | |||
Goodwill impairment | (109.7) | ||||
Operating loss | (17) | 14.7 | 30.2 | (68.5) | |
Earnings from unconsolidated affiliates, net | 11.5 | 13.4 | 29.2 | 26.1 | |
Interest and debt expense, net | (24.2) | (27.5) | (74.8) | (97.9) | |
Gains (Losses) on Extinguishment of Debt | (37.7) | 10 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Loss before income taxes | (29.7) | ||||
Provision for income taxes | (0.1) | ||||
Net income (loss) | (29.8) | 0.6 | (53.1) | (130.3) | |
Net income attributable to non-controlling partners in subsidiaries | 6.4 | 6.1 | 18.8 | 18 | |
Net income (loss) attributable to parent | (36.2) | (5.5) | (71.9) | (148.3) | |
Guarantor Subsidiaries | Reportable Legal Entities | |||||
Revenues | 955.6 | 587.6 | 2,634 | 1,725.5 | |
Total costs of products/services sold | 858.5 | 466.7 | 2,271.6 | 1,280.1 | |
Expenses: | |||||
Operations and maintenance | 35.5 | 33.6 | 103.4 | 116.7 | |
General and administrative | 6.2 | 4 | 18.9 | 13.3 | |
Depreciation, amortization and accretion | 50.9 | 53.2 | 153.5 | 185.2 | |
Costs and Expenses | 92.6 | 90.8 | 275.8 | 315.2 | |
Gain (loss) on long-lived assets | (6.3) | (2.1) | (6.3) | (34.8) | |
Goodwill impairment | (109.7) | ||||
Operating loss | (1.8) | 28 | 80.3 | (14.3) | |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
Interest and debt expense, net | 0 | 0 | 0 | 0 | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Loss before income taxes | (1.8) | ||||
Provision for income taxes | (0.1) | ||||
Net income (loss) | (1.9) | 28 | 80.3 | (14.3) | |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to parent | (1.9) | 28 | 80.3 | (14.3) | |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | |||||
Revenues | 0 | 0 | 0 | 0 | |
Total costs of products/services sold | 0 | 0 | 0 | 0 | |
Expenses: | |||||
Operations and maintenance | 0 | 0 | 0 | 0 | |
General and administrative | 15.2 | 13.3 | 50.1 | 54.2 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | |
Costs and Expenses | 15.2 | 13.3 | 50.1 | 54.2 | |
Gain (loss) on long-lived assets | 0 | 0 | 0 | 0 | |
Goodwill impairment | 0 | ||||
Operating loss | (15.2) | (13.3) | (50.1) | (54.2) | |
Earnings from unconsolidated affiliates, net | 0 | 0 | 0 | 0 | |
Interest and debt expense, net | (24.2) | (27.5) | (74.8) | (97.9) | |
Gains (Losses) on Extinguishment of Debt | (37.7) | 10 | |||
Loss from unconsolidated affiliates | 3.2 | 35.3 | 90.7 | (6.2) | |
Loss before income taxes | (36.2) | ||||
Provision for income taxes | 0 | ||||
Net income (loss) | (36.2) | (5.5) | (71.9) | (148.3) | |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to parent | $ (36.2) | $ (5.5) | $ (71.9) | $ (148.3) |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information (Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | $ 228.2 | $ 244.5 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (134.4) | (79.3) | |
Investment in unconsolidated affiliates | (46.5) | (6.2) | |
Net proceeds from sale of assets | $ 945 | 1.3 | 943.1 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 35.3 | 9.2 | |
Net cash used in investing activities | (144.3) | 866.8 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 2,209.8 | 1,364 | |
Payments on long-term debt | (2,159.2) | (2,279.4) | |
Payments on capital leases | (2.2) | (1.5) | |
Payments for debt-related deferred costs | (1) | (3.4) | |
Distributions to partners | (125.4) | (178.4) | |
Taxes paid for unit-based compensation vesting | (5.3) | (0.8) | |
Other | 0 | 0.1 | |
Net cash provided by (used in) financing activities | (84.1) | (1,110.8) | |
Net change in cash | (0.2) | 0.5 | |
Cash at beginning of period | 1.6 | 0.5 | |
Cash at end of period | 1.4 | 1 | |
Eliminations | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | 0 | 0 | |
Investment in unconsolidated affiliates | 0 | 0 | |
Net proceeds from sale of assets | 0 | 0 | |
Capital distributions from consolidated affiliates | (0.9) | (11.5) | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | |
Net cash used in investing activities | (0.9) | (11.5) | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Payments on long-term debt | 0 | 0 | |
Payments on capital leases | 0 | 0 | |
Payments for debt-related deferred costs | 0 | 0 | |
Distributions to partners | 0 | 0 | |
Contributions from (distributions to) parent | 0.9 | 11.5 | |
Taxes paid for unit-based compensation vesting | 0 | 0 | |
Change in intercompany balances | 0 | 0 | |
Other | 0 | ||
Net cash provided by (used in) financing activities | 0.9 | 11.5 | |
Net change in cash | 0 | 0 | |
Cash at beginning of period | 0 | 0 | |
Cash at end of period | 0 | 0 | |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Cash flows from operating activities | 23.5 | 19.9 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | 0 | 0 | |
Investment in unconsolidated affiliates | (46.5) | (6.2) | |
Net proceeds from sale of assets | 0 | 0 | |
Capital distributions from consolidated affiliates | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 35.3 | 9.2 | |
Net cash used in investing activities | (11.2) | 3 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Payments on long-term debt | 0 | 0 | |
Payments on capital leases | 0 | 0 | |
Payments for debt-related deferred costs | 0 | 0 | |
Distributions to partners | (11.4) | (11.4) | |
Contributions from (distributions to) parent | (0.9) | (11.5) | |
Taxes paid for unit-based compensation vesting | 0 | 0 | |
Change in intercompany balances | 0 | 0 | |
Other | 0 | ||
Net cash provided by (used in) financing activities | (12.3) | (22.9) | |
Net change in cash | 0 | 0 | |
Cash at beginning of period | 0 | 0 | |
Cash at end of period | 0 | 0 | |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | |||
Cash flows from operating activities | (102.6) | (140.4) | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (5.8) | (1.6) | |
Investment in unconsolidated affiliates | 0 | 0 | |
Net proceeds from sale of assets | 0 | 0 | |
Capital distributions from consolidated affiliates | 0.9 | 11.5 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | |
Net cash used in investing activities | (4.9) | 9.9 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 2,209.8 | 1,364 | |
Payments on long-term debt | (2,157.9) | (2,278.4) | |
Payments on capital leases | 0 | 0 | |
Payments for debt-related deferred costs | (1) | (3.4) | |
Distributions to partners | (119.5) | (185) | |
Contributions from (distributions to) parent | 0 | 0 | |
Taxes paid for unit-based compensation vesting | 0 | 0 | |
Change in intercompany balances | 175.9 | 1,233.7 | |
Other | 0 | ||
Net cash provided by (used in) financing activities | 107.3 | 130.9 | |
Net change in cash | (0.2) | 0.4 | |
Cash at beginning of period | 1.3 | 0.1 | |
Cash at end of period | 1.1 | 0.5 | |
Crestwood Midstream Partners LP | |||
Cash flows from operating activities | 232.9 | 250.8 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (134.4) | (79.3) | |
Investment in unconsolidated affiliates | (46.5) | (6.2) | |
Net proceeds from sale of assets | 1.3 | 943.1 | |
Capital distributions from consolidated affiliates | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 35.3 | 9.2 | |
Net cash used in investing activities | (144.3) | 866.8 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 2,209.8 | 1,364 | |
Payments on long-term debt | (2,159.2) | (2,279.2) | |
Payments on capital leases | (2.2) | (1.5) | |
Payments for debt-related deferred costs | (1) | (3.4) | |
Distributions to partners | (130.9) | (196.4) | |
Contributions from (distributions to) parent | 0 | 0 | |
Taxes paid for unit-based compensation vesting | (5.3) | (0.8) | |
Change in intercompany balances | 0 | 0 | |
Other | 0.1 | ||
Net cash provided by (used in) financing activities | (88.8) | (1,117.2) | |
Net change in cash | (0.2) | 0.4 | |
Cash at beginning of period | 1.3 | 0.1 | |
Cash at end of period | 1.1 | 0.5 | |
Guarantor Subsidiaries | Reportable Legal Entities | |||
Cash flows from operating activities | 312 | 371.3 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (128.6) | (77.7) | |
Investment in unconsolidated affiliates | 0 | 0 | |
Net proceeds from sale of assets | 1.3 | 943.1 | |
Capital distributions from consolidated affiliates | 0 | 0 | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | |
Net cash used in investing activities | (127.3) | 865.4 | |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | |
Payments on long-term debt | (1.3) | (0.8) | |
Payments on capital leases | (2.2) | (1.5) | |
Payments for debt-related deferred costs | 0 | 0 | |
Distributions to partners | 0 | 0 | |
Contributions from (distributions to) parent | 0 | 0 | |
Taxes paid for unit-based compensation vesting | (5.3) | (0.8) | |
Change in intercompany balances | (175.9) | (1,233.7) | |
Other | 0.1 | ||
Net cash provided by (used in) financing activities | (184.7) | (1,236.7) | |
Net change in cash | 0 | 0 | |
Cash at beginning of period | 0 | 0 | |
Cash at end of period | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Marketing Supply and Logistics - US Salt, LLC $ in Millions | 1 Months Ended |
Oct. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |
Disposal Group, Ownership Interest Prior to Disposal | 100.00% |
Disposal Group, Including Discontinued Operation, Consideration | $ 225 |