Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CEQP | ||
Entity Registrant Name | Crestwood Equity Partners LP | ||
Entity Central Index Key | 1,136,352 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 69,057,459 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0.5 | ||
CMLP | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Crestwood Midstream Partners LP | ||
Entity Central Index Key | 1,304,464 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash | $ 0.5 | $ 8.8 |
Accounts receivable, less allowance for doubtful accounts | 236.5 | 379.6 |
Inventory | 44.5 | 46.6 |
Assets from price risk management activities | 32.6 | 79.8 |
Prepaid expenses and other current assets | 21.7 | 23.3 |
Total current assets | 335.8 | 538.1 |
Property, plant and equipment (Note 4) | 3,747.7 | 4,273.9 |
Less: accumulated depreciation and depletion | 436.9 | 380.1 |
Property, plant and equipment, net | 3,310.8 | 3,893.8 |
Intangible assets (Note 4) | 1,039.1 | 1,441.9 |
Less: accumulated amortization | 229 | 210.6 |
Intangible assets, net | 810.1 | 1,231.3 |
Goodwill | 1,085.5 | 2,491.8 |
Investments in unconsolidated affiliates (Note 6) | 254.3 | 295.1 |
Other assets | 7.2 | 11.3 |
Total assets | 5,803.7 | 8,461.4 |
Current liabilities: | ||
Accounts payable | 144.1 | 241.2 |
Accrued expenses and other liabilities (Note 4) | 105.6 | 154.6 |
Liabilities from price risk management activities | 7.4 | 25.4 |
Current portion of long-term debt | 1.1 | 3.7 |
Total current liabilities | 258.2 | 424.9 |
Long-term debt, less current portion (Note 9) | 2,542.7 | 2,392.8 |
Other long-term liabilities | 47.5 | 47.2 |
Deferred income taxes | $ 8.4 | $ 12 |
Commitments and contingencies (Note 15) | ||
Partners’ capital (Note 12): | ||
Partners' capital | $ 2,227.6 | $ 776.2 |
Preferred units | 535.8 | 0 |
Total CEQP/CMLP partners’ capital | 2,763.4 | 776.2 |
Interest of non-controlling partners in subsidiaries | 183.5 | 4,808.3 |
Total partners’ capital | 2,946.9 | 5,584.5 |
Total liabilities and partners’ capital | 5,803.7 | 8,461.4 |
CMLP | ||
Assets | ||
Cash | 0.1 | 7.6 |
Accounts receivable, less allowance for doubtful accounts | 236.5 | 379.3 |
Inventory | 44.5 | 46.6 |
Assets from price risk management activities | 32.6 | 79.8 |
Prepaid expenses and other current assets | 19.9 | 23.3 |
Total current assets | 333.6 | 536.6 |
Property, plant and equipment (Note 4) | 4,077.7 | 4,144.6 |
Less: accumulated depreciation and depletion | 552 | 398.6 |
Property, plant and equipment, net | 3,525.7 | 3,746 |
Intangible assets (Note 4) | 1,022.6 | 1,123.7 |
Less: accumulated amortization | 220.3 | 154.1 |
Intangible assets, net | 802.3 | 969.6 |
Goodwill | 1,085.5 | 2,234.6 |
Investments in unconsolidated affiliates (Note 6) | 254.3 | 295.1 |
Other assets | 3.1 | 3.3 |
Total assets | 6,004.5 | 7,785.2 |
Current liabilities: | ||
Accounts payable | 141.4 | 235 |
Accrued expenses and other liabilities (Note 4) | 103.3 | 150.1 |
Liabilities from price risk management activities | 7.4 | 25.4 |
Current portion of long-term debt | 0.9 | 0.8 |
Total current liabilities | 253 | 411.3 |
Long-term debt, less current portion (Note 9) | 2,542.7 | 2,014.5 |
Other long-term liabilities | 43.3 | 38.3 |
Deferred income taxes | 0.4 | 0.7 |
Partners’ capital (Note 12): | ||
Partners' capital | 2,981.6 | 4,701 |
Preferred units | 0 | 447.7 |
Total CEQP/CMLP partners’ capital | 2,981.6 | 5,148.7 |
Interest of non-controlling partners in subsidiaries | 183.5 | 171.7 |
Total partners’ capital | 3,165.1 | 5,320.4 |
Total liabilities and partners’ capital | $ 6,004.5 | $ 7,785.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 0.4 | $ 0.1 |
Common units, issued | 68,555,305 | 18,640,366.7 |
Common units, outstanding | 68,555,305 | 18,640,367 |
Preferred units, issued | 60,718,245 | 0 |
Preferred units, outstanding | 60,718,245 | 0 |
CMLP | ||
Allowance for doubtful accounts | $ 0.4 | $ 0.1 |
Common units, issued | 0 | 187,965,105 |
Common units, outstanding | 0 | 187,965,105 |
Preferred units, issued | 0 | 17,917,870 |
Preferred units, outstanding | 0 | 17,917,870 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Gathering and processing | $ 1,051.2 | $ 1,831.5 | $ 273.6 |
Marketing, supply and logistics | 857.5 | 1,339.4 | 714.9 |
Total product revenue | 1,908.7 | 3,170.9 | 988.5 |
Gathering and processing | 325.9 | 332.2 | 161.5 |
Storage and transportation | 266.3 | 264.6 | 130.9 |
Marketing, supply and logistics | 128 | 160.6 | 70.9 |
Related party (Note 16) | 3.9 | 3 | 74.9 |
Total services revenues | 724.1 | 760.4 | 438.2 |
Total revenue | 2,632.8 | 3,931.3 | 1,426.7 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Gathering and processing | 1,074.4 | 1,816.9 | 234.5 |
Marketing, supply and logistics | 705.6 | 1,196.1 | 681.7 |
Related party (Note 16) | 28.9 | 42.2 | 32.5 |
Total product costs | 1,808.9 | 3,055.2 | 948.7 |
Gathering and processing | 0.6 | 0.8 | 0.4 |
Storage and transportation | 20.1 | 33.3 | 19.7 |
Marketing, supply and logistics | 53.9 | 76 | 33.5 |
Total service costs | 74.6 | 110.1 | 53.6 |
Total costs of products/services sold | 1,883.5 | 3,165.3 | 1,002.3 |
Expenses: | |||
Operations and maintenance | 190.2 | 203.3 | 104.6 |
General and administrative | 116.3 | 100.2 | 93.5 |
Depreciation, amortization and accretion | 300.1 | 285.3 | 167.9 |
Total expenses | 606.6 | 588.8 | 366 |
Gain (loss) on long-lived assets, net | (821.2) | (1.9) | 5.3 |
Goodwill impairment | (1,406.3) | (48.8) | (4.1) |
Loss on contingent consideration (Note 15) | 0 | (8.6) | (31.4) |
Operating income (loss) | (2,084.8) | 117.9 | 28.2 |
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) |
Interest and debt expense, net | (140.1) | (127.1) | (77.9) |
Loss on modification/extinguishment of debt | (20) | 0 | 0 |
Other income, net | 0.6 | 0.6 | 0.2 |
Loss before income taxes | (2,305.1) | (9.3) | (49.6) |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 |
Net loss | (2,303.7) | (10.4) | (50.6) |
Net loss attributable to non-controlling partners | 636.8 | 66.8 | 57.3 |
Net income (loss) attributable to parent | (1,666.9) | 56.4 | 6.7 |
Net income attributable to preferred units | (6.2) | 0 | 0 |
Net income (loss) attributable to partners | (1,673.1) | 56.4 | 6.7 |
Subordinated unitholders' interest in net income | 0 | 1.3 | 0.3 |
Common unitholders' interest in net income (loss) | $ (1,673.1) | $ 55.1 | $ 6.4 |
Net income (loss) per limited partner unit: | |||
Basic (dollars per unit) | $ (54) | $ 3.03 | $ 0.59 |
Diluted (dollars per unit) | $ (54) | $ 3.03 | $ 0.59 |
Weighted-average limited partners’ units outstanding (in thousands): | |||
Basic (units) | 30,983 | 18,201 | 10,914 |
Dilutive units (units) | 0 | 439 | 439 |
Diluted (units) | 30,983 | 18,640 | 11,353 |
CMLP | |||
Revenues: | |||
Gathering and processing | $ 1,051.2 | $ 1,831.5 | $ 273.6 |
Marketing, supply and logistics | 857.5 | 1,339.4 | 714.9 |
Total product revenue | 1,908.7 | 3,170.9 | 988.5 |
Gathering and processing | 325.9 | 332.2 | 161.5 |
Storage and transportation | 266.3 | 250.8 | 116.8 |
Marketing, supply and logistics | 128 | 160.6 | 70.9 |
Related party (Note 16) | 3.9 | 3 | 74.9 |
Total services revenues | 724.1 | 746.6 | 424.1 |
Total revenue | 2,632.8 | 3,917.5 | 1,412.6 |
Costs of product/services sold (exclusive of items shown separately below): | |||
Gathering and processing | 1,074.4 | 1,816.9 | 234.5 |
Marketing, supply and logistics | 705.6 | 1,196.1 | 681.7 |
Related party (Note 16) | 28.9 | 42.2 | 32.5 |
Total product costs | 1,808.9 | 3,055.2 | 948.7 |
Gathering and processing | 0.6 | 0.8 | 0.4 |
Storage and transportation | 20.1 | 22.8 | 12.8 |
Marketing, supply and logistics | 53.9 | 76 | 33.5 |
Total service costs | 74.6 | 99.6 | 46.7 |
Total costs of products/services sold | 1,883.5 | 3,154.8 | 995.4 |
Expenses: | |||
Operations and maintenance | 188.7 | 195.4 | 103.4 |
General and administrative | 105.6 | 91.7 | 84.1 |
Depreciation, amortization and accretion | 278.5 | 255.4 | 139.4 |
Total expenses | 572.8 | 542.5 | 326.9 |
Gain (loss) on long-lived assets, net | (227.8) | (35.1) | 5.3 |
Goodwill impairment | (1,149.1) | (48.8) | (4.1) |
Loss on contingent consideration (Note 15) | 0 | (8.6) | (31.4) |
Operating income (loss) | (1,200.4) | 127.7 | 60.1 |
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) |
Interest and debt expense, net | (130.5) | (111.4) | (71.7) |
Loss on modification/extinguishment of debt | (18.9) | 0 | 0 |
Loss before income taxes | (1,410.6) | 15.6 | (11.7) |
Provision (benefit) for income taxes | 0 | 0.9 | 0.7 |
Net loss | (1,410.6) | 14.7 | (12.4) |
Net loss attributable to non-controlling partners | (23.1) | (16.8) | (4.9) |
Net income (loss) attributable to parent | (1,433.7) | (2.1) | (17.3) |
Net income attributable to preferred units | (23.1) | (17.2) | 0 |
Net income (loss) attributable to partners | $ (1,456.8) | $ (19.3) | $ (17.3) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (2,303.7) | $ (10.4) | $ (50.6) |
Change in fair value of Suburban Propane Partners, L.P. units (Note 12) | (2.7) | (0.5) | (0.1) |
Comprehensive loss | (2,306.4) | (10.9) | (50.7) |
Comprehensive loss attributable to non-controlling interest | 636.8 | 66.8 | 57.3 |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ (1,669.6) | $ 55.9 | $ 6.6 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Millions | Total | CMLP | Crestwood Marcellus Midstream LLC | Arrow Midstream Holdings, LLC | Arrow Midstream Holdings, LLCCMLP | Class D Units | Class C Units | Preferred Units | Preferred UnitsCMLP | Preferred UnitsCrestwood Marcellus Midstream LLC | Preferred UnitsArrow Midstream Holdings, LLC | Preferred UnitsArrow Midstream Holdings, LLCCMLP | Preferred UnitsClass D Units | Preferred UnitsClass C Units | Limited Partners | Limited PartnersCMLP | Limited PartnersCrestwood Marcellus Midstream LLC | Limited PartnersArrow Midstream Holdings, LLC | Limited PartnersArrow Midstream Holdings, LLCCMLP | Limited PartnersClass D Units | Limited PartnersClass C Units | Non-Controlling Partners | Non-Controlling PartnersCMLP | Non-Controlling PartnersCrestwood Marcellus Midstream LLC | Non-Controlling PartnersArrow Midstream Holdings, LLC | Non-Controlling PartnersArrow Midstream Holdings, LLCCMLP | Non-Controlling PartnersClass D Units | Non-Controlling PartnersClass C Units | Preferred Units, Class A | Preferred Units, Class ACMLP | Preferred Units, Class APreferred Units | Preferred Units, Class ALimited Partners | Preferred Units, Class ANon-Controlling Partners |
Balance at the beginning of the period at Dec. 31, 2012 | $ 1,550.7 | $ 859.7 | $ 0 | $ 0 | $ 31.7 | $ 859.7 | $ 1,519 | $ 0 | |||||||||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||||||||
Proceeds from the issuance of common units | 714 | 714 | $ 200 | $ 200 | 0 | 0 | $ 0 | $ 0 | 0 | 714 | $ 0 | $ 200 | 714 | 0 | $ 200 | $ 0 | |||||||||||||||||
Net proceeds from issuance of common units by subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 | $ (126.3) | $ 0.6 | $ 126.3 | $ (0.6) | |||||||||||||||||||||||||
Contributions from partner | 10 | 15.5 | 0 | 0 | 0 | 15.5 | 10 | 0 | |||||||||||||||||||||||||
Unit-based compensation charges | 17.4 | 15.8 | 0 | 0 | 1.7 | 15.8 | 15.7 | 0 | |||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting | (8.3) | (5.5) | 0 | 0 | (2.8) | (5.5) | (5.5) | 0 | |||||||||||||||||||||||||
Distributions to partners | (271.1) | (419.7) | $ 0 | 0 | 0 | $ 0 | (56.6) | (419.7) | $ (0.1) | (214.5) | 0 | $ 0.1 | |||||||||||||||||||||
Issuance of CMLP Class A preferred units | $ 0 | ||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 96.1 | 96.1 | 0 | 0 | 0 | 0 | 96.1 | 96.1 | |||||||||||||||||||||||||
Exchange of Crestwood Midstream Partners LP units for CEQP units | 0 | 0 | 182.3 | (182.3) | |||||||||||||||||||||||||||||
Invested capital from Legacy Inergy, net of debt (Note 3) | 3,379.4 | 3,827.8 | 0 | 0 | 697.1 | 3,827.8 | 2,682.3 | 0 | |||||||||||||||||||||||||
Distribution for additional interest in Crestwood Marcellus Midstream LLC | (129) | 0 | (129) | 0 | |||||||||||||||||||||||||||||
Gain (loss) on issuance of subsidiary units | 0 | 0 | (12.6) | 12.6 | |||||||||||||||||||||||||||||
Acquisition of non-controlling interest | $ 0 | $ 0 | $ 238.9 | $ (238.9) | |||||||||||||||||||||||||||||
Change in fair value of Suburban Propane Partners, LP units | (0.1) | 0 | (0.1) | 0 | |||||||||||||||||||||||||||||
Other | 0.1 | 0 | 0.1 | 0 | |||||||||||||||||||||||||||||
Net loss | (50.6) | (12.4) | 0 | 0 | 6.7 | (17.3) | (57.3) | 4.9 | |||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2013 | 5,508.6 | 5,291.3 | 0 | 0 | 831.6 | 5,190.3 | 4,677 | 101 | |||||||||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||||||||
Contributions from partner | (15.3) | (15.3) | 0 | (10.5) | (15.3) | (4.8) | 0 | ||||||||||||||||||||||||||
Unit-based compensation charges | 21.3 | 18.1 | 0 | 0 | 3.9 | 18.1 | 17.4 | 0 | |||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting | (3.9) | (1.6) | 0 | 0 | (2.3) | (1.6) | (1.6) | 0 | |||||||||||||||||||||||||
Distributions to partners | (399) | (470.5) | 0 | 0 | (102.5) | (470.5) | (296.5) | 0 | |||||||||||||||||||||||||
Issuance of CMLP Class A preferred units | 430.5 | 430.5 | 0 | 0 | 430.5 | ||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 53.9 | 53.9 | 0 | 0 | 0 | 0 | 53.9 | 53.9 | $ 430.5 | $ 0 | $ 0 | $ 430.5 | |||||||||||||||||||||
Change in fair value of Suburban Propane Partners, LP units | (0.5) | 0 | (0.5) | 0 | |||||||||||||||||||||||||||||
Other | (0.7) | (0.7) | 0 | 0 | 0.1 | (0.7) | (0.8) | 0 | |||||||||||||||||||||||||
Net loss | (10.4) | 14.7 | 0 | 17.2 | 56.4 | (19.3) | (66.8) | 16.8 | |||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2014 | 5,584.5 | 5,320.4 | 0 | 447.7 | 776.2 | 4,701 | 4,808.3 | 171.7 | |||||||||||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||||||||||||||||
Unit-based compensation charges | 19.7 | 18.1 | 0 | 0 | 5.7 | 18.1 | 14 | 0 | |||||||||||||||||||||||||
Taxes paid for unit-based compensation vesting | (3.7) | (2.1) | 0 | 0 | (1.6) | (2.1) | (2.1) | 0 | |||||||||||||||||||||||||
Distributions to partners | (405.7) | (819.5) | 0 | 0 | (171.5) | (808.2) | (234.2) | (11.3) | |||||||||||||||||||||||||
Issuance of CMLP Class A preferred units | (58.8) | 58.8 | 0 | 58.8 | 0 | 0 | (58.8) | 0 | $ 58.8 | ||||||||||||||||||||||||
Partners' Capital Account, Exchanges and Conversions | 0 | (529.6) | 529.6 | 0 | |||||||||||||||||||||||||||||
Acquisition of non-controlling interest | 0 | 529.6 | 3,294.8 | (3,824.4) | |||||||||||||||||||||||||||||
Change in fair value of Suburban Propane Partners, LP units | (2.7) | 0 | (2.7) | 0 | |||||||||||||||||||||||||||||
Other | (0.3) | 0 | (0.2) | (0.1) | |||||||||||||||||||||||||||||
Net loss | (2,303.7) | (1,410.6) | 6.2 | 23.1 | (1,673.1) | (1,456.8) | (636.8) | 23.1 | |||||||||||||||||||||||||
Balance at the end of the period at Dec. 31, 2015 | $ 2,946.9 | $ 3,165.1 | $ 535.8 | $ 0 | $ 2,227.6 | $ 2,981.6 | $ 183.5 | $ 183.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net loss | $ (2,303.7) | $ (10.4) | $ (50.6) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 300.1 | 285.3 | 167.9 |
Amortization of debt-related deferred costs, discounts and premiums | 8.9 | 8.5 | 9.2 |
Market adjustment on interest rate swaps | (0.5) | (2.7) | (1.7) |
Unit-based compensation charges | 19.7 | 21.3 | 17.4 |
Gain (loss) on long-lived assets, net | 821.2 | 1.9 | (5.3) |
Goodwill impairment | 1,406.3 | 48.8 | 4.1 |
Loss on contingent consideration | 0 | 8.6 | 31.4 |
Loss on modification/extinguishment of debt | 20 | 0 | 0 |
Loss from unconsolidated affiliates, net, adjusted for cash distributions received | 73.6 | 0.7 | 0.1 |
Deferred income taxes | (3.6) | (5.2) | (2.8) |
Other | 0.7 | 0 | (1) |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 119.7 | 60.4 | (39.9) |
Inventory | 2 | 26.9 | (23.6) |
Prepaid expenses and other current assets | 1.8 | (11.4) | 11.2 |
Accounts payable, accrued expenses and other liabilities | (128) | (96.4) | 44.2 |
Reimbursements of property, plant and equipment | 73.3 | 21.5 | 0 |
Change in price risk management activities, net | 29.2 | (74.8) | 27.7 |
Net cash provided by operating activities | 440.7 | 283 | 188.3 |
Investing activities | |||
Acquisitions, net of cash acquired (Note 3) | 0 | (19.5) | (555.6) |
Purchases of property, plant and equipment | (182.7) | (424) | (347) |
Investment in unconsolidated affiliates | (42) | (108.6) | (151.5) |
Capital distributions from unconsolidated affiliates | 9.3 | 0 | 0 |
Proceeds from sale of Tres Palacios | 0 | 66.4 | 0 |
Proceeds from sale of assets | 2.7 | 2.7 | 11.2 |
Net cash used in investing activities | (212.7) | (483) | (1,042.9) |
Financing activities | |||
Proceeds from the issuance of long-term debt | 4,261.8 | 2,823.9 | 2,466.9 |
Principal payments on long-term debt | (4,113) | (2,696) | (1,967.6) |
Payments on capital leases | (2.2) | (3.2) | (4.3) |
Payments for debt-related deferred costs | (17.3) | (1.9) | (33.1) |
Financing fees paid for early debt redemption | 13.6 | 0 | 0 |
Distributions to partners | (171.5) | (102.5) | (68.4) |
Distributions paid to non-controlling partners | (234.2) | (296.5) | (204.5) |
Distribution for additional interest in Crestwood Marcellus Midstream LLC | 0 | 0 | (129) |
Net proceeds from issuance of Crestwood Midstream Partners LP common units | 0 | 0 | 714 |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 53.9 | 96.1 |
Issuance of CMLP Class A preferred units | (58.8) | ||
Taxes paid for unit-based compensation vesting | (3.8) | (3.9) | (10.5) |
Other | (1.3) | (0.7) | 0.1 |
Net cash provided by (used in) financing activities | (236.3) | 203.6 | 859.7 |
Net change in cash | (8.3) | 3.6 | 5.1 |
Cash at beginning of period | 8.8 | 5.2 | 0.1 |
Cash at end of period | 0.5 | 8.8 | 5.2 |
Cash paid during the period for interest | 129 | 114.4 | 64.9 |
Cash paid during the period for income taxes | 4.7 | 6.6 | 2.5 |
Supplemental schedule of noncash investing and financing activities | |||
Net change to property, plant and equipment through accounts payable and accrued expenses | (14.1) | (40.6) | (38) |
Acquisitions, net of cash acquired: | |||
Current assets | 0.5 | 409.6 | |
Property, plant and equipment | 13.5 | 2,487.2 | |
Intangible assets | 9.4 | 660.9 | |
Goodwill | 3.6 | 2,195.4 | |
Other assets | 0 | 32.1 | |
Current liabilities | (2.7) | (420.6) | |
Debt | (3.5) | (1,079.3) | |
Invested capital of Crestwood Equity Partners LP, net of debt (Note 3) | 0 | (3,579.4) | |
Other liabilities | (1.3) | (150.3) | |
Total acquisitions, net of cash acquired | 19.5 | 555.6 | |
Preferred Units, Class A | |||
Financing activities | |||
Net proceeds from issuance of preferred equity of subsidiary | 58.8 | 430.5 | 0 |
CMLP | |||
Operating activities | |||
Net loss | (1,410.6) | 14.7 | (12.4) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 278.5 | 255.4 | 139.4 |
Amortization of debt-related deferred costs, discounts and premiums | 8.1 | 7.3 | 9.1 |
Unit-based compensation charges | 18.1 | 18.1 | 15.8 |
Gain (loss) on long-lived assets, net | 227.8 | 35.1 | (5.3) |
Goodwill impairment | 1,149.1 | 48.8 | 4.1 |
Loss on contingent consideration | 0 | 8.6 | 31.4 |
Loss on modification/extinguishment of debt | 18.9 | 0 | 0 |
Loss from unconsolidated affiliates, net, adjusted for cash distributions received | 73.6 | 0.7 | 0.1 |
Deferred income taxes | (0.3) | 0.7 | 0 |
Other | 0.7 | 0 | 0.1 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 119.4 | 60.4 | (39.9) |
Inventory | 2.1 | 26.9 | (23.6) |
Prepaid expenses and other current assets | 3.7 | (11.9) | 5.9 |
Accounts payable, accrued expenses and other liabilities | (119.8) | 25.8 | 101.3 |
Reimbursements of property, plant and equipment | 73.3 | 21.5 | 0 |
Change in price risk management activities, net | 29.2 | (74.8) | 27.7 |
Net cash provided by operating activities | 471.8 | 437.3 | 253.7 |
Investing activities | |||
Acquisitions, net of cash acquired (Note 3) | 0 | (19.5) | (561.5) |
Purchases of property, plant and equipment | (182.7) | (421.7) | (339.3) |
Investment in unconsolidated affiliates | (41.8) | (144.4) | (151.5) |
Capital distributions from unconsolidated affiliates | 9.3 | 0 | 0 |
Proceeds from sale of Tres Palacios | 9.3 | ||
Proceeds from sale of assets | 2.7 | 2.7 | 11.2 |
Net cash used in investing activities | (212.5) | (582.9) | (1,041.1) |
Financing activities | |||
Proceeds from the issuance of long-term debt | 3,490.1 | 2,089.9 | 2,072.8 |
Principal payments on long-term debt | (2,960.9) | (1,950) | (1,634.5) |
Payments on capital leases | (2.2) | (3.2) | (4.3) |
Payments for debt-related deferred costs | (17.3) | (0.1) | (32) |
Financing fees paid for early debt redemption | (13.6) | 0 | 0 |
Distributions to partners | (819.5) | (470.5) | (419.7) |
Distributions paid to non-controlling partners | 0 | 0 | 5.5 |
Contributions from general partner | 0 | 0 | 5.5 |
Net proceeds from issuance of Crestwood Midstream Partners LP common units | 0 | 0 | 714 |
Net proceeds from issuance of preferred equity of subsidiary | 0 | 53.9 | 96.1 |
Issuance of CMLP Class A preferred units | 58.8 | 430.5 | |
Taxes paid for unit-based compensation vesting | (2.1) | (1.6) | (5.5) |
Other | (0.1) | (0.8) | 0 |
Net cash provided by (used in) financing activities | (266.8) | 148.1 | 792.4 |
Net change in cash | (7.5) | 2.5 | 5 |
Cash at beginning of period | 7.6 | 5.1 | 0.1 |
Cash at end of period | 0.1 | 7.6 | 5.1 |
Cash paid during the period for interest | 118.2 | 96.9 | 56.7 |
Cash paid during the period for income taxes | 0.6 | 0.4 | 0 |
Supplemental schedule of noncash investing and financing activities | |||
Net change to property, plant and equipment through accounts payable and accrued expenses | (14.1) | (40.6) | (30.5) |
Acquisitions, net of cash acquired: | |||
Current assets | 0.5 | 240 | |
Property, plant and equipment | 13.5 | 2,076.8 | |
Intangible assets | 9.4 | 519.4 | |
Goodwill | 3.6 | 1,583.2 | |
Other assets | 0 | 22.3 | |
Current liabilities | (2.7) | (243.9) | |
Debt | (3.5) | (745) | |
Invested capital of Crestwood Equity Partners LP, net of debt (Note 3) | 0 | (2,882.3) | |
Other liabilities | (1.3) | (9) | |
Total acquisitions, net of cash acquired | 19.5 | 561.5 | |
CMLP | Preferred Units, Class A | |||
Financing activities | |||
Issuance of CMLP Class A preferred units | $ 58.8 | $ 430.5 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Partnership Organization And Basis Of Presentation Narrative [Abstract] | |
Organization and Description of Business | Organization and Description of Business The accompanying notes to the consolidated financial statements apply to Crestwood Equity Partners LP (the Company, Crestwood Equity or CEQP) and Crestwood Midstream Partners LP (Crestwood Midstream or CMLP) unless otherwise indicated. Organization Crestwood Equity Partners LP . CEQP is a publicly-traded (NYSE: CEQP) Delaware limited partnership formed in March 2001. Crestwood Equity GP LLC, which is indirectly owned by Crestwood Holdings LLC (Crestwood Holdings), owns our non-economic general partnership interest. Crestwood Holdings, which is substantially owned and controlled by First Reserve Management, L.P. (First Reserve), also owns approximately 21% of Crestwood Equity's limited partner units and 438,789 of its subordinated units. Crestwood Midstream Partners LP . Crestwood Equity owns a 99.9% limited partnership interest in Crestwood Midstream and Crestwood Gas Services GP LLC (CGS GP), a wholly-owned subsidiary of Crestwood Equity, owns a 0.1% limited partnership interest in Crestwood Midstream. Crestwood Midstream GP LLC, a wholly-owned subsidiary of Crestwood Equity, owns the non-economic general partnership interest of Crestwood Midstream. Crestwood Merger (2013) . In May 2013, Crestwood Holdings and the former owners of Crestwood Equity's general partner entered into a series of transactions that would effectively consolidate and combine the operations of Legacy Crestwood and Legacy Inergy (both as defined below). The parties first completed a series of "upstairs" transactions in June 2013 that resulted in Crestwood Holdings' acquisition of control of Crestwood Equity. The "downstairs" portion of the strategic business combination was completed in October 2013 when publicly-traded Legacy Crestwood merged with and into publicly-traded Inergy Midstream (the Crestwood Merger) and Inergy Midstream immediately thereafter changed its name to Crestwood Midstream Partners LP. Additionally, Legacy Crestwood unitholders (other than Crestwood Holdings) received a one-time $34.9 million cash payment at the closing of the merger in October 2013, or $1.03 per unit, $24.9 million of which was paid by Inergy Midstream and $10 million of which was paid by Crestwood Holdings. Following the closing of the Crestwood Merger on October 7, 2013, Crestwood Holdings exchanged 7,100,000 common units of Crestwood Midstream for 14,300,000 of CEQP common units pursuant to an option granted to Crestwood Holdings when it acquired CEQP's general partner. Simplification Merger (2015) . In May 2015, CEQP, Crestwood Midstream and certain of their affiliates entered into a definitive agreement under which Crestwood Midstream would merge with a wholly-owned subsidiary of CEQP, with Crestwood Midstream surviving as a wholly-owned subsidiary of CEQP (the Simplification Merger). On September 30, 2015, the Simplification Merger was completed immediately following the affirmative approval of the merger by Crestwood Midstream's unaffiliated unitholders and Crestwood Midstream completed the merger on that date. As part of the merger consideration, Crestwood Midstream's common and preferred unitholders (other than CEQP and its subsidiaries) received 2.75 common or preferred units of CEQP for each common or preferred unit of Crestwood Midstream held upon the completion of the merger. Prior to the Simplification Merger, CEQP indirectly owned a non-economic general partnership interest in CMLP and 100% of its incentive distribution rights (IDRs), which entitled CEQP to receive 50% of all distributions paid by Crestwood Midstream in excess of its initial quarterly distribution of $0.37 per common unit. Crestwood Midstream's common units were also listed on the New York Stock Exchange (NYSE) under the listing symbol "CMLP." Upon becoming a wholly-owned subsidiary of CEQP as a result of the Simplification Merger, Crestwood Midstream's IDRs were eliminated and its common units ceased to be listed on the NYSE. The diagram below reflects a simplified version of our ownership structure as of December 31, 2015: During the fourth quarter of 2015, Crestwood Holdings acquired 3,458,912 CEQP units from the public in a series of purchases. In January 2016, Crestwood Holdings acquired an additional 1,525,430 units from the public. Unless otherwise indicated, references in this report to “we,” “us,” “our,” “ours,” “our company,” the “partnership,” the “Company,” “Crestwood Equity,” 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 (i) the Crestwood Merger refers to the October 7, 2013 merger of the Company’s wholly-owned subsidiary with and into Legacy Crestwood, with Inergy Midstream continuing as the surviving legal entity; (ii) Legacy Inergy refers to either Inergy, L.P. itself or Inergy, L.P. and its consolidated subsidiaries prior to the Crestwood Merger, (iii) Inergy Midstream and NRGM refer to either Inergy Midstream, L.P. itself or Inergy Midstream, L.P. and its consolidated subsidiaries prior to the Crestwood Merger, (iv) Legacy Crestwood and Legacy CMLP refer to either Crestwood Midstream Partners LP itself or Crestwood Midstream Partners LP and its consolidated subsidiaries prior to the Crestwood Merger, and (v) Crestwood Midstream and CMLP refers to Crestwood Midstream Partners LP and its consolidated subsidiaries following the Crestwood Merger. See Note 3 for additional information on the Crestwood Merger. Description of Business Prior to the Simplification Merger, except for the assets comprising our proprietary NGL marketing business, all of our operating assets were owned by or through Crestwood Midstream. Crestwood Operations LLC (Crestwood Operations), a wholly-owned subsidiary of CEQP, owned and operated the assets comprising our proprietary NGL marketing business, consisting mainly of our West Coast NGL assets, our Seymour NGL storage facility, and our NGL transportation terminals and fleet. In connection with the closing of the Simplification Merger on September 30, 2015, CEQP contributed 100% of its interest in Crestwood Operations to Crestwood Midstream. As a result of this equity contribution, and as of December 31, 2015, substantially all of the Company's consolidated assets are owned by or through Crestwood Midstream. In conjunction with the Simplification Merger described above, we modified our segments and our financial statements now reflect three operating and reporting segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations (formerly NGL and crude services operations). Consequently, the results of our Arrow operations are now reflected in our gathering and processing operations for all periods presented and our COLT operations and Powder River Basin Industrial Complex, LLC (PRBIC) investment are now reflected in our storage and transportation operations for all periods presented. These respective operations were previously included in our NGL and crude services operations. Below is a description of our operating and reporting segments. • Gathering and Processing : our gathering and processing (G&P) operations provide gathering and transportation services (natural gas, crude oil and produced water) and processing, treating and compression services (natural gas) to producers in unconventional shale plays and tight-gas plays in Arkansas, Louisiana, New Mexico, North Dakota, Texas, West Virginia, and Wyoming. This segment primarily includes (i) our crude oil, gas and produced water gathering systems in the Bakken Shale play; (ii) our rich gas gathering systems and processing plants in the Bakken, Barnett, Marcellus, Delaware Permian and Powder River Basin (PRB) Niobrara Shale plays; and (iii) our dry gas gathering systems in the Barnett, Fayetteville, and Haynesville Shale plays. • Storage and Transportation : our storage and transportation (S&T) operations provide natural gas and crude oil storage and transportation services to producers, utilities and other customers. This segment primarily includes (i) our natural gas storage facilities (Stagecoach, Thomas Corners, Steuben, Seneca Lake and Tres Palacios, our equity investment); (ii) our regulated natural gas transportation facilities (the North-South Facilities, the MARC I Pipeline and the East Pipeline) in New York and Pennsylvania; and (iii) our crude oil rail loading facilities (the COLT Hub located in North Dakota and PRBIC, our equity investment located in Wyoming). • Marketing, Supply and Logistics : our marketing, supply and logistics (MS&L) operations provide NGL and crude oil storage, marketing and transportation services to producers, refiners, marketers and other customers. This segment primarily includes (i) our fleet of rail and rolling stock, which includes our rail-to-truck NGL terminals located in Florida, New Jersey, New York and Rhode Island, and our truck maintenance facilities located in Indiana, Mississippi, Newy Jersey and Ohio; (ii) our West Coast processing and fractionation operations located near Bakersfield, California; (iii) our NGL storage facilities in Bath, New York and Seymour, Indiana; (iv) our crude oil and produced water transportation assets; and (v) our solution-mining and salt production company (US Salt). |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and 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 GAAP and include the accounts of all consolidated subsidiaries after the elimination of all intercompany accounts and transactions. Our consolidated financial statements for prior periods include reclassifications that were made to conform to the current year presentation, none of which impacted our previously reported net income, earnings per unit or partners' capital. 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. Crestwood Equity . Crestwood Equity's consolidated financial statements were originally the financial statements of Legacy Crestwood GP, prior to being acquired by us on June 19, 2013. The acquisition of Legacy Crestwood GP was accounted for as a reverse acquisition under the purchase method of accounting in accordance with accounting standards for business combinations. The accounting for the reverse acquisition resulted in the legal acquiree (Legacy Crestwood GP) being the acquirer for accounting purposes. Crestwood Equity's accounting acquiree (inclusive of Legacy Inergy) was subject to the purchase method of accounting and its balance sheet was adjusted to fair market value as of June 19, 2013. Although Legacy Crestwood GP was the acquiring entity for accounting purposes, Crestwood Equity was the acquiring entity for legal purposes. Crestwood Midstream . Crestwood Midstream's consolidated financial statements were originally the financial statements of Legacy Crestwood, prior to the Crestwood Merger and the merger of Legacy Crestwood with and into Inergy Midstream on October 7, 2013. The merger of Legacy Crestwood and Inergy Midstream on October 7, 2013 was accounted for as a reverse merger amongst entities under common control with Legacy Crestwood continuing as the surviving entity for accounting purposes and Inergy Midstream continuing as the surviving entity for legal purposes. As the reverse merger was amongst entities under common control, the Crestwood Midstream financial statements were recast to reflect the operations of Inergy Midstream as being acquired by Legacy Crestwood on June 19, 2013, the date in which Inergy Midstream and Legacy Crestwood came under common control. In connection with the closing of the Simplification Merger on September 30, 2015, CEQP contributed 100% of its interest in Crestwood Operations to Crestwood Midstream. As a result of this equity contribution, Crestwood Midstream controls the operating and financial decisions of Crestwood Operations. Crestwood Midstream accounted for this transaction as a reorganization of entities under common control and the accounting standards related to such transactions requires Crestwood Midstream to record the assets and liabilities of Crestwood Operations at CEQP's carrying value and retroactively adjust Crestwood Midstream's historical results to reflect the operations of Crestwood Operations as being acquired on June 19, 2013, the date in which Crestwood Midstream and Crestwood Operations came under common control. Principles of Consolidation We consolidate entities when we have the ability to control or direct the operating and financial decisions of the entity or when we have a significant interest in the entity that gives us the ability to direct the activities that are significant to that entity. The determination to consolidate or apply the equity method of accounting to an entity can also require us to evaluate whether that entity is considered a variable interest entity. This evaluation, along with the determination of our ability to control, direct or exert significant influence over an entity involves the use of judgment. We apply the equity method of accounting where we can exert significant influence over, but do not control or direct the policies, decisions or activities of an entity. We use the cost method of accounting where we are unable to exert significant influence over the entity. In December 2014, Crestwood Equity sold its 100% interest in Tres Palacios Gas Storage Company LLC (Tres Palacios) to Tres Palacios Holdings LLC (Tres Holdings), a newly formed joint venture between Crestwood Midstream and an affiliate of Brookfield Infrastructure Group (Brookfield); consequently, Crestwood Equity deconsolidated Tres Palacios and began accounting for the investment in Tres Holdings under the equity method of accounting through its indirect ownership in Crestwood Midstream. See Note 6 for additional information related to the sale of Tres Palacios. Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts we report as assets, liabilities, revenues and expenses and our disclosures in these consolidated financial statements. Actual results can differ from those estimates. Cash We consider all highly liquid investments with an original maturity of less than three months to be cash. Inventory Inventory for our our storage and transportation operations and our marketing, supply and logistics operations are stated at the lower of cost or market and are computed predominantly using the average cost method. Our inventory consisted primarily of NGLs of approximately $35.4 million and $37.5 million at December 31, 2015 and 2014. Property, Plant and Equipment Property, plant and equipment is recorded at is original cost of construction or, upon acquisition, at the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead and interest. We capitalize major units of property replacements or improvement and expense minor items. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 20 Facilities and equipment 20 – 25 Buildings, rights-of-way and easements 20 – 40 Office furniture and fixtures 5 – 10 Vehicles 5 We deplete salt deposits included in our property, plant and equipment utilizing the unit of production method. We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is typically based on discounted cash flow projections using assumptions as to revenues, costs and discount rates typical of third party market participants, which is a Level 3 fair value measurement. During 2015 and 2014, we recorded the following impairments for our property, plant and equipment included in gain (loss) on long-lived assets in our consolidated statements of operations: • During 2015 and 2014, we incurred $8.5 million and $13.2 million of impairments of our property, plant and equipment related to our Granite Wash gathering and processing operations, which resulted from decreases in forecasted cash flows for those operations given that our major customer of those assets has declared bankruptcy and has ceased any substantial drilling in the Granite Wash in the near future given current and future anticipated market conditions related to normal gas and NGLs. The fair value of our property, plant and equipment related to our Granite Wash operations was $11.2 million as of December 31, 2015. • During 2015, Crestwood Equity incurred $354.4 million of impairments of its property, plant and equipment related to its Barnett gathering and processing operations, which resulted from the recent actions of our primary customer in the Barnett Shale, Quicksilver Resources, Inc. (Quicksilver), related to its filing for protection under Chapter 11 of the U.S. Bankruptcy Code in 2015. The fair value of our property, plant and equipment related to our Barnett operations was $298.5 million as of December 31, 2015. • During 2015, we incurred $61.9 million and $45.7 million of impairments of property, plant and equipment related to our Fayetteville and Haynesville gathering and processing operations, respectively, which resulted from decreases in forecasted cash flows for those operations given that our customers for those assets have ceased any substantial drilling in the Fayetteville and Haynesville Shales in the near future given current and future anticipated market conditions related to natural gas. The fair value of our property, plant and equipment related to our Fayetteville and Haynesville operations was $59.3 million and $3.8 million , respectively, as of December 31, 2015. • During 2015, we incurred $31.2 million of impairments on our property, plant and equipment related to our Watkins Glen development project in our marketing, supply and logistics segment, which resulted from continued delays and uncertainties in the permitting of our proposed NGL storage facility. The fair value of our property, plant and equipment related to our Watkins Glen development project was $6.7 million as of December 31, 2015. The remaining carrying value related to the property, plant and equipment associated with these assets represents the fair value of the property, plant and equipment as of December 31, 2015, which is a Level 3 fair value measurement. Our estimates of fair value considered a number of factors, including the potential value we would receive if we sold the asset, a 15% discount rate and projected cash flows. Projected cash flows of our property, plant and equipment are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, constructions costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. Identifiable Intangible Assets Our identifiable intangible assets consist of customer accounts, covenants not to compete, trademarks, certain revenue contracts and deferred financing costs. Customer accounts, covenants not to compete, trademarks and certain of our revenue contracts have arisen from acquisitions. We amortize certain of our revenue contracts based on the projected cash flows associated with these contracts if the projected cash flows are readily determinable, otherwise we amortize our revenue contracts on a straight-line basis. Deferred financing costs represent financing costs incurred in obtaining financing and are being amortized over the term of the related debt using a method which approximates the effective interest method and has a weighted average life of six years. We recognize acquired intangible assets separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer's intent to do so. During 2015 and 2014, we recorded the following impairments of our intangible assets included in gain (loss) on long-lived assets in our consolidated statements of operations: • During 2014, we fully impaired $20 million of intangible assets related to our Granite Wash gathering and processing operations, which resulted from decreases in forecasted cash flows for those operations given that our major customer of those assets has declared bankruptcy and has ceased any substantial drilling in the Granite Wash in the near future given current and future anticipated market conditions related to natural gas and NGLs. • During 2015, Crestwood Equity fully impaired $238.9 million of its intangible assets related to its Barnett gathering and processing operations, which resulted from the recent actions of our primary customer in the Barnett Shale, Quicksilver, related to filing for protection under Chapter 11 of the U.S. Bankruptcy Code in 2015. • During 2015, we fully impaired $70.9 million and $6.0 million of intangible assets related to our Fayetteville and Haynesville gathering and processing operations, respectively, which resulted from decreases in forecasted cash flows for those operations given that our customers for those assets have ceased any substantial drilling in the Fayetteville and Haynesville Shales in the near future given current and future anticipated market conditions related to natural gas. The remaining carrying value related to these intangible assets represents the fair value of the intangible assets as of December 31, 2015, which is a Level 3 fair value measurement. Our estimates of fair value considered a number of factors, including the potential value we would receive if we sold the asset, a 15% discount rate and projected cash flows. Projected cash flows of our intangible assets are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, construction costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts 22 Covenants not to compete 5 Trademarks 6 Goodwill Our goodwill represents the excess of the amount we paid for a business over the fair value of the net identifiable assets acquired. We evaluate goodwill for impairment annually on December 31, and whenever events indicate that it is more likely than not that the fair value of a reporting unit could be less than its carrying amount. This evaluation requires us to compare the fair value of each of our reporting units to its carrying value (including goodwill). If the fair value exceeds the carrying amount, goodwill of the reporting unit is not considered impaired. We estimate the fair value of our reporting units based on a number of factors, including discount rates, projected cash flows and the potential value we would receive if we sold the reporting unit. We also compare the total fair value of our reporting units to our overall enterprise value, which considers the market value for our common and preferred units. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our reporting units (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our customers, such as their future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. If the assumptions embodied in the projections prove inaccurate, we could incur a future impairment charge. We acquired substantially all of our reporting units in 2013, 2012 and 2011, which required us to record the assets, liabilities and goodwill of each of those reporting units at fair value on the date they were acquired. As a result, any level of decrease in the forecasted cash flows of these businesses or increases in the discount rates utilized to value those businesses from their respective acquisition dates would likely result in the fair value of the reporting unit falling below the carrying value of the reporting unit, and could result in an assessment of whether that reporting unit's goodwill is impaired. Commodity prices have continued to decline since late 2014, and that decline has adversely impacted forecasted cash flows, discount rates and stock/unit prices for most companies in the midstream industry, including us. As a result, we recorded goodwill impairments on several of our reporting units during 2015 and 2014. The following table summarizes the goodwill of our various reporting units (in millions): Goodwill at December 31, 2013 Final Purchase Price Allocation Adjustments Goodwill Impairments during the Year Ended December 31, 2014 Goodwill at December 31, 2014 Goodwill Impairments during the Year Ended December 31, 2015 (1) Goodwill at December 31, 2015 Gathering and Processing Fayetteville $ 76.8 $ — $ 4.3 $ 72.5 $ 72.5 $ — Granite Wash 14.2 — 14.2 — — — Marcellus 8.6 — — 8.6 — 8.6 Arrow 45.5 0.4 — 45.9 — 45.9 Storage and Transportation Northeast Storage and Transportation 727.1 (0.8 ) — 726.3 — 726.3 COLT 670.5 (2.2 ) — 668.3 623.4 44.9 Marketing, Supply and Logistics West Coast 89.1 (3.2 ) — 85.9 85.9 — Supply and Logistics 269.5 (3.3 ) — 266.2 99.0 167.2 Storage and Terminals 104.7 (0.5 ) — 104.2 53.7 50.5 US Salt 16.1 (1.3 ) 2.2 12.6 — 12.6 Trucking 178.4 (0.5 ) — 177.9 148.4 29.5 Watkins Glen 94.6 (0.3 ) 28.1 66.2 66.2 — Total Crestwood Midstream $ 2,295.1 $ (11.7 ) $ 48.8 $ 2,234.6 $ 1,149.1 $ 1,085.5 Barnett (Gathering and Processing) 257.2 — — 257.2 257.2 — Total Crestwood Equity $ 2,552.3 $ (11.7 ) $ 48.8 $ 2,491.8 $ 1,406.3 $ 1,085.5 (1) Included in these amounts are approximately $515.4 million and $470.6 million of goodwill impairments recorded at Crestwood Equity and Crestwood Midstream, respectively, during the three months ended December 31, 2015, which primarily resulted from the finalization of the preliminary goodwill impairments recorded on these reporting units during the three months ended September 30, 2015. The goodwill impairments recorded during 2015 and 2014 primarily resulted from decreasing forecasted cash flows and increasing the discount rates utilized in determining the fair value of the reporting units considering the continued decrease in commodity prices and its impact on the midstream industry and our customers. We utilized discount rates ranging from 10% to 16% to determine the fair value of our reporting units as of December 31, 2015. The remaining goodwill related to these reporting units represents the fair value of the goodwill as of December 31, 2015, which is a Level 3 fair value measurement. Investment in Unconsolidated Affiliates We evaluate our equity method investments for impairment when events or circumstances indicate that the carrying value of the equity method investment may be impaired and that impairment is other than temporary. If an event occurs, we evaluate the recoverability of our carrying value based on the fair value of the investment. If an impairment is indicated, or if we decide to sell an investment in unconsolidated affiliate, we adjust the carrying values of the asset downward, if necessary, to their estimated fair values. We estimated the fair value of our equity-method investments at December 31, 2015 based on projected cash flows, a 15.5% discount rate and the potential value we would receive if we sold the equity-method investment. Estimating projected cash flows requires us to make certain assumptions as it relates to the future operating performance of each of our equity-method investments (which includes assumptions, among others, about estimating future operating margins and related future growth in those margins, contracting efforts and the cost and timing of facility expansions) and assumptions related to our equity-method investments' customers, such as future capital and operating plans and their financial condition. When considering operating performance, various factors are considered such as current and changing economic conditions and the commodity price environment, among others. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. During 2015, we recorded a $51.4 million and $23.4 million impairment of our Jackalope Gas Gathering Services, L.L.C. (Jackalope) and Powder River Basin Industrial Complex, LLC (PRBIC) equity-method investments, respectively, as a result of decreasing forecasted cash flows and increasing the discount rates utilized in determining the fair value of the equity-method investments considering the continued decrease in commodity prices and its impact on the midstream industry and our equity-method investments' customers. The remaining carrying value of $202.4 million and $15.1 million related to our Jackalope and PRBIC equity-method investments, respectively, represents the fair value of the equity-method investments as of December 31, 2015, which is a Level 3 fair value measurement. Asset Retirement Obligations An asset retirement obligation (ARO) is an estimated liability for the cost to retire a tangible asset. We record a liability for legal or contractual obligations to retire our long-lived assets associated with right-of-way contracts we hold and our facilities whether owned or leased. We record a liability in the period the obligation is incurred and estimable. An ARO is initially recorded at its estimated fair value with a corresponding increase to property, plant and equipment. This increase in property, plant and equipment is then depreciated over the useful life of the asset to which that liability relates. An ongoing expense is recognized for changes in the fair value of the liability as a result of the passage of time, which we record as depreciation, amortization and accretion expense on our consolidated statements of operations. The fair value of certain AROs could not be determined as the settlement dates (or range of dates) associated with these assets were not estimable. At December 31, 2015 and 2014 , our AROs were reflected in other long-term liabilities on our consolidated balance sheets. See Note 5 for a further discussion of our AROs. Revenue Recognition We gather, treat, compress, store, transport and sell various commodities (including crude oil, natural gas, NGLs and water) pursuant to fixed-fee and percent-of-proceeds contracts. Under certain of those contracts in our G&P operations and our marketing, supply and logistics operations, we take title to the underlying commodity. In the current year, we changed our income statement to classify the revenues associated with the products to which we take title as product revenues in our consolidated statement of operations. In addition, we also reclassified our historical consolidated statements of operations for the years ended December 31,2014 and 2013 to reflect this change. We classify all other revenues as service revenues in our consolidated statement of operations. We recognize revenues for these services and products when all of the following criteria are met: • services have been rendered or products delivered or sold; • persuasive evidence of an exchange arrangement exists; • the price for services is fixed or determinable; and • collectability is reasonably assured. We record deferred revenue when we receive amounts from our customers but have not met the criteria listed above. We recognize deferred revenue in our consolidated statements of operations when the criteria has been met and all services have been rendered. At December 31, 2015 and 2014 , we had deferred revenue of approximately $14.2 million and $12.2 million , which is reflected in accrued expenses and other liabilities on our consolidated balance sheets. Credit Risk and Concentrations 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. Income Taxes Crestwood Equity is a master limited partnership and Crestwood Midstream is a limited partnership. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore are subject to federal income tax, unless the partnership generates at least 90% of its gross income from qualifying sources. If the qualifying income requirement is satisfied, the publicly-traded partnership will be treated as a partnership for federal income tax purposes. We satisfy the qualifying income requirement and are treated as a partnership for federal and state income tax purposes. Our consolidated earnings are included in the federal and state income tax returns of our partners. However, legislation in certain states allows for taxation of partnerships, and as such, certain state taxes have been included in our accompanying financial statements as income taxes due to the nature of the tax in those particular states as discussed below. In addition, federal and state income taxes are provided on the earnings of the subsidiaries incorporated as taxable entities. We are required to recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using expected rates in effect for the year in which the differences are expected to reverse. We are responsible for the Texas Margin tax computed on the Texas franchise tax returns. The margin tax qualifies as an income tax under GAAP, which requires us to recognize the impact of this tax on the temporary differences between the financial statement assets and liabilities and their tax basis attributable to such tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and the financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement. Environmental Costs and Other Contingencies We recognize liabilities for environmental and other contingencies when there is an exposure that indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than any other, the low end of range is accrued. We record liabilities for environmental contingencies at their undiscounted amounts on our consolidated balance sheets as accrued expenses and other liabilities when environmental assessments indicate that remediation efforts are probable and costs can be reasonably estimated. Estimates of our liabilities are based on currently available facts and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors. These estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and recognize a current period charge in operations and maintenance expenses when clean-up efforts do not benefit future periods. We evaluate potential recoveries of amounts from third parties, including insurance coverage, separately from our liability. Recovery is evaluated based on the solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our consolidated balance sheet. Price Risk Management Activities We utilize certain derivative financial instruments to (i) manage our exposure to commodity price risk, specifically, the related change in the fair value of inventory, as well as the variability of cash flows related to forecasted transactions; (ii) ensure the availability of adequate physical supply of commodity; and (iii) manage our exposure to the interest rate risk associated with fixed and variable rate borrowings. We record all derivative instruments on the balance sheet at their fair values as either assets or liabilities measured at fair value. Changes in the fair value of these derivative financial instruments are recorded through current earnings. We did not have any derivatives identified as fair value hedges or cash flow hedges for accounting purposes during the years ended December 31, 2015 , 2014 or 2013 . Unit-Based Compensation Long-term incentive awards are granted under the Crestwood Equity incentive plan. Unit-based compensation awards consist of restricted units that are valued at the closing market price of CEQP's common units on the date of grant, which reflects the fair value of such awards. For those awards that are settled in cash, the associated liability is remeasured at every balance sheet date through settlement, such that the vested portion of the liability is adjusted to reflect its revised fair value through compensation expense. We generally recognize the expense associated with the award over the vesting period. New Accounting Pronouncements Issued But Not Yet Adopted As of December 31, 2015 , the following accounting standards had not yet been adopted by us. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. We expect to adopt the provisions of this standard effective January 1, 2018 and are currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. We adopted the provisions of this standard effective January 1, 2016 and it is not anticipated to have a material impact on our consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , which requires deferred debt issuance costs to be classified as a reduction of the debt liability rather than as an asset in the balance sheet. We adopted the provisions of this standard effective January 1, 2016 and it is not anticipated to have a material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) , which revises the accounting for leases by requiring certain leases to be recognized as assets and liabilities in the balance sheet, and requiring companies to disclose additional information about their leasing arrangements. We expect to adopt the provisions of this standard effective January 1, 2019 and are currently evaluating the impact that this standard will have on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2014 Acquisitions Crude Transportation Acquisitions (Bakken) Red Rock . On March 21, 2014, Crestwood Midstream purchased substantially all of the operating assets of Red Rock Transportation Inc. (Red Rock) for approximately $13.8 million , comprised of $12.1 million paid at closing plus deferred payments of $1.8 million . Red Rock is a trucking operation located in Watford City, North Dakota which provides crude oil and produced water hauling services to the oilfields of western North Dakota and eastern Montana. The acquired assets include a fleet of approximately 56 trailer tanks, 22 double bottom body tanks and 44 tractors with 28,000 barrels per day of transportation capacity. We finalized the purchase price and allocated approximately $10.6 million of the purchase price to property, plant and equipment and intangible assets and approximately $3.2 million to goodwill. Goodwill recognized related primarily to anticipated operating synergies between the assets acquired and our existing assets. These assets are included in our marketing, supply and logistics segment. LT Enterprises . On May 9, 2014, Crestwood Midstream purchased substantially all of the operating assets of LT Enterprises, Inc. (LT Enterprises) for approximately $10.7 million , comprised of $9.0 million paid at closing plus deferred payments of $1.7 million . LT Enterprises is a trucking operation located in Watford City, North Dakota which provides crude oil and produced water hauling services primarily to the oilfields of western North Dakota. The acquired assets include a fleet of approximately 38 tractors, 51 crude trailers and 17 service vehicles with 20,000 barrels per day of transportation capacity. In addition, Crestwood Midstream acquired employee housing and 20 acres of greenfield real property located two miles south of Watford City. We finalized the purchase price and allocated all of the purchase price to property, plant and equipment and intangible assets. These assets are included in our marketing, supply and logistics segment. The acquisitions of Red Rock and LT Enterprises were not material to our marketing, supply and logistics segment's results of operations for the year ended December 31, 2014. In addition, transaction costs related to these acquisitions were not material for the year ended December 31, 2014. 2013 Acquisitions Crestwood Merger As described in Note 2 , the acquisition of Legacy Crestwood GP was accounted for as a reverse merger under the purchase method of accounting in accordance with the accounting standards for business combinations. This accounting treatment requires the accounting acquiree (Legacy Inergy) to have its assets and liabilities stated at fair value as well as any other purchase accounting adjustments as of June 19, 2013, the date of the acquisition. The fair value of Legacy Inergy was calculated based on the consolidated enterprise fair value of Legacy Inergy as of June 19, 2013. This consolidated enterprise fair value considered Legacy Inergy and Inergy Midstream's (i) discounted future cash flows based on their operations; (ii) the stock prices of NRGY and NRGM; (iii) the value of their outstanding senior notes based on quoted market prices for same or similar issuances; (iv) the value of their outstanding floating rate debt; and (v) the value of IDRs of Crestwood Midstream. As discussed in Note 2, the Crestwood Merger was accounted for as a reverse merger amongst entities under common control. This accounting treatment requires the accounting acquiree (Inergy Midstream) to have its assets and liabilities stated at fair value as well as any other purchase accounting adjustments as of June 19, 2013, the date in which Legacy Crestwood and Inergy Midstream came under common control. The fair value of Legacy Inergy was calculated based on the consolidated enterprise value of Inergy Midstream as of June 19, 2013. This consolidated enterprise value considered Inergy Midstream's (i) discounted future cash flows based on its operations; (ii) the stock price of Inergy Midstream; (iii) the value of its outstanding senior notes based on quoted market prices for same or similar issuances; and (iv) the value of its outstanding floating rate debt. In June 2014, we finalized the purchase price allocations for these reverse mergers. The following table summarizes the final valuation of the assets acquired and liabilities assumed at the merger date ( in millions ): CEQP CMLP Current assets $ 224.5 $ 49.1 Property, plant and equipment 2,088.1 1,677.8 Intangible assets 337.5 196.0 Other assets 12.7 2.9 Total identifiable assets acquired 2,662.8 1,925.8 Current liabilities 207.6 30.9 Long-term debt 1,079.3 745.0 Other long-term liabilities 146.6 5.3 Total liabilities assumed 1,433.5 781.2 Net identifiable assets acquired 1,229.3 1,144.6 Goodwill 2,134.8 1,532.7 Net assets acquired $ 3,364.1 $ 2,677.3 The amounts in the table above related to CMLP reflect historical purchase price allocation amounts and have not been recasted to reflect the contribution of Crestwood Operations to Crestwood Midstream as described in Note 1. Reductions of approximately $15.3 million from our preliminary estimates of the fair value of CEQP as of December 31, 2013 relate primarily to goodwill and were based on additional valuation information obtained on the components that comprised the enterprise fair value of Legacy Inergy as well as certain of our storage and transportation assets and obligations, primarily related to our Tres Palacios storage operations, which we previously consolidated. Of the $2,134.8 million of goodwill recorded at December 31, 2014 at CEQP as a result of the Crestwood Merger, $740.2 million was reflected in our marketing, supply and logistics segment and $1,394.6 million was reflected in our storage and transportation segment. Of the $1,532.7 million of goodwill recorded at December 31, 2014 at CMLP as a result of the Crestwood Merger, $138.1 million was reflected in our marketing, supply and logistics segment and $1,394.6 million was reflected in our storage and transportation segment. Goodwill recognized related primarily to synergies and new expansion opportunities expected to result from the combination of Legacy Crestwood and Legacy Inergy. During 2015 and 2014, we recorded impairments of goodwill for certain of our reporting units acquired in the Crestwood Merger. See Note 2 for a further discussion of our goodwill impairments. During the period from June 19, 2013 to December 31, 2013, CEQP and CMLP recognized $916.7 million and $902.6 million of operating revenues, respectively and $23.9 million and $32.8 million of operating income, respectively related to these reverse mergers. In addition, CEQP and CMLP recognized transaction costs related to the reverse mergers of approximately $3.4 million and $2.1 million , respectively for the year ended December 31, 2014 and $30.1 million and $24.7 million , respectively for the year ended December 31, 2013. These costs are reflected in general and administrative expenses in our consolidated statements of operations. Arrow Acquisition On November 8, 2013, Crestwood Midstream acquired Arrow Midstream Holdings, LLC (Arrow), a privately-held midstream company, for approximately $750 million , subject to customary capital expenditure and working capital adjustments of approximately $11.3 million , representations, warranties and indemnifications. The acquisition was consummated by merging a wholly-owned subsidiary of Crestwood Midstream with and into Arrow (the Arrow Acquisition), with Arrow continuing as the surviving entity and as a result, a wholly-owned subsidiary of Crestwood Midstream. The base merger consideration consisted of $550 million in cash and 8,826,125 common units of Crestwood Midstream issued to the sellers, subject to adjustment for standard working capital provisions. Arrow, through its wholly-owned subsidiaries, owns and operates substantial crude oil, natural gas and water gathering systems located on the Fort Berthold Indian Reservation in the core of the Bakken Shale in McKenzie and Dunn Counties, North Dakota. Arrow also owns salt water disposal wells and a 23 -acre central delivery point with multiple pipeline take-away outlets and a fully-automated truck loading facility. In June 2014, we finalized the Arrow Acquisition purchase price allocation. The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date ( in millions ): Current assets $ 192.7 Property, plant and equipment 400.5 Intangible assets 323.4 Other assets 19.5 Total identifiable assets acquired 936.1 Current liabilities 215.8 Assets retirement obligations 1.2 Other long-term liabilities 3.7 Total liabilities assumed 220.7 Net identifiable assets acquired 715.4 Goodwill 45.9 Net assets acquired $ 761.3 The $45.9 million of goodwill is reflected in our gathering and processing segment. Goodwill recognized related primarily to anticipated operating synergies between the assets acquired and our existing assets. During the year ended December 31, 2013, we recognized $218.8 million of operating revenues and $1.7 million of operating income related to this acquisition. Transaction costs related to the Arrow Acquisition were approximately $5.4 million and $1.2 million , for the years ended December 31, 2014 and 2013. These costs are included in general and administrative expenses in our consolidated statements of operations. Unaudited Pro Forma Information The following table presents unaudited pro forma consolidated revenues, net income and net income per limited partner unit as if the reverse mergers and the Arrow Acquisition had been included in our consolidated results for the entire year ended December 31, 2013 ( in millions, except per unit information ). CEQP CMLP Revenues $ 3,449.3 $ 3,423.8 Net income (loss) $ 3.9 $ (5.0 ) Net income per limited partner unit: Basic $ 0.40 Diluted $ 0.40 These amounts have been calculated after applying our accounting policies and adjusting the results of the acquisitions to reflect the depreciation and amortization based on the estimated fair value adjustments to property, plant and equipment and intangible assets. |
Certain Balance Sheet Informati
Certain Balance Sheet Information | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Information | Certain Balance Sheet Information Property, Plant and Equipment Property, plant and equipment of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Gathering systems and pipelines $ 1,070.4 $ 1,410.9 $ 1,213.2 $ 1,279.5 Facilities and equipment 1,505.9 1,648.3 1,691.0 1,653.8 Buildings, land, rights-of-way, storage contracts and easements 833.4 841.5 837.1 840.0 Vehicles 46.3 45.2 44.6 43.5 Construction in process 114.5 156.5 114.5 156.5 Base gas 37.3 37.5 37.3 37.5 Salt deposits 120.5 120.5 120.5 120.5 Office furniture and fixtures 19.4 13.5 19.5 13.3 3,747.7 4,273.9 4,077.7 4,144.6 Less: accumulated depreciation and depletion 436.9 380.1 552.0 398.6 Total property, plant and equipment, net $ 3,310.8 $ 3,893.8 $ 3,525.7 $ 3,746.0 Depreciation. CEQP's depreciation expense totaled $195.1 million , $184.2 million and $109.9 million for the years ended December 31, 2015 , 2014 and 2013 . CMLP's depreciation expense totaled $186.7 million , $170.9 million and $99.9 million for the years ended December 31, 2015 , 2014 and 2013 . Depletion expense at both CEQP and CMLP totaled $0.7 million , $0.7 million and $0.4 million for the years ended December 31, 2015 , 2014 and 2013 . Capitalized Interest. During the year ended December 31, 2015 , 2014 and 2013 CEQP capitalized interest of $2.5 million , $7.7 million and $3.4 million related to certain expansion projects. During the year ended December 31, 2015 , 2014 and 2013 CMLP capitalized interest of $2.5 million , $7.5 million and $3.4 million related to certain expansion projects. Capital Leases. We have a treating facility and certain auto leases which are accounted for as capital leases. Our treating facility lease is reflected in facilities and equipment in the above table. We had capital lease assets of $2.4 million and $5.3 million included in property, plant and equipment, net at December 31, 2015 and 2014 . Intangible Assets Intangible assets consisted of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 583.7 $ 583.7 $ 583.7 $ 583.7 Covenants not to compete 6.6 9.6 5.6 8.6 Gas gathering, compression and processing contracts 325.2 730.2 325.2 431.4 Acquired storage contracts 29.0 29.0 29.0 29.0 Trademarks 31.3 32.2 15.8 16.7 Deferred financing costs 63.3 57.2 63.3 54.3 1,039.1 1,441.9 1,022.6 1,123.7 Less: accumulated amortization 229.0 210.6 220.3 154.1 Total intangible assets, net $ 810.1 $ 1,231.3 $ 802.3 $ 969.6 The following table summarizes the total of accumulated amortization of intangible assets by the type of intangible asset at December 31, 2015 and 2014 : CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 130.1 $ 72.5 $ 130.1 $ 72.5 Covenants not to compete 2.5 3.2 1.7 2.6 Gas gathering, compression and processing contracts 44.3 98.0 44.3 47.9 Acquired storage contracts 18.5 12.7 18.5 12.7 Trademarks 11.2 6.7 3.3 2.0 Deferred financing costs 22.4 17.5 22.4 16.4 Total accumulated amortization $ 229.0 $ 210.6 $ 220.3 $ 154.1 Crestwood Equity's amortization and interest expense related to its intangible assets for the years ended December 31, 2015 , 2014 and 2013 , was approximately $114.0 million , $109.8 million and $66.7 million . Crestwood Midstream's amortization and interest expense related to its intangible assets for the years ended December 31, 2015, 2014 and 2013 was approximately $100.0 million , $92.1 million and $49.0 million . Estimated amortization of our intangible assets for the next five years is as follows ( in millions ): CEQP CMLP Year Ending December 31, 2016 $ 82.9 $ 79.6 2017 69.8 66.7 2018 57.4 55.9 2019 53.8 53.8 2020 52.6 52.6 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Accrued expenses $ 46.4 $ 52.5 $ 44.1 $ 50.0 Accrued property taxes 4.8 2.2 4.8 2.2 Accrued product purchases payable 1.5 0.7 1.5 0.7 Tax payable 0.5 1.6 0.5 1.2 Interest payable 26.2 23.5 26.2 21.9 Accrued additions to property, plant and equipment 10.4 20.0 10.4 20.0 Commitments and contingent liabilities ( Note 15 ) — 40.0 — 40.0 Capital leases 1.6 1.9 1.6 1.9 Deferred revenue 14.2 12.2 14.2 12.2 Total accrued expenses and other liabilities $ 105.6 $ 154.6 $ 103.3 $ 150.1 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligations We have legal obligations associated with right-of-way contracts we hold and at our facilities whether owned or leased. Where we can reasonably estimate the asset retirement obligation, we accrue a liability based on an estimate of the timing and amount of settlement. We record changes in these estimates based on changes in the expected amount and timing of payments to settle our obligations. The following table presents the changes in the net asset retirement obligations for the years ended December 31, 2015 and 2014 ( in millions ): December 31, 2015 2014 Net asset retirement obligation at January 1 $ 23.8 $ 15.1 Liabilities incurred 1.1 4.6 Acquisitions — 1.2 Accretion expense 1.5 1.1 Changes in estimate — 1.8 Net asset retirement obligation at December 31 $ 26.4 $ 23.8 We did not have any material assets that were legally restricted for use in settling asset retirement obligations as of December 31, 2015 and 2014 . |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates Net Investments and Earnings (Loss) Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates December 31, December 31, Year Ended December 31, 2015 2015 2014 2015 2014 2013 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 202.4 $ 232.9 $ (43.4 ) (5) $ 0.5 $ 0.1 Tres Palacios Holdings LLC (2) 50.01 % 36.8 36.0 2.5 0.2 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 15.1 26.2 (19.9 ) (5) (1.4 ) (0.2 ) Total $ 254.3 $ 295.1 $ (60.8 ) $ (0.7 ) $ (0.1 ) (1) As of December 31, 2015 , our equity in the underlying net assets of Jackalope exceeded our investment balance by approximately $0.9 million . We amortize this amount over 20 years, which represents the life of Jackalope’s gathering agreement with Chesapeake Energy Corporation (Chesapeake), and we reflect the amortization as a reduction of our earnings from unconsolidated affiliates. We recorded amortization of approximately $3.0 million , $3.1 million and $1.4 million for the years ended December 31, 2015 , 2014 and 2013 . (2) As of December 31, 2015 , our equity in the underlying net assets of Tres Holdings exceeded our investment balance by approximately $29.1 million . We amortize and generally assess the recoverability of this amount over the life of the Tres Palacios Gas Storage LLC (Tres Palacios) sublease agreement, and we reflect the amortization as an increase in our earnings from unconsolidated affiliates. We recorded amortization of approximately $1.3 million and $0.1 million for the years ended December 31, 2015 and 2014 . (3) As of December 31, 2015 , our equity in the underlying net assets of PRBIC exceeded our investment balance by approximately $23.4 million . We amortize this amount over the life of PRBIC's property, plant and equipment and its agreement with Chesapeake. During the three months ended June 30, 2015, we recorded additional equity earnings of approximately $3.2 million related to a gain associated with the adjustment of our member's capital account by our equity investee. (4) Excludes non-controlling interests related to our investment in Jackalope. See Note 12 for a further discussion of our non-controlling interest related to our investment in Jackalope. (5) During the year ended December 31, 2015, we recorded impairments of our Jackalope and PRBIC equity investments of approximately $51.4 million and $23.4 million . For a further discussion of these impairments, see Note 2. Description of Investments Jackalope. In July 2013, Crestwood Niobrara LLC (Crestwood Niobrara), our consolidated subsidiary, acquired its 50% ownership interest in Jackalope for approximately $107.5 million . Williams Partners LP operates and owns the remaining 50% interest in Jackalope. Crestwood Niobrara manages the commercial operations of the Jackalope system, and we account for our investment in Jackalope under the equity method of accounting. Our Jackalope investment is included in our gathering and processing segment. We entered into a construction agreement with Jackalope, pursuant to which we assumed the responsibility to construct a truck terminal and storage facility. Under this agreement, Jackalope reimburses us for all costs incurred on its behalf, therefore, no revenues are recognized under this agreement. Tres Palacios Holdings LLC In December 2014, CEQP sold its 100% interest in Tres Palacios to Tres Holdings, a newly formed joint venture between Crestwood Midstream's consolidated subsidiary and an affiliate of Brookfield, for total cash consideration of approximately $132.8 million , of which $66.4 million was paid by Crestwood Midstream. As a result of this transaction, effective December 1, 2014, CEQP deconsolidated the operations of Tres Palacios. Crestwood Midstream owns 50.01% of Tres Holdings and is the operator of Tres Palacios and its assets. Brookfield owns the remaining 49.99% interest in Tres Holdings. We account for our investment in Tres Holdings under the equity method of accounting, and the investment is included in our storage and transportation segment. The sale of CEQP's 100% interest in Tres Palacios was accounted for under the accounting standards related to in substance real estate transactions. The accounting for the sale of real estate results in the recognition of a gain to the extent the sale is to an independent buyer. Since CEQP retained 50.01% of its interest in Tres Palacios through its ownership in Crestwood Midstream, CEQP recognized only the portion of the gain related to sale to Brookfield of approximately $30.6 million and, as a result, no gain was recognized on the portion of the sale between Crestwood Midstream and CEQP. The sale of CEQP's interest in Tres Palacios to Crestwood Midstream was considered a transaction between entities under common control and, as a result, Crestwood Midstream reflected its investment at approximately $35.8 million , which represented 50.01% of CEQP's historical basis in Tres Palacios. Tres Palacios owns a FERC-certificated 38.4 Bcf multi-cycle, salt dome natural gas storage facility. Its 63 -mile, dual 24 -inch diameter header system (including a 52 -mile north pipeline lateral and an approximate 11 -mile south pipeline lateral) interconnects with 10 pipeline systems and can receive residue gas from the tailgate of Kinder Morgan Inc.'s Houston central processing plant. A consolidated subsidiary of Crestwood Midstream entered into an operating agreement with Tres Palacios, pursuant to which we assumed the responsibility of operating and maintaining the facilities as well as certain administrative and other general services identified in the agreement. Under the operating agreement, Tres Palacios reimburses us for all cost incurred on its behalf. During the years ended December 31, 2015 and 2014, Tres Palacios reimbursed us approximately $2.8 million and $0.2 million under this agreement. These reimbursements are reflected as a reduction of operations and maintenance expense in our consolidated statements of operations. In addition to our operating agreement, CEQP also entered into an indemnification agreement with Tres Palacios to indemnify Tres Palacios for property tax liabilities associated with periods prior to the sale. Pursuant to the indemnification agreement, any property tax refunds received by Tres Palacios will be payable to CEQP. Powder River Basin Industrial Complex, LLC Crestwood Crude Logistics LLC (Crude Logistics), our consolidated subsidiary, owns a 50% ownership interest in PRBIC which we account for under the equity method of accounting. Our PRBIC investment is included in our storage and transportation segment. In September 2013, Crude Logistics and Enserco Midstream, LLC formed PRBIC to construct, own and operate an integrated crude oil loading, storage and pipeline terminal located in Douglas County, Wyoming. The terminal was placed in manifest service in August 2013 and unit train in service in May 2014. Crude Logistics paid approximately $22.5 million to acquire its interest in PRBIC. Distributions and Contributions Jackalope. Jackalope is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the year ended December 31, 2015 we received cash distributions of approximately $12.5 million from Jackalope. During the year ended December 31, 2014 , Jackalope did not make any distributions to its members. In February 2016, we received a cash distribution of approximately $5.1 million from Jackalope. During the years ended December 31, 2015 and 2014 , we contributed approximately $25.4 million and $105.2 million to Jackalope. Tres Holdings. Tres Holdings is required, within 30 days following the end of each quarter, to make quarterly distributions of its available cash (as defined in its limited liability company agreement) to its members based on their respective ownership percentage. During the year ended December 31, 2015 , we received cash distributions of approximately $7.4 million from Tres Holdings. During the year ended December 31, 2015 , we contributed approximately $5.7 million to Tres Holdings. PRBIC. PRBIC is required to make quarterly distributions of its available cash to its members based on their respective ownership percentage. During the year ended December 31, 2015 , we received cash distributions of approximately $1.9 million from PRBIC. During the year ended December 31, 2014 , PRBIC did not make any distributions to its members. In January 2016, we received a cash distribution of approximately $0.6 million from PRBIC. During the years ended December 31, 2015 and 2014 , Crude Logistics contributed approximately $10.7 million and $3.4 million to PRBIC. |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2015 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Risk Management | Risk Management We are exposed to certain market risks related to our ongoing business operations. These risks include exposure to changing commodity prices. We utilize derivative instruments to manage our exposure to fluctuations in commodity prices, which is discussed below. We also periodically utilize derivative instruments to manage our exposure to fluctuations in interest rates, which is discussed in Note 9 . Additional information related to our derivatives is discussed in Note 2 and Note 8 . Commodity Derivative Instruments and Price Risk Management Risk Management Activities We sell NGLs to energy related businesses and may use a variety of financial and other instruments including forward contracts involving physical delivery of NGLs, heating oil and crude oil. We will periodically enter into offsetting positions to economically hedge against the exposure our customer contracts create. Certain of these contracts and positions are derivative instruments. We do not designate any of our commodity-based derivatives as hedging instruments for accounting purposes. Our commodity-based derivatives are reflected at fair value in the consolidated balance sheets, and changes in the fair value of these derivatives that impact the consolidated statements of operations are reflected in costs of product/services sold. During the years ended December 31, 2015 , 2014 and 2013 , the impact to the statement of operations related to our commodity-based derivatives reflected in costs of product/services sold was a gain of $18.9 million , a gain of $51.2 million and a loss of $11.2 million . We attempt to balance our contractual portfolio in terms of notional amounts and timing of performance and delivery obligations. This balance in the contractual portfolio significantly reduces the volatility in costs of product/services sold related to these instruments. Commodity Price and Credit Risk Notional Amounts and Terms The notional amounts and terms of our derivative financial instruments include the following at December 31, 2015 and 2014 ( in millions ): December 31, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 9.1 10.9 6.8 8.4 Natural gas ( MMBTU’s ) — — 0.2 0.1 Notional amounts reflect the volume of transactions, but do not represent the amounts exchanged by the parties to the financial instruments. Accordingly, notional amounts do not reflect our monetary exposure to market or credit risks. All contracts subject to price risk had a maturity of 36 months or less; however, 84% of the contracts expire within 12 months . Credit Risk Inherent in our contractual portfolio are certain credit risks. Credit risk is the risk of loss from nonperformance by suppliers, customers or financial counterparties to a contract. We take an active role in managing credit risk and have established control procedures, which are reviewed on an ongoing basis. We attempt to minimize credit risk exposure through credit policies and periodic monitoring procedures as well as through customer deposits, letters of credit and entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. The counterparties associated with our assets from price risk management activities as of December 31, 2015 and 2014 were energy marketers and propane retailers, resellers and dealers. Certain of our derivative instruments have credit limits that require us to post collateral. The amount of collateral required to be posted is a function of the net liability position of the derivative as well as our established credit limit with the respective counterparty. If our credit rating were to change, the counterparties could require us to post additional collateral. The amount of additional collateral that would be required to be posted would vary depending on the extent of change in our credit rating as well as the requirements of the individual counterparty. The aggregate fair value of all commodity derivative instruments with credit-risk-related contingent features that were in a liability position at December 31, 2015 and 2014 , was $3.3 million and $5.2 million . At December 31, 2014 we posted $1.8 million of collateral in the normal course of business. We did not post collateral at December 31, 2015 for our commodity derivative instruments with credit-risk-related contingent features. In addition, at December 31, 2015 and 2014 , we had a New York Mercantile Exchange (NYMEX) related net derivative liability position of $20.8 million and $36.9 million , for which we posted $26.7 million and $41.9 million of cash collateral in the normal course of business. At December 31, 2015 and 2014 , we also received collateral of $16.8 million and $33.6 million in the normal course of business. All collateral amounts have been netted against the asset or liability with the respective counterparty and is reflected in our consolidated balance sheets as assets and liability from price risk management activities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurement establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and US government treasury securities. • Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over the counter (OTC) forwards, options physical exchanges and interest rate swaps. • 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 December 31, 2015 and 2014 , the carrying amounts of cash, accounts receivable and accounts payable represent fair value based on the short-term nature of these instruments. Credit Facilities The fair value of the amounts outstanding under our credit facilities approximates their carrying amounts as of December 31, 2015 and 2014 , due primarily to the variable nature of the interest rates of the instruments, which is considered a Level 2 fair value measurement. Senior Notes We estimate the fair value of our senior notes primarily based on quoted market prices for the same or similar issuances (representing a Level 2 fair value measurement). The following table reflects the carrying value and fair value of the senior notes ( in millions ): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair CEQP Senior Notes $ — $ — $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.3 $ 382.3 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 437.4 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 491.8 $ — $ — Financial Assets and Liabilities As of December 31, 2015 , and 2014, we held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis, which include our derivative instruments related to heating oil, crude oil, NGLs and interest rates. Our derivative instruments consist of forwards, swaps, futures, physical exchanges and options. Certain of our derivative instruments are traded on the NYMEX. These instruments have been categorized as Level 1. Our derivative instruments also include OTC contracts, which are not traded on a public exchange. The fair values of these derivative instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. These instruments have been categorized as Level 2. Our OTC options are valued based on the Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The inputs utilized in the model are based on publicly available information as well as broker quotes. These options have been categorized as Level 2. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy, our financial instruments that were accounted for at fair value on a recurring basis at December 31, 2015 and 2014 ( in millions ): December 31, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.5 $ 57.8 $ — $ 58.3 $ (13.7 ) $ (12.0 ) $ 32.6 Suburban Propane Partners, L.P. units (2) 3.4 — — 3.4 — — 3.4 Total assets at fair value $ 3.9 $ 57.8 $ — $ 61.7 $ (13.7 ) $ (12.0 ) $ 36.0 Liabilities Liabilities from price risk management $ 0.2 $ 41.3 $ — $ 41.5 $ (13.7 ) $ (20.4 ) $ 7.4 Total liabilities at fair value $ 0.2 $ 41.3 $ — $ 41.5 $ (13.7 ) $ (20.4 ) $ 7.4 December 31, 2014 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.5 $ 146.7 $ — $ 147.2 $ (28.8 ) $ (38.6 ) $ 79.8 Suburban Propane Partners, L.P. units (2) 6.1 — — 6.1 — — 6.1 Total assets at fair value $ 6.6 $ 146.7 $ — $ 153.3 $ (28.8 ) $ (38.6 ) $ 85.9 Liabilities Liabilities from price risk management $ 1.6 $ 99.2 $ — $ 100.8 $ (28.8 ) $ (46.6 ) $ 25.4 Interest rate swaps (3) — 1.6 — 1.6 — — 1.6 Total liabilities at fair value $ 1.6 $ 100.8 $ — $ 102.4 $ (28.8 ) $ (46.6 ) $ 27.0 (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 the Crestwood Equity Partners LP consolidated balance sheet. (3) Our interest rate swaps are only reflected in the consolidated results of Crestwood Equity. See Note 9 for a further discussion of our interest rate swaps. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31, 2015 and 2014 , ( in millions ): December 31, December 31, CMLP Credit Facility $ 735.0 $ 555.0 Crestwood Midstream 2019 Senior Notes — 350.0 Premium on Crestwood Midstream 2019 Senior Notes — 1.0 Crestwood Midstream 2020 Senior Notes 500.0 500.0 Fair value adjustment of Crestwood Midstream 2020 Senior Notes 3.3 4.0 Crestwood Midstream 2022 Senior Notes 600.0 600.0 Crestwood Midstream 2023 Senior Notes 700.0 — Other 5.3 5.3 Total Crestwood Midstream debt 2,543.6 2,015.3 CEQP Credit Facility — 369.0 CEQP Senior Notes — 11.4 Other 0.2 0.8 Total Crestwood Equity debt 2,543.8 2,396.5 Less: current portion 1.1 3.7 Total long-term debt, less current portion $ 2,542.7 $ 2,392.8 Crestwood Equity Long-Term Debt CEQP Credit Facility . Prior to the completion of the Simplification Merger, we utilized a secured credit facility (the CEQP Credit Facility) with an aggregate revolving loan capacity of $495.0 million to fund working capital requirements, capital expenditures and acquisitions and for general partnership purposes. All borrowings under the CEQP Credit Facility, which would have expired in July 2016, were generally secured by substantially all of our assets and the equity interests in all of our wholly-owned subsidiaries. In conjunction with the closing of the Simplification Merger, we terminated the CEQP Credit Facility, repaid all borrowings and retired all standby letters of credit outstanding under the facility. We recognized a loss on extinguishment of debt of approximately $0.9 million in conjunction with the termination of the CEQP Credit Facility. At December 31, 2014 , our outstanding standby letters of credit were $56.7 million . The interest rates on the CEQP Credit Facility were based on the prime rate and LIBOR plus the applicable spreads, resulting in interest rates which were between 2.91% and 5.00% at December 31, 2014 . The weighted-average interest rate as of December 31, 2014 was 3.02% . CEQP Interest Rate Swaps . We entered into interest rate swaps to reduce our exposure to variable interest payments due under the CEQP Credit Facility. These swap agreements required us to make quarterly payments to the counterparty on an aggregate notional amount based on fixed rates. In exchange, the counterparty was required to make quarterly floating interest rate payments on the same date to us based on the three-month LIBOR applied to the same aggregate notional amount. In February 2015, five of our interest rate swaps matured, with an aggregate notional amount of $175.0 million and fixed rates ranging from 0.84% to 2.35% . In conjunction with the completion of the Simplification Merger, we terminated and settled amounts outstanding under our remaining swaps which would have matured in 2016. During the years ended December 31, 2015, 2014 and 2013, we recorded a gain of approximately $0.5 million , $2.7 million and $1.7 million associated with these interest rate swaps. We reflected these gains as a reduction of our interest and debt expense, net on our consolidated statements of operations. CEQP Senior Notes During the year ended December 31, 2015, we repaid the balance outstanding under our senior notes, the majority of which were scheduled to mature on October 1, 2018. We recognized a loss on extinguishment of debt of approximately $0.2 million for the year ended December 31, 2015 in conjunction with the redemption of our senior notes. Crestwood Midstream Long-Term Debt CMLP Credit Facility . Contemporaneously with the closing of the Simplification Merger on September 30, 2015, Crestwood Midstream amended and restated its senior secured credit agreement (the CMLP Credit Agreement). The CMLP Credit Agreement provides for a five-year $1.5 billion revolving credit facility (the CMLP Credit Facility), which expires in September 2020 and is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. The CMLP Credit Facility allows Crestwood Midstream to increase its available borrowings under the facility by $350.0 million , subject to lender approval and the satisfaction of certain other conditions, as described in the CMLP Credit Agreement. The CMLP Credit Facility also includes a sub-limit of up to $25.0 million for same-day swing line advances and a sub-limit up to $350.0 million for letters of credit. Subject to limited exception, the CMLP Credit Facility is guaranteed and secured by substantially all of the equity interests and assets of Crestwood Midstream’s subsidiaries, except for Crestwood Niobrara LLC (Crestwood Niobrara), PRBIC and Tres Holdings and their respective subsidiaries. The Company also guarantees Crestwood Midstream's payment obligations under its $1.5 billion credit agreement. Prior to amending and restating its credit agreement, Crestwood Midstream had a five-year $1.0 billion senior secured revolving credit facility, which would have expired October 2018. We recognized a loss on extinguishment of debt of approximately $1.8 million in conjunction with amending and restating the CMLP Credit Agreement. Borrowings under the CMLP Credit Facility (other than the swing line loans) bear interest at either: • the Alternate Base Rate, which is defined as the highest of (i) the federal funds rate plus 0.50% ; (ii) Wells Fargo Bank's prime rate; or (iii) the Eurodollar Rate adjusted for certain reserve requirements plus 1% ; plus a margin varying from 0.75% to 1.75% depending on Crestwood Midstream's most recent consolidated total leverage ratio; or • the Eurodollar Rate, adjusted for certain reserve requirements plus a margin varying from 1.75% to 2.75% depending on Crestwood Midstream's most recent consolidated total leverage ratio. Swing line loans bear interest at the Alternate Base Rate as described above. The unused portion of the CMLP Credit Facility is subject to a commitment fee ranging from 0.30% to 0.50% according to its most recent consolidated total leverage ratio. Interest on the Alternate Base Rate loans is payable quarterly, or if the adjusted Eurodollar Rate applies, interest is payable at certain intervals selected by Crestwood Midstream. At December 31, 2015 , the balance outstanding under the CMLP Credit Facility was $735.0 million and its outstanding standby letters of credit were $62.2 million . At December 31, 2015 , Crestwood Midstream had $399.0 million of available capacity under the CMLP Credit Facility considering the most restrictive debt covenants in its credit agreement. Borrowings under the CMLP Credit Facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.70% and 5.00% at December 31, 2015 . The weighted-average interest rate as of December 31, 2015 was 2.70% . At December 31, 2014 , the balance outstanding under the Crestwood Midstream $1.0 billion credit facility was $555.0 million and its outstanding letters of credit were $15.1 million . Borrowings under the $1.0 billion credit facility accrued interest at prime or LIBOR-based rates plus applicable spreads, which resulted in interest rates between 2.66% and 4.75% at December 31, 2014 . The weighted-average interest rate as of December 31, 2014 was 2.86% . In conjunction with the closing of the Simplification Merger, Crestwood Midstream borrowed approximately $720.0 million under the CMLP Credit Facility on September 30, 2015 to (i) repay all borrowings outstanding under the $1.0 billion credit facility, (ii) fund a distribution to the Company of approximately $378.3 million for purposes of repaying (or, if applicable, satisfying and discharging) substantially all of the Company's outstanding indebtedness as discussed above, and (iii) pay merger-related fees and expenses. The CMLP Credit Facility contains various covenants and restrictive provisions that limit our ability to, among other things, (i) incur additional debt; (ii) make distributions on or redeem or repurchase units; (iii) make certain investments and acquisitions; (iv) incur or permit certain liens to exist; (v) merge, consolidate or amalgamate with another company; (vi) transfer or dispose of assets; and (vii) incur a change in control at either Crestwood Equity or Crestwood Midstream, including an acquisition of Crestwood Holdings' ownership of Crestwood Equity's general partner by any third party, including Crestwood Holdings' debtors under an event of default of their debt since Crestwood Equity's non-economic general partner interest is pledged as collateral under that debt. 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 December 31, 2015 , the net debt to consolidated EBITDA was approximately 4.75 to 1.0, the consolidated EBITDA to consolidated interest expense was approximately 3.99 to 1.0, and the senior secured leverage ratio was 1.37 to 1.0. If Crestwood Midstream fails to perform its obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the CMLP Credit Facility could be declared immediately due and payable. The CMLP Credit Facility also has cross default provisions that apply to any of its other material indebtedness. Crestwood Midstream Senior Notes 2019 Senior Notes . The $350 million 7.75% Senior Notes due 2019 (the 2019 Senior Notes) were scheduled to mature on April 1, 2019 , and interest was payable semi-annually in arrears on April 1 and October 1 of each year. On April 8, 2015, Crestwood Midstream redeemed its 2019 Senior Notes for approximately $364.1 million , including accrued interest of $0.5 million and a call premium of $13.6 million . Crestwood Midstream utilized approximately $315 million of its $1.0 billion credit facility to redeem all of its outstanding 2019 Senior Notes. In conjunction with the redemption of the 2019 Senior Notes, Crestwood Midstream recorded a loss on extinguishment of debt of approximately $17.1 million . 2020 Senior Notes . The $500 million 6.0% Senior Notes due 2020 (the 2020 Senior Notes) mature on December 15, 2020, and interest is payable semi-annually in arrears on June 15 and December 15 of each year. We recorded an adjustment in conjunction with Legacy Crestwood GP's reverse acquisition of us to adjust the debt to fair value. The adjustment is being amortized over the remaining life of the 2020 Senior Notes. 2022 Senior Notes . In November 2013, Crestwood Midstream completed an offering of $600 million in aggregate principal amount of 6.125% Senior Notes due 2022 (the 2022 Senior Notes) in a private offering exempt from registration requirements of the Securities Act of 1933. The 2022 Senior Notes mature on March 1, 2022, and interest is payable semi-annually on March 1 and September 1 of each year. On July 17, 2014, Crestwood Midstream filed a registration statement with the SEC under which it offered to exchange the 2022 Senior Notes for any and all outstanding 2022 Senior Notes. Crestwood Midstream completed the exchange offer on August 29, 2014. The terms of the exchange notes are substantially identical to the terms of the 2022 Senior Notes, except that the exchange notes are freely tradable. 2023 Senior Notes . In March 2015, Crestwood Midstream issued $700 million of 6.25% unsecured senior notes due 2023 (the 2023 Senior Notes) in a private offering. The 2023 Senior Notes will mature on April 1, 2023, and interest is payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2015. The net proceeds from this offering of approximately $688.3 million were used to pay down borrowings under the Crestwood Midstream $1.0 billion credit facility and for Crestwood Midstream's general partnership purposes. In general, each series of Crestwood Midstream's senior notes are fully and unconditionally guaranteed, joint and severally, on a senior unsecured basis by Crestwood Midstream’s domestic restricted subsidiaries (other than Finance Corp., which has no assets). The indentures contain customary release provisions, such as (i) disposition of all or substantially all the assets of, or the capital stock of, a guarantor subsidiary to a third person if the disposition complies with the indentures; (ii) designation of a guarantor subsidiary as an unrestricted subsidiary in accordance with its indentures; (iii) legal or covenant defeasance of a series of senior notes, or satisfaction and discharge of the related indenture; and (iv) guarantor subsidiary ceases to guarantee any other indebtedness of Crestwood Midstream or any other guarantor subsidiary, provided it no longer guarantees indebtedness under the Crestwood Midstream Revolver. The indentures restricts the ability of Crestwood Midstream and its restricted subsidiaries to, among other things, sell assets; redeem or repurchase subordinated debt; make investments; incur or guarantee additional indebtedness or issue preferred units; create or incur certain liens; enter into agreements that restrict distributions or other payments to Crestwood Midstream from its restricted subsidiaries; consolidate, merge or transfer all or substantially all of their assets; engage in affiliate transactions; create unrestricted subsidiaries; and incur a change in control at either Crestwood Equity or Crestwood Midstream, including an acquisition of Crestwood Holdings' ownership of Crestwood Equity's general partner by any third party including Crestwood Holdings' debtors under an event of default of their debt since Crestwood Equity's non-economic general partner interest is pledged as collateral under that debt. These restrictions are subject to a number of exceptions and qualifications, and many of these restrictions will terminate when the senior notes are rated investment grade by either Moody's Investors Service, Inc. or Standard & Poor's Rating Services and no default or event of default (each as defined in the respective indentures) under the indentures has occurred and is continuing. At December 31, 2015 , Crestwood Midstream was in compliance with the debt covenants and restrictions in each of its credit agreements discussed above. Crestwood Midstream's Credit Facility and its respective senior notes are secured by its assets and liabilities of the guarantor subsidiaries. Accordingly, such assets are only available to the creditors of Crestwood Midstream. Crestwood Equity had restricted net assets of approximately $2,981.6 million as of December 31, 2015. Notes Payable and Other Obligations CEQP's non-interest bearing obligations due under noncompetition agreements and other note payable agreements consisted of agreements between Legacy Inergy and the sellers of certain companies acquired from 2003 through 2014 with payments due through 2027 and imputed interest ranging from 5.02% to 8.00% . At December 31, 2015 and 2014 , CEQP's non-interest bearing obligations consisted of $6.8 million and $7.4 million in total payments due under agreements, less unamortized discount based on imputed interest of $1.3 million in both periods. CMLP's non-interest bearing obligations due under noncompetition agreements consisted of agreements between Crestwood Midstream and sellers of certain companies acquired in 2014 with payments due through 2027 and imputed interest ranging from 5.02% to 8.00% . Non-interest bearing obligations consisted of $6.6 million and $6.5 million in total payments due under agreements, less unamortized discount based on imputed interest of $1.3 million and $1.2 million at December 31, 2015 and 2014 , respectively. Maturities The aggregate maturities of principal amounts on our outstanding long-term debt and other notes payable as of December 31, 2015 for the next five years and in total thereafter are as follows ( in millions ): CEQP CMLP 2016 $ 1.1 $ 0.9 2017 1.0 1.0 2018 1.0 1.0 2019 1.1 1.1 2020 1,238.6 1,238.6 Thereafter 1,301.0 1,301.0 Total debt $ 2,543.8 $ 2,543.6 Residual Value Guarantee In August 2012, Crestwood Equity entered into a support agreement with Suburban Propane Partners, L.P. (SPH) pursuant to which Crestwood Equity is obligated to provide contingent, residual support of approximately $497 million of aggregate principal amount of the 7.5% senior unsecured notes due 2018 of SPH and Suburban Energy Finance Corp. (collectively, the SPH Issuers) or any permitted refinancing thereof. Under the support agreement, in the event the SPH Issuers fail to pay any principal amount of the supported debt when due, Crestwood Equity will pay directly to, or to the SPH Issuers for the benefit of, the holders of the supported debt an amount up to the principal amount of the supported debt that the SPH Issuers have failed to pay. Crestwood Equity has no obligation to make a payment under the support agreement with respect to any accrued and unpaid interest or any redemption premium or other costs, fees, expenses, penalties, charges or other amounts of any kind that shall be due to noteholders by the SPH Issuers, whether on or related to the supported debt or otherwise. The support agreement terminates on the earlier of the date the supported debt is extinguished or on the maturity date of supported debt or any permitted refinancing thereof. We believe the probability of any future payment on this residual value guarantee is remote. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | Earnings Per Limited Partner Unit CEQP Reverse Split . On October 22, 2015, the board of directors of CEQP's general partner approved a 1-for-10 reverse split on our common units, effective after the market closed on November 23, 2015. The units began trading on a split-adjusted basis on November 24, 2015. Pursuant to the reverse split, common unit holders received one common unit for every 10 common units owned with substantially the same terms and conditions of the common units prior to the reverse split. The accounting standards related to earnings per share requires an entity to earnings per share when a stock dividend or stock split occurs, and as such, the earnings per unit for the years ended December 31, 2014 and 2013 were adjusted to reflect the 1-for-10 reverse split. Our net income (loss) attributable to Crestwood Equity is allocated to the subordinated and limited partner unitholders based on their ownership percentage after giving effect to net income attributable to the Class A preferred units. We calculate basic net income per limited partner unit using the two-class method. Diluted net income per limited partner unit is computed using the treasury stock method, which considers the impact to net income attributable to Crestwood Equity 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 per limited partner unit is anti-dilutive. During the year ended December 31, 2015 , we excluded a weighted-average of 1,547,060 common units (representing preferred units), a weighted-average of 438,789 common units (representing subordinated units), and a weighted-average of 2,760,794 common units (representing Crestwood Niobrara's preferred units). See Note 12 for additional information regarding the potential conversion of our preferred units and Crestwood Niobrara's preferred units to common units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2015 , 2014 , and 2013 consisted of the following (in millions) : CEQP CMLP Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Current: Federal $ 1.6 $ 5.0 $ 2.5 $ — $ — $ — State 0.6 1.3 1.3 0.3 0.2 0.7 Total current 2.2 6.3 3.8 0.3 0.2 0.7 Deferred: Federal (2.9 ) (5.3 ) (2.5 ) — — — State (0.7 ) 0.1 (0.3 ) (0.3 ) 0.7 — Total deferred (3.6 ) (5.2 ) (2.8 ) (0.3 ) 0.7 — Provision (benefit) for income taxes $ (1.4 ) $ 1.1 $ 1.0 $ — $ 0.9 $ 0.7 The effective rate differs from the statutory rate for the years ended December 31, 2015 and 2014, primarily due to the partnerships not being treated as a corporation for federal income tax purposes as discussed in Note 2 . Deferred income taxes related to CEQP's wholly owned subsidiaries, IPCH Acquisition Corp. and Crestwood Gas Services GP LLC and our Texas Margin tax reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of our deferred income taxes at December 31, 2015 and 2014 are as follows (in millions). CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Deferred tax asset: Basis difference in stock of company $ 0.5 $ — $ — $ — Total deferred tax asset 0.5 — — — Deferred tax liability: Basis difference in stock of acquired company (8.9 ) (12.0 ) (0.4 ) (0.7 ) Total deferred tax liability (8.9 ) (12.0 ) (0.4 ) (0.7 ) Net deferred tax liability $ (8.4 ) $ (12.0 ) $ (0.4 ) $ (0.7 ) Uncertain Tax Positions. We evaluate the uncertainty in tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are more likely than not of being sustained by the applicable tax authority. Tax positions with respect to tax at the partnership level deemed not to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. We believe that there were no uncertain tax positions that would impact our operations for the years ended December 31, 2015 , 2014 and 2013 and that no provision for income tax was required for these consolidated financial statements. However, our conclusions regarding the evaluation are subject to review and may change based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital [Abstract] | |
Partners' Capital | Partners’ Capital Simplification Merger . As discussed in Note 1, on September 30, 2015, we completed the Simplification Merger. As part of the merger consideration, Crestwood Midstream's common and preferred unitholders (other than Crestwood Equity and its subsidiaries) received 2.75 common or preferred units of CEQP for each common or preferred unit of CMLP held upon completion of the merger. Prior to the Simplification Merger, CEQP indirectly owned a non-economic general partnership interest in Crestwood Midstream and 100% of its IDRs. Crestwood Midstream was also a publicly-traded limited partnership with common units listed on the NYSE. However, as a result of our completion of the Simplification Merger on September 30, 2015, Crestwood Midstream's common units ceased to be listed on the NYSE, its IDRs were eliminated and Crestwood Midstream became a wholly-owned subsidiary of CEQP. Immediately following the Simplification Merger and the transactions described above, as of December 31, 2015, CEQP owns a 99.9% limited partnership interest in Crestwood Midstream and CEQP's wholly-owned subsidiary, CGS GP, owns a 0.1% limited partnership interest in Crestwood Midstream. Common Units Historically, Crestwood Midstream periodically sold common units in public offerings to generate funds to reduce the indebtedness under its credit facility and to fund acquisitions. The table below presents limited partner unit issuances by Legacy Crestwood, Inergy Midstream and Crestwood Midstream. Issuer Issuance Date Units Per Unit Gross Price Per Unit Net Price (1) Net Proceeds ( in millions ) Legacy Crestwood March 22, 2013 5,175,000 (2) 23.90 23.00 118.5 Inergy Midstream September 13, 2013 11,773,191 (3) 22.50 21.69 255.2 Crestwood Midstream October 23, 2013 16,100,000 (4) N/A 21.19 340.3 (1) Price is net of underwriting discounts. (2) Includes 675,000 units that were issued in April 2013. (3) Includes 773,191 units that were issued on October 7, 2013. (4) Includes 2,100,000 units that were issued on October 30, 2013. During 2013, Legacy Crestwood issued Class D units representing limited partner units. Legacy Crestwood had the option to pay distributions to its Class D unitholders with cash or by issuing additional paid-in-kind units based upon the volume common unit weighted-average price for 10 trading days immediately preceding the date the distribution was declared. On April 1, 2013, the outstanding Legacy Crestwood Class C units converted to common units on a one-for-one basis. In conjunction with the Crestwood Merger, Legacy Crestwood unitholders received 1.07 units of Inergy Midstream units for each unit of Legacy Crestwood they owned and as a result, there were no common or Class D units outstanding immediately following the Crestwood Merger. During 2013, Legacy Crestwood issued 183,995 and 292,660 additional Class C and Class D units in lieu of paying a quarterly cash distribution. Preferred Units On June 17, 2014, Crestwood Midstream entered into definitive agreements with a group of investors, including Magnetar Financial, affiliates of GSO Capital Partners LP and GE Energy Financial Services (the Class A Purchasers). Under these agreements, Crestwood Midstream agreed to sell to the Class A Purchasers and the Class A Purchasers have agreed to purchase from Crestwood Midstream up to $500 million of Class A Preferred Units (CMLP Preferred Units) at a fixed price of $25.10 per unit on or before September 30, 2015. Through December 31, 2014, the Class A Purchasers purchased 17,529,879 CMLP Preferred Units for a cash purchase price of $25.10 per unit resulting in gross proceeds to us of approximately $440.0 million (net proceeds of approximately $430.5 million after deducting transaction fees and offering expenses). On August 10, 2015, the Class A Purchasers acquired from Crestwood Midstream the remaining $60.0 million of CMLP Preferred Units for net proceeds of approximately $58.8 million after deducting transaction fees and offering expenses. As discussed above, in conjunction with the closing of the Simplification Merger, 21,580,244 of CMLP Preferred Units were exchanged for 59,345,672 new preferred units of CEQP (the Preferred Units) with substantially similar terms and conditions to those of the CMLP Preferred Units and as a result, Crestwood Equity classified the new preferred units as a component of Crestwood Equity Partners LP partners' capital on its consolidated balance sheet as of December 31, 2015. Prior to the Simplification Merger, Crestwood Equity classified the CMLP Preferred Units as a component of Interest of Non-Controlling Partners on its consolidated balance sheet. Because the fair value of the preferred units was materially equivalent immediately before and after the exchange, Crestwood Equity recorded CEQP's preferred units at Crestwood Midstream's historical book value. Subject to certain conditions, the holders of the Preferred Units will have the right to convert Preferred Units into (i) common units on a 1-for-10 basis after June 17, 2017, or (ii) a number of common units determined pursuant to a conversion ratio set forth in our partnership agreement upon the occurrence of certain events, such as a change in control. The Preferred Units have voting rights that are identical to the voting rights of the common units and will vote with the common units as a single class, with each Preferred Units entitled to one vote for each common unit into which such Preferred Unit is convertible, except that the Preferred Units are entitled to vote as a separate class on any matter on which all unit holders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Preferred Units in relation to CEQP's other securities outstanding. Distributions Crestwood Equity Description . Crestwood Equity makes quarterly distributions to its partners within approximately 45 days after the end of each quarter in an aggregate amount equal to its available cash for such quarter. Available cash generally means, with respect to each quarter, all cash on hand at the end of the quarter less the amount of cash that the general partner determines in its reasonable discretion is necessary or appropriate to: • provide for the proper conduct of its business; • comply with applicable law, any of its debt instruments, or other agreements; or • provide funds for distributions to unitholders for any one or more of the next four quarters; plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under CEQP's working capital facility and in all cases are used solely for working capital purposes or to pay distributions to partners. The amount of cash CEQP has available for distribution depends primarily upon its cash flow (which consists of the cash distributions it receives in connection with its ownership of Crestwood Midstream). Limited Partners . During the year ended December 31, 2013, Legacy Crestwood GP paid cash distributions to its member of $9.3 million . In addition, during the year ended December 31, 2013, CEQP paid cash distributions of approximately $11.8 million related to restricted units that vested as a result of the Crestwood Merger discussed below. A summary of CEQP's limited partner quarterly cash distributions for the years ended December 31, 2015 , 2014 and 2013 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2015 February 6, 2015 February 13, 2015 $ 1.375 $ 25.8 May 8, 2015 May 15, 2015 $ 1.375 25.7 August 7, 2015 August 14, 2015 $ 1.375 25.7 November 6, 2015 November 13, 2015 $ 1.375 $ 94.3 $ 171.5 2014 February 7, 2014 February 14, 2014 $ 1.375 $ 25.6 May 8, 2014 May 15, 2014 $ 1.375 25.7 August 7, 2014 August 14, 2014 $ 1.375 25.6 November 7, 2014 November 14, 2014 $ 1.375 25.6 $ 102.5 2013 August 7, 2013 August 14, 2013 $ 1.30 $ 22.3 November 7, 2013 November 14, 2013 $ 1.35 25.0 $ 47.3 On February 12, 2016 , we paid a distribution of $1.3750 per limited partner unit to unitholders of record on February 5, 2016 with respect to the fourth quarter of 2015 . Preferred Unit Holders . We are required to make quarterly distributions to our Preferred Unit holders. The holders of the Preferred Units are entitled to receive fixed quarterly distributions of $0.2111 per unit. For the seven quarters following the quarter ended September 30, 2015 (the Initial Distribution Period), distributions on the Preferred Units can be made in additional Preferred Units, cash, or a combination thereof, at our election. If we elect to pay the quarterly distribution through the issuance of additional Preferred Units, the number of units to be distributed will be calculated as the fixed quarterly distribution of $0.2111 per unit divided by the cash purchase price of $9.13 per unit. We accrue the fair value of such distribution at the end of the quarterly period and adjust the fair value of the distribution on the date the additional Preferred Units are distributed. Distributions on the Preferred Units following the Initial Distribution Period will be made in cash unless, subject to certain exceptions, (i) there is no distribution being paid on our common units and (ii) our available cash (as defined in our partnership agreement) is insufficient to make a cash distribution to our Preferred Unit holders. If we fail to pay the full amount payable to our Preferred Unit holders in cash following the Initial Distribution Period, then (x) the fixed quarterly distribution on the Preferred Units will increase to $0.2567 per unit, and (y) we will not be permitted to declare or make any distributions to our common unitholders until such time as all accrued and unpaid distributions on the Preferred Units have been paid in full in cash. In addition, if we fail to pay in full any Preferred Distribution (as defined in its partnership agreement), the amount of such unpaid distribution will accrue and accumulate from the last day of the quarter for which such distribution is due until paid in full, and any accrued and unpaid distributions will be increased at a rate of 2.8125% per quarter. During the year ended December 31, 2015, we issued 1,372,573 Preferred Units to our preferred unit holders in lieu of paying a quarterly cash distribution of $12.5 million . On February 12, 2016, we issued 1,404,317 Preferred Units to our preferred unit holders for the quarter ended December 31, 2015 in lieu of paying a cash distribution of $12.8 million . Crestwood Midstream Description . Prior to the Crestwood Merger, Legacy Crestwood’s Second Amended and Restated Agreement of Limited Partnership, dated February 19, 2008, as amended (Legacy Crestwood Partnership Agreement), required that, within 45 days after the end of each quarter, they distribute all of their available cash (as defined therein) to unitholders of record on the applicable record date, as determined by its general partner. Legacy Crestwood’s minimum quarterly distribution was $0.30 per unit, to the extent they had sufficient cash flows from operations after the establishment of cash reserve and payment of fees and expenses, including payments to its general partner. Following the Crestwood Merger and prior to the completion of the Simplification Merger, Crestwood Midstream's partnership agreement required the partnership to distribute, within 45 days after the end of each quarter, all available cash (as defined in its partnership agreement) to unitholders of record on the applicable record date. The general partner was not entitled to distributions on its non-economic general partner interest. In conjunction with the Simplification Merger, Crestwood Midstream amended and restated its partnership agreement. In accordance with the partnership agreement, Crestwood Midstream's general partner may, from time to time, cause Crestwood Midstream to make cash distributions at the sole discretion of the general partner. General Partner . During the years ended December 31, 2015, 2014 and 2013 , Crestwood Midstream paid cash distributions to its general partner (representing IDRs and distributions related to common units held by the general partner) of approximately $31.4 million , $41.8 million and $26.2 million . On September 30, 2015, Crestwood Midstream made a distribution of approximately $378.3 million to CEQP for purposes of repaying (or, if applicable, satisfying and discharging) substantially all of its outstanding indebtedness. The distribution was funded with borrowings under the Crestwood Midstream credit facility. In addition, during the years ended December 31, 2015, 2014 and 2013, Crestwood Midstream made distributions of $175.6 million , $101.6 million and $50.0 million , which represented net amounts due to Crestwood Midstream related to cash advances to CEQP for its general corporate activities. As discussed in Note 6, in December 2014, Crestwood Midstream paid approximately $66.4 million to acquire a 50.01% in Tres Palacios from Crestwood Equity. Crestwood Midstream reflected the difference between the cash paid in excess of Crestwood Equity's basis of approximately $30.6 million as a distribution to its general partner on its consolidated statement of partners' capital and its consolidated statement of cash flows for the year ended December 31, 2014. Limited Partners . The following table presents quarterly cash distributions paid to Crestwood Midstream's limited partners (excluding distributions paid to its general partner on its common units held) during the years ended December 31, 2015, 2014 and 2013 . Record Date Payment Date Per Unit Rate Cash Distributions (in millions) 2015 February 6, 2015 February 13, 2015 $ 0.41 $ 74.3 May 8, 2015 May 15, 2015 $ 0.41 74.3 August 7, 2015 August 14, 2015 $ 0.41 74.3 $ 222.9 2014 February 7, 2014 February 14, 2014 $ 0.41 $ 74.1 May 8, 2014 May 15, 2014 $ 0.41 74.2 August 7, 2014 August 14, 2014 $ 0.41 74.1 November 7, 2014 November 14, 2014 $ 0.41 74.1 $ 296.5 2013 January 31, 2013 February 12, 2013 $ 0.510 $ 21.0 April 30, 2013 May 10, 2013 $ 0.510 27.4 August 1, 2013 August 9, 2013 $ 0.510 27.4 August 7, 2013(1) August 14, 2013 $ 0.400 34.3 November 7, 2013(1) November 14, 2013 $ 0.405 69.5 $ 179.6 (1) Represents distributions associated with Inergy Midstream limited partner units. Class A Preferred Unit Holders . Prior to the Simplification Merger, Crestwood Midstream's partnership agreement required Crestwood Midstream to make quarterly distributions to its Class A Preferred Unit holders. The holders of the Preferred Units were entitled to receive fixed quarterly distributions of $0.5804 per unit. For the 12 quarters following the quarter ended June 30, 2014 (the Initial Distribution Period), distributions on our Preferred Units could be made in additional Preferred Units, cash, or a combination thereof, at our election. If Crestwood Midstream elected to pay the quarterly distribution through the issuance of additional Preferred Units, the number of units to be distributed were calculated as the fixed quarterly distribution of $0.5804 per unit divided by the cash purchase price of $25.10 per unit. Crestwood Midstream accrued the fair value of such distribution at the end of the quarterly period and adjusted the fair value of the distribution on the date the additional Preferred Units are distributed. Non-Controlling Partners Crestwood Midstream Class A Preferred Units As discussed above, prior to the Simplification Merger, Crestwood Equity classified the Crestwood Midstream Class A Preferred Units as a component of Interest of Non-Controlling Partners on its consolidated balance sheet. Crestwood Niobrara Preferred Interest Crestwood Niobrara issued a preferred interest to a subsidiary of General Electric Capital Corporation and GE Structured Finance, Inc. (collectively, GE) in conjunction with the acquisition of its investment in Jackalope. The preferred interest is reflected as non-controlling interest in Crestwood Equity's and Crestwood Midstream's consolidated financial statements. We serve as the managing member of Crestwood Niobrara and, subject to certain restrictions, we have the ability to redeem GE's preferred interest in either cash or common units at an amount equal to the face amount of the preferred units plus an applicable return. Pursuant to Crestwood Niobrara's agreement with GE, GE made capital contributions to Crestwood Niobrara in exchange for an equivalent number of preferred units. During the years ended December 31, 2014 and 2013, GE made capital contributions of $53.9 million and $96.1 million to Crestwood Niobrara. As of December 31, 2014, GE has fulfilled its capital contribution commitment to Crestwood Niobrara of $150.0 million and is no longer required to make quarterly contributions to Crestwood Niobrara. Net Income (Loss) Attributable to Non-Controlling Partners The components of net income (loss) attributable to non-controlling partners for the years ended December 31, 2015 , 2014 and 2013 are as follows (in millions) : Year Ended December 31, 2015 2014 2013 Crestwood Niobrara preferred interests $ 23.1 $ 16.8 $ 4.9 CMLP net income attributable to non-controlling partners 23.1 16.8 4.9 Crestwood Midstream limited partner interests (683.0 ) (100.8 ) (62.2 ) Crestwood Midstream Class A preferred units 23.1 17.2 — CEQP net income (loss) attributable to non-controlling partners $ (636.8 ) $ (66.8 ) $ (57.3 ) Distributions to Non-Controlling Partners Crestwood Midstream Limited Partners . Prior to the completion of the Simplification Merger, the Crestwood Midstream partnership agreement required it to distribute, within 45 days after the end of each quarter, all available cash (as defined in its partnership agreement) to unitholders of record on the applicable record date. Crestwood Equity was not entitled to distributions on its non-economic general partner interest in Crestwood Midstream. Crestwood Midstream paid cash distributions to its limited partners (excluding distributions to its general partner and distributions paid in conjunction with the Crestwood Merger as discussed below) of $222.9 million , $296.5 million and $179.6 million during the years ended December 31, 2015 , 2014 and 2013. Crestwood Midstream Class A Preferred Unitholders . During the years ended December 31, 2015 and 2014, Crestwood Midstream issued 1,271,935 and 387,991 Preferred Units to its preferred unitholders in lieu of paying a cash distribution of approximately $31.9 million and $9.7 million , respectively. Crestwood Niobrara Preferred Unitholders . During the years ended December 31, 2014 and 2013, Crestwood Niobrara issued 11,419,241 and 2,161,657 preferred units to GE in lieu of paying a cash distribution. On January 30, 2015, Crestwood Niobrara issued 3,680,570 preferred units to GE in lieu of paying a cash distribution for the quarter ended December 31, 2014. Beginning with the distribution for the first quarter of 2015, Crestwood Niobrara no longer had the option to pay distributions to GE by issuing additional preferred units in lieu of paying a cash distribution. During the year ended December 31, 2015, Crestwood Niobrara paid cash distributions of $11.3 million to GE. Other Partners' Capital Transactions Crestwood Merger In conjunction with Crestwood Holdings’ acquisition of Crestwood Equity's general partner, Crestwood Equity issued 438,789 subordinated units, which are considered limited partnership interests, and have the same rights and obligations as its common units, except that the subordinated units are entitled to receive distributions of available cash for a particular quarter only after each of our common units has received a distribution of at least $1.30 for that quarter. The subordinated units convert to common units after (i) CEQP's common units have received a cumulative distribution in excess of $5.20 during a consecutive four quarter period; and (ii) its Adjusted Operating Surplus (as defined in the agreement) exceeds the distribution on a fully dilutive basis. As discussed in Note 1, in conjunction with the Crestwood Merger, Legacy Crestwood unitholders received 1.07 units of Inergy Midstream units for each Legacy Crestwood unit they owned and as a result, there were no Legacy Crestwood common or Class D units outstanding immediately following the merger. In addition, Legacy Crestwood unitholders also received a $34.9 million distribution, $10 million of which was funded as a non-cash contribution from Crestwood Holdings and is reflected on Crestwood Equity's consolidated statements of partners’ capital as contribution from Crestwood Holding LLC for the year ended December 31, 2013. Crestwood Equity reflected the distribution of $34.9 million as distributions to non-controlling partners on its consolidated statements of partners’ capital for the year ended December 31, 2013. Crestwood Midstream reflected the $10 million non-cash contribution from Crestwood Holdings as contributions from general partner on its consolidated statement of partners' capital for the year ended December 31, 2013. In addition, Crestwood Midstream reflected the distribution of $34.9 million as distribution to partners on its consolidated statements of partners' capital for the year ended December 31, 2013. In conjunction with the Crestwood Merger, the restricted units outstanding under the Legacy Inergy long-term incentive plan were modified to accelerate the vesting of certain outstanding awards on December 31, 2013. Crestwood Equity reflected the cash paid of approximately $11.8 million related to these vested units as distributions to partners on its consolidated statement of cash flows for the year ended December 31, 2013. Following the closing of the Crestwood Merger, Crestwood Holdings exchanged 7,100,000 common units of CMLP for 14,300,000 common units of CEQP pursuant to an option obtained on June 19, 2013 when it acquired CEQP's general partner. This exchange resulted in a $182.3 million decrease to the interest of non-controlling partners and a $182.3 million increase to partners' capital on Crestwood Equity's consolidated statement of partners' capital for the year ended December 31, 2013. Acquisitions Crestwood Marcellus Midstream LLC (CMM). In January 2013, Crestwood Midstream acquired Crestwood Holdings 65% membership interest in CMM for approximately $258.0 million , which was funded through $129.0 million of borrowings under the Legacy Crestwood credit facility and the issuance of Class D and common units. The transaction was accounted for as a reorganization of entities under common control. The issuance of the Class D and common units were reflected as a distribution for additional interest in Crestwood Marcellus Midstream LLC in our consolidated statements of cash flows and partners' capital for the year ended December 31, 2013. Arrow. On November 7, 2013, Crestwood Midstream issued 8,826,125 common units as partial consideration of the Arrow Acquisition. See Note 3 for additional information regarding the Arrow Acquisition. |
Equity Plans
Equity Plans | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity Plan | Equity Plans Long-term incentive awards are granted under the Crestwood Equity Partners LP Long Term Incentive Plan (Crestwood LTIP) in order to align the economic interests of key employees and directors with those of CEQP and Crestwood Midstream's common unitholders and to provide an incentive for continuous employment. Long-term incentive compensation consist of grants of restricted and phantom units which vest based upon continued service. Prior to the completion of the Simplification Merger, Crestwood Midstream also granted incentive awards under is Long-term Incentive Plan (Crestwood Midstream LTIP). In conjunction with the closing of the Simplification Merger, the restricted and phantom common units granted under the Crestwood Midstream LTIP were converted into restricted and phantom units of CEQP with substantially the same terms considering the 2.75 to 1 exchange ratio. Crestwood LTIP The following table summarizes information regarding restricted and phantom unit activity during the years ended December 31, 2015 and 2014 . As discussed in Note 10, the board of directors of CEQP's general partner approved a 1-for-10 reverse split of our common units effective November 23, 2015. The restricted and phantom units in the table below have been recast to reflect the reverse split. Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2014 49,354 $ 139.60 Vested - restricted units (44,993 ) $ 139.70 Granted - restricted units 137,746 $ 132.30 Forfeited (10,519 ) $ 137.30 Unvested - December 31, 2014 131,588 $ 132.10 Vested - restricted units (91,798 ) $ 121.13 Vested - phantom units (4,856 ) $ 67.10 Granted - restricted units 142,255 $ 55.25 Granted - phantom units 42,349 $ 62.31 Modification - restricted units 226,401 $ 68.85 Modification - phantom units 41,269 $ 58.36 Forfeited (1) (20,994 ) $ 89.97 Unvested - December 31, 2015 466,214 $ 69.80 (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 7,263 restricted units were forfeited during the year ended December 31, 2015. As of December 31, 2015 and 2014 , we had total unamortized compensation expense of approximately $16.5 million and $8.1 million related to restricted and phantom units, which we expect will be amortized during the next three years (or sooner in certain cases, which generally represents the original vesting period of these instruments), except for grants to non-employee directors of our general partner, which vest over one year. We recognized compensation expense of approximately $11.5 million , $10.1 million and $10.9 million under the Crestwood LTIP during the years ended December 31, 2015 , 2014 and 2013, which is included in general and administrative expenses on our consolidated statements of operations. As of February 12, 2016, we had 5,978,939 units available for issuance under the Crestwood LTIP. Crestwood Restricted Units. Under the Crestwood LTIP, participants who have been granted restricted units may elect to have us withhold common units to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When we withhold these common units, we are required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the years ended December 31, 2015 and 2014 , we withheld 26,095 and 15,944 common units to satisfy employee tax withholding obligations. Crestwood Phantom Units. The Crestwood LTIP currently permits, and our general partner has made, grants of phantom units. Each phantom unit entitles the holder thereof to receive upon vesting one common unit of us granted pursuant to the Crestwood LTIP and a phantom unit award agreement (the Crestwood Equity Phantom Unit Agreement). The Crestwood Equity Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date or, if earlier, upon the named executive officer's termination without cause or due to death or disability or the named executive officer's resignation for employee cause (each, as defined in the Crestwood Equity Phantom Unit Agreement). In addition, the Crestwood Equity Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Crestwood Midstream The following table summarizes information regarding restricted and phantom unit activity during the years ended December 31, 2015 and 2014 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2014 250,557 $ 22.13 Vested - restricted units (208,361 ) $ 22.15 Granted - restricted units 871,078 $ 23.25 Forfeited (78,478 ) $ 23.33 Unvested - December 31, 2014 834,796 $ 23.18 Vested - restricted units (457,458 ) $ 22.91 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 535,858 $ 15.89 Granted - phantom units 171,648 $ 15.76 Modification - restricted units (823,277 ) $ 20.06 Modification - phantom units (150,070 ) $ 18.93 Forfeited (1) (89,919 ) $ 16.05 Unvested - December 31, 2015 — $ — (1) We implemented a company-wide initiative to reduce operating costs in 2015 and beyond, which included a reduction in work force. As a result, 39,172 restricted units were forfeited during the year ended December 31, 2015. As of December 31, 2014 , we had total unamortized compensation expense of approximately $9.5 million related to restricted and phantom units issued under the Crestwood Midstream LTIP. Crestwood Midstream recognized compensation expense of approximately $8.1 million , $11.2 million and $11.4 million (including $6.5 million recognized by Legacy Crestwood in 2013 as discussed below) during the years ended December 31, 2015 , 2014 and 2013, which is included in general and administrative expenses on our consolidated statements of operations. As of December 31, 2015 , we do not have any issued, outstanding units available for issuance under the Crestwood Midstream LTIP. Crestwood Midstream Restricted Units. Under the Crestwood Midstream LTIP, participants who have been granted restricted units may elect to have common units withheld to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld were returned to the Crestwood Midstream LTIP on the applicable vesting dates, which corresponded to the times at which income was recognized by the employee. When such common units are withheld, Crestwood Midstream was required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld was determined based on the closing price per common unit as reported on the NYSE on such dates. During the years ended December 31, 2015 and 2014 , Crestwood Midstream withheld 139,331 and 71,484 common units to satisfy employee tax withholding obligations. Crestwood Midstream Phantom Units. The Crestwood Midstream LTIP permitted, and Crestwood Midstream's general partner made, grants of phantom units. Each phantom unit entitled the holder thereof to receive upon vesting one common unit of CMLP granted pursuant to the Crestwood Midstream LTIP and a phantom unit award agreement (the Phantom Unit Agreement). The Phantom Unit Agreement provided for vesting to occur at the end of three years following the grant date (or, if earlier, upon the named executive officer's termination without cause or due to death or disability or the named executive officer's resignation for employee cause (each, as defined in the Phantom Unit Agreement). In addition, the Phantom Unit Agreement provided for distribution equivalent rights with respect to each phantom unit which was paid in additional phantom units and settled in common units upon vesting of the underlying phantom units. Crestwood Midstream Employee Unit Purchase Plan Crestwood Midstream had an employee unit purchase plan under which employees of the general partner purchased Crestwood Midstream's common units through payroll deductions up to a maximum of 10% of the employees' eligible compensation. Under the plan, Crestwood Midstream purchased its common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, Crestwood Midstream could contribute an additional 10% of participating employees' payroll deductions to purchase additional Crestwood Midstream common units for participating employees. Unless increased by the board of directors of Crestwood Midstream's general partner, the maximum number of units that were available for purchase under the plan was 200,000 . Effective May 7, 2015, Crestwood Midstream suspended the employee unit purchase plan. In conjunction with the Simplification Merger, all common units purchased through the employee purchase plan were converted into common units of CEQP. Legacy Crestwood Prior to the Crestwood Merger, Legacy Crestwood issued phantom units under its Fourth Amended and Restated 2007 Equity Plan (2007 Equity Plan). The 2007 Equity Plan was terminated in conjunction with the Crestwood Merger. Crestwood Midstream recognized compensation expense under the 2007 Equity Plan of approximately $6.5 million for the year ended December 31, 2013. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plan A 401(k) plan is available to all of our employees after meeting certain requirements. The plan permits employees to make contributions up to 90% of their salary, up to statutory limits, which was $18,000 in 2015 and $17,500 in 2014 and 2013 . We match 100% of participants basic contribution up to 6% of eligible compensation. Employees may participate in the plans immediately and certain employees are not eligible for matching contributions until after a 90 -day waiting period. Aggregate matching contributions made by us were $4.0 million , $3.8 million and $0.5 million during the years ended December 31, 2015 , 2014 and 2013. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings Canadian Class Action Lawsuit. Prior to the completion of our acquisition of Arrow on November 8, 2013, a train transporting over 50,000 barrels of crude oil produced in North Dakota derailed in Lac Megantic, Quebec, Canada on July 6, 2013. The derailment resulted in the death of 47 people, injured numerous others, and caused severe damage to property and the environment. In October 2013, certain individuals suffering harm in the derailment filed a motion to certify a class action lawsuit in the Superior Court for the District of Megantic, Province of Quebec, Canada, on behalf of all persons suffering loss in the derailment (the Class Action Suit). In March 2014, the plaintiffs filed their fourth amended motion to name Arrow and numerous other energy companies as additional defendants in the class action lawsuit. The plaintiffs alleged, among other things, that Arrow (i) was a producer of the crude oil being transported on the derailed train, (ii) was negligent in failing to properly classify the crude delivered to the trucks that hauled the crude to the rail loading terminal, and (iii) owed a duty to the petitioners to ensure the safe transportation of the crude being transported. The motion to authorize the class action and motions in opposition were heard by the Court in June 2014. In June 2015, the Superior Court determined that the Class Action Suit proceeding should be allowed to proceed against certain respondents that have not contributed to the global settlement described below. Because Arrow is a contributing party to the global settlement, the Class Action Suit against Arrow has been stayed pending finalization of the global settlement plan in the United States and Canadian bankruptcy proceedings described below. One of the defendants in the lawsuit, Montreal Main & Atlantic Railway (MM&A), filed bankruptcy actions in the U.S. Bankruptcy Court for the District of Maine and in the Canadian Bankruptcy Court. The bankruptcy trustees in the proceedings approached the respondents in the Class Action Suit (including Arrow) to contribute monetary damages to a global settlement for all claims, including any potential environmental damages, related to the Lac Megantic derailment. During the first quarter of 2015, Crestwood Midstream agreed to contribute to the global settlement in exchange for a release from all claims related to the derailment, including the Class Action Suit. In June 2015, the creditors in the Canadian bankruptcy proceeding voted unanimously in favor of the global settlement. The Canadian bankruptcy court approved the bankruptcy plan (including the global settlement) on July 13, 2015, and the United States bankruptcy court approved a modified version of the bankruptcy plan (including the global settlement) on October 9, 2015. Consistent with the modified plan approved in the US bankruptcy proceeding, the Canadian bankruptcy court also approved a modified bankruptcy plan on October 9, 2015. The US and Canadian bankruptcy proceedings were finalized in December 2015 and the funding of the settlement was complete. Crestwood Midstream's contribution to the global settlement, in addition to associated legal fees, is fully covered by insurance, and since the global settlement is finalized, Arrow should not be exposed to additional damages relating to the derailment. Additional lawsuits related to the derailment were filed and are pending in United States courts, however, all of lawsuits have been stayed as a result of the automatic stay arising from MM&A's United States bankruptcy proceeding. Arrow has been named as a defendant in 39 lawsuits pending in three different courts; however, we expect these lawsuits to be dismissed with prejudice upon disbursement of funds to the victims. We expect these cases to be dismissed by the end of April 2016. Based on Crestwood Midstream's contribution to the global settlement and since the global settlement was approved by both bankruptcy courts, we do not anticipate any material loss in this matter after considering insurance. Simplification Merger Lawsuits . On May 20, 2015, Lawrence G. Farber, a purported unitholder of Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Lawrence G. Farber, individually and on behalf of all others similarly situated v. Crestwood Midstream Partners LP, Crestwood Midstream GP LLC, Robert G. Phillips, Alvin Bledsoe, Michael G. France, Philip D. Gettig, Warren H. Gfellar, David Lumpkins, John J. Sherman, David Wood, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC, MGP GP, LLC, Crestwood Midstream Holdings LP, and Crestwood Gas Services GP LLC . This complaint alleges, among other things, that Crestwood Midstream's general partner breached its fiduciary duties, certain individual defendants breached their fiduciary duties of loyalty and due care, and that other defendants have aided and abetted such breaches. On July 21, 2015, Isaac Aron, another purported unitholder of the Crestwood Midstream, filed a complaint in the Southern District of the United States, Houston Division, as a putative class action on behalf of Crestwood Midstream's unitholders, entitled Isaac Aron, individually and on behalf of all others similarly situated vs. Robert G. Phillps, Alvin Bledsoe, Michael G. France, Philip D. Getting, Warren H. Gfeller, David Lumpkins, John J. Sherman, David Wood, Crestwood Midstream Partners, LP Crestwood Midstream Holdings LP, Crestwood Midstream GP LLC, Crestwood Gas Services GP, LLC, Crestwood Equity Partners LP, Crestwood Equity GP LLC, CEQP ST Sub LLC and MGP GP, LLC. The complaint alleges, among other things, that Crestwood Midstream's general partner and certain individual defendants violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and Rule 14a-9 by filing an alleged incomplete and misleading Form S-4 Registration Statement with the Securities and Exchange Commission. On August 12, 2015, the defendants filed a motion to consolidate the Farber and Aron cases, which the court granted on September 4, 2015. Farber subsequently dismissed his claims against all the defendants on September 16, 2015. Aron filed a motion for temporary restraining order and requested an expedited preliminary injunction hearing, which was scheduled for September 23, 2015. On September 22, 2015, the parties entered into a memorandum of understanding (MOU) with respect to a proposed settlement of the Aron lawsuit. The settlement contemplated by the MOU is subject to a number of conditions, including notice to the class, limited confirmatory discovery and final court approval of the settlement. The defendants expect the court to approve the final settlement during the first half of 2016. The anticipated settlement of the MOU has not and will not have a material impact to our consolidated financial statements. Property Taxes. Tres Palacios filed a lawsuit in Matagorda County for tax years 2011, 2012 and 2013 alleging that the Matagorda County Appraisal District (MCAD) assessed taxable value above the fair market value and on an unequal and non-uniform basis compared to other properties. In conjunction with its sale of Tres Palacios to Tres Holdings, Crestwood Equity retained liability for certain tax matters, including this litigation. In January 2015, Crestwood Equity received a refund related to the 2011 tax year at the conclusion of the litigation related to that tax year. For the 2012 and 2013 tax years, the MCAD asserted a taxable value that would result in property taxes of approximately $7 million for each of those years, while Tres Palacios asserted a taxable value that would result in property taxes of less than $2 million in each year. Tres Palacios paid approximately $8.6 million to Matagorda County in total for those two tax years. A bench trial was held in October 2015 related to the 2012 and 2013 tax years and the trial court has not issued a decision on those years. These lawsuits remain pending and the outcome is not yet determined. General . We are periodically involved in litigation proceedings. If we determine that a negative outcome is probable and the amount of loss is reasonably estimable, then we accrue the estimated amount. The results of litigation proceedings cannot be predicted with certainty. We could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations or cash flows in the period in which the amounts are paid and/or accrued. As of December 31, 2015 and 2014 , both CEQP and CMLP had less than $0.1 million and approximately $1.0 million accrued for the outstanding legal matters. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures for which we can estimate will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Any loss estimates are inherently subjective, based on currently available information, and are subject to management's judgment and various assumptions. Due to the inherently subjective nature of these estimates and the uncertainty and unpredictability surrounding the outcome of legal proceedings, actual results may differ materially from any amounts that have been accrued. Regulatory Compliance In the ordinary course of our business, we are subject to various laws and regulations. In the opinion of our management, compliance with current laws and regulations will not have a material effect on its results of operations, cash flows or financial condition. Environmental Compliance During the year ended December 31, 2014, we experienced three releases totaling approximately 28,000 barrels of produced water on our Arrow water gathering system located on the Fort Berthold Indian Reservation in North Dakota. We immediately notified the National Response Center, the Three Affiliated Tribes and numerous other regulatory authorities, and thereafter contained and cleaned up the releases completely and placed the impacted segments of these water lines back into service. In May 2015, we experienced a release of approximately 5,200 barrels of produced water on our Arrow water gathering system, immediately notified numerous regulatory authorities and other third parties, and thereafter contained and cleaned up the release. 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 December 31, 2015 . We may potentially be subject to fines and penalties as a result of the water releases. In October 2014, we received data requests from the Environmental Protection Agency (EPA) related to the 2014 water releases and we responded to the requests during the first half of 2015. In April 2015, the EPA issued a Notice of Potential Violation (NOPV) under the Clean Water Act relating to the 2014 water releases. We responded to the NOPV in May 2015, and have commenced settlement discussions with the EPA concerning the NOPV. On March 3, 2015, we received a grand jury subpoena from the United States Attorney’s Office in Bismarck, North Dakota, seeking documents and information relating to the largest of the three 2014 water releases, and we provided the requested information during the second quarter of 2015. In August 2015, we received a notice of violation from the Three Affiliated Tribes' Environmental Division related to our 2014 produced water releases on the Fort Berthold Indian Reservation. The notice of violation imposes fines and requests reimbursements exceeding $1.1 million ; however, the notice of violation was stayed on September 15, 2015, upon our posting of a performance bond for the amount contemplated by the notice and pending the outcome of ongoing settlement discussions with the regulatory agencies asserting jurisdiction over the 2014 produced water releases. We cannot predict what the outcome of these investigations will be. Our operations are subject to stringent and complex laws and regulations pertaining to health, safety, and the environment. We are subject to laws and regulations at the federal, state and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. At December 31, 2015 and 2014 , our accrual of approximately $1.7 million and $1.1 million was primarily related to the Arrow water releases described above, which is based on our undiscounted estimate of amounts we will spend on compliance with environmental and other regulations, and any associated fines or penalties. We estimate that our potential liability for reasonably possible outcomes related to our environmental exposures (including the Arrow water releases described above) could range from approximately $1.7 million to $3.7 million . Self-Insurance We utilize third-party insurance subject to varying retention levels of self-insurance, which management considers prudent. Such self-insurance relates to losses and liabilities primarily associated with medical claims, workers' compensation claims and general, product, vehicle and environmental liability. 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 evaluates our insurance accruals and adjusts 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. At December 31, 2015 and 2014 , CEQP's self-insurance reserves were $17.2 million and $14.6 million . CEQP estimates that $11.3 million of this balance will be paid subsequent to December 31, 2016 . As such, CEQP has classified $11.3 million in other long-term liabilities on our consolidated balance sheets. At December 31, 2015 and 2014 , CMLP's self-insurance reserves were $11.4 million and $7.2 million . CMLP estimates that $7.1 million of this balance will be paid subsequent to December 31, 2016 . As such, CMLP has classified $7.1 million in other long-term liabilities on our consolidated balance sheets. Contingent Consideration - Antero In connection with the acquisition of Antero Resources Appalachian Corporation (Antero), we agreed to pay Antero conditional consideration in the form of potential additional cash payments of up to $40.0 million , depending on the achievement of certain defined average annual production levels achieved during 2012, 2013 and 2014. In February 2015, we paid Antero $40.0 million to settle the liability under the earn-out provision. This amount is reflected in changes in operating assets and liabilities, net of effects from acquisitions under operating activities in our consolidated statements of cash flows. Commitments and Purchase Obligations Operating Leases. We also maintain operating leases in the ordinary course of our business activities. These leases include those for office buildings, crude oil railroad cars and other operating facilities and equipment. The terms of the agreements vary from 2016 until 2032. Future minimum lease payments under our noncancelable operating leases for the next five years ending December 31 and in total thereafter consist of the following ( in millions ): Year Ending December 31, 2016 $ 19.1 2017 16.6 2018 15.3 2019 14.1 2020 9.2 Thereafter 23.8 Total minimum lease payments $ 98.1 Our rent expense for operating leases for the years ended December 31, 2015 , 2014 and 2013 , totaled $37.4 million , $41.8 million and $16.4 million . Purchase Commitments. We periodically enter into agreements with suppliers to purchase fixed quantities of NGLs, distillates, crude oil and natural gas at fixed prices. At December 31, 2015 , the total of these firm purchase commitments was $188.3 million , substantially all of which will occur over the course of the next twelve months. We also enter into non-binding agreements with suppliers to purchase quantities of NGLs, distillates and natural gas at variable prices at future dates at the then prevailing market prices. We have entered into certain purchase commitments in connection with the identified growth projects and maintenance obligations primarily related to our gathering and processing segment, the development of a rail terminal project and certain upgrades to the US Salt facility. At December 31, 2015 , the total of our storage and transportation and marketing, supply and logistics operations' firm purchase commitments was approximately $12.7 million and our gathering and processing segment's purchase commitments totaled approximately $13.5 million . The majority of the purchases associated with these commitments are expected to occur over the next twelve months. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Crestwood Holdings indirectly owns both CEQP's and CMLP's general partner. The affiliates of Crestwood Holdings and its owners are considered CEQP's and CMLP's related parties, including Sabine Oil and Gas LLC and Mountaineer Keystone LLC. CEQP and CMLP enter into transactions with their affiliates within the ordinary course of business and the services are based on the same terms as non-affiliates, including gas gathering and processing services under long-term contracts, product purchases and various operating agreements. As discussed in Note 1, in conjunction with the completion of the Simplification Merger, CEQP contributed 100% of its interest in Crestwood Operations to CMLP. Crestwood Operations has 1,288 full-time employees as of December 31, 2015, 297 of which are general and administrative employees and 991 of which are operational employees. Prior to the Simplification Merger, CMLP did not have any employees other than approximately 100 union employees of US Salt. CMLP shares common management, general and administrative and overhead costs with CEQP and allocated shared costs of $0.8 million to CEQP during the year ended December 31, 2015. The following table shows revenues, costs of product/services sold, general and administrative expenses and reimbursement of expenses from our affiliates for the years December 31, 2015 , 2014 and 2013 ( in millions ): Year Ended December 31, 2015 2014 2013 Gathering and processing revenues at CEQP and CMLP $ 3.9 $ 3.0 $ 74.9 Gathering and processing costs of product/services sold at CEQP and CMLP (1) $ 28.9 $ 42.2 $ 32.5 Operations and maintenance expenses charged at CEQP and CMLP $ 2.8 $ 0.2 $ — General and administrative expenses charged by CEQP to CMLP, net (2) $ 49.5 $ 63.6 $ 34.7 General and administrative expenses charged by CEQP to Crestwood Holdings, net (3) $ 0.4 $ 0.5 $ 25.3 (1) Represents natural gas purchases from Sabine Oil and Gas. (2) Includes $10.0 million , $6.9 million and $4.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the years ended December 31, 2015, 2014 and 2013. (3) Includes $0.1 million unit-based compensation charges allocated from Crestwood Holdings to CMLP during the year ended December 31, 2015. The following table shows accounts receivable and accounts payable from our affiliates as of December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Accounts receivable $ 1.7 $ 0.6 $ 1.7 $ 0.3 Accounts payable $ 4.0 $ 5.6 $ 1.5 $ 3.1 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | Segments Financial Information As discussed in Note 1, on September 30, 2015, the Company contributed 100% of its interest in Crestwood Operations to Crestwood Midstream and as a result, we modified our segments and our financial statements now reflect three operating and reportable segments: (i) gathering and processing operations; (ii) storage and transportation operations; and (iii) marketing, supply and logistics operations (formerly NGL and crude services operations). Consequently, the results of our Arrow operations are now reflected in our gathering and processing operations for all periods presented and our COLT and PRBIC operations are now reflected in our storage and transportation operations for all periods presented. These respective operations were previously included in our NGL and crude services operations. Our corporate operations include all general and administrative expenses that are not allocated to our reportable segments. For a further description of our operating and reporting segments, see Note 1. We assess the performance of our operating segments based on EBITDA, which is defined as income before income taxes, plus debt-related costs (net interest and debt expense and loss on modification/extinguishment of debt) and depreciation, amortization and accretion expense. Below is a reconciliation of CEQP's net income to EBITDA ( in millions ): Year Ended December 31, 2015 2014 2013 Net loss $ (2,303.7 ) $ (10.4 ) $ (50.6 ) Add: Interest and debt expense, net 140.1 127.1 77.9 Loss on modification/extinguishment of debt 20.0 — — Provision (benefit) for income taxes (1.4 ) 1.1 1.0 Depreciation, amortization and accretion 300.1 285.3 167.9 EBITDA $ (1,844.9 ) $ 403.1 $ 196.2 The following tables summarize CEQP's reportable segment data for the years ended December 31, 2015 , 2014 and 2013 ( in millions ). Included in earnings (loss) from unconsolidated affiliates below was approximately $86.1 million , $7.6 million and $2.6 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the years ended December 31, 2015, 2014 and 2013, respectively. Year Ended December 31, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,381.0 $ 266.3 $ 985.5 $ — $ 2,632.8 Intersegment revenues 66.7 — (66.7 ) — — Costs of product/services sold 1,103.9 20.1 759.5 — 1,883.5 Operations and maintenance expense 89.0 31.7 69.5 — 190.2 General and administrative expense — — — 116.3 116.3 Loss on long-lived assets, net (787.3 ) (1.6 ) (32.3 ) — (821.2 ) Goodwill impairment (329.7 ) (623.4 ) (453.2 ) — (1,406.3 ) Loss from unconsolidated affiliates, net (43.4 ) (17.4 ) — — (60.8 ) Other income, net — — — 0.6 0.6 EBITDA $ (905.6 ) $ (427.9 ) $ (395.7 ) $ (115.7 ) $ (1,844.9 ) Goodwill $ 54.5 $ 771.2 $ 259.8 $ — $ 1,085.5 Total assets $ 2,325.2 $ 2,217.4 $ 1,083.7 $ 177.4 $ 5,803.7 Purchases of property, plant and equipment $ 132.7 $ 26.4 $ 22.8 $ 0.8 $ 182.7 Year Ended December 31, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 2,166.8 $ 264.6 $ 1,499.9 $ — $ 3,931.3 Intersegment revenues 50.0 — (50.0 ) — — Costs of product/services sold 1,859.9 33.3 1,272.1 — 3,165.3 Operations and maintenance expense 102.8 28.8 71.7 — 203.3 General and administrative expense — — — 100.2 100.2 Gain (loss) on long-lived assets (32.7 ) 33.8 (3.0 ) — (1.9 ) Goodwill impairment (18.5 ) — (30.3 ) — (48.8 ) Loss on contingent consideration (8.6 ) — — — (8.6 ) Earnings (loss) from unconsolidated affiliates 0.5 (1.2 ) — — (0.7 ) Other income, net — — — 0.6 0.6 EBITDA $ 194.8 $ 235.1 $ 72.8 $ (99.6 ) $ 403.1 Goodwill $ 384.2 $ 1,394.6 $ 713.0 $ — $ 2,491.8 Total assets $ 3,593.6 $ 2,423.3 $ 2,240.6 $ 203.9 $ 8,461.4 Purchases of property, plant and equipment $ 327.9 $ 37.0 $ 50.9 $ 8.2 $ 424.0 Year Ended December 31, 2013 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 510.0 $ 130.9 $ 785.8 $ — $ 1,426.7 Costs of product/services sold 267.5 19.7 715.1 — 1,002.3 Operations and maintenance expense 58.7 14.2 31.7 — 104.6 General and administrative expense — — — 93.5 93.5 Gain (loss) on long-lived assets 5.4 — (0.1 ) — 5.3 Goodwill impairment (4.1 ) — — — (4.1 ) Gain on contingent consideration (31.4 ) — — — (31.4 ) Earnings (loss) from unconsolidated affiliates 0.1 (0.2 ) — — (0.1 ) Other income, net — — — 0.2 0.2 EBITDA $ 153.8 $ 96.8 $ 38.9 $ (93.3 ) $ 196.2 Purchases of property, plant and equipment $ 290.7 $ 43.4 $ 11.9 $ 1.0 $ 347.0 Below is a reconciliation of CMLP's net income to EBITDA ( in millions ): Year Ended December 31, 2015 2014 2013 Net income (loss) $ (1,410.6 ) $ 14.7 $ (12.4 ) Add: Interest and debt expense, net 130.5 111.4 71.7 Loss on modification/extinguishment of debt 18.9 — — Provision for income taxes — 0.9 0.7 Depreciation, amortization and accretion 278.5 255.4 139.4 EBITDA $ (982.7 ) $ 382.4 $ 199.4 The following tables summarize CMLP's reportable segment data for the years ended December 31, 2015 , 2014 and 2013 ( in millions ). Included in earnings from unconsolidated affiliates below was approximately $86.1 million , $7.6 million and $2.6 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the years ended December 31, 2015, 2014 and 2013, respectively. Year Ended December 31, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,381.0 $ 266.3 $ 985.5 $ — $ 2,632.8 Intersegment revenues 66.7 — (66.7 ) — — Costs of product/services sold 1,103.9 20.1 759.5 — 1,883.5 Operations and maintenance expense 89.0 30.2 69.5 — 188.7 General and administrative expense — — — 105.6 105.6 Loss on long-lived assets, net (194.1 ) (1.4 ) (32.3 ) — (227.8 ) Goodwill impairment (72.5 ) (623.4 ) (453.2 ) — (1,149.1 ) Loss from unconsolidated affiliates, net (43.4 ) (17.4 ) — — (60.8 ) EBITDA $ (55.2 ) $ (426.2 ) $ (395.7 ) $ (105.6 ) $ (982.7 ) Goodwill $ 54.5 $ 771.2 $ 259.8 $ — $ 1,085.5 Total assets $ 2,541.6 $ 2,216.7 $ 1,083.7 $ 162.5 $ 6,004.5 Purchases of property, plant and equipment $ 132.7 $ 26.4 $ 22.8 $ 0.8 $ 182.7 Year Ended December 31, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 2,166.8 $ 250.8 $ 1,499.9 $ — $ 3,917.5 Intersegment revenues 50.0 — (50.0 ) — — Costs of product/services sold 1,859.9 22.8 1,272.1 — 3,154.8 Operations and maintenance expense 102.8 22.1 70.5 — 195.4 General and administrative expense — — — 91.7 91.7 Gain (loss) on long-lived assets, net (32.7 ) 0.6 (3.0 ) — (35.1 ) Goodwill impairment (18.5 ) — (30.3 ) — (48.8 ) Loss on contingent consideration (8.6 ) — — — (8.6 ) Earnings (loss) from unconsolidated affiliates, net 0.5 (1.2 ) — — (0.7 ) EBITDA $ 194.8 $ 205.3 $ 74.0 $ (91.7 ) $ 382.4 Goodwill $ 127.0 $ 1,394.6 $ 713.0 $ — $ 2,234.6 Total assets $ 2,941.6 $ 2,423.3 $ 2,240.6 $ 179.7 $ 7,785.2 Purchases of property, plant and equipment $ 327.9 $ 36.4 $ 50.9 $ 6.5 $ 421.7 Year Ended December 31, 2013 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 510.0 $ 116.8 $ 785.8 $ — $ 1,412.6 Costs of product/services sold 267.5 12.8 715.1 — 995.4 Operations and maintenance expense 58.7 12.4 32.3 — 103.4 General and administrative expense — — — 84.1 84.1 Gain on long-lived assets 5.4 — (0.1 ) — 5.3 Goodwill impairment (4.1 ) — — — (4.1 ) Loss on contingent consideration (31.4 ) — — — (31.4 ) Earnings (loss) from unconsolidated affiliates, net 0.1 (0.2 ) — — (0.1 ) EBITDA $ 153.8 $ 91.4 $ 38.3 $ (84.1 ) $ 199.4 Purchases of property, plant and equipment $ 290.7 $ 35.7 $ 11.9 $ 1.0 $ 339.3 Major Customers No customer accounted for 10% or more of our total consolidated revenues for the years ended December 31, 2015 and 2013 at CEQP or CMLP. For the year ended December 31, 2014, we had revenues from Tesoro Corporation (Tesoro) of $465.2 million which exceeded 10% of the total consolidated revenues at CEQP and CMLP. Revenues from Tesoro are reflected in each of our reportable segments. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information Disclosure | Condensed Consolidating Financial Information Crestwood Midstream is a holding company and own no operating assets and have no significant operations independent of its subsidiaries (Parent). 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 Niobrara, PRBIC and Tres Holdings and their respective subsidiaries (collectively, Non-Guarantor Subsidiaries). Crestwood Midstream Finance Corp., the co-issuer of its senior notes, is Crestwood Midstream's 100% owned subsidiary and has no material assets, operations, revenues or cash flows other than those related to its service as co-issuer of the Crestwood Midstream senior notes. At December 31, 2014, we reflected the interest of non-controlling partners in subsidiaries on our condensed consolidating balance sheet as a component of the Parent's and Non-Guarantor Subsidiaries' total partners' capital, with an adjustment to eliminate the Parent's portion. During the year ended December 31, 2015, we began reflecting the interest of non-controlling partners in subsidiaries as a component of the Non-Guarantor Subsidiaries' total partners' capital only. The condensed consolidating balance sheet for the year December 31, 2014 was adjusted to reflect the change in presentation and there was no impact to our consolidated balance sheet. 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 and for the years ended December 31, 2015 , 2014 and 2013. The financial information may not necessarily be indicative of the results of operations, cash flows or financial position had the subsidiaries operated as independent entities. Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.1 $ — $ — $ — $ 0.1 Accounts receivable — 236.0 0.5 — 236.5 Inventory — 44.5 — — 44.5 Other current assets — 52.5 — — 52.5 Total current assets 0.1 333.0 0.5 — 333.6 Property, plant and equipment, net — 3,525.7 — — 3,525.7 Goodwill and intangible assets, net 40.9 1,846.9 — — 1,887.8 Investment in consolidated affiliates 5,506.8 — — (5,506.8 ) — Investment in unconsolidated affiliates — — 254.3 — 254.3 Other assets — 3.1 — — 3.1 Total assets $ 5,547.8 $ 5,708.7 $ 254.8 $ (5,506.8 ) $ 6,004.5 Liabilities and partners' capital Current liabilities: Accounts payable — 141.3 0.1 — 141.4 Other current liabilities 26.4 85.2 — — 111.6 Total current liabilities 26.4 226.5 0.1 — 253.0 Long-term liabilities: Long-term debt, less current portion 2,539.8 2.9 — — 2,542.7 Other long-term liabilities — 43.3 — — 43.3 Deferred income taxes — 0.4 — — 0.4 Partners' capital 2,981.6 5,435.6 71.2 (5,506.8 ) 2,981.6 Interest of non-controlling partners in subsidiaries — — 183.5 — 183.5 Total partners' capital 2,981.6 5,435.6 254.7 (5,506.8 ) 3,165.1 Total liabilities and partners' capital $ 5,547.8 $ 5,708.7 $ 254.8 $ (5,506.8 ) $ 6,004.5 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 7.6 $ — $ — $ 7.6 Accounts receivable 1.2 377.8 0.3 — 379.3 Inventory — 46.6 — — 46.6 Other current assets — 103.1 — 103.1 Total current assets 1.2 535.1 0.3 — 536.6 Property, plant and equipment, net 7.9 3,738.1 — — 3,746.0 Goodwill and intangible assets, net 38.0 3,166.2 — — 3,204.2 Investment in consolidated affiliates 7,148.0 — — (7,148.0 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 3.3 — — 3.3 Total assets $ 7,195.1 $ 7,442.7 $ 295.4 $ (7,148.0 ) $ 7,785.2 Liabilities and partners' capital Current liabilities: Accounts payable 9.0 225.8 0.2 — 235.0 Other current liabilities 23.0 153.3 — — 176.3 Total current liabilities 32.0 379.1 0.2 — 411.3 Long-term liabilities: Long-term debt, less current portion 2,012.8 1.7 — — 2,014.5 Other long-term liabilities 1.6 36.7 — — 38.3 Deferred income taxes — 0.7 — — 0.7 Partners' capital 5,148.7 7,024.5 123.5 (7,148.0 ) 5,148.7 Interest of non-controlling partners in subsidiaries — — 171.7 — 171.7 Total partners' capital 5,148.7 7,024.5 295.2 (7,148.0 ) 5,320.4 Total liabilities and partners' capital $ 7,195.1 $ 7,442.7 $ 295.4 $ (7,148.0 ) $ 7,785.2 Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 2,632.8 $ — $ — $ 2,632.8 Costs of product/services sold — 1,883.5 — — 1,883.5 Expenses: Operations and maintenance — 188.7 — — 188.7 General and administrative 65.3 40.3 — — 105.6 Depreciation, amortization and accretion — 278.5 — — 278.5 65.3 507.5 — — 572.8 Other operating expense: Loss on long-lived assets, net — (227.8 ) — — (227.8 ) Goodwill impairment — (1,149.1 ) — — (1,149.1 ) Operating loss (65.3 ) (1,135.1 ) — — (1,200.4 ) Loss from unconsolidated affiliates, net — — (60.8 ) — (60.8 ) Interest and debt expense, net (130.5 ) — — — (130.5 ) Loss on modification/extinguishment of debt (18.9 ) — — — (18.9 ) Equity in net income (loss) of subsidiary (1,195.9 ) — — 1,195.9 — Income (loss) before income taxes (1,410.6 ) (1,135.1 ) (60.8 ) 1,195.9 (1,410.6 ) Provision for income taxes — — — — — Net income (loss) (1,410.6 ) (1,135.1 ) (60.8 ) 1,195.9 (1,410.6 ) Net income attributable to non-controlling partners in subsidiaries — — (23.1 ) — (23.1 ) Net income (loss) attributable to Crestwood Midstream Partners LP (1,410.6 ) (1,135.1 ) (83.9 ) 1,195.9 (1,433.7 ) Net income attributable to Class A preferred units (23.1 ) — — — (23.1 ) Net income (loss) attributable to partners $ (1,433.7 ) $ (1,135.1 ) $ (83.9 ) $ 1,195.9 $ (1,456.8 ) Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,917.5 $ — $ — $ 3,917.5 Costs of product/services sold — 3,154.8 — — 3,154.8 Expenses: Operations and maintenance — 195.4 — — 195.4 General and administrative 49.4 42.3 — — 91.7 Depreciation, amortization and accretion 0.9 254.5 — — 255.4 50.3 492.2 — — 542.5 Other operating expense: Loss on long-lived assets, net — (35.1 ) — — (35.1 ) Goodwill impairment — (48.8 ) — — (48.8 ) Loss on contingent consideration — (8.6 ) — — (8.6 ) Operating income (loss) (50.3 ) 178.0 — — 127.7 Loss from unconsolidated affiliates, net — — (0.7 ) — (0.7 ) Interest and debt expense, net (111.4 ) — — — (111.4 ) Equity in net income (loss) of subsidiary 176.4 — — (176.4 ) — Income (loss) before income taxes 14.7 178.0 (0.7 ) (176.4 ) 15.6 Provision for income taxes — 0.9 — 0.9 Net income (loss) 14.7 177.1 (0.7 ) (176.4 ) 14.7 Net income attributable to non-controlling partners — — (16.8 ) — (16.8 ) Net income (loss) attributable to Crestwood Midstream Partners LP 14.7 177.1 (17.5 ) (176.4 ) (2.1 ) Net income attributable to Class A preferred units (17.2 ) — — — (17.2 ) Net income (loss) attributable to partners $ (2.5 ) $ 177.1 $ (17.5 ) $ (176.4 ) $ (19.3 ) Crestwood Midstream Partners Condensed Consolidating Statements of Operations Year Ended December 31, 2013 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,412.6 $ — $ — $ 1,412.6 Costs of product/services sold — 995.4 — — 995.4 Expenses: Operations and maintenance — 103.4 — — 103.4 General and administrative 46.5 37.6 — — 84.1 Depreciation, amortization and accretion 1.0 138.4 — — 139.4 47.5 279.4 — — 326.9 Other operating income (expense): Gain on long-lived assets, net — 5.3 — — 5.3 Goodwill impairment — (4.1 ) — — (4.1 ) Loss on contingent consideration — (31.4 ) — — (31.4 ) Operating income (loss) (47.5 ) 107.6 — — 60.1 Loss from unconsolidated affiliates, net — — (0.1 ) — (0.1 ) Interest and debt expense, net (68.7 ) (3.0 ) — — (71.7 ) Equity in net income (loss) of subsidiary 103.8 — — (103.8 ) — Income (loss) before income taxes (12.4 ) 104.6 (0.1 ) (103.8 ) (11.7 ) Provision for income taxes — 0.7 — — 0.7 Net income (loss) (12.4 ) 103.9 (0.1 ) (103.8 ) (12.4 ) Net income attributable to non-controlling partners — — (4.9 ) — (4.9 ) Net income (loss) attributable to Crestwood Midstream Partners LP (12.4 ) 103.9 (5.0 ) (103.8 ) (17.3 ) Net income attributable to Class A preferred units — — — — — Net income (loss) attributable to partners $ (12.4 ) $ 103.9 $ (5.0 ) $ (103.8 ) $ (17.3 ) Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (190.8 ) $ 650.0 $ 12.6 $ — $ 471.8 Cash flows from investing activities: Purchases of property, plant and equipment (0.8 ) (181.9 ) — — (182.7 ) Investment in unconsolidated affiliates — — (41.8 ) — (41.8 ) Proceeds from the sale of assets — 2.7 — — 2.7 Capital distributions from unconsolidated affiliates — — 9.3 — 9.3 Capital contributions to consolidated affiliates (31.2 ) — — 31.2 — Net cash provided by (used in) investing activities (32.0 ) (179.2 ) (32.5 ) 31.2 (212.5 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 3,490.1 — — — 3,490.1 Principal payments on long-term debt (2,960.9 ) — — — (2,960.9 ) Payments on capital leases — (2.2 ) — — (2.2 ) Payments for debt-related deferred costs (17.3 ) — — — (17.3 ) Financing fees paid for early debt redemption (13.6 ) — — — (13.6 ) Distributions paid (808.2 ) — (11.3 ) — (819.5 ) Contributions from parent — — 31.2 (31.2 ) — Net proceeds from issuance of preferred units 58.8 — — — 58.8 Taxes paid for unit-based compensation vesting — (2.1 ) — — (2.1 ) Change in intercompany balances 474.1 (474.1 ) — — — Other (0.1 ) — — — (0.1 ) Net cash provided by (used in) financing activities 222.9 (478.4 ) 19.9 (31.2 ) (266.8 ) Net change in cash 0.1 (7.6 ) — — (7.5 ) Cash at beginning of period — 7.6 — — 7.6 Cash at end of period $ 0.1 $ — $ — $ — $ 0.1 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (165.6 ) $ 602.9 $ — $ — $ 437.3 Cash flows from investing activities: Acquisitions, net of cash acquired — (19.5 ) — — (19.5 ) Purchases of property, plant and equipment (4.3 ) (417.4 ) — — (421.7 ) Investment in unconsolidated affiliates, net — — (144.4 ) — (144.4 ) Proceeds from the sale of assets — 2.7 — — 2.7 Capital contributions to consolidated affiliates (89.5 ) — — 89.5 — Net cash provided by (used in) investing activities (93.8 ) (434.2 ) (144.4 ) 89.5 (582.9 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,089.9 — — — 2,089.9 Principal payments on long-term debt (1,949.8 ) (0.2 ) — — (1,950.0 ) Payments on capital leases (1.3 ) (1.9 ) — — (3.2 ) Payments for debt-related deferred costs (0.1 ) — — — (0.1 ) Distributions paid (470.5 ) — — — (470.5 ) Contributions from parents — — 89.5 (89.5 ) — Net proceeds from issuance of preferred equity of subsidiary — — 53.9 — 53.9 Net proceeds from issuance of Class A preferred units 430.5 — — — 430.5 Taxes paid for unit-based compensation vesting — (1.6 ) — — (1.6 ) Change in intercompany balances 161.4 (161.4 ) — — — Other (0.8 ) — — — (0.8 ) Net cash provided by (used in) financing activities 259.3 (165.1 ) 143.4 (89.5 ) 148.1 Net change in cash (0.1 ) 3.6 (1.0 ) — 2.5 Cash at beginning of period 0.1 4.0 1.0 — 5.1 Cash at end of period $ — $ 7.6 $ — $ — $ 7.6 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (46.1 ) $ 333.6 $ — $ (33.8 ) $ 253.7 Cash flows from investing activities: Acquisitions, net of cash acquired — (561.5 ) — — (561.5 ) Purchases of property, plant and equipment (1.0 ) (338.3 ) — — (339.3 ) Investment in unconsolidated affiliates, net — — (151.5 ) — (151.5 ) Capital contributions to consolidated affiliates (106.4 ) — — 106.4 — Proceeds from the sale of assets — 11.2 — — 11.2 Net cash provided by (used in) investing activities (107.4 ) (888.6 ) (151.5 ) 106.4 (1,041.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,072.8 — — — 2,072.8 Principal payments on long-term debt (1,634.3 ) (0.2 ) — — (1,634.5 ) Payments on capital leases (0.4 ) (3.9 ) — — (4.3 ) Payments for debt-related deferred costs (32.0 ) — — — (32.0 ) Distributions paid (419.7 ) (33.8 ) — 33.8 (419.7 ) Contributions from parents — 55.5 56.4 (106.4 ) 5.5 Net proceeds from the issuance of common units 714.0 — — — 714.0 Net proceeds from issuance of preferred equity of subsidiary — — 96.1 — 96.1 Taxes paid for unit-based compensation vesting — (5.5 ) — — (5.5 ) Change in intercompany balances (546.8 ) 546.8 — — — Net cash provided by (used in) financing activities 153.6 558.9 152.5 (72.6 ) 792.4 Net change in cash 0.1 3.9 1.0 — 5.0 Cash at beginning of period — 0.1 — — 0.1 Cash at end of period $ 0.1 $ 4.0 $ 1.0 $ — $ 5.1 |
Schedule I - Crestwood Equity P
Schedule I - Crestwood Equity Partners LP - Parent Only | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Crestwood Equity Partners LP - Parent Only | Schedule I Crestwood Equity Partners LP Parent Only Condensed Balance Sheet (in millions) December 31, 2015 2014 Assets Current assets: Cash $ 0.4 $ 3.7 Accounts receivable - trade 1.8 — Accounts receivable - intercompany — 3.2 Total current assets 2.2 6.9 Property, plant and equipment, net 1.5 2.5 Intangible assets 7.8 1.7 Investment in subsidiaries 2,757.7 5,799.5 Other assets 3.5 — Total assets $ 2,772.7 $ 5,810.6 Liabilities and partners’ capital Current liabilities: Accounts payable $ 2.6 $ — Accrued expenses 2.3 1.9 Current portion of long-term debt 0.2 3.0 Total current liabilities 5.1 4.9 Long-term debt, less current portion — 380.0 Other long-term liabilities 4.2 12.9 Total partners’ capital 2,763.4 5,412.8 Total liabilities and partners’ capital $ 2,772.7 $ 5,810.6 See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statement of Operations (in millions) Year Ended December 31, 2015 2014 2013 Revenues $ — $ — $ — Expenses 14.5 8.5 — Operating loss (14.5 ) (8.5 ) — Interest and debt expense, net (9.6 ) (15.7 ) (6.5 ) Equity in net income (loss) of subsidiaries (2,279.1 ) 14.2 (43.9 ) Loss on modification/extinguishment of debt (1.1 ) — — Other income, net 0.6 — — Loss before income taxes (2,303.7 ) (10.0 ) (50.4 ) Provision for income taxes — 0.4 0.2 Net loss and net loss attributable to Crestwood Equity Partners LP (2,303.7 ) (10.4 ) $ (50.6 ) Net income attributable to preferred units (6.2 ) — — Net loss attributable to partners $ (2,309.9 ) $ (10.4 ) $ (50.6 ) See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statement of Comprehensive Income (in millions) Year Ended December 31, 2015 2014 2013 Net loss $ (2,303.7 ) $ (10.4 ) $ (50.6 ) Change in fair value of Suburban Propane Partners, LP units (2.7 ) (0.5 ) (0.1 ) Comprehensive loss attributable to Crestwood Equity Partners LP $ (2,306.4 ) $ (10.9 ) $ (50.7 ) See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Condensed Statement of Cash Flows (in millions) Year Ended December 31, 2015 2014 2013 Cash flows from operating activities $ (14.7 ) $ (25.3 ) $ (12.3 ) Cash flows from investing activities 593.8 170.8 20.7 Cash flows from financing activities: Proceeds from the issuance of long-term debt 771.7 734.0 394.1 Principal payments on long-term debt (1,152.1 ) (746.2 ) (333.3 ) Payments for debt-related deferred costs — (1.8 ) — Distributions paid to partners (171.5 ) (102.5 ) (68.4 ) Change in intercompany balances (30.5 ) (25.4 ) 0.4 Other — — (1.1 ) Net cash used in financing activities (582.4 ) (141.9 ) (8.3 ) Net change in cash (3.3 ) 3.6 0.1 Cash at beginning of period 3.7 0.1 — Cash at end of period $ 0.4 $ 3.7 $ 0.1 See accompanying notes. Schedule I Crestwood Equity Partners LP Parent Only Notes to Condensed Financial Statements Note 1. Basis of Presentation In the parent-only financial statements, our investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Our share of net income of our unconsolidated subsidiaries is included in consolidated income using the equity method. The parent-only financial statements should be read in conjunction with our consolidated financial statements. Note 2. Distributions During the years ended December 31, 2015, 2014 and 2013, we received cash distributions from Crestwood Midstream Partners LP of approximately $31.4 million , $72.4 million and $26.2 million . |
Schedule II - Crestwood Equity
Schedule II - Crestwood Equity Parnters LP - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Crestwood Equity Parnters LP - Valuation and Qualifying Accounts | Schedule II Crestwood Equity Partners LP Valuation and Qualifying Accounts For the Years Ended December 31, 2015, 2014 and 2013 (in millions) Balance at beginning of period Charged to costs and expenses Other Additions Deductions (write-offs) Balance at end of period Allowance for doubtful accounts 2015 $ 0.1 $ — $ 0.4 $ (0.1 ) $ 0.4 2014 0.1 — — — 0.1 2013 — (1.1 ) 1.2 — 0.1 |
Basis of Presentation and Sum28
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts we report as assets, liabilities, revenues and expenses and our disclosures in these consolidated financial statements. Actual results can differ from those estimates. |
Cash | Cash We consider all highly liquid investments with an original maturity of less than three months to be cash. |
Inventory | Inventory Inventory for our our storage and transportation operations and our marketing, supply and logistics operations are stated at the lower of cost or market and are computed predominantly using the average cost method. Our inventory consisted primarily of NGLs of approximately $35.4 million and $37.5 million at December 31, 2015 and 2014. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at is original cost of construction or, upon acquisition, at the fair value of the assets acquired. For assets we construct, we capitalize direct costs, such as labor and materials, and indirect costs, such as overhead and interest. We capitalize major units of property replacements or improvement and expense minor items. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 20 Facilities and equipment 20 – 25 Buildings, rights-of-way and easements 20 – 40 Office furniture and fixtures 5 – 10 Vehicles 5 We deplete salt deposits included in our property, plant and equipment utilizing the unit of production method. We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is typically based on discounted cash flow projections using assumptions as to revenues, costs and discount rates typical of third party market participants, which is a Level 3 fair value measurement. During 2015 and 2014, we recorded the following impairments for our property, plant and equipment included in gain (loss) on long-lived assets in our consolidated statements of operations: • During 2015 and 2014, we incurred $8.5 million and $13.2 million of impairments of our property, plant and equipment related to our Granite Wash gathering and processing operations, which resulted from decreases in forecasted cash flows for those operations given that our major customer of those assets has declared bankruptcy and has ceased any substantial drilling in the Granite Wash in the near future given current and future anticipated market conditions related to normal gas and NGLs. The fair value of our property, plant and equipment related to our Granite Wash operations was $11.2 million as of December 31, 2015. • During 2015, Crestwood Equity incurred $354.4 million of impairments of its property, plant and equipment related to its Barnett gathering and processing operations, which resulted from the recent actions of our primary customer in the Barnett Shale, Quicksilver Resources, Inc. (Quicksilver), related to its filing for protection under Chapter 11 of the U.S. Bankruptcy Code in 2015. The fair value of our property, plant and equipment related to our Barnett operations was $298.5 million as of December 31, 2015. • During 2015, we incurred $61.9 million and $45.7 million of impairments of property, plant and equipment related to our Fayetteville and Haynesville gathering and processing operations, respectively, which resulted from decreases in forecasted cash flows for those operations given that our customers for those assets have ceased any substantial drilling in the Fayetteville and Haynesville Shales in the near future given current and future anticipated market conditions related to natural gas. The fair value of our property, plant and equipment related to our Fayetteville and Haynesville operations was $59.3 million and $3.8 million , respectively, as of December 31, 2015. • During 2015, we incurred $31.2 million of impairments on our property, plant and equipment related to our Watkins Glen development project in our marketing, supply and logistics segment, which resulted from continued delays and uncertainties in the permitting of our proposed NGL storage facility. The fair value of our property, plant and equipment related to our Watkins Glen development project was $6.7 million as of December 31, 2015. The remaining carrying value related to the property, plant and equipment associated with these assets represents the fair value of the property, plant and equipment as of December 31, 2015, which is a Level 3 fair value measurement. Our estimates of fair value considered a number of factors, including the potential value we would receive if we sold the asset, a 15% discount rate and projected cash flows. Projected cash flows of our property, plant and equipment are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, constructions costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. |
Identifiable Intangible Assets | Identifiable Intangible Assets Our identifiable intangible assets consist of customer accounts, covenants not to compete, trademarks, certain revenue contracts and deferred financing costs. Customer accounts, covenants not to compete, trademarks and certain of our revenue contracts have arisen from acquisitions. We amortize certain of our revenue contracts based on the projected cash flows associated with these contracts if the projected cash flows are readily determinable, otherwise we amortize our revenue contracts on a straight-line basis. Deferred financing costs represent financing costs incurred in obtaining financing and are being amortized over the term of the related debt using a method which approximates the effective interest method and has a weighted average life of six years. We recognize acquired intangible assets separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer's intent to do so. |
Goodwill | Identifiable Intangible Assets Our identifiable intangible assets consist of customer accounts, covenants not to compete, trademarks, certain revenue contracts and deferred financing costs. Customer accounts, covenants not to compete, trademarks and certain of our revenue contracts have arisen from acquisitions. We amortize certain of our revenue contracts based on the projected cash flows associated with these contracts if the projected cash flows are readily determinable, otherwise we amortize our revenue contracts on a straight-line basis. Deferred financing costs represent financing costs incurred in obtaining financing and are being amortized over the term of the related debt using a method which approximates the effective interest method and has a weighted average life of six years. We recognize acquired intangible assets separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the acquirer's intent to do so. During 2015 and 2014, we recorded the following impairments of our intangible assets included in gain (loss) on long-lived assets in our consolidated statements of operations: • During 2014, we fully impaired $20 million of intangible assets related to our Granite Wash gathering and processing operations, which resulted from decreases in forecasted cash flows for those operations given that our major customer of those assets has declared bankruptcy and has ceased any substantial drilling in the Granite Wash in the near future given current and future anticipated market conditions related to natural gas and NGLs. • During 2015, Crestwood Equity fully impaired $238.9 million of its intangible assets related to its Barnett gathering and processing operations, which resulted from the recent actions of our primary customer in the Barnett Shale, Quicksilver, related to filing for protection under Chapter 11 of the U.S. Bankruptcy Code in 2015. • During 2015, we fully impaired $70.9 million and $6.0 million of intangible assets related to our Fayetteville and Haynesville gathering and processing operations, respectively, which resulted from decreases in forecasted cash flows for those operations given that our customers for those assets have ceased any substantial drilling in the Fayetteville and Haynesville Shales in the near future given current and future anticipated market conditions related to natural gas. The remaining carrying value related to these intangible assets represents the fair value of the intangible assets as of December 31, 2015, which is a Level 3 fair value measurement. Our estimates of fair value considered a number of factors, including the potential value we would receive if we sold the asset, a 15% discount rate and projected cash flows. Projected cash flows of our intangible assets are generally based on current and anticipated future market conditions, which require significant judgment to make projections and assumptions about pricing, demand, competition, operating costs, construction costs, legal and regulatory issues and other factors that may extend many years into the future and are often outside of our control. Due to the imprecise nature of these projections and assumptions, actual results can and often do, differ from our estimates. Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts 22 Covenants not to compete 5 Trademarks 6 |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliates We evaluate our equity method investments for impairment when events or circumstances indicate that the carrying value of the equity method investment may be impaired and that impairment is other than temporary. If an event occurs, we evaluate the recoverability of our carrying value based on the fair value of the investment. If an impairment is indicated, or if we decide to sell an investment in unconsolidated affiliate, we adjust the carrying values of the asset downward, if necessary, to their estimated fair values. |
Asset Retirement Obligations | Asset Retirement Obligations An asset retirement obligation (ARO) is an estimated liability for the cost to retire a tangible asset. We record a liability for legal or contractual obligations to retire our long-lived assets associated with right-of-way contracts we hold and our facilities whether owned or leased. We record a liability in the period the obligation is incurred and estimable. An ARO is initially recorded at its estimated fair value with a corresponding increase to property, plant and equipment. This increase in property, plant and equipment is then depreciated over the useful life of the asset to which that liability relates. An ongoing expense is recognized for changes in the fair value of the liability as a result of the passage of time, which we record as depreciation, amortization and accretion expense on our consolidated statements of operations. The fair value of certain AROs could not be determined as the settlement dates (or range of dates) associated with these assets were not estimable. At December 31, 2015 and 2014 , our AROs were reflected in other long-term liabilities on our consolidated balance sheets. See Note 5 for a further discussion of our AROs. |
Revenue Recognition | Revenue Recognition We gather, treat, compress, store, transport and sell various commodities (including crude oil, natural gas, NGLs and water) pursuant to fixed-fee and percent-of-proceeds contracts. Under certain of those contracts in our G&P operations and our marketing, supply and logistics operations, we take title to the underlying commodity. In the current year, we changed our income statement to classify the revenues associated with the products to which we take title as product revenues in our consolidated statement of operations. In addition, we also reclassified our historical consolidated statements of operations for the years ended December 31,2014 and 2013 to reflect this change. We classify all other revenues as service revenues in our consolidated statement of operations. We recognize revenues for these services and products when all of the following criteria are met: • services have been rendered or products delivered or sold; • persuasive evidence of an exchange arrangement exists; • the price for services is fixed or determinable; and • collectability is reasonably assured. We record deferred revenue when we receive amounts from our customers but have not met the criteria listed above. We recognize deferred revenue in our consolidated statements of operations when the criteria has been met and all services have been rendered. At December 31, 2015 and 2014 , we had deferred revenue of approximately $14.2 million and $12.2 million , which is reflected in accrued expenses and other liabilities on our consolidated balance sheets. |
Credit Risk and Concentrations | Credit Risk and Concentrations 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. |
Income Taxes | Income Taxes Crestwood Equity is a master limited partnership and Crestwood Midstream is a limited partnership. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore are subject to federal income tax, unless the partnership generates at least 90% of its gross income from qualifying sources. If the qualifying income requirement is satisfied, the publicly-traded partnership will be treated as a partnership for federal income tax purposes. We satisfy the qualifying income requirement and are treated as a partnership for federal and state income tax purposes. Our consolidated earnings are included in the federal and state income tax returns of our partners. However, legislation in certain states allows for taxation of partnerships, and as such, certain state taxes have been included in our accompanying financial statements as income taxes due to the nature of the tax in those particular states as discussed below. In addition, federal and state income taxes are provided on the earnings of the subsidiaries incorporated as taxable entities. We are required to recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using expected rates in effect for the year in which the differences are expected to reverse. We are responsible for the Texas Margin tax computed on the Texas franchise tax returns. The margin tax qualifies as an income tax under GAAP, which requires us to recognize the impact of this tax on the temporary differences between the financial statement assets and liabilities and their tax basis attributable to such tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to unitholders as a result of differences between the tax basis and the financial reporting basis of assets and liabilities and the taxable income allocation requirements under the partnership agreement. |
Environmental Costs and Other Contingencies | Environmental Costs and Other Contingencies We recognize liabilities for environmental and other contingencies when there is an exposure that indicates it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Where the most likely outcome of a contingency can be reasonably estimated, we accrue a liability for that amount. Where the most likely outcome cannot be estimated, a range of potential losses is established and if no one amount in that range is more likely than any other, the low end of range is accrued. We record liabilities for environmental contingencies at their undiscounted amounts on our consolidated balance sheets as accrued expenses and other liabilities when environmental assessments indicate that remediation efforts are probable and costs can be reasonably estimated. Estimates of our liabilities are based on currently available facts and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors. These estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and recognize a current period charge in operations and maintenance expenses when clean-up efforts do not benefit future periods. We evaluate potential recoveries of amounts from third parties, including insurance coverage, separately from our liability. Recovery is evaluated based on the solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our consolidated balance sheet. |
Price Risk Management Activities | Price Risk Management Activities We utilize certain derivative financial instruments to (i) manage our exposure to commodity price risk, specifically, the related change in the fair value of inventory, as well as the variability of cash flows related to forecasted transactions; (ii) ensure the availability of adequate physical supply of commodity; and (iii) manage our exposure to the interest rate risk associated with fixed and variable rate borrowings. We record all derivative instruments on the balance sheet at their fair values as either assets or liabilities measured at fair value. Changes in the fair value of these derivative financial instruments are recorded through current earnings. We did not have any derivatives identified as fair value hedges or cash flow hedges for accounting purposes during the years ended December 31, 2015 , 2014 or 2013 . |
Unit-Based Compensation | Unit-Based Compensation Long-term incentive awards are granted under the Crestwood Equity incentive plan. Unit-based compensation awards consist of restricted units that are valued at the closing market price of CEQP's common units on the date of grant, which reflects the fair value of such awards. For those awards that are settled in cash, the associated liability is remeasured at every balance sheet date through settlement, such that the vested portion of the liability is adjusted to reflect its revised fair value through compensation expense. We generally recognize the expense associated with the award over the vesting period. |
Basis of Presentation and Sum29
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives Of Property, Plant And Equipment | Depreciation is computed by the straight-line method over the estimated useful lives of the assets, as follows: Years Gathering systems and pipelines 20 Facilities and equipment 20 – 25 Buildings, rights-of-way and easements 20 – 40 Office furniture and fixtures 5 – 10 Vehicles 5 |
Intangible Assets, Useful life | Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts 22 Covenants not to compete 5 Trademarks 6 Intangible assets consisted of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 583.7 $ 583.7 $ 583.7 $ 583.7 Covenants not to compete 6.6 9.6 5.6 8.6 Gas gathering, compression and processing contracts 325.2 730.2 325.2 431.4 Acquired storage contracts 29.0 29.0 29.0 29.0 Trademarks 31.3 32.2 15.8 16.7 Deferred financing costs 63.3 57.2 63.3 54.3 1,039.1 1,441.9 1,022.6 1,123.7 Less: accumulated amortization 229.0 210.6 220.3 154.1 Total intangible assets, net $ 810.1 $ 1,231.3 $ 802.3 $ 969.6 The following table summarizes the total of accumulated amortization of intangible assets by the type of intangible asset at December 31, 2015 and 2014 : CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 130.1 $ 72.5 $ 130.1 $ 72.5 Covenants not to compete 2.5 3.2 1.7 2.6 Gas gathering, compression and processing contracts 44.3 98.0 44.3 47.9 Acquired storage contracts 18.5 12.7 18.5 12.7 Trademarks 11.2 6.7 3.3 2.0 Deferred financing costs 22.4 17.5 22.4 16.4 Total accumulated amortization $ 229.0 $ 210.6 $ 220.3 $ 154.1 |
Schedule of Goodwill | The following table summarizes the goodwill of our various reporting units (in millions): Goodwill at December 31, 2013 Final Purchase Price Allocation Adjustments Goodwill Impairments during the Year Ended December 31, 2014 Goodwill at December 31, 2014 Goodwill Impairments during the Year Ended December 31, 2015 (1) Goodwill at December 31, 2015 Gathering and Processing Fayetteville $ 76.8 $ — $ 4.3 $ 72.5 $ 72.5 $ — Granite Wash 14.2 — 14.2 — — — Marcellus 8.6 — — 8.6 — 8.6 Arrow 45.5 0.4 — 45.9 — 45.9 Storage and Transportation Northeast Storage and Transportation 727.1 (0.8 ) — 726.3 — 726.3 COLT 670.5 (2.2 ) — 668.3 623.4 44.9 Marketing, Supply and Logistics West Coast 89.1 (3.2 ) — 85.9 85.9 — Supply and Logistics 269.5 (3.3 ) — 266.2 99.0 167.2 Storage and Terminals 104.7 (0.5 ) — 104.2 53.7 50.5 US Salt 16.1 (1.3 ) 2.2 12.6 — 12.6 Trucking 178.4 (0.5 ) — 177.9 148.4 29.5 Watkins Glen 94.6 (0.3 ) 28.1 66.2 66.2 — Total Crestwood Midstream $ 2,295.1 $ (11.7 ) $ 48.8 $ 2,234.6 $ 1,149.1 $ 1,085.5 Barnett (Gathering and Processing) 257.2 — — 257.2 257.2 — Total Crestwood Equity $ 2,552.3 $ (11.7 ) $ 48.8 $ 2,491.8 $ 1,406.3 $ 1,085.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following table presents unaudited pro forma consolidated revenues, net income and net income per limited partner unit as if the reverse mergers and the Arrow Acquisition had been included in our consolidated results for the entire year ended December 31, 2013 ( in millions, except per unit information ). CEQP CMLP Revenues $ 3,449.3 $ 3,423.8 Net income (loss) $ 3.9 $ (5.0 ) Net income per limited partner unit: Basic $ 0.40 Diluted $ 0.40 |
Inergy Midstream | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final valuation of the assets acquired and liabilities assumed at the merger date ( in millions ): CEQP CMLP Current assets $ 224.5 $ 49.1 Property, plant and equipment 2,088.1 1,677.8 Intangible assets 337.5 196.0 Other assets 12.7 2.9 Total identifiable assets acquired 2,662.8 1,925.8 Current liabilities 207.6 30.9 Long-term debt 1,079.3 745.0 Other long-term liabilities 146.6 5.3 Total liabilities assumed 1,433.5 781.2 Net identifiable assets acquired 1,229.3 1,144.6 Goodwill 2,134.8 1,532.7 Net assets acquired $ 3,364.1 $ 2,677.3 |
Arrow Midstream Holdings, LLC | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final valuation of the assets acquired and liabilities assumed at the acquisition date ( in millions ): Current assets $ 192.7 Property, plant and equipment 400.5 Intangible assets 323.4 Other assets 19.5 Total identifiable assets acquired 936.1 Current liabilities 215.8 Assets retirement obligations 1.2 Other long-term liabilities 3.7 Total liabilities assumed 220.7 Net identifiable assets acquired 715.4 Goodwill 45.9 Net assets acquired $ 761.3 |
Certain Balance Sheet Informa31
Certain Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant And Equipment | Property, plant and equipment of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Gathering systems and pipelines $ 1,070.4 $ 1,410.9 $ 1,213.2 $ 1,279.5 Facilities and equipment 1,505.9 1,648.3 1,691.0 1,653.8 Buildings, land, rights-of-way, storage contracts and easements 833.4 841.5 837.1 840.0 Vehicles 46.3 45.2 44.6 43.5 Construction in process 114.5 156.5 114.5 156.5 Base gas 37.3 37.5 37.3 37.5 Salt deposits 120.5 120.5 120.5 120.5 Office furniture and fixtures 19.4 13.5 19.5 13.3 3,747.7 4,273.9 4,077.7 4,144.6 Less: accumulated depreciation and depletion 436.9 380.1 552.0 398.6 Total property, plant and equipment, net $ 3,310.8 $ 3,893.8 $ 3,525.7 $ 3,746.0 |
Intangible Assets | Certain intangible assets are amortized on a straight-line basis over their estimated economic lives, as follows: Weighted-Average Life (years) Customer accounts 22 Covenants not to compete 5 Trademarks 6 Intangible assets consisted of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 583.7 $ 583.7 $ 583.7 $ 583.7 Covenants not to compete 6.6 9.6 5.6 8.6 Gas gathering, compression and processing contracts 325.2 730.2 325.2 431.4 Acquired storage contracts 29.0 29.0 29.0 29.0 Trademarks 31.3 32.2 15.8 16.7 Deferred financing costs 63.3 57.2 63.3 54.3 1,039.1 1,441.9 1,022.6 1,123.7 Less: accumulated amortization 229.0 210.6 220.3 154.1 Total intangible assets, net $ 810.1 $ 1,231.3 $ 802.3 $ 969.6 The following table summarizes the total of accumulated amortization of intangible assets by the type of intangible asset at December 31, 2015 and 2014 : CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Customer accounts $ 130.1 $ 72.5 $ 130.1 $ 72.5 Covenants not to compete 2.5 3.2 1.7 2.6 Gas gathering, compression and processing contracts 44.3 98.0 44.3 47.9 Acquired storage contracts 18.5 12.7 18.5 12.7 Trademarks 11.2 6.7 3.3 2.0 Deferred financing costs 22.4 17.5 22.4 16.4 Total accumulated amortization $ 229.0 $ 210.6 $ 220.3 $ 154.1 |
Schedule of Intangible Assets, Future Amortization Expense | Estimated amortization of our intangible assets for the next five years is as follows ( in millions ): CEQP CMLP Year Ending December 31, 2016 $ 82.9 $ 79.6 2017 69.8 66.7 2018 57.4 55.9 2019 53.8 53.8 2020 52.6 52.6 |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following at December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Accrued expenses $ 46.4 $ 52.5 $ 44.1 $ 50.0 Accrued property taxes 4.8 2.2 4.8 2.2 Accrued product purchases payable 1.5 0.7 1.5 0.7 Tax payable 0.5 1.6 0.5 1.2 Interest payable 26.2 23.5 26.2 21.9 Accrued additions to property, plant and equipment 10.4 20.0 10.4 20.0 Commitments and contingent liabilities ( Note 15 ) — 40.0 — 40.0 Capital leases 1.6 1.9 1.6 1.9 Deferred revenue 14.2 12.2 14.2 12.2 Total accrued expenses and other liabilities $ 105.6 $ 154.6 $ 103.3 $ 150.1 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | The following table presents the changes in the net asset retirement obligations for the years ended December 31, 2015 and 2014 ( in millions ): December 31, 2015 2014 Net asset retirement obligation at January 1 $ 23.8 $ 15.1 Liabilities incurred 1.1 4.6 Acquisitions — 1.2 Accretion expense 1.5 1.1 Changes in estimate — 1.8 Net asset retirement obligation at December 31 $ 26.4 $ 23.8 |
Investments in Unconsolidated33
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments [Table Text Block] | Ownership Percentage Investment Earnings (Loss) from Unconsolidated Affiliates December 31, December 31, Year Ended December 31, 2015 2015 2014 2015 2014 2013 Jackalope Gas Gathering Services, L.L.C. (1) 50.00 % (4) $ 202.4 $ 232.9 $ (43.4 ) (5) $ 0.5 $ 0.1 Tres Palacios Holdings LLC (2) 50.01 % 36.8 36.0 2.5 0.2 — Powder River Basin Industrial Complex, LLC (3) 50.01 % 15.1 26.2 (19.9 ) (5) (1.4 ) (0.2 ) Total $ 254.3 $ 295.1 $ (60.8 ) $ (0.7 ) $ (0.1 ) |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risk Management - Notional Amounts and Terms of Companys Derivative Financial Instruments [Abstract] | |
Notional Amounts And Terms Of Company's Derivative Financial Instruments | The notional amounts and terms of our derivative financial instruments include the following at December 31, 2015 and 2014 ( in millions ): December 31, 2015 December 31, 2014 Fixed Price Payor Fixed Price Receiver Fixed Price Payor Fixed Price Receiver Propane, crude and heating oil ( barrels ) 9.1 10.9 6.8 8.4 Natural gas ( MMBTU’s ) — — 0.2 0.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table reflects the carrying value and fair value of the senior notes ( in millions ): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair CEQP Senior Notes $ — $ — $ 11.4 $ 11.6 Crestwood Midstream 2019 Senior Notes $ — $ — $ 351.0 $ 360.5 Crestwood Midstream 2020 Senior Notes $ 503.3 $ 382.3 $ 504.0 $ 481.6 Crestwood Midstream 2022 Senior Notes $ 600.0 $ 437.4 $ 600.0 $ 568.5 Crestwood Midstream 2023 Senior Notes $ 700.0 $ 491.8 $ — $ — |
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 December 31, 2015 and 2014 ( in millions ): December 31, 2015 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.5 $ 57.8 $ — $ 58.3 $ (13.7 ) $ (12.0 ) $ 32.6 Suburban Propane Partners, L.P. units (2) 3.4 — — 3.4 — — 3.4 Total assets at fair value $ 3.9 $ 57.8 $ — $ 61.7 $ (13.7 ) $ (12.0 ) $ 36.0 Liabilities Liabilities from price risk management $ 0.2 $ 41.3 $ — $ 41.5 $ (13.7 ) $ (20.4 ) $ 7.4 Total liabilities at fair value $ 0.2 $ 41.3 $ — $ 41.5 $ (13.7 ) $ (20.4 ) $ 7.4 December 31, 2014 Fair Value of Derivatives Level 1 Level 2 Level 3 Gross Fair Value Contract Netting (1) Collateral/Margin Received or Paid Recorded in Balance Sheet Assets Assets from price risk management $ 0.5 $ 146.7 $ — $ 147.2 $ (28.8 ) $ (38.6 ) $ 79.8 Suburban Propane Partners, L.P. units (2) 6.1 — — 6.1 — — 6.1 Total assets at fair value $ 6.6 $ 146.7 $ — $ 153.3 $ (28.8 ) $ (38.6 ) $ 85.9 Liabilities Liabilities from price risk management $ 1.6 $ 99.2 $ — $ 100.8 $ (28.8 ) $ (46.6 ) $ 25.4 Interest rate swaps (3) — 1.6 — 1.6 — — 1.6 Total liabilities at fair value $ 1.6 $ 100.8 $ — $ 102.4 $ (28.8 ) $ (46.6 ) $ 27.0 (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. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Components Of Long-Term Debt | Long-term debt consisted of the following at December 31, 2015 and 2014 , ( in millions ): December 31, December 31, CMLP Credit Facility $ 735.0 $ 555.0 Crestwood Midstream 2019 Senior Notes — 350.0 Premium on Crestwood Midstream 2019 Senior Notes — 1.0 Crestwood Midstream 2020 Senior Notes 500.0 500.0 Fair value adjustment of Crestwood Midstream 2020 Senior Notes 3.3 4.0 Crestwood Midstream 2022 Senior Notes 600.0 600.0 Crestwood Midstream 2023 Senior Notes 700.0 — Other 5.3 5.3 Total Crestwood Midstream debt 2,543.6 2,015.3 CEQP Credit Facility — 369.0 CEQP Senior Notes — 11.4 Other 0.2 0.8 Total Crestwood Equity debt 2,543.8 2,396.5 Less: current portion 1.1 3.7 Total long-term debt, less current portion $ 2,542.7 $ 2,392.8 |
Schedule of Maturities of Long-term Debt | The aggregate maturities of principal amounts on our outstanding long-term debt and other notes payable as of December 31, 2015 for the next five years and in total thereafter are as follows ( in millions ): CEQP CMLP 2016 $ 1.1 $ 0.9 2017 1.0 1.0 2018 1.0 1.0 2019 1.1 1.1 2020 1,238.6 1,238.6 Thereafter 1,301.0 1,301.0 Total debt $ 2,543.8 $ 2,543.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes for the years ended December 31, 2015 , 2014 , and 2013 consisted of the following (in millions) : CEQP CMLP Year Ended December 31, Year Ended December 31, 2015 2014 2013 2015 2014 2013 Current: Federal $ 1.6 $ 5.0 $ 2.5 $ — $ — $ — State 0.6 1.3 1.3 0.3 0.2 0.7 Total current 2.2 6.3 3.8 0.3 0.2 0.7 Deferred: Federal (2.9 ) (5.3 ) (2.5 ) — — — State (0.7 ) 0.1 (0.3 ) (0.3 ) 0.7 — Total deferred (3.6 ) (5.2 ) (2.8 ) (0.3 ) 0.7 — Provision (benefit) for income taxes $ (1.4 ) $ 1.1 $ 1.0 $ — $ 0.9 $ 0.7 |
Schedule of Deferred Tax Assets and Liabilities | Components of our deferred income taxes at December 31, 2015 and 2014 are as follows (in millions). CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Deferred tax asset: Basis difference in stock of company $ 0.5 $ — $ — $ — Total deferred tax asset 0.5 — — — Deferred tax liability: Basis difference in stock of acquired company (8.9 ) (12.0 ) (0.4 ) (0.7 ) Total deferred tax liability (8.9 ) (12.0 ) (0.4 ) (0.7 ) Net deferred tax liability $ (8.4 ) $ (12.0 ) $ (0.4 ) $ (0.7 ) |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | A summary of CEQP's limited partner quarterly cash distributions for the years ended December 31, 2015 , 2014 and 2013 is presented below: Record Date Payment Date Per Unit Rate Cash Distributions ( in millions ) 2015 February 6, 2015 February 13, 2015 $ 1.375 $ 25.8 May 8, 2015 May 15, 2015 $ 1.375 25.7 August 7, 2015 August 14, 2015 $ 1.375 25.7 November 6, 2015 November 13, 2015 $ 1.375 $ 94.3 $ 171.5 2014 February 7, 2014 February 14, 2014 $ 1.375 $ 25.6 May 8, 2014 May 15, 2014 $ 1.375 25.7 August 7, 2014 August 14, 2014 $ 1.375 25.6 November 7, 2014 November 14, 2014 $ 1.375 25.6 $ 102.5 2013 August 7, 2013 August 14, 2013 $ 1.30 $ 22.3 November 7, 2013 November 14, 2013 $ 1.35 25.0 $ 47.3 |
Schedule of Limited Partners' Capital Account by Class | The table below presents limited partner unit issuances by Legacy Crestwood, Inergy Midstream and Crestwood Midstream. Issuer Issuance Date Units Per Unit Gross Price Per Unit Net Price (1) Net Proceeds ( in millions ) Legacy Crestwood March 22, 2013 5,175,000 (2) 23.90 23.00 118.5 Inergy Midstream September 13, 2013 11,773,191 (3) 22.50 21.69 255.2 Crestwood Midstream October 23, 2013 16,100,000 (4) N/A 21.19 340.3 (1) Price is net of underwriting discounts. (2) Includes 675,000 units that were issued in April 2013. (3) Includes 773,191 units that were issued on October 7, 2013. (4) Includes 2,100,000 units that were issued on October 30, 2013. The components of net income (loss) attributable to non-controlling partners for the years ended December 31, 2015 , 2014 and 2013 are as follows (in millions) : Year Ended December 31, 2015 2014 2013 Crestwood Niobrara preferred interests $ 23.1 $ 16.8 $ 4.9 CMLP net income attributable to non-controlling partners 23.1 16.8 4.9 Crestwood Midstream limited partner interests (683.0 ) (100.8 ) (62.2 ) Crestwood Midstream Class A preferred units 23.1 17.2 — CEQP net income (loss) attributable to non-controlling partners $ (636.8 ) $ (66.8 ) $ (57.3 ) |
CMLP | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Schedule of Distributions Made to Members or Limited Partners, by Distribution | Record Date Payment Date Per Unit Rate Cash Distributions (in millions) 2015 February 6, 2015 February 13, 2015 $ 0.41 $ 74.3 May 8, 2015 May 15, 2015 $ 0.41 74.3 August 7, 2015 August 14, 2015 $ 0.41 74.3 $ 222.9 2014 February 7, 2014 February 14, 2014 $ 0.41 $ 74.1 May 8, 2014 May 15, 2014 $ 0.41 74.2 August 7, 2014 August 14, 2014 $ 0.41 74.1 November 7, 2014 November 14, 2014 $ 0.41 74.1 $ 296.5 2013 January 31, 2013 February 12, 2013 $ 0.510 $ 21.0 April 30, 2013 May 10, 2013 $ 0.510 27.4 August 1, 2013 August 9, 2013 $ 0.510 27.4 August 7, 2013(1) August 14, 2013 $ 0.400 34.3 November 7, 2013(1) November 14, 2013 $ 0.405 69.5 $ 179.6 |
Equity Plans (Tables)
Equity Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information regarding restricted and phantom unit activity during the years ended December 31, 2015 and 2014 . As discussed in Note 10, the board of directors of CEQP's general partner approved a 1-for-10 reverse split of our common units effective November 23, 2015. The restricted and phantom units in the table below have been recast to reflect the reverse split. Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2014 49,354 $ 139.60 Vested - restricted units (44,993 ) $ 139.70 Granted - restricted units 137,746 $ 132.30 Forfeited (10,519 ) $ 137.30 Unvested - December 31, 2014 131,588 $ 132.10 Vested - restricted units (91,798 ) $ 121.13 Vested - phantom units (4,856 ) $ 67.10 Granted - restricted units 142,255 $ 55.25 Granted - phantom units 42,349 $ 62.31 Modification - restricted units 226,401 $ 68.85 Modification - phantom units 41,269 $ 58.36 Forfeited (1) (20,994 ) $ 89.97 Unvested - December 31, 2015 466,214 $ 69.80 The following table summarizes information regarding restricted and phantom unit activity during the years ended December 31, 2015 and 2014 : Units Weighted-Average Grant Date Fair Value Unvested - January 1, 2014 250,557 $ 22.13 Vested - restricted units (208,361 ) $ 22.15 Granted - restricted units 871,078 $ 23.25 Forfeited (78,478 ) $ 23.33 Unvested - December 31, 2014 834,796 $ 23.18 Vested - restricted units (457,458 ) $ 22.91 Vested - phantom units (21,578 ) $ 16.05 Granted - restricted units 535,858 $ 15.89 Granted - phantom units 171,648 $ 15.76 Modification - restricted units (823,277 ) $ 20.06 Modification - phantom units (150,070 ) $ 18.93 Forfeited (1) (89,919 ) $ 16.05 Unvested - December 31, 2015 — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under our noncancelable operating leases for the next five years ending December 31 and in total thereafter consist of the following ( in millions ): Year Ending December 31, 2016 $ 19.1 2017 16.6 2018 15.3 2019 14.1 2020 9.2 Thereafter 23.8 Total minimum lease payments $ 98.1 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table shows revenues, costs of product/services sold, general and administrative expenses and reimbursement of expenses from our affiliates for the years December 31, 2015 , 2014 and 2013 ( in millions ): Year Ended December 31, 2015 2014 2013 Gathering and processing revenues at CEQP and CMLP $ 3.9 $ 3.0 $ 74.9 Gathering and processing costs of product/services sold at CEQP and CMLP (1) $ 28.9 $ 42.2 $ 32.5 Operations and maintenance expenses charged at CEQP and CMLP $ 2.8 $ 0.2 $ — General and administrative expenses charged by CEQP to CMLP, net (2) $ 49.5 $ 63.6 $ 34.7 General and administrative expenses charged by CEQP to Crestwood Holdings, net (3) $ 0.4 $ 0.5 $ 25.3 (1) Represents natural gas purchases from Sabine Oil and Gas. (2) Includes $10.0 million , $6.9 million and $4.4 million of net unit-based compensation charges allocated from CEQP to CMLP for the years ended December 31, 2015, 2014 and 2013. (3) Includes $0.1 million unit-based compensation charges allocated from Crestwood Holdings to CMLP during the year ended December 31, 2015. |
Schedule of Related Party Receivables and Payables | The following table shows accounts receivable and accounts payable from our affiliates as of December 31, 2015 and 2014 ( in millions ): CEQP CMLP December 31, December 31, 2015 2014 2015 2014 Accounts receivable $ 1.7 $ 0.6 $ 1.7 $ 0.3 Accounts payable $ 4.0 $ 5.6 $ 1.5 $ 3.1 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | Below is a reconciliation of CEQP's net income to EBITDA ( in millions ): Year Ended December 31, 2015 2014 2013 Net loss $ (2,303.7 ) $ (10.4 ) $ (50.6 ) Add: Interest and debt expense, net 140.1 127.1 77.9 Loss on modification/extinguishment of debt 20.0 — — Provision (benefit) for income taxes (1.4 ) 1.1 1.0 Depreciation, amortization and accretion 300.1 285.3 167.9 EBITDA $ (1,844.9 ) $ 403.1 $ 196.2 The following tables summarize CEQP's reportable segment data for the years ended December 31, 2015 , 2014 and 2013 ( in millions ). Included in earnings (loss) from unconsolidated affiliates below was approximately $86.1 million , $7.6 million and $2.6 million of depreciation and amortization expense and gains (losses) on long-lived assets, net related to our equity investments for the years ended December 31, 2015, 2014 and 2013, respectively. Year Ended December 31, 2015 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 1,381.0 $ 266.3 $ 985.5 $ — $ 2,632.8 Intersegment revenues 66.7 — (66.7 ) — — Costs of product/services sold 1,103.9 20.1 759.5 — 1,883.5 Operations and maintenance expense 89.0 31.7 69.5 — 190.2 General and administrative expense — — — 116.3 116.3 Loss on long-lived assets, net (787.3 ) (1.6 ) (32.3 ) — (821.2 ) Goodwill impairment (329.7 ) (623.4 ) (453.2 ) — (1,406.3 ) Loss from unconsolidated affiliates, net (43.4 ) (17.4 ) — — (60.8 ) Other income, net — — — 0.6 0.6 EBITDA $ (905.6 ) $ (427.9 ) $ (395.7 ) $ (115.7 ) $ (1,844.9 ) Goodwill $ 54.5 $ 771.2 $ 259.8 $ — $ 1,085.5 Total assets $ 2,325.2 $ 2,217.4 $ 1,083.7 $ 177.4 $ 5,803.7 Purchases of property, plant and equipment $ 132.7 $ 26.4 $ 22.8 $ 0.8 $ 182.7 Year Ended December 31, 2014 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 2,166.8 $ 264.6 $ 1,499.9 $ — $ 3,931.3 Intersegment revenues 50.0 — (50.0 ) — — Costs of product/services sold 1,859.9 33.3 1,272.1 — 3,165.3 Operations and maintenance expense 102.8 28.8 71.7 — 203.3 General and administrative expense — — — 100.2 100.2 Gain (loss) on long-lived assets (32.7 ) 33.8 (3.0 ) — (1.9 ) Goodwill impairment (18.5 ) — (30.3 ) — (48.8 ) Loss on contingent consideration (8.6 ) — — — (8.6 ) Earnings (loss) from unconsolidated affiliates 0.5 (1.2 ) — — (0.7 ) Other income, net — — — 0.6 0.6 EBITDA $ 194.8 $ 235.1 $ 72.8 $ (99.6 ) $ 403.1 Goodwill $ 384.2 $ 1,394.6 $ 713.0 $ — $ 2,491.8 Total assets $ 3,593.6 $ 2,423.3 $ 2,240.6 $ 203.9 $ 8,461.4 Purchases of property, plant and equipment $ 327.9 $ 37.0 $ 50.9 $ 8.2 $ 424.0 Year Ended December 31, 2013 Gathering and Processing Storage and Transportation Marketing, Supply and Logistics Corporate Total Revenues $ 510.0 $ 130.9 $ 785.8 $ — $ 1,426.7 Costs of product/services sold 267.5 19.7 715.1 — 1,002.3 Operations and maintenance expense 58.7 14.2 31.7 — 104.6 General and administrative expense — — — 93.5 93.5 Gain (loss) on long-lived assets 5.4 — (0.1 ) — 5.3 Goodwill impairment (4.1 ) — — — (4.1 ) Gain on contingent consideration (31.4 ) — — — (31.4 ) Earnings (loss) from unconsolidated affiliates 0.1 (0.2 ) — — (0.1 ) Other income, net — — — 0.2 0.2 EBITDA $ 153.8 $ 96.8 $ 38.9 $ (93.3 ) $ 196.2 Purchases of property, plant and equipment $ 290.7 $ 43.4 $ 11.9 $ 1.0 $ 347.0 |
Condensed Consolidating Finan43
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Condensed Consolidating Balance Sheet | Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ 0.1 $ — $ — $ — $ 0.1 Accounts receivable — 236.0 0.5 — 236.5 Inventory — 44.5 — — 44.5 Other current assets — 52.5 — — 52.5 Total current assets 0.1 333.0 0.5 — 333.6 Property, plant and equipment, net — 3,525.7 — — 3,525.7 Goodwill and intangible assets, net 40.9 1,846.9 — — 1,887.8 Investment in consolidated affiliates 5,506.8 — — (5,506.8 ) — Investment in unconsolidated affiliates — — 254.3 — 254.3 Other assets — 3.1 — — 3.1 Total assets $ 5,547.8 $ 5,708.7 $ 254.8 $ (5,506.8 ) $ 6,004.5 Liabilities and partners' capital Current liabilities: Accounts payable — 141.3 0.1 — 141.4 Other current liabilities 26.4 85.2 — — 111.6 Total current liabilities 26.4 226.5 0.1 — 253.0 Long-term liabilities: Long-term debt, less current portion 2,539.8 2.9 — — 2,542.7 Other long-term liabilities — 43.3 — — 43.3 Deferred income taxes — 0.4 — — 0.4 Partners' capital 2,981.6 5,435.6 71.2 (5,506.8 ) 2,981.6 Interest of non-controlling partners in subsidiaries — — 183.5 — 183.5 Total partners' capital 2,981.6 5,435.6 254.7 (5,506.8 ) 3,165.1 Total liabilities and partners' capital $ 5,547.8 $ 5,708.7 $ 254.8 $ (5,506.8 ) $ 6,004.5 Crestwood Midstream Partners LP Condensed Consolidating Balance Sheet December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash $ — $ 7.6 $ — $ — $ 7.6 Accounts receivable 1.2 377.8 0.3 — 379.3 Inventory — 46.6 — — 46.6 Other current assets — 103.1 — 103.1 Total current assets 1.2 535.1 0.3 — 536.6 Property, plant and equipment, net 7.9 3,738.1 — — 3,746.0 Goodwill and intangible assets, net 38.0 3,166.2 — — 3,204.2 Investment in consolidated affiliates 7,148.0 — — (7,148.0 ) — Investment in unconsolidated affiliates — — 295.1 — 295.1 Other assets — 3.3 — — 3.3 Total assets $ 7,195.1 $ 7,442.7 $ 295.4 $ (7,148.0 ) $ 7,785.2 Liabilities and partners' capital Current liabilities: Accounts payable 9.0 225.8 0.2 — 235.0 Other current liabilities 23.0 153.3 — — 176.3 Total current liabilities 32.0 379.1 0.2 — 411.3 Long-term liabilities: Long-term debt, less current portion 2,012.8 1.7 — — 2,014.5 Other long-term liabilities 1.6 36.7 — — 38.3 Deferred income taxes — 0.7 — — 0.7 Partners' capital 5,148.7 7,024.5 123.5 (7,148.0 ) 5,148.7 Interest of non-controlling partners in subsidiaries — — 171.7 — 171.7 Total partners' capital 5,148.7 7,024.5 295.2 (7,148.0 ) 5,320.4 Total liabilities and partners' capital $ 7,195.1 $ 7,442.7 $ 295.4 $ (7,148.0 ) $ 7,785.2 | |
Condensed Consolidating Statements of Operations | Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 2,632.8 $ — $ — $ 2,632.8 Costs of product/services sold — 1,883.5 — — 1,883.5 Expenses: Operations and maintenance — 188.7 — — 188.7 General and administrative 65.3 40.3 — — 105.6 Depreciation, amortization and accretion — 278.5 — — 278.5 65.3 507.5 — — 572.8 Other operating expense: Loss on long-lived assets, net — (227.8 ) — — (227.8 ) Goodwill impairment — (1,149.1 ) — — (1,149.1 ) Operating loss (65.3 ) (1,135.1 ) — — (1,200.4 ) Loss from unconsolidated affiliates, net — — (60.8 ) — (60.8 ) Interest and debt expense, net (130.5 ) — — — (130.5 ) Loss on modification/extinguishment of debt (18.9 ) — — — (18.9 ) Equity in net income (loss) of subsidiary (1,195.9 ) — — 1,195.9 — Income (loss) before income taxes (1,410.6 ) (1,135.1 ) (60.8 ) 1,195.9 (1,410.6 ) Provision for income taxes — — — — — Net income (loss) (1,410.6 ) (1,135.1 ) (60.8 ) 1,195.9 (1,410.6 ) Net income attributable to non-controlling partners in subsidiaries — — (23.1 ) — (23.1 ) Net income (loss) attributable to Crestwood Midstream Partners LP (1,410.6 ) (1,135.1 ) (83.9 ) 1,195.9 (1,433.7 ) Net income attributable to Class A preferred units (23.1 ) — — — (23.1 ) Net income (loss) attributable to partners $ (1,433.7 ) $ (1,135.1 ) $ (83.9 ) $ 1,195.9 $ (1,456.8 ) Crestwood Midstream Partners LP Condensed Consolidating Statements of Operations Year Ended December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 3,917.5 $ — $ — $ 3,917.5 Costs of product/services sold — 3,154.8 — — 3,154.8 Expenses: Operations and maintenance — 195.4 — — 195.4 General and administrative 49.4 42.3 — — 91.7 Depreciation, amortization and accretion 0.9 254.5 — — 255.4 50.3 492.2 — — 542.5 Other operating expense: Loss on long-lived assets, net — (35.1 ) — — (35.1 ) Goodwill impairment — (48.8 ) — — (48.8 ) Loss on contingent consideration — (8.6 ) — — (8.6 ) Operating income (loss) (50.3 ) 178.0 — — 127.7 Loss from unconsolidated affiliates, net — — (0.7 ) — (0.7 ) Interest and debt expense, net (111.4 ) — — — (111.4 ) Equity in net income (loss) of subsidiary 176.4 — — (176.4 ) — Income (loss) before income taxes 14.7 178.0 (0.7 ) (176.4 ) 15.6 Provision for income taxes — 0.9 — 0.9 Net income (loss) 14.7 177.1 (0.7 ) (176.4 ) 14.7 Net income attributable to non-controlling partners — — (16.8 ) — (16.8 ) Net income (loss) attributable to Crestwood Midstream Partners LP 14.7 177.1 (17.5 ) (176.4 ) (2.1 ) Net income attributable to Class A preferred units (17.2 ) — — — (17.2 ) Net income (loss) attributable to partners $ (2.5 ) $ 177.1 $ (17.5 ) $ (176.4 ) $ (19.3 ) | Crestwood Midstream Partners Condensed Consolidating Statements of Operations Year Ended December 31, 2013 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 1,412.6 $ — $ — $ 1,412.6 Costs of product/services sold — 995.4 — — 995.4 Expenses: Operations and maintenance — 103.4 — — 103.4 General and administrative 46.5 37.6 — — 84.1 Depreciation, amortization and accretion 1.0 138.4 — — 139.4 47.5 279.4 — — 326.9 Other operating income (expense): Gain on long-lived assets, net — 5.3 — — 5.3 Goodwill impairment — (4.1 ) — — (4.1 ) Loss on contingent consideration — (31.4 ) — — (31.4 ) Operating income (loss) (47.5 ) 107.6 — — 60.1 Loss from unconsolidated affiliates, net — — (0.1 ) — (0.1 ) Interest and debt expense, net (68.7 ) (3.0 ) — — (71.7 ) Equity in net income (loss) of subsidiary 103.8 — — (103.8 ) — Income (loss) before income taxes (12.4 ) 104.6 (0.1 ) (103.8 ) (11.7 ) Provision for income taxes — 0.7 — — 0.7 Net income (loss) (12.4 ) 103.9 (0.1 ) (103.8 ) (12.4 ) Net income attributable to non-controlling partners — — (4.9 ) — (4.9 ) Net income (loss) attributable to Crestwood Midstream Partners LP (12.4 ) 103.9 (5.0 ) (103.8 ) (17.3 ) Net income attributable to Class A preferred units — — — — — Net income (loss) attributable to partners $ (12.4 ) $ 103.9 $ (5.0 ) $ (103.8 ) $ (17.3 ) |
Condensed Consolidating Statements of Cash Flows | Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (190.8 ) $ 650.0 $ 12.6 $ — $ 471.8 Cash flows from investing activities: Purchases of property, plant and equipment (0.8 ) (181.9 ) — — (182.7 ) Investment in unconsolidated affiliates — — (41.8 ) — (41.8 ) Proceeds from the sale of assets — 2.7 — — 2.7 Capital distributions from unconsolidated affiliates — — 9.3 — 9.3 Capital contributions to consolidated affiliates (31.2 ) — — 31.2 — Net cash provided by (used in) investing activities (32.0 ) (179.2 ) (32.5 ) 31.2 (212.5 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 3,490.1 — — — 3,490.1 Principal payments on long-term debt (2,960.9 ) — — — (2,960.9 ) Payments on capital leases — (2.2 ) — — (2.2 ) Payments for debt-related deferred costs (17.3 ) — — — (17.3 ) Financing fees paid for early debt redemption (13.6 ) — — — (13.6 ) Distributions paid (808.2 ) — (11.3 ) — (819.5 ) Contributions from parent — — 31.2 (31.2 ) — Net proceeds from issuance of preferred units 58.8 — — — 58.8 Taxes paid for unit-based compensation vesting — (2.1 ) — — (2.1 ) Change in intercompany balances 474.1 (474.1 ) — — — Other (0.1 ) — — — (0.1 ) Net cash provided by (used in) financing activities 222.9 (478.4 ) 19.9 (31.2 ) (266.8 ) Net change in cash 0.1 (7.6 ) — — (7.5 ) Cash at beginning of period — 7.6 — — 7.6 Cash at end of period $ 0.1 $ — $ — $ — $ 0.1 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (165.6 ) $ 602.9 $ — $ — $ 437.3 Cash flows from investing activities: Acquisitions, net of cash acquired — (19.5 ) — — (19.5 ) Purchases of property, plant and equipment (4.3 ) (417.4 ) — — (421.7 ) Investment in unconsolidated affiliates, net — — (144.4 ) — (144.4 ) Proceeds from the sale of assets — 2.7 — — 2.7 Capital contributions to consolidated affiliates (89.5 ) — — 89.5 — Net cash provided by (used in) investing activities (93.8 ) (434.2 ) (144.4 ) 89.5 (582.9 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,089.9 — — — 2,089.9 Principal payments on long-term debt (1,949.8 ) (0.2 ) — — (1,950.0 ) Payments on capital leases (1.3 ) (1.9 ) — — (3.2 ) Payments for debt-related deferred costs (0.1 ) — — — (0.1 ) Distributions paid (470.5 ) — — — (470.5 ) Contributions from parents — — 89.5 (89.5 ) — Net proceeds from issuance of preferred equity of subsidiary — — 53.9 — 53.9 Net proceeds from issuance of Class A preferred units 430.5 — — — 430.5 Taxes paid for unit-based compensation vesting — (1.6 ) — — (1.6 ) Change in intercompany balances 161.4 (161.4 ) — — — Other (0.8 ) — — — (0.8 ) Net cash provided by (used in) financing activities 259.3 (165.1 ) 143.4 (89.5 ) 148.1 Net change in cash (0.1 ) 3.6 (1.0 ) — 2.5 Cash at beginning of period 0.1 4.0 1.0 — 5.1 Cash at end of period $ — $ 7.6 $ — $ — $ 7.6 Crestwood Midstream Partners LP Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (in millions) Parent Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: $ (46.1 ) $ 333.6 $ — $ (33.8 ) $ 253.7 Cash flows from investing activities: Acquisitions, net of cash acquired — (561.5 ) — — (561.5 ) Purchases of property, plant and equipment (1.0 ) (338.3 ) — — (339.3 ) Investment in unconsolidated affiliates, net — — (151.5 ) — (151.5 ) Capital contributions to consolidated affiliates (106.4 ) — — 106.4 — Proceeds from the sale of assets — 11.2 — — 11.2 Net cash provided by (used in) investing activities (107.4 ) (888.6 ) (151.5 ) 106.4 (1,041.1 ) Cash flows from financing activities: Proceeds from the issuance of long-term debt 2,072.8 — — — 2,072.8 Principal payments on long-term debt (1,634.3 ) (0.2 ) — — (1,634.5 ) Payments on capital leases (0.4 ) (3.9 ) — — (4.3 ) Payments for debt-related deferred costs (32.0 ) — — — (32.0 ) Distributions paid (419.7 ) (33.8 ) — 33.8 (419.7 ) Contributions from parents — 55.5 56.4 (106.4 ) 5.5 Net proceeds from the issuance of common units 714.0 — — — 714.0 Net proceeds from issuance of preferred equity of subsidiary — — 96.1 — 96.1 Taxes paid for unit-based compensation vesting — (5.5 ) — — (5.5 ) Change in intercompany balances (546.8 ) 546.8 — — — Net cash provided by (used in) financing activities 153.6 558.9 152.5 (72.6 ) 792.4 Net change in cash 0.1 3.9 1.0 — 5.0 Cash at beginning of period — 0.1 — — 0.1 Cash at end of period $ 0.1 $ 4.0 $ 1.0 $ — $ 5.1 |
Organization and Description 44
Organization and Description of Business (Narrative) (Detail) $ / shares in Units, $ in Millions | Feb. 12, 2016shares | Oct. 07, 2013USD ($)shares | May. 06, 2013USD ($) | Jan. 31, 2016shares | Oct. 31, 2013USD ($)$ / unit | Dec. 31, 2015shares | Sep. 30, 2015segment | Dec. 31, 2015reporting_units$ / sharesshares | Dec. 31, 2014shares |
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Conversion ratio | 2.75 | ||||||||
Cash payments to unitholders upon completion of merger, per unit | $ / unit | 1.03 | ||||||||
Distribution made to limited partners | 1,372,573 | ||||||||
Number of operating segments | 3 | 3 | |||||||
CMLP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Cash | $ | $ 34.9 | ||||||||
CMLP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Distribution percentage | 50.00% | ||||||||
Conversion ratio | 1.07 | ||||||||
Cash | $ | $ 34.9 | ||||||||
Distribution made to limited partners | 1,271,935 | 387,991 | |||||||
Crestwood Equity Partners LP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.90% | 99.90% | |||||||
Treasury Stock, Shares, Acquired | 3,458,912 | ||||||||
Crestwood Gas Services GP, LLC [Member] | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 0.10% | 0.10% | |||||||
Crestwood Holdings | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Cash | $ | 10 | ||||||||
Cash payments to unitholders upon completion of merger | $ | $ 10 | ||||||||
Parent Company | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Cash | $ | $ 24.9 | ||||||||
Distribution Rights | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Distribution declared per limited partner unit | $ / shares | $ 0.37 | ||||||||
Distribution Rights | Crestwood Equity Partners LP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Distribution percentage | 100.00% | ||||||||
Crestwood Holdings | Crestwood Equity Partners LP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Shares issued by acquiree | 14,300,000 | ||||||||
Crestwood Holdings | Majority Shareholder | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Shares exchanged by acquirer | 7,100,000 | ||||||||
Common Unit Capital | Crestwood Holdings | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
General partner ownership percentage | 21.00% | ||||||||
Subordinated Unit | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Units of partnership interest, amount | 438,789 | 438,789 | |||||||
Subsequent Event | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Distribution made to limited partners | 1,404,317 | ||||||||
Subsequent Event | Crestwood Equity Partners LP | |||||||||
Partnership Organization And Basis Of Presentation [Line Items] | |||||||||
Treasury Stock, Shares, Acquired | 1,525,430 |
Basis of Presentation and Sum45
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Property, plant and equipment (Note 4) | $ 3,747.7 | $ 4,273.9 |
Deferred revenue | $ 14.2 | 12.2 |
Percentage of gross income from qualifying sources required to be subject to federal income tax, minimum | 90.00% | |
Discount rate | 15.00% | |
Granite Wash | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Impaired assets to be disposed of | $ 8.5 | 13.2 |
Fair value disclosure | 11.2 | |
Impairment of intangible assets | 20 | |
Barnett | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Impaired assets to be disposed of | 354.4 | |
Fair value disclosure | 298.5 | |
Impairment of intangible assets | 238.9 | |
Fayetteville | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Impaired assets to be disposed of | 61.9 | |
Fair value disclosure | 59.3 | |
Impairment of intangible assets | 70.9 | |
Haynesville | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Impaired assets to be disposed of | 45.7 | |
Fair value disclosure | 3.8 | |
Impairment of intangible assets | 6 | |
Watkins Glen | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Impaired assets to be disposed of | 31.2 | |
Fair value disclosure | 6.7 | |
Natural Gas Liquids | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Inventory | 35.4 | $ 37.5 |
Jackalope Gas Gathering Services, LLC | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Equity method investment, other than temporary impairment | 51.4 | |
Equity method investment carrying value | 202.4 | |
Powder River Basin Industrial Complex, LLC | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Equity method investment, other than temporary impairment | 23.4 | |
Equity method investment carrying value | $ 15.1 | |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Discount rate | 10.00% | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Discount rate | 16.00% |
Basis of Presentation and Sum46
Basis of Presentation and Summary of Significant Accounting Policies (Estimated Useful Lives Of Property, Plant And Equipment) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Gathering systems and pipelines | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Gathering systems and pipelines | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Facilities and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Facilities and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Buildings, land, rights-of-way, storage contracts and easements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Buildings, land, rights-of-way, storage contracts and easements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Office furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Office furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Basis of Presentation and Sum47
Basis of Presentation and Summary of Significant Accounting Policies (Estimated Economic Lives Of Intangible Assets) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-Average Life (years) | 22 years |
Covenants not to compete | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-Average Life (years) | 5 years |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted-Average Life (years) | 6 years |
Basis of Presentation and Sum48
Basis of Presentation and Summary of Significant Accounting Policies (Goodwill, by Reporting Unit) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 19, 2013 | |
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 2,491.8 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | $ 515.4 | 1,406.3 | $ 48.8 | $ 4.1 | |
Ending Balance | 1,085.5 | 1,085.5 | 2,491.8 | ||
Fayetteville | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 72.5 | 76.8 | |||
Final Purchase Price Allocation Adjustments | 0 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 72.5 | 4.3 | |||
Ending Balance | 0 | 0 | 72.5 | 76.8 | |
Granite Wash | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 0 | 14.2 | |||
Final Purchase Price Allocation Adjustments | 0 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 0 | 14.2 | |||
Ending Balance | 0 | 0 | 0 | 14.2 | |
Marcellus | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 8.6 | 8.6 | |||
Final Purchase Price Allocation Adjustments | 0 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 0 | 0 | |||
Ending Balance | 8.6 | 8.6 | 8.6 | 8.6 | |
Arrow | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 45.9 | 45.5 | |||
Final Purchase Price Allocation Adjustments | 0.4 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 0 | 0 | |||
Ending Balance | 45.9 | 45.9 | 45.9 | 45.5 | |
Northeast Storage and Transportation | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 726.3 | 727.1 | |||
Final Purchase Price Allocation Adjustments | (0.8) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 0 | 0 | |||
Ending Balance | 726.3 | 726.3 | 726.3 | 727.1 | |
COLT | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 668.3 | 670.5 | |||
Final Purchase Price Allocation Adjustments | (2.2) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 623.4 | 0 | |||
Ending Balance | 44.9 | 44.9 | 668.3 | 670.5 | |
West Coast | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 85.9 | 89.1 | |||
Final Purchase Price Allocation Adjustments | (3.2) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 85.9 | 0 | |||
Ending Balance | 0 | 0 | 85.9 | 89.1 | |
Supply and Logistics | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 266.2 | 269.5 | |||
Final Purchase Price Allocation Adjustments | (3.3) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 99 | 0 | |||
Ending Balance | 167.2 | 167.2 | 266.2 | 269.5 | |
Storage and Terminals | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 104.2 | 104.7 | |||
Final Purchase Price Allocation Adjustments | (0.5) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 53.7 | 0 | |||
Ending Balance | 50.5 | 50.5 | 104.2 | 104.7 | |
US Salt | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 12.6 | 16.1 | |||
Final Purchase Price Allocation Adjustments | (1.3) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 0 | 2.2 | |||
Ending Balance | 12.6 | 12.6 | 12.6 | 16.1 | |
Trucking | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 177.9 | 178.4 | |||
Final Purchase Price Allocation Adjustments | (0.5) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 148.4 | 0 | |||
Ending Balance | 29.5 | 29.5 | 177.9 | 178.4 | |
Barnett | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 257.2 | 257.2 | |||
Final Purchase Price Allocation Adjustments | 0 | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 257.2 | 0 | |||
Ending Balance | 0 | 0 | 257.2 | 257.2 | |
Watkins Glen | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 66.2 | 94.6 | |||
Final Purchase Price Allocation Adjustments | (0.3) | ||||
Goodwill Impairments during the Year Ended December 31, 2014 | 66.2 | 28.1 | |||
Ending Balance | 0 | 0 | 66.2 | 94.6 | |
CMLP | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 2,234.6 | 2,295.1 | |||
Final Purchase Price Allocation Adjustments | (11.7) | $ 1,925.8 | |||
Goodwill Impairments during the Year Ended December 31, 2014 | 470.6 | 1,149.1 | 48.8 | 4.1 | |
Ending Balance | 1,085.5 | 1,085.5 | 2,234.6 | 2,295.1 | |
Crestwood Equity Partners LP | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 2,491.8 | 2,552.3 | |||
Final Purchase Price Allocation Adjustments | (11.7) | $ 2,662.8 | |||
Goodwill Impairments during the Year Ended December 31, 2014 | 1,406.3 | 48.8 | |||
Ending Balance | $ 1,085.5 | $ 1,085.5 | $ 2,491.8 | $ 2,552.3 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | May. 09, 2014USD ($)aservice_vehiclescrude_trailertractorbbl | Mar. 21, 2014USD ($)double_bottom_body_tankstrailer_tankstractorbbl | Nov. 08, 2013USD ($) | Oct. 31, 2013USD ($)shares | Oct. 31, 2013USD ($) | Jan. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 28, 2015USD ($) | Oct. 08, 2013a | Jun. 19, 2013USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Consideration transferred | $ 258 | ||||||||||||
Goodwill | $ 1,085.5 | $ 2,491.8 | |||||||||||
Loss on contingent consideration | $ 0 | 8.6 | $ 31.4 | ||||||||||
Discount rate | 15.00% | ||||||||||||
Percentage of voting interests acquired | 65.00% | 65.00% | |||||||||||
Minimum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Discount rate | 10.00% | ||||||||||||
Marketing Supply and Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 259.8 | 713 | |||||||||||
Red Rock Transportation, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration transferred | $ 13.8 | ||||||||||||
Cash | 12.1 | ||||||||||||
Liabilities incurred | $ 1.8 | ||||||||||||
Number of trailer tanks | trailer_tanks | 56 | ||||||||||||
Number of Double Bottom tanks | double_bottom_body_tanks | 22 | ||||||||||||
Number of Tractors | tractor | 44 | ||||||||||||
Crude hauling capacity, per day | bbl | 28,000 | ||||||||||||
Property, plant and equipment | $ 10.6 | ||||||||||||
Goodwill | $ 3.2 | ||||||||||||
LT Enterprises | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration transferred | $ 10.7 | ||||||||||||
Cash | 9 | ||||||||||||
Liabilities incurred | $ 1.7 | ||||||||||||
Number of Tractors | tractor | 38 | ||||||||||||
Crude hauling capacity, per day | bbl | 20,000 | ||||||||||||
Number of Crude Trailers | crude_trailer | 51 | ||||||||||||
Number of Service Vehicles | service_vehicles | 17 | ||||||||||||
Land (in acres) | a | 20 | ||||||||||||
Inergy Midstream | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Reduction in preliminary estimate | $ 15.3 | ||||||||||||
Arrow Midstream Holdings, LLC | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration transferred | $ 750 | ||||||||||||
Cash | $ 550 | ||||||||||||
Property, plant and equipment | 400.5 | ||||||||||||
Goodwill | 45.9 | ||||||||||||
Operating income of acquiree since acquisition date | 1.7 | ||||||||||||
Transaction costs | 5.4 | 1.2 | |||||||||||
Revenue of acquiree since acquisition date | 218.8 | ||||||||||||
Other consideration transferred | $ 11.3 | ||||||||||||
Common units in acquisition | shares | 8,826,125 | ||||||||||||
Central delivery point acquired (in acres) | a | 23 | ||||||||||||
Antero | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration, current liability | 40 | $ 40 | |||||||||||
Crestwood Equity Partners LP | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Property, plant and equipment | $ 2,088.1 | ||||||||||||
Goodwill | $ 2,552.3 | 1,085.5 | 2,491.8 | 2,552.3 | 2,134.8 | ||||||||
Crestwood Equity Partners LP | Inergy Midstream | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 2,134.8 | ||||||||||||
Operating income of acquiree since acquisition date | 23.9 | ||||||||||||
Transaction costs | 30.1 | 3.4 | 30.1 | ||||||||||
Revenue of acquiree since acquisition date | 916.7 | ||||||||||||
Crestwood Equity Partners LP | Inergy Midstream | Marketing Supply and Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 740.2 | ||||||||||||
Crestwood Equity Partners LP | Inergy Midstream | Storage and Transportation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 1,394.6 | ||||||||||||
CMLP | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash | $ 34.9 | ||||||||||||
Property, plant and equipment | 1,677.8 | ||||||||||||
Goodwill | 2,295.1 | 1,085.5 | 2,234.6 | 2,295.1 | $ 1,532.7 | ||||||||
Loss on contingent consideration | 0 | 8.6 | 31.4 | ||||||||||
CMLP | Marketing Supply and Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 259.8 | 713 | |||||||||||
CMLP | Inergy Midstream | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 1,532.7 | ||||||||||||
Operating income of acquiree since acquisition date | 32.8 | ||||||||||||
Transaction costs | 24.7 | 2.1 | $ 24.7 | ||||||||||
Revenue of acquiree since acquisition date | $ 902.6 | ||||||||||||
CMLP | Inergy Midstream | Marketing Supply and Logistics | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 138.1 | ||||||||||||
CMLP | Inergy Midstream | Storage and Transportation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 1,394.6 |
Acquisitions (Assets Acquired,
Acquisitions (Assets Acquired, Liabilities Assumed) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 08, 2013 | Jun. 19, 2013 | |
Change in Accounting Estimate [Line Items] | |||||||
Assets retirement obligations | $ 26.4 | $ 23.8 | $ 15.1 | ||||
Goodwill | 1,085.5 | 2,491.8 | |||||
Total purchase price | 0 | 19.5 | 555.6 | ||||
Arrow Midstream Holdings, LLC | |||||||
Change in Accounting Estimate [Line Items] | |||||||
Current assets | $ 192.7 | ||||||
Property, plant and equipment | 400.5 | ||||||
Intangible assets | 323.4 | ||||||
Other assets | 19.5 | ||||||
Total identifiable assets acquired | 936.1 | ||||||
Current liabilities | 215.8 | ||||||
Assets retirement obligations | 1.2 | ||||||
Other long-term liabilities | 3.7 | ||||||
Total liabilities assumed | 220.7 | ||||||
Net identifiable assets acquired | 715.4 | ||||||
Goodwill | 45.9 | ||||||
Net assets acquired | $ 761.3 | ||||||
Cash | $ 550 | ||||||
Crestwood Equity Partners LP | |||||||
Change in Accounting Estimate [Line Items] | |||||||
Current assets | $ 224.5 | ||||||
Property, plant and equipment | 2,088.1 | ||||||
Intangible assets | 337.5 | ||||||
Other assets | 12.7 | ||||||
Total identifiable assets acquired | (11.7) | 2,662.8 | |||||
Current liabilities | 207.6 | ||||||
Long-term debt | 1,079.3 | ||||||
Other long-term liabilities | 146.6 | ||||||
Total liabilities assumed | 1,433.5 | ||||||
Net identifiable assets acquired | 1,229.3 | ||||||
Goodwill | 1,085.5 | 2,491.8 | 2,552.3 | 2,134.8 | |||
Net assets acquired | 3,364.1 | ||||||
CMLP | |||||||
Change in Accounting Estimate [Line Items] | |||||||
Current assets | 49.1 | ||||||
Property, plant and equipment | 1,677.8 | ||||||
Intangible assets | 196 | ||||||
Other assets | 2.9 | ||||||
Total identifiable assets acquired | (11.7) | 1,925.8 | |||||
Current liabilities | 30.9 | ||||||
Long-term debt | 745 | ||||||
Other long-term liabilities | 5.3 | ||||||
Total liabilities assumed | 781.2 | ||||||
Net identifiable assets acquired | 1,144.6 | ||||||
Goodwill | 1,085.5 | 2,234.6 | 2,295.1 | 1,532.7 | |||
Net assets acquired | $ 2,677.3 | ||||||
Cash | $ 34.9 | ||||||
Total purchase price | $ 0 | $ 19.5 | $ 561.5 |
Acquisitions (Pro Forma Revenue
Acquisitions (Pro Forma Revenues) (Details) - Rangeland Energy, LLC $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($)$ / shares | |
Crestwood Equity Partners LP | |
Business Acquisition [Line Items] | |
Revenues | $ 3,449.3 |
Net income (loss) | $ 3.9 |
Net income per limited partner unit: Basic (usd per unit) | $ / shares | $ 0.40 |
Net income per limited partner unit: Basic (usd per unit) | $ / shares | $ 0.40 |
CMLP | |
Business Acquisition [Line Items] | |
Revenues | $ 3,423.8 |
Net income (loss) | $ (5) |
Certain Balance Sheet Informa52
Certain Balance Sheet Information (Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | $ 3,747.7 | $ 4,273.9 | |
Less: accumulated depreciation and depletion | 436.9 | 380.1 | |
Property, plant and equipment, net | 3,310.8 | 3,893.8 | |
Depletion | 0.7 | 0.7 | $ 0.4 |
Capital Leased Assets, Gross | 2.4 | 5.3 | |
Proceeds from sale of long lived assets | 0 | 66.4 | 0 |
Gain (loss) on long-lived assets, net | (821.2) | (1.9) | 5.3 |
Crestwood Equity Partners LP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 3,747.7 | 4,273.9 | |
Less: accumulated depreciation and depletion | 436.9 | 380.1 | |
Property, plant and equipment, net | 3,310.8 | 3,893.8 | |
Depreciation | 195.1 | 184.2 | 109.9 |
Interest Costs Capitalized | 2.5 | 7.7 | 3.4 |
Crestwood Equity Partners LP | Gathering systems and pipelines | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 1,070.4 | 1,410.9 | |
Crestwood Equity Partners LP | Facilities and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 1,505.9 | 1,648.3 | |
Crestwood Equity Partners LP | Buildings, land, rights-of-way, storage contracts and easements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 833.4 | 841.5 | |
Crestwood Equity Partners LP | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 46.3 | 45.2 | |
Crestwood Equity Partners LP | Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 114.5 | 156.5 | |
Crestwood Equity Partners LP | Base gas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 37.3 | 37.5 | |
Crestwood Equity Partners LP | Salt deposits | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 120.5 | 120.5 | |
Crestwood Equity Partners LP | Office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 19.4 | 13.5 | |
CMLP | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 4,077.7 | 4,144.6 | |
Less: accumulated depreciation and depletion | 552 | 398.6 | |
Property, plant and equipment, net | 3,525.7 | 3,746 | |
Depreciation | 186.7 | 170.9 | 99.9 |
Interest Costs Capitalized | 2.5 | 7.5 | 3.4 |
Proceeds from sale of long lived assets | 9.3 | ||
Gain (loss) on long-lived assets, net | (227.8) | (35.1) | $ 5.3 |
CMLP | Gathering systems and pipelines | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 1,213.2 | 1,279.5 | |
CMLP | Facilities and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 1,691 | 1,653.8 | |
CMLP | Buildings, land, rights-of-way, storage contracts and easements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 837.1 | 840 | |
CMLP | Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 44.6 | 43.5 | |
CMLP | Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 114.5 | 156.5 | |
CMLP | Base gas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 37.3 | 37.5 | |
CMLP | Salt deposits | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | 120.5 | 120.5 | |
CMLP | Office furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment (Note 4) | $ 19.5 | $ 13.3 |
Certain Balance Sheet Informa53
Certain Balance Sheet Information (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Less: accumulated amortization | $ 229 | $ 210.6 | |
Crestwood Equity Partners LP | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 1,039.1 | 1,441.9 | |
Less: accumulated amortization | 229 | 210.6 | |
Total intangible assets, net | 810.1 | 1,231.3 | |
Amortization of Intangible Assets and Interest Expense | 114 | 109.8 | $ 66.7 |
Crestwood Equity Partners LP | Customer accounts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 583.7 | 583.7 | |
Less: accumulated amortization | 130.1 | 72.5 | |
Crestwood Equity Partners LP | Covenants not to compete | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 6.6 | 9.6 | |
Less: accumulated amortization | 2.5 | 3.2 | |
Crestwood Equity Partners LP | Gathering systems and pipelines | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 325.2 | 730.2 | |
Less: accumulated amortization | 44.3 | 98 | |
Crestwood Equity Partners LP | Acquired storage contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 29 | 29 | |
Less: accumulated amortization | 18.5 | 12.7 | |
Crestwood Equity Partners LP | Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 31.3 | 32.2 | |
Less: accumulated amortization | 11.2 | 6.7 | |
Crestwood Equity Partners LP | Deferred financing and other costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 63.3 | 57.2 | |
Less: accumulated amortization | 22.4 | 17.5 | |
CMLP | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 1,022.6 | 1,123.7 | |
Less: accumulated amortization | 220.3 | 154.1 | |
Total intangible assets, net | 802.3 | 969.6 | |
Amortization of Intangible Assets and Interest Expense | 100 | 92.1 | $ 49 |
CMLP | Customer accounts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 583.7 | 583.7 | |
Less: accumulated amortization | 130.1 | 72.5 | |
CMLP | Covenants not to compete | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 5.6 | 8.6 | |
Less: accumulated amortization | 1.7 | 2.6 | |
CMLP | Gathering systems and pipelines | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 325.2 | 431.4 | |
Less: accumulated amortization | 18.5 | 12.7 | |
CMLP | Acquired storage contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 29 | 29 | |
Less: accumulated amortization | 3.3 | 2 | |
CMLP | Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 15.8 | 16.7 | |
Less: accumulated amortization | 44.3 | 47.9 | |
CMLP | Deferred financing and other costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross | 63.3 | 54.3 | |
Less: accumulated amortization | $ 22.4 | $ 16.4 |
Certain Balance Sheet Informa54
Certain Balance Sheet Information (Amortization and Interest Expense, Fiscal Year Maturity) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Crestwood Equity Partners LP | |
Finite-Lived Intangible Assets [Line Items] | |
2,015 | $ 82.9 |
2,016 | 69.8 |
2,017 | 57.4 |
2,018 | 53.8 |
2,019 | 52.6 |
CMLP | |
Finite-Lived Intangible Assets [Line Items] | |
2,015 | 79.6 |
2,016 | 66.7 |
2,017 | 55.9 |
2,018 | 53.8 |
2,019 | $ 52.6 |
Certain Balance Sheet Informa55
Certain Balance Sheet Information (Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | $ 46.4 | $ 52.5 |
Accrued expenses and other liabilities (Note 4) | 105.6 | 154.6 |
Accrued property taxes | 4.8 | 2.2 |
Accrued product purchases payable | 1.5 | 0.7 |
Tax payable | 0.5 | 1.6 |
Interest payable | 26.2 | 23.5 |
Accrued additions to property, plant and equipment | 10.4 | 20 |
Commitments and contingent liabilities (Note 15) | 0 | 40 |
Capital leases | 1.6 | 1.9 |
Deferred revenue | 14.2 | 12.2 |
Total accrued expenses and other liabilities | 105.6 | 154.6 |
CMLP | ||
Accrued Expenses and Other Liabilities [Line Items] | ||
Accrued expenses | 44.1 | 50 |
Accrued expenses and other liabilities (Note 4) | 103.3 | 150.1 |
Accrued property taxes | 4.8 | 2.2 |
Accrued product purchases payable | 1.5 | 0.7 |
Tax payable | 0.5 | 1.2 |
Interest payable | 26.2 | 21.9 |
Accrued additions to property, plant and equipment | 10.4 | 20 |
Commitments and contingent liabilities (Note 15) | 0 | 40 |
Capital leases | 1.6 | 1.9 |
Deferred revenue | 14.2 | 12.2 |
Total accrued expenses and other liabilities | $ 103.3 | $ 150.1 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Net asset retirement obligation at January 1 | $ 23.8 | $ 15.1 |
Liabilities incurred | 1.1 | 4.6 |
Acquisitions | 0 | 1.2 |
Accretion expense | (1.5) | (1.1) |
Changes in estimate | 0 | 1.8 |
Net asset retirement obligation at December 31 | $ 26.4 | $ 23.8 |
Investments in Unconsolidated57
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates Table (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 04, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated affiliates | $ 254.3 | $ 295.1 | ||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | $ (0.1) | |
Jackalope Gas Gathering Services, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Difference between carrying amount and underlying equity | 0.9 | |||
Equity method investment, other than temporary impairment | $ 51.4 | |||
Equity method ownership percentage | 50.00% | |||
Investment in unconsolidated affiliates | $ 202.4 | 232.9 | ||
Loss from unconsolidated affiliates, net | (43.4) | 0.5 | 0.1 | |
Tres Palacios Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Difference between carrying amount and underlying equity | 29.1 | |||
Amortization | $ 1.3 | 0.1 | ||
Equity method ownership percentage | 50.01% | |||
Investment in unconsolidated affiliates | $ 36.8 | 36 | ||
Loss from unconsolidated affiliates, net | 2.5 | 0.2 | 0 | |
Powder River Basin Industrial Complex, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Difference between carrying amount and underlying equity | 23.4 | |||
Income (loss) from Equity Method Investments, Capital Adjustment | 3.2 | |||
Equity method investment, other than temporary impairment | $ 23.4 | |||
Equity method ownership percentage | 50.01% | 50.00% | ||
Investment in unconsolidated affiliates | $ 15.1 | 26.2 | ||
Loss from unconsolidated affiliates, net | (19.9) | (1.4) | (0.2) | |
RKI Exploration and Production, LLC's | Jackalope Gas Gathering Services, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amortization | $ 3 | $ 3.1 | $ 1.4 |
Investments in Unconsolidated58
Investments in Unconsolidated Affiliates (Details) $ in Millions, ft³ in Billions | Sep. 04, 2013USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Jan. 31, 2013USD ($) | Dec. 31, 2015USD ($)misystemsinft³ | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 19, 2013 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting interests acquired | 65.00% | ||||||||
Consideration transferred | $ 258 | ||||||||
Investment in unconsolidated affiliates in period | $ 42 | $ 108.6 | $ 151.5 | ||||||
Investments in unconsolidated affiliates (Note 6) | $ 295.1 | 254.3 | 295.1 | ||||||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | ||||||
Gain (loss) on long-lived assets, net | (821.2) | (1.9) | 5.3 | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | 2.8 | 0.2 | 0 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 9.3 | 0 | 0 | ||||||
Jackalope Gas Gathering Services, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates (Note 6) | 232.9 | 202.4 | 232.9 | ||||||
Loss from unconsolidated affiliates, net | (43.4) | 0.5 | 0.1 | ||||||
Difference between carrying amount and underlying equity | $ 0.9 | ||||||||
Equity method ownership percentage | 50.00% | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 12.5 | ||||||||
Jackalope Gas Gathering Services, LLC | Subsequent Event | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 5.1 | ||||||||
Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | 132.8 | ||||||||
Investments in unconsolidated affiliates (Note 6) | 36 | 36.8 | 36 | ||||||
Loss from unconsolidated affiliates, net | 2.5 | 0.2 | 0 | ||||||
Difference between carrying amount and underlying equity | 29.1 | ||||||||
Amortization | $ 1.3 | 0.1 | |||||||
Equity method ownership percentage | 50.01% | ||||||||
Gain (loss) on long-lived assets, net | 30.6 | ||||||||
Miles of pipeline | mi | 63 | ||||||||
Diameter of pipeline | in | 24 | ||||||||
Number of pipeline systems | systems | 10 | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 7.4 | ||||||||
Powder River Basin Industrial Complex, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | 10.7 | 3.4 | |||||||
Investments in unconsolidated affiliates (Note 6) | 26.2 | 15.1 | 26.2 | ||||||
Loss from unconsolidated affiliates, net | (19.9) | (1.4) | (0.2) | ||||||
Difference between carrying amount and underlying equity | $ 23.4 | ||||||||
Equity method ownership percentage | 50.00% | 50.01% | |||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 1.9 | ||||||||
Powder River Basin Industrial Complex, LLC | Subsequent Event | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 0.6 | ||||||||
RKI Exploration and Production, LLC's | Jackalope Gas Gathering Services, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Amortization | 3 | 3.1 | 1.4 | ||||||
Crestwood Niobrara LLC | Jackalope Gas Gathering Services, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | 25.4 | 105.2 | |||||||
Crestwood Niobrara LLC | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | $ 5.7 | ||||||||
Access Midstream Partners, L.P. | RKI Exploration and Production, LLC's | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% | ||||||||
Crestwood Equity Partners LP | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in unconsolidated affiliates (Note 6) | 35.8 | 35.8 | |||||||
Tres Palacios Storage Company LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Storage capacity | ft³ | 38.4 | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2.8 | 0.2 | |||||||
CMLP | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | 41.8 | 144.4 | 151.5 | ||||||
Investments in unconsolidated affiliates (Note 6) | 295.1 | 254.3 | 295.1 | ||||||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | ||||||
Gain (loss) on long-lived assets, net | (227.8) | (35.1) | 5.3 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 9.3 | $ 0 | $ 0 | ||||||
CMLP | Jackalope Gas Gathering Services, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | 107.5 | ||||||||
CMLP | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | $ 66.4 | ||||||||
Equity method ownership percentage | 50.01% | ||||||||
Brookfield Infrastructure Group | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method ownership percentage | 49.99% | ||||||||
Crude Logistics LLC | Powder River Basin Industrial Complex, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated affiliates in period | $ 22.5 | ||||||||
Tres Palacios South Pipeline Lateral | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | mi | 11 | ||||||||
Tres Palacios North Pipeline Lateral | Tres Palacios Holdings LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Miles of pipeline | mi | 52 |
Risk Management (Notional Amoun
Risk Management (Notional Amounts and Terms of Company's Derivative Financial Instruments) (Details) - bbl bbl in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Propane, crude and heating oil (barrels) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Propane, crude and heating oil (barrels) | 9.1 | 6.8 |
Propane, crude and heating oil (barrels) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Propane, crude and heating oil (barrels) | 10.9 | 8.4 |
Natural gas (MMBTU’s) | Fixed Price Payor | ||
Derivative [Line Items] | ||
Propane, crude and heating oil (barrels) | 0 | 0.2 |
Natural gas (MMBTU’s) | Fixed Price Receiver | ||
Derivative [Line Items] | ||
Propane, crude and heating oil (barrels) | 0 | 0.1 |
Risk Management (Narrative) (De
Risk Management (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Collateral posted for commodity derivative instruments | $ 16.8 | $ 33.6 | |
Commodity contract | |||
Derivative [Line Items] | |||
Aggregate fair value of commodity derivative instruments | 3.3 | 5.2 | |
Collateral posted for commodity derivative instruments | 1.8 | ||
NYMEX Derivative Liability [Member] | |||
Derivative [Line Items] | |||
Aggregate fair value of commodity derivative instruments | 20.8 | 36.9 | |
NYMEX margin deposit | |||
Derivative [Line Items] | |||
NYMEX margin deposit | $ 26.7 | 41.9 | |
Price Risk Contracts | Maximum | |||
Derivative [Line Items] | |||
Remaining maturity | 36 months | ||
Percent of contracts expiring in next twelve months | 84.00% | ||
Products and services sold | |||
Derivative [Line Items] | |||
Gain (Loss) on derivative instruments not designated as hedging | $ 18.9 | $ 51.2 | $ 11.2 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Senior Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 500 | |
Fair Value | 0 | $ 11.6 |
CMLP | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 500 | |
CMLP | Crestwood Midstream 2019 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | 351 |
Fair Value | 0 | 360.5 |
CMLP | Crestwood Midstream 2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 503.3 | 504 |
Fair Value | 382.3 | 481.6 |
CMLP | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 600 | |
Fair Value | 437.4 | 568.5 |
Senior Notes, 2022 | CMLP | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 600 | |
Senior Notes, 2023 | CMLP | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 700 | 0 |
Debt Instrument, Fair Value Disclosure | $ 491.8 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | $ 58.3 | $ 147.2 |
Assets from price risk management, Total | 32.6 | 79.8 |
SPH units | 3.4 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 61.7 | 153.3 |
Netting Agreements | (13.7) | (28.8) |
Derivative Asset, Fair Value of Collateral | (12) | (38.6) |
Total assets at fair value | 36 | 85.9 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 41.5 | 100.8 |
Liabilities from price risk management, Total | 7.4 | 25.4 |
Interest rate swaps | 1.6 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 41.5 | 102.4 |
Netting Agreements | (13.7) | (28.8) |
Derivative Liability, Fair Value of Collateral | (20.4) | (46.6) |
Total liabilities at fair value | 27 | |
Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 0.5 | 0.5 |
SPH units | 3.4 | 6.1 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 3.9 | 6.6 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 0.2 | 1.6 |
Interest rate swaps | 0 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 0.2 | 1.6 |
Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 57.8 | 146.7 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 57.8 | 146.7 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 41.3 | 99.2 |
Interest rate swaps | 1.6 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | 41.3 | 100.8 |
Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets from price risk management | 0 | 0 |
SPH units | 0 | 0 |
Assets, Fair Value Disclosure, Excluding Netting Adjustments | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities from price risk management | 0 | 0 |
Interest rate swaps | 0 | |
Liabilities, Fair Value Disclosure, Excluding Netting Adjustments | $ 0 | $ 0 |
Long-Term Debt (Components Of L
Long-Term Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 500 | |
Less: current portion | 1.1 | $ 3.7 |
Total long-term debt | 2,542.7 | 2,392.8 |
CMLP | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | 350 |
Premium on senior notes | 0 | 1 |
Crestwood Midstream 2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value adjustment | 3.3 | 4 |
CEQP Senior Notes | CEQP Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | 11.4 |
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 0 | 369 |
Crestwood Midstream Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit agreement outstanding carrying value | 735 | 555 |
Crestwood Equity Partners LP | ||
Debt Instrument [Line Items] | ||
Obligations under noncompetition agreements and notes to former owners of businesses acquired | 0.2 | 0.8 |
Debt, Long-term and Short-term, Combined Amount | 2,543.8 | 2,396.5 |
CMLP | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 500 | |
Obligations under noncompetition agreements and notes to former owners of businesses acquired | 5.3 | 5.3 |
Debt, Long-term and Short-term, Combined Amount | 2,543.6 | 2,015.3 |
Less: current portion | 0.9 | 0.8 |
Total long-term debt | 2,542.7 | 2,014.5 |
CMLP | Crestwood Midstream 2020 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 503.3 | 504 |
CMLP | Crestwood Midstream 2019 Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | 351 |
CMLP | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 600 | |
CMLP | Senior Notes, 2022 | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 600 | |
CMLP | Senior Notes, 2023 | Crestwood Midstream 2022 senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 700 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) | Nov. 13, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 14, 2015USD ($) | May. 15, 2015USD ($) | Apr. 08, 2015USD ($) | Feb. 13, 2015USD ($) | Nov. 14, 2014USD ($) | Aug. 14, 2014USD ($) | May. 15, 2014USD ($) | Feb. 14, 2014USD ($) | Nov. 14, 2013USD ($) | Aug. 14, 2013USD ($) | Aug. 09, 2013USD ($) | May. 10, 2013USD ($) | Feb. 12, 2013USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 28, 2015USD ($)swap |
Debt Instrument [Line Items] | ||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 94,300,000 | $ 25,700,000 | $ 25,700,000 | $ 25,800,000 | $ 25,600,000 | $ 25,600,000 | $ 25,700,000 | $ 25,600,000 | $ 25,000,000 | $ 22,300,000 | $ 171,500,000 | $ 102,500,000 | $ 47,300,000 | |||||||
Gains (Losses) on Extinguishment of Debt | (20,000,000) | 0 | 0 | |||||||||||||||||
Gain (Loss) on Hedging Activity | 500,000 | 2,700,000 | 1,700,000 | |||||||||||||||||
Carrying amount | 500,000,000 | |||||||||||||||||||
Early Repayment of Senior Debt | (13,600,000) | 0 | 0 | |||||||||||||||||
Crestwood Equity Partners LP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 378,300,000 | $ 378,300,000 | ||||||||||||||||||
CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 74,300,000 | $ 74,300,000 | $ 74,300,000 | $ 74,100,000 | $ 74,100,000 | $ 74,200,000 | $ 74,100,000 | $ 69,500,000 | $ 34,300,000 | $ 27,400,000 | $ 27,400,000 | $ 21,000,000 | 222,900,000 | 296,500,000 | 179,600,000 | |||||
Gains (Losses) on Extinguishment of Debt | (18,900,000) | 0 | 0 | |||||||||||||||||
Carrying amount | 500,000,000 | |||||||||||||||||||
Early Repayment of Senior Debt | $ 13,600,000 | 0 | $ 0 | |||||||||||||||||
Interest Rate Swap, Maturing 2016 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Fixed rate, range low end | 0.84% | |||||||||||||||||||
Fixed rate, range high end | 2.35% | |||||||||||||||||||
Senior Notes, 2019 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ (17,100,000) | |||||||||||||||||||
CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | 0 | 350,000,000 | ||||||||||||||||||
Crestwood Midstream 2019 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | 0 | 351,000,000 | ||||||||||||||||||
Revolving Loan Facility | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Credit agreement outstanding carrying value | 1,500,000,000 | 1,000,000,000 | ||||||||||||||||||
Crestwood Midstream 2020 Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Fair value adjustment | 3,300,000 | 4,000,000 | ||||||||||||||||||
Crestwood Midstream 2020 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | 503,300,000 | 504,000,000 | ||||||||||||||||||
Crestwood Midstream 2022 senior unsecured notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | 600,000,000 | |||||||||||||||||||
CEQP Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 900,000 | 200,000 | ||||||||||||||||||
Crestwood Midstream Revolver | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 1,800,000 | |||||||||||||||||||
Senior Notes, 2023 | Crestwood Midstream 2019 Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt | $ 700,000,000 | |||||||||||||||||||
Interest rate, stated percentage | 6.25% | |||||||||||||||||||
Senior Notes, 2023 | Crestwood Midstream 2019 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | $ 688,300,000 | |||||||||||||||||||
Senior Notes, 2023 | Crestwood Midstream 2022 senior unsecured notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | 700,000,000 | 0 | ||||||||||||||||||
Crestwood Midstream Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 350,000,000 | |||||||||||||||||||
Crestwood Midstream Credit Facility | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | 0.0030 | |||||||||||||||||||
Crestwood Midstream Credit Facility | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.0050 | |||||||||||||||||||
Senior Notes, 2022 | Crestwood Midstream 2019 Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate, stated percentage | 6.125% | |||||||||||||||||||
Senior Notes, 2022 | Crestwood Midstream 2019 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt | $ 600,000,000 | |||||||||||||||||||
Senior Notes, 2022 | Crestwood Midstream 2022 senior unsecured notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Carrying amount | $ 600,000,000 | |||||||||||||||||||
Crestwood Midstream Revolver | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Consolidated leverage ratio, maximum | 5.50 | |||||||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Credit agreement outstanding carrying value | $ 735,000,000 | 555,000,000 | ||||||||||||||||||
Letters of credit outstanding | $ 62,200,000 | $ 15,100,000 | ||||||||||||||||||
Total funded debt to consolidated EBITDA | 4.75 | |||||||||||||||||||
Consolidated EBITDA to consolidated interest expense | 3.99 | |||||||||||||||||||
Senior Secured Leverage Ratio | 1.37 | |||||||||||||||||||
Weighted average interest rate | 2.70% | 2.86% | ||||||||||||||||||
Unused borrowing capacity | $ 399,000,000 | |||||||||||||||||||
Interest coverage ratio, minimum | 2.50 | |||||||||||||||||||
Senior Secured Leverage Ratio, maximum | 3.75 | |||||||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 2.70% | 2.66% | ||||||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 5.00% | 4.75% | ||||||||||||||||||
Crestwood Midstream Revolver | Revolving Credit Facility | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | $ 720,000,000 | $ 315,000,000 | ||||||||||||||||||
Crestwood Midstream Revolver | Bridge Loan | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Credit agreement outstanding carrying value | $ 25,000,000 | |||||||||||||||||||
Senior Notes, 2019 | Crestwood Midstream 2019 Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate, stated percentage | 7.75% | |||||||||||||||||||
Early Repayment of Senior Debt | 364,100,000 | |||||||||||||||||||
Interest Paid | 500,000 | |||||||||||||||||||
Call Premium On Debt Redemption | $ 13,600,000 | |||||||||||||||||||
Senior Notes, 2019 | Crestwood Midstream 2019 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt | $ 350,000,000 | |||||||||||||||||||
Senior Notes, 2020 | Crestwood Midstream 2019 Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate, stated percentage | 6.00% | |||||||||||||||||||
Senior Notes, 2020 | Crestwood Midstream 2019 Senior Notes | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt | $ 500,000,000 | |||||||||||||||||||
CEQP Credit Facility | Interest Rate Swap [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of interest rate derivatives held | swap | 5 | |||||||||||||||||||
Aggregate notional amount, cash flow hedges | $ 175,000,000 | |||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Credit Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Letters of credit outstanding | $ 56,700,000 | |||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 2.91% | |||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Minimum | London Interbank Offered Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 3.02% | |||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 5.00% | |||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Credit agreement outstanding carrying value | 0 | $ 369,000,000 | ||||||||||||||||||
CEQP Credit Facility | Revolving Credit Facility | Line of Credit | Amended and Restated | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Credit agreement outstanding carrying value | 495,000,000 | |||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Crestwood Equity Partners LP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Total payments due | 6,800,000 | 7,400,000 | ||||||||||||||||||
Obligations under noncompete agreements, unamortized discount | 1,300,000 | |||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Total payments due | 6,600,000 | 6,500,000 | ||||||||||||||||||
Obligations under noncompete agreements, unamortized discount | $ 1,300,000 | $ 1,200,000 | ||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Minimum | Crestwood Equity Partners LP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Inputed interest | 5.02% | |||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Minimum | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Inputed interest | 5.02% | |||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Maximum | Crestwood Equity Partners LP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Inputed interest | 8.00% | |||||||||||||||||||
Obligations Under Noncompetition Agreements And Notes To Former Owners Of Businesses Acquired | Maximum | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Inputed interest | 8.00% | |||||||||||||||||||
Federal Funds Rate | Revolving Credit Facility | Crestwood Midstream Revolver | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 0.50% | |||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Credit Facility | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 1.75% | |||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Credit Facility | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 1.00% | |||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | Minimum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 0.75% | |||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility | Crestwood Midstream Revolver | Maximum | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 1.75% | |||||||||||||||||||
Tres Palacios Holdings LLC | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Equity method ownership percentage | 50.01% | |||||||||||||||||||
Tres Palacios Holdings LLC | CMLP | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Equity method ownership percentage | 50.01% | |||||||||||||||||||
Financial Guarantee [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 497,000,000 | |||||||||||||||||||
Interest rate, stated percentage | 7.50% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long Term Debt) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Crestwood Equity Partners LP | |
Debt Instrument [Line Items] | |
2,015 | $ 1.1 |
2,016 | 1 |
2,017 | 1 |
2,018 | 1.1 |
2,019 | 1,238.6 |
Thereafter | 1,301 |
Total debt | 2,543.8 |
CMLP | |
Debt Instrument [Line Items] | |
2,015 | 0.9 |
2,016 | 1 |
2,017 | 1 |
2,018 | 1.1 |
2,019 | 1,238.6 |
Thereafter | 1,301 |
Total debt | $ 2,543.6 |
Earnings Per Limited Partner 66
Earnings Per Limited Partner Unit (Schedule of Reconciliation of Earnings Per Share) (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Preferred Units | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 1,547,060 |
Subordinated units | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 438,789 |
Crestwood Niobrara LLC | Preferred Units | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 2,760,794 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred: | |||
Total deferred | $ (3.6) | $ (5.2) | $ (2.8) |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 |
Crestwood Equity Partners LP | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Other | 0.5 | 0 | |
Deferred Tax Assets, Gross | 0.5 | 0 | |
Current: | |||
Federal | 1.6 | 5 | 2.5 |
State | 0.6 | 1.3 | 1.3 |
Total current | 2.2 | 6.3 | 3.8 |
Deferred: | |||
Federal | (2.9) | (5.3) | (2.5) |
State | (0.7) | 0.1 | (0.3) |
Total deferred | (3.6) | (5.2) | (2.8) |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 |
Deferred tax liability: | |||
Basis difference in stock of acquired company | (8.9) | (12) | |
Deferred Tax Liabilities, Gross | 8.9 | 12 | |
Total deferred tax liability | 8.4 | 12 | |
CMLP | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Other | 0 | 0 | |
Deferred Tax Assets, Gross | 0 | 0 | |
Current: | |||
Federal | 0 | 0 | 0 |
State | 0.3 | 0.2 | 0.7 |
Total current | 0.3 | 0.2 | 0.7 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | (0.3) | 0.7 | 0 |
Total deferred | (0.3) | 0.7 | 0 |
Provision (benefit) for income taxes | 0 | 0.9 | $ 0.7 |
Deferred tax liability: | |||
Basis difference in stock of acquired company | (0.4) | (0.7) | |
Deferred Tax Liabilities, Gross | 0.4 | 0.7 | |
Total deferred tax liability | $ 0.4 | $ 0.7 |
Partners' Capital (Schedule of
Partners' Capital (Schedule of Issuance of Units) (Details) - Unit Distribution - USD ($) $ / shares in Units, $ in Millions | Oct. 24, 2013 | Sep. 13, 2013 | Mar. 22, 2013 | Oct. 30, 2013 | Oct. 23, 2013 | Oct. 07, 2013 | Apr. 30, 2013 |
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Units | 11,773,191 | 5,175,000 | 2,100,000 | 16,100,000 | 773,191 | 675,000 | |
Per Unit Gross Price | $ 22.50 | $ 23.90 | |||||
Per Unit Net Price | $ 21.69 | $ 23 | $ 21.19 | ||||
Net Proceeds | $ 340.3 | $ 255.2 | $ 118.5 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) | Feb. 12, 2016USD ($)$ / sharesshares | Feb. 05, 2016 | Nov. 13, 2015USD ($)$ / shares | Nov. 06, 2015 | Sep. 30, 2015USD ($)shares | Aug. 14, 2015USD ($)$ / shares | Aug. 10, 2015USD ($) | Aug. 07, 2015 | May. 15, 2015USD ($)$ / shares | May. 08, 2015 | Feb. 13, 2015USD ($)$ / shares | Feb. 06, 2015 | Jan. 30, 2015shares | Nov. 14, 2014USD ($)$ / shares | Nov. 07, 2014 | Aug. 14, 2014USD ($)$ / shares | Aug. 07, 2014 | Aug. 07, 2014 | Jun. 17, 2014USD ($)$ / shares | May. 15, 2014USD ($)$ / shares | May. 08, 2014 | Feb. 14, 2014USD ($)$ / shares | Feb. 07, 2014 | Nov. 14, 2013USD ($)$ / shares | Nov. 08, 2013USD ($)shares | Nov. 07, 2013 | Oct. 07, 2013USD ($)shares | Aug. 14, 2013USD ($)$ / shares | Aug. 09, 2013USD ($)$ / shares | Aug. 07, 2013 | Aug. 01, 2013 | May. 10, 2013USD ($)$ / shares | May. 06, 2013USD ($) | Apr. 30, 2013 | Feb. 12, 2013USD ($)$ / shares | Jan. 31, 2013 | Dec. 31, 2014USD ($)shares | Oct. 31, 2013USD ($) | Oct. 31, 2013USD ($) | Jan. 31, 2013USD ($) | Sep. 30, 2015USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares |
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | ||||||||||||||||||||||||||||||||||
Conversion ratio | 2.75 | 2.75 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | $ (58,800,000) | |||||||||||||||||||||||||||||||||||||||||||
Maximum Period For Distribution Of Available Cash | 45 days | |||||||||||||||||||||||||||||||||||||||||||
Incentive Distribution, Distribution Per Unit | $ / shares | $ 0.30 | |||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 94,300,000 | $ 25,700,000 | $ 25,700,000 | $ 25,800,000 | $ 25,600,000 | $ 25,600,000 | $ 25,700,000 | $ 25,600,000 | $ 25,000,000 | $ 22,300,000 | $ 171,500,000 | $ 102,500,000 | $ 47,300,000 | |||||||||||||||||||||||||||||||
Per unit rate, in dollars per unit | $ / shares | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.35 | $ 1.30 | ||||||||||||||||||||||||||||||||||
Distributions to partners | (171,500,000) | (102,500,000) | (68,400,000) | |||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | 42,000,000 | 108,600,000 | $ 151,500,000 | |||||||||||||||||||||||||||||||||||||||||
Percentage of voting interests acquired | 65.00% | |||||||||||||||||||||||||||||||||||||||||||
Consideration transferred | $ 258,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Loss on contingent consideration | $ 0 | (8,600,000) | $ (31,400,000) | |||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 714,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 1,372,573 | |||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 234,200,000 | 296,500,000 | 204,500,000 | |||||||||||||||||||||||||||||||||||||||||
Dividends, Paid-in-kind | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling partners | $ 636,800,000 | 66,800,000 | 57,300,000 | |||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | $ 53,900,000 | 96,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Preferred units, outstanding | shares | 0 | 60,718,245 | 0 | |||||||||||||||||||||||||||||||||||||||||
Preferred units, issued | shares | 0 | 60,718,245 | 0 | |||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Nov. 6, 2015 | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 7, 2014 | May 8, 2014 | Feb. 7, 2014 | Nov. 7, 2013 | Aug. 7, 2013 | ||||||||||||||||||||||||||||||||||
Partners' Capital Account, Acquisitions | $ 0 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Units, Class C | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 183,995 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Units, Class D | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 292,660 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Units, Class A | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | $ 58,800,000 | $ 430,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | $ 17,529,879 | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Private Placement of Units, Price Per Unit | $ / shares | $ 25.10 | $ 9.13 | $ 25.10 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Limited Partners Units, Gross | $ 60,000,000 | $ 440,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 1,404,317 | |||||||||||||||||||||||||||||||||||||||||||
Dividends, Paid-in-kind | $ 12,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Equity Partners LP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 378,300,000 | $ 378,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Preferred units, issued | shares | 59,345,672 | 59,345,672 | ||||||||||||||||||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.90% | 99.90% | ||||||||||||||||||||||||||||||||||||||||||
Legacy Crestwood | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Incentive Distribution, Distribution | $ 9,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Holdings | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Cash payments to unitholders upon completion of merger | $ 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Niobrara LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling partners | $ 23,100,000 | (16,800,000) | (4,900,000) | |||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Niobrara LLC | Cash distribution | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 11,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Gas Services GP, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 0.10% | 0.10% | ||||||||||||||||||||||||||||||||||||||||||
CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | Aug. 9, 2013 | May 10, 2013 | Feb. 12, 2013 | ||||||||||||||||||||||||||||||||
Conversion ratio | 1.07 | |||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | $ 58,800,000 | 430,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Maximum Period For Distribution Of Available Cash | 45 days | |||||||||||||||||||||||||||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | $ 31,400,000 | 41,800,000 | 26,200,000 | |||||||||||||||||||||||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 74,300,000 | $ 74,300,000 | $ 74,300,000 | $ 74,100,000 | $ 74,100,000 | $ 74,200,000 | $ 74,100,000 | $ 69,500,000 | $ 34,300,000 | $ 27,400,000 | $ 27,400,000 | $ 21,000,000 | 222,900,000 | 296,500,000 | 179,600,000 | |||||||||||||||||||||||||||||
Net Distribution Paid To Limited Partner | 175,600,000 | 101,600,000 | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||
Per unit rate, in dollars per unit | $ / shares | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.405 | $ 0.400 | $ 0.510 | $ 0.510 | $ 0.510 | ||||||||||||||||||||||||||||||||
Cash | $ 34,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to partners | (819,500,000) | (470,500,000) | (419,700,000) | |||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | 41,800,000 | 144,400,000 | 151,500,000 | |||||||||||||||||||||||||||||||||||||||||
Loss on contingent consideration | $ 0 | $ (8,600,000) | (31,400,000) | |||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 714,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 1,271,935 | 387,991 | ||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 0 | $ 0 | (5,500,000) | |||||||||||||||||||||||||||||||||||||||||
Dividends, Paid-in-kind | 31,900,000 | 9,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling partners | $ (23,100,000) | (16,800,000) | (4,900,000) | |||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | $ 53,900,000 | 96,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Preferred units, outstanding | shares | 21,580,244 | 17,917,870 | 21,580,244 | 0 | 17,917,870 | |||||||||||||||||||||||||||||||||||||||
Preferred units, issued | shares | 17,917,870 | 0 | 17,917,870 | |||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 7, 2014 | May 8, 2014 | Feb. 7, 2014 | Nov. 7, 2013 | Aug. 7, 2013 | Aug. 1, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | ||||||||||||||||||||||||||||||||
CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 34,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to partners | (11,800,000) | |||||||||||||||||||||||||||||||||||||||||||
Arrow Midstream Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 550,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Consideration transferred | $ 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 8,826,125 | |||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Arrow Midstream Holdings, LLC | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Tres Palacios Holdings LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | $ 132,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.01% | |||||||||||||||||||||||||||||||||||||||||||
Tres Palacios Holdings LLC | Crestwood Niobrara LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | $ 5,700,000 | |||||||||||||||||||||||||||||||||||||||||||
Tres Palacios Holdings LLC | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to General Partner, Cash Distributions Paid | $ 30,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | 66,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.01% | |||||||||||||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Equity method ownership percentage | 50.00% | |||||||||||||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | Preferred Units | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 3,680,570 | 11,419,241 | 2,161,657 | |||||||||||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | Crestwood Niobrara LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | $ 25,400,000 | $ 105,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Jackalope Gas Gathering Services, LLC | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Investment in unconsolidated affiliates in period | $ 107,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Legacy Crestwood Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Consideration transferred | $ 129,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Cash distribution | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distributions paid to non-controlling partners | $ 222,900,000 | 296,500,000 | 179,600,000 | |||||||||||||||||||||||||||||||||||||||||
Cash distribution | Subsequent Event | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, distribution date | Feb. 12, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Distribution declared per limited partner unit | $ / shares | $ 1.375 | |||||||||||||||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Feb. 5, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Partner | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 0.2567 | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital, Contingent Distribution Amount Per Share | $ / shares | $ 0.2111 | |||||||||||||||||||||||||||||||||||||||||||
Partner's Capital, Unpaid Distribution, Accrual Percentage | 2.8125% | |||||||||||||||||||||||||||||||||||||||||||
Preferred Partner | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital, Distribution Amount Per Share | $ / shares | $ 0.5804 | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Private Placement of Units, Price Per Unit | $ / shares | $ 25.10 | |||||||||||||||||||||||||||||||||||||||||||
Limited Partners | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to non-controlling partners | $ 683,000,000 | (100,800,000) | $ (62,200,000) | |||||||||||||||||||||||||||||||||||||||||
Subordinated Unit | Limited Partners | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Distribution made to limited partners | shares | 438,789 | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Units, Cash Distribution Threshold, Quarterly Distribution | $ / shares | $ 1.30 | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Units, Conversion Threshold, Cumulative Distribution | $ / shares | $ 5.20 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Holdings | Crestwood Equity Partners LP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued by acquiree | shares | 14,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Crestwood Holdings | Majority Shareholder | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Shares exchanged by acquirer | shares | 7,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Non-Controlling Partners | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | $ (58,800,000) | |||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | $ 714,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 53,900,000 | 96,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Acquisitions | (182,300,000) | |||||||||||||||||||||||||||||||||||||||||||
Non-Controlling Partners | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 0 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 53,900,000 | 96,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Non-Controlling Partners | Arrow Midstream Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Non-Controlling Partners | Arrow Midstream Holdings, LLC | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 0 | |||||||||||||||||||||||||||||||||||||||||||
Limited Partners | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 0 | |||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 0 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Acquisitions | 182,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Limited Partners | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | $ 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 714,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred equity of subsidiary | $ 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Limited Partners | Arrow Midstream Holdings, LLC | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | 0 | |||||||||||||||||||||||||||||||||||||||||||
Limited Partners | Arrow Midstream Holdings, LLC | CMLP | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | $ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Maximum | Class A Purchasers [Member] | Preferred Units, Class A | ||||||||||||||||||||||||||||||||||||||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Contribution from issuance of units | $ 500,000,000 |
Partners' Capital (Schedule o70
Partners' Capital (Schedule of Partnership Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 12, 2016 | Feb. 05, 2016 | Nov. 13, 2015 | Nov. 06, 2015 | Aug. 14, 2015 | Aug. 07, 2015 | May. 15, 2015 | May. 08, 2015 | Feb. 13, 2015 | Feb. 06, 2015 | Nov. 14, 2014 | Nov. 07, 2014 | Aug. 14, 2014 | Aug. 07, 2014 | May. 15, 2014 | May. 08, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Nov. 14, 2013 | Nov. 07, 2013 | Aug. 14, 2013 | Aug. 07, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||||||||||||||||
Distribution to limited partner, record date | Nov. 6, 2015 | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 7, 2014 | May 8, 2014 | Feb. 7, 2014 | Nov. 7, 2013 | Aug. 7, 2013 | |||||||||||||||
Distribution to limited partner, distribution date | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | |||||||||||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.35 | $ 1.30 | |||||||||||||||
Distribution amount | $ 94.3 | $ 25.7 | $ 25.7 | $ 25.8 | $ 25.6 | $ 25.6 | $ 25.7 | $ 25.6 | $ 25 | $ 22.3 | $ 171.5 | $ 102.5 | $ 47.3 | ||||||||||||
Cash distribution | Subsequent Event | |||||||||||||||||||||||||
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||||||||||||||||
Distribution to limited partner, record date | Feb. 5, 2016 | ||||||||||||||||||||||||
Distribution to limited partner, distribution date | Feb. 12, 2016 | ||||||||||||||||||||||||
Distribution declared per limited partner unit | $ 1.375 | ||||||||||||||||||||||||
Legacy Crestwood | |||||||||||||||||||||||||
Disclosure Partners Capital Summary Of Quarterly Distributions Of Available Cash [Abstract] | |||||||||||||||||||||||||
Incentive Distribution, Distribution | $ 9.3 |
Partners' Capital Net Income (L
Partners' Capital Net Income (Loss) Attributable to NonControlling Partners (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | |||
Net income attributable to non-controlling partners in subsidiary | $ (636.8) | $ (66.8) | $ (57.3) |
CMLP | |||
Limited Partners' Capital Account [Line Items] | |||
Net income attributable to non-controlling partners in subsidiary | 23.1 | 16.8 | 4.9 |
CMLP | Preferred Units, Class A | |||
Limited Partners' Capital Account [Line Items] | |||
Net income attributable to non-controlling partners in subsidiary | 23.1 | 17.2 | 0 |
Crestwood Niobrara LLC | |||
Limited Partners' Capital Account [Line Items] | |||
Net income attributable to non-controlling partners in subsidiary | (23.1) | 16.8 | 4.9 |
Limited Partners | CMLP | |||
Limited Partners' Capital Account [Line Items] | |||
Net income attributable to non-controlling partners in subsidiary | $ (683) | $ 100.8 | $ 62.2 |
Partners' Capital Schedule of C
Partners' Capital Schedule of CMLP Partnership Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 13, 2015 | Nov. 06, 2015 | Aug. 14, 2015 | Aug. 07, 2015 | May. 15, 2015 | May. 08, 2015 | Feb. 13, 2015 | Feb. 06, 2015 | Nov. 14, 2014 | Nov. 07, 2014 | Aug. 14, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | May. 15, 2014 | May. 08, 2014 | Feb. 14, 2014 | Feb. 07, 2014 | Nov. 14, 2013 | Nov. 07, 2013 | Aug. 14, 2013 | Aug. 09, 2013 | Aug. 07, 2013 | Aug. 01, 2013 | May. 10, 2013 | Apr. 30, 2013 | Feb. 12, 2013 | Jan. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Nov. 6, 2015 | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 7, 2014 | May 8, 2014 | Feb. 7, 2014 | Nov. 7, 2013 | Aug. 7, 2013 | ||||||||||||||||||||
Distribution to limited partner, distribution date | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | ||||||||||||||||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.3750 | $ 1.35 | $ 1.30 | ||||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 94.3 | $ 25.7 | $ 25.7 | $ 25.8 | $ 25.6 | $ 25.6 | $ 25.7 | $ 25.6 | $ 25 | $ 22.3 | $ 171.5 | $ 102.5 | $ 47.3 | |||||||||||||||||
CMLP | ||||||||||||||||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||||||||||||||||||||||
Distribution to limited partner, record date | Aug. 7, 2015 | May 8, 2015 | Feb. 6, 2015 | Nov. 7, 2014 | Aug. 7, 2014 | May 8, 2014 | Feb. 7, 2014 | Nov. 7, 2013 | Aug. 7, 2013 | Aug. 1, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | ||||||||||||||||||
Distribution to limited partner, distribution date | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | Aug. 9, 2013 | May 10, 2013 | Feb. 12, 2013 | ||||||||||||||||||
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.405 | $ 0.400 | $ 0.510 | $ 0.510 | $ 0.510 | ||||||||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 74.3 | $ 74.3 | $ 74.3 | $ 74.1 | $ 74.1 | $ 74.2 | $ 74.1 | $ 69.5 | $ 34.3 | $ 27.4 | $ 27.4 | $ 21 | $ 222.9 | $ 296.5 | $ 179.6 |
Equity Plans (Narrative) (Detai
Equity Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 12, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 11.5 | $ 10.1 | $ 10.9 | |
Employer matching contribution, percent | 6.00% | |||
Crestwood Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common units to satisfy employee tax withholding obligations | 26,095 | 15,943.5 | ||
Crestwood Long-Term Incentive Plan | Restricted units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs not yet recognized | $ 16.5 | $ 8.1 | ||
Crestwood Midstream Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion ratio | 2.75 | |||
Common units to satisfy employee tax withholding obligations | 139,331 | 71,484 | ||
Compensation expense | $ 8.1 | $ 11.2 | 11.4 | |
Legacy Crestwood Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 6.5 | |||
Employee Unit Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum annual contributions per employee, percent | 10.00% | |||
Employer matching contribution, percent | 10.00% | |||
Maximum purchasable units | 200,000 | |||
CMLP | Crestwood Midstream Long-Term Incentive Plan | Restricted units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation costs not yet recognized | $ 9.5 | |||
Subsequent Event | Crestwood Long-Term Incentive Plan | Restricted units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 5,978,939 |
Equity Plans (Schedule of Phant
Equity Plans (Schedule of Phantom and Restricted Unit Activity) (Details) - $ / shares | Nov. 13, 2015 | Aug. 14, 2015 | May. 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May. 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Distribution to limited partner, distribution date | Nov. 13, 2015 | Aug. 14, 2015 | May 15, 2015 | Feb. 13, 2015 | Nov. 14, 2014 | Aug. 14, 2014 | May 15, 2014 | Feb. 14, 2014 | Nov. 14, 2013 | Aug. 14, 2013 | ||
Crestwood Midstream Long-Term Incentive Plan | Restricted units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Unvested units - December 31, units | 834,796 | 250,557 | ||||||||||
Unvested units - December 31 | $ 23.18 | $ 22.13 | ||||||||||
Vested, units | (457,458) | (208,361) | ||||||||||
Vested | $ 22.91 | $ 22.15 | ||||||||||
Granted, units | 535,858 | 871,078 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (823,277) | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 20.06 | |||||||||||
Granted | $ 15.89 | $ 23.25 | ||||||||||
Canceled, units | (89,919) | (78,478) | ||||||||||
Canceled | $ 16.05 | $ 23.33 | ||||||||||
Unvested units - December 31, units | 0 | 834,796 | ||||||||||
Unvested units - December 31 | $ 0 | $ 23.18 | ||||||||||
Crestwood Midstream Long-Term Incentive Plan | Phantom Share Units (PSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Vested, units | (21,578) | |||||||||||
Vested | $ 16.05 | |||||||||||
Granted, units | 171,648 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (150,070) | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 18.93 | |||||||||||
Granted | $ 15.76 | |||||||||||
Crestwood Long-Term Incentive Plan | Restricted units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Unvested units - December 31, units | 131,588 | 49,354 | ||||||||||
Unvested units - December 31 | $ 132.10 | $ 139.60 | ||||||||||
Vested, units | (91,798) | (44,993) | ||||||||||
Vested | $ 121.13 | $ 139.70 | ||||||||||
Granted, units | 142,255 | 137,746.1 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 226,401 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 68.85 | |||||||||||
Granted | $ 55.25 | $ 132.30 | ||||||||||
Canceled, units | (20,994) | (10,518.8) | ||||||||||
Canceled | $ 89.97 | $ 137.30 | ||||||||||
Unvested units - December 31, units | 466,214 | 131,588 | ||||||||||
Unvested units - December 31 | $ 69.80 | $ 132.10 | ||||||||||
Crestwood Long-Term Incentive Plan | Phantom Share Units (PSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Vested, units | (4,856) | |||||||||||
Vested | $ 67.10 | |||||||||||
Granted, units | 42,349 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 41,269 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Other Shares Increase Decrease Weighted Average Grant Date Fair Value | $ 58.36 | |||||||||||
Granted | $ 62.31 | |||||||||||
Employee Severance | Crestwood Midstream Long-Term Incentive Plan | Restricted units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Canceled, units | (39,172) | |||||||||||
Employee Severance | Crestwood Long-Term Incentive Plan | Restricted units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||
Canceled, units | (7,263) |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 90.00% | ||
Defined Benefit Plan, Employee Contributions, Statutory Maximum Per Employee | $ 18,000 | $ 17,500 | $ 17,500,000,000 |
Defined Contribution Plan Participants Basic Contribution | 100.00% | ||
Employer matching contribution, percent | 6.00% | ||
Defined Contribution Plan, Requisite Service Period | 90 days | ||
Defined Benefit Plan, Contributions by Employer | $ 4,000,000 | $ 3,800,000 | $ 500,000 |
Commitments and Contingencies76
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)bblRelease | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 15, 2015USD ($) | May. 06, 2015bbl | Feb. 28, 2015USD ($) | Nov. 08, 2013bblpeople | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 7 | ||||||
Payments for Other Taxes | 8.6 | ||||||
Loss Contingency Accrual, at Carrying Value | 0.1 | $ 1 | |||||
Loss Contingency, Range of Possible Loss, Maximum | $ 1.1 | ||||||
Operations and maintenance | 190.2 | 203.3 | $ 104.6 | ||||
Accrual for Environmental Loss Contingencies | 1.7 | 1.1 | |||||
Identified Growth Projects | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Firm Purchase Commitments | 12.7 | ||||||
Other Growth and Maintenance Contractual Purchase Obligations | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Firm Purchase Commitments | 13.5 | ||||||
Commodity | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Firm Purchase Commitments | 188.3 | ||||||
Antero | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Contingent consideration, current liability | 40 | $ 40 | |||||
Tres Palacios Holdings LLC | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 2 | ||||||
Crestwood Equity Partners LP | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Self-insurance reserves | 17.2 | 14.6 | |||||
Self-insurance reserve expected to be paid in next fiscal year | 11.3 | ||||||
CMLP | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Operations and maintenance | 188.7 | 195.4 | $ 103.4 | ||||
Total current liabilities | 111.6 | 176.3 | |||||
Self-insurance reserves | 11.4 | $ 7.2 | |||||
Self-insurance reserve expected to be paid in next fiscal year | 7.1 | ||||||
Minimum | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Accrual for Environmental Loss Contingencies | 1.7 | ||||||
Maximum | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Accrual for Environmental Loss Contingencies | $ 3.7 | ||||||
Fort Berthold Indian Reservation | |||||||
Purchase Commitment, Excluding Long-term Commitment [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 | |||||
Arrow Acquisition Class Action Lawsuit | |||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||
Barrels of Oil Equivalents Spilled | bbl | 50,000 | ||||||
Loss Contingency, Loss of Life, Number | people | 47 |
Commitments and Contingencies77
Commitments and Contingencies (Schedule of Future Minimum Lease Payments under Noncancelable Operatng Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
2,015 | $ 19.1 | ||
2,016 | 16.6 | ||
2,017 | 15.3 | ||
2,018 | 14.1 | ||
2,019 | 9.2 | ||
Thereafter | 23.8 | ||
Operating Leases, Future Minimum Payments Due | 98.1 | ||
Rent expense | $ 37.4 | $ 41.8 | $ 16.4 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | Oct. 07, 2013shares | Sep. 30, 2015USD ($)people | Dec. 31, 2015USD ($)people | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues at CEQP and CMLP | $ 3.9 | $ 3 | $ 74.9 | ||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 2.8 | 0.2 | 0 | ||
Related Party Costs | $ 0.8 | ||||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues at CEQP and CMLP | 3.9 | 3 | |||
Gathering and processing costs of product/services sold at CEQP and CMLP(1) | $ 28.9 | 42.2 | |||
Crestwood Equity Partners LP | |||||
Related Party Transaction [Line Items] | |||||
Gathering and processing revenues at CEQP and CMLP | 74.9 | ||||
Gathering and processing costs of product/services sold at CEQP and CMLP(1) | 32.5 | ||||
Crestwood Holdings | Majority Shareholder | |||||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Shares exchanged by acquirer | shares | 7,100,000 | ||||
Crestwood Operations LLC | |||||
Related Party Transaction [Line Items] | |||||
Entity Number of Employees | people | 1,288 | ||||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
General And Administrative Employees | people | 297 | ||||
Operational Employees | people | 991 | ||||
CMLP | |||||
Related Party Transaction [Line Items] | |||||
Entity Number of Employees | people | 100 | ||||
Gathering and processing revenues at CEQP and CMLP | $ 3.9 | 3 | 74.9 | ||
CMLP | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses charged by CEQP to CMLP, net(2) | 49.5 | 63.6 | 34.7 | ||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts receivable | 1.7 | 0.3 | |||
Accounts payable | 1.5 | 3.1 | |||
Crestwood Equity Partners LP | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses charged by CEQP to CMLP, net(2) | 0.4 | 0.5 | 25.3 | ||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Accounts receivable | 1.7 | 0.6 | |||
Accounts payable | 4 | 5.6 | |||
Crestwood Equity Partners LP | Crestwood Holdings | |||||
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Shares issued by acquiree | shares | 14,300,000 | ||||
Crestwood Long-Term Incentive Plan | CMLP | |||||
Related Party Transaction [Line Items] | |||||
Allocated share based compensation expense | 10 | $ 6.9 | $ 4.4 | ||
Crestwood Long-Term Incentive Plan | Crestwood Holdings | |||||
Related Party Transaction [Line Items] | |||||
Allocated share based compensation expense | $ 0.1 |
Segments (Narrative) (Details)
Segments (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015segment | Dec. 31, 2015USD ($)reporting_units | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Revenue, Major Customer [Line Items] | ||||
Number of operating segments | 3 | 3 | ||
Concentration Risk, Percentage | 10.00% | |||
Revenues | $ 2,632.8 | $ 3,931.3 | $ 1,426.7 | |
Tesoro | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 465.2 | |||
Crestwood Equity Partners LP | ||||
Revenue, Major Customer [Line Items] | ||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization from Equity Method Investments | 86.1 | 7.6 | 2.6 | |
CMLP | ||||
Revenue, Major Customer [Line Items] | ||||
Earnings (Losses) Before Interest, Taxes, Depreciation and Amortization from Equity Method Investments | 86.1 | 7.6 | 2.6 | |
Revenues | $ 2,632.8 | $ 3,917.5 | $ 1,412.6 |
Segments (Reconciliation of Net
Segments (Reconciliation of Net Income (Loss) to EBITDA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net loss | $ (2,303.7) | $ (10.4) | $ (50.6) |
Interest Expense | 140.1 | 127.1 | 77.9 |
Loss on modification/extinguishment of debt | 20 | 0 | 0 |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 |
Depreciation, amortization and accretion | 300.1 | 285.3 | 167.9 |
EBITDA | (1,844.9) | 403.1 | 196.2 |
CMLP | |||
Segment Reporting Information [Line Items] | |||
Net loss | (1,410.6) | 14.7 | (12.4) |
Interest Expense | 130.5 | 111.4 | 71.7 |
Loss on modification/extinguishment of debt | 18.9 | 0 | 0 |
Provision (benefit) for income taxes | 0 | 0.9 | 0.7 |
Depreciation, amortization and accretion | 278.5 | 255.4 | 139.4 |
EBITDA | $ (982.7) | $ 382.4 | $ 199.4 |
Segments (Summary Of Segment In
Segments (Summary Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 19, 2013 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 2,632.8 | $ 3,931.3 | $ 1,426.7 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 1,883.5 | 3,165.3 | 1,002.3 | ||
Operations and maintenance | 190.2 | 203.3 | 104.6 | ||
General and administrative | 116.3 | 100.2 | 93.5 | ||
Gain (loss) on long-lived assets, net | (821.2) | (1.9) | 5.3 | ||
Gain (loss) on long-lived assets, net | (821.2) | (1.9) | |||
Goodwill impairment | $ (515.4) | (1,406.3) | (48.8) | (4.1) | |
Loss on contingent consideration (Note 15) | 0 | (8.6) | (31.4) | ||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | ||
Other income, net | 0.6 | 0.6 | 0.2 | ||
EBITDA | (1,844.9) | 403.1 | 196.2 | ||
Goodwill | 1,085.5 | 1,085.5 | 2,491.8 | ||
Assets | 5,803.7 | 5,803.7 | 8,461.4 | ||
Payments to Acquire Property, Plant, and Equipment | 182.7 | 424 | 347 | ||
CMLP | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 2,632.8 | 3,917.5 | 1,412.6 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 1,883.5 | 3,154.8 | 995.4 | ||
Operations and maintenance | 188.7 | 195.4 | 103.4 | ||
General and administrative | 105.6 | 91.7 | 84.1 | ||
Gain (loss) on long-lived assets, net | (227.8) | (35.1) | 5.3 | ||
Gain (loss) on long-lived assets, net | (227.8) | (35.1) | 5.3 | ||
Goodwill impairment | (470.6) | (1,149.1) | (48.8) | (4.1) | |
Loss on contingent consideration (Note 15) | 0 | (8.6) | (31.4) | ||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | ||
EBITDA | (982.7) | 382.4 | 199.4 | ||
Goodwill | 1,085.5 | 1,085.5 | 2,234.6 | 2,295.1 | $ 1,532.7 |
Assets | 6,004.5 | 6,004.5 | 7,785.2 | ||
Payments to Acquire Property, Plant, and Equipment | 182.7 | 421.7 | 339.3 | ||
Gathering systems and pipelines | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 1,381 | 2,166.8 | 510 | ||
Intersegment Revenues | 66.7 | 50 | |||
Costs of product/services sold | 1,103.9 | 1,859.9 | 267.5 | ||
Operations and maintenance | 89 | 102.8 | 58.7 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | 5.4 | ||||
Gain (loss) on long-lived assets, net | (787.3) | (32.7) | |||
Goodwill impairment | (329.7) | (18.5) | (4.1) | ||
Loss on contingent consideration (Note 15) | (8.6) | (31.4) | |||
Loss from unconsolidated affiliates, net | (43.4) | 0.5 | 0.1 | ||
Other income, net | 0 | 0 | 0 | ||
EBITDA | (905.6) | 194.8 | 153.8 | ||
Goodwill | 54.5 | 54.5 | 384.2 | ||
Assets | 2,325.2 | 2,325.2 | 3,593.6 | ||
Payments to Acquire Property, Plant, and Equipment | 132.7 | 327.9 | 290.7 | ||
Gathering systems and pipelines | CMLP | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 1,381 | 2,166.8 | 510 | ||
Intersegment Revenues | 66.7 | 50 | |||
Costs of product/services sold | 1,103.9 | 1,859.9 | 267.5 | ||
Operations and maintenance | 89 | 102.8 | 58.7 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | (194.1) | (32.7) | 5.4 | ||
Goodwill impairment | (72.5) | (18.5) | (4.1) | ||
Loss on contingent consideration (Note 15) | (8.6) | (31.4) | |||
Loss from unconsolidated affiliates, net | (43.4) | 0.5 | 0.1 | ||
EBITDA | (55.2) | 194.8 | 153.8 | ||
Goodwill | 54.5 | 54.5 | 127 | ||
Assets | 2,541.6 | 2,541.6 | 2,941.6 | ||
Payments to Acquire Property, Plant, and Equipment | 132.7 | 327.9 | 290.7 | ||
Storage and Transportation | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 266.3 | 264.6 | 130.9 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 20.1 | 33.3 | 19.7 | ||
Operations and maintenance | 31.7 | 28.8 | 14.2 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | 0 | ||||
Gain (loss) on long-lived assets, net | (1.6) | 33.8 | |||
Goodwill impairment | (623.4) | 0 | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | (17.4) | (1.2) | (0.2) | ||
Other income, net | 0 | 0 | 0 | ||
EBITDA | (427.9) | 235.1 | 96.8 | ||
Goodwill | 771.2 | 771.2 | 1,394.6 | ||
Assets | 2,217.4 | 2,217.4 | 2,423.3 | ||
Payments to Acquire Property, Plant, and Equipment | 26.4 | 37 | 43.4 | ||
Storage and Transportation | CMLP | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 266.3 | 250.8 | 116.8 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 20.1 | 22.8 | 12.8 | ||
Operations and maintenance | 30.2 | 22.1 | 12.4 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | (1.4) | 0.6 | 0 | ||
Goodwill impairment | (623.4) | 0 | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | (17.4) | (1.2) | (0.2) | ||
EBITDA | (426.2) | 205.3 | 91.4 | ||
Goodwill | 771.2 | 771.2 | 1,394.6 | ||
Assets | 2,216.7 | 2,216.7 | 2,423.3 | ||
Payments to Acquire Property, Plant, and Equipment | 26.4 | 36.4 | 35.7 | ||
Marketing Supply and Logistics | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 985.5 | 1,499.9 | 785.8 | ||
Intersegment Revenues | (66.7) | (50) | |||
Costs of product/services sold | 759.5 | 1,272.1 | 715.1 | ||
Operations and maintenance | 69.5 | 71.7 | 31.7 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | (0.1) | ||||
Gain (loss) on long-lived assets, net | (32.3) | (3) | |||
Goodwill impairment | (453.2) | (30.3) | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | ||
Other income, net | 0 | 0 | 0 | ||
EBITDA | (395.7) | 72.8 | 38.9 | ||
Goodwill | 259.8 | 259.8 | 713 | ||
Assets | 1,083.7 | 1,083.7 | 2,240.6 | ||
Payments to Acquire Property, Plant, and Equipment | 22.8 | 50.9 | 11.9 | ||
Marketing Supply and Logistics | CMLP | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 985.5 | 1,499.9 | 785.8 | ||
Intersegment Revenues | (66.7) | (50) | |||
Costs of product/services sold | 759.5 | 1,272.1 | 715.1 | ||
Operations and maintenance | 69.5 | 70.5 | 32.3 | ||
General and administrative | 0 | 0 | 0 | ||
Gain (loss) on long-lived assets, net | (32.3) | (3) | (0.1) | ||
Goodwill impairment | (453.2) | (30.3) | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | ||
EBITDA | (395.7) | 74 | 38.3 | ||
Goodwill | 259.8 | 259.8 | 713 | ||
Assets | 1,083.7 | 1,083.7 | 2,240.6 | ||
Payments to Acquire Property, Plant, and Equipment | 22.8 | 50.9 | 11.9 | ||
Corporate Segment | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 0 | 0 | 0 | ||
Operations and maintenance | 0 | 0 | 0 | ||
General and administrative | 116.3 | 100.2 | 93.5 | ||
Gain (loss) on long-lived assets, net | 0 | ||||
Gain (loss) on long-lived assets, net | 0 | 0 | |||
Goodwill impairment | 0 | 0 | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | ||
Other income, net | 0.6 | 0.6 | 0.2 | ||
EBITDA | (115.7) | (99.6) | (93.3) | ||
Goodwill | 0 | 0 | 0 | ||
Assets | 177.4 | 177.4 | 203.9 | ||
Payments to Acquire Property, Plant, and Equipment | 0.8 | 8.2 | 1 | ||
Corporate Segment | CMLP | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | ||
Intersegment Revenues | 0 | 0 | |||
Costs of product/services sold | 0 | 0 | 0 | ||
Operations and maintenance | 0 | 0 | 0 | ||
General and administrative | 105.6 | 91.7 | 84.1 | ||
Gain (loss) on long-lived assets, net | 0 | 0 | 0 | ||
Goodwill impairment | 0 | 0 | 0 | ||
Loss on contingent consideration (Note 15) | 0 | 0 | |||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | ||
EBITDA | (105.6) | (91.7) | (84.1) | ||
Goodwill | 0 | 0 | 0 | ||
Assets | $ 162.5 | 162.5 | 179.7 | ||
Payments to Acquire Property, Plant, and Equipment | $ 0.8 | $ 6.5 | $ 1 |
Condensed Consolidating Finan82
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash | $ 0.5 | $ 8.8 | $ 5.2 | $ 0.1 |
Accounts receivable | 236.5 | 379.6 | ||
Total current assets | 335.8 | 538.1 | ||
Property, plant and equipment, net | 3,310.8 | 3,893.8 | ||
Investment in unconsolidated affiliates | 254.3 | 295.1 | ||
Other assets | 7.2 | 11.3 | ||
Total assets | 5,803.7 | 8,461.4 | ||
Current liabilities: | ||||
Accounts payable | 144.1 | 241.2 | ||
Total current liabilities | 258.2 | 424.9 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 2,542.7 | 2,392.8 | ||
Other long-term liabilities | 47.5 | 47.2 | ||
Deferred income taxes | 8.4 | 12 | ||
Total partners’ capital | 2,946.9 | 5,584.5 | 5,508.6 | 1,550.7 |
Total liabilities and partners’ capital | 5,803.7 | 8,461.4 | ||
CMLP | ||||
Current assets: | ||||
Cash | 0.1 | 7.6 | 5.1 | 0.1 |
Accounts receivable | 236.5 | 379.3 | ||
Inventory | 44.5 | 46.6 | ||
Other | 52.5 | 103.1 | ||
Total current assets | 333.6 | 536.6 | ||
Property, plant and equipment, net | 3,525.7 | 3,746 | ||
Intangible assets | 1,887.8 | 3,204.2 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment in unconsolidated affiliates | 254.3 | 295.1 | ||
Other assets | 3.1 | 3.3 | ||
Total assets | 6,004.5 | 7,785.2 | ||
Current liabilities: | ||||
Accounts payable | 141.4 | 235 | ||
Total current liabilities | 111.6 | 176.3 | ||
Total current liabilities | 253 | 411.3 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 2,542.7 | 2,014.5 | ||
Other long-term liabilities | 43.3 | 38.3 | ||
Deferred income taxes | 0.4 | 0.7 | ||
Partners' capital | 2,981.6 | 5,148.7 | ||
Interest of non-controlling partners in subsidiary | 183.5 | 171.7 | ||
Total partners’ capital | 3,165.1 | 5,320.4 | 5,291.3 | 859.7 |
Total liabilities and partners’ capital | 6,004.5 | 7,785.2 | ||
CMLP | Parent Company | ||||
Current assets: | ||||
Cash | 0.1 | 0 | 0.1 | 0 |
Accounts receivable | 0 | 1.2 | ||
Inventory | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0.1 | 1.2 | ||
Property, plant and equipment, net | 0 | 7.9 | ||
Intangible assets | 40.9 | 38 | ||
Investment in consolidated affiliates | 5,506.8 | 7,148 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 5,547.8 | 7,195.1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 9 | ||
Total current liabilities | 26.4 | 23 | ||
Total current liabilities | 26.4 | 32 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 2,539.8 | 2,012.8 | ||
Other long-term liabilities | 0 | 1.6 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | 2,981.6 | 5,148.7 | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | 2,981.6 | 5,148.7 | ||
Total liabilities and partners’ capital | 5,547.8 | 7,195.1 | ||
CMLP | Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash | 0 | 7.6 | 4 | 0.1 |
Accounts receivable | 236 | 377.8 | ||
Inventory | 44.5 | 46.6 | ||
Other | 52.5 | 103.1 | ||
Total current assets | 333 | 535.1 | ||
Property, plant and equipment, net | 3,525.7 | 3,738.1 | ||
Intangible assets | 1,846.9 | 3,166.2 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Other assets | 3.1 | 3.3 | ||
Total assets | 5,708.7 | 7,442.7 | ||
Current liabilities: | ||||
Accounts payable | 141.3 | 225.8 | ||
Total current liabilities | 85.2 | 153.3 | ||
Total current liabilities | 226.5 | 379.1 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 2.9 | 1.7 | ||
Other long-term liabilities | 43.3 | 36.7 | ||
Deferred income taxes | 0.4 | 0.7 | ||
Partners' capital | 5,435.6 | 7,024.5 | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | 5,435.6 | 7,024.5 | ||
Total liabilities and partners’ capital | 5,708.7 | 7,442.7 | ||
CMLP | Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash | 0 | 0 | 1 | 0 |
Accounts receivable | 0.5 | 0.3 | ||
Inventory | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 0.5 | 0.3 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in consolidated affiliates | 0 | 0 | ||
Investment in unconsolidated affiliates | 254.3 | 295.1 | ||
Other assets | 0 | 0 | ||
Total assets | 254.8 | 295.4 | ||
Current liabilities: | ||||
Accounts payable | 0.1 | 0.2 | ||
Total current liabilities | 0 | 0 | ||
Total current liabilities | 0.1 | 0.2 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | 71.2 | 123.5 | ||
Interest of non-controlling partners in subsidiary | 183.5 | 171.7 | ||
Total partners’ capital | 254.7 | 295.2 | ||
Total liabilities and partners’ capital | 254.8 | 295.4 | ||
CMLP | Eliminations | ||||
Current assets: | ||||
Cash | 0 | 0 | $ 0 | $ 0 |
Accounts receivable | 0 | 0 | ||
Inventory | 0 | $ 0 | ||
Other | 0 | |||
Total current assets | 0 | $ 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in consolidated affiliates | (5,506.8) | (7,148) | ||
Investment in unconsolidated affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (5,506.8) | (7,148) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term liabilities: | ||||
Long-term debt, less current portion (Note 9) | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Partners' capital | (5,506.8) | (7,148) | ||
Interest of non-controlling partners in subsidiary | 0 | 0 | ||
Total partners’ capital | (5,506.8) | (7,148) | ||
Total liabilities and partners’ capital | $ (5,506.8) | $ (7,148) |
Condensed Consolidating Finan83
Condensed Consolidating Financial Information (Statements Of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | ||||
Storage and transportation | $ 266.3 | $ 264.6 | $ 130.9 | |
Related party (Note 16) | 3.9 | 3 | 74.9 | |
Revenues | 2,632.8 | 3,931.3 | 1,426.7 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Related party (Note 16) | 28.9 | 42.2 | 32.5 | |
Total costs of products/services sold | 1,883.5 | 3,165.3 | 1,002.3 | |
Expenses: | ||||
Operations and maintenance | 190.2 | 203.3 | 104.6 | |
General and administrative | 116.3 | 100.2 | 93.5 | |
Depreciation, amortization and accretion | 300.1 | 285.3 | 167.9 | |
Goodwill impairment | $ (515.4) | (1,406.3) | (48.8) | (4.1) |
Loss on contingent consideration | 0 | (8.6) | (31.4) | |
Operating income (loss) | (2,084.8) | 117.9 | 28.2 | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | |
Interest and debt expense, net | (140.1) | (127.1) | (77.9) | |
Loss on modification/extinguishment of debt | (20) | 0 | 0 | |
Loss before income taxes | (2,305.1) | (9.3) | (49.6) | |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 | |
Net loss | (2,303.7) | (10.4) | (50.6) | |
Net income attributable to non-controlling partners in subsidiary | 636.8 | 66.8 | 57.3 | |
Net income (loss) attributable to parent | (1,666.9) | 56.4 | 6.7 | |
Net income attributable to preferred units | (6.2) | 0 | 0 | |
Net income (loss) attributable to partners | (1,673.1) | 56.4 | 6.7 | |
CMLP | ||||
Revenues: | ||||
Storage and transportation | 266.3 | 250.8 | 116.8 | |
Related party (Note 16) | 3.9 | 3 | 74.9 | |
Revenues | 2,632.8 | 3,917.5 | 1,412.6 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Related party (Note 16) | 28.9 | 42.2 | 32.5 | |
Total costs of products/services sold | 1,883.5 | 3,154.8 | 995.4 | |
Expenses: | ||||
Operations and maintenance | 188.7 | 195.4 | 103.4 | |
General and administrative | 105.6 | 91.7 | 84.1 | |
Depreciation, amortization and accretion | 278.5 | 255.4 | 139.4 | |
Costs and Expenses | 572.8 | 542.5 | 326.9 | |
(Gain) loss on long-lived assets, net | (227.8) | (35.1) | 5.3 | |
Goodwill impairment | $ (470.6) | (1,149.1) | (48.8) | (4.1) |
Loss on contingent consideration | 0 | (8.6) | (31.4) | |
Operating income (loss) | (1,200.4) | 127.7 | 60.1 | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | |
Interest and debt expense, net | (130.5) | (111.4) | (71.7) | |
Loss on modification/extinguishment of debt | (18.9) | 0 | 0 | |
Loss from unconsolidated affiliates | 0 | 0 | 0 | |
Loss before income taxes | (1,410.6) | 15.6 | (11.7) | |
Provision (benefit) for income taxes | 0 | 0.9 | 0.7 | |
Net loss | (1,410.6) | 14.7 | (12.4) | |
Net income attributable to non-controlling partners in subsidiary | (23.1) | (16.8) | (4.9) | |
Net income (loss) attributable to parent | (1,433.7) | (2.1) | (17.3) | |
Net income attributable to preferred units | (23.1) | (17.2) | 0 | |
Net income (loss) attributable to partners | (1,456.8) | (19.3) | (17.3) | |
CMLP | Parent Company | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Total costs of products/services sold | 0 | 0 | 0 | |
Expenses: | ||||
Operations and maintenance | 0 | 0 | 0 | |
General and administrative | 65.3 | 49.4 | 46.5 | |
Depreciation, amortization and accretion | 0 | 0.9 | 1 | |
Costs and Expenses | 65.3 | 50.3 | 47.5 | |
(Gain) loss on long-lived assets, net | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | (65.3) | (50.3) | (47.5) | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | |
Interest and debt expense, net | (130.5) | (111.4) | (68.7) | |
Loss on modification/extinguishment of debt | (18.9) | |||
Loss from unconsolidated affiliates | (1,195.9) | 176.4 | 103.8 | |
Loss before income taxes | (1,410.6) | 14.7 | (12.4) | |
Provision (benefit) for income taxes | 0 | 0 | 0 | |
Net loss | (1,410.6) | 14.7 | (12.4) | |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | |
Net income (loss) attributable to parent | (1,410.6) | 14.7 | (12.4) | |
Net income attributable to preferred units | (23.1) | 17.2 | 0 | |
Net income (loss) attributable to partners | (1,433.7) | (2.5) | (12.4) | |
CMLP | Guarantor Subsidiaries | ||||
Revenues: | ||||
Revenues | 2,632.8 | 3,917.5 | 1,412.6 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Total costs of products/services sold | 1,883.5 | 3,154.8 | 995.4 | |
Expenses: | ||||
Operations and maintenance | 188.7 | 195.4 | 103.4 | |
General and administrative | 40.3 | 42.3 | 37.6 | |
Depreciation, amortization and accretion | 278.5 | 254.5 | 138.4 | |
Costs and Expenses | 507.5 | 492.2 | 279.4 | |
(Gain) loss on long-lived assets, net | (227.8) | (35.1) | 5.3 | |
Goodwill impairment | (1,149.1) | (48.8) | (4.1) | |
Loss on contingent consideration | (8.6) | (31.4) | ||
Operating income (loss) | (1,135.1) | 178 | 107.6 | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | |
Interest and debt expense, net | 0 | 0 | (3) | |
Loss on modification/extinguishment of debt | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | |
Loss before income taxes | (1,135.1) | 178 | 104.6 | |
Provision (benefit) for income taxes | 0 | 0.9 | 0.7 | |
Net loss | (1,135.1) | 177.1 | 103.9 | |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | |
Net income (loss) attributable to parent | (1,135.1) | 177.1 | 103.9 | |
Net income attributable to preferred units | 0 | 0 | 0 | |
Net income (loss) attributable to partners | (1,135.1) | 177.1 | 103.9 | |
CMLP | Non-Guarantor Subsidiaries | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Total costs of products/services sold | 0 | 0 | 0 | |
Expenses: | ||||
Operations and maintenance | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | |
Costs and Expenses | 0 | 0 | 0 | |
(Gain) loss on long-lived assets, net | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | 0 | 0 | 0 | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | (60.8) | (0.7) | (0.1) | |
Interest and debt expense, net | 0 | 0 | 0 | |
Loss on modification/extinguishment of debt | 0 | |||
Loss from unconsolidated affiliates | 0 | 0 | 0 | |
Loss before income taxes | (60.8) | $ (0.7) | (0.1) | |
Provision (benefit) for income taxes | 0 | 0 | ||
Net loss | (60.8) | $ (0.7) | (0.1) | |
Net income attributable to non-controlling partners in subsidiary | (23.1) | (16.8) | (4.9) | |
Net income (loss) attributable to parent | (83.9) | (17.5) | (5) | |
Net income attributable to preferred units | 0 | 0 | 0 | |
Net income (loss) attributable to partners | (83.9) | (17.5) | (5) | |
CMLP | Eliminations | ||||
Revenues: | ||||
Revenues | 0 | 0 | 0 | |
Costs of product/services sold (exclusive of items shown separately below): | ||||
Total costs of products/services sold | 0 | 0 | 0 | |
Expenses: | ||||
Operations and maintenance | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | |
Costs and Expenses | 0 | 0 | 0 | |
(Gain) loss on long-lived assets, net | 0 | 0 | 0 | |
Goodwill impairment | 0 | 0 | 0 | |
Loss on contingent consideration | 0 | 0 | ||
Operating income (loss) | 0 | 0 | 0 | |
Other income (expense): | ||||
Loss from unconsolidated affiliates, net | 0 | 0 | 0 | |
Interest and debt expense, net | 0 | 0 | 0 | |
Loss on modification/extinguishment of debt | 0 | |||
Loss from unconsolidated affiliates | 1,195.9 | (176.4) | (103.8) | |
Loss before income taxes | 1,195.9 | (176.4) | (103.8) | |
Provision (benefit) for income taxes | 0 | 0 | 0 | |
Net loss | 1,195.9 | (176.4) | (103.8) | |
Net income attributable to non-controlling partners in subsidiary | 0 | 0 | 0 | |
Net income (loss) attributable to parent | 1,195.9 | (176.4) | (103.8) | |
Net income attributable to preferred units | 0 | 0 | 0 | |
Net income (loss) attributable to partners | $ 1,195.9 | $ (176.4) | $ (103.8) |
Condensed Consolidating Finan84
Condensed Consolidating Financial Information (Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | $ 440.7 | $ 283 | $ 188.3 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | (19.5) | (555.6) |
Purchases of property, plant and equipment | (182.7) | (424) | (347) |
Investment in unconsolidated affiliates | (42) | (108.6) | (151.5) |
Proceeds from sale of assets | 2.7 | 2.7 | 11.2 |
Proceeds from sale of Tres Palacios | 0 | 66.4 | 0 |
Net cash used in investing activities | (212.7) | (483) | (1,042.9) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 4,261.8 | 2,823.9 | 2,466.9 |
Principal payments on long-term debt | (4,113) | (2,696) | (1,967.6) |
Payments on capital leases | (2.2) | (3.2) | (4.3) |
Payments for debt-related deferred costs | (17.3) | (1.9) | (33.1) |
Financing fees paid for early debt redemption | 13.6 | 0 | 0 |
Distributions to partners | (171.5) | (102.5) | (68.4) |
Distributions paid to non-controlling partners | (234.2) | (296.5) | (204.5) |
Net proceeds from the issuance of common units | 0 | 0 | 714 |
Proceeds from issuance of preferred equity of subsidiary, net | 0 | 53.9 | 96.1 |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 58.8 | ||
Taxes paid for unit-based compensation vesting | (3.8) | (3.9) | (10.5) |
Other | (1.3) | (0.7) | 0.1 |
Net cash provided by (used in) financing activities | (236.3) | 203.6 | 859.7 |
Net change in cash | (8.3) | 3.6 | 5.1 |
Cash at beginning of period | 8.8 | 5.2 | 0.1 |
Cash at end of period | 0.5 | 8.8 | 5.2 |
CMLP | |||
Cash flows from operating activities | 471.8 | 437.3 | 253.7 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | (19.5) | (561.5) |
Purchases of property, plant and equipment | (182.7) | (421.7) | (339.3) |
Investment in unconsolidated affiliates | (41.8) | (144.4) | (151.5) |
Proceeds from sale of assets | 2.7 | 2.7 | 11.2 |
Proceeds from sale of Tres Palacios | 9.3 | ||
Capital contributions to consolidated affiliates | 0 | ||
Capital contributions from consolidated affiliates, net and other | 0 | 0 | |
Net cash used in investing activities | (212.5) | (582.9) | (1,041.1) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 3,490.1 | 2,089.9 | 2,072.8 |
Principal payments on long-term debt | (2,960.9) | (1,950) | (1,634.5) |
Payments on capital leases | (2.2) | (3.2) | (4.3) |
Payments for debt-related deferred costs | (17.3) | (0.1) | (32) |
Financing fees paid for early debt redemption | (13.6) | 0 | 0 |
Distributions to partners | (819.5) | (470.5) | (419.7) |
Distributions paid to non-controlling partners | 0 | 0 | 5.5 |
Net proceeds from the issuance of common units | 0 | 0 | 714 |
Proceeds from issuance of preferred equity of subsidiary, net | 0 | 53.9 | 96.1 |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | (58.8) | (430.5) | |
Taxes paid for unit-based compensation vesting | (2.1) | (1.6) | (5.5) |
Change in intercompany balances | 0 | 0 | 0 |
Other | (0.1) | (0.8) | 0 |
Net cash provided by (used in) financing activities | (266.8) | 148.1 | 792.4 |
Net change in cash | (7.5) | 2.5 | 5 |
Cash at beginning of period | 7.6 | 5.1 | 0.1 |
Cash at end of period | 0.1 | 7.6 | 5.1 |
CMLP | Parent Company | |||
Cash flows from operating activities | (190.8) | (165.6) | (46.1) |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | |
Purchases of property, plant and equipment | (0.8) | (4.3) | (1) |
Investment in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from sale of Tres Palacios | 0 | ||
Capital contributions to consolidated affiliates | (31.2) | ||
Capital contributions from consolidated affiliates, net and other | (89.5) | (106.4) | |
Net cash used in investing activities | (32) | (93.8) | (107.4) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 3,490.1 | 2,089.9 | 2,072.8 |
Principal payments on long-term debt | (2,960.9) | (1,949.8) | (1,634.3) |
Payments on capital leases | 0 | (1.3) | (0.4) |
Payments for debt-related deferred costs | (17.3) | (0.1) | (32) |
Financing fees paid for early debt redemption | (13.6) | ||
Distributions to partners | (808.2) | (470.5) | (419.7) |
Distributions paid to non-controlling partners | 0 | 0 | 0 |
Net proceeds from the issuance of common units | 714 | ||
Proceeds from issuance of preferred equity of subsidiary, net | 0 | 0 | |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | (58.8) | (430.5) | |
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 |
Change in intercompany balances | 474.1 | 161.4 | (546.8) |
Other | (0.1) | (0.8) | |
Net cash provided by (used in) financing activities | 222.9 | 259.3 | 153.6 |
Net change in cash | 0.1 | (0.1) | 0.1 |
Cash at beginning of period | 0 | 0.1 | 0 |
Cash at end of period | 0.1 | 0 | 0.1 |
CMLP | Guarantor Subsidiaries | |||
Cash flows from operating activities | 650 | 602.9 | 333.6 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (19.5) | (561.5) | |
Purchases of property, plant and equipment | (181.9) | (417.4) | (338.3) |
Investment in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 2.7 | 2.7 | 11.2 |
Proceeds from sale of Tres Palacios | 0 | ||
Capital contributions to consolidated affiliates | 0 | ||
Capital contributions from consolidated affiliates, net and other | 0 | 0 | |
Net cash used in investing activities | (179.2) | (434.2) | (888.6) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | (0.2) | (0.2) |
Payments on capital leases | (2.2) | (1.9) | (3.9) |
Payments for debt-related deferred costs | 0 | 0 | 0 |
Financing fees paid for early debt redemption | 0 | ||
Distributions to partners | 0 | 0 | (33.8) |
Distributions paid to non-controlling partners | 0 | 0 | 55.5 |
Net proceeds from the issuance of common units | 0 | ||
Proceeds from issuance of preferred equity of subsidiary, net | 0 | 0 | |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 0 | 0 | |
Taxes paid for unit-based compensation vesting | (2.1) | (1.6) | (5.5) |
Change in intercompany balances | (474.1) | (161.4) | 546.8 |
Other | 0 | 0 | |
Net cash provided by (used in) financing activities | (478.4) | (165.1) | 558.9 |
Net change in cash | (7.6) | 3.6 | 3.9 |
Cash at beginning of period | 7.6 | 4 | 0.1 |
Cash at end of period | 0 | 7.6 | 4 |
CMLP | Non-Guarantor Subsidiaries | |||
Cash flows from operating activities | 12.6 | 0 | 0 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | |
Purchases of property, plant and equipment | 0 | 0 | 0 |
Investment in unconsolidated affiliates | (41.8) | (144.4) | (151.5) |
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from sale of Tres Palacios | 9.3 | ||
Capital contributions to consolidated affiliates | 0 | ||
Capital contributions from consolidated affiliates, net and other | 0 | 0 | |
Net cash used in investing activities | (32.5) | (144.4) | (151.5) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Payments on capital leases | 0 | 0 | 0 |
Payments for debt-related deferred costs | 0 | 0 | 0 |
Financing fees paid for early debt redemption | 0 | ||
Distributions to partners | (11.3) | 0 | 0 |
Distributions paid to non-controlling partners | 31.2 | 89.5 | 56.4 |
Net proceeds from the issuance of common units | 0 | ||
Proceeds from issuance of preferred equity of subsidiary, net | 53.9 | 96.1 | |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 0 | 0 | |
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 |
Change in intercompany balances | 0 | 0 | 0 |
Other | 0 | 0 | |
Net cash provided by (used in) financing activities | 19.9 | 143.4 | 152.5 |
Net change in cash | 0 | (1) | 1 |
Cash at beginning of period | 0 | 1 | 0 |
Cash at end of period | 0 | 0 | 1 |
CMLP | Eliminations | |||
Cash flows from operating activities | 0 | 0 | (33.8) |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | 0 | 0 | |
Purchases of property, plant and equipment | 0 | 0 | 0 |
Investment in unconsolidated affiliates | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Proceeds from sale of Tres Palacios | 0 | ||
Capital contributions to consolidated affiliates | 31.2 | ||
Capital contributions from consolidated affiliates, net and other | 89.5 | 106.4 | |
Net cash used in investing activities | 31.2 | 89.5 | 106.4 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Payments on capital leases | 0 | 0 | 0 |
Payments for debt-related deferred costs | 0 | 0 | 0 |
Financing fees paid for early debt redemption | 0 | ||
Distributions to partners | 0 | 0 | 33.8 |
Distributions paid to non-controlling partners | (31.2) | (89.5) | (106.4) |
Net proceeds from the issuance of common units | 0 | ||
Proceeds from issuance of preferred equity of subsidiary, net | 0 | 0 | |
Net proceeds from the issuance of Crestwood Midstream Partners LP Class A preferred units | 0 | 0 | |
Taxes paid for unit-based compensation vesting | 0 | 0 | 0 |
Change in intercompany balances | 0 | 0 | 0 |
Other | 0 | 0 | |
Net cash provided by (used in) financing activities | (31.2) | (89.5) | (72.6) |
Net change in cash | 0 | 0 | 0 |
Cash at beginning of period | 0 | 0 | 0 |
Cash at end of period | $ 0 | $ 0 | $ 0 |
Schedule I - Crestwood Equity85
Schedule I - Crestwood Equity Partners LP - Parent Only - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash | $ 0.5 | $ 8.8 | $ 5.2 | $ 0.1 | |
Total current assets | 335.8 | 538.1 | |||
Property, plant and equipment, net | 3,310.8 | 3,893.8 | |||
Total assets | 5,803.7 | 8,461.4 | |||
Accrued expenses | 105.6 | 154.6 | |||
Current portion of long-term debt | 1.1 | 3.7 | |||
Total current liabilities | 258.2 | 424.9 | |||
Long-term debt, less current portion (Note 9) | 2,542.7 | 2,392.8 | |||
Other long-term liabilities | 47.5 | 47.2 | |||
Total partners’ capital | 2,946.9 | 5,584.5 | 5,508.6 | 1,550.7 | |
Total liabilities and partners’ capital | 5,803.7 | 8,461.4 | |||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash | 0.4 | 3.7 | $ 0.1 | $ 0 | |
Accounts Payable, Trade | 1.8 | 0 | |||
Accounts receivable - intercompany | 0 | 3.2 | |||
Total current assets | 2.2 | 6.9 | |||
Property, plant and equipment, net | 1.5 | 2.5 | |||
Intangible assets | 7.8 | 1.7 | |||
Investment in subsidiaries | 2,757.7 | 5,799.5 | |||
Other assets | 3.5 | 0 | |||
Total assets | 2,772.7 | 5,810.6 | |||
Accounts payable | 2.6 | 0 | |||
Accrued expenses | 2.3 | 1.9 | |||
Current portion of long-term debt | 0.2 | 3 | |||
Total current liabilities | 5.1 | $ 4.9 | |||
Long-term debt, less current portion (Note 9) | 0 | $ 380 | |||
Other long-term liabilities | 4.2 | 12.9 | |||
Total partners’ capital | 2,763.4 | 5,412.8 | |||
Total liabilities and partners’ capital | $ 2,772.7 | $ 5,810.6 |
Schedule I - Crestwood Equity86
Schedule I - Crestwood Equity Partners LP - Parent Only - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 2,632.8 | $ 3,931.3 | $ 1,426.7 |
Operating income (loss) | (2,084.8) | 117.9 | 28.2 |
Interest and debt expense, net | (140.1) | (127.1) | (77.9) |
Loss on modification/extinguishment of debt | (20) | 0 | 0 |
Other income, net | 0.6 | 0.6 | 0.2 |
Loss before income taxes | (2,305.1) | (9.3) | (49.6) |
Provision (benefit) for income taxes | (1.4) | 1.1 | 1 |
Net loss | (2,303.7) | (10.4) | (50.6) |
Net income attributable to non-controlling partners in subsidiary | 636.8 | 66.8 | 57.3 |
Net income (loss) attributable to parent | (1,666.9) | 56.4 | 6.7 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | 0 |
Costs and Expenses | 14.5 | 8.5 | 0 |
Operating income (loss) | (14.5) | (8.5) | 0 |
Interest and debt expense, net | (9.6) | (15.7) | (6.5) |
Loss from unconsolidated affiliates | (2,279.1) | 14.2 | (43.9) |
Loss on modification/extinguishment of debt | (1.1) | 0 | 0 |
Other income, net | 0.6 | 0 | 0 |
Loss before income taxes | (2,303.7) | (10) | (50.4) |
Provision (benefit) for income taxes | 0 | 0.4 | 0.2 |
Net loss | (2,303.7) | (10.4) | (50.6) |
Net income attributable to non-controlling partners in subsidiary | (6.2) | 0 | 0 |
Net income (loss) attributable to parent | $ (2,309.9) | $ (10.4) | $ (50.6) |
Schedule I - Crestwood Equity87
Schedule I - Crestwood Equity Partners LP - Parent Only - Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net loss | $ (2,303.7) | $ (10.4) | $ (50.6) |
Change in fair value of Suburban Propane Partners, LP units | (2.7) | (0.5) | (0.1) |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | (1,669.6) | 55.9 | 6.6 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net loss | (2,303.7) | (10.4) | (50.6) |
Change in fair value of Suburban Propane Partners, LP units | (2.7) | (0.5) | (0.1) |
Comprehensive income (loss) attributable to Crestwood Equity Partners LP | $ (2,306.4) | $ (10.9) | $ (50.7) |
Schedule I - Crestwood Equity88
Schedule I - Crestwood Equity Partners LP - Parent Only - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ 440.7 | $ 283 | $ 188.3 |
Cash flows from investing activities | (212.7) | (483) | (1,042.9) |
Proceeds from the issuance of long-term debt | 4,261.8 | 2,823.9 | 2,466.9 |
Principal payments on long-term debt | (4,113) | (2,696) | (1,967.6) |
Payments for debt-related deferred costs | (17.3) | (1.9) | (33.1) |
Distributions to partners | (171.5) | (102.5) | (68.4) |
Other | (1.3) | (0.7) | 0.1 |
Net cash provided by (used in) financing activities | (236.3) | 203.6 | 859.7 |
Net change in cash | (8.3) | 3.6 | 5.1 |
Cash at beginning of period | 8.8 | 5.2 | 0.1 |
Cash at end of period | 0.5 | 8.8 | 5.2 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (14.7) | (25.3) | (12.3) |
Cash flows from investing activities | 593.8 | 170.8 | 20.7 |
Proceeds from the issuance of long-term debt | 771.7 | 734 | 394.1 |
Principal payments on long-term debt | (1,152.1) | (746.2) | (333.3) |
Payments for debt-related deferred costs | 0 | (1.8) | 0 |
Distributions to partners | (171.5) | (102.5) | (68.4) |
Change in intercompany balances | (30.5) | (25.4) | 0.4 |
Other | 0 | 0 | (1.1) |
Net cash provided by (used in) financing activities | (582.4) | (141.9) | (8.3) |
Net change in cash | (3.3) | 3.6 | 0.1 |
Cash at beginning of period | 3.7 | 0.1 | 0 |
Cash at end of period | $ 0.4 | $ 3.7 | $ 0.1 |
Schedule I - Crestwood Equity89
Schedule I - Crestwood Equity Partners LP - Parent Only (Distributions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Dividends received from CMLP | $ 31.4 | $ 72.4 | $ 26.2 |
Schedule II - Crestwood Equit90
Schedule II - Crestwood Equity Partners LP - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | $ 0.1 | $ 0.1 | $ 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | (1.1) |
Valuation Allowances and Reserves, Charged to Other Accounts | 0.4 | 0 | 1.2 |
Valuation Allowances and Reserves, Deductions | (0.1) | 0 | 0 |
Valuation Allowances and Reserves, Balance | $ 0.4 | $ 0.1 | $ 0.1 |