Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 29, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CEQP | |
Entity Registrant Name | Crestwood Equity Partners LP | |
Entity Central Index Key | 0001136352 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 71,838,746 | |
Crestwood Midstream Partners LP | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Crestwood Midstream Partners LP | |
Entity Central Index Key | 0001304464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash | $ 0.5 | $ 0.9 |
Restricted cash, current | 1.3 | 16.3 |
Accounts receivable, less allowance for doubtful accounts of $0.3 million at both March 31, 2019 and December 31, 2018 | 255.6 | 251.5 |
Inventory | 42 | 64.6 |
Assets from price risk management activities | 16.6 | 34.7 |
Prepaid expenses and other current assets | 10.1 | 11.3 |
Total current assets | 326.1 | 379.3 |
Property, plant and equipment | 2,661.7 | 2,598.1 |
Less: accumulated depreciation | 596.6 | 568.4 |
Property, plant and equipment, net | 2,065.1 | 2,029.7 |
Operating lease, right-of-use assets, net | 61.6 | |
Intangible assets | 770.3 | 770.3 |
Less: accumulated amortization | 226.9 | 216.5 |
Intangible assets, net | 543.4 | 553.8 |
Goodwill | 138.6 | 138.6 |
Investments in unconsolidated affiliates | 1,206.4 | 1,188.2 |
Other non-current assets | 5.2 | 4.9 |
Total assets | 4,346.4 | 4,294.5 |
Current liabilities: | ||
Accounts payable | 224.6 | 213 |
Accrued expenses and other liabilities | 123.3 | 112.4 |
Liabilities from price risk management activities | 5 | 5.8 |
Current portion of long-term debt | 0.6 | 0.9 |
Total current liabilities | 353.5 | 332.1 |
Long-term debt, less current portion | 1,768.4 | 1,752.4 |
Long-term operating lease liabilities | 48.2 | |
Other long-term liabilities | 177 | 173.6 |
Deferred income taxes | 2.8 | 2.6 |
Commitments and contingencies (Note 10) | ||
Partners’ capital: | ||
Crestwood Equity Partners LP partners’ capital (72,335,893 and 71,659,385 common and subordinated units issued and outstanding at March 31, 2019 and December 31, 2018) | 1,202.5 | 1,240.5 |
Preferred units (71,257,445 units issued and outstanding at both March 31, 2019 and December 31, 2018) | 612 | 612 |
Partners' capital | 1,814.5 | 1,852.5 |
Interest of non-controlling partner in subsidiary | 182 | 181.3 |
Total partners’ capital | 1,996.5 | 2,033.8 |
Total liabilities and partners’ capital | 4,346.4 | 4,294.5 |
Crestwood Midstream Partners LP | ||
Assets | ||
Cash | 0.2 | 0.2 |
Restricted cash, current | 1.3 | 16.3 |
Accounts receivable, less allowance for doubtful accounts of $0.3 million at both March 31, 2019 and December 31, 2018 | 254.9 | 249.9 |
Inventory | 42 | 64.6 |
Assets from price risk management activities | 16.6 | 34.7 |
Prepaid expenses and other current assets | 10.1 | 11.3 |
Total current assets | 325.1 | 377 |
Property, plant and equipment | 2,991.7 | 2,928.2 |
Less: accumulated depreciation | 757.7 | 725.9 |
Property, plant and equipment, net | 2,234 | 2,202.3 |
Operating lease, right-of-use assets, net | 61.6 | |
Intangible assets | 770.3 | 770.3 |
Less: accumulated amortization | 226.9 | 216.5 |
Intangible assets, net | 543.4 | 553.8 |
Goodwill | 138.6 | 138.6 |
Investments in unconsolidated affiliates | 1,206.4 | 1,188.2 |
Other non-current assets | 2 | 2.1 |
Total assets | 4,511.1 | 4,462 |
Current liabilities: | ||
Accounts payable | 222 | 210.5 |
Accrued expenses and other liabilities | 122.3 | 111.3 |
Liabilities from price risk management activities | 5 | 5.8 |
Current portion of long-term debt | 0.6 | 0.9 |
Total current liabilities | 349.9 | 328.5 |
Long-term debt, less current portion | 1,768.4 | 1,752.4 |
Long-term operating lease liabilities | 48.2 | |
Other long-term liabilities | 174 | 171 |
Deferred income taxes | 0.6 | 0.6 |
Partners’ capital: | ||
Partners' capital | 1,988 | 2,028.2 |
Interest of non-controlling partner in subsidiary | 182 | 181.3 |
Total partners’ capital | 2,170 | 2,209.5 |
Total liabilities and partners’ capital | $ 4,511.1 | $ 4,462 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 0.3 | $ 0.3 |
Limited Partners' Capital Account, Units Issued | 72,335,893 | 71,659,385 |
Limited Partners' Capital Account, Units Outstanding | 72,335,893 | 71,659,385 |
Preferred Units, Issued | 71,257,445 | 71,257,445 |
Preferred Units, Outstanding | 71,257,445 | 71,257,445 |
Crestwood Midstream Partners LP | ||
Allowance for doubtful accounts | $ 0.3 | $ 0.3 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Revenues | $ 835.2 | $ 1,115 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Product costs - related party (Note 11) | 34.4 | 13.1 |
Total costs of product/services sold | 695.6 | 965.8 |
Operating expenses and other: | ||
Operations and maintenance | 28.6 | 34.5 |
General and administrative | 37.2 | 23.9 |
Depreciation, amortization and accretion | 39.8 | 45.1 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Total expenses | 107.6 | 103.2 |
Operating income (loss) | 32 | 46 |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 |
Interest and debt expense, net | (24.9) | (24.4) |
Other income, net | 0.1 | 0.1 |
Net income | 14.1 | 34.1 |
Net Income Attributable to Noncontrolling Interest | 4 | 4 |
Net income (loss) attributable to parent | 10.1 | 30.1 |
Net income attributable to preferred unit holders | 15 | 15 |
Net income (loss) attributable to partners | (4.9) | 15.1 |
Net Income (Loss) Allocated to Subordinated Limited Partners | 0 | 0.1 |
Common unitholders’ interest in net income (loss) | $ (4.9) | $ 15 |
Net income (loss) per limited partner unit: | ||
Basic (in dollars per share) | $ (0.07) | $ 0.21 |
Diluted (in dollars per share) | $ (0.07) | $ 0.21 |
Weighted-average limited partners’ units outstanding (in thousands): | ||
Basic (units) | 71,833 | 71,165 |
Dilutive units (units) | 0 | 789 |
Diluted (units) | 71,833 | 71,954 |
Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | $ 835.2 | $ 1,115 |
Related party (Note 11) | 0 | 0.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Product costs - related party (Note 11) | 34.4 | 13.1 |
Total costs of product/services sold | 695.6 | 965.8 |
Operating expenses and other: | ||
Operations and maintenance | 28.6 | 34.5 |
General and administrative | 36 | 22.8 |
Depreciation, amortization and accretion | 43.4 | 47.8 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Total expenses | 110 | 104.8 |
Operating income (loss) | 29.6 | 44.4 |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 |
Interest and debt expense, net | (24.9) | (24.4) |
Net income | 11.6 | 32.4 |
Net Income Attributable to Noncontrolling Interest | 4 | 4 |
Net income (loss) attributable to parent | 7.6 | 28.4 |
Product | ||
Revenues: | ||
Revenues | 747.6 | 1,025.6 |
Related party (Note 11) | 1.2 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 653.5 | 938.9 |
Product | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 747.6 | 1,025.6 |
Related party (Note 11) | 1.2 | 0 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 653.5 | 938.9 |
Service | ||
Revenues: | ||
Revenues | 87.6 | 89.4 |
Related party (Note 11) | 0 | 0.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 7.7 | 13.8 |
Service | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 87.6 | 89.4 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Costs of product/services sold | 7.7 | 13.8 |
Gathering and Processing Segment | ||
Revenues: | ||
Revenues | 182.3 | 340.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 138 | 287.7 |
Operating expenses and other: | ||
Operations and maintenance | 18.1 | 17.7 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 1.8 | (0.1) |
Earnings from unconsolidated affiliates, net | (0.2) | 5.7 |
Gathering and Processing Segment | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 182.3 | 340.3 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 138 | 287.7 |
Operating expenses and other: | ||
Operations and maintenance | 18.1 | 17.7 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 1.8 | (0.1) |
Earnings from unconsolidated affiliates, net | (0.2) | 5.7 |
Gathering and Processing Segment | Product | ||
Revenues: | ||
Revenues | 109.6 | 272.2 |
Gathering and Processing Segment | Product | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 109.6 | 272.2 |
Gathering and Processing Segment | Service | ||
Revenues: | ||
Revenues | 72.7 | 68.1 |
Gathering and Processing Segment | Service | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 72.7 | 68.1 |
Marketing Supply and Logistics | ||
Revenues: | ||
Revenues | 645.1 | 770.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 557.6 | 678 |
Operating expenses and other: | ||
Operations and maintenance | 9.5 | 16 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 0.2 | (0.2) |
Earnings from unconsolidated affiliates, net | 0 | 0 |
Marketing Supply and Logistics | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 645.1 | 770.5 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 557.6 | 678 |
Operating expenses and other: | ||
Operations and maintenance | 9.5 | 16 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 0.2 | (0.2) |
Earnings from unconsolidated affiliates, net | 0 | 0 |
Marketing Supply and Logistics | Product | ||
Revenues: | ||
Revenues | 636.8 | 753.4 |
Marketing Supply and Logistics | Product | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 636.8 | 753.4 |
Marketing Supply and Logistics | Service | ||
Revenues: | ||
Revenues | 7.1 | 16.8 |
Marketing Supply and Logistics | Service | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 7.1 | 16.8 |
Storage and Transportation | ||
Revenues: | ||
Revenues | 7.8 | 4.2 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 0 | 0.1 |
Operating expenses and other: | ||
Operations and maintenance | 1 | 0.8 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 0 | 0 |
Earnings from unconsolidated affiliates, net | 7.1 | 6.7 |
Storage and Transportation | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | 7.8 | 4.2 |
Costs of product/services sold (exclusive of items shown separately below): | ||
Total costs of product/services sold | 0 | 0.1 |
Operating expenses and other: | ||
Operations and maintenance | 1 | 0.8 |
General and administrative | 0 | 0 |
(Gain) loss on long-lived assets, net | 0 | 0 |
Earnings from unconsolidated affiliates, net | 7.1 | 6.7 |
Storage and Transportation | Service | ||
Revenues: | ||
Revenues | 7.8 | 4.2 |
Storage and Transportation | Service | Crestwood Midstream Partners LP | ||
Revenues: | ||
Revenues | $ 7.8 | $ 4.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14.1 | $ 34.1 |
Change in fair value of Suburban Propane Partners, L.P. units | 0.4 | (0.3) |
Comprehensive income | 14.5 | 33.8 |
Comprehensive income attributable to non-controlling partner | 4 | 4 |
Comprehensive income attributable to Crestwood Equity Partners LP | $ 10.5 | $ 29.8 |
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 | Preferred Units | Common Units | Subordinated Units |
Common Unit, Outstanding | 70,300,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 71,300,000 | |||||||||||
Balance at December 31, 2018 at Dec. 31, 2017 | $ 612 | $ 1,393.5 | $ 175 | $ 2,180.5 | $ 2,195.4 | $ 175 | $ 2,370.4 | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Distributions to partners | (15) | (42.7) | 0 | (57.7) | (60.5) | 0 | (60.5) | |||||
Distributions to partners (in shares) | 0 | |||||||||||
Unit-based compensation charges | 0 | 7.2 | 0 | 7.2 | 7.2 | 0 | 7.2 | |||||
Unit-based compensation charges (in shares) | 1,200,000 | |||||||||||
Taxes paid for unit-based compensation vesting | 0 | (6.3) | 0 | (6.3) | (6.3) | 0 | (6.3) | |||||
Taxes paid for unit-based compensation vesting (in shares) | (200,000) | |||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | $ (0.3) | 0 | (0.3) | 0 | (0.3) | |||||||
Other | (0.1) | (0.1) | 0 | (0.2) | 0.2 | 0 | 0.2 | |||||
Net income attributable to preferred unit holders | 15 | 15 | ||||||||||
Net income (loss) attributable to partners | 15.1 | 15.1 | ||||||||||
Net Income Attributable to Noncontrolling Interest | 4 | 4 | $ 4 | |||||||||
Net income | $ 34.1 | 34.1 | 32.4 | 28.4 | 32.4 | |||||||
Balance at March 31, 2019 at Mar. 31, 2018 | 611.9 | 1,373.9 | 179 | 2,164.8 | 2,171.9 | 179 | 2,350.9 | |||||
Common Unit, Outstanding | 71,300,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 71,300,000 | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Cumulative effect of accounting change (Note 2) | 0 | 7.5 | 0 | 7.5 | 7.5 | 0 | 7.5 | |||||
Common Unit, Outstanding | 71,200,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 71,257,445 | 71,300,000 | ||||||||||
Balance at December 31, 2018 at Dec. 31, 2018 | $ 1,852.5 | 612 | 1,240.5 | 181.3 | 2,033.8 | 2,028.2 | 2,028.2 | 181.3 | 2,209.5 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Distributions to partners | (15) | (43.1) | (3.3) | (61.4) | (57.8) | (3.3) | (61.1) | |||||
Distributions to partners (in shares) | 0 | |||||||||||
Unit-based compensation charges | 0 | 17.3 | 0 | 17.3 | 17.3 | 0 | 17.3 | |||||
Unit-based compensation charges (in shares) | 900,000 | |||||||||||
Taxes paid for unit-based compensation vesting | 0 | (7) | 0 | (7) | (7) | 0 | (7) | |||||
Taxes paid for unit-based compensation vesting (in shares) | (200,000) | |||||||||||
Change in fair value of Suburban Propane Partners, L.P. units | 0.4 | 0 | 0.4 | 0 | 0.4 | |||||||
Other | 0 | (0.7) | 0 | (0.7) | (0.3) | 0 | (0.3) | |||||
Net income attributable to preferred unit holders | 15 | 15 | ||||||||||
Net income (loss) attributable to partners | (4.9) | (4.9) | ||||||||||
Net Income Attributable to Noncontrolling Interest | 4 | 4 | 4 | |||||||||
Net income | 14.1 | 14.1 | 11.6 | 7.6 | 11.6 | |||||||
Balance at March 31, 2019 at Mar. 31, 2019 | $ 1,814.5 | $ 612 | $ 1,202.5 | $ 182 | $ 1,996.5 | $ 1,988 | $ 1,988 | $ 182 | $ 2,170 | |||
Common Unit, Outstanding | 71,900,000 | 400,000 | ||||||||||
Preferred Units, Outstanding | 71,257,445 | 71,300,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 14.1 | $ 34.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 39.8 | 45.1 |
Amortization of debt-related deferred costs | 1.4 | 1.8 |
Unit-based compensation charges | 17.3 | 7.2 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 3.3 | (0.6) |
Deferred income taxes | 0.2 | (0.2) |
Other | 0 | 0.1 |
Changes in operating assets and liabilities | 52.8 | 61.5 |
Net cash provided by operating activities | 130.9 | 148.7 |
Investing activities | ||
Purchases of property, plant and equipment | (68.5) | (65.3) |
Investment in unconsolidated affiliates | (38.2) | (0.1) |
Capital distributions from unconsolidated affiliates | 16.7 | 11.5 |
Payments for (Proceeds from) Other Investing Activities | 1 | (1.2) |
Net cash used in investing activities | (91) | (52.7) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 298.9 | 399.8 |
Payments on long-term debt | (284.4) | (425.4) |
Payments on finance leases | 1.1 | |
Payments on capital leases | (0.3) | |
Payments for deferred financing costs | (0.2) | 0 |
Distributions to partners | (43.1) | (42.7) |
Distributions to non-controlling partner | (3.3) | 0 |
Distribution to preferred unit holders | (15) | (15) |
Taxes paid for unit-based compensation vesting | (7) | (6.3) |
Other | (0.1) | (0.1) |
Net cash provided by (used in) financing activities | (55.3) | (90) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (15.4) | 6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.8 | 7.3 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | 5.7 | 12.7 |
Crestwood Midstream Partners LP | ||
Operating activities | ||
Net income | 11.6 | 32.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 43.4 | 47.8 |
Amortization of debt-related deferred costs | 1.4 | 1.8 |
Unit-based compensation charges | 17.3 | 7.2 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Earnings from unconsolidated affiliates, net, adjusted for cash distributions received | 3.3 | (0.6) |
Deferred income taxes | 0 | (0.1) |
Other | 0 | 0.1 |
Changes in operating assets and liabilities | 51.9 | 63.1 |
Net cash provided by operating activities | 130.9 | 151.4 |
Investing activities | ||
Purchases of property, plant and equipment | (68.5) | (65.3) |
Investment in unconsolidated affiliates | (38.2) | (0.1) |
Capital distributions from unconsolidated affiliates | 16.7 | 11.5 |
Payments for (Proceeds from) Other Investing Activities | 1 | (1.2) |
Net cash used in investing activities | (91) | (52.7) |
Financing activities | ||
Proceeds from the issuance of long-term debt | 298.9 | 399.8 |
Payments on long-term debt | (284.4) | (425.4) |
Payments on finance leases | 1.1 | |
Payments on capital leases | (0.3) | |
Payments for deferred financing costs | (0.2) | 0 |
Distributions to partners | (57.8) | (60.5) |
Distributions to non-controlling partner | (3.3) | 0 |
Taxes paid for unit-based compensation vesting | (7) | (6.3) |
Net cash provided by (used in) financing activities | (54.9) | (92.7) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (15) | 6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.5 | 7 |
Supplemental schedule of noncash investing and financing activities | ||
Net change to property, plant and equipment through accounts payable and accrued expenses | $ 5.7 | $ 12.7 |
Organization and Business Descr
Organization and Business Description | 3 Months Ended |
Mar. 31, 2019 | |
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 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 22, 2019. The financial information as of March 31, 2019 , and for the three months ended March 31, 2019 and 2018 , is unaudited. The consolidated balance sheets as of December 31, 2018 , were derived from the audited balance sheets filed in our 2018 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 that 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 Effective January 1, 2019, we adopted the following accounting standard. There were no other material changes in our significant accounting policies from those described in our 2018 Annual Report on Form10-K. Leases We maintain leases in the ordinary course of our business activities. Our leases include those for the office buildings, crude oil railroad cars, certain vehicles and other operating facilities and equipment leases. We also sublease certain of our crude oil railroad cars and trucks to a third party. We do not have any material leases where we are considered to be the lessor. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Prior to January 1, 2019, we classified our leases as either capital or operating leases under Accounting Standards Codification (ASC) Topic 840, Leases (Topic 840) . We recognized assets (included in property, plant and equipment) and liabilities (included in accrued expenses and other liabilities and other long-term liabilities) related to our capital leases on our consolidated balance sheets. We also recognized depreciation expense and interest expense related to our capital leases on our consolidated statements of operations. The majority of our lease arrangements were classified as operating leases, under which we did not recognize assets or liabilities on our consolidated balance sheets, but rather recognized lease payments on our consolidated statements of operations as either costs of product/services sold or operations and maintenance expense on a straight-line basis over the lease term. On January 1, 2019, we adopted the provisions of ASC Topic 842, 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 adopted the standard using the modified retrospective method. Based on the practical expedients allowed for in the standard, we did not reassess the current GAAP classification of leases, easements and rights of way that existed as of January 1, 2019, and we did not utilize the hindsight method in determining the assets and liabilities to be recorded for our existing leases on January 1, 2019. The adoption of this standard required us to make significant judgments on whether our revenue and expenditure-related contracts were considered to be leases (or contain leases) under Topic 842 , and if contracts were considered to be leases whether they should be considered operating leases or finance leases under the new standard. We do not have any material revenue contracts that are considered leases under Topic 842 . Upon the adoption of this standard, on January 1, 2019, we recorded a $67.5 million increase to our operating lease right-of-use assets, a $18.6 million increase to our accrued expenses and other liabilities and a $48.9 million increase to our long-term operating lease liabilities, related to reflecting our operating leases on our consolidated balance sheet as a result of adopting the new standard. We also recorded a $1.6 million increase to our property, plant and equipment, $0.3 million increase to our accrued expenses and other liabilities and a $1.3 million increase to our other long-term liabilities, related to our finance leases (which were all formerly capital leases under Topic 840 ) as a result of applying the provisions of the new standard to the leases. The adoption of the standard did not result in a material cumulative effect of accounting change to our consolidated financial statements. The following table summarizes the balance sheet information related to our operating and finance leases at March 31, 2019 ( in millions ): Operating Leases Operating lease right-of-use assets, net $ 61.6 Accrued expenses and other liabilities $ 18.1 Long-term operating lease liabilities 48.2 Total operating lease liabilities $ 66.3 Finance Leases Property, plant and equipment $ 14.1 Less: accumulated depreciation 2.7 Property, plant and equipment, net $ 11.4 Accrued expenses and other liabilities $ 2.9 Other long-term liabilities 7.1 Total finance lease liabilities $ 10.0 The estimation of our right-of-use assets and lease liabilities requires us to make significant assumptions and judgments about the term of the lease, variable payments, and discount rates. Our operating leases have remaining terms that vary from one year to 14 years and certain of those leases have renewal options to extend the leases from one year to five years , or terminate the leases at our sole discretion. In addition, our finance leases have remaining terms that vary from two years to four years and certain of those leases have options to purchase the lease property by the end of the lease term. We made significant assumptions on the likelihood on whether we would renew our leases or purchase the property at the end of the lease terms in determining the discounted cash flows to measure our right-of-use assets and lease liabilities. The estimation of variable lease payments in determining discounted cash flows, including those with usage-based costs, also required us to make significant assumptions on the timing and nature of the variability of those payments based on the lease terms. We utilized discount rates ranging from 4.9% to 8.3% to estimate the discounted cash flows used in estimating our right-of-use assets and lease liabilities as of March 31, 2019, which were primarily based on our credit-adjusted collateralized incremental borrowing rate. We recognize operating lease expense and amortize our right-of-use assets for our finance leases on a straight-line basis over the term of the respective leases. We have applied the practical expedient of not separating the lease and non-lease components for our leases where the predominant consideration paid related to the underlying operating and finance lease contracts relate to the lease component. The following table presents the costs and sublease income associated with our operating and finance leases for the three months ended ended March 31, 2019 ( in millions ): Operating leases: Operating lease expense (1)(2) $ 7.5 Sublease income (3) 0.2 Total operating lease expense, net $ 7.3 Finance leases: Amortization of right-of-use assets (4) $ 0.9 Interest on lease liabilities (5) 0.2 Total finance lease expense $ 1.1 (1) Approximately $4.8 million is included in costs of product/services sold and $2.7 million is included in operations and maintenance expense on our consolidated statements of operations. (2) Includes short-term and variable lease costs of approximately $0.7 million . (3) Included in Marketing, Supply and Logistics service revenues on our consolidated statements of operations. (4) Included in depreciation, amortization and accretion on our consolidated statements of operations. (5) Included in interest and debt expense, net on our consolidated statements of operations. The following table presents supplemental cash flow information for our operating and finance leases for the three months ended March 31, 2019 ( in millions ): Cash paid for lease liabilities: Operating cash flows from operating leases $ 6.3 Operating cash flows from finance leases $ 0.2 Financing cash flows from finance leases $ 1.1 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 0.3 Finance leases $ 1.0 The following table shows the weighted-average remaining lease term and the weighted-average discount rate associated with our operating and finance leases for the three months ended March 31, 2019 : Weighted-average remaining lease term (in years) : Operating leases 4.4 Finance leases 3.3 Weighted-average discount rate: Operating leases 5.9 % Finance leases 7.3 % The following table presents the future minimum lease liabilities under Topic 842 and Topic 840 for our leases for the next five years and in total thereafter ( in millions ): Topic 842 Topic 840 March 31, 2019 December 31, 2018 Year Ending December 31, Operating Leases Finance Leases Total Operating Leases Capital Leases Total 2019 (1) $ 15.7 $ 2.6 $ 18.3 $ 22.3 $ 3.0 $ 25.3 2020 18.4 3.5 21.9 18.1 3.3 21.4 2021 14.8 3.4 18.2 14.4 3.2 17.6 2022 10.1 1.7 11.8 9.7 1.9 11.6 2023 6.3 — 6.3 6.0 — 6.0 Thereafter 10.9 — 10.9 10.7 — 10.7 Total lease payments 76.2 11.2 87.4 81.2 11.4 92.6 Less: Interest 9.9 1.2 11.1 — 1.3 1.3 Present value of lease liabilities $ 66.3 $ 10.0 $ 76.3 $ 81.2 $ 10.1 $ 91.3 (1) Represents the remainder of 2019 at March 31, 2019. New Accounting Pronouncement Issued But Not Yet Adopted As of March 31, 2019 , the following accounting standard had not yet been adopted by us: In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326) , which provides new guidance on how companies should evaluate their accounts and notes receivable and other financial instruments for impairment. The standard requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. We expect to adopt the provisions of this standard effective 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, December 31, March 31, December 31, 2019 2018 2019 2018 Accrued expenses (1) $ 39.7 $ 64.8 $ 38.7 $ 63.7 Accrued property taxes 3.9 2.6 3.9 2.6 Income tax payable 0.4 0.3 0.4 0.3 Interest payable 38.2 19.8 38.2 19.8 Accrued additions to property, plant and equipment 8.1 10.5 8.1 10.5 Operating leases 18.1 — 18.1 — Finance leases 2.9 2.4 2.9 2.4 Deferred revenue 12.0 12.0 12.0 12.0 Total accrued expenses and other liabilities $ 123.3 $ 112.4 $ 122.3 $ 111.3 (1) Includes $1.2 million and $16.2 million of related party accrued expenses at March 31, 2019 and December 31, 2018 related to deposits received from Jackalope Gas Gathering Services, L.L.C. (Jackalope), our 50% equity method investment. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Variable Interest Entity Crestwood Permian Basin Holdings LLC (Crestwood Permian) is a joint venture owned by Crestwood Infrastructure Holdings LLC (Crestwood Infrastructure), our wholly-owned subsidiary, and an affiliate of First Reserve Management, L.P. (First Reserve). We manage and account for our 50% ownership interest in Crestwood Permian, which is a variable interest entity, 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. Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows ( in millions ): Investment Earnings (Loss) from Unconsolidated Affiliates March 31, December 31, Three Months Ended March 31, 2019 2018 2019 2018 Stagecoach Gas Services LLC (1) $ 824.4 $ 830.4 $ 7.0 $ 5.7 Jackalope Gas Gathering Services, L.L.C. (2) 226.2 210.2 3.2 3.0 Crestwood Permian Basin Holdings LLC (3) 106.1 104.3 (3.4 ) 2.7 Tres Palacios Holdings LLC (4) 41.5 35.0 0.2 0.4 Powder River Basin Industrial Complex, LLC (5) 8.2 8.3 (0.1 ) 0.6 Total $ 1,206.4 $ 1,188.2 $ 6.9 $ 12.4 (1) As of March 31, 2019 , our equity in the underlying net assets of Stagecoach Gas Services LLC (Stagecoach Gas) exceeded our investment balance by approximately $51.3 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. Pursuant to the Stagecoach limited liability company agreement, our share of Stagecoach’s equity earnings increased from 35% to 40% effective July 1, 2018. Our Stagecoach Gas investment is included in our storage and transportation segment. (2) As of March 31, 2019 , our equity in the underlying net assets of Jackalope exceeded our investment balance by approximately $0.4 million . Our Jackalope investment is included in our gathering and processing segment. (3) As of March 31, 2019 , the difference of $8.8 million between our equity in Crestwood Permian’s net assets and our investment balance is not subject to amortization. Pursuant to the Crestwood Permian limited liability company agreement, we were allocated 100% of Crestwood New Mexico Pipeline LLC’s (Crestwood New Mexico) earnings through June 30, 2018. Effective July 1, 2018, our equity earnings from Crestwood New Mexico is based on our ownership percentage of Crestwood Permian, which is currently 50% . Our Crestwood Permian investment is included in our gathering and processing segment. (4) As of March 31, 2019 , our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $25.0 million . Our Tres Holdings investment is included in our storage and transportation segment. (5) As of March 31, 2019 , our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) exceeded our investment balance by approximately $5.8 million . Our PRBIC investment is included in our storage and transportation 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 March 31, 2019 2018 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 40.3 $ 20.2 $ 20.2 $ 41.3 $ 20.1 $ 21.2 Jackalope (1) 19.6 13.4 6.3 15.7 9.7 6.1 Crestwood Permian 13.9 20.0 (6.9 ) 21.7 19.8 3.0 Other (2) 8.3 8.8 (0.5 ) 10.0 9.1 0.9 Total $ 82.1 $ 62.4 $ 19.1 $ 88.7 $ 58.7 $ 31.2 (1) We amortize the excess basis in our Jackalope equity investment as an increase in our earnings from unconsolidated affiliates. During both the three months ended March 31, 2019 and 2018 , we recorded amortization of the excess basis in Jackalope of less than $0.1 million . (2) Includes our Tres Holdings and PRBIC equity investments. We amortize the excess basis in these equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Tres Holdings and PRBIC equity investments of $0.3 million and $0.1 million , respectively, for the three months ended March 31, 2019 , and $0.3 million and $0.2 million , respectively, for the three months ended March 31, 2018 . Distributions and Contributions The following table summarizes our distributions and contributions from our unconsolidated affiliates (in millions) : Distributions (1) Contributions Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 Stagecoach Gas $ 13.0 $ 11.3 $ — $ — Jackalope 11.6 7.4 24.4 — Crestwood Permian 2.3 4.3 7.5 0.1 Tres Holdings — — 6.3 — PRBIC — 0.3 — — Total $ 26.9 $ 23.3 $ 38.2 $ 0.1 (1) In April 2019, we received cash distributions from Stagecoach Gas, Crestwood Permian and Tres Holdings of approximately $12.4 million , $0.6 million and $1.2 million , respectively. Other Contingent Consideration . Pursuant to the Stagecoach Gas limited liability company agreement, we may be required to make payments of up to $57 million to Con Edison Gas Pipeline and Storage Northeast, LLC 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. These growth capital projects depend on the construction of other third-party expansion projects, and during 2017, those third-party projects experienced regulatory and other delays that caused Stagecoach Gas to delay its growth capital projects. As a result, our consolidated balance sheets reflect an other long-term liability of $57 million at March 31, 2019 and December 31, 2018 . Guarantee. CEQP issued a guarantee 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 $155.7 million has been spent through March 31, 2019) if Crestwood Permian fails to do so. The Nautilus gathering system is owned by Crestwood Permian Basin LLC, a 50% equity investment of Crestwood Permian. 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 consolidated balance sheets at March 31, 2019 and December 31, 2018 . Jackalope Acquisition . On April 9, 2019, Crestwood Niobrara LLC (Crestwood Niobrara), our consolidated subsidiary, acquired Williams Partners LP’s (Williams) 50% equity interest in Jackalope for approximately $484.6 million , which was funded through a combination of borrowings under the CMLP credit facility and the issuance of $235 million of new preferred units to CN Jackalope Holdings LLC (Jackalope Holdings) as further discussed in Note 9. The acquisition of this equity interest results in Crestwood Niobrara owning 100% of the equity interests in Jackalope. Crestwood Midstream Operating, LLC (Crestwood Midstream Operating), our consolidated subsidiary, will provide field operations and construction management services for Jackalope. |
Risk Management
Risk Management | 3 Months Ended |
Mar. 31, 2019 | |
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. Our commodity-based derivatives that are settled with physical commodities are reflected as an increase to product revenues, and the commodity inventory that is utilized to satisfy those physical obligations is reflected as an increase to costs of product sold in our consolidated statements of operations. The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the three months ended March 31, 2019 and 2018 ( in millions ): Three Months Ended March 31, 2019 2018 Product revenues $ 104.1 $ 97.8 Gain (loss) reflected in costs of product/services sold (2.9 ) 7.8 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: March 31, 2019 December 31, 2018 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil (MMBbls) 28.8 29.5 27.8 30.1 Natural gas (Bcf) 1.6 1.6 1.8 1.8 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 36 months or less; however, 82% 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 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. In addition, we have margin requirements with a New York Mercantile Exchange (NYMEX) broker related to our net asset or liability position with such broker. 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. The following table represents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral ( in millions ): March 31, 2019 December 31, 2018 Aggregate fair value of derivative instruments with credit-risk-related contingent features (1) $ 2.6 $ 2.2 NYMEX-related net derivative asset (liability) position $ 1.4 $ (9.4 ) NYMEX-related cash collateral posted $ 9.1 $ 21.7 Cash collateral received $ 5.4 $ 14.2 (1) At March 31, 2019 and December 31, 2018 , we posted less than $0.1 million of collateral associated with these derivatives. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [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 March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and December 31, 2018 , 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 amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 2023 Senior Notes $ 694.0 $ 720.8 $ 693.6 $ 668.1 2025 Senior Notes $ 493.6 $ 514.8 $ 493.4 $ 466.2 Financial Assets and Liabilities As of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and December 31, 2018 ( in millions ): March 31, 2019 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 5.6 $ 64.7 $ — $ 70.3 $ (60.4 ) $ 6.7 $ 16.6 Suburban Propane Partners, L.P. units (2) 3.2 — — 3.2 — — 3.2 Total assets at fair value $ 8.8 $ 64.7 $ — $ 73.5 $ (60.4 ) $ 6.7 $ 19.8 Liabilities Liabilities from price risk management $ 5.3 $ 57.1 $ — $ 62.4 $ (60.4 ) $ 3.0 $ 5.0 Total liabilities at fair value $ 5.3 $ 57.1 $ — $ 62.4 $ (60.4 ) $ 3.0 $ 5.0 December 31, 2018 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 12.4 $ 160.7 $ — $ 173.1 $ (140.3 ) $ 1.9 $ 34.7 Suburban Propane Partners, L.P. units (2) 2.8 — — 2.8 — — 2.8 Total assets at fair value $ 15.2 $ 160.7 $ — $ 175.9 $ (140.3 ) $ 1.9 $ 37.5 Liabilities Liabilities from price risk management $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 Total liabilities at fair value $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 (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 | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at March 31, 2019 and December 31, 2018 ( in millions ): March 31, December 31, Credit Facility $ 593.0 $ 578.2 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 500.0 Other 1.2 1.5 Less: deferred financing costs, net 25.2 26.4 Total debt 1,769.0 1,753.3 Less: current portion 0.6 0.9 Total long-term debt, less current portion $ 1,768.4 $ 1,752.4 Credit Facility At March 31, 2019 , Crestwood Midstream had $584.0 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At March 31, 2019 and December 31, 2018 , Crestwood Midstream’s outstanding standby letters of credit were $73.0 million and $68.0 million . Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 4.74% and 6.75% at March 31, 2019 and 4.63% and 6.75% at December 31, 2018 . The weighted-average interest rate as of March 31, 2019 and December 31, 2018 was 4.79% in both periods. 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 March 31, 2019 , the net debt to consolidated EBITDA ratio was approximately 4.11 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.41 to 1.0, and the senior secured leverage ratio was 1.36 to 1.0. In April 2019, Crestwood Niobrara acquired the remaining 50% equity interest in Jackalope and funded approximately $250 million of the total purchase price through borrowings under Crestwood Midstream’s credit facility. Contemporaneously with the closing of the remaining interest in Jackalope, Crestwood Midstream entered into the First Amendment to the Second Amended and Restated Credit Agreement to modify certain defined terms and calculations, among other things, to account for the Jackalope acquisition. The other debt covenants under the amended credit agreement are materially consistent with the credit facility that existed at March 31, 2019. Senior Notes In April 2019, Crestwood Midstream issued $600 million of 5.625% unsecured senior notes due 2027 (the 2027 Senior Notes). The 2027 Senior Notes will mature on May 1, 2027, and interest is payable semiannually in arrears on May 1 and November 1 of each year, beginning November 1, 2019. The net proceeds from this offering of approximately $591.1 million were used to repay a portion of the outstanding borrowings under our credit facility, which included the borrowings that were used to fund the acquisition of the remaining 50% equity interest in Jackalope. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 3 Months Ended |
Mar. 31, 2019 | |
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. The following table summarizes information regarding the weighted-average of common units excluded during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Preferred units (1) 7,125,744 7,125,744 Crestwood Niobrara’s preferred units (1) 5,775,394 7,055,735 Stock-based compensation performance units (2) 460,091 — Subordinated units (2) 438,789 — (1) See Note 9 for additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to common units. (2) For a description of our performance units and subordinated units, see our 2018 Annual Report on Form 10-K. |
Partners' Capital
Partners' Capital | 3 Months Ended |
Mar. 31, 2019 | |
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 We have an employee unit purchase plan under which employees of the general partner may purchase our common units through payroll deductions up to a maximum of 10% of the employees’ eligible compensation, not to exceed $25,000 for any calendar year. During the three months ended March 31, 2019 , there were 789 common units purchased under the plan. For a further description of our employee unit purchase plan, see our 2018 Annual Report on Form 10-K. Distributions Crestwood Equity Limited Partners. A summary of CEQP’s limited partner quarterly cash distributions for the three months ended March 31, 2019 and 2018 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2019 February 7, 2019 February 14, 2019 $ 0.60 $ 43.1 2018 February 7, 2018 February 14, 2018 $ 0.60 $ 42.7 On April 18, 2019 , we declared a distribution of $0.60 per limited partner unit to be paid on May 15, 2019 to unitholders of record on May 8, 2019 with respect to the first quarter of 2019 . Preferred Unit Holders . During the three months ended March 31, 2019 and 2018 , we made cash distributions to our preferred unitholders of approximately $15.0 million in both periods. On April 18, 2019 , 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 March 31, 2019 . Crestwood Midstream During the three months ended March 31, 2019 and 2018 , Crestwood Midstream paid cash distributions of $57.8 million and $60.5 million to Crestwood Equity. Non-Controlling Partner Crestwood Niobrara LLC (Crestwood Niobrara) issued preferred interests (Series A-2 Preferred Units) to Jackalope Holdings, which are reflected as non-controlling interest in our consolidated financial statements. Subject to certain restrictions, we have the ability to redeem the Series A-2 Preferred Units for an amount in cash or CEQP common units equal to an amount necessary for Jackalope Holdings to achieve a certain rate of return. During the three months ended March 31, 2019 , Crestwood Niobrara paid cash distributions of $3.3 million to Jackalope Holdings. In April 2019, Crestwood Niobrara paid a cash distribution of $3.3 million to Jackalope Holdings for the quarter ended March 31, 2019 . In conjunction with the acquisition of the remaining 50% equity interest in Jackalope in April 2019, Crestwood Niobrara issued $235 million of preferred interests (Series A-3 Preferred Units) to Jackalope Holdings. Crestwood Niobrara will be required to make quarterly cash distributions on the Series A-3 Preferred Units within 30 days after the end of each quarter beginning with the quarter ended June 30, 2019. In connection with the issuance of the Series A-3 Preferred Units, we entered into a Third Amended and Restated Limited Liability Company Agreement (Crestwood Niobrara Amended Agreement) with Jackalope Holdings for Crestwood Niobrara and modified the provisions related to the redemption and conversion of the Series A-2 and Series A-3 Preferred Units. In addition, we amended our registration rights agreement with Jackalope Holdings and entered into the First Amendment to the Registration Rights Agreement to conform with certain provisions of the Crestwood Niobrara Amended Agreement and the issuance of the Series A-3 Preferred Units. Other In February 2019, Crestwood Equity issued 238,263 performance units under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP). 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 March 31, 2019, we had total unamortized compensation expense of approximately $5.7 million related to these performance units, which we expect will be amortized during the next three years. We recognized compensation expense of approximately $1.4 million under the Crestwood LTIP related to these performance units during the three months ended March 31, 2019, which is included in general and administrative expenses on our consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 , both CEQP and CMLP had approximately $0.2 million and $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. Thereafter, we contained and cleaned up the releases, 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 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. Our discussions regarding the notice of violation continue with the Three Affiliated Tribes. 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 March 31, 2019 . At March 31, 2019 and December 31, 2018 , our accrual of approximately $1.8 million was based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties (including the Arrow water releases described above). We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures could range from approximately $1.8 million to $3.3 million at March 31, 2019 . 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. Losses are accrued based upon management’s estimates of the aggregate liability for claims incurred using certain assumptions followed in the insurance industry and based on past experience. The primary assumption utilized is actuarially determined loss development factors. The loss development factors are based primarily on historical data. Our self insurance reserves could be affected if future claim developments differ from the historical trends. We believe changes in health care costs, trends in health care claims of our employee base, accident frequency and severity and other factors could materially affect the estimate for these liabilities. We continually monitor changes in employee demographics, incident and claim type and evaluate our insurance accruals and adjust our accruals based on our evaluation of these qualitative data points. We are liable for the development of claims for our disposed retail propane operations, provided they were reported prior to August 1, 2012. The following table summarizes CEQP’s and CMLP’s self-insurance reserves at March 31, 2019 and December 31, 2018 ( in millions ): CEQP CMLP March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Self-insurance reserves (1) $ 11.4 $ 11.3 $ 10.0 $ 9.6 (1) At March 31, 2019 , CEQP and CMLP classified approximately $7.4 million and $6.3 million , respectively of these reserves as other long-term liabilities on their consolidated balance sheets. 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 . 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 March 31, 2019 and December 31, 2018 , we have no amounts accrued for these guarantees. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
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. We enter into transactions with our affiliates within the ordinary course of business, including gas gathering and processing services under long-term contracts, product purchases and various operating agreements. We also enter into transactions with our affiliates related to services provided on our expansion projects. At March 31, 2019 and 2018, we paid approximately $2.2 million and $0.2 million of capital expenditures to Applied Consultants, Inc., an affiliate of Crestwood Holdings. The following table shows transactions with our affiliates which are reflected in our consolidated statements of operations ( in millions ). For a further description of our related party agreements, see our 2018 Annual Report on Form 10-K. Three Months Ended March 31, 2019 2018 Revenues at CEQP and CMLP $ 1.2 $ 0.3 Costs of product/services sold at CEQP and CMLP (1) $ 34.4 $ 13.1 Operations and maintenance expenses at CEQP and CMLP (2) $ 7.5 $ 6.7 General and administrative expenses charged by CEQP to CMLP, net (3) $ 11.0 $ 5.6 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (5.2 ) $ (0.4 ) (1) Includes $8.2 million and $13.1 million during the three months ended March 31, 2019 and 2018 related to purchases of NGLs from a subsidiary of Crestwood Permian. The amount for the three months ended March 31, 2019 also includes $23.9 million related to an agency marketing agreement with Ascent Resources - Utica, LLC, an affiliate of Crestwood Holdings and $2.3 million related to purchases of natural gas from a subsidiary of Stagecoach Gas. (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, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of income. During the three months ended March 31, 2019 , we charged $2.0 million to Stagecoach Gas, $1.2 million to Tres Palacios, $3.8 million to Crestwood Permian and $0.5 million to Jackalope. During the three months ended March 31, 2018 , we charged $2.1 million to Stagecoach Gas, $1.1 million to Tres Palacios, $3.4 million to Crestwood Permian and $0.1 million to Jackalope. (3) Includes $11.9 million and $6.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the three months ended March 31, 2019 and 2018 . In addition, includes $0.9 million and $0.8 million of CMLP’s general and administrative costs allocated to CEQP during the three months ended March 31, 2019 and 2018 . (4) Includes $5.4 million and $0.8 million unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended March 31, 2019 and 2018 . The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): March 31, December 31, Accounts receivable at CEQP and CMLP $ 4.9 $ 4.1 Accounts payable at CEQP $ 17.4 $ 16.1 Accounts payable at CMLP $ 14.9 $ 13.6 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2019 | |
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 interest and debt expense, net and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP’s net income to EBITDA ( in millions ): Three Months Ended March 31, 2019 2018 Net income $ 14.1 $ 34.1 Add: Interest and debt expense, net 24.9 24.4 Depreciation, amortization and accretion 39.8 45.1 EBITDA $ 78.8 $ 103.6 Below is a reconciliation of CMLP’s net income to EBITDA ( in millions ): Three Months Ended March 31, 2019 2018 Net income $ 11.6 $ 32.4 Add: Interest and debt expense, net 24.9 24.4 Depreciation, amortization and accretion 43.4 47.8 EBITDA $ 79.9 $ 104.6 The following tables summarize CEQP’s and CMLP’s reportable segment data for the three months ended March 31, 2019 and 2018 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies as described in our 2018 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $12.7 million and $9.7 million of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended March 31, 2019 and 2018 . Crestwood Equity Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 182.3 $ 7.8 $ 645.1 $ — $ 835.2 Intersegment revenues 52.8 3.6 (56.4 ) — — Costs of product/services sold 138.0 — 557.6 — 695.6 Operations and maintenance expense 18.1 1.0 9.5 — 28.6 General and administrative expense — — — 37.2 37.2 Loss on long-lived assets, net (1.8 ) — (0.2 ) — (2.0 ) Earnings (loss) from unconsolidated affiliates, net (0.2 ) 7.1 — — 6.9 Other income, net — — — 0.1 0.1 EBITDA $ 77.0 $ 17.5 $ 21.4 $ (37.1 ) $ 78.8 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,687.9 $ 1,007.2 $ 612.2 $ 39.1 $ 4,346.4 Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 340.3 $ 4.2 $ 770.5 $ — $ 1,115.0 Intersegment revenues 41.3 2.0 (43.3 ) — — Costs of product/services sold 287.7 0.1 678.0 — 965.8 Operations and maintenance expense 17.7 0.8 16.0 — 34.5 General and administrative expense — — — 23.9 23.9 Gain on long-lived assets 0.1 — 0.2 — 0.3 Earnings from unconsolidated affiliates, net 5.7 6.7 — — 12.4 Other income, net — — — 0.1 0.1 EBITDA $ 82.0 $ 12.0 $ 33.4 $ (23.8 ) $ 103.6 Crestwood Midstream Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 182.3 $ 7.8 $ 645.1 $ — $ 835.2 Intersegment revenues 52.8 3.6 (56.4 ) — — Costs of product/services sold 138.0 — 557.6 — 695.6 Operations and maintenance expense 18.1 1.0 9.5 — 28.6 General and administrative expense — — — 36.0 36.0 Loss on long-lived assets, net (1.8 ) — (0.2 ) — (2.0 ) Earnings (loss) from unconsolidated affiliates, net (0.2 ) 7.1 — — 6.9 EBITDA $ 77.0 $ 17.5 $ 21.4 $ (36.0 ) $ 79.9 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,857.9 $ 1,007.2 $ 612.2 $ 33.8 $ 4,511.1 Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 340.3 $ 4.2 $ 770.5 $ — $ 1,115.0 Intersegment revenues 41.3 2.0 (43.3 ) — — Costs of product/services sold 287.7 0.1 678.0 — 965.8 Operations and maintenance expense 17.7 0.8 16.0 — 34.5 General and administrative expense — — — 22.8 22.8 Gain on long-lived assets 0.1 — 0.2 — 0.3 Earnings from unconsolidated affiliates, net 5.7 6.7 — — 12.4 EBITDA $ 82.0 $ 12.0 $ 33.4 $ (22.8 ) $ 104.6 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenues Contract Assets and Contract Liabilities Our contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Our receivables related to our Topic 606 revenue contracts totaled $225.0 million and $209.7 million for both CEQP and CMLP at March 31, 2019 and December 31, 2018 , and are included in accounts receivable on our consolidated balance sheets. Our contract assets are included in other non-current assets on our consolidated balance sheets. Our contract liabilities primarily consist of current and non-current deferred revenues. On our consolidated balance sheets, our current deferred revenues are included in accrued expenses and other liabilities and our non-current deferred revenues are included in other long-term liabilities. The majority of revenues associated with our deferred revenues is expected to be recognized as the performance obligations under the related contracts are satisfied over the next 13 years . The following table provides a summary of the opening and closing balances of our contract assets and contract liabilities (in millions) : Balance at March 31, 2019 Balance at December 31, 2018 Contract Assets (Non-current) $ 0.9 $ 1.0 Contract Liabilities (Current) (1) $ 12.0 $ 12.0 Contract Liabilities (Non-current) (1) $ 71.5 $ 65.4 (1) During the three months ended March 31, 2019 , we recognized revenues of approximately $2.8 million that were previously included in contract liabilities (current) at December 31, 2018 . The remaining change in our contract liabilities during the three months ended March 31, 2019 , primarily related to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of March 31, 2019 (in millions) : Remainder of 2019 $ 21.4 2020 23.2 2021 9.4 2022 7.3 2023 7.3 Thereafter 3.3 Total $ 71.9 Our remaining performance obligations presented in the table above exclude estimates of variable rate escalation clauses in our contracts with customers, and is generally limited to fixed-fee and percentage-of-proceeds service contracts which have fixed pricing and minimum volume terms and conditions. Our remaining performance obligations generally exclude, based on the following practical expedients that we elected to apply, disclosures for (i) variable consideration allocated to a wholly-unsatisfied promise to transfer a distinct service that forms part of the identified single performance obligation; (ii) unsatisfied performance obligations where the contract term is one year or less; and (iii) contracts for which we recognize revenues as amounts are invoiced. Disaggregation of Revenues The following tables summarize our revenues from contracts with customers disaggregated by type of product/service sold and by commodity type for each of our segments for the three months ended March 31, 2019 and 2018 ( in millions ). We believe this summary best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 30.2 $ — $ — $ — $ 30.2 Crude oil 15.3 — — — 15.3 Water 16.8 — — — 16.8 Processing Natural gas 2.5 — — — 2.5 Compression Natural gas 6.0 — — — 6.0 Storage Crude oil 0.5 1.4 — (0.7 ) 1.2 NGLs — — 1.3 — 1.3 Pipeline Crude oil — 1.7 — (0.7 ) 1.0 Transportation Crude oil 1.5 — 1.5 — 3.0 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — 7.2 — (1.4 ) 5.8 Product Sales Natural gas 18.8 — 22.3 (6.6 ) 34.5 Crude oil 131.6 — 290.1 (43.3 ) 378.4 NGLs 11.9 — 221.5 (2.8 ) 230.6 Other — 1.1 — (0.9 ) 0.2 Total Topic 606 revenues 235.1 11.4 540.8 (56.4 ) 730.9 Non-Topic 606 revenues (1) — — 104.3 — 104.3 Total revenues $ 235.1 $ 11.4 $ 645.1 $ (56.4 ) $ 835.2 (1) Represents revenues primarily related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 35.4 $ — $ — $ — $ 35.4 Crude oil 9.2 — — — 9.2 Water 12.1 — — — 12.1 Processing Natural gas 2.7 — — — 2.7 NGLs — — 1.7 — 1.7 Compression Natural gas 7.6 — — — 7.6 Storage Crude oil 0.5 0.6 — (0.2 ) 0.9 NGLs — — 3.2 — 3.2 Pipeline Crude oil — 1.2 — (0.5 ) 0.7 Transportation Crude oil 0.6 — 1.2 — 1.8 NGLs — — 9.7 — 9.7 Water — — 0.2 — 0.2 Rail Loading Crude oil — 4.0 — (1.0 ) 3.0 NGLs — — 1.1 — 1.1 Product Sales Natural gas 13.4 — 7.8 (3.9 ) 17.3 Crude oil 279.9 — 190.6 (32.3 ) 438.2 NGLs 20.2 — 457.2 (5.1 ) 472.3 Other — 0.4 — (0.3 ) 0.1 Total Topic 606 revenues 381.6 6.2 672.7 (43.3 ) 1,017.2 Non-Topic 606 revenues — — 97.8 — 97.8 Total revenues $ 381.6 $ 6.2 $ 770.5 $ (43.3 ) $ 1,115.0 (1) Represents revenues related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information 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, Crestwood Niobrara, Crestwood Pipeline and Storage Northeast LLC, PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of the 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 March 31, 2019 and December 31, 2018 , and for the three months ended March 31, 2019 and 2018 . 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. Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 1.3 — — — 1.3 Accounts receivable — 250.3 5.9 (1.3 ) 254.9 Inventory — 42.0 — — 42.0 Other current assets — 26.7 — — 26.7 Total current assets 1.5 319.0 5.9 (1.3 ) 325.1 Property, plant and equipment, net — 2,234.0 — — 2,234.0 Goodwill and intangible assets, net — 682.0 — — 682.0 Operating lease right-of-use assets, net — 61.6 — — 61.6 Investment in consolidated affiliates 3,794.6 — — (3,794.6 ) — Investment in unconsolidated affiliates — — 1,206.4 — 1,206.4 Other non-current assets — 2.0 — — 2.0 Total assets $ 3,796.1 $ 3,298.6 $ 1,212.3 $ (3,795.9 ) $ 4,511.1 Liabilities and partners’ capital Current liabilities: Accounts payable $ 1.3 $ 222.0 $ — $ (1.3 ) $ 222.0 Other current liabilities 38.4 88.3 1.2 — 127.9 Total current liabilities 39.7 310.3 1.2 (1.3 ) 349.9 Long-term liabilities: Long-term debt, less current portion 1,768.4 — — — 1,768.4 Other long-term liabilities — 165.2 57.0 — 222.2 Deferred income taxes — 0.6 — — 0.6 Interest of non-controlling partners in subsidiary — — 182.0 — 182.0 Partners’ capital 1,988.0 2,822.5 972.1 (3,794.6 ) 1,988.0 Total partners’ capital 1,988.0 2,822.5 1,154.1 (3,794.6 ) 2,170.0 Total liabilities and partners’ capital $ 3,796.1 $ 3,298.6 $ 1,212.3 $ (3,795.9 ) $ 4,511.1 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 16.3 — — — 16.3 Accounts receivable — 246.3 19.9 (16.3 ) 249.9 Inventory — 64.6 — — 64.6 Other current assets — 46.0 — — 46.0 Total current assets 16.5 356.9 19.9 (16.3 ) 377.0 Property, plant and equipment, net — 2,202.3 — — 2,202.3 Goodwill and intangible assets, net — 692.4 — — 692.4 Investment in consolidated affiliates 3,800.4 — — (3,800.4 ) — Investment in unconsolidated affiliates — — 1,188.2 — 1,188.2 Other non-current assets — 2.1 — — 2.1 Total assets $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Liabilities and partners’ capital Current liabilities: Accounts payable $ 16.3 $ 210.5 $ — $ (16.3 ) $ 210.5 Other current liabilities 20.0 81.8 16.2 — 118.0 Total current liabilities 36.3 292.3 16.2 (16.3 ) 328.5 Long-term liabilities: Long-term debt, less current portion 1,752.4 — — — 1,752.4 Other long-term liabilities — 114.0 57.0 — 171.0 Deferred income taxes — 0.6 — — 0.6 Interest of non-controlling partners in subsidiary — — 181.3 — 181.3 Partners’ capital 2,028.2 2,846.8 953.6 (3,800.4 ) 2,028.2 Total partners’ capital 2,028.2 2,846.8 1,134.9 (3,800.4 ) 2,209.5 Total liabilities and partners’ capital $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 835.2 $ — $ — $ 835.2 Costs of product/services sold — 695.6 — — 695.6 Operating expenses and other: Operations and maintenance — 28.6 — — 28.6 General and administrative 18.7 17.3 — — 36.0 Depreciation, amortization and accretion — 43.4 — — 43.4 Loss on long-lived assets, net — 2.0 — — 2.0 18.7 91.3 — — 110.0 Operating income (loss) (18.7 ) 48.3 — — 29.6 Earnings from unconsolidated affiliates, net — — 6.9 — 6.9 Interest and debt expense, net (24.7 ) (0.2 ) — — (24.9 ) Equity in net income (loss) of subsidiaries 51.0 — — (51.0 ) — Net income (loss) 7.6 48.1 6.9 (51.0 ) 11.6 Net income attributable to non-controlling partners in subsidiaries — — 4.0 — 4.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ 7.6 $ 48.1 $ 2.9 $ (51.0 ) $ 7.6 Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,115.0 $ — $ — $ 1,115.0 Costs of product/services sold — 965.8 — — 965.8 Operating expenses: Operations and maintenance — 34.5 — — 34.5 General and administrative 15.6 7.2 — — 22.8 Depreciation, amortization and accretion — 47.8 — — 47.8 Gain on long-lived assets, net — (0.3 ) — — (0.3 ) 15.6 89.2 — — 104.8 Operating income (loss) (15.6 ) 60.0 — — 44.4 Earnings from unconsolidated affiliates, net — — 12.4 — 12.4 Interest and debt expense, net (24.4 ) — — — (24.4 ) Equity in net income (loss) of subsidiaries 68.4 — — (68.4 ) — Net income (loss) 28.4 60.0 12.4 (68.4 ) 32.4 Net income attributable to non-controlling partners in subsidiaries — — 4.0 — 4.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ 28.4 $ 60.0 $ 8.4 $ (68.4 ) $ 28.4 Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (38.6 ) $ 160.3 $ 9.2 $ — $ 130.9 Cash flows from investing activities: Purchases of property, plant and equipment — (68.5 ) — — (68.5 ) Investment in unconsolidated affiliates — — (38.2 ) — (38.2 ) Capital distributions from unconsolidated affiliates — — 16.7 — 16.7 Capital contributions to consolidated affiliates (15.6 ) — — 15.6 — Other — (1.0 ) — — (1.0 ) Net cash provided by (used in) investing activities (15.6 ) (69.5 ) (21.5 ) 15.6 (91.0 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 298.9 — — — 298.9 Payments on long-term debt (284.0 ) (0.4 ) — — (284.4 ) Payments on finance leases — (1.1 ) — — (1.1 ) Payments for debt-related deferred costs (0.2 ) — — — (0.2 ) Distributions to partners (57.8 ) — (3.3 ) — (61.1 ) Contributions from parent — — 15.6 (15.6 ) — Taxes paid for unit-based compensation vesting — (7.0 ) — — (7.0 ) Change in intercompany balances 82.3 (82.3 ) — — — Net cash provided by (used in) financing activities 39.2 (90.8 ) 12.3 (15.6 ) (54.9 ) Net change in cash and restricted cash (15.0 ) — — — (15.0 ) Cash and restricted cash at beginning of period 16.5 — — — 16.5 Cash and restricted cash at end of period $ 1.5 $ — $ — $ — $ 1.5 Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (19.6 ) $ 158.5 $ 12.5 $ — $ 151.4 Cash flows from investing activities: Purchases of property, plant and equipment (1.2 ) (64.1 ) — — (65.3 ) Investment in unconsolidated affiliates — — (0.1 ) — (0.1 ) Capital distributions from unconsolidated affiliates — — 11.5 — 11.5 Capital distributions from consolidated affiliates 23.9 — — (23.9 ) — Other — 1.2 — — 1.2 Net cash provided by (used in) investing activities 22.7 (62.9 ) 11.4 (23.9 ) (52.7 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 399.8 — — — 399.8 Payments on long-term debt (425.0 ) (0.4 ) — — (425.4 ) Payments on capital leases — (0.3 ) — — (0.3 ) Distributions to partners (60.5 ) — — — (60.5 ) Distributions to parent — — (23.9 ) 23.9 — Taxes paid for unit-based compensation vesting — (6.3 ) — — (6.3 ) Change in intercompany balances 88.6 (88.6 ) — — — Net cash provided by (used in) financing activities 2.9 (95.6 ) (23.9 ) 23.9 (92.7 ) Net change in cash and restricted cash 6.0 — — — 6.0 Cash and restricted cash at beginning of period 1.0 — — — 1.0 Cash and restricted cash at end of period $ 7.0 $ — $ — $ — $ 7.0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Effective January 1, 2019, we adopted the following accounting standard. There were no other material changes in our significant accounting policies from those described in our 2018 Annual Report on Form10-K. |
New Accounting Pronouncements Issued But Not Yet Adopted | New Accounting Pronouncement Issued But Not Yet Adopted As of March 31, 2019 , the following accounting standard had not yet been adopted by us: In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326) , which provides new guidance on how companies should evaluate their accounts and notes receivable and other financial instruments for impairment. The standard requires companies to evaluate their financial instruments for impairment by recording an allowance for doubtful accounts and/or bad debt expense based on certain categories of instruments rather than a specific identification approach. We expect to adopt the provisions of this standard effective January 1, 2020 and are currently evaluating the impact that this standard may have on our consolidated financial statements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Assets And Liabilities, Lessee [Table Text Block] | The following table summarizes the balance sheet information related to our operating and finance leases at March 31, 2019 ( in millions ): Operating Leases Operating lease right-of-use assets, net $ 61.6 Accrued expenses and other liabilities $ 18.1 Long-term operating lease liabilities 48.2 Total operating lease liabilities $ 66.3 Finance Leases Property, plant and equipment $ 14.1 Less: accumulated depreciation 2.7 Property, plant and equipment, net $ 11.4 Accrued expenses and other liabilities $ 2.9 Other long-term liabilities 7.1 Total finance lease liabilities $ 10.0 |
Lease, Cost [Table Text Block] | The following table shows the weighted-average remaining lease term and the weighted-average discount rate associated with our operating and finance leases for the three months ended March 31, 2019 : Weighted-average remaining lease term (in years) : Operating leases 4.4 Finance leases 3.3 Weighted-average discount rate: Operating leases 5.9 % Finance leases 7.3 % The following table presents supplemental cash flow information for our operating and finance leases for the three months ended March 31, 2019 ( in millions ): Cash paid for lease liabilities: Operating cash flows from operating leases $ 6.3 Operating cash flows from finance leases $ 0.2 Financing cash flows from finance leases $ 1.1 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 0.3 Finance leases $ 1.0 The following table presents the costs and sublease income associated with our operating and finance leases for the three months ended ended March 31, 2019 ( in millions ): Operating leases: Operating lease expense (1)(2) $ 7.5 Sublease income (3) 0.2 Total operating lease expense, net $ 7.3 Finance leases: Amortization of right-of-use assets (4) $ 0.9 Interest on lease liabilities (5) 0.2 Total finance lease expense $ 1.1 (1) Approximately $4.8 million is included in costs of product/services sold and $2.7 million is included in operations and maintenance expense on our consolidated statements of operations. (2) Includes short-term and variable lease costs of approximately $0.7 million . (3) Included in Marketing, Supply and Logistics service revenues on our consolidated statements of operations. (4) Included in depreciation, amortization and accretion on our consolidated statements of operations. (5) Included in interest and debt expense, net on our consolidated statements of operations. |
Finance Lease, Liability, Maturity [Table Text Block] | The following table presents the future minimum lease liabilities under Topic 842 and Topic 840 for our leases for the next five years and in total thereafter ( in millions ): Topic 842 Topic 840 March 31, 2019 December 31, 2018 Year Ending December 31, Operating Leases Finance Leases Total Operating Leases Capital Leases Total 2019 (1) $ 15.7 $ 2.6 $ 18.3 $ 22.3 $ 3.0 $ 25.3 2020 18.4 3.5 21.9 18.1 3.3 21.4 2021 14.8 3.4 18.2 14.4 3.2 17.6 2022 10.1 1.7 11.8 9.7 1.9 11.6 2023 6.3 — 6.3 6.0 — 6.0 Thereafter 10.9 — 10.9 10.7 — 10.7 Total lease payments 76.2 11.2 87.4 81.2 11.4 92.6 Less: Interest 9.9 1.2 11.1 — 1.3 1.3 Present value of lease liabilities $ 66.3 $ 10.0 $ 76.3 $ 81.2 $ 10.1 $ 91.3 (1) Represents the remainder of 2019 at March 31, 2019. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table presents the future minimum lease liabilities under Topic 842 and Topic 840 for our leases for the next five years and in total thereafter ( in millions ): Topic 842 Topic 840 March 31, 2019 December 31, 2018 Year Ending December 31, Operating Leases Finance Leases Total Operating Leases Capital Leases Total 2019 (1) $ 15.7 $ 2.6 $ 18.3 $ 22.3 $ 3.0 $ 25.3 2020 18.4 3.5 21.9 18.1 3.3 21.4 2021 14.8 3.4 18.2 14.4 3.2 17.6 2022 10.1 1.7 11.8 9.7 1.9 11.6 2023 6.3 — 6.3 6.0 — 6.0 Thereafter 10.9 — 10.9 10.7 — 10.7 Total lease payments 76.2 11.2 87.4 81.2 11.4 92.6 Less: Interest 9.9 1.2 11.1 — 1.3 1.3 Present value of lease liabilities $ 66.3 $ 10.0 $ 76.3 $ 81.2 $ 10.1 $ 91.3 (1) Represents the remainder of 2019 at March 31, 2019. |
Certain Balance Sheet Informa_2
Certain Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following ( in millions ): CEQP CMLP March 31, December 31, March 31, December 31, 2019 2018 2019 2018 Accrued expenses (1) $ 39.7 $ 64.8 $ 38.7 $ 63.7 Accrued property taxes 3.9 2.6 3.9 2.6 Income tax payable 0.4 0.3 0.4 0.3 Interest payable 38.2 19.8 38.2 19.8 Accrued additions to property, plant and equipment 8.1 10.5 8.1 10.5 Operating leases 18.1 — 18.1 — Finance leases 2.9 2.4 2.9 2.4 Deferred revenue 12.0 12.0 12.0 12.0 Total accrued expenses and other liabilities $ 123.3 $ 112.4 $ 122.3 $ 111.3 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Net Investments and Earnings Our net investments in and earnings from our unconsolidated affiliates are as follows ( in millions ): Investment Earnings (Loss) from Unconsolidated Affiliates March 31, December 31, Three Months Ended March 31, 2019 2018 2019 2018 Stagecoach Gas Services LLC (1) $ 824.4 $ 830.4 $ 7.0 $ 5.7 Jackalope Gas Gathering Services, L.L.C. (2) 226.2 210.2 3.2 3.0 Crestwood Permian Basin Holdings LLC (3) 106.1 104.3 (3.4 ) 2.7 Tres Palacios Holdings LLC (4) 41.5 35.0 0.2 0.4 Powder River Basin Industrial Complex, LLC (5) 8.2 8.3 (0.1 ) 0.6 Total $ 1,206.4 $ 1,188.2 $ 6.9 $ 12.4 (1) As of March 31, 2019 , our equity in the underlying net assets of Stagecoach Gas Services LLC (Stagecoach Gas) exceeded our investment balance by approximately $51.3 million . This excess amount is entirely attributable to goodwill and, as such, is not subject to amortization. Pursuant to the Stagecoach limited liability company agreement, our share of Stagecoach’s equity earnings increased from 35% to 40% effective July 1, 2018. Our Stagecoach Gas investment is included in our storage and transportation segment. (2) As of March 31, 2019 , our equity in the underlying net assets of Jackalope exceeded our investment balance by approximately $0.4 million . Our Jackalope investment is included in our gathering and processing segment. (3) As of March 31, 2019 , the difference of $8.8 million between our equity in Crestwood Permian’s net assets and our investment balance is not subject to amortization. Pursuant to the Crestwood Permian limited liability company agreement, we were allocated 100% of Crestwood New Mexico Pipeline LLC’s (Crestwood New Mexico) earnings through June 30, 2018. Effective July 1, 2018, our equity earnings from Crestwood New Mexico is based on our ownership percentage of Crestwood Permian, which is currently 50% . Our Crestwood Permian investment is included in our gathering and processing segment. (4) As of March 31, 2019 , our equity in the underlying net assets of Tres Palacios Holdings LLC (Tres Holdings) exceeded our investment balance by approximately $25.0 million . Our Tres Holdings investment is included in our storage and transportation segment. (5) As of March 31, 2019 , our equity in the underlying net assets of Powder River Basin Industrial Complex, LLC (PRBIC) exceeded our investment balance by approximately $5.8 million . Our PRBIC investment is included in our storage and transportation 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 March 31, 2019 2018 Operating Revenues Operating Expenses Net Income (Loss) Operating Revenues Operating Expenses Net Income Stagecoach Gas $ 40.3 $ 20.2 $ 20.2 $ 41.3 $ 20.1 $ 21.2 Jackalope (1) 19.6 13.4 6.3 15.7 9.7 6.1 Crestwood Permian 13.9 20.0 (6.9 ) 21.7 19.8 3.0 Other (2) 8.3 8.8 (0.5 ) 10.0 9.1 0.9 Total $ 82.1 $ 62.4 $ 19.1 $ 88.7 $ 58.7 $ 31.2 (1) We amortize the excess basis in our Jackalope equity investment as an increase in our earnings from unconsolidated affiliates. During both the three months ended March 31, 2019 and 2018 , we recorded amortization of the excess basis in Jackalope of less than $0.1 million . (2) Includes our Tres Holdings and PRBIC equity investments. We amortize the excess basis in these equity investments as an increase in our earnings from unconsolidated affiliates. We recorded amortization of the excess basis in our Tres Holdings and PRBIC equity investments of $0.3 million and $0.1 million , respectively, for the three months ended March 31, 2019 , and $0.3 million and $0.2 million , respectively, for the three months ended March 31, 2018 . Distributions and Contributions The following table summarizes our distributions and contributions from our unconsolidated affiliates (in millions) : Distributions (1) Contributions Three Months Ended March 31, Three Months Ended March 31, 2019 2018 2019 2018 Stagecoach Gas $ 13.0 $ 11.3 $ — $ — Jackalope 11.6 7.4 24.4 — Crestwood Permian 2.3 4.3 7.5 0.1 Tres Holdings — — 6.3 — PRBIC — 0.3 — — Total $ 26.9 $ 23.3 $ 38.2 $ 0.1 (1) In April 2019, we received cash distributions from Stagecoach Gas, Crestwood Permian and Tres Holdings of approximately $12.4 million , $0.6 million and $1.2 million , respectively. |
Risk Management (Tables)
Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table represents the fair value of our commodity derivative instruments with credit-risk related contingent features and their associated collateral ( in millions ): March 31, 2019 December 31, 2018 Aggregate fair value of derivative instruments with credit-risk-related contingent features (1) $ 2.6 $ 2.2 NYMEX-related net derivative asset (liability) position $ 1.4 $ (9.4 ) NYMEX-related cash collateral posted $ 9.1 $ 21.7 Cash collateral received $ 5.4 $ 14.2 (1) At March 31, 2019 and December 31, 2018 , we posted less than $0.1 million of collateral associated with these derivatives. |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table summarizes the impact to our consolidated statements of operations related to our commodity-based derivatives reflected in operating revenues and costs of product/services sold during the three months ended March 31, 2019 and 2018 ( in millions ): Three Months Ended March 31, 2019 2018 Product revenues $ 104.1 $ 97.8 Gain (loss) reflected in costs of product/services sold (2.9 ) 7.8 |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following: March 31, 2019 December 31, 2018 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil (MMBbls) 28.8 29.5 27.8 30.1 Natural gas (Bcf) 1.6 1.6 1.8 1.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [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 amount (reduced for deferred financing costs associated with the respective notes) and fair value of our senior notes ( in millions ): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 2023 Senior Notes $ 694.0 $ 720.8 $ 693.6 $ 668.1 2025 Senior Notes $ 493.6 $ 514.8 $ 493.4 $ 466.2 |
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 March 31, 2019 and December 31, 2018 ( in millions ): March 31, 2019 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 5.6 $ 64.7 $ — $ 70.3 $ (60.4 ) $ 6.7 $ 16.6 Suburban Propane Partners, L.P. units (2) 3.2 — — 3.2 — — 3.2 Total assets at fair value $ 8.8 $ 64.7 $ — $ 73.5 $ (60.4 ) $ 6.7 $ 19.8 Liabilities Liabilities from price risk management $ 5.3 $ 57.1 $ — $ 62.4 $ (60.4 ) $ 3.0 $ 5.0 Total liabilities at fair value $ 5.3 $ 57.1 $ — $ 62.4 $ (60.4 ) $ 3.0 $ 5.0 December 31, 2018 Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Fair Value Assets Assets from price risk management $ 12.4 $ 160.7 $ — $ 173.1 $ (140.3 ) $ 1.9 $ 34.7 Suburban Propane Partners, L.P. units (2) 2.8 — — 2.8 — — 2.8 Total assets at fair value $ 15.2 $ 160.7 $ — $ 175.9 $ (140.3 ) $ 1.9 $ 37.5 Liabilities Liabilities from price risk management $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 Total liabilities at fair value $ 7.0 $ 144.7 $ — $ 151.7 $ (140.3 ) $ (5.6 ) $ 5.8 (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) | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at March 31, 2019 and December 31, 2018 ( in millions ): March 31, December 31, Credit Facility $ 593.0 $ 578.2 2023 Senior Notes 700.0 700.0 2025 Senior Notes 500.0 500.0 Other 1.2 1.5 Less: deferred financing costs, net 25.2 26.4 Total debt 1,769.0 1,753.3 Less: current portion 0.6 0.9 Total long-term debt, less current portion $ 1,768.4 $ 1,752.4 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes information regarding the weighted-average of common units excluded during the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 Preferred units (1) 7,125,744 7,125,744 Crestwood Niobrara’s preferred units (1) 5,775,394 7,055,735 Stock-based compensation performance units (2) 460,091 — Subordinated units (2) 438,789 — (1) See Note 9 for additional information regarding the potential conversion/redemption of our preferred units and Crestwood Niobrara’s preferred units to common units. (2) For a description of our performance units and subordinated units, see our 2018 Annual Report on Form 10-K. |
Partners' Capital (Tables)
Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Partners' Capital [Abstract] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP’s limited partner quarterly cash distributions for the three months ended March 31, 2019 and 2018 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2019 February 7, 2019 February 14, 2019 $ 0.60 $ 43.1 2018 February 7, 2018 February 14, 2018 $ 0.60 $ 42.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Excluding Long-term Commitment [Table Text Block] | The following table summarizes CEQP’s and CMLP’s self-insurance reserves at March 31, 2019 and December 31, 2018 ( in millions ): CEQP CMLP March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Self-insurance reserves (1) $ 11.4 $ 11.3 $ 10.0 $ 9.6 (1) At March 31, 2019 , CEQP and CMLP classified approximately $7.4 million and $6.3 million , respectively of these reserves as other long-term liabilities on their consolidated balance sheets. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 ). For a further description of our related party agreements, see our 2018 Annual Report on Form 10-K. Three Months Ended March 31, 2019 2018 Revenues at CEQP and CMLP $ 1.2 $ 0.3 Costs of product/services sold at CEQP and CMLP (1) $ 34.4 $ 13.1 Operations and maintenance expenses at CEQP and CMLP (2) $ 7.5 $ 6.7 General and administrative expenses charged by CEQP to CMLP, net (3) $ 11.0 $ 5.6 General and administrative expenses at CEQP charged from Crestwood Holdings, net (4) $ (5.2 ) $ (0.4 ) (1) Includes $8.2 million and $13.1 million during the three months ended March 31, 2019 and 2018 related to purchases of NGLs from a subsidiary of Crestwood Permian. The amount for the three months ended March 31, 2019 also includes $23.9 million related to an agency marketing agreement with Ascent Resources - Utica, LLC, an affiliate of Crestwood Holdings and $2.3 million related to purchases of natural gas from a subsidiary of Stagecoach Gas. (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, and these charges are reflected as a reduction of operations and maintenance expenses in our consolidated statements of income. During the three months ended March 31, 2019 , we charged $2.0 million to Stagecoach Gas, $1.2 million to Tres Palacios, $3.8 million to Crestwood Permian and $0.5 million to Jackalope. During the three months ended March 31, 2018 , we charged $2.1 million to Stagecoach Gas, $1.1 million to Tres Palacios, $3.4 million to Crestwood Permian and $0.1 million to Jackalope. (3) Includes $11.9 million and $6.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the three months ended March 31, 2019 and 2018 . In addition, includes $0.9 million and $0.8 million of CMLP’s general and administrative costs allocated to CEQP during the three months ended March 31, 2019 and 2018 . (4) Includes $5.4 million and $0.8 million unit-based compensation charges allocated from Crestwood Holdings to CEQP and CMLP during the three months ended March 31, 2019 and 2018 . |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates ( in millions ): March 31, December 31, Accounts receivable at CEQP and CMLP $ 4.9 $ 4.1 Accounts payable at CEQP $ 17.4 $ 16.1 Accounts payable at CMLP $ 14.9 $ 13.6 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 to EBITDA ( in millions ): Three Months Ended March 31, 2019 2018 Net income $ 14.1 $ 34.1 Add: Interest and debt expense, net 24.9 24.4 Depreciation, amortization and accretion 39.8 45.1 EBITDA $ 78.8 $ 103.6 |
Summary Of Segment Information | The following tables summarize CEQP’s and CMLP’s reportable segment data for the three months ended March 31, 2019 and 2018 ( in millions ). Intersegment revenues included in the following tables are accounted for as arms-length transactions that apply our revenue recognition policies as described in our 2018 Annual Report on Form 10-K. Included in earnings from unconsolidated affiliates, net below was approximately $12.7 million and $9.7 million of interest expense, depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the three months ended March 31, 2019 and 2018 . Crestwood Equity Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 182.3 $ 7.8 $ 645.1 $ — $ 835.2 Intersegment revenues 52.8 3.6 (56.4 ) — — Costs of product/services sold 138.0 — 557.6 — 695.6 Operations and maintenance expense 18.1 1.0 9.5 — 28.6 General and administrative expense — — — 37.2 37.2 Loss on long-lived assets, net (1.8 ) — (0.2 ) — (2.0 ) Earnings (loss) from unconsolidated affiliates, net (0.2 ) 7.1 — — 6.9 Other income, net — — — 0.1 0.1 EBITDA $ 77.0 $ 17.5 $ 21.4 $ (37.1 ) $ 78.8 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,687.9 $ 1,007.2 $ 612.2 $ 39.1 $ 4,346.4 Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 340.3 $ 4.2 $ 770.5 $ — $ 1,115.0 Intersegment revenues 41.3 2.0 (43.3 ) — — Costs of product/services sold 287.7 0.1 678.0 — 965.8 Operations and maintenance expense 17.7 0.8 16.0 — 34.5 General and administrative expense — — — 23.9 23.9 Gain on long-lived assets 0.1 — 0.2 — 0.3 Earnings from unconsolidated affiliates, net 5.7 6.7 — — 12.4 Other income, net — — — 0.1 0.1 EBITDA $ 82.0 $ 12.0 $ 33.4 $ (23.8 ) $ 103.6 |
Disaggregation of Revenue | Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 30.2 $ — $ — $ — $ 30.2 Crude oil 15.3 — — — 15.3 Water 16.8 — — — 16.8 Processing Natural gas 2.5 — — — 2.5 Compression Natural gas 6.0 — — — 6.0 Storage Crude oil 0.5 1.4 — (0.7 ) 1.2 NGLs — — 1.3 — 1.3 Pipeline Crude oil — 1.7 — (0.7 ) 1.0 Transportation Crude oil 1.5 — 1.5 — 3.0 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — 7.2 — (1.4 ) 5.8 Product Sales Natural gas 18.8 — 22.3 (6.6 ) 34.5 Crude oil 131.6 — 290.1 (43.3 ) 378.4 NGLs 11.9 — 221.5 (2.8 ) 230.6 Other — 1.1 — (0.9 ) 0.2 Total Topic 606 revenues 235.1 11.4 540.8 (56.4 ) 730.9 Non-Topic 606 revenues (1) — — 104.3 — 104.3 Total revenues $ 235.1 $ 11.4 $ 645.1 $ (56.4 ) $ 835.2 (1) Represents revenues primarily related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 35.4 $ — $ — $ — $ 35.4 Crude oil 9.2 — — — 9.2 Water 12.1 — — — 12.1 Processing Natural gas 2.7 — — — 2.7 NGLs — — 1.7 — 1.7 Compression Natural gas 7.6 — — — 7.6 Storage Crude oil 0.5 0.6 — (0.2 ) 0.9 NGLs — — 3.2 — 3.2 Pipeline Crude oil — 1.2 — (0.5 ) 0.7 Transportation Crude oil 0.6 — 1.2 — 1.8 NGLs — — 9.7 — 9.7 Water — — 0.2 — 0.2 Rail Loading Crude oil — 4.0 — (1.0 ) 3.0 NGLs — — 1.1 — 1.1 Product Sales Natural gas 13.4 — 7.8 (3.9 ) 17.3 Crude oil 279.9 — 190.6 (32.3 ) 438.2 NGLs 20.2 — 457.2 (5.1 ) 472.3 Other — 0.4 — (0.3 ) 0.1 Total Topic 606 revenues 381.6 6.2 672.7 (43.3 ) 1,017.2 Non-Topic 606 revenues — — 97.8 — 97.8 Total revenues $ 381.6 $ 6.2 $ 770.5 $ (43.3 ) $ 1,115.0 (1) Represents revenues related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. |
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 to EBITDA ( in millions ): Three Months Ended March 31, 2019 2018 Net income $ 11.6 $ 32.4 Add: Interest and debt expense, net 24.9 24.4 Depreciation, amortization and accretion 43.4 47.8 EBITDA $ 79.9 $ 104.6 |
Summary Of Segment Information | Crestwood Midstream Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 182.3 $ 7.8 $ 645.1 $ — $ 835.2 Intersegment revenues 52.8 3.6 (56.4 ) — — Costs of product/services sold 138.0 — 557.6 — 695.6 Operations and maintenance expense 18.1 1.0 9.5 — 28.6 General and administrative expense — — — 36.0 36.0 Loss on long-lived assets, net (1.8 ) — (0.2 ) — (2.0 ) Earnings (loss) from unconsolidated affiliates, net (0.2 ) 7.1 — — 6.9 EBITDA $ 77.0 $ 17.5 $ 21.4 $ (36.0 ) $ 79.9 Goodwill $ 45.9 $ — $ 92.7 $ — $ 138.6 Total assets $ 2,857.9 $ 1,007.2 $ 612.2 $ 33.8 $ 4,511.1 Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 340.3 $ 4.2 $ 770.5 $ — $ 1,115.0 Intersegment revenues 41.3 2.0 (43.3 ) — — Costs of product/services sold 287.7 0.1 678.0 — 965.8 Operations and maintenance expense 17.7 0.8 16.0 — 34.5 General and administrative expense — — — 22.8 22.8 Gain on long-lived assets 0.1 — 0.2 — 0.3 Earnings from unconsolidated affiliates, net 5.7 6.7 — — 12.4 EBITDA $ 82.0 $ 12.0 $ 33.4 $ (22.8 ) $ 104.6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides a summary of the opening and closing balances of our contract assets and contract liabilities (in millions) : Balance at March 31, 2019 Balance at December 31, 2018 Contract Assets (Non-current) $ 0.9 $ 1.0 Contract Liabilities (Current) (1) $ 12.0 $ 12.0 Contract Liabilities (Non-current) (1) $ 71.5 $ 65.4 (1) During the three months ended March 31, 2019 , we recognized revenues of approximately $2.8 million that were previously included in contract liabilities (current) at December 31, 2018 . The remaining change in our contract liabilities during the three months ended March 31, 2019 , primarily related to capital reimbursements associated with our revenue contracts and revenue deferrals associated with our contracts with increasing (decreasing) rates. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table summarizes the transaction price allocated to our remaining performance obligations under certain contracts that have not been recognized as of March 31, 2019 (in millions) : Remainder of 2019 $ 21.4 2020 23.2 2021 9.4 2022 7.3 2023 7.3 Thereafter 3.3 Total $ 71.9 |
Disaggregation of Revenue | Three Months Ended March 31, 2019 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 30.2 $ — $ — $ — $ 30.2 Crude oil 15.3 — — — 15.3 Water 16.8 — — — 16.8 Processing Natural gas 2.5 — — — 2.5 Compression Natural gas 6.0 — — — 6.0 Storage Crude oil 0.5 1.4 — (0.7 ) 1.2 NGLs — — 1.3 — 1.3 Pipeline Crude oil — 1.7 — (0.7 ) 1.0 Transportation Crude oil 1.5 — 1.5 — 3.0 NGLs — — 4.1 — 4.1 Rail Loading Crude oil — 7.2 — (1.4 ) 5.8 Product Sales Natural gas 18.8 — 22.3 (6.6 ) 34.5 Crude oil 131.6 — 290.1 (43.3 ) 378.4 NGLs 11.9 — 221.5 (2.8 ) 230.6 Other — 1.1 — (0.9 ) 0.2 Total Topic 606 revenues 235.1 11.4 540.8 (56.4 ) 730.9 Non-Topic 606 revenues (1) — — 104.3 — 104.3 Total revenues $ 235.1 $ 11.4 $ 645.1 $ (56.4 ) $ 835.2 (1) Represents revenues primarily related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. Three Months Ended March 31, 2018 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Intersegment Elimination Total Revenues: Topic 606 revenues Gathering Natural gas $ 35.4 $ — $ — $ — $ 35.4 Crude oil 9.2 — — — 9.2 Water 12.1 — — — 12.1 Processing Natural gas 2.7 — — — 2.7 NGLs — — 1.7 — 1.7 Compression Natural gas 7.6 — — — 7.6 Storage Crude oil 0.5 0.6 — (0.2 ) 0.9 NGLs — — 3.2 — 3.2 Pipeline Crude oil — 1.2 — (0.5 ) 0.7 Transportation Crude oil 0.6 — 1.2 — 1.8 NGLs — — 9.7 — 9.7 Water — — 0.2 — 0.2 Rail Loading Crude oil — 4.0 — (1.0 ) 3.0 NGLs — — 1.1 — 1.1 Product Sales Natural gas 13.4 — 7.8 (3.9 ) 17.3 Crude oil 279.9 — 190.6 (32.3 ) 438.2 NGLs 20.2 — 457.2 (5.1 ) 472.3 Other — 0.4 — (0.3 ) 0.1 Total Topic 606 revenues 381.6 6.2 672.7 (43.3 ) 1,017.2 Non-Topic 606 revenues — — 97.8 — 97.8 Total revenues $ 381.6 $ 6.2 $ 770.5 $ (43.3 ) $ 1,115.0 (1) Represents revenues related to our commodity-based derivatives. See Note 5 for additional information related to our price risk management activities. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 1.3 — — — 1.3 Accounts receivable — 250.3 5.9 (1.3 ) 254.9 Inventory — 42.0 — — 42.0 Other current assets — 26.7 — — 26.7 Total current assets 1.5 319.0 5.9 (1.3 ) 325.1 Property, plant and equipment, net — 2,234.0 — — 2,234.0 Goodwill and intangible assets, net — 682.0 — — 682.0 Operating lease right-of-use assets, net — 61.6 — — 61.6 Investment in consolidated affiliates 3,794.6 — — (3,794.6 ) — Investment in unconsolidated affiliates — — 1,206.4 — 1,206.4 Other non-current assets — 2.0 — — 2.0 Total assets $ 3,796.1 $ 3,298.6 $ 1,212.3 $ (3,795.9 ) $ 4,511.1 Liabilities and partners’ capital Current liabilities: Accounts payable $ 1.3 $ 222.0 $ — $ (1.3 ) $ 222.0 Other current liabilities 38.4 88.3 1.2 — 127.9 Total current liabilities 39.7 310.3 1.2 (1.3 ) 349.9 Long-term liabilities: Long-term debt, less current portion 1,768.4 — — — 1,768.4 Other long-term liabilities — 165.2 57.0 — 222.2 Deferred income taxes — 0.6 — — 0.6 Interest of non-controlling partners in subsidiary — — 182.0 — 182.0 Partners’ capital 1,988.0 2,822.5 972.1 (3,794.6 ) 1,988.0 Total partners’ capital 1,988.0 2,822.5 1,154.1 (3,794.6 ) 2,170.0 Total liabilities and partners’ capital $ 3,796.1 $ 3,298.6 $ 1,212.3 $ (3,795.9 ) $ 4,511.1 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.2 $ — $ — $ — $ 0.2 Restricted cash 16.3 — — — 16.3 Accounts receivable — 246.3 19.9 (16.3 ) 249.9 Inventory — 64.6 — — 64.6 Other current assets — 46.0 — — 46.0 Total current assets 16.5 356.9 19.9 (16.3 ) 377.0 Property, plant and equipment, net — 2,202.3 — — 2,202.3 Goodwill and intangible assets, net — 692.4 — — 692.4 Investment in consolidated affiliates 3,800.4 — — (3,800.4 ) — Investment in unconsolidated affiliates — — 1,188.2 — 1,188.2 Other non-current assets — 2.1 — — 2.1 Total assets $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 Liabilities and partners’ capital Current liabilities: Accounts payable $ 16.3 $ 210.5 $ — $ (16.3 ) $ 210.5 Other current liabilities 20.0 81.8 16.2 — 118.0 Total current liabilities 36.3 292.3 16.2 (16.3 ) 328.5 Long-term liabilities: Long-term debt, less current portion 1,752.4 — — — 1,752.4 Other long-term liabilities — 114.0 57.0 — 171.0 Deferred income taxes — 0.6 — — 0.6 Interest of non-controlling partners in subsidiary — — 181.3 — 181.3 Partners’ capital 2,028.2 2,846.8 953.6 (3,800.4 ) 2,028.2 Total partners’ capital 2,028.2 2,846.8 1,134.9 (3,800.4 ) 2,209.5 Total liabilities and partners’ capital $ 3,816.9 $ 3,253.7 $ 1,208.1 $ (3,816.7 ) $ 4,462.0 |
Condensed Income Statement | Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 835.2 $ — $ — $ 835.2 Costs of product/services sold — 695.6 — — 695.6 Operating expenses and other: Operations and maintenance — 28.6 — — 28.6 General and administrative 18.7 17.3 — — 36.0 Depreciation, amortization and accretion — 43.4 — — 43.4 Loss on long-lived assets, net — 2.0 — — 2.0 18.7 91.3 — — 110.0 Operating income (loss) (18.7 ) 48.3 — — 29.6 Earnings from unconsolidated affiliates, net — — 6.9 — 6.9 Interest and debt expense, net (24.7 ) (0.2 ) — — (24.9 ) Equity in net income (loss) of subsidiaries 51.0 — — (51.0 ) — Net income (loss) 7.6 48.1 6.9 (51.0 ) 11.6 Net income attributable to non-controlling partners in subsidiaries — — 4.0 — 4.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ 7.6 $ 48.1 $ 2.9 $ (51.0 ) $ 7.6 Crestwood Midstream Partners LP Condensed Consolidating Statement of Operations Three Months Ended March 31, 2018 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,115.0 $ — $ — $ 1,115.0 Costs of product/services sold — 965.8 — — 965.8 Operating expenses: Operations and maintenance — 34.5 — — 34.5 General and administrative 15.6 7.2 — — 22.8 Depreciation, amortization and accretion — 47.8 — — 47.8 Gain on long-lived assets, net — (0.3 ) — — (0.3 ) 15.6 89.2 — — 104.8 Operating income (loss) (15.6 ) 60.0 — — 44.4 Earnings from unconsolidated affiliates, net — — 12.4 — 12.4 Interest and debt expense, net (24.4 ) — — — (24.4 ) Equity in net income (loss) of subsidiaries 68.4 — — (68.4 ) — Net income (loss) 28.4 60.0 12.4 (68.4 ) 32.4 Net income attributable to non-controlling partners in subsidiaries — — 4.0 — 4.0 Net income (loss) attributable to Crestwood Midstream Partners LP $ 28.4 $ 60.0 $ 8.4 $ (68.4 ) $ 28.4 |
Condensed Cash Flow Statement | Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (38.6 ) $ 160.3 $ 9.2 $ — $ 130.9 Cash flows from investing activities: Purchases of property, plant and equipment — (68.5 ) — — (68.5 ) Investment in unconsolidated affiliates — — (38.2 ) — (38.2 ) Capital distributions from unconsolidated affiliates — — 16.7 — 16.7 Capital contributions to consolidated affiliates (15.6 ) — — 15.6 — Other — (1.0 ) — — (1.0 ) Net cash provided by (used in) investing activities (15.6 ) (69.5 ) (21.5 ) 15.6 (91.0 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 298.9 — — — 298.9 Payments on long-term debt (284.0 ) (0.4 ) — — (284.4 ) Payments on finance leases — (1.1 ) — — (1.1 ) Payments for debt-related deferred costs (0.2 ) — — — (0.2 ) Distributions to partners (57.8 ) — (3.3 ) — (61.1 ) Contributions from parent — — 15.6 (15.6 ) — Taxes paid for unit-based compensation vesting — (7.0 ) — — (7.0 ) Change in intercompany balances 82.3 (82.3 ) — — — Net cash provided by (used in) financing activities 39.2 (90.8 ) 12.3 (15.6 ) (54.9 ) Net change in cash and restricted cash (15.0 ) — — — (15.0 ) Cash and restricted cash at beginning of period 16.5 — — — 16.5 Cash and restricted cash at end of period $ 1.5 $ — $ — $ — $ 1.5 Crestwood Midstream Partners LP Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (in millions) (unaudited) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (19.6 ) $ 158.5 $ 12.5 $ — $ 151.4 Cash flows from investing activities: Purchases of property, plant and equipment (1.2 ) (64.1 ) — — (65.3 ) Investment in unconsolidated affiliates — — (0.1 ) — (0.1 ) Capital distributions from unconsolidated affiliates — — 11.5 — 11.5 Capital distributions from consolidated affiliates 23.9 — — (23.9 ) — Other — 1.2 — — 1.2 Net cash provided by (used in) investing activities 22.7 (62.9 ) 11.4 (23.9 ) (52.7 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 399.8 — — — 399.8 Payments on long-term debt (425.0 ) (0.4 ) — — (425.4 ) Payments on capital leases — (0.3 ) — — (0.3 ) Distributions to partners (60.5 ) — — — (60.5 ) Distributions to parent — — (23.9 ) 23.9 — Taxes paid for unit-based compensation vesting — (6.3 ) — — (6.3 ) Change in intercompany balances 88.6 (88.6 ) — — — Net cash provided by (used in) financing activities 2.9 (95.6 ) (23.9 ) 23.9 (92.7 ) Net change in cash and restricted cash 6.0 — — — 6.0 Cash and restricted cash at beginning of period 1.0 — — — 1.0 Cash and restricted cash at end of period $ 7.0 $ — $ — $ — $ 7.0 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Balance sheet information [Abstract] | ||||
Operating lease, right-of-use assets, net | $ 61.6 | |||
Accrued expenses and other liabilities | 123.3 | $ 112.4 | ||
Long-term operating lease liabilities | 48.2 | |||
Total operating lease liabilities | 66.3 | |||
Property, plant and equipment | 2,661.7 | 2,598.1 | ||
Less: accumulated depreciation | 596.6 | 568.4 | ||
Property, plant and equipment, net | 2,065.1 | 2,029.7 | ||
Other long-term liabilities | 177 | 173.6 | ||
Total finance lease liabilities | 10 | |||
Components of lease expense [Abstract] | ||||
Operating Lease, Expense | 7.5 | |||
Sublease Income | 0.2 | |||
Operating Lease Expense, Net | 7.3 | |||
Finance Lease, Right-of-Use Asset, Amortization | 0.9 | |||
Finance Lease, Interest Expense | 0.2 | |||
Finance Lease Expense | 1.1 | |||
Costs of product/services sold | 695.6 | $ 965.8 | ||
Operations and maintenance | 28.6 | $ 34.5 | ||
Short-term and variable lease costs | 0.7 | |||
Supplemental cash flow information [Abstract] | ||||
Operating cash flows from operating leases | 6.3 | |||
Operating cash flows from finance leases | 0.2 | |||
Financing cash flows from finance leases | 1.1 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 0.3 | |||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 1 | |||
Operating leases weighted-average remaining lease term | 4 years 4 months 24 days | |||
Finance leases weighted-average remaining lease term | 3 years 3 months 19 days | |||
Operating leases weighted-average discount rate | 5.90% | |||
Finance lease weighted-average discount rate | 7.30% | |||
Operating Lease Liabilities, Payments Due [Abstract] | ||||
2019 | $ 15.7 | |||
2020 | 18.4 | |||
2021 | 14.8 | |||
2022 | 10.1 | |||
2023 | 6.3 | |||
Thereafter | 10.9 | |||
Total lease payments | 76.2 | |||
Less Interest | 9.9 | |||
Finance Lease Liabilities, Payments, Due [Abstract] | ||||
2019 | 2.6 | |||
2020 | 3.5 | |||
2021 | 3.4 | |||
2022 | 1.7 | |||
2023 | 0 | |||
Thereafter | 0 | |||
Total lease payments | 11.2 | |||
Less Interest | 1.2 | |||
Operating and Finance Lease Liabilities, Payments, Due1 [Abstract] | ||||
2019 | 18.3 | |||
2020 | 21.9 | |||
2021 | 18.2 | |||
2022 | 11.8 | |||
2023 | 6.3 | |||
Thereafter | 10.9 | |||
Total lease payments | 87.4 | |||
Less Interest | 11.1 | |||
Present value of lease liabilities | $ 76.3 | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2019 | 22.3 | |||
2020 | 18.1 | |||
2021 | 14.4 | |||
2022 | 9.7 | |||
2023 | 6 | |||
Thereafter | 10.7 | |||
Less Interest | 0 | |||
Present value of lease liabilities | 81.2 | |||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2019 | 3 | |||
2020 | 3.3 | |||
2021 | 3.2 | |||
2022 | 1.9 | |||
2023 | 0 | |||
Thereafter | 0 | |||
Total lease payments | 11.4 | |||
Less Interest | 1.3 | |||
Present value of lease liabilities | 10.1 | |||
Operating And Capital Leases Future Minimum Payments Due [Abstract] | ||||
2019 | 25.3 | |||
2020 | 21.4 | |||
2021 | 17.6 | |||
2022 | 11.6 | |||
2023 | 6 | |||
Thereafter | 10.7 | |||
Total lease payments | 92.6 | |||
Present value of lease liabilities | $ 91.3 | |||
Minimum | ||||
Balance sheet information [Abstract] | ||||
Operating leases remaining terms | 1 year | |||
Operating leases renewal options | 1 year | |||
Finance leases remaining terms | 2 years | |||
Operating and finance Leases, discount rate | 4.90% | |||
Maximum | ||||
Balance sheet information [Abstract] | ||||
Operating leases remaining terms | 14 years | |||
Operating leases renewal options | 5 years | |||
Finance leases remaining terms | 4 years | |||
Operating and finance Leases, discount rate | 8.30% | |||
Operating Leases | ||||
Balance sheet information [Abstract] | ||||
Operating lease, right-of-use assets, net | $ 61.6 | |||
Accrued expenses and other liabilities | 18.1 | |||
Long-term operating lease liabilities | 48.2 | |||
Total operating lease liabilities | 66.3 | |||
Components of lease expense [Abstract] | ||||
Costs of product/services sold | 4.8 | |||
Operations and maintenance | 2.7 | |||
Operating Leases | Accounting Standards Update 2016-02 | ||||
Balance sheet information [Abstract] | ||||
Operating lease, right-of-use assets, net | $ 67.5 | |||
Accrued expenses and other liabilities | 18.6 | |||
Long-term operating lease liabilities | 48.9 | |||
Finance Lease | ||||
Balance sheet information [Abstract] | ||||
Accrued expenses and other liabilities | 2.9 | |||
Property, plant and equipment | 14.1 | |||
Less: accumulated depreciation | 2.7 | |||
Property, plant and equipment, net | 11.4 | |||
Other long-term liabilities | $ 7.1 | |||
Finance Lease | Accounting Standards Update 2016-02 | ||||
Balance sheet information [Abstract] | ||||
Accrued expenses and other liabilities | 0.3 | |||
Property, plant and equipment | 1.6 | |||
Other long-term liabilities | $ 1.3 |
Certain Balance Sheet Informa_3
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | $ 39.7 | $ 64.8 |
Accrued property taxes | 3.9 | 2.6 |
Tax payable | 0.4 | 0.3 |
Interest payable | 38.2 | 19.8 |
Accrued additions to property, plant and equipment | 8.1 | 10.5 |
Operating Lease, Liability, Current | 18.1 | |
Capital leases | 2.4 | |
Finance Lease, Liability, Current | 2.9 | |
Deferred Revenue | 12 | 12 |
Total accrued expenses and other liabilities | 123.3 | 112.4 |
Crestwood Midstream Partners LP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 38.7 | 63.7 |
Accrued property taxes | 3.9 | 2.6 |
Tax payable | 0.4 | 0.3 |
Interest payable | 38.2 | 19.8 |
Accrued additions to property, plant and equipment | 8.1 | 10.5 |
Operating Lease, Liability, Current | 18.1 | |
Capital leases | 2.4 | |
Finance Lease, Liability, Current | 2.9 | |
Deferred Revenue | 12 | 12 |
Total accrued expenses and other liabilities | 122.3 | 111.3 |
Jackalope Gas Gathering Services, L.L.C. | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | $ 1.2 | $ 16.2 |
Jackalope Gas Gathering Services, L.L.C. | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Ownership percentage | 50.00% |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates Net Investments In and Earnings (Loss) from Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 1,206.4 | $ 1,188.2 | |||
Earnings from unconsolidated affiliates, net | 6.9 | $ 12.4 | |||
Stagecoach Gas Services LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 824.4 | 830.4 | |||
Earnings from unconsolidated affiliates, net | 7 | 5.7 | |||
Difference between carrying amount and underlying equity | 51.3 | ||||
Ownership percentage | 40.00% | 35.00% | |||
Jackalope Gas Gathering Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 226.2 | 210.2 | |||
Earnings from unconsolidated affiliates, net | 3.2 | 3 | |||
Difference between carrying amount and underlying equity | $ 0.4 | ||||
Ownership percentage | 50.00% | ||||
Tres Palacios Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 41.5 | 35 | |||
Earnings from unconsolidated affiliates, net | 0.2 | 0.4 | |||
Difference between carrying amount and underlying equity | 25 | ||||
Powder River Basin Industrial Complex, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 8.2 | 8.3 | |||
Earnings from unconsolidated affiliates, net | (0.1) | 0.6 | |||
Difference between carrying amount and underlying equity | 5.8 | ||||
Crestwood Permian Basin Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 106.1 | $ 104.3 | |||
Earnings from unconsolidated affiliates, net | (3.4) | $ 2.7 | |||
Difference between carrying amount and underlying equity | $ 8.8 | ||||
Ownership percentage | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Operating Revenues | $ 82.1 | $ 88.7 |
Operating Expenses | 62.4 | 58.7 |
Net Income (Loss) | 19.1 | 31.2 |
Jackalope Gas Gathering Services, L.L.C. | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating Revenues | 19.6 | 15.7 |
Operating Expenses | 13.4 | 9.7 |
Net Income (Loss) | 6.3 | 6.1 |
Amortization | 0.1 | 0.1 |
Stagecoach Gas Services LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating Revenues | 40.3 | 41.3 |
Operating Expenses | 20.2 | 20.1 |
Net Income (Loss) | 20.2 | 21.2 |
Crestwood Permian Basin Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating Revenues | 13.9 | 21.7 |
Operating Expenses | 20 | 19.8 |
Net Income (Loss) | (6.9) | 3 |
Other Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating Revenues | 8.3 | 10 |
Operating Expenses | 8.8 | 9.1 |
Net Income (Loss) | (0.5) | 0.9 |
Tres Palacios Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Amortization | 0.3 | 0.3 |
Powder River Basin Industrial Complex, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Amortization | $ 0.1 | $ 0.2 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates Distributions and Contributions (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | $ 26.9 | $ 23.3 | |
Payments to acquire equity method investments | 38.2 | 0.1 | |
Payments to Acquire Equity Method Investments Cash and Noncash Consideration | 0.1 | ||
Stagecoach Gas Services LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 13 | 11.3 | |
Payments to acquire equity method investments | 0 | 0 | |
Jackalope Gas Gathering Services, L.L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 11.6 | 7.4 | |
Payments to acquire equity method investments | 24.4 | 0 | |
Crestwood Permian Basin Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 2.3 | 4.3 | |
Payments to acquire equity method investments | 7.5 | ||
Payments to Acquire Equity Method Investments Cash and Noncash Consideration | 0.1 | ||
Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 0 | 0 | |
Payments to acquire equity method investments | 6.3 | 0 | |
Powder River Basin Industrial Complex, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 0 | 0.3 | |
Payments to acquire equity method investments | $ 0 | $ 0 | |
Subsequent Event | Stagecoach Gas Services LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | $ 12.4 | ||
Subsequent Event | Crestwood Permian Basin Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | 0.6 | ||
Subsequent Event | Tres Palacios Holdings LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from equity method investments | $ 1.2 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates Narrative (Details) - USD ($) $ in Millions | Apr. 09, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||
Estimated Cost to Build | $ 180 | |||||
Payments to Acquire Property, Plant, and Equipment | $ 68.5 | $ 65.3 | ||||
Jackalope Gas Gathering Services, L.L.C. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Crestwood Permian Basin Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Stagecoach Gas Services LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 57 | $ 57 | ||||
Ownership percentage | 40.00% | 35.00% | ||||
Crestwood Equity Partners LP | Crestwood Permian Basin Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Crestwood Midstream Partners LP | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 68.5 | $ 65.3 | ||||
SWEPI LP | Crestwood Permian Basin Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 155.7 | |||||
Subsequent Event | Jackalope Gas Gathering Services, L.L.C. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 484.6 | |||||
Subsequent Event | Crestwood Niobrara LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Noncontrolling Interests | $ 235 |
Risk Management (Risk Managemen
Risk Management (Risk Management Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Revenue | $ 104.1 | $ 97.8 |
Commodity contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments not designated as hedging | $ (2.9) | $ 7.8 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) bbl in Millions, Mcf in Millions | Mar. 31, 2019bblMcf | Dec. 31, 2018bblMcf |
Propane Crude And Heating Oil | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | bbl | 28.8 | 27.8 |
Propane Crude And Heating Oil | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | bbl | 29.5 | 30.1 |
Natural Gas [Member] | Fixed Price Payor | ||
Derivative [Line Items] | ||
Derivative, notional amount | Mcf | 1.6 | 1.8 |
Natural Gas [Member] | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Derivative, notional amount | Mcf | 1.6 | 1.8 |
Risk Management Schedule of Der
Risk Management Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | $ 5.4 | $ 14.2 |
Commodity contract | ||
Derivative [Line Items] | ||
Collateral posted for commodity derivative instruments | 0.1 | 0.1 |
NYMEX Derivative Liability | ||
Derivative [Line Items] | ||
Derivative Asset | 1.4 | (9.4) |
NYMEX Margin Deposit | ||
Derivative [Line Items] | ||
NYMEX margin deposits | 9.1 | 21.7 |
Commodity contract with credit contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of commodity derivative instruments | $ 2.6 | $ 2.2 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - Price Risk Contracts Member - Maximum | 3 Months Ended |
Mar. 31, 2019 | |
Derivative [Line Items] | |
Remaining maturity | 36 months |
Percent of contracts expiring in the next twelve months | 82.00% |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Senior Notes, 2023 | ||
Debt Instrument [Line Items] | ||
Carrying amount | $ 694 | $ 693.6 |
Fair value | 720.8 | 668.1 |
Senior Notes, 2025 | ||
Debt Instrument [Line Items] | ||
Carrying amount | 493.6 | 493.4 |
Fair value | $ 514.8 | $ 466.2 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | $ 70.3 | $ 173.1 |
SPH units | 3.2 | 2.8 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 73.5 | 175.9 |
Netting agreements | (60.4) | (140.3) |
Derivative Asset, Fair Value of Collateral | 6.7 | 1.9 |
Assets from price risk management, total | 16.6 | 34.7 |
Total assets at fair value | 19.8 | 37.5 |
Liabilities from price risk management | 62.4 | 151.7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 62.4 | 151.7 |
Netting agreements | (60.4) | (140.3) |
Derivative Liability, Fair Value of Collateral | 3 | (5.6) |
Liabilities from price risk management, total | 5 | 5.8 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 5.6 | 12.4 |
SPH units | 3.2 | 2.8 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 8.8 | 15.2 |
Liabilities from price risk management | 5.3 | 7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 5.3 | 7 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets from price risk management | 64.7 | 160.7 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 64.7 | 160.7 |
Liabilities from price risk management | 57.1 | 144.7 |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 57.1 | 144.7 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Deferred finance costs, net | $ 25.2 | $ 26.4 |
Total debt | 1,769 | 1,753.3 |
Less: current portion | 0.6 | 0.9 |
Total long-term debt, less current portion | 1,768.4 | 1,752.4 |
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 | 500 |
Other | ||
Debt Instrument [Line Items] | ||
Other | 1.2 | 1.5 |
Revolving Credit Facility | Crestwood Midstream Revolver | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 593 | $ 578.2 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Senior Secured Leverage Ratio, maximum | 3.75 | ||
Senior Secured Leverage Ratio | 1.36 | ||
Crestwood Midstream Revolver | |||
Debt Instrument [Line Items] | |||
Consolidated Leverage Ratio Maximum | 5.50 | ||
Crestwood Midstream Revolver | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Available capacity | $ 584 | ||
Letters of credit outstanding | $ 73 | $ 68 | |
Debt, Weighted Average Interest Rate | 4.79% | ||
Interest Coverage Ratio Minimum | 2.50 | ||
Total Funded Debt to Consolidated Ebitda | 4.11 | ||
Consolidated Ebitda To Consolidated Interest Expense | 4.41 | ||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 4.74% | 4.63% | |
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 6.75% | 6.75% | |
Senior Notes | Senior Notes, 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 500 | $ 500 | |
Senior Notes | Senior Notes, 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 700 | $ 700 | |
Subsequent Event | Crestwood Midstream Revolver | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Increase (Decrease), Net | $ 250 | ||
Subsequent Event | Senior Notes | Senior Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 600 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Crestwood Midstream Partners LP | Subsequent Event | Senior Notes | Senior Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 591.1 | ||
Jackalope Gas Gathering Services, L.L.C. | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Equity Interest | 50.00% |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | 7,125,744 |
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 | 5,775,394 | 7,055,735 |
Performance Shares | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 460,091 | 0 |
Subordinated Units | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Units excluded from dilutive earnings per share | 438,789 | 0 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Partners' Capital Account, Distriubtions) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 14, 2019 | Feb. 07, 2019 | Feb. 14, 2018 | Feb. 07, 2018 |
Distribution Made to Limited Partner [Line Items] | ||||
Distribution Made to Limited Partner, Date of Record | Feb. 7, 2019 | Feb. 7, 2018 | ||
Distribution Made to Limited Partner, Distribution Date | Feb. 14, 2019 | Feb. 14, 2018 | ||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.6 | $ 0.6 | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 43.1 | $ 42.7 |
Partners' Capital (Components o
Partners' Capital (Components of Net Income (Loss) Attributable to Non-Controlling Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Distribution Made to Limited Partner [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3.3 | $ 0 |
Net income attributable to non-controlling partners in subsidiaries | (4) | (4) |
Crestwood Midstream Partners LP | ||
Distribution Made to Limited Partner [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | 3.3 | 0 |
Net income attributable to non-controlling partners in subsidiaries | (4) | $ (4) |
Crestwood Niobrara LLC | ||
Distribution Made to Limited Partner [Line Items] | ||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3.3 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) | May 15, 2019 | May 08, 2019 | Apr. 18, 2019 | Apr. 09, 2019 | Feb. 14, 2019 | Feb. 07, 2019 | Feb. 14, 2018 | Feb. 07, 2018 | Apr. 30, 2019 | Feb. 28, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | |||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 25,000 | |||||||||||
Distribution Made to Limited Partner, Distribution Date | Feb. 14, 2019 | Feb. 14, 2018 | ||||||||||
Distribution Made to Limited Partner, Date of Record | Feb. 7, 2019 | Feb. 7, 2018 | ||||||||||
Distributions to preferred unit holders | 15,000,000 | $ 15,000,000 | ||||||||||
Incentive Distribution, Distribution | 43,100,000 | 42,700,000 | ||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3,300,000 | 0 | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 43,100,000 | $ 42,700,000 | ||||||||||
Unit Purchase Plan, Shares Purchased Under Plan | $ 789 | |||||||||||
Crestwood Midstream Partners LP | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Incentive Distribution, Distribution | $ 57,800,000 | 60,500,000 | ||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 3,300,000 | 0 | ||||||||||
Distribution Made to General Partner, Cash Distributions Paid | 57,800,000 | $ 60,500,000 | ||||||||||
Crestwood Niobrara LLC | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 3,300,000 | |||||||||||
Performance Shares | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 238,263 | |||||||||||
Share-based Compensation | 1,400,000 | |||||||||||
Subsequent Event | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Distribution Made to Limited Partner, Distribution Date | May 15, 2019 | |||||||||||
Distribution Made to Limited Partner, Date of Record | May 8, 2019 | |||||||||||
Distributions to preferred unit holders | $ 15,000,000 | |||||||||||
Subsequent Event | Crestwood Niobrara LLC | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 3,300,000 | |||||||||||
Proceeds from Noncontrolling Interests | $ 235,000,000 | |||||||||||
Cash Distribution | Subsequent Event | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.60 | |||||||||||
Crestwood LTIP | ||||||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,700,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Loss Contingency Accrual, at Carrying Value | $ 0.2 | $ 0.1 |
Crestwood Midstream Partners LP | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Self Insurance Reserve | 10 | $ 9.6 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | $ 6.3 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Compliance (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Dec. 31, 2014Release | Dec. 31, 2018USD ($)bbl | Sep. 15, 2015USD ($) | May 31, 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 | $ 1.8 | $ 1.8 | |||
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 | 3.3 | ||||
Minimum | Fort Berthold Indian Reservation | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | $ 1.8 |
Commitments and Contingencies S
Commitments and Contingencies Self Insurance (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Crestwood Equity Partners LP | ||
Other Commitments [Line Items] | ||
Self Insurance Reserve | $ 11.4 | $ 11.3 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | 7.4 | |
Crestwood Midstream Partners LP | ||
Other Commitments [Line Items] | ||
Self Insurance Reserve | 10 | $ 9.6 |
Self Insurance Reserve Expected To Be Paid Subsequent To Next Fiscal Year | $ 6.3 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | $ 68.5 | $ 65.3 | |
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 7.5 | 6.7 | |
Applied Consultants, Inc. | |||
Related Party Transaction [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 2.2 | 0.2 | |
Ascent Resources - Utica, LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(1) | 23.9 | ||
Stagecoach Gas Services LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(1) | 2.3 | ||
Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
Costs of product/services sold at CEQP and CMLP(1) | 8.2 | 13.1 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Related party receivables | 4.9 | $ 4.1 | |
Revenues at CEQP and CMLP | 1.2 | 0.3 | |
Costs of product/services sold at CEQP and CMLP(1) | 34.4 | 13.1 | |
General and administrative expenses charged by CEQP to CMLP, net(3) | 11 | 5.6 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts payable at CEQP | 17.4 | 16.1 | |
Crestwood Equity Partners LP | |||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Related Party Transaction, (Income) Expenses from Transactions with Related Party | (5.2) | (0.4) | |
Crestwood Midstream Partners LP | |||
Related Party Transaction [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 68.5 | 65.3 | |
Revenues at CEQP and CMLP | 0 | 0.3 | |
Crestwood Midstream Partners LP | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses charged by CEQP to CMLP, net(3) | 0.9 | 0.8 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||
Accounts payable at CEQP | 14.9 | $ 13.6 | |
Crestwood LTIP | Crestwood Midstream Partners LP | |||
Related Party Transaction [Line Items] | |||
Allocated Share-based Compensation Expense | 11.9 | 6.4 | |
Crestwood LTIP | Crestwood Holdings | |||
Related Party Transaction [Line Items] | |||
Allocated Share-based Compensation Expense | 5.4 | 0.8 | |
Stagecoach Gas Services LLC | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 2 | 2.1 | |
Tres Palacios Holdings LLC | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 1.2 | 1.1 | |
Crestwood Permian Basin Holdings LLC | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | 3.8 | 3.4 | |
Jackalope Gas Gathering Services, L.L.C. | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses at CEQP charged from Crestwood Holdings, net(4) | $ 0.5 | $ 0.1 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Net income | $ 14.1 | $ 34.1 |
Interest and debt expense, net | 24.9 | 24.4 |
Depreciation, amortization and accretion | 39.8 | 45.1 |
EBITDA | 78.8 | 103.6 |
Crestwood Midstream Partners LP | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net income | 11.6 | 32.4 |
Interest and debt expense, net | 24.9 | 24.4 |
Depreciation, amortization and accretion | 43.4 | 47.8 |
EBITDA | $ 79.9 | $ 104.6 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Net income | $ 14.1 | $ 34.1 | |
Interest and debt expense, net | $ 24.9 | 24.4 | |
Number of Operating Segments | segment | 3 | ||
Depreciation, amortization and accretion | $ 39.8 | 45.1 | |
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 835.2 | 1,115 | |
Intersegment Revenues | 0 | 0 | |
Costs of product/services sold | 695.6 | 965.8 | |
Operations and maintenance | 28.6 | 34.5 | |
General and administrative | 37.2 | 23.9 | |
Gain (loss) on long-lived assets | (2) | 0.3 | |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 | |
Other income, net | 0.1 | 0.1 | |
EBITDA | 78.8 | 103.6 | |
Goodwill | 138.6 | $ 138.6 | |
Total assets | 4,346.4 | 4,294.5 | |
Gathering and Processing Operations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 182.3 | 340.3 | |
Intersegment Revenues | 52.8 | 41.3 | |
Costs of product/services sold | 138 | 287.7 | |
Operations and maintenance | 18.1 | 17.7 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | (1.8) | 0.1 | |
Earnings from unconsolidated affiliates, net | (0.2) | 5.7 | |
Other income, net | 0 | 0 | |
EBITDA | 77 | 82 | |
Goodwill | 45.9 | ||
Total assets | 2,687.9 | ||
Storage and Transportation | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 7.8 | 4.2 | |
Intersegment Revenues | 3.6 | 2 | |
Costs of product/services sold | 0 | 0.1 | |
Operations and maintenance | 1 | 0.8 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 7.1 | 6.7 | |
Other income, net | 0 | 0 | |
EBITDA | 17.5 | 12 | |
Goodwill | 0 | ||
Total assets | 1,007.2 | ||
Marketing Supply and Logistics | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 645.1 | 770.5 | |
Intersegment Revenues | (56.4) | (43.3) | |
Costs of product/services sold | 557.6 | 678 | |
Operations and maintenance | 9.5 | 16 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | (0.2) | 0.2 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
Other income, net | 0 | 0 | |
EBITDA | 21.4 | 33.4 | |
Goodwill | 92.7 | ||
Total assets | 612.2 | ||
Corporate | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 0 | 0 | |
Intersegment Revenues | 0 | 0 | |
Costs of product/services sold | 0 | 0 | |
Operations and maintenance | 0 | 0 | |
General and administrative | 37.2 | 23.9 | |
Gain (loss) on long-lived assets | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
Other income, net | 0.1 | 0.1 | |
EBITDA | (37.1) | (23.8) | |
Goodwill | 0 | ||
Total assets | 39.1 | ||
Crestwood Midstream Partners LP | |||
Net income | 11.6 | 32.4 | |
Interest and debt expense, net | 24.9 | 24.4 | |
Depreciation, amortization and accretion | 43.4 | 47.8 | |
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 835.2 | 1,115 | |
Intersegment Revenues | 0 | 0 | |
Costs of product/services sold | 695.6 | 965.8 | |
Operations and maintenance | 28.6 | 34.5 | |
General and administrative | 36 | 22.8 | |
Gain (loss) on long-lived assets | (2) | 0.3 | |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 | |
EBITDA | 79.9 | 104.6 | |
Goodwill | 138.6 | 138.6 | |
Total assets | 4,511.1 | $ 4,462 | |
Crestwood Midstream Partners LP | Gathering and Processing Operations | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 182.3 | 340.3 | |
Intersegment Revenues | 52.8 | 41.3 | |
Costs of product/services sold | 138 | 287.7 | |
Operations and maintenance | 18.1 | 17.7 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | (1.8) | 0.1 | |
Earnings from unconsolidated affiliates, net | (0.2) | 5.7 | |
EBITDA | 77 | 82 | |
Goodwill | 45.9 | ||
Total assets | 2,857.9 | ||
Crestwood Midstream Partners LP | Storage and Transportation | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 7.8 | 4.2 | |
Intersegment Revenues | 3.6 | 2 | |
Costs of product/services sold | 0 | 0.1 | |
Operations and maintenance | 1 | 0.8 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 7.1 | 6.7 | |
EBITDA | 17.5 | 12 | |
Goodwill | 0 | ||
Total assets | 1,007.2 | ||
Crestwood Midstream Partners LP | Marketing Supply and Logistics | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 645.1 | 770.5 | |
Intersegment Revenues | (56.4) | (43.3) | |
Costs of product/services sold | 557.6 | 678 | |
Operations and maintenance | 9.5 | 16 | |
General and administrative | 0 | 0 | |
Gain (loss) on long-lived assets | (0.2) | 0.2 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
EBITDA | 21.4 | 33.4 | |
Goodwill | 92.7 | ||
Total assets | 612.2 | ||
Crestwood Midstream Partners LP | Corporate | |||
Segment Reporting Information, Additional Information [Abstract] | |||
Operating revenues | 0 | 0 | |
Intersegment Revenues | 0 | 0 | |
Costs of product/services sold | 0 | 0 | |
Operations and maintenance | 0 | 0 | |
General and administrative | 36 | 22.8 | |
Gain (loss) on long-lived assets | 0 | 0 | |
Earnings from unconsolidated affiliates, net | 0 | 0 | |
EBITDA | (36) | $ (22.8) | |
Goodwill | 0 | ||
Total assets | $ 33.8 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Interest, taxes, depreciation and amortization included in earnings from equity method investments | $ 12.7 | $ 9.7 |
Revenue Recognition Narrative (
Revenue Recognition Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
ASC 606 accounts receivable | $ 225 | $ 209.7 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Contract Assets (Non-current) | $ 0.9 | $ 1 |
Contract Liabilities (Current) | 12 | 12 |
Contract Liabilities (Non-current) | 71.5 | $ 65.4 |
Contract with Customer, Liability, Revenue Recognized | $ 2.8 |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Revenue | $ 104.1 | $ 97.8 |
Revenues | 835.2 | 1,115 |
Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 182.3 | 340.3 |
Revenue including intersegment eliminations | 235.1 | 381.6 |
Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 7.8 | 4.2 |
Revenue including intersegment eliminations | 11.4 | 6.2 |
Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 645.1 | 770.5 |
Natural Gas Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30.2 | 35.4 |
Natural Gas Gathering | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30.2 | 35.4 |
Natural Gas Gathering | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Natural Gas Gathering | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15.3 | 9.2 |
Crude Oil Gathering | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 15.3 | 9.2 |
Crude Oil Gathering | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Gathering | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Water Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.8 | 12.1 |
Water Gathering | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.8 | 12.1 |
Water Gathering | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Water Gathering | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Natural Gas Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.5 | 2.7 |
Natural Gas Processing | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.5 | 2.7 |
Natural Gas Processing | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Natural Gas Processing | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.7 | |
NGL Processing | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
NGL Processing | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
NGL Processing | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.7 | |
Natural Gas Compression | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6 | 7.6 |
Natural Gas Compression | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6 | 7.6 |
Natural Gas Compression | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Natural Gas Compression | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.2 | 0.9 |
Crude Oil Storage | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.5 | 0.5 |
Crude Oil Storage | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.4 | 0.6 |
Crude Oil Storage | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.3 | 3.2 |
NGL Storage | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Storage | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Storage | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.3 | 3.2 |
Crude Oil Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1 | 0.7 |
Crude Oil Pipeline | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Pipeline | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.7 | 1.2 |
Crude Oil Pipeline | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3 | 1.8 |
Crude Oil Transportation | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.5 | 0.6 |
Crude Oil Transportation | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Transportation | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.5 | 1.2 |
NGL Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.1 | 9.7 |
NGL Transportation | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Transportation | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Transportation | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.1 | 9.7 |
Water Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | |
Water Transportation | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Water Transportation | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Water Transportation | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | |
Crude Oil Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.8 | 3 |
Crude Oil Rail Loading | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Rail Loading | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.2 | 4 |
Crude Oil Rail Loading | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.1 | |
NGL Rail Loading | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
NGL Rail Loading | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
NGL Rail Loading | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.1 | |
Natural Gas Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 34.5 | 17.3 |
Natural Gas Product Sales | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 18.8 | 13.4 |
Natural Gas Product Sales | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Natural Gas Product Sales | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 22.3 | 7.8 |
Crude Oil Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 378.4 | 438.2 |
Crude Oil Product Sales | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 131.6 | 279.9 |
Crude Oil Product Sales | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Crude Oil Product Sales | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 290.1 | 190.6 |
NGL Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 230.6 | 472.3 |
NGL Product Sales | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.9 | 20.2 |
NGL Product Sales | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
NGL Product Sales | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 221.5 | 457.2 |
Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0.2 | 0.1 |
Other revenue | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Other revenue | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1.1 | 0.4 |
Other revenue | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (56.4) | (43.3) |
Intersegment Eliminations | Natural Gas Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Water Gathering | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Natural Gas Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | NGL Processing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Intersegment Eliminations | Natural Gas Compression | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.7) | (0.2) |
Intersegment Eliminations | NGL Storage | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Crude Oil Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.7) | (0.5) |
Intersegment Eliminations | Crude Oil Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | NGL Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Intersegment Eliminations | Water Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Intersegment Eliminations | Crude Oil Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (1.4) | (1) |
Intersegment Eliminations | NGL Rail Loading | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |
Intersegment Eliminations | Natural Gas Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (6.6) | (3.9) |
Intersegment Eliminations | Crude Oil Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (43.3) | (32.3) |
Intersegment Eliminations | NGL Product Sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.8) | (5.1) |
Intersegment Eliminations | Other revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.9) | (0.3) |
Revenue from Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 730.9 | 1,017.2 |
Revenue from Contract with Customer | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 235.1 | 381.6 |
Revenue from Contract with Customer | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.4 | 6.2 |
Revenue from Contract with Customer | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 540.8 | 672.7 |
Revenue from Contract with Customer | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | (56.4) | (43.3) |
Product and Service, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 104.3 | 97.8 |
Product and Service, Other | Gathering and Processing Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Product and Service, Other | Storage and Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 0 |
Product and Service, Other | Marketing Supply and Logistics | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 104.3 | 97.8 |
Product and Service, Other | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 0 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2019USD ($) |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 21.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 23.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 9.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 7.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 71.9 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 0.5 | $ 0.9 |
Restricted cash, current | 1.3 | 16.3 |
Accounts receivable | 255.6 | 251.5 |
Inventory | 42 | 64.6 |
Total current assets | 326.1 | 379.3 |
Property, plant and equipment, net | 2,065.1 | 2,029.7 |
Operating lease, right-of-use assets, net | 61.6 | |
Investment | 1,206.4 | 1,188.2 |
Other non-current assets | 5.2 | 4.9 |
Total assets | 4,346.4 | 4,294.5 |
Current liabilities: | ||
Accounts payable | 224.6 | 213 |
Total current liabilities | 353.5 | 332.1 |
Long-term liabilities: | ||
Long-term debt, less current portion | 1,768.4 | 1,752.4 |
Operating lease, liability | 66.3 | |
Other long-term liabilities | 177 | 173.6 |
Deferred income taxes | 2.8 | 2.6 |
Partners' capital | 1,814.5 | 1,852.5 |
Interest of non-controlling partners in subsidiary | 182 | 181.3 |
Total partners’ capital | 1,996.5 | 2,033.8 |
Total liabilities and partners’ capital | 4,346.4 | 4,294.5 |
Eliminations | ||
Current assets: | ||
Cash | 0 | 0 |
Restricted cash, current | 0 | 0 |
Accounts receivable | (1.3) | (16.3) |
Inventory | 0 | 0 |
Other | 0 | 0 |
Total current assets | (1.3) | (16.3) |
Property, plant and equipment, net | 0 | 0 |
Operating lease, right-of-use assets, net | 0 | |
Goodwill and intangible assets, net | 0 | 0 |
Investment in consolidated affiliates | (3,794.6) | (3,800.4) |
Investment | 0 | 0 |
Other non-current assets | 0 | 0 |
Total assets | (3,795.9) | (3,816.7) |
Current liabilities: | ||
Accounts payable | (1.3) | (16.3) |
Other current liabilities | 0 | 0 |
Total current liabilities | (1.3) | (16.3) |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Deferred income taxes | 0 | 0 |
Partners' capital | (3,794.6) | (3,800.4) |
Interest of non-controlling partners in subsidiary | 0 | 0 |
Total partners’ capital | (3,794.6) | (3,800.4) |
Total liabilities and partners’ capital | (3,795.9) | (3,816.7) |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | ||
Current assets: | ||
Cash | 0.2 | 0.2 |
Restricted cash, current | 1.3 | 16.3 |
Accounts receivable | 0 | 0 |
Inventory | 0 | 0 |
Other | 0 | 0 |
Total current assets | 1.5 | 16.5 |
Property, plant and equipment, net | 0 | 0 |
Operating lease, right-of-use assets, net | 0 | |
Goodwill and intangible assets, net | 0 | 0 |
Investment in consolidated affiliates | 3,794.6 | 3,800.4 |
Investment | 0 | 0 |
Other non-current assets | 0 | 0 |
Total assets | 3,796.1 | 3,816.9 |
Current liabilities: | ||
Accounts payable | 1.3 | 16.3 |
Other current liabilities | 38.4 | 20 |
Total current liabilities | 39.7 | 36.3 |
Long-term liabilities: | ||
Long-term debt, less current portion | 1,768.4 | 1,752.4 |
Other long-term liabilities | 0 | 0 |
Deferred income taxes | 0 | 0 |
Partners' capital | 1,988 | 2,028.2 |
Interest of non-controlling partners in subsidiary | 0 | 0 |
Total partners’ capital | 1,988 | 2,028.2 |
Total liabilities and partners’ capital | 3,796.1 | 3,816.9 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Current assets: | ||
Cash | 0 | 0 |
Restricted cash, current | 0 | 0 |
Accounts receivable | 250.3 | 246.3 |
Inventory | 42 | 64.6 |
Other | 26.7 | 46 |
Total current assets | 319 | 356.9 |
Property, plant and equipment, net | 2,234 | 2,202.3 |
Operating lease, right-of-use assets, net | 61.6 | |
Goodwill and intangible assets, net | 682 | 692.4 |
Investment in consolidated affiliates | 0 | 0 |
Investment | 0 | 0 |
Other non-current assets | 2 | 2.1 |
Total assets | 3,298.6 | 3,253.7 |
Current liabilities: | ||
Accounts payable | 222 | 210.5 |
Other current liabilities | 88.3 | 81.8 |
Total current liabilities | 310.3 | 292.3 |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 165.2 | 114 |
Deferred income taxes | 0.6 | 0.6 |
Partners' capital | 2,822.5 | 2,846.8 |
Interest of non-controlling partners in subsidiary | 0 | 0 |
Total partners’ capital | 2,822.5 | 2,846.8 |
Total liabilities and partners’ capital | 3,298.6 | 3,253.7 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Current assets: | ||
Cash | 0 | 0 |
Restricted cash, current | 0 | 0 |
Accounts receivable | 5.9 | 19.9 |
Inventory | 0 | 0 |
Other | 0 | 0 |
Total current assets | 5.9 | 19.9 |
Property, plant and equipment, net | 0 | 0 |
Operating lease, right-of-use assets, net | 0 | |
Goodwill and intangible assets, net | 0 | 0 |
Investment in consolidated affiliates | 0 | 0 |
Investment | 1,206.4 | 1,188.2 |
Other non-current assets | 0 | 0 |
Total assets | 1,212.3 | 1,208.1 |
Current liabilities: | ||
Accounts payable | 0 | 0 |
Other current liabilities | 1.2 | 16.2 |
Total current liabilities | 1.2 | 16.2 |
Long-term liabilities: | ||
Long-term debt, less current portion | 0 | 0 |
Other long-term liabilities | 57 | 57 |
Deferred income taxes | 0 | 0 |
Partners' capital | 972.1 | 953.6 |
Interest of non-controlling partners in subsidiary | 182 | 181.3 |
Total partners’ capital | 1,154.1 | 1,134.9 |
Total liabilities and partners’ capital | 1,212.3 | 1,208.1 |
Crestwood Midstream Partners LP | ||
Current assets: | ||
Cash | 0.2 | 0.2 |
Restricted cash, current | 1.3 | 16.3 |
Accounts receivable | 254.9 | 249.9 |
Inventory | 42 | 64.6 |
Other | 26.7 | 46 |
Total current assets | 325.1 | 377 |
Property, plant and equipment, net | 2,234 | 2,202.3 |
Operating lease, right-of-use assets, net | 61.6 | |
Goodwill and intangible assets, net | 682 | 692.4 |
Investment in consolidated affiliates | 0 | 0 |
Investment | 1,206.4 | 1,188.2 |
Other non-current assets | 2 | 2.1 |
Total assets | 4,511.1 | 4,462 |
Current liabilities: | ||
Accounts payable | 222 | 210.5 |
Other current liabilities | 127.9 | 118 |
Total current liabilities | 349.9 | 328.5 |
Long-term liabilities: | ||
Long-term debt, less current portion | 1,768.4 | 1,752.4 |
Other long-term liabilities | 222.2 | 171 |
Deferred income taxes | 0.6 | 0.6 |
Partners' capital | 1,988 | 2,028.2 |
Interest of non-controlling partners in subsidiary | 182 | 181.3 |
Total partners’ capital | 2,170 | 2,209.5 |
Total liabilities and partners’ capital | $ 4,511.1 | $ 4,462 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 835.2 | $ 1,115 |
Costs of product/services sold | 695.6 | 965.8 |
Operating expenses and other: | ||
Operations and maintenance | 28.6 | 34.5 |
General and administrative | 37.2 | 23.9 |
Depreciation, amortization and accretion | 39.8 | 45.1 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Total expenses | 107.6 | 103.2 |
Operating income (loss) | 32 | 46 |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 |
Interest and debt expense, net | (24.9) | (24.4) |
Net income | 14.1 | 34.1 |
Net income attributable to non-controlling partners in subsidiaries | 4 | 4 |
Net income (loss) attributable to parent | 10.1 | 30.1 |
Eliminations | ||
Revenues | 0 | 0 |
Costs of product/services sold | 0 | 0 |
Operating expenses and other: | ||
Operations and maintenance | 0 | 0 |
General and administrative | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 |
(Gain) loss on long-lived assets, net | 0 | 0 |
Total expenses | 0 | 0 |
Operating income (loss) | 0 | 0 |
Earnings from unconsolidated affiliates, net | 0 | 0 |
Interest and debt expense, net | 0 | 0 |
Loss from unconsolidated affiliates | (51) | (68.4) |
Net income | (51) | (68.4) |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 |
Net income (loss) attributable to parent | (51) | (68.4) |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Revenues | 0 | 0 |
Costs of product/services sold | 0 | 0 |
Operating expenses and other: | ||
Operations and maintenance | 0 | 0 |
General and administrative | 0 | 0 |
Depreciation, amortization and accretion | 0 | 0 |
(Gain) loss on long-lived assets, net | 0 | 0 |
Total expenses | 0 | 0 |
Operating income (loss) | 0 | 0 |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 |
Interest and debt expense, net | 0 | 0 |
Loss from unconsolidated affiliates | 0 | 0 |
Net income | 6.9 | 12.4 |
Net income attributable to non-controlling partners in subsidiaries | 4 | 4 |
Net income (loss) attributable to parent | 2.9 | 8.4 |
Crestwood Midstream Partners LP | ||
Revenues | 835.2 | 1,115 |
Costs of product/services sold | 695.6 | 965.8 |
Operating expenses and other: | ||
Operations and maintenance | 28.6 | 34.5 |
General and administrative | 36 | 22.8 |
Depreciation, amortization and accretion | 43.4 | 47.8 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Total expenses | 110 | 104.8 |
Operating income (loss) | 29.6 | 44.4 |
Earnings from unconsolidated affiliates, net | 6.9 | 12.4 |
Interest and debt expense, net | (24.9) | (24.4) |
Loss from unconsolidated affiliates | 0 | 0 |
Net income | 11.6 | 32.4 |
Net income attributable to non-controlling partners in subsidiaries | 4 | 4 |
Net income (loss) attributable to parent | 7.6 | 28.4 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Revenues | 835.2 | 1,115 |
Costs of product/services sold | 695.6 | 965.8 |
Operating expenses and other: | ||
Operations and maintenance | 28.6 | 34.5 |
General and administrative | 17.3 | 7.2 |
Depreciation, amortization and accretion | 43.4 | 47.8 |
(Gain) loss on long-lived assets, net | 2 | (0.3) |
Total expenses | 91.3 | 89.2 |
Operating income (loss) | 48.3 | 60 |
Earnings from unconsolidated affiliates, net | 0 | 0 |
Interest and debt expense, net | (0.2) | 0 |
Loss from unconsolidated affiliates | 0 | 0 |
Net income | 48.1 | 60 |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 |
Net income (loss) attributable to parent | 48.1 | 60 |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | ||
Revenues | 0 | 0 |
Costs of product/services sold | 0 | 0 |
Operating expenses and other: | ||
Operations and maintenance | 0 | 0 |
General and administrative | 18.7 | 15.6 |
Depreciation, amortization and accretion | 0 | 0 |
(Gain) loss on long-lived assets, net | 0 | 0 |
Total expenses | 18.7 | 15.6 |
Operating income (loss) | (18.7) | (15.6) |
Earnings from unconsolidated affiliates, net | 0 | 0 |
Interest and debt expense, net | (24.7) | (24.4) |
Loss from unconsolidated affiliates | 51 | 68.4 |
Net income | 7.6 | 28.4 |
Net income attributable to non-controlling partners in subsidiaries | 0 | 0 |
Net income (loss) attributable to parent | $ 7.6 | $ 28.4 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | $ 130.9 | $ 148.7 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (68.5) | (65.3) | ||
Investment in unconsolidated affiliates | (38.2) | (0.1) | ||
Payments for (Proceeds from) Other Investing Activities | (1) | 1.2 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 16.7 | 11.5 | ||
Net cash used in investing activities | (91) | (52.7) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 298.9 | 399.8 | ||
Payments on long-term debt | (284.4) | (425.4) | ||
Payments on finance leases | 1.1 | |||
Payments on capital leases | (0.3) | |||
Payments for deferred financing costs | (0.2) | 0 | ||
Distributions to partners | (43.1) | (42.7) | ||
Taxes paid for unit-based compensation vesting | (7) | (6.3) | ||
Other | (0.1) | (0.1) | ||
Net cash provided by (used in) financing activities | (55.3) | (90) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (15.4) | 6 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.8 | 7.3 | $ 17.2 | $ 1.3 |
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 | |||
Capital distributions from consolidated affiliates | 15.6 | (23.9) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | ||
Net cash used in investing activities | 15.6 | (23.9) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | ||
Payments on finance leases | 0 | |||
Payments on capital leases | 0 | |||
Payments for deferred financing costs | 0 | |||
Distributions to partners | 0 | 0 | ||
Contributions from (distributions to) parent | (15.6) | 23.9 | ||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||
Change in intercompany balances | 0 | 0 | ||
Net cash provided by (used in) financing activities | (15.6) | 23.9 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Cash flows from operating activities | 9.2 | 12.5 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | 0 | ||
Investment in unconsolidated affiliates | (38.2) | (0.1) | ||
Net proceeds from sale of assets | 0 | |||
Capital distributions from consolidated affiliates | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 16.7 | 11.5 | ||
Net cash used in investing activities | (21.5) | 11.4 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Payments on long-term debt | 0 | 0 | ||
Payments on finance leases | 0 | |||
Payments on capital leases | 0 | |||
Payments for deferred financing costs | 0 | |||
Distributions to partners | (3.3) | 0 | ||
Contributions from (distributions to) parent | 15.6 | (23.9) | ||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||
Change in intercompany balances | 0 | 0 | ||
Net cash provided by (used in) financing activities | 12.3 | (23.9) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Parent Company, Crestwood Midstream Partners, LP | Reportable Legal Entities | ||||
Cash flows from operating activities | (38.6) | (19.6) | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | 0 | (1.2) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Net proceeds from sale of assets | 0 | |||
Capital distributions from consolidated affiliates | (15.6) | 23.9 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | ||
Net cash used in investing activities | (15.6) | 22.7 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 298.9 | 399.8 | ||
Payments on long-term debt | (284) | (425) | ||
Payments on finance leases | 0 | |||
Payments on capital leases | 0 | |||
Payments for deferred financing costs | (0.2) | |||
Distributions to partners | (57.8) | (60.5) | ||
Contributions from (distributions to) parent | 0 | 0 | ||
Taxes paid for unit-based compensation vesting | 0 | 0 | ||
Change in intercompany balances | 82.3 | 88.6 | ||
Net cash provided by (used in) financing activities | 39.2 | 2.9 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (15) | 6 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.5 | 7 | 16.5 | 1 |
Crestwood Midstream Partners LP | ||||
Cash flows from operating activities | 130.9 | 151.4 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (68.5) | (65.3) | ||
Investment in unconsolidated affiliates | (38.2) | (0.1) | ||
Net proceeds from sale of assets | 1.2 | |||
Capital distributions from consolidated affiliates | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (1) | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 16.7 | 11.5 | ||
Net cash used in investing activities | (91) | (52.7) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 298.9 | 399.8 | ||
Payments on long-term debt | (284.4) | (425.4) | ||
Payments on finance leases | 1.1 | |||
Payments on capital leases | (0.3) | |||
Payments for deferred financing costs | (0.2) | |||
Distributions to partners | (61.1) | (60.5) | ||
Contributions from (distributions to) parent | 0 | 0 | ||
Taxes paid for unit-based compensation vesting | (7) | (6.3) | ||
Change in intercompany balances | 0 | 0 | ||
Net cash provided by (used in) financing activities | (54.9) | (92.7) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (15) | 6 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1.5 | 7 | 16.5 | 1 |
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Cash flows from operating activities | 160.3 | 158.5 | ||
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (68.5) | (64.1) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Net proceeds from sale of assets | 1.2 | |||
Capital distributions from consolidated affiliates | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (1) | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 0 | ||
Net cash used in investing activities | (69.5) | (62.9) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Payments on long-term debt | (0.4) | (0.4) | ||
Payments on finance leases | 1.1 | |||
Payments on capital leases | (0.3) | |||
Payments for deferred financing costs | 0 | |||
Distributions to partners | 0 | 0 | ||
Contributions from (distributions to) parent | 0 | 0 | ||
Taxes paid for unit-based compensation vesting | (7) | (6.3) | ||
Change in intercompany balances | (82.3) | (88.6) | ||
Net cash provided by (used in) financing activities | (90.8) | (95.6) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 |